I regret not picking up on this sooner but the board of the Crystal Cathedral has decided to cut bait and accepted the bid of Chapman University for the purchase of its campus. Read the L.A. Times report here. The much-ballyhooed effort by the church to raise the $50 million necessary to pay its creditors had grossed $172,775.50 through the end of September.
The Bankruptcy Court will decide whether to approve the deal on November 14. The Court might rule against the sale to Chapman because the Diocese of Orange County has offered more but the apparent congruence of the creditors' committee and the board of the Crystal Cathedral should be enough to overcome any objections.
Nothing reported about the subordination lawsuit by the creditors against Robert Schuller and members of his family (I commented on it here) but one should expect that, given the effusive recent props by Schuller, the committee will drop the suit as part the approval of the sale to Chapman.
The Bankruptcy Court will decide whether to approve the deal on November 14. The Court might rule against the sale to Chapman because the Diocese of Orange County has offered more but the apparent congruence of the creditors' committee and the board of the Crystal Cathedral should be enough to overcome any objections.
Nothing reported about the subordination lawsuit by the creditors against Robert Schuller and members of his family (I commented on it here) but one should expect that, given the effusive recent props by Schuller, the committee will drop the suit as part the approval of the sale to Chapman.
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