Wednesday, May 7, 2008

McHenry and Pittenger?


From Greg Flynn at BlueNC?

How does Patrick McHenry manage to stand tall financially? His personal accumulation of assets through property deals has been a wonder. I’ve always been curious how a paper entry on a form turns into a cash windfall later. Now it seems he has a business partner in Republican State Senator and Lt Governor candidate Robert Pittenger, Lord of the LLC land deals, to help him along.

In Patrick McHenry’s financial disclosure forms filed 5/15/2007 for 2006 there was a new entry for a purchase: Locust-Highway 200 LLC (Real estate/ raw land) a “.00294%” share valued at $15-50,000. The date of the transaction was 2/2/2006. The NC Secretary of States records indicate that the LLC was formed just two days earlier 1/31/2006. The documents show that William R Culp Jr was the registered agent and Christopher E Hannum was the organizer. An annual report filed with the NC Secretary of State 3/7/2007 shows the registered agent and managing member to be Robert Pittenger.

A deed recorded 3/15/2006 in Cabarrus County, Book 6606, Page 86, shows that Locust-Highway 200 LLC purchased a 90.851% share of a parcel of land described as 379.551 acres, Highway 200, Locust. The date is more than a month after McHenry claims he acquired his interest. The stamp tax of $12,759 puts the sale price at around $6,379,500. McHenry’s share of 0.00294% comes to $188 which makes his claim of a $15-50,000 acquisition seem odd. It is possible that he made a mistake on his disclosure form and meant to state either .00294 or 0.294% but the share is very specific.

A listing on Pittenger’s website, which has since been removed, states that the land was annexed and rezoned by the City of Locust in neighboring Stanly County. The rezoning allows 2.4 lots per acre for a total of 960 lots. The other owners of the property besides Locust-Highway 200 LLC are listed in deeds as Paul A Stroup III (3.2675%) and College Street LLC (5.8815%). Annexation and rezoning is apparently a specialty of Pittenger in adding value to land. This development, just northwest of Locust, will be yet another bedroom community for Charlotte, adding to transportation needs in neighboring counties.

Since McHenry’s recorded investment in the LLC, Robert Pittenger and his wife have made $9,000 in contributions to McHenry’s campaign. One contribution of $1,000 was made 3/10/2006 just a few days before the deed was recorded. In the current election cycle Pittenger has maxed out his contribution for both the primary and general having given a total of $4,600 in Nov/Dec 2007. His wife is up to $2,400 for the current cycle.

I still haven’t put my finger on it. I have been suspicious when undocumented personal loans to a campaign get paid off as with McHenry but it’s not unusual for campaigns. To me it’s an untraceable way to siphon off money for personal use. Making property deals with campaign contributors is not unusual for McHenry but this deal is odd. It is less transparent than a deed transfer.

When the “consideration” for a transaction is unknown the asset value can be anything you or your partners claim it to be. The acquisition cost can be and sale cost are malleable. Without an audit there is no way to know how much was actually invested by a partner, how much value is arbitrarily added to the investment or if values are manipulated to avoid capital gains tax.

In this case, McHenry’s participation seems to be inconsequential to the LLC though it seems very important to Robert Pittenger. In this case McHenry could cash out big without ever having invested a penny of his own money.

More on Pittenger via praha at BlueNC:
This stuff comes from Village Scribe Online, which is apparently a really good local Charlotte blog. Charlotte is extremely far out of my orbit, so I'm just discovering these things as an outsider:

The good senator has been a very active land speculator in western Union County. One of the most lucrative was the satellite annexation into Waxhaw arranged by NC Legislature, so Senator Pittenger’s property would enjoy much higher home density than county zoning. That resulting ’school busting’ development is known as Lawson. There are others...

Anyway, Pittenger’s pet bill, his personal multi-million-dollar moneymaking machine, was House Bill 705 from the 2003 session: http://www.ncga.state.nc.us/gascripts/BillLookUp/BillLookUp.pl?Session=2...

