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
Sam the Sham
January 20th, 2011
5:49 pm
The Governor IS the creditor for Wilder Outdoors. Since the business (not Gov) filed bankrupt, it is the creditor who is on the hook. This is simply a transfer of an asset from the debtor to the lender to satisfy a portion of the total amount owed. Nothing fishy about it.
John Oxendine
January 20th, 2011
5:49 pm
Awww, cmon, I would have been better than this guy….
Tom
January 20th, 2011
5:52 pm
@I’m Your Huckleberry – You must be related to me!! Great Post!!!!
The Big Bounce
January 20th, 2011
5:54 pm
Stupid GA voters have mindlessly done it once again. Scandal will hound this guy until the last day of his term, assuming he lasts that long.
Technically, the creditor for Wilders
January 20th, 2011
5:54 pm
Is mainly the Community Bank & Trust of Cornelia, Nathan Deal is the debtor for Wilders since he co-signed on the loan(s).
It would not be logical for the bankruptcy court to force a daughter to repay her own father.
Jim
January 20th, 2011
5:56 pm
Enter your comments here
Life time politicans always have a SHADY past….just like life time crooks!
Diego
January 20th, 2011
5:58 pm
I am not a bankruptcy lawyer, but it seems like there is a bit more to this than folks above have explained. Each state has different state laws governing the exemption of a person’s principal residence in bankruptcy. As the article above explains that the children lived on the land at issue, I wonder whether facts are that land was exempt in bankruptcy (which presumably was filed by children, not just the business), but father was still on hook for guaranty, so children transferred such land they retained in bankruptcy to father to assist father with his guaranty of the debt.
Jim
January 20th, 2011
5:59 pm
Enter your comments here
jay
January 20th, 2011
5:59 pm
@DublDawg: Right on Gov. Deal, I mean, DublDawg!!!!!
dmcsga
January 20th, 2011
6:00 pm
Huckleberry, I am sorry but from the financial records he released, it didn’t look as his business did very well to service this loan. Also factoring his current living expenses. The pension is how much $60,000 per year? Of course unless he has all kinds of investments stashed away that he did not make public.
Also in regards to ruining millions, please elaborate on this as well. I only hear people pointing finger but there are absolutely no sources or facts behind it only statements. Isn’t the GOP that refuses to pay more taxes? but yet it is okay for the citizen that are in need of every single dime that always carry the burden.
Let me break it down for you. If you are rich, you can pay MORE taxes. This is the price you pay for prospering in our country, using our resources, using our work force because majority of business owners DO NOT produce this wealth by themselves. So if you are fortunate enough to become very wealthy it is your duty as a citizens to pay your country and not short change it. Also the congressional pension you speak of is being footed by tax payer money as well.
Our country went into a economic crisis because of the greed of corporations and citizens. Corporations servicing loans to individuals which they knew would never have the means to pay it back and individuals that knew they had no business receiving these loans. Also corporations outsourcing well paying jobs overseas and then receiving tax incentives to do so and your party wants to continue this practice. So how is this being a fine citizen
Brogens Hero
January 20th, 2011
6:01 pm
Bushwacker like the rest of his liberal pals can’t explain why it’s shady because it isn’t.
A Sometimes Repub
January 20th, 2011
6:04 pm
Had Deal not been elected, the financial consequences to both he and his family would have beenmuch worse. Now, all he has to do is follow the same blueprint as Sonny and Lawyer Roy, feed the hands that will eventually feed you back, then all will be well. Did not take even a month to get rid of the Revenue Department chief that would not sign off on his continued graft at the expense of the taxpayers. Did not vote for him, nor anyother Dem or Rep, knowing vote would be wasted, but could not in right mind vote for either. You’re right, we will reap what was voted in, a poor excuse of a leader.
Dekalb Parent
January 20th, 2011
6:05 pm
Nathan can get more the property when he sells it because he is the governor. that’s why it’s in his name. His name means more, therefore he gets more.
Ramguy
January 20th, 2011
6:07 pm
When you have a history such as Deal’s, nobody should be surprised if everything he does is questioned. For the ones that blindly support shady Deal, when 10 men tell you that you’re drunk you better lay down.
mike
January 20th, 2011
6:13 pm
I guess he also left Congress because he wanted to run for governor. It had nothing to do with that ethics investigation. Throughout this state’s history, the people have a tendency of electing crooked politicians. It was explain to me the only qualifications needed are be a white male and a crook. And the goobers in this state vote you in.
Atlanta CPA
January 20th, 2011
6:16 pm
I’m Your Huckleberry
January 20th, 2011
5:43 pm
“To service a $2.3 million loan requires $12,346.90 at prevailing interest rates” That’s 1/2% per year interest. Assuming you are not getting money from a lobbyist or Georgia Power, the going rate for a unsecured loan of this size would be $230,000 + principal or about 20 times your number. Most of the misinformation put forward by the Deal supporters would be laughed out of court. If the land was pledged to Deal as collateral, he is entitled to the asset, if the asset is not directly pledged to Deal than the proceeds would go to secured creditors, then if anything is left to general creditors. In Deal’s 1st & 2nd financial filings, he claimed to not be a creditor but a stock holder.
