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Foundation won’t sell Lincoln artifacts to pay down debt… yet

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A Springfield lawmaker said Thursday he’d be willing to look at selling some non-Lincoln artifacts that were part of the Louise Taper collection acquired in 2007 for the Abraham Lincoln Presidential Library and Museum.

However, Rep. Tim Butler, R-Springfield, labeled as “ridiculous” any suggestion that Lincoln-related items should be sold to help retire the debt on the collection’s purchase.

Butler said he was told tangentially there may have been discussions about the library and museum divesting itself of some of the Taper collection. Butler said he first heard about the possible sale Wednesday.

However, the collection includes items that are not related to Lincoln, Butler said, and that’s a different matter.

* The Taper collection has been a source of controversy for years…

Two months before a major haul of Abraham Lincoln artifacts was purchased on behalf of the state, a New York appraiser raised questions about the authenticity of a $6.5 million stovepipe hat that purportedly belonged to the 16th president, newly released state records show.

That new disclosure represents the first evidence that state authorities were warned they might be on historically shaky ground with the hat before it was bought in 2007 from California collector Louise Taper as part of a $23 million acquisition of Lincoln items.

It also appears to further undercut assertions from the Lincoln presidential museum that there is “just not any question” about the hat’s provenance as the institution maintained in January when the hat was put on display without any recognition of its iffy past.

Taper’s collection, which included a large cache of Lincoln memorabilia and a smattering of other prizes such as a $40,000 dress worn by Marilyn Monroe, was acquired in May 2007 by a nonprofit foundation headed then by former Gov. Jim Edgar.

But the library folks still insist the hat is real and that they have the provenance to prove it.

* Anyway, the Lincoln Presidential Library Foundation has responded to the SJ-R story…

The Abraham Lincoln Presidential Library Foundation has been in talks with Governor Rauner’s office since the end of last year, including a meeting held earlier this week that helped enhance everyone’s understanding of the situation. Our goal has been to try to secure state funds to help keep a number of unique Lincoln artifacts in the State of Illinois while at the same time we continue to raise private support.

The Foundation took out a $23 million loan eleven years ago to acquire the artifacts to enhance the Abraham Lincoln Presidential Library and Museum’s (ALPLM) collections and before they would be privately sold. We did so at the request of and to benefit the ALPLM. Since then, the Foundation has paid down more than $13 million of the outstanding debt exclusively through private fundraising.

While the Foundation’s lender has been quite helpful, we now face significant uncertainty about whether the Foundation’s lender will be willing and able to refinance the loan at affordable terms. The loan comes up for renewal in October 2019, just 20 short months away.

Based on the meeting with the Governor’s office this week, but receiving no financial commitments, the Foundation will continue its private fundraising efforts and be prepared to discuss a financial plan that would include some state funding, in the hopes of avoiding having to sell these unique artifacts. If the Foundation is not able to secure commitments in the very near future to retire most if not all of the remaining $9.7 million debt, it will have no choice but to accelerate the possibility of selling these unique artifacts on the private market which would likely remove them from public view forever.

It’s important to note that, in addition to private fundraising, the Foundation has made three prior attempts to secure appropriations from the Illinois Legislature to help pay down the debt.

Reading between the lines of that release, it looks to my eyes like the foundation may have to sell off Lincoln artifacts if something doesn’t change very soon.

…Adding… I’m told the Hollywood artifacts are already scheduled for a June auction.

posted by Rich Miller
Thursday, May 10, 18 @ 4:16 pm

Comments

Readin’ between the lines it looks like the GovJunk team said “drop dead” or ain’t no big wallets here or “we spent all our allowance defeatin’ the Commando” or ….

Comment by Annonin' Thursday, May 10, 18 @ 4:30 pm
It would make perfect sense that Rauner, who once tried to close the Illinois State Museum, would have no problems giving up a huge collection of Lincoln items from the Lincoln Presidential Library. He literally does not care about any of these things

Comment by SpringfieldDem Thursday, May 10, 18 @ 4:33 pm
Selling collections, no matter how “superfluous” is one way to get more publicity. https://www.nytimes.com/2017/07/25/arts/design/berkshire-museum-art-auction-criticized.html

Comment by Sangamo Girl Thursday, May 10, 18 @ 4:42 pm
If they only had the foresight to also buy up the Puzo collection, I’m sure Rauner would have been more than happy to give them the funds necessary to keep the collection in the State’s hands.

Comment by Juice Thursday, May 10, 18 @ 4:46 pm
Have the hat appraised for $9.7M and pay off the debt.

Comment by OldIllini Thursday, May 10, 18 @ 4:49 pm
–Taper sat on the foundation board when her collection was purchased, but she abstained from the vote to buy her artifacts. –

LOL, no worries, then. Just TII.

Who made the loan for the collection? It’s referenced in the google search, but the lender is never named.

That’s a heckuva a risk on a loan for a buncha old stuff as collateral — especially when the authenticity of prize piece is in question.

Comment by wordslinger Thursday, May 10, 18 @ 5:03 pm
Rauner shoulda not told off Uncle Bill. He and Julie could write a nice check to help with this.

Comment by Arthur Andersen Thursday, May 10, 18 @ 5:11 pm
I know a couple guys running for Governor that could help write a couple of big checks.

Comment by SaulGoodman Thursday, May 10, 18 @ 5:39 pm
=I know a couple guys running for Governor that could help write a couple of big checks.=

I’m asking–would that be a wise political move by either Pritzker or Rauner–donate the millions to the museum to pay off the loan. It is chump change to them. I would think the positive publicity would be worth more than the money spent. Or, since I am not a professional in any of this, would it simply be characterized as a stunt?

Comment by G'Kar Thursday, May 10, 18 @ 6:12 pm
Rauner does not build, he only destroys. He’s given the state three years of his best efforts to destroy state universities, social services and public employee unions as well as their health insurance. He has even managed to make a mess of a sleepy home for old veterans, with more than a dozen dying on his watch.

Name one thing he’s built.

Comment by DuPage Dave Thursday, May 10, 18 @ 7:51 pm
=I know a couple guys running for Governor that could help write a couple of big checks.=

Just think of the ads we would be have to forego. This idea has n downside.

Comment by Pot calling kettle Thursday, May 10, 18 @ 10:47 pm
Someone should look into the number of employees and salaries the foundation has paid out over the years.

Comment by TMAN Friday, May 11, 18 @ 7:56 am
==He’s given the state three years of his best efforts to destroy state universities, social services and public employee unions as well as their health insurance==

You seem to forget that Illinois has fiscal problems. The bill comes due eventually.

Comment by Anonymous Friday, May 11, 18 @ 9:11 am
===You seem to forget that Illinois has fiscal problems. The bill comes due eventually.===

lol

Rauner then decided to put those bills “in a drawer”, ignore them, then let those who were owed the money either go out of business or cut staff or services or both.

But, please, go on about the bill(s) coming due and Rauner flat out refusing to pay them by having no budgets for an entire seated General Assembly…

Comment by Oswego Willy Friday, May 11, 18 @ 9:15 am