The state’s largest religious denomination, now in bankruptcy court, wants to save the school in South Burlington from potential liquidation by privately offering it for $4.3 million — 14% of the campus’s $30.5 million appraised value.
Creditors in the Vermont Roman Catholic Diocese’s Chapter 11 financial reorganization case are fighting a church plan to sell Rice Memorial High School to supporters to protect the grade 9-12 South Burlington campus from potential liquidation.
In a U.S. Bankruptcy Court filing Monday, lawyers for a creditors’ committee that represents more than 100 clergy abuse claimants questioned the proposed $4.3 million price tag for Rice’s 42-classroom building and 27 acres of athletic fields, parking areas and wetlands. The figure is only 14% of the $30.5 million value reported in a recent church-commissioned appraisal.
“The proposed sale is a functional insider transaction,” the claimants’ counsel wrote in the filing. “The diocese did not list the property. It did not…
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