TrishaDishaWarEagle
January 20th, 2011
6:17 pm
@Obamination
“Its amazing how many democratic voters have no clue about real estate.”
What do you expect from a bunch of section 8 renters
JATL
January 20th, 2011
6:19 pm
I’m sure the fishy smell will surface in due time….
TrishaDishaWarEagle
January 20th, 2011
6:20 pm
Also, how in the world does the AJC get away with having this democrat Galloway billed as a “Political Insider”. Last I looked, the democrats have NO statewide control of anything..what exactly is he “inside” ?
TrishaDishaWarEagle
January 20th, 2011
6:24 pm
I think thats why Bill Shipp has falen off the media “go too” list outside his own athen editorial job ..his democrat state heavyweighs rolodex shrank by about 90%, it is really only useful now if you want to launder some money thru a Mableton law firm.
catlady
January 20th, 2011
6:26 pm
I would have thought that property was under the supervision of the bankruptsy court, and would be dispersed by that court.
gimmeabreak
January 20th, 2011
6:32 pm
I see Jim is at it again. He is so liberal he can’t get out of his own way. He is losing any sliver of impartiality he thinks he has, what a loser and mouth piece for the left. Go home Jim!
Masters Degree
January 20th, 2011
6:36 pm
Atlanta CPA @ 6:16 nailed it!!! The land belongs the Creditor. Deal did not lend the money he Co-signed. The tarded reasoning I am seeing is that he will be able to sell the land to pay down the debt. Explain why she could not sell it? They are both on the hook! DEBTORS
Masters Degree
January 20th, 2011
6:37 pm
Just like in Nazi Germany Hitler kept spreading mis information. Welcome to the new Georgiamy.
DublDawg
January 20th, 2011
6:39 pm
Well, it has just gotten funnier as time has passed.
1. A lot of the mouthbreathing libtards posting on here keep hurling insults at Georgia, good ole boy, and Georgia voters. All of you yankees and other outsiders can go pound sand. You moving here has ruined this place for us, and I would not call 911 for you if your house was on fire with you in it. I wish that all of you would hurry up and file bankruptcy and go back where from where you came. Georgia was a better place before you got here, and will be a better place when you are gone.
2. It is obvious that none of you speculating geniuses knows squat about the law, including bankruptcy or real estate. We’ve even got people on here purporting to be CPA’s that don’t understand and cannot think through it.
Do you geniuses think that the Bankruptcy Trustee, the bankruptcy judge, and creditors were in on the scam too?
If that property were unencumbered and there was equity in it, the trustee of the daughter’s debtor estate would have sold it in a hearbeat to pay the creditors. The creditors would have demanded it and the trustee would have a financial incentive to sell it to generate a commission. In a no-asset Ch. 7 case, a trustee gets less that $100 if he cannot generate money in through sales, litigation on preferences, adversarial proceedings, etc.
In addition, the bankruptcy proceedings are under supervision of the appointed trustee, the US Trustee, the bankruptcy judge, and the creditors. Do you know it all’s believe that unencumbered property escaped not guaranteeed by Deal escaped the debtor’s estate with all of them overseeing the case?
3. To understand what happened and explain it to the populace that cares to understand, a diligent journalist will have to review the bankruptcy case, speak with the trustee, review the public records, speak to the creditor’s counsel, and speak with Deal and his counsel. None of that will matter to the libtards; you can explain it to them, but you cannot understand it for them.
Tom
January 20th, 2011
6:41 pm
Perhaps some liberal nutcase would want to buy it with his TARP money!
DublDawg
January 20th, 2011
6:43 pm
Deal will not pay off the entire amount of the principal, interest, fees, etc. under the guaranty for the simple reason that he cannot because he does not have the assets or the future income. But that does not make him a crook, that only makes him of modest means and fairly broke. That is the way that it is for a lot of people that have become debtors in GA since the economy, and particularly real estate, went bad.
There is a long list of people in Atlanta and Georgia that had a lot of money 5 years ago that are worse than broke today.
TruthBe
January 20th, 2011
6:47 pm
George Soros OWNS Barrack Obama. Obama is Soros’s boy.
remarquee
January 20th, 2011
6:57 pm
WOW! More of the same. ‘Phew’ Purdue leaves ripping we Georgians off with a smelly real estate deal
khc
January 20th, 2011
6:58 pm
huckleberry you have the right moniker…you are a da……it’s the repubs who have aided and abetted the country going down the drain starting with reagan’s debt and treasury secretary….gwhb huge debt, clinton more debt, gwb huge debt and nearly a depression as he fiddled while wall st stole us blind, medicare d and 2 unfunded wars…..obama had little choice and the healthcare has not cost us much yet…..
you probably think the senate banking guy is swell too
remarquee
January 20th, 2011
7:00 pm
WOW! More GOP of the same. Turn-coat ‘phew” Purdue leaves Georgia citizens with a huge debt to cover his real estate favoritism . . . his pocket and now following in his footsteps is another ‘take it all and run’ GOP politician.
