St. Paul-Minneapolis Archdiocese files for bankruptcy

[inanna]

Source: Associated Press

AP - 35 minutes ago

ST. PAUL, Minn. (AP) — The Roman Catholic Archdiocese of St. Paul and Minneapolis filed for bankruptcy protection on Friday, saying it's the best way for the church to get as many resources as possible to victims of clergy sexual abuse.

"We're doing the right thing," the Rev. Charles Lachowitzer told The Associated Press in an interview in advance of Friday's filing in U.S. Bankruptcy Court. "This decision reflects the end of a process of putting victims first."

The archdiocese is the 12th U.S. diocese to seek bankruptcy protection in the face of sex abuse claims. Church leaders have said for months that bankruptcy was an option, as the archdiocese faces the potential for dozens of lawsuits by victims of clergy sex abuse. Those lawsuits would be put on hold while the bankruptcy case is pending.

The filing estimated the archdiocese's assets between $10 million and $50 million, with liabilities between $50 million and $100 million. It estimated 200 and 300 creditors.

Read more: http://news.yahoo.com/st-paul-minneapolis-archdiocese-files-bankruptcy-153119615.html

[isobar]

1. Sell everything, right down to the rings on the bishops frickin fingers.

Sell the buildings, sell the gold, sell the crosses, sell the pews. NOTHING should be protected from sale.


EVERYTHING TO THE HIGHEST BIDDER !!

[AtheistCrusader]

2. How is this better than just selling everything?

I'm confused. How is delaying the lawsuits better for the victims?
Bankruptcy protection usually shelters assets, I don't see how this 'ensures the most resources for the victims', but maybe I'm bad at math or something?

[branford]

3. Bankruptcy will help ensure the orderly administration of all the claims against the Archdiocese,

and prevent certain claimants from unfairly benefiting over other claimants simply because they filed lawsuits or initiated collection efforts a little faster. Rather than many lawsuits and collection efforts, most everything will now be handled in the bankruptcy court with full disclosure of the Archdiocese's collectible assets.

Of course, it might also shield certain assets of the Archdiocese, and minimize their legal fees and potential settlement amounts.

[olddots]

4. but GOD will bail them out

[Beowulf42]

5. Procratination

And this is what happens when an institution, or a person for that matter, puts off taking the necessary steps to do proper maintenance to essential systems. America can look down the road to the time when, after we have avoided doing the important things like repairing bridges and roads, properly financing education, keeping our children out of debt, taxing the rich, taxing corporations, we have a 3rd world nation, where only the rich can afford to live. Remember, the rich don't want some of the money, they don't want most of the money, THEY WANT ALL OF THE MONEY.

[SoapBox]

6. I would like to see the whole damned cult closed down!

[DeSwiss]

7. K&R

[center]Vatican Finds Stash of Money ‘Tucked Away’
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