The Nation - News from Sept. 8, 1988

Jim Bakker conceded that he has no Greek tycoon to underwrite his bid to buy back the PTL ministry and that he learned Tuesday a businessman who offered to arrange financing for the deal is an ex-convict. Bakker visited PTL headquarters in Ft. Mills, S. C., to speak with bankruptcy trustee M. C. (Red) Benton after he heard a reporter was about to disclose the arrest and prison record of the businessman, Louis Pihakis of Pensacola, Fla. Bakker, who lost the enterprise last year over a sex scandal, returned to his office and spoke reassuringly to about 30 supporters, telling them reports questioning his financial ability to purchase the bankrupt PTL ministry are just another test of faith.