Randolph withdraws LJS Trust Suit

LYNCHBURG — Today, Randolph College is voluntarily withdrawing the Smith Trust suit seeking clarification of handling of art acquired by the College with funds provided by the Louise Jordan Smith Trust. The issues surrounding the future sale of four unrestricted paintings owned by Randolph College need to be resolved and not be confused with the Smith Trust art issues, which are very different. The college has the right to refile this suit at a later date.

We had looked to a November 2007 auction at Christie’s to help the College in its efforts to significantly address financial issues by the end of this year. We believe that the litigation concerning the four paintings originally meant for November auction will conclude by Spring 2008, and that the college will prevail. Those paintings have no restrictions on sale and were not purchased with funding provided by the Smith Trust.