The Nation - News from Sept. 28, 1988

U.S. Bankruptcy Judge Rufus Reynolds in Columbia, S.C., pushed the deadline for officials to find a buyer for PTL another three weeks to Oct. 14. Trustee M. C. (Red) Benton was supposed to recommend a buyer to Reynolds on Tuesday, but he said he needed more time to work out details of the purchase, which includes PTL’s Heritage USA Christian theme park, real estate and satellite television studios. “If you come in here with no offer, it may go down the drain and it may have to be a conversion” to Chapter 7, which means assets would be liquidated, Reynolds said. PTL filed for protection under Chapter 11 of the U.S. bankruptcy laws in 1987 after founder Jim Bakker, involved in a sexual scandal, resigned.