“The attorneys for Stephens Inc. were a small firm in Little Rock that seemed competent but at the same time were extremely arrogant, condescending and disrespectful to all of us. They had an attitude of superiority like we had never experienced before. They soon began to push Liberty hard to abandon its Christian traditions and doctrinal foundations. Their argument was that Liberty could save a few dollars by issuing tax-exempt bonds instead of taxable bonds. At the time, Virginia law did not permit pervasively sectarian universities from issuing tax-exempt bonds,” Falwell said.
But Liberty refused to make any of the recommended changes. – READ MORE