Pagano bankruptcy case adds to Metra mystery

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Chicago Tribune:

The widow of longtime Metra chief Phil Pagano, who dramatically boosted his salary and other compensation in the months before he killed himself, is in the midst of a bankruptcy court battle, claiming she was left without cash or savings and is more than $1 million in debt.

The bankruptcy petition, which seeks to protect Barbara Pagano against outstanding debts, offers a puzzling financial portrait of a widow apparently left with limited means despite having been the wife of one of Chicago's top-paid public officials.

She lists the proceeds from a $500,000 life insurance policy as an asset as well as the couple's Crystal Lake home where they raised two children. But a mortgage lender has a $765,000 claim against the property, valued at $340,000, according to the court filing.

Pagano also faces nearly $256,000 in other liabilities from nearly three dozen creditors, including numerous credit card companies, financial firms, department stores, airlines and banks. They range from two claims from United Mileage Plus Cardmember Services totaling nearly $50,000 to a $69 claim from Toys "R" Us, the filing says.