Snag in PTL Buyout Bid: A Jewish-born...
From Times Staff and Wire Reports
Snag in PTL Buyout Bid: A Jewish-born evangelist’s $52-million bid to buy Jim Bakker’s PTL ministry and its opulent Christian retreat was in danger of collapse as creditors dragged their heels on finalizing the sale. “We are very hopeful that the trustee and the creditors can quickly come to a resolution,” said would-be buyer Morris Cerullo, whose World Evangelism ministry is based in San Diego. “However, we made it clear that we cannot stay in this deal much longer,” he added. Cerullo, 58, was in Atlanta en route to Fort Mill, S.C., to take possession of PTL, when he learned that even though the ministry’s secured creditors had approved the sale, they were dickering over language in the sale contract.
