http://latimesblogs.latimes.com/lan...edral-to-be-sold-emerge-from-bankruptcy-.html
Not completely sure how they plan on selling off their building to get out of bankruptcy and, thus, keep it...but this is a sad moment.
Notice the key here is the huge debts they accumulated. I can't imagine they have an annual income close to their debt burden ($50,000,000...yep that's a lot of zeros.)
And with the "quiet split" (when Schuller's son left) having taken a lot of their younger, more generous families they can't be left with much.
One thing to consider is how much more this will be happening to cold, dead mainline churches in the face of continued growth in vibrant, evangelical, Bible based churches.
Not completely sure how they plan on selling off their building to get out of bankruptcy and, thus, keep it...but this is a sad moment.
Notice the key here is the huge debts they accumulated. I can't imagine they have an annual income close to their debt burden ($50,000,000...yep that's a lot of zeros.)
And with the "quiet split" (when Schuller's son left) having taken a lot of their younger, more generous families they can't be left with much.
One thing to consider is how much more this will be happening to cold, dead mainline churches in the face of continued growth in vibrant, evangelical, Bible based churches.