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-UPDATE: Crystal Cathedral Decision Put Off Till Thursday

by Dr. D ~ November 14th, 2011

The Crystal Cathedral in Garden Grove (near An...

                                          (Image via Wikipedia)

In a hearing today, the judge in Crystal Cathedral’s bankruptcy case delayed his decision on who would be allowed to purchase the famous Cathedral until Thursday.

Chapman University presented an alternative offer to counter the increased Roman Catholic bid and the two extra days gives Crystal Cathedral’s board time to convene and discuss and consider the new proposal.

The new Chapman proposal would allow the Schuller ministry to continue using their iconic buildings for 15 years for only $1 per month. The new proposal would insure that the ministry would continue substantially as it now is. However, the lease ends after 15 years and does not include the possibility for the ministry to buy back any of the core buildings.

The previous offer would have cost the Crystal Cathedral ministry $150,000/mo. to lease back the buildings and there was a real concern that the ministry would not be able to consistently come up with that kind of money. In fact the Catholic lawyers were critical of the Chapman bid saying that it was unrealistic to expect the Crystal Cathedral ministry to come up with $150,000/mo. The new offer solves that point of contention.

The Crystal Cathedral board had voted to support the original Chapman University bid but now must consider the new terms which seem to be far better for their current financial situation but do not include the possibility for re-purchasing the key buildings in the future. Plus, after the lease is up in 15 years, the ministry might be homeless unless the University agrees to extend a new lease.            *Top

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