《杨清泉律师专栏》CRYSTAL CATHEDRAL FILES FOR BANKRUPTCY PROTECTION(PART II)

《楊清泉律師專欄》CRYSTAL CATHEDRAL FILES FOR BANKRUPTCY PROTECTION(PART I)

It appears that the recession has not spared the CRYSTAL CATHERAL and has succumbed to too much debt. Faced with declining revenues and too much debt because of extravagant expenses, the church had no choice but to follow the yellow brick road travelled by GM and Chrysler and had to knock on the doors of bankruptcy court for protection from creditors. The bankruptcy is bad news for unsecured creditors of the church. Unsecured creditors have no priority in bankruptcy with respect to other creditors. They always end up with nothing or close to nothing. The animal supplier may end up getting paid with camel dung and the wardrobe manager may end getting paid with a flying angel. Secured creditors have nothing to worry about because they have the church’s property as collateral. The animal supplier was recently heard complaining that he should have shipped the camels to the mosque near ground zero because the Imam was offering to pay him cash in advance and he heard that the mosque was well-funded.

Lawrence Bautista Yang is a graduate of Georgetown University Law Center and has been in law practice for thirty years. He specializes in bankruptcy, business and civil litigation and has handled more than four thousand successful bankruptcy cases in California. He speaks Mandarin and Fujien and looks forward to discussing your case with you personally. Please call (626) 284-1142 for an appointment at 1000 S Fremont Ave Bldg A-1 Suite 1125 Unit 58 Alhambra, CA 91803.