Ownership & Sale

SMA School History

The following article was written by Ned Bonfoey, former SMA teacher, coach, Commandant of Cadets (associated with SMA 1969-1973) and husband of Page "Lolo" Enslow Kable (Bonfoey), daughter of William Gibbs Kable II (1912 - 1972) and Page Moffett, one of the three owners of SMA.

Staunton Military Academy (SMA)

Ownership and Conditions Precipitating Sale

From:  Ned Bonfoey

To:    SMA Alumni

Subject:  SMA Ownership from 1860 to 1972 and Sale of SMA to Layne E. Loeffler.

1. SMA Ownership of Record:

CAPT William Hartman Kable (1837-1912)

- Owner and founder of Kable Military Academy, later Staunton Military Academy.

- He married Willie Lobbin Gibbs.

William Gibbs Kable (1872 - 1920)

- Son of CAPT William H. Kable. Owner of SMA.

- Married Eleanor Bliss Enslow.

- They had three children:

William Gibbs Kable II

Eleanor H. Kable

Helene H. Kable

2. Between 1920 and the 1950's there was a dispute over the ownership and control of the school by some of the family. All of this was settled by the courts and the ownership of the school was by the three children of William Gibbs Kable. They were:

William Gibbs Kable, II (1912 - 1972) - married Page Moffett

Eleanor H. Kable (1911 - 1966) - married Lewis Miller

Helene H. Kable (1914 - 1989) - married Henry S. Holland, III

Colonel William G. Kable II

June 4, 1912 - June 22, 1972

3. Sale of SMA to Layne Loeffler

Above you can see the three members of the family that owned SMA.

By 1972, the time of the sale to Layne Loeffler, William Gibbs Kable had just died. His widow, Page M. Kable owned 1/3 of the school. Eleanor H. Kable had died (1966) and her 1/3 ownership was held in trust by the First and Merchants (F&M) Bank (Richmond, Va.) Trust Dept. So the three owners, each with one vote were:

Mrs. Page M. Kable (Widow of William G. Kable, II)

Mr. & Mrs. Henry S. Holland, III

First and Merchants Trust Dept. (Richmond) - representing the estate of Eleanor H. Kable.

After the death of William G. Kable, II (1972) the owners had many discussions about the sale of the school. Mrs. Page Kable did NOT want to sell the school, but was "out voted" 2-1 for the school to be sold as soon as a buyer could be located.

Page Moffett Kable

1917 - 1989

The law firm, representing the owners, had an appraisal of the property and buildings and Mary Baldwin College was approached, and numerous other parties were contacted. Layne E. Loeffler approached the owners about purchase of the school, and continuing to operate it as a military school. One reason it was very difficult to sell the property was that the owners wanted, whoever purchased the school, to continue to operate it as a military school. For this reason Mary Baldwin College did NOT express an interest in the school.

I have studied the contract of sale and for me to go into all of the details of the contract would be lengthy and not necessary. Let me give you the key points:

The owners would hold the 1st Deed of Trust on the property.

Mr. Layne Loeffler was to purchase the school by paying the owners 11 installments over 11 years.

The first payment would be due upon the signing of the contract.

The sales price was around $1.5 million. (Roughly $136,364 per installment for 11 years.)

5% annual interest on the unpaid balance.

Property and buildings would be used as a school and if Loeffler:

- did not make his payments, or

- did not operate SMA as a military school

then the property would go back to the first deed of trust holders.

The school was financed 100% by the owners. Nothing down...0, it was a "sweetheart deal for Loeffler".

The owners wanted the school to continue. Loeffler told the owners, "I want to keep SMA going and when

the Alumni Association get organized and in a better position, I can let them take over the contract."

The owners agreed that this could be done, and thus the sale of SMA was completed.

What a lot of people do not understand is that the Kable family had operated SMA for over 100 years and they did want the school to CONTINUE.....thus the 100% financing to Layne Loeffler. The owners felt that the school would continue, they would receive payment, for the property, over an 11 year time period, and the alumni would take over and continue SMA as a non profit military school.