Attorney Bob Doggett, a former member of the Synod's Board of Appeals is preparing to file a class action suit against the LCMS Foundation.

Doggett writes, "The Foundation has admitted a $40+ million loss from interest strips. I am working almost full time coordinating a class action lawsuit we are bringing against the Foundation and its insiders responsible for this huge loss, which we believe is closer to $80 million. The Foundation bought $98.9 million unhedged derivatives, instruments developed from realestate loans. I understand they sold off the remaining $58.9 million on fire sale discounts."

From simple computations, Doggett believes the Synod was only able to recoup $19 million of its original investment.

Plans begin to file the suit developed at the Lutheran Concerns Association meeting in Itasca, Illinois, in April 2000.

Doggett will be going to 12791, Wheeler Pl., Santa Ana, CA (714-532-3870) this coming Saturday 7/15/00 to meet with concerned LCMS Lutherans about the class action lawsuit and about PLI. Doggett sees a connection between the Foundation and PLI. The meeting begins with a social hour at 4:00 PM. The presentation begins begins at 6:00.

Doggett states: "I am told that every district shared in the loss. We know that CTS Ft. Wayne lost $1.3 million, Mequon lost the same, CPH lost $1.7 million according to a source there. Someone close to the St. Louis Seminary told me they only lost $20,000, so they were lucky, weren't they?"

"It may well be that the St. Louis Seminary had some good investment counselors, or it may be that somehow they got wind of something not being right. They were fortunate, and I am sure their small loss was for good reason."

The Foundation has filed suit, but only against the Memphis brokers who sold the junk to the Foundation.

Doggett observes: "Norman Sell and other insiders were not named as defendants, of course. Norman Sell and his coterie of liberals have done enormous damage to the LCMS. When we unpeel this thing, we think much more will be exposed than one stupid Vice President they fired after buying this junk over 4+ years. In my opinion, this may be the scandal of our lifetime in the LCMS. I think the behind scenes leader is Ralph Bohlmann."

Doggett is looking for donors and plaintiffs. He writes, "If you can help, have people make contributions to 'Lutheran Concerns Assn, Recovery Fund' and send to, LCA Recovery Committee, c/o Robert Doggett, 215 East Ninth Street, Sixth Floor Cincinnati, Ohio 45202."

Doggett was the Attorney who successfully defended Herman Otten against a suit filed by former St. Louis professor, Joe Barbour. Barbour is no longer on the clergy roster.

Doggett also alludes to the possibly of a second law suit to recover the several hundred thousand dollars improperly paid by the LCEF and the LCMS Foundation as gifts to non-LCMS organizations, namely PLI.