Governor receives land from bankrupt daughter

Just in from the Associated Press:

The daughter of Gov. Nathan Deal has transferred Habersham County property to her father that had been used as collateral in a failed sporting goods venture.

Habersham County records show Carrie Deal Wilder and her husband Clint Wilder had lived on the nearly 16-acre Habersham County property. The couple declared bankruptcy last year, leaving Nathan Deal and his wife, Sandra, on the hook for some $2.3 million in loans.

County property records show Carrie Deal transferred the property to her father for $10 on Dec. 31.

Jimmy Allen, who oversees personal finances in Deal’s blind trust, said he expects the property will be sold to help satisfy some $1.35 million in debt he incurred from backing Wilder Outdoors.

- By Jim Galloway, Political Insider

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289 comments Add your comment

Girlygirl

January 20th, 2011
3:05 pm

This smells.

Rickster

January 20th, 2011
3:11 pm

Why wasn’t this property sold by the daughter to pay the creditors??

Cutty

January 20th, 2011
3:24 pm

Why deed the property over on December 31st other than for some tax purpose?

Jeff and the Camaros

January 20th, 2011
3:25 pm

Yes, this smells. It’s amazing that both the new governor of Georgia and the new governor of Florida, both hard core Republicans, have serious ethical issues and lapses in their past. And Deal isn’t even out of his. And both got elected. Amazing.

Parker

January 20th, 2011
3:26 pm

And we’re to believe that Nathan Deal was really the best we could do?

Who new?

January 20th, 2011
3:27 pm

RED STATE!!!!

Just Wait

January 20th, 2011
3:28 pm

I’d have given them $50 for it!

samuel sparks

January 20th, 2011
3:30 pm

you saddle the horse. now ride him.

SMH

January 20th, 2011
3:30 pm

Well thank goodness my taxes won’t be going up. That’s all I care about.

Kay

January 20th, 2011
3:31 pm

The daughter deed the land to Deal, because he will not be a made to sell it, but she would have. We all know that the State of Georgia will be paying this money back.

Figure it out

January 20th, 2011
3:33 pm

Common sense suggests that the kids transferred it to the father because he had already guaranteed the debt and was on the hook for it. The lender had a first mortgage on the property plus the guaranty from Deal. The lender doesn’t want the land but wants to just get paid. Accordingly, Deal agrees to pay the lender (per the guaranty agreement), and he gets the property since he is bearing the burden of the debt. Nothing tricky or remarkable about this.

Brent

January 20th, 2011
3:33 pm

@Jeff and the Camaros
You are exactly right, but until some honest people run in one party or the other, this is what we get. They have made it impossible for a third party candidate to run in this state, and the corrupt parties (yes both) in power won’t allow a good candidate ( read outsider) to run.

Sad

January 20th, 2011
3:35 pm

The STATE of GEORGIA that I love does not have a person more fit to run this great state. Amazing. Same goes for the Mayor of Atlanta.

Gary Lamb

January 20th, 2011
3:36 pm

he is not the best you could do…..he is the one you people voted for

Hmmmmmmm

January 20th, 2011
3:37 pm

10.00… Was that US or mexican pesos…. In any case that was a sweet deal…

tired of it all

January 20th, 2011
3:38 pm

I didn’t vote for him…don’t blame me!

GIVE ME A BREAK

January 20th, 2011
3:38 pm

This family appears to be full of high rollers. The son-in-law is no prize.

Alan

January 20th, 2011
3:39 pm

It’s the right thing to do. She owes her father and this land may help him get out from under the debt she stuck him with. Deal’s daughter has transferred title to her home to her father. Not the property involved with the business. She was allowed to keep her home by the bankruptcy court, or it was not part of the business and could not be taken.

jconservative

January 20th, 2011
3:41 pm

“Figure it out” probably has it correct. I am no Deal fan, far from it.
But he is on the hook for the debt. He can sell the land to pay off the debt he owes.

Unless, of course, “Kay” has it correct.

Time will tell.

jack

January 20th, 2011
3:41 pm

just wondering,, on a Gov’s salary,, how is this guy going to pay back $1.35 million ??? Be on the lookout for some tax increases people. Feels good to know we have such a financial genius running our state ! Way to go voters !!!!!