A brief recap of the calendar is:

3/26/03 Bill was introduced by Jim Black, legislatively annexing some remaining parcels into the Town of Matthews
5/22/03 Bill received favorable report by house finance committee
5/28/03 Bill passed house; there was still no mention of Pittenger’s Get Rich Quicker scheme
5/29/03 PASSED house bill went to senate finance committee; I don’t know if Pittenger sat on that committe during that session, but he is listed as a member of the senate finance committee now: http://www.ncga.state.nc.us/gascripts/Committees/Committees.asp?sAction=... Standing_77
6/18/03 Senate finance committee amends passed house bill, adds language ANNEXING PITTENGER’S PROPERTY INTO WAXHAW, reports favorable…Surprise, Surprise!
6/24/03 Senate votes to pass H705 with the Pittenger annexation added…vote was 47-1 followed by 49-1 with Pittenger voting “AYE” both times on the bill that would net him millions of dollars; only “NAY” vote was by Sen. Katie Dorsett (D-Guilford)…man, we need more senators like her and fewer like Pittenger and Shubert
6/26/03 Re-voted in house on concurrence after senate passage; 3 “NAY” votes including Rep. Pryor Gibson (D-Anson,Union)

6 comments:

gregflynn said...

Looks like Pittenger's son, Robert M. Pittenger, Jr., has a court date Friday May 16th for a speeding ticket in Cabarrus County. Citation Number 9E49490.

sexy said...

情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣,情趣,情趣,情趣,情趣,情趣,情趣用品,情趣用品,情趣,情趣,A片,A片,A片,A片,A片,A片,情趣用品,A片,情趣用品,A片,情趣用品,a片,情趣用品

A片,A片,AV女優,色情,成人,做愛,情色,AIO,視訊聊天室,SEX,聊天室,自拍,AV,情色,成人,情色,aio,sex,成人,情色

免費A片,美女視訊,情色交友,免費AV,色情網站,辣妹視訊,美女交友,色情影片,成人影片,成人網站,H漫,18成人,成人圖片,成人漫畫,情色網,日本A片,免費A片下載,性愛

色情A片,A片下載,色情遊戲,色情影片,色情聊天室,情色電影,免費視訊,免費視訊聊天,免費視訊聊天室,一葉情貼圖片區,情色視訊,免費成人影片,視訊交友,視訊聊天,言情小說,愛情小說,AV片,A漫,avdvd,情色論壇,視訊美女,AV成人網,情色文學,成人交友,成人電影,成人貼圖,成人小說,成人文章,成人圖片區,成人遊戲,愛情公寓,情色貼圖,成人論壇


情色貼圖,色情聊天室,情色視訊,情色文學,色情小說,情色小說,臺灣情色網,色情,情色電影,色情遊戲,嘟嘟情人色網,麗的色遊戲,情色論壇,色情網站,一葉情貼圖片區,做愛,性愛,美女視訊,辣妹視訊,視訊聊天室,視訊交友網,免費視訊聊天,美女交友,做愛影片

視訊聊天室,聊天室,視訊,,情色視訊,視訊交友,視訊交友90739,免費視訊,免費視訊聊天,視訊聊天,UT聊天室,聊天室,美女視訊,視訊交友網,豆豆聊天室,A片,尋夢園聊天室,色情聊天室,聊天室尋夢園,成人聊天室,中部人聊天室,一夜情聊天室,情色聊天室,080中部人聊天室,080聊天室,美女交友,辣妹視訊

平平 said...

^^ nice blog!! ^@^

徵信, 徵信網, 徵信社, 徵信社, 徵信社, 徵信社, 感情挽回, 婚姻挽回, 挽回婚姻, 挽回感情, 徵信, 徵信社, 徵信, 徵信, 捉姦, 徵信公司, 通姦, 通姦罪, 抓姦, 抓猴, 捉猴, 捉姦, 監聽, 調查跟蹤, 反跟蹤, 外遇問題, 徵信, 捉姦, 女人徵信, 女子徵信, 外遇問題, 女子徵信, 徵信社, 外遇, 徵信公司, 徵信網, 外遇蒐證, 抓姦, 抓猴, 捉猴, 調查跟蹤, 反跟蹤, 感情挽回, 挽回感情, 婚姻挽回, 挽回婚姻, 外遇沖開, 抓姦, 女子徵信, 外遇蒐證, 外遇, 通姦, 通姦罪, 贍養費, 徵信, 徵信社, 抓姦, 徵信, 徵信公司, 徵信社, 徵信, 徵信公司, 徵信社, 徵信公司, 女人徵信, 外遇

