“Tell our critics we didn’t go under.” On this triumphant note announced to viewers on more than 430 television stations worldwide on the final weekend of December, TV evangelist Rex Humbard burned the last of the $12.3 million in unregistered securities that got him in trouble with Ohio and federal officials in 1973. He also announced a new $1 million-per-year campaign to buy additional global TV time.
“We have accomplished something in the spiritual world that has never been accomplished since the day of Pentecost,” asserted the 56-year-old evangelist who came to Akron from Arkansas in 1952. “It has been the biggest challenge any ministry and any church has ever faced.”
The telecast was videotaped December 7 at his Cathedral of Tomorrow in suburban Akron, Ohio, a 5,000-seat semi-circular church packed with cheering, sobbing well-wishers. After the taping Humbard held a press conference, the first in Akron since his financial troubles began, in which he amplified an earlier report of the financial breakthrough (see December 5, 1975, issue, page 44).
The Ohio Securities Division and the U. S. Securities and Exchange Commission filed suit more than two years ago in a Cleveland court, charging that the $12.3 worth of million Cathedral securities and the salesmen peddling them across the nation were unregistered (see February 2, 1973, issue, page 39). Humbard agreed to set up a trust fund for repayment of the notes and submitted voluntarily to a stiff, court-mandated budget of $825,000 a year for his TV ministry.
“We had to cut fifty overseas TV stations from our schedule,” Humbard said. The move saved $1 million a year, he added, the amount he now proposes to raise from donations, ...1
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