Paul Smith’s College have sent a statement to the press saying they will not appeal a ruling by the New York State Supreme Court denying their request to rename the college to include the name of a wealthy donor.
“Despite our continued confidence in the merits of that proposal, we believe that an appeal would ultimately be counterproductive for students, alumni, faculty and staff,” Philip E. Saunders, chairman of the Paul Smith’s College Board of Trustees said in a statement sent to the press Thursday.
The press statement said that Joan Weill and her husband, former Citibank chair and CEO Sandy Weill, will not be going through with a gift of $20 million to the college, which was contingent on having the college named in Joan Weill’s honor.
The college has previously said that the Weills have given Paul Smith’s nearly $10 million over the last 20 years and have helped the college raise almost $30 million from other donors. They continue to seek funding from other sources.