(criculated poster emailed to DSF)
According to SFReeper.com, "...SFR has learned that, in 1999, the total mineral rights left to CSF (College of Santa Fe) and SFO (Santa Fe Opera) were worth just short of $30,000.
The CSF’s share was 75 percent: 50 percent for the CSF tennis program (in 1999, $15,000), 25 percent for CSF pianist scholarships (in 1999, $7,500), and 25 percent for the Opera’s apprentice program (another $7,500). The will only mentions specifically these investments; the mineral rights seemed to be tacked on later as an afterthought."
Yet, according to the SFO statement this past Friday, "We had no recourse other than to sell or lease these rights in order to maximize their benefit to the Opera and to meet the organization's fiduciary obligations;" however, the SFO lease has the standard, minimum royalty percentage.
According to the Albuquerque Journal North, "MacKay said the donor of the mineral rights stipulated that the bequest be used to support the opera's apprentice programs." So, the SFO apprentice program evidently has $1.5 million budget and the SFO Mora and San Miguel minerals rights referenced are worth $7,500? Does the SFO expect Mora and San Miguel Counties to become a highly producing hydrocarbon zone?
In a KSFR interview, "(t)he Santa Fe Opera's general director says they "had no choice" in the question of whether to lease out or sell the mineral rights that were donated to the Opera." Really?
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