“O.C. treasurer not broke, loans campaign $100K (Orange County Register)” plus 1 more |
| O.C. treasurer not broke, loans campaign $100K (Orange County Register) Posted: 12 Feb 2010 11:44 AM PST Message from fivefilters.org: If you can, please donate to the full-text RSS service so we can continue developing it.
Street, who was first elected county treasurer in June 2006, is running unopposed for reelection this year. He's also in the middle of legal proceedings with his former employer, Fruehauf Trailer Corp., where he worked from 1998 until he was forced out in August 2005. His successor as trustee, Daniel Harrow, sued him in bankruptcy court in Delaware in February 2007 for $7 million, alleging fraud and breach of fiduciary duty. Testimony in his trial concluded last week, and U.S. Bankruptcy Judge Richard M. Neiter will rule after getting final written arguments from both sides Feb. 19. But back in July of 2008, Street submitted his personal financial records under seal to a U.S. bankruptcy judge in an attempt to show that he could not pay his mounting legal bills. Instead, he wanted Freuhauf to pick up the tab. (The judge refused to require the trust to pay.) At the time, Street's lawyers told conflicting stories about the extent of Street's financial woes. Attorney Scott Wilcox wrote in court papers that Street "can no longer fund his defense." But Street's local attorney, Phil Greer, insisted at the time that while the case has hurt him, Street is "not broke." Turns out, he still has enough cash to help his campaign. According to his latest campaign finance disclosure, Street loaned his campaign $100,000 on New Year's Eve. In contrast, he reports $350 in campaign contributions for the last six months of 2009, including a $300 donation from Affiliated Computer Services — one of the county's biggest information technology contractors. In all, Street's campaign account contains $310,300 in outstanding loans from himself. Loans to campaigns are not always spent and are sometimes made by candidates in an effort to deter challengers from getting into the race. A spokesman for Street issued the following statement this morning in response to a request to discuss the loan: "The trial has been expensive and taken a toll, but it certainly hasn't ruined him financially," spokesman Keith Rodenhuis said. "Chriss remains focused on managing the taxpayers money and looks forward to the upcoming election." Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| Ex-CEO of InBank files for personal bankruptcy (Crain's Chicago Business) Posted: 12 Feb 2010 12:21 PM PST Message from fivefilters.org: If you can, please donate to the full-text RSS service so we can continue developing it. (Crain's) — The former CEO of Oak Forest-based InBank, whose bank was seized by the Federal Deposit Insurance Corp. and sold to MB Financial Inc. last year, has filed for personal bankruptcy. In the Jan. 22 chapter 7 filing in U.S. Bankruptcy Court in Chicago, Cynthia Grazian listed assets of $2.2 million and liabilities of $4.3 million. Her assets are comprised mainly of a Lake Shore Drive condominium valued at $2.1 million. InBank was closed Sept. 4, soon after state and federal banking regulators slapped the lender with an unusually harsh regulatory order that forced it to write off loans erasing all of its capital and required Ms. Grazian to have no future role at the company. The bank had $212 million in assets at the time of the failure. Bank of America Corp. sued Ms. Grazian and five other former InBank executives in September for non-payment of loans made in 2007 for the purchase of stock in InBank's holding company. According to Bank of America's complaint, Ms. Grazian owed the bank a little over $2 million as of September. The loan came due in January 2009. Attorney Bruce Wald, who is representing Ms. Grazian, wasn't immediately available for comment. Ms. Grazian couldn't be reached, as her number is unlisted. News of the bankruptcy filing was first reported on the Chicago Tribune's Web site. Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. This posting includes an audio/video/photo media file: Download Now |
| You are subscribed to email updates from Add Images to any RSS Feed To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google Inc., 20 West Kinzie, Chicago IL USA 60610 | |
0 comments:
Post a Comment