Tiffany
January 20th, 2011
7:01 pm
You all dummies voted for him. HAHA
Alabama Communist
January 20th, 2011
7:08 pm
Now you see it! Now you don’t! Typical land swap between close people……
I'm Your Huckleberry
January 20th, 2011
7:16 pm
@Atlanta CPA wrote: the going rate for a unsecured loan of this size would be $230,000 + principal
If it is as you say, then he’ll pay off the loan in less than a year. What nonsense.
You must work for the government.
@khc: You are a hater–and most of all you hate our economic system. Suggestion: move. I recommend Guam but I know you’d be worried about it tipping over. Perhaps you can colonize Mars. Be sure to take a picture of the American flag the astronauts left and send a picture back to us, OK?
Shout out to Hank, Sheila and Dr. Joe Medicine Crow.
Mark
January 20th, 2011
7:17 pm
Travis said “I fully believe a serial killer could be elected to office in Georgia if he ran as a Republican.”
I think that speaks volumes about the democrats we have experienced.
remarquee
January 20th, 2011
7:19 pm
Nothing less than the expected from the GOP. Governor ‘Phew” Purdue leaves Georgians with a large debt to cover his amazing real estate deal, mind you to benefit us citizens and certainly not him and his cronies. Now, we can only expect more Republicanism honesty and open government . . . dream on.
khc
January 20th, 2011
7:19 pm
yea i hate the ignorance you clearly show….
Jack
January 20th, 2011
7:29 pm
And to think we may have at least 3 more years of the GREAT leader ripping off us taxpayers !
I'm Your Huckleberry
January 20th, 2011
7:35 pm
Caps key is lower left.
Free yourself from the bondage of ignorance, mediocrity, and ineptitude forthwith.
Last Man Standing
January 20th, 2011
7:37 pm
I’m Your Huckleberry
January 20th, 2011
5:43 pm
Good post! I can tell by the way the dems/libs have launched a full frontal assault against you! Be strong. They will wither away as will the entire democRAT party.
E-Lane
January 20th, 2011
7:46 pm
Our new crooked Gov will just sell the property to the State…call it a park or green space!
Matt
January 20th, 2011
7:49 pm
It’s a shame Governor Deal couldn’t pay it off through years of wealth accumulation made possible through frivolous lawsuits, like that bloodsucking trial lawyer Roy Barnes.
Bursaw
January 20th, 2011
7:51 pm
I can’t believe people on this blog truly believe that he bought the land for $10. There nothing tricky here people. He is on the hook for the balance due on the loan. He will sell it & payoff the loan, well if he gets that much for it. Seems like a lot of people are reading what they want to believe not what is actually happening. In this day and age of mass foreclosures I figured more people would understand this stuff better.
TrishaDishaWarEagle
January 20th, 2011
7:57 pm
Liberals think lenders WANT acreage in Habersham damn county ? North GA is brimming with vacant paved cul-des-acs and REO developer re-poed acreage going for 30 cents on the dollar. unimproved acreage or utilized as single family, is a a red ink anchor on then banks books. As collateral, the land is worth far less now than the appraised collateral value at the time of the loan. Lenders do not want possession of rural vacant land and homes…they want the non bankrupt co-signer to take possession of the collateral and , with it, full obligaton of the loan.
Josh
January 20th, 2011
8:00 pm
Community Bank & Trust in Cornelia COO Randy Jones pleaded quilty in federal court today. What was Deal’s relationship with this bank officer ?? How was this officer involved with Deal and his daughter’s loan? Deal’s son in law and daughter lied on their information given to the court regarding this and Clint Wilders previous bankrupt proceedings. This was his 2nd time in bankrupt court. Deal had to correct his financial information 2-3 times.
Soon all of GA voters will understand how things work for elected officials from the Gainesville, GA area. You continue to elect crooks to run the state and this what you get in only the first month in office. Wait until you find out about all the rest that those of us in Gainesville know.
TrishaDishaWarEagle
January 20th, 2011
8:00 pm
BTW that is not a slam at Habersham county..but the collapse of the NGA MTN real estate market was fast and furious:) But, it’s not in the pitiful shape of say..clayton county:)
Hello
January 20th, 2011
8:00 pm
After the wash and the rinse cycle, I believe that the land and any remaining assets that belong to Carrie will be transferred to Nathan Deal because Carrie is probably planning to get a divorce from her bankrupt husband who is a total liability.
TnGelding
January 20th, 2011
8:02 pm
Huh? Say it ain’t so!
TrishaDishaWarEagle
January 20th, 2011
8:06 pm
Jones pleaded quilty..but the judge found him charmin and he got off scot free with the help of his brawny lawyer.
eatmotacos
January 20th, 2011
8:12 pm
Sonny borrowed 21 million on callateral worth less than 20% of the loan’s value. Deal is an amateur by comparison, but the same dynamics are at work. By the end of his two terms, Deal should be up to speed on back room deals. It is a lot like the line of dialog in “The Natural”, “build it and they will come”. In this case, “Elect a Crook, and they will come”. I’m sure the lowlifes are readying the money-stuffed envelopes as we speak.