Educational charity for Anguilla and the Eastern Caribbean announces advisory body

Monday, November 21, 2005

THE VALLEY, Anguilla: A further significant step has been taken towards the implementation of the fund established by the late Martin Crowley to provide educational assistance in Anguilla and the Eastern Caribbean.

Ms. Gigi Osco-Bingemann and Mr. Vadim Fridman, the Executors of the Estate of Martin Crowley, have announced the appointment of three persons to comprise an Advisory Panel for the purpose of assisting with the administration of the Children of Anguilla Educational Foundation.

Those persons are Mr. Keithley Lake, Ms Rhona Richardson and Mr. Joseph Brice. This important step will serve to facilitate the immediate consideration of educational projects in Anguilla that might benefit from the fund.

Martin Crowley, an American businessman who founded Anguilla Rums Limited, the Anguillian company that produces Pyrat Rum, died in Anguilla in April 2003. He was also the founder of another Anguillian company, CDC Limited, which produces the highly successful ultra premium Patron Tequila out of Mexico.

Crowley left his entire estate to a US-based charitable organisation called the Windsong Trust, which is entirely dedicated to providing educational assistance to children and particularly those who would not otherwise have the opportunity to obtain it.

After Crowley’s death, Ms. Osco-Bingemann and Mr. Fridman (who are based in Los Angeles, California) moved very quickly to commit US$2 million out of the Estate to provide educational assistance for the children of Anguilla.

This is a significant commitment by any calculation in the context of the total annual educational resources of Anguilla. Their commitment was expressed by way of the establishment of the Children of Anguilla Educational Foundation.

Today, nearly three years after Crowley’s passing, the Executors have not been able to apply a penny of the committed funds because of an ongoing legal dispute with one John Paul De Joria, a silent partner of Crowley’s in his business ventures.

The principal asset of value attributable to Crowley’s Estate is a 50% shareholding in CDC Limited. De Joria effectively controls the other 50% of the company. To understand what is at stake in the current case in the simplest of terms, it is that winning for the Executors means that the Estate would potentially receive in excess of US$200 million for its 50% share.

On the other hand, it is argued by De Joria and should the court find in his favour, the Estate would be the beneficiary of no more than US$40 million.

At the first instance trial of the matter in September 2004 the Anguilla Court found overwhelmingly for the Executors. De Joria appealed to the Court of Appeal seeking to overturn the judgment of Madam Justice Janice George-Creque handed down on 11th January 2005. The hearing of the Appeal took place in St Kitts over the two days 5th and 6th October 2005.

Mr. Fridman has reaffirmed the Crowley Estate’s commitment to Anguilla. “The Estate and the Windsong Trust remain totally committed to funding the Children of Anguilla Educational Foundation and this goal will be realised whatever the outcome of the case. Our Anguilla commitment is an integral part of what we want to do with the Windsong Trust. We believe this is precisely what Martin Crowley would wish us to do and the only obstacle now facing us is reaching a final resolution of the litigation.”

Mr. Fridman says he would also be prepared to seek to work with regional institutions beyond the jurisdiction of Anguilla to apply the dream of Martin Crowley in a real way for the benefit of the islands of the Eastern Caribbean region as a whole. “During the past 18 months we have met and worked with so many wonderful people throughout the Caribbean. Upon the conclusion of the litigation, we expect to be in a position to look at extending our consideration of the beneficial impact of the Crowley Estate to the broader reaches of the region.”

Ms. Osco-Bingemann further remarked that in selecting the Advisory Panel it was important to the Estate that people of integrity be involved to assist in the decision-making process at the local and regional levels. She added, “We want to do what is best for the children of Anguilla and those individuals on the Advisory Panel will help us achieve that goal.”

There is no date for the decision of the Court of Appeal in this matter, but it will not come a moment too soon for the children of Anguilla and the region.

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