Diocese Gets Vatican's Blessing To Buy Crystal Cathedral

Law360, New York (December 1, 2011, 4:25 PM EST) -- The Vatican has given the Diocese of Orange, Calif., the go-ahead to acquire megachurch Crystal Cathedral and its surrounding campus from outgoing evangelists, clearing the way for the $57.5 million bankruptcy sale, the diocese said Thursday.

Clearing a final hurdle that most acquisitions are spared, the diocese received authorization from the Holy See to buy the Crystal Cathedral, which was founded by televangelist the Rev. Robert H. Schuller and entered Chapter 11 protection in October 2010.

“The acquisition has received approval from the bankruptcy court, a...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.