BAD NEWS.

A Catholic school in New York City slated for closing had its hopes raised--only to have them dashed again after a would-be benefactor turned out to be a criminal.

Father George Carlin met the supposed millionaire, Edward Michael Beagan, in a pub just before Easter. When talk turned to financially strapped Catholic schools, Carlin explained that the struggling St. Bernard/St. Xavier needed millions to stay open. Beagan then pledged more than $150 million in stock.

But the parish soon learned that Beagan was sanctioned twice by the Securities and Exchange Commission and owed half a million dollars in penalties.

The school will close at the end of this school year.