29 September 2010
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Presbyterians Week Headlines
[1] Bankruptcy Settlements Proposed re: Cornerstone Ministries Investments US$142 Million Liabilities to 3500 Investors (Extended Article)
[8] “Athanasius Against the World” Conference Videos Available Online
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[1] Bankruptcy Settlements Proposed re: Cornerstone Ministries Investments US$142 Million Liabilities to 3500 Investors (Extended Article)
Motions for authority to settle and compromise claims arising from the Cornerstone Ministries Investments (CMI) 10 February 2008 Chapter Eleven bankruptcy (US$142 million liability to 3500 investors) were submitted to the United States Bankruptcy Court – Northern District of Georgia – Gainesville Division, between 23 July and 7 September 2010, for the following defendants, for the following viable claims and causes of action asserted by the Settling Plaintiffs’ Representative, for the following amounts:
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Estate of Cecil A. Brooks, the Covenant Family Trust UAD, and Jane C. Brooks
RE: Debtor’s estate – “…for, inter alia, breach of fiduciary duty, fraud, negligent misrepresentation and fraudulent conveyances…,” and RE: Private Actions Trust, “…for fraudulent conveyances, violations of state and federal securities laws, and fraudulent and/or negligent misrepresentations to the CMI bondholders that assigned their claims to the Private Actions Trust.” – US$1,350,000.
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Cornerstone Capital Advisors, Inc. And Wellbrook Properties, Inc.
RE: Private Actions Trust – “…breach of fiduciary duty, procurement of a breach of fiduciary duty, fraud, securities fraud, negligent misrepresentation, and fraudulent transfer claims….” – US$140,000 and a bond issued by Fishers of Men Christian Fellowship Church with a face amount of US$500,000.
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RE: Private Actions Trust – “…procurement of a breach of fiduciary duty….” – US$15,000.
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Berman, Hopkins, Wright & Laham, CPAs and Associates, LLP
RE: Private Actions Trust – “…professional malpractice, negligence, and negligent misrepresentation….” – US$1,290,000.
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John T. Ottinger, Jr., Julie Ottinger, Jack R. Wehmiller, and Jayme S. Sickert
RE: Private Actions Trust, “…breach of fiduciary duty, fraud, securities fraud, negligent misrepresentation, and fraudulent transfer….” – US$4,330,000; of which US$1,350,000 to be paid by John T. Ottinger, Jr. and Julie Ottinger, and the remaining US$2,980,000 to be paid by RUSI Indemnity Company from a liability insurance policy for Cornerstone Investments Inc. for the period 29 August 2007 to 29 August 2008, less US$20,000 to remain available to RUSI Indemnity Company for payment of approved defense expenses provided to those insured by the policy, i.e. John T. Ottinger, Jr., Jack R. Wehmiller, Jayme S. Sickert, and the estate of Cecil Brooks.
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Several churches and one general synod among the 3500 investors include:
— Associate Reformed Presbyterian Church General Synod – US$127,151.97.
— Christ The King Presbyterian Church (Presbyterian Church in America (PCA)), Indian Shores, Florida – US$136,558.51.
— Faith Baptist Church, Gainesville, Georgia – US$152,582.36.
— First Presbyterian Church (PCA), Aliceville, Alabama – US$167,771.02.
— First Presbyterian Church (PCA), Gadsden, Alabama – US$258,948.60.
— Linden Presbyterian Church (PCA), Linden, Alabama – US$599,295.88.
— Marion Presbyterian Church (PCA), Marion, Alabama – US$307,562.03.
— Mason Memorial Church of God in Christ, Norfolk, Virginia – US$1,015,781.10.
The Associate Reformed Presbyterian Church General Synod was additionally included in the list of CMI stockholders with equity of US$19,230.97, which is not included in the proposed settlements.
According to the motions, Reid Collins & Tsai LLP, the law firm hired by CMI’s Plan Administrator to investigate and pursue certain claims associated with the collapse of CMI, agreed to accept a reduced contingency fee of twenty percent of gross recoveries for matters settled prior to any lawsuits being filed, as compared to its normal contingency fee rate of forty percent of gross recoveries that would apply to any matters in which litigation is commenced. The motions explain that the law firm carefully considered the available assets of each settling defendant in connection with recommending the proposed settlements, and that the Plan Administrator believes that the proposed settlements provide CMI’s creditors with a significantly higher rate of recovery than would be realized through filing suit and prosecuting claims against such defendants based upon their available assets and the higher fee applicable under those circumstances.
For further background information on the CMI bankruptcy and related matters, please see the 23 July 2008 Presbyterians Week article [1] PCA-Affiliated Cornerstone Ministries Investments (CMI) Files for Bankruptcy, the 26 August 2009 Presbyterians Week article [1] Cornerstone Investment Ministries Bankruptcy Investigated by World Magazine Reporter Ken Walker, and the 17 March 2010 Presbyterians Week article [3] Cornerstone Ministries Investments Bankruptcy Liquidation Plan Administrator Selects Special Counsel to Pursue Claims Arising from “[US]$140 Million Ponzi Scheme”.
