The Kompaneets equation describes a field of photons exchanging energy by Compton scattering with the free electrons of a homogeneous, isotropic, non-relativistic, thermal plasma. This paper strives to advance our understanding of how this equation captures the phenomenon of Bose-Einstein condensation through the study of a model equation. For this model we prove existence and uniqueness theorems for global weak solutions. In some cases a Bose-Einstein condensate will form in finite time, and we show that it will continue to gain photons forever afterwards. Moreover we show that every solution approaches a stationary solution for large time. Key tools include a universal super solution, a one-sided Oleinik type inequality, and an $L^1$ contraction.