| Subject: |
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Endowment from the past |
| Name: |
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Jim Sinclair |
| Date Posted: |
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Feb 1, 07 - 11:12 PM |
| Email: |
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jimsinclair@searex-inc.com |
| Message: |
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Here is yet another wonderful outcome of the recovery of the Atocha and the support of the project by far-sighted and adventuresome investors!
My hat is off to both the Joseph and Perdue families!
James Sinclair
Del-Tech honors Joseph, Perdue
Sale of salvaged coins allows $708,000 endowment to be established at school
By Ben Penserga
Staff Writer
GEORGETOWN -- Officials from Delaware Technical & Community College unveiled a memorial endowment of more than a half-million dollars Wednesday to honor late business giants Melvin Joseph and Frank Perdue.
The $708,225 comes from the January sale of coins salvaged from the sunken Atocha and sister treasure ships during a salvage operation more than 20 years ago. Joseph -- who designed and built Dover International Speedway and Dover Downs -- and poultry magnate Perdue both invested in the search, which also helped create the long-running Treasures of the Sea Exhibit at Del-Tech's Georgetown campus.
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"This day would have meant so much to them," said Joseph's wife, Ruthie.
Del-Tech officials said the money will be invested, with the accumulating interest going toward scholarships and other academic programs.
The coins -- which were kept separate from the display -- were always meant to provide for the school and Sussex County in particular in some way, said Del-Tech president Orlando J. George.
"Sussex County is in a very special place because of people like Melvin Joseph, Frank Perdue and their families," he said.
While George said talks to sell the coins for an endowment created a buzz, the actual sale in New York the first weekend in January provided a small amount of drama, said Frank Perdue's widow, Mitzi.
Mitzi Perdue said she became worried when the lot of coins preceding their auction drew only nominal interest.
"I was thinking, 'This is a very bad sign,' " she said. "This is making Mitzi unhappy."
However, Perdue's fears became unfounded, as people filled the auction house to buy the Atocha coins.
"Somebody did an awfully good job publicizing," she said.
With the endowment established, relatives for both Perdue and Joseph are happy both men will continue to provide for students in the years to come.
Though both Perdue and Joseph created their own wealth, their families said they both enjoyed being able to foster education.
"He was a self-made man, but he recognized that higher education was a must," said Melvin's daughter, Joanne Adams.
Mitzi Perdue agreed.
"Frank was most pleased when people would come up to him and thank him for helping with scholarships," she said.
bpenserga@dmg.gannett.com
410-845-4648 |
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