Runflat Posted July 26, 2009 Share Posted July 26, 2009 I was speaking to an informed source at W&P yesterday about the future of the MVTF following the death of Jaques Littlefield (http://hmvf.co.uk/forumvb/showthread.php?t=11215). The suggestion was the workshops are closed, staff laid off, the family are not interested in continuing the project and want to clear the site, and collection up for sale (some already sold) at potentially give away prices. Can anyone corroborate this? Quote Link to comment Share on other sites More sharing options...
Degsy Posted July 26, 2009 Share Posted July 26, 2009 I thought he'd tied it up as a trust so that this couldn't happen:??? Quote Link to comment Share on other sites More sharing options...
Great War truck Posted July 27, 2009 Share Posted July 27, 2009 Yes, i thought that the future of it was all very positive having been set up in a trust. jacques had been suffering from cancer for 10 years so you would think that he would have done something about it. Tim (too) Quote Link to comment Share on other sites More sharing options...
mcspool Posted July 27, 2009 Share Posted July 27, 2009 I thought he'd tied it up as a trust so that this couldn't happen:??? Not quite - see http://www.milvehtechfound.com/letter.html: In his will, Jacques created an endowment for the MVTF that will allow us time to transition to a self sustaining organization. The Board and the friends of the MVTF now have the opportunity and substantial responsibility to increase the endowment and manage the operating costs to ensure that Jacques legacy collection continues to be available to provide its unique contributions. In other words, they got some money to tide them over while other sources of funding could be found. The question of ownership is not solved address in this letter though - it looks like the family still owns the vehicles, and the MVTF are only operating and maintaining the collection. So the family can still sell the vehicles if they want/need to. Sad, but that is what happens most of the times when the man who set up a collection passes away. - Hanno Quote Link to comment Share on other sites More sharing options...
Degsy Posted July 27, 2009 Share Posted July 27, 2009 Thanks for clarifying that Hanno. Quote Link to comment Share on other sites More sharing options...
Runflat Posted July 27, 2009 Author Share Posted July 27, 2009 Yes, this is more or less what I heard - that basically the collection itself isn't tied up in a foundation/trust as people had assumed and that those inheriting Jaques' estate can do as they wish. Quote Link to comment Share on other sites More sharing options...
Great War truck Posted July 27, 2009 Share Posted July 27, 2009 Well, that is a major blow. However, on the plus side maybe some of this stuff will be coming back across the Atlantic. Toad anyone? Quote Link to comment Share on other sites More sharing options...
ajmac Posted August 5, 2009 Share Posted August 5, 2009 Very sad, I still find it hard to believe, but hey, life goes on:coffee:, vehicles will change owners move around the globe, it's been going on since the hobby began.... look at Budge.... different circumstances but the same result. Quote Link to comment Share on other sites More sharing options...
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