Crystal Cathedral Gives Blessing To Another Bidder

By: Associated Press
By: Associated Press

SANTA ANA, Calif. (AP) -- An attorney for the Crystal Cathedral
has told a bankruptcy court judge that the church board has agreed
to accept a proposal from either Chapman University or the Roman
Catholic Diocese of Orange to emerge from Chapter 11 bankruptcy
proceedings as soon as possible.

Church attorney Marc Winthrop said the church prefers Chapman's
$51.5 million proposal, which would let the Crystal Cathedral lease
part of the campus and includes a repurchase option.

Meanwhile, the Diocese said it upped its bid for the more-than-30 acre campus to $55.4 million.

A hearing was scheduled for Monday on the proposed reorganization plan that could determine who buys the church.

Crystal Cathedral filed for bankruptcy protection last year amid rising debts, including $36 million on a mortgage.

Previously, the Crystal Cathedral had accepted only the proposal
from Chapman but changed its mind after the Diocese raised its offer.

(Copyright 2011 by The Associated Press. All Rights Reserved.)


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