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Members of the citizens' group calling itself Friends of Hershey Foods fulfilled their goal of drawing attention to their cause, said Marge Panettieri, a longtime Hershey resident who opposes the sale.
Speaking about the hearing, Panettieri said, "The judge seemed fair in the way he handled both sides."
And when all was said and done, she described the group's efforts as "a great experience in grassroots democracy."
"It makes you feel good that you're allowed to do things like this in this country and feel like you're doing something for the benefit of Hershey and the region," she added.
Senior Orphans' Court Judge Warren G. Morgan is expected to rule by the end of this week on whether to grant a temporary injunction that could stall the proposed sale.
State Attorney General Mike Fisher asked the court for the injunction, contending that allowing a sale to proceed without the attorney general's review and the court's approval would cause "irreparable harm" to the Hershey community.
As Fisher listened attentively to witnesses' testimony and scribbled quick notes to his colleagues, First Deputy Attorney General Gerald Pappert argued that without an injunction, a sale could be finalized in a matter of a few weeks, allowing the Hershey Trust board to "sell right out from under our feet before we have a chance to argue in court."
"Can any of us risk being presented with a fait accompli by this board which removes the Attorney General's representation of the public interest?" Pappert asked. If so, he argued that the court would then be put in a position comparable to trying to unscramble an egg.
According to one witness, the process could go even faster if a buyer submitted a preemptive bid before the auction deadline, and a contract could conceivably be signed within two to three days of receipt of the bid.
Representing the Milton Hershey School and the Trust Company, attorney Jack Stover of Buchanan Ingersoll called the Attorney General's claims "pure speculation about what might occur under circumstances which don't exist."
Testifying on the Attorney General's behalf, former Hershey Foods chairman and CEO Richard Zimmerman explained what he said companies are likely to do when they buy another's assets, including cost-cutting and expanding the scope of operations to get a return on their investment.
"The employees, unfortunately, are most often the victims in this type of situation," Zimmerman said.
Explaining his reasons for opposing the sale, the 44-year Hershey resident spoke of the unique relationship between the company and the community, he told the court, "To me, that's more important than anything else. For me, in this life, there are many things more important than money."
The Trust attorneys countered Pappert's arguments by calling a lineup of expert witnesses who testified that the trust company is justified in seeking to diversify its holdings.
The Hershey Foods stock represents 58.6 percent of the Trust's total assets, Stover said. The funds are held in Trust to benefit the children of the Milton Hershey School, established by the chocolate company founder as a home and school for orphans. Today, the Trust's total assets are estimated at more than $5 billion.
James Bailey, an expert in investments and financial planning for nonprofit educational institutions, testified that in his opinion, the Trust's investment portfolio is not adequately diversified.
"It isn't prudent to have a portfolio this undiversified," Bailey said.
George Stephenson, an expert on the sale of public companies and the auction process, supported the Trust's contention that the attorney general would have ample time to examine the sale after a contract is signed, during a 90- to 100-day period before the transaction is closed.
An injunction that would delay the momentum of a sale would bring "a high risk the deal would fall apart," Stephenson testified.
Speaking after the hearing, Fisher said, "We are confident there's not going to be a sale before the judge rules on this motion."
On Aug. 19, Morgan directed the Hershey Trust board to show cause why the Trust should not disclose details of the sale to the court, which has jurisdiction over charitable trusts, and why the proposed sale should not be conditioned on a hearing and the court's approval. An injunction, if granted, could prevent finalization of a sale before a response from the Trust is due on Sept. 9.
Other voices will be heard before that time. On Friday in Morgan's court, the Milton Hershey School Alumni Association will present its argument that the alumni association should be allowed to represent the interests of the Milton Hershey School children, whom the association considers to be the true beneficiaries of M.S. Hershey's generosity.
"The attorney general is right to seek a hearing, but he spoke for the community, and nobody is representing the children," Ric Fouad, the alumni association's president, said.
Another petition has been filed in the Orphans' Court by Craig Stark of the National Hershey Association, charging that the attorney general's petition is "deficient" because Fisher seeks to represent the community at large. Stark contends that the attorney general's duty is to advocate the rights of the "minor beneficiaries," who are the school's children.
The Hershey Association is also calling for Fisher to investigate alleged wrongdoing and mismanagement by the trustees.
