Geraldine Fabrikant:

When the students of the Conserve School in Wisconsin poured into the auditorium on a blustery morning early this year, they had no inkling of what would follow.
Stefan Anderson, the headmaster, told them that the trustees were essentially shutting down the prep school because of the dismal economic climate. Its four-year program would be converted to a single semester of study focused on nature and the environment.
“We thought we would hear they were cutting financial aid,” recalled Erty Seidel, a senior on the wooded campus, which is filled with wildlife and sprawls across 1,200 acres in Land O’ Lakes.
Greta Dohl, a student from Iron River, Mich., in her third year at the school, broke down and cried. “I was absolutely heartbroken,” she said of the closing.
Now students and parents are banding together and challenging the action, contending the school’s underlying financial condition does not look so dire. In fact, the school’s endowment would be the envy of many a prep school. With $181 million and 143 students, it has the equivalent of more than $1 million a student.
In a lawsuit filed in State Circuit Court in Wisconsin, the parents argue that the trustees are acting in their own interests — as officials of a separate, profit-making steel company — and want them removed from oversight of the school.