+ Reid Collins & Tsai LLP, 4301 Westbank Drive, Building B, Suite 230, Austin, Texas 78746, 512-647-6100, Fax: 512-647-6129
+ Presbyterian Church in America, 1700 North Brown Road, Suite 105, Lawrenceville, Georgia 30043, 678-825-1000, Fax: 678-825-1001, ac@pcanet.org
+ Associate Reformed Presbyterian Church, 1 Cleveland Street Suite 110, Greenville, South Carolina, 29601, 864-232-8297, Fax: 864-271-3729
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A 23 September 2010 4NI (For Northern Ireland) article titled “Presbyterian Leader Seeks Savers’ Patience” reports that Moderator of the Presbyterian Church in Ireland (PCI) Stafford Carson, after the latest meeting of the Presbyterian Mutual Society (PMS) in Belfast, Northern Ireland, commented upon the joint efforts of a Working Group which includes the PMS, Financial Secretary to the Treasury Mark Hoban, and Northern Ireland Office Secretary of State Owen Paterson, saying:
“The Secretary of State said that the Working Group was equally serious about both options and it is important that we stay patient for the next few weeks.
“Clearly the Spending Review next month is a deadline that the Ministerial Working Group is very aware of, and there is an urgency to their work.”
Secretary of State Owen Paterson commented after the meeting:
“We know that PMS members are keen to know more about the options we have been working on, and we hope to be able to offer more insight in the near future.
“We will meet again in two weeks.”
For further background information on the PMS bankruptcy and related matters, please see the 19 November 2008 Presbyterians Week article [1] Presbyterian Church in Ireland Publishes Insolvency Statement from the Directors of the Presbyterian Mutual Society, the 3 June 2009 article [13] Presbyterian Mutual Society Losses to be Main Topic at Presbyterian Church in Ireland General Assembly, the 20 January 2010 article [4] United Kingdom Treasury Committee Visits Belfast, Northern Ireland, to Investigate Presbyterian Mutual Society Financial Collapse, the 24 February 2010 article [2] UK Parliament Committee Reports Government Failures in Presbyterian Mutual Society Insolvency, and the 14 April 2010 article [1] Presbyterian Church in Ireland to Pay UK£1 Million towards Bailout of Presbyterian Mutual Society.
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+ 4NI (For Northern Ireland), Flagship E-Commerce Ltd., 48 – 50 York Street, Belfast, BT15 1AS, Northern Ireland, 028-9031-9008, Fax : 028-9072-7800, info@flagshipmedia.co.uk
+ Presbyterian Church in Ireland, Church House, Belfast BT1 6DW, Northern Ireland, 028-9032-2284, Fax: 028-9041-7301, Info@PresbyterianIreland.org
+ Presbyterian Mutual Society, Glengall Exchange, Glengall Street, Belfast BT12 5AB, Northern Ireland, 028-9031-1232, Fax: 028-9031-1441, pms@arthurboyd.co.uk
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A 25 September 2010 article by Margaret DeRitter in the Kalamazoo Gazette titled “Kalamazoo Pastor Explores Relationship of Science and Theology” reports that the Rev. Jacques Nel, pastor of the Trinity Reformed Church (Reformed Church in America) in Kalamazoo, Michigan, on 26 September 2010, began a series of presentations at the 11:30 a.m. service on the relationship of science and theology, which will include information on the origins of the universe and on evolution.
Pastor Nel told the Kalamazoo Gazette: “By insisting that we use the creation and fall accounts in Genesis 1-3 as a literal scientific description of the way and order in which things happened, we are doing a disservice to both the book of Genesis and the people we hope to reach for Christ.”
Pastor Nel added that he is working on a proposal for his doctoral thesis at the University of Stellenbosch in South Africa that will involve “strategies for moving away from the conflict between science and theology.”
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+ Kalamazoo Gazette, 401 S. Burdick Street, Kalamazoo, Michigan 49007, 269-345-3511, jstephanak@kalamazoogazette.com
+ Reformed Church in America, 4500 60th Street Southeast, Grand Rapids, Michigan 49512, 800-968-6065, questions@rca.org
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A 27 September 2010 article by Sibonginkosi Mamba in the Swazi Observer titled “Clothes for the Needy from SA” reports that thirty-eight members of an outreach group from the Klipfontein (South Africa) Church of the Dutch Reformed Church of South Africa, on 25 September 2010, delivered donated clothing to 148 orphans in Mantabeni, Swaziland, cared for by Harvest Evangelism Care.
The outreach group plans to continuing helping Harvest Evangelism Care with whatever resources are needed to care of the orphans.
