We are working on a major writing project this week. The commitment demands our full attention, unless something like the announcement of a presidential candidate for one of the SBC entities becomes likely.
In the interim, consider this:
Between 2016 and 2017, Southwestern Baptist Theological Seminary lost $2.2 million in investment value from “other foundations and 3rd party trusts,” more than $5.5 million in money market funds, and nearly $1 million in “other investments.” On the year ending July 31, 2016, SWBTS reported more than $8 million in net unrealized losses on investments.
Also, SWBTS reported to the 2018 convention that the seminary has secured loans totaling $23 million using “deeds of trust on land and buildings” with a “net book value of $27,423,683.” The seminary restructured a $17 million loan in 2016 because it was unable to pay it off as promised, and the school is now currently only making interest payments on the loan.
So we’re left with a question: If SWBTS cannot repay the loan by 2021, is there any risk that the seminary’s “land and buildings” could be confiscated by creditors?
Stay tuned . . .
3 thoughts on “Writing week . . .”
Foreclosed by creditors, not confiscated.
So what would foreclosure of a seminary asset look like? What would happen?
Reading Ezekiel right now. Looks like SWBTS is soon to be careied into banishment and punishment fir the ungodly behavior if its former President and those who should have held him accountable.
As for foreclosure of a seminary, welk, one would assume it would look the same as any other entity facing this unpayable mortgsge loans. The foreclosure proceeding filed in cour for appropeiate assets and forced eviction of those mortgaged properties.
This appears to be unbelievable mismanagement (if not delusional embezzlement) by Patterson; and now we know why he would not meet with trustees ladt year and tried to get the trustee asking financial questions ousted.
Makes one remember the similar scandal of Katie Perry (singer) buying a convent and thereby evicting 80+year old nuns who had given their entire lives to UNPAID, unsalaried service to Christians. The church leadership in that situation was also at fault for poor financial management-or love of filthy lucre….