Jim Bakker made the highest bid for the assets of PTL, moving him a giant step closer toward recapturing the television ministry he was forced to leave after a sex and money scandal.

PTL bankruptcy trustee M.C. "Red" Benton said he expected to formalize the $165 million proposal Bakker made Wednesday to buy the Heritage USA Christian retreat, PTL television network and other assets.Bakker and his attorney, Jim Toms, met Wednesday with Benton to outline their plan.

"We've discussed the terms; we've agreed on everything," Benton said. "The lawyers are now documenting it and as soon as the papers are ready and everybody's agreed, we probably will both sign it and then we'll have us a deal."