American Broadcasting Company which were related to advertising and were indexed compared to the number of listeners/viewers, failed to compensate for its heavy investments in purchasing and building stations. In 1951, a rumor even mentioned that the network would be sold to CBS. In 1951, Noble held a 58% ownership stake in ABC, giving him $5 million with which to prevent ABC from going bankrupt; as banks refused further credit, that amount was obtained through a loan from the Prudential Insurance Company of America. Leonard Goldenson, the president of UPT (which sought to diversify itself at the time), approached Noble in 1951 on
J. Edward Hakes a degree-granting, undergraduate institution. Finances and faculty did not adequately support such a transition to a four-year college at that time, but the seeds were planted during the presidency of Dr. J. Edward Hakes (1953-58)." "An Introduction to evangelical Christian education". (Chicago: Moody Press, 1964). J. Edward Hakes J. Edward Hakes left his mark on Christian higher education, his book being assigned as required reading in the classrooms of several Christian colleges. He served as president of Cornerstone University (1954–1958) and academic dean of Trinity College (1969–1980). Cornerstone University citation: "In 1955, the Executive Board of the institution moved to