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...BANKRUPTCY NOW? Most abuse victims settle quietly rather than litigate; very few cases have gone to verdict. But some of Portland's angry plaintiffs, whose alleged molester, the late Rev. Maurice Grammond, abused more than 50 children, welcomed the platform of a full trial and demanded damages totaling at least $155 million. That raised a startling financial specter, and Vlazny, whose small archdiocese has already paid out $53 million in settlements, felt unable to cover the possible tab. He claimed that insurance companies had "abandoned" him. Such balkiness on payouts has increased, with insurers often citing a 1996 court ruling...

Author: /time Magazine | Title: Chapter 11, Verse 1 | 7/19/2004 | See Source »

...Vatican is a place where almost every fact has already logged weeks as rumor. But when Portland, Ore., Archbishop John Vlazny announced last week that he was taking his legally besieged archdiocese into Chapter 11 bankruptcy ("The pot of gold is pretty much empty," he contended), the Holy See was genuinely stunned. A senior Vatican official remained convinced Vlazny was bluffing until a wire-service story was read to him. Others confirm that two years ago, Bernard Cardinal Law was denied permission to do the same thing when he was Boston Archbishop. They suspect Vlazny asked no one's leave...

Author: /time Magazine | Title: Chapter 11, Verse 1 | 7/19/2004 | See Source »

...WHAT WILL THE BANKRUPTCY ENTAIL? The job of Portland bankruptcy judge Elizabeth Perris is to establish the diocese's assets, its legitimate creditors and how many cents per available dollar each should receive. She will oversee its finances in the meantime, so Vlazny can maintain day-to-day operation without squandering those assets. She is not empowered to unilaterally close down parishes or lay off staff...

Author: /time Magazine | Title: Chapter 11, Verse 1 | 7/19/2004 | See Source »

...WHAT'S A POTENTIAL STICKING POINT? Expect a clash over the wealth of Portland's parishes. Vlazny refuses, as have other bishops, to regard parish assets--including properties and most of the collection-plate take--as seizable for diocesan debts. Thus, while he states his denomination's worth at about $50 million, plaintiffs claim it is more than $300 million. Perris may have discretion to make that very important call...

Author: /time Magazine | Title: Chapter 11, Verse 1 | 7/19/2004 | See Source »

...WILL OTHERS FOLLOW SUIT? Mark Chopko, general counsel for the U.S. Conference of Catholic Bishops, calls the bankruptcy an "act of desperation," though one a "handful" of dioceses might consider. They might be wise to hang back awhile. True, Portland may rationalize its debt, keep discussion of its sins to a relative minimum and set a limit on future claims against old offenses--in other words, extract itself from the nightmare still facing other dioceses. But the hearings could also become high theater, the diocese's fiscal and administrative exposure could breed further investigation, and a loss on the parish...

Author: /time Magazine | Title: Chapter 11, Verse 1 | 7/19/2004 | See Source »

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