A federal bankruptcy court hearing aimed at settling the future of the financially ailing Crystal Cathedral turned into a bidding match Monday with a university and the Roman Catholic Diocese of Orange competing to buy the church's sprawling grounds.
Despite the Crystal Cathedral board’s brand new publicity of the Roman Catholic Diocese’s $57.5- million suggest for the Garden Grove church as well as the campus, Chapman University upon Thursday altered the conditions of the right away three-option offer. The ruling was a blow to Chapman University, which had fought bitterly down to the final moments of the bankruptcy case for the right to buy the property as a satellite campus.
"We have promised to maintain the integrity of that beautiful piece of architecture,'' said Maria Rullo Schinderle, general counsel for the diocese. A board statement said it preferred terms of the diocese's $57.5 million bid for the Orange County cathedral, longtime home of the "Hour of Power" broadcast. "The Catholic plan allows Crystal Cathedral ministry full and exclusive use of the Crystal Cathedral and the majority of the property for three years," it said.
The Roman Catholic Diocese of Orange announced that it is “potentially interested” in buying the church building on July 7, 2011. The newest offer from the Catholic diocese was increased to take those claims into account, diocesan attorney Alan Martin said. "Everything else is the same," Martin said.
Founder the Rev. Robert H. Schuller additionally expelled the matter Thursday endorsing the diocesan offer, which would need the Crystal Cathedral method to pierce after 3 years. U.S. Bankruptcy Court Judge Robert N. Kwan said the church would need to decide which of the plans was preferred ahead of Thursday's final hearing. That was before Chapman's bid. The church declared bankruptcy last year.
Today, the decline in revenue is slowing, Michael VanderLey, a corporate finance consultant in the case, told the court Monday.
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