Wednesday, June 04, 2008

Merrill Lynch freezes disputed San Joaquin diocesan accounts pending court ruling

From EpiscopalLife Online [boldface mine]:

Merrill Lynch has frozen the financial accounts it manages for the Episcopal Diocese of San Joaquin until the courts decide the rightful owner of those accounts, an attorney for the financial institution said June 3.

"Merrill Lynch has placed an immediate freeze on those accounts held in the name of the Diocese and related entities," according to Eric J. Glassman of Mennemeier, Glassman & Stroud, in a letter to [Episcopal] diocesan chancellor Mike Glass, and to Russell VanRozeboom, who represents former bishop John-David Schofield.

The San Joaquin [Episcopal] diocese, along with The Episcopal Church (TEC), on June 2 amended an earlier lawsuit against Schofield, "on the basis of new information gathered about recent transfers of real and personal property and assets to entities formed by Mr. Schofield and his attorney sometime in early April of 2008," Glass said.

According to the amended complaint, Schofield had been transferring real property and investment accounts into a non-Episcopal entity called the Anglican Diocese Holding Company. The holding company was also added as a co-defendant in the June 2 amended complaint. . .

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