Gov. Eddie Calvo should sign Bill 326, the measure, which passed the Guam Legislature unanimously that would lift the statute of limitations on civil lawsuits involving child sex abuse. Archbishop Savio Hon Tai Fai, the apostolic administrator of the Archdiocese of Agana, has urged the governor to veto the bill because he fears “the archdiocese will be will be exposed to unlimited financial liability.” That liability “will very likely” bankrupt the archdiocese, he wrote in his letter that was read to Guam congregations attending Sunday Mass this past weekend. CONTINUED
The word "bankruptcy" is being spread around by Hon and his band of "gloom and doom" spokespersons. Perhaps the lawyers among us can take the time to explain the relevant chapters of the Bankruptcy Code (Chapter 11, Chapter 07, Chapter 13 or whatever applies) to us. Also, just what kind of scenario may occur if and when the victims of sex abuse take their case to court. I, for one, am aware of two big companies declaring "Bankruptcy" years ago and are still around: General Motors and K-Mart. They filed for Chapter 11 protection of the Bankruptcy Code.
ReplyDeleteNot only still around but stronger and more prosperous than ever.
ReplyDeleteContinental filed bankruptcy twice, and United either once or twice, and now they are one of the biggest airlines in the WORLD.
ReplyDeleteLee Iaccoca also took Chrysler to a controversial bankruptcy route to save that auto maker and it also worked quite well.
Bankruptcy may have a bad name, but the results are pretty stellar!