Court documents show that creditors are waiting to sue in case the sale of the bankrupt Crystal Cathedral of Southern California is blocked by church insiders. Among the front-runners to the sale of the Cathedral are the Roman Catholic Diocese of Orange and Chapman University.
The documents also show that in case that happens, there will be an attempt by the creditors committee to recover “preferential” payments to church insiders within the two years that lead to the Chapter 11 filing of the church.
The church founded by Robert H. Schuller has employed over a dozen family members and the job duties of several insiders have been questioned by a U.S. trustee for the bankruptcy court.
It was recently announced by church officials that it no longer wanted to solicit offers for the property. Instead, it will rely on donations and other faith-based efforts to pay the church debts.
The Diocese of Orange has increased its offer from $50 million to $53.6 million and has agreed to allow a three-year period for the ministry of the Crystal Cathedral to finish their business before they leave the property. Bishop Tod D. Brown said the more than 1.2 million parishioners in Orange County needs a worship space and the Crystal Cathedral with a 3,000 seating capacity is less expensive compared to the proposed Catholic cathedral project in Santa Ana worth $100 million.
The glass-walled Orange County church which has become popular for its “Hour of Power” broadcasts. It is also a must-see for its 10,000 panes of glass. A $50 million offer was forwarded by the Chapman University.
The church ministry however announced that the campus is not for sale and went on to launch a pledge drive to keep the cathedral, which could just trigger a legal collision course with the creditors.
2 vie to buy Crystal Cathedral
Court documents show that creditors are waiting to sue in case the sale of the bankrupt Crystal Cathedral of Southern California is blocked by church insiders. Among the front-runners to the sale of the Cathedral are the Roman Catholic Diocese of Orange and Chapman University.
The documents also show that in case that happens, there will be an attempt by the creditors committee to recover “preferential” payments to church insiders within the two years that lead to the Chapter 11 filing of the church.
The church founded by Robert H. Schuller has employed over a dozen family members and the job duties of several insiders have been questioned by a U.S. trustee for the bankruptcy court.
It was recently announced by church officials that it no longer wanted to solicit offers for the property. Instead, it will rely on donations and other faith-based efforts to pay the church debts.
The Diocese of Orange has increased its offer from $50 million to $53.6 million and has agreed to allow a three-year period for the ministry of the Crystal Cathedral to finish their business before they leave the property. Bishop Tod D. Brown said the more than 1.2 million parishioners in Orange County needs a worship space and the Crystal Cathedral with a 3,000 seating capacity is less expensive compared to the proposed Catholic cathedral project in Santa Ana worth $100 million.
The glass-walled Orange County church which has become popular for its “Hour of Power” broadcasts. It is also a must-see for its 10,000 panes of glass. A $50 million offer was forwarded by the Chapman University.
The church ministry however announced that the campus is not for sale and went on to launch a pledge drive to keep the cathedral, which could just trigger a legal collision course with the creditors.
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