Mega Church files Bankrupcy.

[SPECIES11703]

Crystal Cathedral megachurch files for bankruptcy - Yahoo! News

 

[navychop]

Wow. I thought they'd be rich. Of course, I understand their air conditioning bill is quite obscene.

 

[markfp-1]

It's just a sign of bad times. There are many churches going belly up, but we don't hear about them because most are little churches in small communities or in poor urban neighborhoods. It's not news unless it's a mega-church that use to bring in hundreds of millions in donations.

 

[Derwin0]

With bad economy, offerings are down. The church happened to have to many obligations to absorb that.
We've seen that at my church, and have cut back on some things in order to compensate.

 

[Ramy]

This church building has been around since 1970 and it still isn't paid for? WOW

 

[yaz96]

All of that money they brought in, went SOMEWHERE. Hmmmmm, I wonder where......??????

 

[navychop]

Ah, I'd love to continue that thought, but I guess we'd be soniced pretty quick!

 

[Bobby]

Ummm hmmmm....

 

[rockymtnhigh]

Ah, I'd love to continue that thought, but I guess we'd be soniced pretty quick!

So far nothing has required "sonicing" it. Yet.

Although answering Yaz's question would probably accomplish that goal, so.... leave it alone.

Tough economic times for lots of people.

 

[Peter Parker]

It was built in 1980 not 1970 but was probably highly leveraged.

 

[navychop]

My guess is, five to seven year with balloon. Refinanced. Rinse, lather, repeat.