The Nation - News from Oct. 5, 1988

PTL announced it had negotiated a sale of its assets for $115 million to a Canadian businessman, a month after PTL founder Jim Bakker failed in his efforts to return to the helm of his television ministry. Stephen R. Mernick, 34, of Toronto, will pay $50 million when the sale closes and pay the balance over five years, according to a statement handed out prior to a news conference in Charlotte, N. C. Mernick has interests in real estate, clothing, garbage collection and landfills, the statement said. PTL has been under the supervision of U.S. Bankruptcy Court Judge Rufus Reynolds, who told PTL trustee M. L. (Red) Benton that a buyer must be found by Oct. 14. PTL filed for protection from creditors under Chapter 11 of the bankruptcy code in June, 1987.