82Dawg

January 20th, 2011
3:42 pm

@Kay it says the land will be sold to pay toward the debt…

Blackberry Cobbler

January 20th, 2011
3:42 pm

Plenty of stupid, ignorant people posting on here that know nothing about lending and how transfers take place. It’s all done properly. Nothing tricky. To the uninformed it may look crooked, but it’s not at all. Know your facts or keep your pie-hole shut.

82Dawg

January 20th, 2011
3:44 pm

sethook

January 20th, 2011
3:45 pm

It’s a duck.

Travis McGee

January 20th, 2011
3:47 pm

I fully believe a serial killer could be elected to office in Georgia if he ran as a Republican.

My guess is that if Deal is able to make a second term he’ll have his debts paid off and with a little to the good.

Brogens Hero

January 20th, 2011
3:48 pm

The daughter could not sell the property because it was security on the debt. The transfer will benefit the creditors not the governor or his daughter. There is nothing smelly about the transaction.

Nick G. D.

January 20th, 2011
3:48 pm

How many ball parks does GA. have in disaray, and dilapidation? How much money did residents pay in taxes since 1969, etc. to keep the properties up, and running? How long have they not been able to pay for lawn care?
Hardware stores charge $106 for a push mower; and a rental rider is $238/mo., for a total of about $1,800 per riding lawn mower at a store…
County equipt. costs = $ (?) etc.

Tom

January 20th, 2011
3:49 pm

Gov Deal loves his children thru thick and thin times. I would do the same thing for my adult children when they make mistakes in life! He got the monkey off his daughter’s back, good for him. Great Dad!! He will do the right thing for the state, not necessairly the same as he would do for his children!!!

Kevin

January 20th, 2011
3:49 pm

It’s a shame he couldn’t get the DNR to buy land nearby as a preserve. That play worked for Sonny.

Wow

January 20th, 2011
3:49 pm

There is nothing unethical about a bad business decision. We can all be stupid and maintain our honesty.

Say whaaa?

January 20th, 2011
3:49 pm

Let’s see Gov. Deal is wrapped up in all these shady financial shenanigans… And State Sen. Jack Murphy, R-Cumming — the Chairman of the State’s Banking Committee — is the target of a $70 million lawsuit with the FDIC who allege gross negligence and various breaches of fiduciary duty involving loans his bank made from 2005 to 2007. Seriously Georgia? These are the best and brightest people we have to lead this state? What a sorry state of affairs.

buckhead benny

January 20th, 2011
3:50 pm

I got news for you guys politics was a lot dirtier before the television and defintely before the internet age and this is as good as it gets. It used to be where if you were elected in public office you were guaranteed to be a millionaire thru all of the back door dealings with developers, banks, etc.

Thats a fact

bart

January 20th, 2011
3:51 pm

When will we stop electing crooks just because they have an R by their name?…Deal, Perdue, Cagle, Rogers, Graves, etc., etc.

Jason

January 20th, 2011
3:51 pm

@Figure it out, yes, you are pretty much correct. The actual shady part is yet to come (maybe) when Deal sells the property. If it is sold above board in the public eye to someone who really wants it and pays market value, then the only problem is whatever Deal is left on the hook for to the creditors. On the other hand, if someone purchases it from him for above market value in exchange for “other considerations” that the public will never know about, that would get really ugly.

Reverie

January 20th, 2011
3:53 pm

Most of the people posting here are just knee jerk, hate all Republican, morons. It doesn’t matter that this was done on the up and up. It doesn’t matter that the daughter was working to satisfy some of her debt to her father. It doesn’t matter that it was public. It only matters to you guys that this is a Republican Governor. Really, you guys are a bunch of pathetic losers, with emphasis on the loser part. The Democrats have lost all relevance in this state and won’t be coming back until insects like you crawl back under the rocks you crawled out from under.

light on policy

January 20th, 2011
3:53 pm

@ Figure it out (Among a few others that seem to be on the right track)

Along with the Guaranty that he provided, there may also be tax consequences because of the creditor losses. Therefore, it is quite possible that the IRS could consider the creditor losses as “taxable income” to any of the guarantors. Even though the daughter is probably insolvent, our current Governor can probably shield a lot more of the uncollectable debt or “income” from taxes.

This is probably at best a pre-emptive, agreed-upon maneuver with the creditor because of tax consequences for him and the other owners or at worst…we wont say what it is at worst

Tom

January 20th, 2011
3:53 pm

The rest of you knuckle-heads should read Figure It Out@3:33p, it explains it. That way you libs want have a hissy-fit!!

