Archdiocese weighs bamkruptcy filing

wdlove

macrumors P6
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Oct 20, 2002
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Archdiocese of Boston is weighing its options on declaring bankruptcy filing under Chapter 11. Cardinal Bernard F. Law, facing lawsuits regarding 450 alleged victims of clergy sexual abuse, is being urged by aides to file Chapter 11. It has been almost a year since the scandal broke. It is estimated that the Church has $1.3b in assets. He feels that under a Federal Bankruptcy court will get a better deal. There's a possibility of selling the Chancery & his residence, which Boston College wants to purchase.

http://www.boston.com/dailyglobe2/335/nation/Archdiocese_weighs_bankruptcy_filing+.shtml
 

wdlove

macrumors P6
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Oct 20, 2002
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The talk of bankruptcy by the Archdiocese of Boston is clouding talks. The lawyers hint at halting settlement talks. 2 lawyers representing 219 alleged victims are saying they will walk out of talks unless bankruptcy is taken off the table.

"They should either go ahead and declare bankruptcy ot stop talking about it," Jeffrery A. Newmam of Greenberg Traurig law firm. Greenberg & MacLeish represent ~450 people.
 
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wdlove

macrumors P6
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Oct 20, 2002
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Cardinal Bernard F. Law has beed given authority to declare bankruptcy by his Finance council 12/4. He still needs approval from the Pope, Vatican. Cardinal Law is loosing support. Prominent Catholics are calling for him to resign. No final decision has been made.
 
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wdlove

macrumors P6
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Oct 20, 2002
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Cardinal Bernard F. Law left on a trip to Rome over the weekend, plans kept a secret. Local priests are calling for his resigination. 300 protestors marched outside the Catherdral of the Holy Cross yesterday calling for his resignation.

"Our leaders have lied to us .... [about what they have] covered up for years." The Rev. William Mingham at Malden Mass

Law is at the Vatican for advice to discuss bankruptcy, resignation, or both!
 
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wdlove

macrumors P6
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Oct 20, 2002
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58 local priests have signed a letter calling for Cardinal Law to resign, consider changing the draft on Friday to obtain additonal signatures.

According to Italian News Agency & Reuters "The Vatican is considering taking the unusual step of naming a 'coadjutor,' or a successor to Law who would serve alongside him to spare Law having to resign in disgrace.

The Vatican is weighing the cost of this scandal.
 
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wdlove

macrumors P6
Original poster
Oct 20, 2002
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Cardinal Bernard Law left for the Vatican last weekend to discuss Bankruptcy & the future of the Boston Archdiocese.

Law had a meeting with Pope Paul II this morning, tendered his resignation, and accepted by the Pope.

To the majority in Boston "This is a turning point, now healing can begin"

Bishop Richard Lennon, 55 years old, a native of Arlington named Interim Archbishop as Apolostolic Leader. Currently he is Chancellor at St. John's Seminary. Was named Auxillary Bishop in 2001. Most want him to carry on Law's work of celebrating Mass at Holy Cross on Sunday. To speak publically soon.

http://www.cnn.com/2002/LAW/12/13/church.sex.abuse/index.html

http://www.cnn.com/2002/US/Northeast/12/13/law.statement/index.html

Cardinal Law still in a legal difficulty!

http://www.cnn.com/2002/US/Northeast/12/12/cardinal.law/index.html
 
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