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Article: Indiana judge rips Chicago's Poetry Foundation: Tells organization, other charity not to look gift horse in the mouth
- Article from:
- Chicago Sun-Times
- Article date:
- August 24, 2006
CopyrightCopyright 2006 Chicago Sun-Times. (Hide copyright information)
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INDIANAPOLIS -- Two charities fighting over the trust money of 91-
year-old heiress Ruth Lilly were scolded by an appeals court judge
for their lawsuit claiming a bank reduced the value of their
donations because of delayed stock transactions.
Chicago-based Poetry Foundation and Americans for the Arts in
Washington will be two of the beneficiaries of Lilly's trust after
her death.
Lilly, the only surviving great-grandchild of Eli Lilly, who
founded the Indianapolis-based pharmaceutical company that bears his
name, had a wealth valued at more than $1 billion in 2002.
FAILED TO SELL
That same year, the two nonprofits sued National City Bank of
Indiana, claiming the bank failed to sell ...