Jonathan

January 20th, 2011
3:54 pm

Plenty of stupid, ignorant people posting on here that know nothing about lending and how transfers take place. It’s all done properly. Nothing tricky. To the uninformed it may look crooked, but it’s not at all. Know your facts or keep your pie-hole shut.

Gene

January 20th, 2011
3:54 pm

Just the type of fellow you want running the state finances. This guy is another Sonny Perdue. Why do Georgians keep electing these characters?

Jonathan

January 20th, 2011
3:55 pm

Common sense suggests that the kids transferred it to the father because he had already guaranteed the debt and was on the hook for it. The lender had a first mortgage on the property plus the guaranty from Deal. The lender doesn’t want the land but wants to just get paid. Accordingly, Deal agrees to pay the lender (per the guaranty agreement), and he gets the property since he is bearing the burden of the debt. Nothing tricky or remarkable about this.

tom

January 20th, 2011
3:55 pm

for Jeff, fourth poster from the top. Please explain your remark about an ethical issue. The daughter took out a loan on a business. Governor Deal cosigned on the loan. The daughter defaulted, leaving the Governor responsible for the loan. Where is there anything unethical? People cosign for folks all the time. Sometimes all goes well and sometimes not. I’m sure the Governor loves his children and wanted to do what he thought was best at the time. It didn’t work out and now he’s stuck for the loan. What’s unethical?

Obamination

January 20th, 2011
3:58 pm

Its amazing how many democratic voters have no clue about real estate. In essence, this a voluntary foreclosure since Deal is a “creditor” for his daughter’s debt. This is completely legal, nothing shady about it. Now he can use the collateral to satisfy some of the debt. I know how pissed off you dems can get when somebody tries to pay their own debt, rather than push it off on the government/tax payers.

carlton

January 20th, 2011
3:59 pm

Mr. Galloway: You left it for all the “uniformed” to speculate about. What’s the answer? You’re the smartest one in the room, n’est pas?

elmer

January 20th, 2011
4:00 pm

Is it possible that a “Dad” wants to help his “Daughter” in a business deal…and is it possible that folks that go into business with intentions to succeed but fail….most of the comments are from people who are afraid to venture out in business anyway and therefore are angry that they didn’t have the idea or resources to follow through.Respectfully, SHUT UP!!

Bob

January 20th, 2011
4:01 pm

Rickster, she was declaring bankruptcy anyways… why give away her assets? Her credit score would say bankruptcy whether she sold the property to pay off a portion of her debt to the creditors, or not.

JohnnyReb

January 20th, 2011
4:01 pm

It’s remarkable how many here jump on Deal when they obviously have not a clue how bankruptcy and financial obligations are discharged (see Figure It Out@3:33). Deal has put his business into a blind trust. Every i and t will be scrutnized, yet you sore losers just know there will be something illegal or morally wrong. The State will pay it: give me a break. This same group pulls out the artillary when anything is said against Obama when in reality Barry and his Chicago crowd need watching a lot more closely than does Deal.

DEEZ

January 20th, 2011
4:02 pm

$10.00 is figure commonly used on warranty deeds when property is transferred(not sold) from one owner to another.no money exchanged hands. Deal is on the hook, he should own the land.

Eyes Wide Open...

January 20th, 2011
4:02 pm

Sooo How long will it take before the state buys this land to use as a “Wilderness Center”??? Willing to bet he makes a nice profit of the sale too!!!

DublDawg

January 20th, 2011
4:02 pm

This is slimy reporting at its best, full of innuendo and suggestion.

Did anyone bother to contact Deal, his counsel, or the lenders concerned to ask why it occurred?

Did anyone review any other real estate instruments filed that might provide context?

Of course not, that is not the story that was intended to be told. The intended story is that something nefarious occurred and allow the idiot readers to run wild.

There is a passel of dummies that have made comments on here that do not have a clue, and despite a number of reasonable posts pointing this out, they will continue to make vapid posts of facile opinions for pages on end. One thing is for sure, left journalists that hate conservatives sure know their readers well. They can throw out a little chum and have them boiling to the surface in a hurry.

North over South

January 20th, 2011
4:04 pm

South shall rasie again