Crystal Cathedral files for bankruptcy
- Posted on October 18, 2010
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According to CNN, Crystal Cathedral Ministries will enter bankruptcy as it faces lawsuit-filing creditors and a rapid decline in donations because of the recession, church officials announced Monday. An unspecified small number of creditors have sued the church and obtained writs of attachment, said church spokesman John Charles.
The church had sought a voluntary moratorium with vendors to allow "an equitable repayment plan" under the oversight of the Credit Managers Association of California, but negotiations didn't move fast enough to satisfy creditors, Charles said.
The ministry in Garden Grove, California, is seeking Chapter 11 bankruptcy reorganization.
Is this the first megachurch that has filed for bankruptcy? Others have faced hard times over the years, but I can't recall a church or ministry every filing for bankruptcy protection. Am I missing something?
What ramifications do you think this will have for the church at large, if any?
I'd love to hear your thoughts...
Todd
Comments
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Leonard on Mon, October 18, 2010
This is tough. We have changed our budgeting philosophy at our church. Tightening our budget, asking hard questions about where the resources go, teaching people that recession is not a reason to cut ministry but a reason to give your budget and ministry a laser focus.
Dee Lauderdale on Tue, October 19, 2010
I can’t help but wonder if this is not THE extreme case of a church leadership transition gone bad. Is the drop in giving the result of the father-son split?
Elaine on Tue, October 19, 2010
This is a sad day for the church and for everyone who loved this ministry. I have depended upon this TV ministry to provide my sacred music fix since the 60’s. At some point it saved my life and gave me hope when there was none. But, we live in the “world” and nothing is sacred any more. I will continue to be an Eagle as long as they can use my funds. And, I continue to support my local church and The Salvation Army trying to bring civility to the our area. May Jesus Christ reign forever. Come quickly Lord Jesus.
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