Travis angevine alfred dupont trust11/28/2023 The new headquarters of the trust is a 40,000-square-foot (3,700 m 2), five-floor building on the St. duPont Testamentary Trust Headquartersįor many years, the trust shared a building with the Nemours Foundation on Jacksonville's Southside. ![]() ![]() Joe shareholders the DuPont Trust received a large block of FECI stock. Joe divested its 54 percent interest in Florida East Coast Industries by distributing FECI Class B common shares to St. On May 28, 2004, the trust filed paperwork to divest as many as 12 million more shares, leaving an 8 percent ownership. That left a 57 percent stake, which was reduced by additional stock sales to 23 percent. Joe's annual dividend of 20¢ only generated $4.26 million and the required payout was over $72 million, so the trust was forced to sell 4 million shares to invest in a security producing substantially more income than St. The problem was that duPont's will stipulated an annual disbursement of the amount equal to 3 percent of the trust's value. The corresponding trust value increased from $1.1 billion to $2.4 billion. The company's stock did well, rising from 53 5⁄ 8 in February, 1995 to 115 1⁄ 2 in December, 1997. After the company went public, the duPont trust owned 70 percent of the 30.6 million shares outstanding. Joe Company was originally owned by the duPont Trust. The Trust was valued at $1.9 billion in January 1996. Hugh Durden, corporate trustee since 1997, now a retired executive from Wachovia Bank, was elected chairman on January 24, 2005. Joe Company and Florida East Coast Industries, succeeded Ball and was chairman of the trust for 23 years. duPont Hospital for Children in Wilmington the Nemours Children's Hospital in Orlando the Nemours Children's Clinics in Delaware, Florida, Pennsylvania and New Jersey and the Nemours Mansion and Gardens.įollowing Alfred du Pont's death in 1935, Edward Ball controlled the trust until his own death in 1981. The Nemours Foundation operates the Alfred I. Peyton is presently a duPont trustee.īefore Ball's death, the trust and foundation signed a 1980 consent agreement with Delaware and Florida which stipulated that the Nemours Foundation would annually receive the greater of: 3 percent of the trust's net market value or the net annual income from the trust assets.Īdditionally, at least 50 percent of Nemours funds must be spent in Delaware, and a $25 million contingency fund must be reserved for Delaware's operations. Before Charter Company was broken up by bankruptcy in the late 1980s, Mason sold Epping Forest to Herb Peyton and Gate Petroleum in 1984. duPont Hospital for Children in duPont's hometown of Wilmington, Delaware.Īfter Alfred's widow Jessie Ball du Pont died in 1970, Ball arranged the sale of Epping Forest to his friend, Raymond K. ![]() In 1940, funds from the trust were used to open the Alfred I. The trust had a 1939 value of $72.5 million.ĭu Pont's will specifically requested funds be used to help disabled children. Joe Paper Company and began operating a paper mill in 1938. The duPont Trustees, specifically du Pont's brother-in-law Edward Ball, created the St. The value of the assets was approximately $40 million (equivalent to approximately $1.72 billion in 2014). I du Pont de Nemours Company shares, and the Nemours and Epping Forest estates. At the time, du Pont's assets included seven Florida National Banks, significant landholdings in Northwest Florida, E.
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