[Congressional Record (Bound Edition), Volume 152 (2006), Part 15]
[Senate]
[Page 20365]
[From the U.S. Government Publishing Office, www.gpo.gov]




                        TRIBUTE TO PARK B. SMITH

  Mr. LEAHY. Mr. President, I would like to recognize the exceptional 
generosity and work of Park B. Smith and his wife, Linda Johnson Smith.
  Park and I met through our mutual involvement in The Marine Corps--
Law Enforcement Foundation, an organization that believes in and 
supports the potential of our youth. They provide scholarship bonds for 
children of active-duty Marines and Federal law enforcement personnel 
killed in the line of duty. Park has become a good friend and someone 
whom I admire.
  Park, an alumnus of the College of the Holy Cross, and Linda have a 
strong belief in the value of education and have exemplified this 
dedication. Through their generosity, the College of the Holy Cross has 
been able to continue to grow and build its community. It is for this 
reason that I would like to ask unanimous consent to have an article 
about Park and Linda Smith from The Wall Street Journal printed in the 
Record.
  There being no objection, the material was ordered to be printed in 
the Record, as follows:

         [From the Wall Street Journal, Friday, Sept. 15, 2006]

               Giving Back--Donor To Turn Wine Into Bread

                            (By Kelly Crow)

       Park B. Smith has written his share of million-dollar 
     checks to benefit his alma mater. Now, he has decided to 
     donate by turning over part of his prized wine collection to 
     a major auctioneer.
       On Nov. 18, Sotheby's in New York will auction the 
     equivalent of 14,000 bottles from Mr. Smith's private 
     collection--including 50 cases of coveted 1982 Mouton 
     Rothschild--in a sale estimated to bring in up to $4.8 
     million. His proceeds will go to build new athletic 
     facilities at the College of the Holy Cross in Worcester, 
     Mass. He's also planning a $25,000-a-plate dinner at his New 
     York restaurant, Veritas, to benefit Holy Cross.
       The Sotheby's auction represents a rare mix of beneficence 
     and big auctioneer. In a more typical charity wine auction, 
     nonprofits enlist local auctioneers to sell bottles donated 
     by wineries or collectors. This season brings a range of such 
     events: In Chicago, Hart Davis Hart Wine Co. is holding a 
     Sept. 28 auction at Tru restaurant ($1,500 a plate) to help 
     children with spina bifida. In Harrisburg, Pa., 600 people 
     will bid to benefit the Whitaker Center for Science and the 
     Arts. In California, Napa Valley winemaker John Schwartz, of 
     Amuse Bouche, says he gets 25 letters a week from charities 
     requesting wine. Mr. Schwartz is organizing his own Oct. 27 
     wine auction, in Phnom Penh, Cambodia, to benefit a Cambodian 
     orphanage.
       Mr. Smith, known in the home-furnishings industry for his 
     namesake line of draperies and bedspreads, says he hopes to 
     capitalize on the marketing muscle of Sotheby's to reach top 
     connoisseurs. He also moved the auction date up a year to 
     take advantage of the strong wine and art market. Mr. Smith 
     is betting a high-profile sale will bring high prices, but by 
     going with a big auctioneer he is also subject to its 
     seller's commission rates (20 percent is standard, though 
     Sotheby's says it will charge less because it's for a good 
     cause). And he'll have to pay higher capital-gains taxes, as 
     much as 28 percent, because the wine will be sold rather than 
     given outright.
       Mr. Smith started drinking wine while serving in the 
     Marines (an early favorite was 89-cent bottles of Beaujolais) 
     and has since gained a reputation for collecting top wines. 
     One reason he isn't donating cash: His 65,000-bottle 
     Connecticut cellar is at capacity. ``I'm raising money for 
     Holy Cross but I'm also making more room,'' he says.
       Mr. Smith, a 1954 graduate and trustee of the Jesuit 
     liberal-arts college, has given the school $20 million over 
     the years. Now he wants to fix its ``disgraceful'' field 
     house. Father Michael McFarland, college president, says he's 
     awed by Mr. Smith's generosity--and relieved he can accept 
     auction proceeds rather than thousands of bottles: ``We don't 
     even have a wine cellar--just a couple cases stuffed under a 
     sink.''

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