5-Year Lease at $1/Month or . . . Cash

Bishp Tod Brown ups the ante to $57.5 million.  Chapman counters with the option of allowing the Schullers to lease the Crystal Cathedral at $1 a month.  Except . . .

This lease break, however, would take away from the ministry the option to buy back those core buildings in five years. The buyback option made the Chapman offer more appealing to congregants and others who wanted to see the ministry continue.

Add to that . . .

At issue Monday were insider claims, including Robert H. Schuller's claims of copyright infringement on the part of the ministry relating to his books. Carl Grumer, an attorney representing the older Schullers and their daughter Carol Milner, requested that a $6.5 million reserve be set aside to pay the claims relating to contract termination and copyright infringement.

So who do you thik will win?

The Schullers also are claiming money that they say was to be paid to them based on a transition agreement, which guaranteed them payments of $300,000 a year for the rest of their lives.

Milner said her parents have not been receiving those payments promised to them and are now being asked to give up rights to their works. She said they would prefer the diocese purchase the cathedral although the board has approved Chapman as the preferred buyer.

"The diocese has really respected them and honored them," she said. "They really wanted to know what they could do to help my parents and preserve their legacy."

The Schullers also are claiming money that they say was to be paid to them based on a transition agreement, which guaranteed them payments of $300,000 a year for the rest of their lives.

Milner said her parents have not been receiving those payments promised to them and are now being asked to give up rights to their works. She said they would prefer the diocese purchase the cathedral although the board has approved Chapman as the preferred buyer.

"The diocese has really respected them and honored them," she said. "They really wanted to know what they could do to help my parents and preserve their legacy."

I am still trying to understand how the Schullers can have "unspecified" claims in a bankruptcy.  Any BK attroneys out there who can explain why they remain unspecified?