Travelers Insurance is contributing $19.5 million to the settlement, while the diocese's share is $17.5 million, $3.9 million of which is the deed to the diocesan headquarters property, known as the St. Vincent Center. The diocese will deed the property to the settlement trustee.
The diocese has $5.7 million cash on hand and will receive $3 million toward the settlement from St. Vincent Home Corp., the foundation established after the closing of what was an orphanage, and another $2.9 million from four parishes where significant abuse took place, the bishop said in his letter.
Click on the following for more details: CNS STORY: Davenport Diocese files reorganization plan in bankruptcy court
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