The Archdiocese of Milwaukee is hemorrhaging money on legal and professional fees as a result of its bankruptcy and will be unable to pay its monthly operating expenses beginning in April unless the judge suspends those payments, it says in court documents filed Thursday.continue at JS
The archdiocese filed a motion asking U.S. Bankruptcy Judge Susan V. Kelley to allow it to suspend all payments to attorneys and consultants, except $125,000 for work on its plan of reorganization. And it would continue to pay its own attorneys to challenge sex-abuse claims with proceeds from its insurance carriers.
"Without it, we will be unable to continue operating. We've used all the money we had from savings, reserves, investment earnings and money budgeted for litigation," archdiocese spokesman Jerry Topczewski said.
"This is a reorganization, not a liquidation," he said, "and under bankruptcy law, the goal for Chapter 11 is to keep the organization operational."
The goal of SNAP is to get as much money out of this thing as they can, and obviously has much more resources to do so.
The bankruptcy proceedings have now been going on for two years as of January 4th.
Mr. Berres has some thoughts.
1 comment:
Well, why don't they take that bronze homage to Weakland out of the Cathedral and sell it for scrap. Not only would it be a moral good to do so, it'd be worth a few bucks. Heck, if you let Weakland know about it in advance, maybe he'd pay real cash for it.
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