Reopened bankruptcy could expose Deal to more debt
The Associated Press is promising more on this later today:
Republican gubernatorial nominee Nathan Deal is facing more questions about his finances now that a federal judge has reopened a bankruptcy filing for his daughter and son-in-law.
Deal and his wife Sandra guaranteed more than $2 million in loans for Wilder Outdoors, a failed sporting goods store started by the former congressman’s daughter and her husband. Although Deal listed himself in congressional disclosure forms as a partner or as a 50 percent investor in Wilder Outdoors, Deal’s name did not appear on the 2009 bankruptcy filing.
Deal’s campaign accountant says the omission was a mistake by Deal’s son-in-law, who filed the bankruptcy. The bankruptcy reopening, first reported by The Fulton Daily Report, could leave Deal on the hook for more debt.
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145 comments Add your comment
Ryan Shakur
September 29th, 2010
2:10 pm
[No comment]
DettafromATL
September 29th, 2010
2:14 pm
Sick&Tired
September 29th, 2010
12:42 pm
If Nathan Deal becomes our next governor; we will fall below the city of New Orleans when it comes to corruption and stupidity.
The state of Georgia residents are officially the dumbest group of collective souls in the good ole USA.
Please pray for our integrity.
——————–
I agree with you “Wholeheartedly.” I’ve been saying that about Georgians for years
Marlboro Man
September 29th, 2010
2:14 pm
He can’t balance his own checkbook but sheeple will vote for him to handle the state’s. Republican poster child.
findog
September 29th, 2010
2:14 pm
Zell, shouldn’t you be writing your next book, “DNC in Georgia – a state party no more,” and get your spitball speach ready for 2012?
Brad, check the foyer of your glass house
Liberal/Conservative
September 29th, 2010
2:16 pm
At least Deal hasn’t yet been tied to the Bishop Eddie Long scandal. But even that probably wouldn’t stop misguided Georgians from electing him governor.
Steve
September 29th, 2010
2:19 pm
Zell4Pres – You obviously do not understand the issues. The 8 year rule is one reason to revoke the discharge. The failure to accurately and completely disclose information in the BR Schedules is another basis for revocation (If so determined), and one they could not “undo” by filing again.
You also seem to have a problem understanding his liability. Whatever his liability for any debt, the filing of a BR by someone else does not change that. The kids’ filing does not make him liable for anything, or relieve him of liability. Creditors can go after the same assets as they could had they not filed. If someone wants the protection of BR, they have to file themselves. All this is true whether or not they listed him as a creditor, co-debtor, co-owner of the business or anything else.
isitme
September 29th, 2010
2:19 pm
@ Everyone… Seriously speaking. If Deal won the election, how much time would he really have to devote to Georgia citizens? My guess is that after he clears things up with his daughter, his son-in-law, and his personal finances….maybe the last 1 ½ years of a 4 year term? During the first 3 ½ years, who will be governing the state? Maybe I’m wrong…
Steve
September 29th, 2010
2:23 pm
Atlanta CPA – On what basis do you think unsecured creditors can go after deal? The business appears to be incorporated, so they would have to have some legal basis to go after Deal, such as personal guaranties. There seems to be a misconception that Bankruptcy somehow creates liabilities on other people. It does not (at least in the context being discussed).
Imma Community Organizer
September 29th, 2010
2:23 pm
DettafromATL
September 29th, 2010
2:14 pm
Delta is ready.
gm
September 29th, 2010
2:24 pm
Zell4pres: You and most of these southern hicks would cast a vote for any body as long as it get Obama out of office.
How’s this for grammer? He will win in 2012, because Sara Palin is a idiot.
Imma Community Organizer: You mean the same cynthia that said George Bush was misleading us in a war, now it is true, look at the shape he left the country.
Steve
September 29th, 2010
2:29 pm
gm — As far as Buch, check the debt and spending the last 2 years and compare to any 4 years of Bush. Bush was a spendthrift, but he has nothing on Obama.
I do agree with the point about 2012. If he wins, it will be because the Republicans have no decent candidate. If it is Palin, the party will not be doing well.
