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Living Waters - Up for sale!

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  • rlbaty50
    Saint Petersburg Times (excerpt) June 28, 2004 Judge Approves Living Water Church Sale As IRS investigators seek more records in a criminal inquiry involving
    Message 1 of 1 , Jun 29, 2004
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      Saint Petersburg Times
      (excerpt)

      June 28, 2004

      Judge Approves Living Water Church Sale

      As IRS investigators seek more records in a criminal inquiry
      involving Living Water Church co-founder Ronald Clark, a bankruptcy
      judge Thursday approved the sale of the church property for $3.4-
      million.

      The sale, to New Jerusalem Christian Church of Seffner, was approved
      despite a bank appraisal showing the 16-acre church property on
      Interstate 4 is worth $3.9-million.

      "This was considered a distress sale," said Buddy Ford, Living
      Water's bankruptcy attorney. "I would have liked to get $3.9-
      million. But this was the best bid we got."

      Living Water, a once-thriving, 2,000-member non-denominational
      Christian church, sought protection from creditors in bankruptcy
      court last October. By then, the church's checking account balance
      had dwindled to $60 and the congregation had fewer than 500 members.
      Congregants left as details emerged from the divorce of Ronald and
      Belinda Clark, the couple who founded Living Water in 1988. Ronald
      Clark accused his wife of being mentally ill, unfaithful and a thief.

      Belinda Clark claimed in court papers that her husband had a secret
      plan to sell the church and funnel the proceeds overseas with the
      help of church board chairman Melvin Myer.

      Ronald Clark, who has resigned as Living Water's pastor, has retained
      Clearwater criminal defense attorney George Tragos and has denied
      violating any IRS rules.
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