Maier Sale Opponents Seek Elimination of $10-Million Bond Requirement

As the Lynchburg News & Advance reported here, opponents of the impending sales of four works from Randolph College’s Maier Museum are balking at Judge Leyburn Mosby Jr.‘s requirement that they post a $10-million bond to make permanent (until the case is decided on its merits) the judge’s temporary injunction against the disposals set for this month at Christie’s.
Now, this just in from Anne Yastremski of Preserve Educational Choice, the group fighting the sales:
Today a Motion to Reconsider is being filed with the [Lynchburg] Circuit Court, asking that the bond be eliminated entirely, given that the plaintiffs are serving in a representative capacity and not as individuals.
Failing the elimination of the bond, the Judge is being asked to lower the bond amount to something nominal, given that the College’s claims of potential loss are merely speculative: If the Plaintiffs lose, the College will still have possession of the paintings and can simply sell them at a later date when the art market may be in a more favorable position and when the taint of the College’s actions in this matter may have left buyers’ memory.
I believe that it is possible that Judge Mosby will hear this Motion (along with a filing by the College asking that the $10 million surety be paid by Nov. 15 or the injunction removed) this afternoon.
It is my understanding that appeals are being filed by both sides with the Supreme Court of Virginia as well today—the College to appeal the injunction, the Plaintiffs to appeal the imposition of a bond and the amount.
The bond amount was set by the judge as possible compensation to the college for the delay and possible loss of financial benefit, if the injunction is eventually lifted and the disposal allowed to go forward.