A federal Bankruptcy Court judge has ordered the appointment of a trustee to take over management of the California Graduate School of Theology in one of four bankruptcy cases involving the Concord senior citizens apartment complex.
The graduate school in Glendale is one of the creditors of the Concord Senior Housing Foundation, which operates the 150-unit building at 275 Cordova St., Pasadena. The foundation, which also has filed for protection with the Bankruptcy Court, recently received approval to sell the building to repay its creditors under terms that will protect tenants from rent increases for at least five years.
Concord residents won a court battle in 1983 to halt a previous attempt to sell the building, which operates under a federal rent-subsidy program. Attorney Ben Logan, who represents the elderly occupants, said Judge James J. Dooley's decision to appoint a trustee in the graduate school case could hasten settlement of the bankruptcy cases because a trustee is more capable of objectively managing the school to speed the repayment of creditors. The trustee will be appointed by the Office of U.S. Trustees.
The graduate school, which listed assets of $1.7 million and liabilities of $4.6 million on documents filed last August with the Bankruptcy Court, has lost more than $100,000 in the past six months, according to attorney Christ Troupis, who represents 53 plaintiffs who have filed suit against the school.