San Diego
San Diego evangelist Morris Cerullo’s bid to buy the 2,200-acre PTL Christian theme park is apparently near completion, with only the legal wording of the final purchase agreement remaining in the way.
Officials from the Resolution Trust Corp., or the RTC, the last of the secured creditors whose agreement is needed for the deal to go through, met with PTL trustee Dennis Shedd Thursday.
“We have been advised that RTC has agreed to the terms of the offer,” said Al Newman, an associate of Cerullo spokesman Alan Elias at a public relations agency in Los Angeles.
Elias and Cerullo were on separate planes to Charlotte Thursday afternoon.
Cerullo, who has pledged $45 million to buy Heritage USA, in Ft. Mill, S.C. about 20 miles south of Charlotte, has already put down $7 million in cash for the purchase of the PTL satellite TV network.
Timothy Treadwell, lawyer for Cerullo’s World Evangelism in San Diego, said Thursday that some wording issues remain to be worked out. He also said there is still a chance that Cerullo will decide not to go through with the purchase.
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