Tuesday, February 10, 2015

Twin Cities archdiocese puts a number on its wealth: $45.2 million

The Archdiocese of St. Paul and Minneapolis has told a bankruptcy court it has assets of at least $45.2 million, not including the Cathedral of St. Paul and other property whose value it has yet to establish.  [... SNAP did go after Milwaukee parishes, but the judge put the kibosh on that. ]

The tally of assets is part of a detailed look at the archdiocese’s real estate and personal property, recent payments, and amounts owed creditors filed late Friday in U.S. Bankruptcy Court in Minnesota. The schedules offer a rare glimpse into the finances of the archdiocese, which filed for Chapter 11 bankruptcy Jan. 16, becoming the 12th Catholic organization to file for bankruptcy in the clergy sex abuse scandal.

The archdiocese, its insurers and victims were all swiftly ordered into mediation, which is underway. Both the $45.2 million in assets and $15.9 million in liabilities are preliminary numbers, and likely will change.

The amounts the archdiocese owes those who were sexually abused by priests are listed “unknown” in the new schedules. In its initial bankruptcy filing, the church estimated that it owes between $50 million and $100 million.

Likewise, the schedules list as “unknown” the value of key chunks of real estate, such as the century-old cathedral and the land under three Catholic high schools. The schools lease the land for $1 a year.
continue at StarTrib

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