Jim Bakker and other bidders for bankrupt PTL were stunned Saturday by a pledge to sell it to Canadians who want to use it as a resort devoid of that old-time religion that has long been its staple.
Court-appointed trustee M.C. "Red" Benton signed a tentative agreement Friday to sell PTL to the Samoth Capital Corp. of Canada, for $113 million in cash and credit. Bakker said he will continue efforts to buy PTL."I sincerely believe before the end of the month we'll have our offer finalized," Bakker said. "There are incredible differences in the two plans and I think the creditors cannot possibly prefer theirs to ours - we're talking cash, not payouts over years.
The tentative sale agreement is not binding and allows continued negotitations with other suitors. Before the sale can be accepted, it must be approved by a federal bankruptcy court handling PTL affairs and by creditors owed as much as $130 million.