Judge delays decision on dissolution of St. Clare's Corporation
April 16, 2019 06:27 PM
A Schenectady County Court judge delayed a decision on whether or not to dissolve the St. Clare's Corporation on Tuesday morning.
The corporation filed a petition last month, stating that it has no more money to distribute to retirees.
Dozens of retirees were in the courthouse on Tuesday.
Judge Versaci decided to allow for more time for the Attorney General's office and several private attorneys representing the pensioners to file for answer and or objection petitions. Basically, that allows the attorneys to have more time to ask for documentation and proof that St. Clare's Corporation has no more money and actually has a $53 million liability to the 1,100 pensioners affected by the plan's collapse.
Retirees said finding out how much is actually owed to them has been difficult. In the past NewsChannel 13 has heard about $56 million would be needed to make their pensions whole, at the hearing the petition stated that amount is $53 million.
Several retirees spoke with NewsChannel 13 after court was adjourned. They said this is a step in the right direction, but they still feel like they're walking on eggshells.
There's been talk about funding coming from the Mother Cabrini Fund. At last check, the Albany Roman Catholic Diocese said they're continuing to do everything they can to help St. Clare's retirees.
NewsChannel 13's Emily Burkhard followed up on Tuesday to see if any progress is being made. Learn about that and hear reaction from retirees by watching the video of Emily Burkhard's story.
Updated: April 16, 2019 06:27 PM
Created: April 16, 2019 01:05 PM
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