Debts getting paid off already?

| 2 Comments

This is encouraging and infuriating at the same time. It's a huge pile of cash that could have gone to so many things.

OC diocese pays off most of debt from $100 million settlement


ORANGE, Calif. - The Roman Catholic Diocese of Orange has paid off most of the debt stemming from last year's $100 million settlement with alleged victims of clergy abuse, church officials said Monday.

The diocese took out a $50 million loan from Bank of America to fund payouts to some 90 plaintiffs and relied on insurers to pay the balance, according to a diocese statement.

Last month, it paid down about $35 million of the loan with proceeds from the sale of some of its investments, said Rob Fitzgerald, a retired executive who helped advise church officials. Plans are to pay off another $5 million to $10 million by February before retiring the loan next June.

The diocese did not rely on money or investments earmarked for its parishes and schools, Fitzgerald said.

2 Comments

This blog seems like a boast, as this is $100M to much if the church had not allowed seminarians and ordained seminarians who had homosexual tendencies, as Canon Law already in place since 1961 demanded but was ignored in a post councilar church that wanted and needed priests liberal amd open to the changes the church wanted to bring forth. Unfortunatly, we reap what we sow sometimes and the countless victims whose lives are ruined forever are the real victims

You might want to read this page again. I'm certainly not boasting about the state of the Church, forced to root out evil in seminaries and pay millions to victims of sexual abuse.

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This page contains a single entry by John Schultz published on September 19, 2005 8:32 PM.

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