The Nation - News from Sept. 18, 1988

“I hope we can finish it up by Monday,” bankruptcy trustee M. C. (Red) Benton said in Ft. Mill, S.C., as he prepared to recommend a buyer for the troubled PTL ministry. Benton said he is considering two new bids: one from a Toronto, Ontario, businessman, another from a group of private investors from the New York and Washington areas. The Charlotte, N.C., Observer quoted unidentified sources as saying the private investors offered about $200 million, $50 million in cash. Earlier this month, Benton described former PTL leader Jim Bakker as the leading bidder for the property, but the proposed deal apparently fell through when Bakker couldn’t prove he had adequate financing.