Quote:
Originally Posted by NeitherFirstnorLast
I don't generally delve into the history of the LC as regards financial issues. To me, it is not the issue it is to others - I don't see it as a blot on an otherwise spotless record, but rather only a symptom of a systemic disease. For this reason, I can't say that I've ever heard of "Fosforus". Have any of you? Nor have I heard of "Overseas Christian Steward". What have any of you heard about these organizations?
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Fosforus and Overseas Christian Steward were, as noted, part of the structure of the deal that was Daystar. LRC members were encouraged to invest in Daystar, the sales company. It then sent the money to Fosforus to build the motor homes. Only a handful were ever actually built, and not all of those sold. But whatever was built was sold to Daystar which could not dispose of the inventory because of the serious oil shortages at the time. It essentially went bankrupt, although it is possible that no actual bankruptcy was filed because they could not appear in court with investors who were solicited without following SEC requirements. For the most part, the members were asked to forgive the "debt" and lt it go.
The real kicker is that Fosforus actually made money. It build and sold motor homes at a profit — to Daystar. Nothing makes that absolutely clear. Or actionably clear.
But somehow, Lee managed to come up with several business deals over the years, dating back at least to the 50s, in which he made some money, then the churches bailed out the business when they ultimately failed. But this was not the primary investigation by Duddy. There are older threads on Daystar and some of the issues surrounding it.
It is a little funny that Max R's first appearances in the LRC were in the wake of Daystar to try to get people to let the investments just go away. And he was on the rise until it became expedient to dismiss him as some kind of snake that Lee needed to save us from. That was the point that Lee really became central as leader and the alleged separateness of the local assemblies began to disappear. I can't clearly assert that Lee just set it up to happen that way, or that bringing the sins of his (Lee's) own son to his attention made him expendable at just the right time. Shoot the messenger and sweep the sins under the rug.
Unfortunately, it had to happen again 10 years later. That time he had to "fire" John Ingalls and several others. The thing they wrote about those dear brothers makes The God-Man seem like nothing. Their story of rebellion was nothing if not a fabrication. Worthy of lawsuit and a judgment against them. But alas, those brothers had more integrity than Lee, RK, BP, and so many others.