Thinking Out Loud

September 18, 2011

Crystal Cathedral Sale Proceeding

Right now, the Crystal Cathedral itself is in need of prayer

While several Crystal Cathedral insiders believe that the church can raise $50M (US) between now and the American Thanksgiving holiday, the courts are moving in the direction of allowing the sale of the land and buildings to happen sooner than later, to satisfy creditors.  The Orange County Register reports: “Nanette Sanders, an attorney representing the creditors, said the next step will be to mail out the plan, which calls for the sale of the 40-acre campus to the highest and best bidder, and the ballots to more than 400 creditors by Sept. 24 and a buyer will be picked on Oct. 31. ” I added the italics because the offers include considerations that go beyond just dollar amounts.

The church has several pending offers to consider. The highest is now from the Roman Catholic Diocese of Orange for $53.6 million in cash – up from $50 million.

Chapman University, which originally offered $46 million, is now ready to pay $50 million. My Father’s House International Church in Norco is also offering $50 million. Chapman’s plan includes a leaseback and buyback option as does Oklahoma-based arts and crafts retailer Hobby Lobby’s $47.5-million offer. Greenlaw Partners’ $46-million offer, which was the church’s preferred plan in May, was not even listed as a bidder in the creditors’ plan.

Sanders said Wednesday that the Roman Catholic Diocese of Orange and Chapman University seem the strongest of the bidders.

[Continue Reading the story here]

The story goes on to say that Robert H. Schuller and his wife held hands during the court hearing.  See… that’s what makes for good reporting; I would have missed that detail.

The offer from Hobby Lobby is such that the property would then be leased to King’s College for $1.00 per year. [Source] While there are several schools known as King’s College, this is a reference to The King’s College and Seminary, founded by charismatic pastor Jack Hayford, currently located north of Los Angeles adjacent to Church on the Way in Van Nuys.

Nothing Matters But The Weekend…

Some blogs pretty well shut down on the weekend, but weekends can be a rather quiet time for those who miss the pace of work or school; so Thinking Out Loud frequently ramps it up with extra posts on Saturdays or Sundays.

You can be a part of doing something similar. Find a need that’s not being met. Find a group of people who need connection. Find a place where every sign says ‘closed.’ And then step up. Make a difference. Swim upstream. You can have a part in changing lives.

1 Comment »

  1. In between Sunday services is often the best chance I get to write. Even if I get more posts up on the weekend, readership is usually slower Saturday and Sunday than the rest of the week. Just my observations.

    Comment by Clark Bunch — September 18, 2011 @ 9:52 pm


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