Posts Tagged ‘bankrupt’
Bankrupt church will sell – and lease back – California campus
Isn’t one of those rules – You shall not steal?
Crystal Cathedral Ministries’ church and 40-acre campus will be sold to an Orange County real estate developer for $46 million but leased back by the church in hopes of recovering the landmark venue for its “Hour of Power” broadcasts, federal bankruptcy court filings disclosed Friday.
Greenlaw Partners of Newport Beach will lease the cathedral and other core elements of the property to the church administration for $212,000 a month and guarantee exclusive lease rights for 15 years, according to the Chapter 11 exit plan filed in Santa Ana.
The successors to founder Robert H. Schuller also retain the option of buying it back for $30 million within the next four years, although a major financial turnaround in the church’s fortunes would be necessary to afford repurchase. For the four months ending in April, the church’s net loss was $1.14 million…
The indebted church hierarchy also will sell a condominium it owns in Laguna Beach that was valued in the reorganization plan at $999,000…
More than 550 creditors were included in the filings, but only a handful were designated as eligible for full repayment…
Crystal Cathedral filed for bankruptcy protection in October, saying it owed creditors more than $50 million.
For the decades Robert Schuller ran this hustle, how much do you think he would have had to pay federal, state and local governments if the operation wasn’t exempt from taxes?
Even then, it managed to fall into bankruptcy. Cripes. How much longer will American taxpayers continue to subsidize religion?
Open up that unpaid storage unit – and find what?
Fulton County, Georgia – Nearly 100 boxes of cremated remains were found in an East Point storage unit.
The 96 boxes were left behind by Sellers Brothers Funeral home, which has gone out of business, WSB-TV said.
Neil Gordon, a bankruptcy attorney and the trustee for the funeral home, told WSB that his staffers were at the storage facilities looking for the funeral home’s financial records when they discovered the cremated remains instead.
Some of the cremated remains — or, cremains — date back as far as 25 years.
“They deserve a proper burial,” Gordon told WSB. “Their loved ones deserve to know that their remains were handled properly.”
Uh, especially since those families probably forked over the money for that proper burial.
Student won’t have to repay loan – court says bank’s mistake!
A Canadian bankruptcy court ruled a Nova Scotia ex-student with bank loans worth $50,000 doesn’t have to pay it back as the bank wasn’t wise in issuing them.
What!?
Alfredo Abdo, now 23, took out the first loan worth $20,000 from the Royal Bank of Canada in Halifax in his second year studying engineering at Dalhousie University in 2004, the Canadian Broadcasting Corp. reported.
Despite having a grade point average of 4.06 and a scholarship, Abdo lost much of the loan through bad online investments, the court heard.
The bank then offered him a second loan of $30,000, which he took. After switching to commerce from engineering, Abdo told the court he began experiencing stress-related dizzy spells and he dropped out of school and couldn’t find work.
He filed for bankruptcy a year ago and now lives with his mother, the report said.
Bankruptcy registrar Richard Cregan ruled against the bank’s claims for at least a partial repayment.
Another good reason – I guess – for keeping my Canadian options open. Like if I ever want a loan I intend to default on.
