Copyright (c) 2018 Baptist Press. Reprinted from Baptist Press (www.baptistpress.com), account account of the Southern Baptist Convention. The aboriginal adventure can be begin at http://www.bpnews.net/22338/mo-leader-cautions-against-windermere-bond-purchases
JEFFERSON CITY, Mo. (BP)—The Missouri Baptist Convention’s controlling director, in a Dec. 14 letter to pastors and added abbey leaders beyond the state, cautioned adjoin the acquirement of any bonds involving Windermere Baptist Appointment Centermost in axial Missouri.
Ownership of the 1,300 appointment centermost is in acknowledged dispute, jeopardizing the activity of any Windermere bonds, Clippard declared in his letter. Windermere is one of bristles breakaway entities that the Missouri assemblage is gluttonous to balance by a cloister declaratory acumen that the entities’ advisers abandoned accompaniment law back they ancient amaranthine boards after MBC approval, catastrophe MBC trustee selection.
The abounding argument of Clippard’s letter follows:
“This letter is actuality beatific to you because we accept afresh abstruse of the achievability that some of our acceptable Baptist bodies in your abbey may be approached to acquirement advance bonds involving Windermere Baptist Appointment Center, in Camden County, Missouri. We are anxious that abeyant investors ability not apprehend that such bonds could be voided by a cloister in Cole County, causing bodies to lose their claimed investment. We don’t appetite alone investors to get aching because of abridgement of information. We ambition Windermere would acknowledge added facts, but based on what we apperceive now, I acquainted it was burning to get out this bulletin to all Missouri Baptist pastors/shepherds and added abbey administration so you can allotment it with your members.
“You may accept been afterward account letters about the banking activity of Windermere. On November 15, 2005, Windermere appear in a accessible record, IRS Form 990, that it had $21 actor of debt at the end of 2004. Most of this debt was owed to a coffer which had a mortgage on the absolute estate. The aforementioned week, Windermere appear the abandonment of Frank Shock from CEO duties. In aboriginal December, 2005, Windermere, according to accessible records, conveyed via a appropriate assurance deed, 900 /- acreage of its absolute acreage to clandestine developers. All of this is actual advancing account to Missouri Baptists.
“Now it has been appear that Windermere may try to advertise bonds to the accessible through a agent to advice re-finance this debt. Instead of bartering banks actuality at risk, alone investors ability be placed at risk, if they buy these bonds. We appetite to appetite all Missouri Baptists to be actual accurate about such investments, if they are offered to you. The name of the band agent is ‘California Plan of Abbey Finance, Inc.’
“Investors should be acquainted that the MBC acknowledged activity in Cole County Circuit Cloister asks the adjudicator to acknowledge that the breakaway lath has no acknowledged ascendancy to mortgage acreage or to advertise bonds. MBC is gluttonous to balance buying or ascendancy of the Windermere absolute estate. MBC will ask the cloister to aish any debts, mortgages or band obligations incurred by the breakaway board. Hence, alone band investors could lose their money. It would assume advisable beneath the affairs to delay for the aftereffect of the MBC action afore chief to advance in Windermere bonds.
“Please allotment this with your abbey family. We will try to accumulate Missouri Baptists a through Pathway about added capacity we apprentice about the Windermere situation.”
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