徵信, 徵信網, 徵信社, 徵信網, 外遇, 徵信, 徵信社, 抓姦, 徵信, 女人徵信, 徵信社, 女人徵信社, 外遇, 抓姦, 徵信公司, 徵信社, 徵信社, 徵信社, 徵信社, 徵信社, 女人徵信社, 徵信社, 徵信, 徵信社, 徵信, 女子徵信社, 女子徵信社, 女子徵信社, 女子徵信社, 徵信, 徵信社, 徵信, 徵信社, 徵信, 徵信社, 徵信, 徵信社, 徵信, 徵信社, 徵信,

徵信, 徵信社,徵信, 徵信社, 徵信, 徵信社, 徵信, 徵信社, 徵信, 徵信社, 徵信, 徵信社, 徵信, 徵信社, 徵信, 徵信社, 徵信, 徵信社, 徵信, 徵信社, 徵信, 徵信社, 徵信, 徵信社, 徵信, 徵信社, 徵信, 徵信社, 徵信, 徵信社, 徵信, 徵信社, 徵信, 徵信社, 外遇, 抓姦, 離婚, 外遇,離婚,

徵信, 外遇, 離婚, 徵信社, 徵信, 外遇, 抓姦, 徵信社, 徵信, 徵信社, 徵信, 外遇, 徵信社, 徵信, 外遇, 抓姦, 徵信社, 征信, 征信, 徵信, 徵信社, 徵信, 徵信社, 征信, 徵信, 徵信社, 徵信, 徵信, 徵信社, 徵信, 徵信社, 徵信社, 徵信社, 徵信, 外遇, 抓姦, 徵信, 徵信社, 徵信, 徵信社, 徵信,

fshfghsf said...

看房子,買房子,建商自售,自售,台北新成屋,台北豪宅,新成屋,豪宅,美髮儀器,美髮,儀器,髮型,EMBA,MBA,學位,EMBA,專業認證,認證課程,博士學位,DBA,PHD,在職進修,碩士學位,推廣教育,DBA,進修課程,碩士學位,網路廣告,關鍵字廣告,關鍵字,課程介紹,學分班,文憑,牛樟芝,段木,牛樟菇,日式料理, 台北居酒屋,日本料理,結婚,婚宴場地,推車飲茶,港式點心,尾牙春酒,台北住宿,國內訂房,台北HOTEL,台北婚宴,飯店優惠,台北結婚,場地,住宿,訂房,HOTEL,飯店,造型系列,學位,牛樟芝,腦磷脂,磷脂絲胺酸,SEO,婚宴,捷運,學區,美髮,儀器,髮型,牛樟芝,腦磷脂,磷脂絲胺酸,看房子,買房子,建商自售,自售,房子,捷運,學區,台北新成屋,台北豪宅,新成屋,豪宅,學位,碩士學位,進修,在職進修, 課程,教育,學位,證照,mba,文憑,學分班,網路廣告,關鍵字廣告,關鍵字,SEO,关键词,网络广告,关键词广告,SEO,关键词,网络广告,关键词广告,SEO,台北住宿,國內訂房,台北HOTEL,台北婚宴,飯店優惠,住宿,訂房,HOTEL,飯店,婚宴,台北住宿,國內訂房,台北HOTEL,台北婚宴,飯店優惠,住宿,訂房,HOTEL,飯店,婚宴,台北住宿,國內訂房,台北HOTEL,台北婚宴,飯店優惠,住宿,訂房,HOTEL,飯店,婚宴,結婚,婚宴場地,推車飲茶,港式點心,尾牙春酒,台北結婚,場地,結婚,場地,推車飲茶,港式點心,尾牙春酒,台北結婚,婚宴場地,結婚,婚宴場地,推車飲茶,港式點心,尾牙春酒,台北結婚,場地,居酒屋,燒烤,美髮,儀器,髮型,美髮,儀器,髮型,美髮,儀器,髮型,美髮,儀器,髮型,小套房,小套房,進修,在職進修,留學,證照,MBA,EMBA,留學,MBA,EMBA,留學,進修,在職進修,牛樟芝,段木,牛樟菇,關鍵字排名,網路行銷,关键词排名,网络营销,網路行銷,關鍵字排名,关键词排名,网络营销,PMP,在職專班,研究所在職專班,碩士在職專班,PMP,證照,在職專班,研究所在職專班,碩士在職專班,SEO,廣告,關鍵字,關鍵字排名,網路行銷,網頁設計,網站設計,網站排名,搜尋引擎,網路廣告,SEO,廣告,關鍵字,關鍵字排名,網路行銷,網頁設計,網站設計,網站排名,搜尋引擎,網路廣告,SEO,廣告,關鍵字,關鍵字排名,網路行銷,網頁設計,網站設計,網站排名,搜尋引擎,網路廣告,SEO,廣告,關鍵字,關鍵字排名,網路行銷,網頁設計,網站設計,網站排名,搜尋引擎,網路廣告,EMBA,MBA,PMP
,在職進修,專案管理,出國留學,EMBA,MBA,PMP
,在職進修,專案管理,出國留學,EMBA,MBA,PMP
,在職進修,專案管理,出國留學,婚宴,婚宴,婚宴,婚宴

