We’re getting closer to a key decision for the directors of the Crystal Cathedral. The bankrupt church’s creditors want the Crystal Cathedral’s board to sell the church - or face a lawsuit.
The Crystal Cathedral’s directors got the famous Garden Grove church into bankruptcy, but they still want a chance to pull it out again. Last Sunday, church representatives announced that instead of selling the church property for somewhere around $50 million to pay off debt, they’d try to raise the money needed to pay off creditors.
Those creditors have fired back. They’ve filed a plan with the U.S. bankruptcy court that says the Crystal Cathedral can help select the buyer of the church, but there must be a buyer.
There is no shortage of offers. The Catholic Diocese of Orange has bumped up its bid to more than $53 million. Chapman University raised its offer to $50 million. At least two other offers are on the table.
If the Crystal Cathedral doesn’t cooperate with the creditors, the creditors plan to sue Reverend Robert Schuller’s family. The creditors say the Schuller family was paid when creditors should have been first in line for new cash coming in to the church.