Firm Bidding for PTL Says Major Changes Not in the Works

An Orange County company that wants to buy the bankrupt PTL says it would not make major changes in the religious conglomerate if it wins the bidding for the ministry’s estimated $161 million in assets, according to a proposal filed in U.S. Bankruptcy Court in Columbia, S.C.

Under the reorganization plan it submitted last week, Family Entertainment America Inc. of Laguna Beach immediately would pump $1 million into the ministry to get all of its operations working again while leaving control in the hands of Lifetime Partners, the longtime faithful contributors to the ministry.

Ousted PTL leader Jim Bakker has said that he supports Family Entertainment America’s bid for the Christian Broadcasting network and theme park in Fort Mill, S.C., which he founded in 1974.

The plan, which calls for Family Entertainment and PTL to remain independent of each other, includes a complicated schedule for repayment of PTL creditors while flatly stating that the “future of the ministry remain substantially unchanged.”

Family Entertainment originally was organized by Laguna Beach developer David Hengstler, who recently stepped down as chairman and president.

The 50-page plan submitted to the court calls for PTL to apply for accreditation with the National Religious Broadcasters Ethics and Financial Integrity Commission, a new panel designed to promote greater accountability and integrity in religious broadcasting.