The Diocese of Orange, according to the documents filed Tuesday, increased its cash offer from $50 million to $53.6 million and would require the Crystal Cathedral's ministry to leave the property after three years.
The saga of the Crystal Cathedral continues, with the Diocese of range now holding the highest bid, and Chapman University in second place with $50 million, up $4 million from $46 million. Here are some high stakes poker, folks!
And more importantly, the creditors are threatening to sue if the Board - and the Schullers on it - vote to block any sale. Interesting, because this threat would include the creditors trying "to recover money from the May 2010 sale of the church's 170-acre Rancho Capistrano property that was deposited into a trust account." That threat assumes that any of that money is left - ask to see the bank statements, guys. The Schullers have enjoyed a lavish lifestyle.
And meanwhile, the Crystal Cathedral continues its "faith-based" donation drive to keep it out of bankruptcy. No word on how much that has raised. But what did I say earlier on this blog? Where is Rick Warren? I have to think that super-retailer churchman is involved somehow and this morning I read that there was a formal proposal from the arts-and-craft retailer Hobby Lobby to buy it for $47.5 million - the same Hobby Lobby who bought that 170-acre Rancho Capistrano property from the Schullers and donated it a week ago to . . . Rick Warren and Saddleback Church. Anybody want to bet the same will happen to the Crystal Cathedral if Hobby Lobby comes in at the 11th hour with a trump to the Diocese of Orange. Because why else would a crafts store need the Crystal Cathedral?
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