Selling expendable Lincoln-collection items won’t erase debt

USS ALASKA

1st Lieutenant
Forum Host
Joined
Mar 16, 2016
Messages
4,197
#1
Selling expendable Lincoln-collection items won’t erase debt
12/22/2018 Zeeshan Ahmad

SPRINGFIELD, Ill. — The acquisition of 1,500 documents and artifacts for the Abraham Lincoln Presidential Library and Museum a decade ago firmly established Illinois as a leading repository of all things Lincoln, the prairie lawyer who led the U.S. through the Civil War.

So forgive the handwringing over the possibility that some of it might have to be sold. The Lincoln museum’s fundraising foundation , which borrowed $23 million in 2007 to buy the trove from private collector Louise Taper, still owes $9.2 million on a note due in October 2019. Donations have slowed and state officials are reluctant to chip in.

Harold Holzer, the prolific and award-winning author and Lincoln scholar, said museums routinely sell duplicative items or “second-rate things” acquired along with prized treasures.

“But not to pay the rent,” Holzer said, “because the temptation is too large to defenestrate the place in order to pay for the walls. The walls were built to protect the material. The material is not there to protect the walls.”

By JOHN O’CONNOR, Associated Press


Full article can be found here - https://www.stl.news/springfield-il...coln-collection-items-wont-erase-debt/233504/

Cheers,
USS ALASKA
 

Fewer ads. Lots of American Civil War content!
JOIN NOW: REGISTER HERE!

archieclement

1st Lieutenant
Forum Host
Joined
Sep 17, 2011
Messages
4,099
Location
mo
#3
Selling expendable Lincoln-collection items won’t erase debt
12/22/2018 Zeeshan Ahmad

SPRINGFIELD, Ill. — The acquisition of 1,500 documents and artifacts for the Abraham Lincoln Presidential Library and Museum a decade ago firmly established Illinois as a leading repository of all things Lincoln, the prairie lawyer who led the U.S. through the Civil War.

So forgive the handwringing over the possibility that some of it might have to be sold. The Lincoln museum’s fundraising foundation , which borrowed $23 million in 2007 to buy the trove from private collector Louise Taper, still owes $9.2 million on a note due in October 2019. Donations have slowed and state officials are reluctant to chip in.

Harold Holzer, the prolific and award-winning author and Lincoln scholar, said museums routinely sell duplicative items or “second-rate things” acquired along with prized treasures.

“But not to pay the rent,” Holzer said, “because the temptation is too large to defenestrate the place in order to pay for the walls. The walls were built to protect the material. The material is not there to protect the walls.”

By JOHN O’CONNOR, Associated Press

Full article can be found here - https://www.stl.news/springfield-il...coln-collection-items-wont-erase-debt/233504/

Cheers,
USS ALASKA
If they are arguing the collection is just worth a fraction of what they paid, aren't they saying they vastly overpaid and mismanaged the money?
 

Pat Young

Brev. Brig. Gen'l
Featured Book Reviewer
Joined
Jan 7, 2013
Messages
30,374
Location
Long Island, NY
#5
If they are arguing the collection is just worth a fraction of what they paid, aren't they saying they vastly overpaid and mismanaged the money?
That is not what they are saying. They are saying that the non-essential and duplicative items are not worth enough to cover the deby if sold at current market prices.
 

archieclement

1st Lieutenant
Forum Host
Joined
Sep 17, 2011
Messages
4,099
Location
mo
#6
That is not what they are saying. They are saying that the non-essential and duplicative items are not worth enough to cover the deby if sold at current market prices.
Oh well if they aren't worried about being 9.2 million in debt and actually taking steps to reduce it, reckon I ain't either

That's how things work at the farm, If debt becomes higher then income, usually have to reduce costs or sell off non essentials...….guess real world doesn't work there...…..
 



Fewer ads. Lots of American Civil War content!
JOIN NOW: REGISTER HERE!
Top