The alumni association of the Milton Hershey School filed a petition with the Dauphin County Orphans Court yesterday [Thursday] challenging the authority of the trust behind Hershey Foods Corp. to put it up for sale.
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The school is funded by the trust, and the petition seeks to have the alumni association appointed to represent its pupils, who are the sole beneficiaries of the trust. The school caters to economically disadvantaged youths, reports the Associated Press.
The trust is seeking a buyer for Hershey because it wants to diversify its investment portfolio. Currently about half its assets are tied up in Hershey stock, and the trust is concerned it could be undermined if the company suffered a financial slowdown.
