MICHAEL G. CANTONIS
1650 Seabreeze Drive
Tarpon Springs, FL 34689
June 5, 2000
His Eminence Demetrios
Greek Orthodox Archbishop of America
10 E. 79th Street
New York, NY 20021
Fax no. 212-570-3592
FINAL PROPOSAL FOR GREEK ORTHODOX ARCHDIOCESE
ARCHBISHOP SPYRIDON'S PENSION RETRICTED TRUST FUND
This is my final proposal that supplements the one that I sent to you on March 30, 2000.
The Archdiocese will create a Special Pension Restricted Trust Fund for the specific purpose of assisting (subsidizing) the Archdiocese to pay Archbishop Spyridon's pension for life, with benefits to the HCHC and HALKI's Theological School.
Michael G. Cantonis, within 60 days of implementation of the pension by the Archdiocese, agrees to transfer to such fund the sum of one million dollars in marketable securities and cash as stated in my proposal of March 30, 2000.
Other friends of His Eminence Spyridon may contribute to this fund. Already, another friend promised $100,000, and another, "He will help". Since the original starting amount deposited to this fund will be at least $1,100,000, 5% of the assets of this fund will go to the Archdiocese annually or $55,000 against the $80,000 basic amount of pension that the Archdiocese already agrees to give. However, with additional contributions from other friends of His Eminence Spyridon, and capital appreciation from investments, when the trust reaches $1,600,000, 5% of this will be $80,000, which means that it will cost nothing to the Archdiocese.
Since $80,000 is a poor pension amount for a retired Archbishop to live with dignity, and since the Executive Committee of the Archdiocese voted for a minimum of $112,000, which he deserves to live with dignity (he must pay rent, pay taxes, drive a decent car, ware decent clothes, pay health insurance, food, etc.), I propose to pay, at the beginning to the Archdiocese, the difference of $32,000 annually for his expenses. When the fund grows over $1,600,000 and the fund's 5% exceeds the $80,000, any excess will reduce Cantonis contribution of $32,000 annually. When the fund assets exceed $2,240,000, Cantonis will cease to pay anything (5% of $2,240,000 equals $112,000).
Any amount over the 5% contributions to the Archdiocese from this fund exceeding $112,000 can go to HCHC Archbishop Spyridon's Scholarship Endowment Fund.
After Archbishop Spyridon's passing, the income of 5% will be distributed equally between the HCHC Archbishop Spyridon Scholarship Trust Fund and the Theological School of HALKI of the Ecumenical Patriarchate.
Your Eminence, it was last December, that in a meeting of the Executive Committee, you promised, "Please trust me, I will take care of Archbishop Spyridon's penion by our next meeting in January". For the last 6 months, all we hear is talk, promises and conditions, and no action.
Please give very serious consideration to this proposal and act immediately. It is about time. I regret to say that if by June 15th, you do not come with a definite satisfactory solution, I hereby give you my resignation from the Executive Committee and the Archdiocesan Council. Your Eminence, there is a limit to patience and fooling around for such a long time.
Michael G. Cantonis
- Executive Committee
- Archbishop Spyridon
[ Orthodox Truth | www.orthodox-truth.bugs3.com/art_21.html
From posting: "Michael Cantonis' Correspondence with Goa and the Ecumenical Patriarchate"
June 5, 2000 ]