Moales' church owes $8 million in moolah

Moales' church owes $8 million in moolah

Posted in the Trumbull Forum

bpthoodnews

Edison, NJ

#1 Jul 16, 2013
BRIDGEPORT -- Board of Education Chairman Rev. Kenneth Moales Jr., who has been very vocal in his defense of Interim Schools Superintendent Paul Vallas, is now faced with even a bigger challenge -- barring his church's doors from a large gathering of creditors.
Foundation Capital Resources, a lender to church groups around the country, recently filed a foreclosure action against Moales' church, the Prayer Tabernacle Church of Love, claiming unpaid mortgages totaling $7.3 million dollars. In addition, liens have been filed against the church and a number of properties it owns in the city's East End totaling nearly $1 million more.
But Moales, who was treasurer of Mayor Bill Finch's last campaign, contends it is not a lack of funds but the tactics of an aggressive lender that are the root of his evil.
"My dad left me a millionaire, I'm fine, we're fine, we don't have any financial problems," Moales said Tuesday. "We are having a banking issue."
He said he is aware that some people in the city, including other members of the school board, are trying to discredit him because of his perceived financial problems.
"As chairman of the school board I don't make any money from this district, so it should have nothing to do with it," said Moales, whose children attend private school.
Lindsay Farrell, Executive Director of the Connecticut Working Families Party of Bridgeport, is one of his critics.
"With Reverend Moales pushing for the city to waste public money on defending an unqualified superintendent instead of educating Bridgeport's children, it is hardly surprising his church is in financial trouble," Farrell said.
Moales is the pastor and son of the founder of the Prayer Tabernacle Church of Love and its grand addition, The Cathedral of the Holy Spirit, on Union Avenue in one of the poorest neighborhoods in the city.
According to city tax records, the church owns 10 properties in the city's East End, including church buildings, a school, a daycare, a multi-family house, parking lots and an empty lot.
All are tax exempt except for the Little Kingdom Daycare on Stratford Avenue which owes $7,669.96 in back taxes, city tax records show.
"We are one of the largest property owners in the city," said Moales, who contends that all their taxes are paid.
But in a lawsuit filed in state Superior Court here, Foundation Capital is seeking to seize all the property by foreclosure.
Neither Foundation officials, at their Springfield, Mo., headquarters, nor their local lawyer, returned calls for comment.
Its website states: "Our consultants have a heart for ministry growth and look beyond numbers to your ministry's vision."
In 2007, Moales and his father, the late Bishop Kenneth Moales, had a vision to construct a grand 41,000-square-foot cathedral of glass and marble on Union Avenue.
That December, according to court documents, the Moales borrowed $6.1 million from Foundation Capital, securing the loan with the church's properties. A year later the records show they borrowed another $1.17 million from Foundation.
Under the conditions of the total loan they were to make weekly payments of $10,000 per week for the first three Sundays of each month and $15,000 for the fourth Sunday of each month, based on the terms of a 30-year mortgage.
But the lawsuit states that the church has failed to make the required payments and is now in default.
Moales, who referred to himself both as a pastor and a businessman, graduated from accounting and divinity schools and runs a financial consulting business.
"Our church is very strong financially," he said. "We have seen an increase in our membership (now more than a 1,000) and a 40 percent increase in our revenue. I'm sure no other church in the city can say that."

read the rest... http://www.ctpost.com/local/article/Moales-ch...

Sol

Since: Jan 08

Location hidden

#2 Jul 18, 2013
Apparently "god" ain't as good a business as it used to be...

Since: Aug 10

Location hidden

#3 Jul 18, 2013
Very true Sol.
Chester

Stratford, CT

#4 Jul 23, 2013
Moolah, is that some kind of casserole?
BPT

Waterbury, CT

#5 Jul 23, 2013
Chester wrote:
Moolah, is that some kind of casserole?
wasn't she a female wrestler, the fabulous moolah..........
Chester

Stratford, CT

#6 Jul 24, 2013
BPT wrote:
<quoted text>wasn't she a female wrestler, the fabulous moolah..........
Oh, that's right. She gave Hulk Hogan a beat down.

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