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...The Crystal Cathedral
Although this is not the 1st church to close or go under during this recession, this has to be one of the most well recognized to do so. The Crystal Cathedral in Southern California, known for its "Hour of Power" shows, has filed for bankruptcy due to debts that exceed more than $43 million. It has a mortgage of $36 million and owes more than $7 million to vendors of many sorts for things over the years. The church had been negotiating a repayment plan with it's vendors but a string of lawsuits threw that out of the window. With its 10,000 members and millions of viewers around the world the church is trying to stay away from credit and is only using the nearly $2 million it receives monthly from members, donations and revenue. The church also sold some land and property to stay afloat. Hopefully the church does emerge from this shinier and newer and w
ith a better sense of financial responsibility. I do not want to see this beautiful church go down and have this palace like cathedral possibly turned over into the wrong hands. I am giving this news a Digit Down for sure.
Although this is not the 1st church to close or go under during this recession, this has to be one of the most well recognized to do so. The Crystal Cathedral in Southern California, known for its "Hour of Power" shows, has filed for bankruptcy due to debts that exceed more than $43 million. It has a mortgage of $36 million and owes more than $7 million to vendors of many sorts for things over the years. The church had been negotiating a repayment plan with it's vendors but a string of lawsuits threw that out of the window. With its 10,000 members and millions of viewers around the world the church is trying to stay away from credit and is only using the nearly $2 million it receives monthly from members, donations and revenue. The church also sold some land and property to stay afloat. Hopefully the church does emerge from this shinier and newer and w
ith a better sense of financial responsibility. I do not want to see this beautiful church go down and have this palace like cathedral possibly turned over into the wrong hands. I am giving this news a Digit Down for sure.
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