Posts Tagged diocesan bankruptcy
An amended bankruptcy plan for the St. Paul-Minneapolis archdiocese would potentially double the funds set aside for its creditors to the tune of as much as $133 million. Despite that increase, attorneys representing the 440 claimants say that the archdiocese’s contribution to the trust falls well short of its total assets, what they estimate above $1 billion, as does the per-person payout when compared to past similar settlements …
“While ‘at first blush’ the new proposal seems like a lot of money, it ‘falls so far short’ when compared to settlements in other dioceses, Jeff Anderson, an attorney for the creditors, said at a press conference Tuesday (Nov. 15) afternoon outside the federal courthouse in Minneapolis.
“‘This is a sham. It is deficient, and it’s misleading, and so we really have to call it out for what it is,’ he said.”
By Brian Roewe, National Catholic Reporter — Click here to read the rest of this story.