"I've never been a quitter," said the Rev. Jerry Falwell, choking back tears. But quitter he was last week, exhausted by unending financial woes and attacks from believers who opposed his rule at the PTL Christian conglomerate. The final straw was a decision by Federal Bankruptcy Judge Rufus Reynolds that Falwell's financial rescue plan did not accommodate creditors and contributors. Reynolds suggested that Falwell should control only, say, five of nine PTL board members. Convinced that new board members might help restore the defrocked Jim Bakker, Falwell resigned, along with top administrators and current board members. The entire affair, said Falwell,...
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