Bankrupt Ministry Taps University For $50M Cathedral Buy

Law360, New York (October 26, 2011, 7:48 PM EDT) -- The bankrupt owners of a landmark 2,800-seat glass cathedral in Southern California will sell it to nearby Chapman University for $50 million, snubbing a higher offer from the local Catholic diocese and ignoring creditors who said the bid was too low, according to statements late Wednesday.

Crystal Cathedral Ministries said it had reluctantly accepted the university's offer in advance of a Nov. 14 confirmation hearing on its reorganization plan. The plan, if approved, will allow the ministry to keep using the cathedral as well as the...
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