Wednesday, February 9, 2011

Incomplete disclosure
Catholic Diocese Finances Exposed in Bankruptcy Filing
From: Tampa Bay Bankruptcy Center, P.A. Summary: The Catholic Archdiocese of Milwaukee filed for Chapter 11 bankruptcy protection in January after failing to come to agreements with two dozen claimants who are seeking legal redress for sex abuse suffered at the hands of clergy decades ago. In line with the bankruptcy procedures, the Archdiocese filed its financial statements in US Bankruptcy Court last Monday. According to the filing, the Archdiocese owns $40.7 million in assets and has $24 million in liabilities.

But the attorney representing the victims, Jeff Anderson said the financial statements were incomplete without giving any elaboration. Anderson went on to liken the Milwaukee Archdiocese with the Diocese of San Diego that was rapped by its bankruptcy judge in 2007 because of misrepresentation in its assets.

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