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+ Swazi Observer, Observer House, West Street, Post Office Box A385, Swazi Plaza, Mbabane, Swaziland, 404-9600, Fax: 404-6463, info@observer.org.sz
+ Dutch Reformed Church, Posbus 13528, Hatfield 0028, Pretoria, South Africa, 27-0-12-342-0092, Fax: 27-0-12-342-0380, algemenesinode@ngkerk.org.za
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A 28 September 2010 article in the Asheville Citizen-Times titled “Activist to Speak about Peacemaking in Bolivia at Warren Wilson Presbyterian Church” reports that the Rev. Rev. Luis Perez Alanoca, president of the Independent Presbyterian Church in Bolivia, will be speaking at 7:00 p.m. on 30 September 2010 at the Warren Wilson Presbyterian Church (Presbyterian Church (PCUSA)) in Swannanoa, North Carolina, about working for peace in Bolivia by addressing issues of gender equality, water and air pollution, fair trade, and poverty.
Pastor Alanoca is appearing as part of the International Peacemakers program, which is a part of the PCUSA’s Presbyterian Peacemaking Program.
Warren Wilson Presbyterian Church is on the campus of Warren Wilson College (WWC). WWC opened in 1894 as the Asheville Farm School on land purchased the prior year by the Presbyterian Church home missions board, became a four-year college in 1967, and entered into a covenant relationship with the Presbyterian Synod of the South in 1972.
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+ Asheville Citizen-Times, 14 O. Henry Avenue, Asheville, North Carolina 28801, 828-252-5610, news@citizen-times.com
+ Warren Wilson College, 701 Warren Wilson Road, Swannanoa, North Carolina 28778, 828-298-3325, Fax: 828-298-1440, benjand@warren-wilson.edu
+ Presbyterian Church (PCUSA), 100 Witherspoon Street, Louisville, Kentucky 40202, 888-728-7228, Fax: 502-569-8005
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The Trinity Foundation has published the E-book, Freedom and Capitalism: Essays on Christian Politics and Economics by John W. Robbins.
Freedom and Capitalism is available for download in MOBI (Kindle compatible) and ePub (most other electronic readers) electronic formats for US$20.
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+ The Trinity Foundation, Post Office Box 68, Unicoi, Tennessee 37692, 423-743-0199, Fax: 423-743-2005, tjtrinityfound@aol.com
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Presbyterian Press has published a new reprint of Morton Smith’s Harmony of the Westminster Confession and Catechisms, which is available for $US20 plus shipping.
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+ Presbyterian Press, c/o Greenville Presbyterian Theological Seminary, 200 East Main Street, Post Office Box 690, Taylors, South Carolina, 29687, 864-322-2717, Fax: 864-322-2719, info@gpts.edu
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[8] “Athanasius Against the World” Conference Videos Available Online
Four of the six presentations from the 11 September 2010 “Athanasius Against the World” Conference are available for viewing at the Life Reformation website:
— Avoiding Chronological Snobbery: The Bible on History – William Boekestein
— A Professional Rebel: the Life and Times of Athanasius – Dr. Carl Trueman
— The Art of Christian Biography: Athanasius and the Story of Anthony – Dr. Carl Trueman
— Once and future Faith: The Importance of the Ancient Creeds Today – Dr. Carl Trueman
Audio of the last two presentations, by Mike Conroy and Dr. Tedd Tripp, will be available in the near future.
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+ Life Reformation, 47 South Church Street, Carbondale, Pennsylvania 18407, info@lifereformation.org
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A 25 September 2010 article titled “InterVarsity Forces Two Leaders to Step Down Due to Conflict of Beliefs” in the Trinitonian, a student publication of Trinity University of San Antonio, Texas, reported that two leaders of the Trinity chapter of InterVarsity Christian Fellowship (IVCF) were removed from their leadership positions in the spring of 2010 due to noncompliance with the Trinity IVCF chapter’s Biblical Standards of Leadership, which was created by and for the Trinity IVCF chapter.
One of the students was demoted for dating a non-Christian, while the other student was removed for no longer believing in hell.
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+ InterVarsity Christian Fellowship/USA, 6400 Schroeder Road, Madison, Wisconsin 53707, 608-274-9001, Fax: 608-274-7882, information@intervarsity.org
+ Trinity University, One Trinity Place, San Antonio, Texas 78212, 210-999-7011, pr@trinity.edu
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A 23 September 2010 article by Catherine Snow on the CITIZENLink website titled “Maine Public Schools Under Pressure to Let Boys Use Girls’ Restrooms” reports that the Maine Human Rights Commission (MHRC) ruled the week of 26 September 2010 that Orono Middle School in Orono, Maine, discriminated against a sixth-grade male student who wants to live as a female by only offering the student access to a gender-neutral bathroom.
The MHRC said it will work with the state education commissioner to add rules pertaining to sexual orientation and gender identity, as it pertains to education, in the Maine Human Rights Act.
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+ Focus on the Family, Colorado Springs, Colorado 80995, 800-232-6459
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