Church Extension of the Church of God, Inc. continues to move forward with the goal of making its note holders as whole as possible. The Executive Oversight Committee and the Independent Business Advisory Group are near completion of a comprehensive reorganization plan to: 1) formulate a means to repay all note holders; 2) ensure the continuation of the organization; and 3) set the best possible course for the long-term mission of the organization. Once the court approves the settlement reached earlier this month with the United States Securities and Exchange Commission (SEC), an approved plan will be implemented to begin the process of note holder repayment.
As expected, the SEC outlined the findings of its investigation in a Complaint filed in United States District Court for the Southern District of Indiana on Monday. As agreed to in the settlement with the SEC, Church Extension and United Management Services do not admit nor deny the allegations of the Complaint. (to view the Complaint, visit the SEC at http://www.sec.gov/litigation/litreleases/lr17623.htm
