The Roman Catholic Diocese of Helena filed for bankruptcy protection as part of a proposed $15 million settlement for hundreds of victims who say clergy members sexually abused them over decades while the church covered it up. (Eliza Wiley / Associated Press / January 31, 2014) Also Associated Press January 31, 2014, 3:39 p.m. HELENA, Mont. The Roman Catholic Diocese of Helena filed for bankruptcy protection Friday as part of a proposed $15-million settlement for hundreds of victims who say clergy members sexually abused them over decades while the church covered it up. The Chapter 11 bankruptcy reorganization plan comes after confidential mediation sessions with the plaintiffs’ attorneys and insurers, resulting in a proposed deal to resolve the abuse claims, diocese officials said. Bishop George Leo Thomas expressed his profound sorrow at a news conference and apologized to the victims. I know the pain is real, the pain is in the present tense, and in the name of the church, I want to say I’m sorry and we’re sorry as a church, Thomas said. The $15 million will at least be a beginning point for people who are seeking resolution in their lives and in their hearts, he added. In addition to the money, the diocese must publicly apologize, publish the names of clergy members who have been credibly accused of abuse, offer to meet with abuse survivors, provide victim counseling and reinforce its policies and procedures to prevent abuse, plaintiffs’ attorneys said. The diocese already has set up abuse-prevention programs, including worker screenings, a claims-review board and a hot line to report abuse.
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Detroit Bankruptcy Exit Plan Threatens Munis as Pensions Favored
Young has asked for his bankruptcy case to be dismissed according to the Houston Chronicle since the litigation that led to his filing for bankruptcy protection has been settled. The lawsuit was the aftermath of a lockout loan taken out by Young. “Vince is getting his financial issues resolved and is ready to play football again,” Young’s attorney Trey Dolezal told the Houston Chronicle. Young might be hoping to find another home in the NFL with his financial issues behind him, but unfortunately no team has shown any interest as of late since he was released by the Green Bay Packers last preseason. Follow Shawn Ramsey on Twitter: @ShawnPRamsey
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Maine rail bankruptcy likely to spawn more lawsuits
According to the six-page motion filed with U.S. Bankruptcy Judge David R. Jones, Young filed for bankruptcy protection Jan. 17 primarily to forestall debt collection efforts by Pro Player Funding, a New York lender that had a judgment with interest totaling about $2.5 million against Young stemming from a loan taken in his name during the 2011 NFL lockout.
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Vince Young looking to dismiss bankruptcy petition
GM and Chrysler were effectively allowed to renege on contractual obligations to their workers, paying only half of what was owed in the form of cash and GM and Chrysler stock. The UAW-controlled VEBA then proceeded to cut benefits to retirees and their families in the name of keeping the VEBA solvent. Orrs tentative adjustment plan also transfers the water department to a regional entity, the Great Lakes Water and Sewer Authority (GLWSA), for 40 years in exchange for annual payments of $47 million, the Detroit News reported. The GLWSA will include board members from Oakland, Macomb, and Wayne counties as well as an appointee selected by Governor Rick Snyder. The new water board will also take over responsibility for DWSD pension liabilities, while closing the departments pension plan to future workers and freezing employee benefits at their present level. The suburbs rejected a previous demand of $9 billion for control over Detroits water and sewerage infrastructure. As the Detroit News reported in its article, the Bankruptcy plan gives suburbs control of a regional water system, the suburbs are now set to pay $1.88 billion for control over DWSD. Several analysts have suggested that the regionalization plan is the first step toward outright privatization. The municipally owned water systemwhich sits astride one of the highest concentrations of fresh water on the planetis being eyed by private equity firms as long as they are free to raise water rates.
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Montana diocese files for bankruptcy protection
The $15 million will at least be a beginning point for people who are seeking resolution in their lives and in their hearts, he added. In addition to the money, the diocese must publicly apologize, publish the names of clergy members who have been credibly accused of abuse, offer to meet with abuse survivors, provide victim counseling and reinforce its policies and procedures to prevent abuse, plaintiffs attorneys said. The diocese already has set up abuse-prevention programs, including worker screenings, a claims-review board and a hotline to report abuse. The settlement details are being worked out, but the U.S. Bankruptcy Court in Montana would be responsible for approving and supervising the disbursement of $15 million to compensate the 362 victims identified in the two lawsuits. In addition, at least $2.5 million will be set aside for victims who come forward later, according to the diocese. The church anticipates paying that $2.5 million, with the rest paid by insurers. The victims and creditors will have the chance to vote on the proposed settlement, diocese officials said.
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Detroit bankruptcy blueprint would gut pensions
He said that transferring his clients cases to Maine because of the bankruptcy would be a terrible injustice. The 20th case was filed in Pennsylvania by Sarah Troester, http://ift.tt/1bPdNgd a Delaware resident whose husband, Jefferson Troester, was a railroad engineer who was crushed to death in 2012 when two 1,500-pound rolls of newsprint fell out of a Montreal, Maine & Atlantic rail car. There will be no significant recovery in the bankruptcy, probably for anyone, Cohn said. Ive never yet seen anybody walk away happy from a bankruptcy case. Claimants in the wrongful-death cases also are suing some of the owners of the Montreal, Maine & Atlantics parent company, Rail World Inc., including its president and CEO Edward Burkhardt, as well as World Fuel Services, which they have accused of mislabeling the oil, and the rail car manufacturer, Union Tank Car Co. The plaintiffs claim that the oil was more volatile than its labels suggested, and that the cars carrying it had a history of rupturing in derailments.
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Vince Young asks judge to dismiss bankruptcy petition
24, compared with $175 million over the same period last year, data compiled by Bloomberg show. Michigan still pays the second-highest yield relative to benchmark AAA munis among the 17 states tracked by Bloomberg. Orrs latest proposal will serve as a reminder of the states unwillingness to repay bondholders, Mackey said. Long-Term Risk Detroits proposal would not be good for the municipal bond market in the long run, said Chris Ryon, who helps oversee about $10 billion in local debt at Thornburg Investment Management in Santa Fe , New Mexico . If accepted, the plan would probably cause credit spreads to widen, he said.
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