- Written by Super User
- Hits: 681
Greg Orman, an Olathe business owner mounting an independent proposal for USSENATE versus Sen. Pat Roberts, has actually generated a diverse portfolio of financial investments that vary from interactive games to medical technology.
He has in between $21.5 million and $86 million in possessions and his earnings varies from $917,000 to $4.5 million, according to his financial disclosure form filed with the Senate this week and launched to The Eagle.
The form requires candidates to note sources of incomeincomes and other financial investments, but does not require candidates to say the exact value of an investment. Candidates mark where an investment falls on a range.
The income figures were from Jan. 1, 2013 to Aug. 31 2014, the Orman campaign stated Monday.
Orman would not say what his net worth was when asked at a news conference last week.
The minimum asset range-- $21.5 million-- would appear to put Orman among the top 10 senators in net worth, if he defeats Roberts in November.
Roberts reported in August that he and his other half own possessions worth between $1.6 million and $4 million.
Orman's a lot of important holdings by far are in real estate. His stake in Minneapolis-based FRM Associates ranges between $5 million and $25 million, according to his disclosure.
Orman owns this company with Arthur Petrie, a Las Vegas genuine estate designer, who has actually offered thousands of dollars in project donations to Senate Bulk Leader Harry Reid and likewise donated to Orman's brief run for the Senate as a Democrat in 2007, according to project finance data collected by the Sunlight Foundation.
Orman's disclosure form details a loan he made to Petrie worth $1 million to $5 million.
Other genuineproperty financial investments-- Bogen Acquisition and Grand Acquisition-- fall in between $1 million and $5 million. Both of these holdings are had by GMG Realty, a company in which Orman has a managing stock.
Orman has a 50 percent ownership stake in World Arenas LLC, which has numerous properties in Minnesota that home state run medical centers.
He likewise has a getaway home "for financial investment purposes" in Coeur D'Alene, Idaho, worth between $1 million and $5 million, according to his disclosure.
Orman has consistently touted his business record on the project path - an informationa press release from his project recently referred to the prospect as a business owner 4 times and stated he has a "record of developing effective business and producing jobs in Kansas and around the nation."
His company ventures have also come under scrutiny in recent weeks: one of his companies, Combat Brands, is dealing with a $30 million claim for trademark infringement from boxing equipment giant Everlast, and another is co-owned by Rajat Gupta, a former Goldman Sachs board member who was founded guilty for expert trading in a high profile case that arised from investigations by the FBI and SEC.
His project has actually said Ormans idea to invest in Combat Brands conserved 50 tasks in Johnson County. It has said the Everlast fit lacks merit. His investment in the company is in between $1 million and $5 million, according to his disclosure.
Last week, Orman downplayed the venture with Gupta, Prototype Wealth Management, an Olathe-based accounting company, calling it "an extremely little financial investment" that was "under $50,000."
His disclosure report details the financial investment as falling in between $15,000 and $50,000.
The Orman project said that Exemplar Wealth Management worked together totally with investigators during the federal probe into Guptas activities and that Orman himself was never ever the subject of an SEC investigation.
Orman has numerous other companies called Prototype, including Exemplar Holdings, an umbrella company that owns Battle Brands and numerous other companies. Orman's Senate form lists Olathe as the business's base, but it is integrated in Nevada, according to the Nevada Secretary of State's Office.
Gupta is not linkedgotten in touch with Exemplar Holdings, according to the Orman campaign.
"Greg has used the name for 'Exemplar' for a few of the companies he's been included in, but they are not linked to each other beyond their association with Greg," stated Mike Phillips, a representative for the campaign. "Undoubtedly, not every business that uses the name Prototype is connectedrelated to Greg."
Orman's disclosure form provides a multitude of business with the name: Prototype Medical, Prototype Energy, Prototype Gas Advertising, Prototype Finance and a defunct company called Exemplar Biotech, which folded in 2012.
Gupta had actually invested in FRM Associates prior to his conviction however is no longer included with the business, according to the Orman project.
After Gupta's conviction, Orman temporarily sat as his agent on the board for New Silk Route, a $1.6 billion hedge fund; he stepped down from that post in March, according to his disclosure form. Orman's project noted that New Silk Path was not connected to Gupta's insider trading case.
Open Secrets, a website run by the Center for Responsive Politics, reported that Gupta's family has donated $26,000 to Orman's project.
As head of state of Prototype Holdings, Orman sits on the board of Maxus Real estate Trust, based in Kansas City, Mo., which has even more than $340 million in overall assets, according to its June quarterly report.
Orman draws a wage of $7,900 for his position on the trust's board however does not have an ownership stake, according to his project. His area on the board comes from a loan Exemplar made to Maxus worth in between $200,000 and $500,000.
Contributing: The Associated Press and Dave Helling of the Kansas City Star
- Written by Super User
- Hits: 351
When Kathryn Slater-Carter learned her family would lose $1.5 million after McDonalds Corp. did not restore the franchise contract on one of their dining establishments in the San Francisco suburban areas, she attemptedpursued a second time to alter state law to safeguard franchisee investments.
That restored effort might bear some fruit. California legislators in August passed the new costs she promoted and Guv Jerry Brown has till Sept. 30 to sign or ban it.
At present, California law only needs franchisors that cancel or fail to restore a franchise contract to provide to buy a franchisees inventory.
AmongstTo name a few things, the pending regulation knowncalled SB 610 would need a franchisor that terminates a contract without a product breach to make up the franchisee for the reasonable value of their company, or to supply them a chance to buy.
The diminished law passed by lawmakers would not have actually prevented the equity loss Slater-Carter states her household suffered when their McDonalds dining establishment in a Daly City, California, mall was required to close, however its a start, she stated. The franchise agreement on her familys one staying Daly City restaurant ends in 2016.
A spokeswoman for McDonalds stated that the shopping mall dining establishment closed because the franchise and lease contracts each expired. She added that the company did not play a part because timing.
Groups standing for big business and franchisees have actually clashed over the bill in what some professionals say is among Californias most significant company battles this year.
The International Franchise Association (IFA), a trade group standing for McDonalds and other well-funded franchisors, led the opposition. They warn that the regulation could damage a franchisors ability to impose brand requirements, damage franchisee equity by protecting weak operators and outcomelead to frivolous suits.
Fans are a coalition that consists of the American Association of Franchisees amp; Dealerships and the Service Worker International Union, which has backed fast-food worker protests at franchisee-owned restaurants. They state changes are long overdue and that other states, consisting of Washington, have more powerful laws in location.
It offers us a little bit of security versus termination and retaliation, stated Jaspreet Dhillon, chairman of the California 7-Eleven Franchisee Political Action Committee. The expense wont fix everything, however it allows us to sleep in the evening.
Franchisor 7-Eleven Inc, owned by Tokyo-based Seven amp; I Holdings, in the last two years has been hitfined about a dozen suits where franchisees alleged that it drummed up reasonsneeds to eliminate their benefit establishments.
A 7-Eleven spokesperson stated those allegations are false which the business ends relationships with the few franchisees who break the law or the franchise contract to safeguard other franchisees, employees and customers.
A 2012 franchisee defense bill led by Slater-Carter died in committee. (Additional reporting by Sharon Bernstein in Sacramento; Editing by Lisa Shumaker)
- Written by Super User
- Hits: 323