Falwell's College Receives US$70 Million Donation From Tycoon

Lynchburg, Virginia, Feb. 3 (Bloomberg) - Retired life insurance tycoon Art Williams donated $70 million to Liberty University in Lynchburg, Virginia, to erase a decade of debt and free its founder, the Rev. Jerry Falwell, to resume his role as a spokesman for conservative Christians, the Associated Press reported. While Falwell, 64, founded Liberty and helped fund its expansion with bonds issued by his Old-Time Gospel Hour television program, the university became overextended with numerous building projects and snowballing short-term debt after several televangelist scandals in the mid-1980s. Falwell, founder of the now-defunct Moral Majority, has devoted much of his time recently to the university's financial problems, AP said.

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