First posted to Greensboro Partnership Exposed.
Ed Cone sends the following correction:
Sigmund Sternberger did not found Revolution Mill. His father, Herman, and uncle, Emanuel Sternberger, were brought in by the Cones to help fund it and run it as part of the company that became Cone Mills.
The Emanuel Sternberger mansion (his uncle's former home) served as a women's and children's hospital for a couple of decades.
The Sternberger family in Greensboro is represented today by descendants of the two brothers, the Benjamins and the Tannenbaums. Sigmund, who did not have children of his own, is memorialized by the foundation that bears his name and that of his niece.
Begin original post:
The Tannenbaum Sternberger Foundation is older than me by 1 year.
Originally formed in 1955 as the Sigmund Sternberger Foundation, it was
renamed in 1991 as the Tannenbaum Sternberger Foundation. I've no idea
why Sigmund was thrown out.
The charter of the Tannenbaum Sternberger Foundation states that their
purpose is to "be operated exclusively for religious, charitable,
scientific, literary or educational purposes, or for the prevention of
cruelty to children or animals."
I'm happy to say their board of directors
is easily available for everyone to see. Why so many local foundations
and non profits keep their boards hidden still remains a mystery to me.
According to their IRS Form 990, with the exception of their paid
executive director, the board members are unpaid, average working 1 hour
per week and receive no benefits. The only thing that concerns me about
the Tannenbaum Sternberger Foundation is donations to Action Greensboro
for $60,000 and $70,000 in 2011 and $185,000 in 2010. What does
$315,000 given to Action Greensboro have to do with "religious,
charitable, scientific, literary or educational purposes, or for the
prevention of cruelty to children or animals.?"
And Ed, is it true you've been a
board member since 2008 or before? I was under the impression you only
recently joined the board but the IRS form 990s indicate otherwise.
Update: Ed e-mails me the following: "I'm terrible at remembering when things happened but it's been a while since I joined the TSF board. I wrote this http://edcone.typepad.com/wordup/2005/10/action_greensbo.html nearly seven years ago but couldn't tell you how long I'd been doing it at that point."
I can easily accept that as part of the reason folks like Ed and I blog
is to keep records so that we don't have to rely on failing memories.
Speaking of memories...
I had heard about the fight by the Tannenbaum family to seize the assets
of the late Sigmund Sternberger's foundation but it was only when I
stumbled upon it in North Carolina case law
that my memory was jogged. Turns out many of the members of the
Tannenbaum family were forced from the board. From the case law text:
" Rabbi Joseph Asher; L. Richardson Preyer, a former judge of the
Superior Court of this State and a former United States District Judge
who resigned to run for Governor; and Bryce R. Holt, a lawyer of great
experience and a former United States District Attorney. The lawyers who
participated in the proposed settlement, Cooke & Cooke; Norman
Block; McLendon, Brim, Brooks, Pierce & Daniels; Jordan, Wright,
Henson & Nichols; Smith, Moore, Smith, Schell & Hunter; Stern,
Rendleman & Clark -- all counsel of record in the trial court, and
many of counsel here -- are among the foremost lawyers in North Carolina
for character and professional ability. The record is replete with
their careful protection of the interests of their clients, and we are
confident that none of them would have participated in a settlement that
did not protect the interests of the infant defendants.
In fairness to Sidney J. Stern, Jr., we quote the last paragraph from his brief, which is as follows:
"The result of the contract in the case involved here is substantially
to preserve the charitable trust intact against a proposed dangerous
caveat which, if successful, would destroy the trust and, even if
unsuccessful, might well end in costing the Foundation more than does
the fulfillment of the contract. There is nothing in the corporate
charter, by-laws, or other governing documents of the corporation which
would prevent the fulfillment of the contract if court approval is
obtained. We believe that this contract is so manifestly in the best
interests of the charitable corporation that the directors not only had
the power and authority to enter into the contract, but they would have
been derelict in their duty had they not done so. However, because of
the extreme importance of this matter to the parties and to the public
generally, we feel that the contract should receive the approval of this
Court."
We agree with Mr. Stern's statement that because of the extreme
importance of this matter to the parties and to the public generally the
contract of settlement should receive the approval of this Court.
The Attorney General in his brief raises the question as to his right to
intervene in this proceeding to approve a settlement where a charitable
trust is the main beneficiary. G.S. 36-35 provides that where an action
is pending against a trustee of a charitable trust, the Attorney
General must be notified before disposition may be made of the case. It
is not necessary for us to determine the question the Attorney General
raises here to reach a decision in this case. It seems that the State as
parents patrioe, through its Attorney General, has the common law right
and power to protect the beneficiaries of charitable trusts and the
property to which they are or may be entitled."
I'm not sure how the Tannenbaum family managed to get themselves
reseated to the board of the Sigmund Sternberger Foundation but it
becomes quite obvious that kicking ol' Sigmund to the curb and replacing
him with the Tannenbaum family name at top billing was revenge at worst
or at best a sordid attempt to raise the validity of the Tannenbaum
family name.
Of course, what's really saddest about this entire messy affair isn't
what the Tannenbaum family did to the old man who made it possible for
them to live in North Carolina's wealthiest neighborhoods. What's
saddest is the fact that they completely forgot the people who worked
lifetimes in the northeast Greensboro textile mill Mr Sternberger built
from stone mined from a rock quarry on Phillips Avenue and whose remains
now rest in a grave yard also on Phillips Avenue. You see, while
unknown to most, Revolution Mill on Yanceyville Street was built not by
the Cone Brothers but by Sigmund Sternberger. The Cone Brothers bought
it later.
And the Tannenbaum family, like all of Greensboro's wealthy, forget the
communities who lived and died making them wealthy while investing in
downtown monuments to their friends and families. But a few of us old
men, we remember. And we blog so we don't forget-- ever.
