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Stephen R Mernick

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NEWS
October 5, 1988
PTL announced it had negotiated a sale of its assets for $115 million to a Canadian businessman, a month after PTL founder Jim Bakker failed in his efforts to return to the helm of his television ministry. Stephen R. Mernick, 34, of Toronto, will pay $50 million when the sale closes and pay the balance over five years, according to a statement handed out prior to a news conference in Charlotte, N. C.
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NEWS
October 5, 1988
PTL announced it had negotiated a sale of its assets for $115 million to a Canadian businessman, a month after PTL founder Jim Bakker failed in his efforts to return to the helm of his television ministry. Stephen R. Mernick, 34, of Toronto, will pay $50 million when the sale closes and pay the balance over five years, according to a statement handed out prior to a news conference in Charlotte, N. C.
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NEWS
October 4, 1988 | United Press International
A bankruptcy trustee for the PTL ministry agreed today to sell PTL's assets to an Orthodox Jew, Toronto businessman Stephen R. Mernick, who will pay $115 million. PTL trustee M. C. (Red) Benton said Mernick, 34, will put up $50 million at closing with the balance to be paid over five years. The PTL was founded by Pentecostal preacher Jim Bakker and his wife, Tammy Faye, but they lost it in 1987 when Bakker was caught up in a sex scandal involving church secretary Jessica Hahn.
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