Imma Community Organizer
September 29th, 2010
2:32 pm
gm
Can’t do it can you? You just have to use name calling. Pathetic. Bush didn’t lead us into war, all by himself, your friends Clinton, Kerry, and many others saw the SAME intelligence, and they agreed. Try actual facts. Maybe you won’t have to use name calling, when using facts. I eriously doubt that, however.
Barry
September 29th, 2010
2:32 pm
Deal eats puppies and beats old people. I read it on the Internet so it must be true.
CJae From East Lake
September 29th, 2010
2:34 pm
@ Diane and Troglodyke – I agree with the central theme underlying both of your comments. You have to wonder how this loan even with Deal as sort of partner/co-signer made it through underwriting. I suspect Deal worked to the good ole boy network at the now defunct N.GA bank that approved the loan in the first place. These revelations to me strike far beyond just a failed business venture and would make an objective thinking person question Deal’s professional/business integrity. If this is how he handles things on a personal level to what lengths will he potentially hide questionable dealings as the Chief Executive of the state?
Staci
September 29th, 2010
2:37 pm
Listing the co-debtor in a bk is to make sure the co-debtor is properly notified. As in FYI Mr. Deal, your SIL & Daughter filed BK so the original creditors can no longer pursue them. As co-debtor and/or guarantor – the creditors only recourse is to pursue YOU. If Deal personally guaranteed the loans – and from the news reports on the topic it seems that he did – then he is on the hook. For the moment, the SIL & daughter are liable as well since the discharge was revoked. What will happen there, who knows.
Can’t see having Deal in office as a good thing. If he did so poorly at managing his own personal business, I don’t want him involved whatsoever in running the state of GA.
Gigi
September 29th, 2010
2:37 pm
Where is all the money. If it was a failed retail business then why was more money needed, two additional loans. Not like they were buying more inventory.
isitme
September 29th, 2010
2:38 pm
@CJae From East Lake 2:34 “Well said!” (period)
ZELL4PRES
September 29th, 2010
2:49 pm
If Deal is not listed as an officer in Articles of Incorporation, he is a CREDITOR, not a PARTNER. Just like the bank that made the loan. And CJAE, so now your saying that he used the “good ole boy network” to secure a loan? Has your head been up there since 2007??? Or does ignoring the banking industry issues for the last 3 years just suit your argument better?
Larry
September 29th, 2010
2:53 pm
@ Steve: Yes Obama has spent tons of money. But most of that was in order to save the economy from complete collapse due to Bush’s policies.
@ Zell: Barnes is championing efforts to invest in our education so that we’re not laying teachers off and shortening school schedules. He also wants to try to get funding for alternative modes of transporation i.e. high speed rail, and he has a pretty good grasp of the urgency to bring positive economic development to the State as we’ve been falling behind places like FL and NC under our current Republican rule. Oh and he seems to be able to handle his own finances pretty well.
And the argument for Deal…let me guess…He’s a republican and probably doensn’t like gays and immigrants. Thanks Republicans…another 4 years and surely Charlotte will be the new Gateway to the South.
gm
September 29th, 2010
3:02 pm
Steve: I guess you have to spend money to get out of hole George Bush put us in. Correct me if I am wrong, did we not have a surpls when Clinton left office?
Imma Community Organizer: No name calling here, Cynthia told everone about Bush and his plans, but so called Americans did not take her serious, everything she predicted about Bush corrupt adminstration was the truth.
How can anyone go back and vote for a party that destroyed this country beyond me. Over 1 million jobs were lost under Bush in 2007, I did not see any of these hypocrites tea party people marching in the streets, it makes you wonder is it really America they care about? or Obama.
Sick & Tired Of Being Sick & Tired
September 29th, 2010
3:06 pm
I am at a lost as to why anyone with “COMMON SENSE” would actually vote for someone to run the State of Georgia that can’t even handle his own finances. If he applied for a position with a Fortune 500 company, he would not be hired because he would not be able to pass the portion of the background check where the company would get a credit report.
Yet….a lot of the people in the State of Georgia would deem this dude to be qualified to be the next Governor….I simply don’t get it………………….
Marlboro Man
September 29th, 2010
3:08 pm
Kinda like smoking, I reckon’
Last Man Standing
September 29th, 2010
3:12 pm
gm:
“Correct me if I am wrong, did we not have a surpls when Clinton left office?”
