Over a hundred alleged victim’s of priestly sexual abuse filed suit against the Diocese of San Diego asking $200 million in damages.The Church countered with an offer of about $95 million which was rejected.
Then, hours before the trial was to begin, the Diocese declared bankruptcy.
The value of the Church’s assets would play a large part in any distribution to the victims/creditors.
The Church claimed that its assets were valued at $96 million.
But in the Bankruptcy hearing Friday, the Bishop who heads the Diocese admitted he didn’t know the value of his assets.
The figures submitted by the Church for 34 properties were supposed to be based on their “market value” – what they would sell for. Only two met this test.
The remainder were either submitted as “appraised value” (taxable value) or “purchase price” (on property purchased in the 1940’s).
In one instance Church cemetery property was valued at $11.3 million when the cemetery’s manager valued it at $40 million two years ago in a civil case.
In another, property for Marian High School, which is soon closing, was valued at $2.8million. Shea Homes had offered $31.5 million for the property last year.
The bishop insisted that he would tell the value if he knew it and did not like the insinuation that he was not being truthful.
“I don’t know who knows what the net worth of the diocese is, but I don’t know”, Bishop Brom said under questioning.
Time for the Confessional?
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