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The Nation

October 01, 1987

The PTL submitted a reorganization plan that would divide the bankrupt ministry's assets into for-profit and nonprofit corporations and would let the PTL church operate independently. The 36-page reorganization plan was filed in U.S. Bankruptcy Court in Columbia, S.C., one day before a court-set deadline. PTL has been under Chapter 11 protection from its creditors since June 12, less than three months after founder Jim Bakker resigned in a sex scandal and turned the television and entertainment ministry over to Moral Majority founder Jerry Falwell.

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