Megachurch forced to sell

[Guns Guns Guns]

The Crystal Cathedral...will be sold as a method of exiting Chapter 11 bankruptcy and reconciling millions in debt...​

Faced with decreasing revenues over the last few years, the church filed for bankruptcy protection in October, saying it owed more than $50 million to creditors, including vendors...​

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Since filing for bankruptcy, the church has been mired in controversy. ​

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Financial documents related to the case revealed generous pay and tax allowances for cathedral officials. ​

http://www.latimes.com/news/local/la-me-crystal-cathedral-20110527,0,4039186.story​

 

[PostmodernProphet]

shucks.....what are you going to do with a glass house.......you can't even throw stones.....

 

[Rationalist]

It would make a great concert venue...

 

[charver]

I'm assuming 49 of the $50 million debt was owed to the fucking window cleaner.

 

[Guns Guns Guns]

The bible-thumpers have an option to lease their glass house for 15 years. They just can't pay the $36 million mortgage, plus a few other debts.


After four years, the church can buy back the core portions, including the 10,000-pane cathedral, the 13-story Tower of Hope, the welcome center and the cemetery.


http://www.latimes.com/news/local/la-me-crystal-cathedral-20110527,0,4039186.story



Can you imagine how much worse things would've been if the church had to pay taxes?

 

[Damocles]

Apparently the verses against debt didn't phase them.