Wednesday, 10 August 2011

Crystal Cathedral Looks for Miracle to Resolve Bankruptcy Crisis

The Crystal Cathedral church is hoping for solutions from its parishioners, and not Los Angeles bankruptcy lawyers as it looks for a way out of its pending fiscal crisis. The church has posted a request on its website asking members for donations to deal with its massive debt. The church is currently about $50 million in debt, and church members are being invited to donate between $10 and $10,000 to eliminate debt and avoid bankruptcy.

Crystal Cathedral is based in Orange County and was established in 1955 by Robert H. Schuller. In October 2010, the Church filed for bankruptcy in a bankruptcy court in Santa Ana. Since then, Schuller has been voted off the church's board of trustees.

Crystal Cathedral has been fending off potential buyers depending instead on what attorneys called a “faith-based” initiative to pay back debt. Church officials had been working on a bankruptcy reorganization plan that had been determined by a creditor committee. However, now the church says that it plans to seek donations from church members as well as followers of Schuller’s Hour of Power television program.

Several offers for the church have come in. The Roman Catholic Diocese of Orange announced that it was interested in buying back the iconic church building in order to accommodate Catholic congregations in Orange County. The Diocese offered $50 million for the building.

The church has also received an offer from Mark A. Thomas, the co-founder of My Father's House Church International. According to Thomas, his plan would provide for the acceptance of Schuller's resignation, and an overhaul of the church. There have been another offers for the church, from the God’s Way Institute and smaller offers from the Chapman University and a real estate investment group.

1 comment:

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