The Nation - News from Sept. 1, 1988

Jim Bakker submitted a $165-million preliminary proposal to buy PTL and a Canadian real estate developer--the only other bidder--said he would not get into a bidding war for the bankrupt ministry that Bakker founded. Bakker’s proposal--expected to be completed today--calls for $70 million in cash, a release of $15 million owed PTL builder Roe Messner and a pledge to set aside up to 1,000 acres of PTL land as an $80-million security for lifetime partners whose money provided the seed to build PTL. The lifetime partner guarantees would be payable if partner claims were abrogated, as they were last year after Bakker, who resigned amid a sex scandal, turned the ministry over to the Rev. Jerry Falwell, who canceled free hotel stays for partners visiting PTL at Ft. Mill, S.C. Peter Thomas, one of the principal owners of Samoth Capital Corp. of Canada, which had submitted a $113-million offer for PTL, released a statement saying he will not enter a bidding war. However, his bid has not been withdrawn.