Wave Maker: Kennedy Settlement Reported

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Monday, June 13, 2005

Kennedy Settlement Reported

Both Boston papers are reporting that Friday afternoon, on the even of a trial over the Kennedy childrens' efforts to have their mother declared permanently mentally ill, a settlement has been reached.

Under the agreement, Mrs. Kennedy's assets (including, presumably, her residence in Hyannisport's Squaw Island) are set up in trusts and overseen by independent financial professionals (presumably chosen by agreement), rather than being under the control of Teddy Jr.

I have said before that I suspected the kids were upset at their mother's efforts to sell the Squaw Island home, which would have triggered a right of first refusal that would force them to match the sale price. The Herald story reports that her then-advisor, second cousin Webster Janssen, had a buyer for the house at the price of $6.5 million. Since the right of first refusal is so clearly stated in the title deed, one might wonder if (a) Mr. Janssen was indeed aware of it (I assume he was) and (b) whether or not he had notified the children of the offer and advising them of their obligation under the right of first refusal.

With the appointment of two independent financial advisors, it is possible that the transaction could still move forward, if the advisors were of the opinion that the sale of the home was in Mrs. Kennedy's financial best interests. That would compel the children and Teddy to match the price or say goodbye to the family's long-time summer home.

Posted by: Wave Maker / 10:06 AM/ |