住宿,民宿,飯宿,旅遊,住宿,民宿,飯宿,旅遊,住宿,民宿,飯宿,旅遊,住宿,民宿,飯宿,旅遊,住宿,民宿,飯宿,旅遊,住宿,民宿,飯宿,旅遊,住宿,民宿,飯宿,旅遊,美容,美髮,整形,造型,美容,美髮,整形,造型,美容,美髮,整形,造型,美容,美髮,整形,造型,美容,美髮,整形,造型,美容,美髮,整形,造型,美容,美髮,整形,造型,設計,室內設計,裝潢,房地產,設計,室內設計,裝潢,房地產,設計,室內設計,裝潢,房地產,設計,室內設計,裝潢,房地產,設計,室內設計,裝潢,房地產,設計,室內設計,裝潢,房地產,設計,室內設計,裝潢,房地產,設計,室內設計,裝潢,房地產,進修,在職進修,MBA,EMBA,進修,在職進修,MBA,EMBA,進修,在職進修,MBA,EMBA,進修,在職進修,MBA,EMBA,進修,在職進修,MBA,EMBA,進修,在職進修,MBA,EMBA,進修,在職進修,MBA,EMBA,住宿,民宿,飯店,旅遊,美容,美髮,整形,造型,設計,室內設計,裝潢,房地產,進修,在職進修,MBA,EMBA,羅志祥,周杰倫,五月天,蔡依林,林志玲,羅志祥,周杰倫,五月天,蔡依林,林志玲,羅志祥,周杰倫,五月天,蔡依林,羅志祥,周杰倫,五月天,蔡依林

eda said...

情趣按摩棒,自慰套,角色扮演,按摩棒,跳蛋,情趣跳蛋,
.,

情趣,G點,性感丁字褲,情趣,角色扮演服,吊帶襪,丁字褲,情趣用品,無線跳蛋,男女,
潤滑液,SM,內衣,性感內衣,自慰器,充氣娃娃,AV,
按摩棒,電動按摩棒,飛機杯,視訊,自慰套,自慰套,情趣用品,情趣內衣,

didi said...

情趣用品,情趣,
按摩棒,電動按摩棒,
IC按摩棒,IO按摩棒,
G點,後庭,
AV女優,AV,
跳蛋,無線跳蛋,
變頻跳蛋,數位跳蛋,
跳蛋,跳蛋,
潤滑油,情趣精品,
SM,吊帶襪,
馬甲,角色扮演服,
角色扮演,充氣娃娃,
貓裝,絲襪,
褲襪,性感絲襪,
性感睡衣,睡衣,
自慰器,自慰器,
爆漿,自慰杯,
做愛,電動自慰器,
威而柔,高潮,
逼真按摩棒,振動按摩棒 ,
按摩棒,按摩棒,