No, there was no surplus when Clinton departed. The national debt existed then as it has for far too long. The national debt increased during the Bush administration just as it has during the Obama administration.
Some people confuse the annual budget with the national debt. It is possible to have a balanced budget or even a surplus in any given fiscal year. This would not necessarily have any impact on the national debt.
john
September 29th, 2010
3:12 pm
ZELL4PRES-Thanks for your history lesson. Let me correct myself. Georgia turned completely red 8 years ago. Do you actually think a democrat in these days and times in Georgia could win a statewide position?
deegee
September 29th, 2010
3:15 pm
He’ll get it right the first time, sure. If anyone should have known how to fill out a bankruptcy petition it would have been Deal’s son in law. It wasn’t like it was his first time around the block. What a bunch of white trash.
T Knight
September 29th, 2010
3:16 pm
Voting for Barnes is out…..don’t need any more Deals. Making my vote based on principals. I’m writing in Karen Handel.
john
September 29th, 2010
3:16 pm
Hey I liked ole Zig Zag Zell. I can’t think him enough for raising my salary in education. And ole ZZZ sure upped my retirement pay. So I’ll support you Zell for president, even if you do run as a democrat
Steve
September 29th, 2010
3:18 pm
Staci – The discharge has NOT been revoked in the bankruptcy case.
Karen Handel Supporter
September 29th, 2010
3:21 pm
Handel support are going to vote against Deal.
john
September 29th, 2010
3:22 pm
Hey ZELL4PRES- Where is Georgis? Just trying to check the facts that you mentioned.
WAW
September 29th, 2010
3:22 pm
Roy is giving Georgians a choice. My guess is that they are not going to take it. So Roy can go home to Marietta and play with his grandkids with a good conscience. Georgia’s new governor will deal with his issues however he wants and will not be responsible for anything to anyone, that is the Republican record in Georgia and it will continue.
td
September 29th, 2010
3:24 pm
lmno
September 29th, 2010
2:09 pm
I bought a house 5 years ago for $700,000. Although the other houses in my area now sell for considerably less than that, I am still convinced that my house is worth around $1,000,000.
I have sound judgement!
If you are a famous person, say like the governor or an actor then your property is worth more than your neighbors. So when Deal is elected some good conservative is going to think it is a good investment to buy the Governors house for 1 million dollars (Remember where Donald Trump thought Ed McMahon’s house was worth more than market value to help him out of debt). That is the way the world works ON BOTH SIDES OF THE ISLE AND WITH ALL CELEBERTIES.
Imma Community Organizer
September 29th, 2010
3:24 pm
Last Man Standing
September 29th, 2010
3:12 pm
Last man, you’re wasting your time with Gm. She’s confused on a lot of things. Look out, she’s going to call you a name.
td
September 29th, 2010
3:27 pm
Karen Handel Supporter
September 29th, 2010
3:21 pm
Handel support are going to vote against Deal
And what dream world are you living in? 90% of Handel supporters will vote for Deal, Remember she endorsed him after she lost because she will have a job in his administration later.
td
September 29th, 2010
3:29 pm
gm, I can tell form your post that you have never voted for and do not plan to ever vote for a conservative for anything. Please stop the name calling just because you are mad that you liberal ideas do not work in this state.
ZELL4PRES
September 29th, 2010
3:30 pm
John,
No I don’t think a dem can win in this climate. The republicans will benefit from this because they are the only alternative, and the country (and state) is incredibly dissappointed with Obama’s broken or shall we say, elevated promises and constant fingerpointing. And yes, I would vote for Zell in a minute, whatever office and party he ran for. He was a dixiecrat (not in the Strom Thurmond kind of way), he was socially liberally, but fiscally conservative. When he left office, we had a $50 billion surplus, thanks in large part to HOPE and the lottery. But in comes Roy, and the surplus was GONE in four years(1/20/2013), so I am honestly perplexed by everyone saying that Roy is more fiscally responsible than Deal. Maybe when it comes to his own money, he’s responsible, but when it comes to ours, not so much.
td
September 29th, 2010
3:34 pm
Larry
September 29th, 2010
2:53 pm
Barnes is championing efforts to invest in our education so that we’re not laying teachers off and shortening school schedules. He also wants to try to get funding for alternative modes of transporation i.e. high speed rail,
And how is he going to pay for these efforts? We have no money and will have even less next year when the stimulus funds run out. He knows their is no money and knows the republican controlled legislature is not going to improve tax increases, so I say he is just lying to the teachers again to get their vote.
