Sunday, February 13, 2011

Transfer of assets

http://wtaq.com/news/articles/2011/feb/13/milwaukee-archdiocese-75m-transfer-wasnt-meant-shi/
Milwaukee Archdiocese: $75M Transfer Wasn't Meant to Shield AssetsPosted Sunday February 13, 2011 5 hours, 19 minutes ago

MILWAUKEE, Wis. (WTAQ) - The Archdiocese of Milwaukee says the transfer of $75 million over the last six years wasn't an effort to shield its assets from sex abuse settlements.

The families of sex abuse victims implied moving the money was something like a shell game during a bankruptcy hearing before a federal trustee. An attorney for the victims also asked about another $55 million put into a trust a year after the Wisconsin Supreme Court opened the door for victims to sue the archdiocese.

A spokesperson for the church denies the allegations, saying it has been liquidating all non-essential assets for years to help pay the costs of therapy and voluntary settlements. The spokesperson says the archdiocese had been holding the $75 million for local parishes in an investment account, then returned it when it quit offering those services.

The church says it only has $7 million available for settlements, but the families of victims apparently intend to challenge that figure.

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