Tenn. Judge Says Fund’s Money Must Stay in State
March 15, 2007 | Read Time: 1 minute
A Nashville judge has ordered that the $34-million a foundation moved out of state must return to a bank with branches in Tennessee, reports The Tennessean.
The Maddox Foundation—worth about $100-million—was endowed by Dan and Margaret Maddox, Nashville residents who died in a boating accident in 1998.
The foundation later moved to Mississippi, and the two states have battled over the Maddox money for years. The $34-million in question was moved from a Merrill Lynch office in Tennessee to a Mississippi bank.
In the latest ruling, the Nashville judge has ordered the fund’s president, Robin Costa, to show that she did not misuse the foundation money and to explain expenses that include an $815,000 line of credit taken out for a minor-league hockey team.
A trial on other matters related to the foundation is set for August.
