Crystal Cathedral Ministries Begins Paying Vendors

crystal-cathedral (1) vp.jpg
Crystal Cathedral Ministries is in the process of paying vendors, some of whom have been waiting for years for their check to come in.

According to an agreement reached last Friday, CCM will give payments to the Rev. Robert H. Schuller and other creditors while Schuller's appeal goes through the court system.

The news came a few days after Schuller, who founded CCM in 1955, filed an appeal through Robert Harold, Inc. regarding the breach of contract suit he lost in late November.

With the deal, during Christmas week creditors received payments from CCM. Schuller was also granted $615,625 last month by Judge Robert Kwan of U.S. Bankruptcy Court in Los Angeles.

For its part, Crystal Cathedral Ministries in Garden Grove will be receiving $500,000; about 1,000 other creditors will get an estimated $12.7 million.

Todd Ringstad, an attorney for the creditors, told the Orange County Register that the long awaited agreement was "a compromise by everybody to get the creditors paid."

Click here to read more.

SOURCE: Christian Post
Michael Gryboski
blog comments powered by Disqus

Pastors & Leadership Conference 2014

NewsOne Now with Roland Martin

Kings of Christian Comedy

Christian Convocation and Chapel Speakers