Judge May Reject Canadian’s $36.25-Million Offer for PTL

A Canadian businessman offered $36.25 million Monday for the PTL television ministry, but a bankruptcy official said the bid probably will be rejected by a judge.

PTL trustee M. C. (Red) Benton said he “would have to conclude” that U.S. Bankruptcy Judge Rufus Reynolds would not approve the offer when it is reported to him at a hearing today in Columbia.

Benton predicted that Reynolds would order the ministry’s assets liquidated. But he said it is possible that the judge would open bidding again at today’s hearing.

“This is more or less a card game where each side is testing the other side, and I think they (the bidders) are looking forward to meeting in court with a proposal all of their own,” Benton said.

Reynolds has said that if no appropriate bid was made, he would order a liquidation of the ministry. If a bidder meets his guidelines during the auction run by Benton, the judge said he planned to approve a sale today.

The ministry filed for bankruptcy reorganization in June, 1987, three months after founder Jim Bakker left amid revelations of luxurious living and hush money paid to Jessica Hahn, a church secretary with whom Bakker had a sexual liaison.

Monday’s high bid was put in by Stephen Mernick, a Toronto real-estate developer and orthodox Jew. The opening bid was $20 million by Cy Bahakel, a former North Carolina state senator who now owns 15 television stations.

The offers were far below the appraised value of PTL’s assets--between $92 million and $110 million, and half of that offered in the initial auction in November.