Jimmie
September 29th, 2010
3:40 pm
Well, Nathan is on the hook for his kids’ business after the business went broke. He didn’t break the business. Governor Barnes effectively broke the state in 2002 on his way out the door to Marietta – when Governor Perdue came into office, there was only around $50 million in the State’s rainy day fund – essentially one day’s operating cash – Nathan will clean up the financial mess from his kids – guess who had to clean up the financial mess left on the state level when Governor Barnes left office? The taxpayers of Georgia.
Steve
September 29th, 2010
3:40 pm
Of course Roy is pandering to the teachers and unions who bailed on him last time around. That really can’t be debated. The mystery to me is why he is really running again. Does his law practice need a boost? Is he so power hungry he needs a second bite?
Sick&TiredOfTheGOP
September 29th, 2010
3:41 pm
john
September 29th, 2010
3:12 pm
ZELL4PRES-Thanks for your history lesson. Let me correct myself. Georgia turned completely red 8 years ago. Do you actually think a democrat in these days and times in Georgia could win a statewide position?
Just for your information, the Dems are sure as hell gonna be trying to correct this issue on 11/2/2010! LOL!
gm
September 29th, 2010
3:43 pm
Imma Community Organizer: I am not going to call any names, I am not that type of guy: Why do I have to be confused, not like conservatives who get all the miss information from Anti Obama hater Fox news, I actually research.
Td: I like Mike Huckabee, at least he is open minded and not out to destroy the President of the United States, like Sean Hannity, Rush< Glen Beck.
john
September 29th, 2010
3:47 pm
Good luck Sick&Tired…… I hate to break the news to you, but it aint gonna happen. And I am a democrat!
Imma Community Organizer
September 29th, 2010
3:51 pm
gm
September 29th, 2010
3:43 pm
“..not like conservatives who get all the miss information from Anti Obama hater Fox news…”
Let’s see, I guess it’s you and 5 others watching CNN, MSNBC (tingling feelin”, ABC, NBC, and CBS. Got to love those ratings.LOL!
Come on Man
September 29th, 2010
3:54 pm
td
Why don’t you run for Gov. You brag about having a $700,000 home, you know how 90% of Karen Handel supports will vote, you are condescending to people who think differently than you, and even though high speed rail works over seas you know it will never work for georiga even if we get federal grants to fun it and create jobs.
I know you are going to say something brilliant in response, but I am not even going to bother to read it.
Imma Community Organizer
September 29th, 2010
3:56 pm
Gm
“…not out to destroy the President of the United States, like Sean Hannity, Rush< Glen Beck…."
No, Obama, Reid, and Pelosi; are doing a swell job of destroying this
country by themselves. What has improved since they gained the Congress (1/07) and The Presidency (1/09)?
kkong
September 29th, 2010
4:01 pm
Hey guys, it don’t matter none how crooked brother Nathan might be, we need to vote for him cause that’s what we do here in Georgia…vote the party, not the man!
td
September 29th, 2010
4:10 pm
Come on Man, Where did I say I had a $700.000 home? I think you should really read post before you start becoming condescending. As far as the rest goes that is you opinion and as such fine.
Marlboro Man
September 29th, 2010
4:11 pm
Less unemployment, health care, resession ended… I guess you wanted rain.
Last Man Standing
September 29th, 2010
4:14 pm
Larry:
“another 4 years and surely Charlotte will be the new Gateway to the South.”
I believe you to be correct – but not for the reason(s) you think. A corrupt Atlanta city government accompanied by high taxation has forced businesses out of Atlanta – and they continue to flee.
Charlotte may very well become the new gateway to the south, but the governor’s election will not figure as a major contributor to this event.
Steve
September 29th, 2010
4:18 pm
Obama Healthcare – Will bankrupt our children and grandchildren, and provide lower quality care.
Unemployment – All signs point to continued high rates. Obama’s plan to simply make unemployment a job, and make dependent on government.
Recession Ended – Recession ends without jobs. A joke.