Financial Records Show Former CPS Board President Under Financial Duress

By Chuck Sudo in News on Dec 20, 2010 3:30PM

The Sun-Times reports that former CPS Board President Michael Scott was facing some significant financial issues leading up to his suicide last year.

Probate records show that lenders are seeking $1.2 million from Scott's estate. $1 million of that is related to a pair of loans Scott and business partner Phil Gershman obtained for their now-defunct Salad Creations restaurants. Scott also lost a $10,000-a-month consulting gig from development company Fogelson Properties that was looking to cash in the 2016 Summer Olympics after the games were awarded to Rio de Janeiro.

The records were initially released to the Sun-Times and Better Government Association earlier this year, but with these details redacted. the BGA argued that the heavily redacted report was a violation of state law. The Police Department released some of the redacted information.

The new details seem to contradict previous statements that Scott was looking to benefit from Chicago being awarded the 2016 Summer Games.