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Saturday, June 28, 2008
Two NM Candidates Report Millions in Assets
By Barry Massey
Associated Press
SANTA FE — Democrat Harry Teague and Republican Ed Tinsley are in a financial league of their own as congressional candidates in New Mexico.
The 2nd Congressional District nominees appear to be the wealthiest candidates running for New Mexico's three congressional seats in the November general election.
Teague and Tinsley hold assets ranging from business interests to real estate and that make them millionaires several times over, according to a review by The Associated Press of financial disclosure statements filed by candidates with the clerk of the U.S. House.
Teague, a Hobbs oilman, reported assets worth at least $7 million and potentially as much as $30 million.
Tinsley, a Capitan rancher and restaurant chain owner, listed personal holdings valued between $7 million and $35 million. His wife, Meredith, had assets of $2 million to $7 million, including trust holdings and oil and natural gas interests.
The candidates are running for the southern New Mexico congressional seat being vacated by Republican Steve Pearce, his party's Senate nominee.
The federal disclosure reports, which are similar to those filed yearly by members of Congress, offer a glimpse of the personal finances of candidates but do not provide an individual's specific net worth because assets, income and liabilities are valued only in broad ranges.
For example, Teague's largest asset — a company that runs several oilfield services businesses — is worth between $5 million and $25 million. Similarly, Tinsley reported that his Lincoln County ranch — the Flying W Diamond Ranch — is worth between $5 million and $25 million.
Teague has an extensive portfolio of stocks, real estate and business ventures, including partnerships that own racing horses and operate a security services company. Another partnership owns aircraft, which were used by Gov. Bill Richardson for travel during his presidential campaign.
Teague's stock is valued between $681,000 and $1.7 million, and includes about 20 companies ranging from Boeing Co. and General Motors Corp. to Walt Disney Co. and Sony Corp. He owned from $100,001 to $250,000 worth of stock in a pharmaceutical company, Schering Plough Corp.
Teague listed liabilities of $1 million to $5 million for a business loan.
Tinsley's major assets included stock of $1 million to $5 million in the franchisor of the K-Bob's restaurant chain, $1 million to $5 million in notes receivable held by his ranch and a bank account of $250,001-$500,000.
Tinsley reported liabilities of nearly $1.1 million to $5.2 million. The largest was a mortgage on a "Santa Fe vacation home'' — $1 million to $5 million. Tinsley's other liabilities were for vehicle loans.
Candidates are not required to report the value of their personal residence, unless they receive rental income from it. Also excluded from the financial statements are personal savings accounts of $5,000 or less.
Here are the asset ranges for other candidates:
_1st Congressional District: Republican Darren White, $100,000-$250,000; and Democrat Martin Heinrich, $19,000-$110,000.
_3rd District: Democrat Ben Ray Lujan, $115,000-$300,000; Republican Dan East, $501,000-$1 million; independent candidate Carol Miller, $167,000-$730,000, which includes some assets jointly held with her husband; and independent candidate Ron Simmons, $1,001-$15,000.
A summary of the personal finances of candidates running for New Mexico's three congressional seats, according to disclosure reports filed with the clerk of the U.S. House.
1st Congressional District
Martin Henrich, Democrat
Earned income: $47,605 in 2007 for city and state salaries.
Major assets: Money market mutual fund, $15,001-$50,000; individual retirement accounts, $4,000-$60,000.
Major sources of unearned income: Interest on money market fund, $201-$1,000 in 2007.
Major liabilities: Home equity loan, $15,001-$50,000.
Narrative: Heinrich is a former Albuquerque city councilor and state natural resources trustee.
___
Darren White, Republican
Earned income: $71,235 in 2007; $22,411 through early May 2008.
Major assets: Public employee retirement plan, $100,001-$250,000.
Major sources of unearned income: None.
Major liabilities: None.
Narrative: White is Bernalillo County sheriff and formerly was Department of Public Safety secretary in former Gov. Gary Johnson's administration.
___
2nd Congressional District
Harry Teague, Democrat
Earned income: $117,011 in 2007; $52,480 through mid-May 2008.
Major assets: A company running several oilfield services businesses, $5 million-$25 million; rental properties and property partnership, $1 million-$2.1 million; various stocks, $681,000-$1.7 million.
Major sources of unearned income: partnership distribution from rental property, $100,000-$1 million in 2007; partnership distribution from security services business, $50,000-$100,000.
Major liabilities: business loan, $1 million-$5 million.
Narrative: Nearly all of Teague's earned income was his oilfield services company salary.
___
Ed Tinsley, Republican
Earned income: None through mid-March 2008.
Major assets: Ranch in Lincoln County, $5 million-$25 million; stock in franchising company for the K-BOB'S Steakhouse chain, $1 million-$5 million.
Major sources of unearned income: Restaurant chain franchising, $100,000-$1 million in 2007.
Major liabilities: Mortgage on Santa Fe vacation home, $1 million-$5 million.
Narrative: Tinsley is president of the franchising company. His wife listed assets valued between $2 million and $7 million, including trust and investment holdings and oil and natural gas royalties.
___
3rd Congressional District
Ben Ray Lujan, Democrat
Earned income: $90,000 in 2007 and 2008.
Major assets: Real estate, $100,001-$250,000; public employee retirement plan, $15,001-$50,000.
Major sources of unearned income: None.
Major liabilities: Bank loan to campaign, $15,001-$50,000.
Narrative: Lujan's earned income is his yearly salary as a member of the Public Regulation Commission.
___
Dan East, Republican
Earned income: $131,609 in 2007; $31,250 through mid-March 2007.
Major assets: General contracting company, $500,001-$1 million.
Major sources of unearned income: Dividends from contracting company, $100,001-$1 million in 2007.
Major liabilities: Line of credit from bank, $15,001-$50,000; home equity loan, $15,001-$50,000.
Narrative: East's earned income is salary from his construction business, which builds water and wastewater treatment facilities.
___
Carol Miller, independent
Earned income: $71,100 in 2007; $20,481 through April 2008.
Major assets: Credit union account, $100,001-$250,00; individual retirement accounts, $45,000-$325,000.
Major sources of unearned income: IRA earnings and capital gains, $600-$5,000 in 2007.
Major liabilities: Loan for daughter's college education, $10,001-$15,000.
Narrative: Miller's earned income is mostly her salary as executive director of National Center for Frontier Communities. She also was a paid consultant last year to the National Rural Health Association.
___
Ron Simmons, independent.
Earned income: $87,411 in 2007; $20,400 through June 25, 2008.
Major assets: Certificate of deposit, $1,001-$15,000.
Major sources of unearned income: Certificate of deposit, $1-$200.
Major liabilities: Loan to campaign from personal savings, $10,001-$15,000.
Narrative: Simmons' earned income comes from a general contracting business he owns.
Copyright ©2008 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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