PEC Update, November 16, 2007

We are very happy to inform you that the Supreme Court of Virginia announced today that it granted our appeal of the art injunction and denied the College's attempt to remove it. The Court decided to reinstate the temporary injunction, lower the surety bond requirement by 90 percent (to $1 million from the original $10 million) and set a deadline of December 3 for the surety bond to be paid. If the bond is paid, the injunction will prevent the sale of the four paintings for six months thus providing sufficient time for all outstanding lawsuits to be heard.

Christie's has already announced that the four paintings have been pulled from this month's auctions. We will continue to explore all of our options for meeting the Supreme Court’s requirements and will update you in the coming days. In the meantime, please know that this win and all of the time and effort that it required would not be possible without the support of all of those working to preserve Randolph-Macon Woman's College and its treasured educational and charitable assets.

You can find the PEC press release with more information on this news here.

Vita Abundantior,

PEC Board

Diane U. Montgomery (R-MWC '85)
Carol Curcio Lang (R-MWC '68)
Anne Yastremski (R-MWC '05)
Madeline Miller (R-MWC '66)
Chantel Sheaks (R-MWC '91)

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