Archdiocese vastly undervalued its assets, creditors claim

The Archdiocese of St. Paul and Minneapolis is shielding $1.7 billion in assets from bankruptcy court in order to keep them out of reach of clergy abuse victim claims, according to a motion filed in U.S. Bankruptcy Court by the abuse survivors committee.

The motion, filed Monday, argues that the archdiocese has not acknowledged its financial stake in its parishes, cemeteries, the Catholic Community Foundation, the Catholic Finance Corporation and more. It asks the court to consolidate the archdiocese assets as it moves toward a victims’ settlement.

http://www.startribune.com/archdiocese-low-balls-assets-creditors-claim/380681881/