Lawyers Working on Bakker Bid to Regain Control of PTL Ministry

FT. MILL, S.C. — Lawyers are “working feverishly” to complete work on complex contracts that will allow Jim Bakker to regain control of the PTL ministry he lost in a sex scandal more than 18 months ago, Bakker’s lawyer said Friday.

Ryan Hovis said there have been no snags or delays in Bakker’s proposal to purchase the assets of the ministry that he founded. Hovis said the paper work should be completed by Tuesday.

Neither Bakker nor PTL trustee M. C. (Red) Benton of Winston-Salem, N.C., was present as the negotiations between lawyers from both sides continued.

Benton has said that Bakker’s proposal is the best offer to rescue the ministry from bankruptcy. It would require approval by U.S. Bankruptcy Court Judge Rufus Reynolds, as well as PTL creditors, including “partners” who made donations of $1,000 each in exchange for lifetime accommodations at Heritage USA.

One of the remaining tasks, Hovis said, was putting together a $3-million letter of credit so Bakker can complete the purchase of the ministry.

Benton said he has received no proof that Bakker has the $70 million in cash needed to pay off PTL debts. He is relying solely on the word of a Bakker representative who identified the source of the capital as Greek lenders.