Sanford I. Weill, a Wall Street billionaire, and his wife, Joan, have decided not to donate $20m to a struggling northern New York college after a judge ruled that it could not be renamed for Mrs. Weill, college officials said on Thursday.
The New York Times reports that the donation had been offered on the condition that Paul Smith’s College change its name to Joan Weill-Paul Smith’s College. Mrs. Weill has been actively involved with the college’s development for more than two decades and served on the board of trustees.
But a state judge this month refused to allow the college to break the terms of its founder’s will, which required that the college be named Paul Smith’s in perpetuity, to accept the donation.
'It was a naming gift, so without the court allowing us to go forward there was no money', Bob Bennett, Paul Smith’s spokesman, said. 'That was the deal, right from the beginning'.
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