The AME read more Church, which has loaned Morris Brown millions of dollars to continue operations, claims that a $14.6 million purchase offer is not enough to cover the $18.6 million in debt the college owes it, according to court documents filed this week. The church also charges that the proposed sale does not specify how or when the net proceeds will be distributed. Morris Brown representatives are scheduled to appear in bankruptcy court on Thursday for a hearing seeking approval for the property sale to Invest Atlanta, the citys development authority, and Friendship Baptist Church, one of two historic churches that were relocated to make room for the new Falcons stadium.
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Former British regulator launches church taskforce on credit unions
Lenders such as Wonga – which gives short-term loans at interest rates that work out at 5,853 percent on an annual basis – argue they fill a void left by high street banks and that the loans are meant to be repaid in a month, limiting the interest. But Welby says payday loans – intended to tide borrowers over until the next pay packet – can drive vulnerable people into a debt spiral, and has pledged to put them out of business.
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