Yesterday I noted here that the Crystal Cathedral bankruptcy seems headed for clear sailing to confirmation. After all, with the assent of both the creditors' committee and the board of the Cathedral to the offer of Chapman University to buy the church's property, what could go wrong?
Read here if you want to know. The Catholic Diocese of Orange County has objected to the sale to Chapman. Why? Becasue, the Diocese claims, it's offered more money. Given the differences in the post-sale rental and option rights of the church contained in the two offers, it's hard to say which is more from the creditors' "net" point of view. However, it seems the Diocese may have put a little more on the table.
Will the Bankruptcy Court buy the Diocese's objection? Doubtful, although it might succeed in squeezing a few more dollars out of Chapmant
The Duke of Alva rides again!
Read here if you want to know. The Catholic Diocese of Orange County has objected to the sale to Chapman. Why? Becasue, the Diocese claims, it's offered more money. Given the differences in the post-sale rental and option rights of the church contained in the two offers, it's hard to say which is more from the creditors' "net" point of view. However, it seems the Diocese may have put a little more on the table.
Will the Bankruptcy Court buy the Diocese's objection? Doubtful, although it might succeed in squeezing a few more dollars out of Chapmant
The Duke of Alva rides again!
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