Walters & Wasylyna LLC, Cleveland, Ohio, Delivers $23 Million in Settlement to its Client the Kalamazoo Community Foundation
Cleveland, Ohio (PRWEB) July 17, 2013 -- Walters & Wasylyna LLC, lead counsel for the Kalamazoo Community Foundation, settled longstanding litigation in favor of its client, the Kalamazoo Community Foundation. The Probate Court of Kalamazoo County issued an order as the result of the settlement agreed to by all parties: the Kalamazoo Community Foundation, Pharmacia & Upjohn Company, LLC (a subsidiary of Pfizer), PNC Bank, and the Michigan Attorney General. (Case No. TT 20742.) The agreement calls for more than one-half of the $44 million Trust to be distributed to the Foundation. The result is the largest single gift in the Foundation’s history.
PNC Bank is the trustee of the Trust. The Michigan Attorney General oversees all charitable interests in the State of Michigan.
“This is a great settlement, and we appreciate the positive relationships that made this resolution possible, ”said Carrie Pickett-Erway, President/CEO of the Community Foundation. “This decision honors the legacy of W.E. Upjohn, who had a special interest in rewarding the pursuit of excellence while investing locally in both people and place.”
According to Pickett-Erway, “This amazing gift speaks to the importance of donor intent, the idea of legacy, and the power of unrestricted giving. This gift significantly heightens our flexibility in providing investments with area nonprofits to address the community’s greatest needs.”
According to Gary Walters, lead counsel for the Foundation, "This was a labor of love. It was our honor to represent the Kalamazoo Community Foundation in this important litigation. This result will be felt in the best possible way in Kalamazoo and the surrounding area for years to come."
PNC Bank asked the Probate Court to provide it guidance on administering the trust in 2003 due to changes in the corporate structure of The Upjohn Company. The dispute arose over whether the Trust should provide future income to the Pharmacia and Upjohn Company or to the Foundation. The settlement approved by the Kalamazoo court resolves the issue, with more than one-half of the Trust to be delivered to the Foundation for charitable purposes. The Foundation has stated that it "plans to endow the majority of these assets in a newly-established W.E. Upjohn Fund, an Unrestricted Fund allowing flexibility to meet needs in our community."
About Walters & Wasylyna: Established in 2010, Walters & Wasylyna provides legal representation to businesses, charities, and nonprofit institutions of all sizes in the areas of commercial litigation and intellectual property law. Walters & Wasylyna was founded on the idea that businesses desire superior legal services at a reasonable price.
Walters & Wasylyna LLC, 8193 Avery Road, Suite 101, Broadview Heights, Ohio 44147
(216) 939-5443
http://wwiplaw.com
Gary Walters, [email protected], +1 (216) 990-6110, [email protected]
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