ALLIANCE SETTLES DONATION LAWSUIT : PROBST AGREES TO SPEED UP PAYMENTS ON $2 MILLION ARTS PLAZA PLEDGE.Byline: Enrique Rivero Daily News Staff Writer The Alliance for the Arts has settled its lawsuit lawsuit: see procedure; tort. against millionaire Charles E. Probst over his failure to maintain payments on a $2 million pledge to the Civic Arts Plaza's largest fund-raising fund-raising, large-scale soliciting of voluntary contributions, especially in the United States. Fund-raising is widely undertaken by charitable organizations, educational institutions, and political groups to acquire sufficient funds to support their activities. arm. Alliance officials, who announced the settlement Thursday, refused to divulge terms of the deal but said that the Westlake Village millionaire - the single largest donor The party conferring a power. One who makes a gift. One who creates a trust. donor n. a person or entity making a gift or donation. DONOR. He who makes a gift. (q.v.) to the Alliance's endowment fund Noun 1. endowment fund - the capital that provides income for an institution endowment patrimony - a church endowment chantry - an endowment for the singing of Masses - would pay the $2 million pledge on a ``significantly'' accelerated schedule, rather than what was originally planned. Under the original agreement, the last payment was due Aug. 15, 1999. ``We're just very pleased the agreement is settled. It's a win-win for both parties,'' said Patricia Moore Moore, city (1990 pop. 40,761), Cleveland co., central Okla., a suburb of Oklahoma City; inc. 1887. Its manufactures include lightning- and surge-protection equipment, packaging for foods, and auto parts. , executive director of the alliance. ``We're going to continue working with all our donors in a positive and collaborative way.'' Calabasas attorney Paul Stansen, who represents Probst, also refused to give more details on the new agreement. ``It is satisfactory, and these have been ongoing negotiations for months,'' Stansen said. In January, the alliance filed suit against Probst and his wife, Florence M. Probst, claiming they had reneged on a $2 million pledge to the alliance's endowment fund. The 1,800-seat auditorium auditorium Portion of a theater or hall where an audience sits, as distinct from the stage. The auditorium originated in the theaters of ancient Greece, as a semicircular seating area cut into a hillside. at the Civic Arts Plaza had been named the Charles E. Probst Center for the Performing Arts in recognition of the pledge, the single largest donation made toward the Alliance's ultimate goal of raising $15 million. The endowment fund has now reached at least $10 million in cash and in-kind donations, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Moore. According to the lawsuit, Probst had made an initial payment of $250,000 after signing the pledge agreement in September 1994 but failed to pay $350,000 as scheduled in 1995. The lawsuit, which was filed in Ventura Superior Court on Jan. 9, claimed that Probst and his wife had not followed through on their pledge agreement since making the initial $250,000 payment. The original agreement required two payments of $175,000, no later than April 15 and Aug. 15 of each year, from 1995 through 1999. Daniel Grunfeld, an attorney with the law firm of McDermott, Will & Emery emery: see corundum. emery Granular rock consisting of a mixture of the mineral corundum (aluminum oxide, Al2O3) and iron oxides such as magnetite (Fe3O4) or hematite (Fe2O3). in Century City who represents the Alliance, said that the new agreement calls for Probst to make his last payment ``significantly before'' the original Aug. 15, 1999, deadline. ``It was something both parties were comfortable in doing,'' Grunfeld said. ``Both recognized that an accelerated schedule was in the best interest of everyone concerned.'' |
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