Six Catholic elementary schools in New York City hoping a $150 million donation would revive their financial health now say the anonymous offer has soured, The New York Times reported April 25.
The potential donor, Edward Michael Beagan, violated securities laws, the Times said,
And a priest who had said he was close to securing the gift disclosed details suggesting Beagan planned to give the Roman Catholic Archdiocese of New York shares of stock in a potentially worthless company, the Times said.
Beagan did not respond to a Times request for a comment.
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