Questions about Daystar

[Ohio]

Originally Posted by djohnson

Ohio, I think what Igzy is saying is: Daystar was a for profit enterprise. LSM is a non-profit enterprise. Technically speaking LSM must plow it's profits back into it's legit ministry activities ("legit" being often loosely defined by non-profits). Paying back the debt incurred by Daystar is not one of these activities. However Lee personally as a matter of good will and integrity could have paid back the debt.

djohnson, I understand the difference between the two enterprises, and I have no problem with NFP's making money and prospering -- but that was not my point.

In the "little banker" scheme, saints entrusted LSM with their savings, in lieu of a local chartered credit union. There was a level of trust which the flock of God had placed in the elders and the ministry. These moneys were recorded and forwarded by the LC's to LSM, which then transferred (illegally?) the moneys out of LSM accounts to other accounts (like the church in Dallas!) in order to pay Daystar business debts. Thus LSM was temporarily "broke," and requested the saints to consider their deposits as "offerings," by signing a forgiveness document. This is way different than investing in Daystar directly!

Here's my point: When LSM later became more "profitable," why did they not go back and reimburse with interest all of those initial depositors.