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Mike Ross (bluedog) made close to $2M from land sales to USA Drug in 2007

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babylonsister Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-22-09 08:13 AM
Original message
Mike Ross (bluedog) made close to $2M from land sales to USA Drug in 2007
Edited on Tue Sep-22-09 08:20 AM by babylonsister
Mike Ross Raises Eyebrows With Healthy Haul
by Marcus Stern, ProPublica - September 22, 2009 5:00 am EDT


This story was co-published <1> with Politico and appeared in that paper on Tuesday, Sept. 22, 2009.

Arkansas Rep. Mike Ross -- a Blue Dog Democrat playing a key role in the health care debate -- sold a piece of commercial property in 2007 for substantially more than a county assessment <2> (PDF) and an independent appraisal <3> (PDF) say it was worth.

The buyer: an Arkansas-based pharmacy chain with a keen interest in how the debate plays out.

Ross sold the real estate in Prescott, Ark., to USA Drug for $420,000 -- an eye-popping number for real estate in the tiny train and lumber town about 100 miles southwest of Little Rock.

"You can buy half the town for $420,000," said Adam Guthrie, chairman of the county Board of Equalization and the only licensed real estate appraiser in Prescott.

But the $420,000 was just the beginning of what Ross and his pharmacist wife, Holly, made from the sale of Holly's Health Mart. The owner of USA Drug, Stephen L. LaFrance Sr., also paid the Rosses $500,000 to $1 million for the pharmacy's assets and paid Holly Ross another $100,000 to $250,000 for signing a non-compete agreement. Those numbers, which Ross listed on the financial disclosure reports he files as a member of Congress, bring the total value of the transaction to between $1 million and $1.67 million.


And that's not counting the $2,300 campaign contribution Ross received from LaFrance two weeks after the sale closed.

more...

http://www.propublica.org/article/arkansas-rep-sold-fam...

more...
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mod mom Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-22-09 08:36 AM
Response to Original message
1. Dem Leadership & Obama need to call him out on this. Can't wait til Rachel see's this.
rec'd
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mod mom Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-22-09 08:39 AM
Response to Reply #1
2. Rachel covered how his district's polling shows support for public option. here:
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RB TexLa Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-22-09 08:45 AM
Response to Original message
3. Sounds like she sold the business as well. Which would have value other than just the land it sits

on.
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RUMMYisFROSTED Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-22-09 08:55 AM
Response to Reply #3
4. For which they got an additional $500K-$1M.
As per the article.
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babylonsister Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-22-09 08:56 AM
Response to Reply #4
5. Some racket, isn't it. Can you say 'his vote was bought'? Sure has
that appearance.
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mod mom Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-22-09 08:59 AM
Response to Reply #3
6. read the article:
But the $420,000 was just the beginning of what Ross and his pharmacist wife, Holly, made from the sale of Holly's Health Mart. The owner of USA Drug, Stephen L. LaFrance Sr., also paid the Rosses $500,000 to $1 million for the pharmacy's assets and paid Holly Ross another $100,0001 to $250,000 for signing a non-compete agreement. Those numbers, which Ross listed on the financial disclosure reports he files as a member of Congress, bring the total value of the transaction to between $1 million and $1.67 million.
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RB TexLa Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-22-09 09:07 AM
Response to Reply #6
7. That's what she was paid for her business and signing the non-compete. Doesn't really matter
how it's broken up between land, assets and non-compete.
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mod mom Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-22-09 09:19 AM
Response to Reply #7
9. From the article here is more on the building:
Being in the real estate business, I know that I see the tax card every time, and its usually assessed a little bit less than the actual value or sales price, a little bit less but not that much less, she said. Asked about the value of the lot and building housing Hollys Health Mart, she said, It might cost $250,000 to build it. I wouldnt have a problem with that $200 and something thousand. But not over $400 .

Read more: http://www.politico.com/news/stories/0909/27410_Page3.h...

so besides being compensated for business + "do not compete", they were OVER compensated for the building.


there's also much more in the article to raise eyebrows:

In June the National Association of Chain Drug Stores issued a news release thanking Ross for introducing legislation authorizing payments to pharmacists to train patients in how to manage their medications.

Health-related interests have donated $342,475 to Ross since 2007, according to federal campaign data maintained by the nonprofit Center for Responsive Politics. No other business sector has given Ross as much.


Read more: http://www.politico.com/news/stories/0909/27410_Page2.h...


If you watch the clip of Rachel I posted above, you'll see Ross is going against his district approval of the public option. This article tell why!
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goclark Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-22-09 09:09 AM
Response to Original message
8. And ACORN gets in trouble! I am so angry!


I bet 1/2 of the Congress is doing the same thing ~ where are the laws on this stuff and when will it end! :puke:
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NJCher Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-22-09 10:35 PM
Response to Original message
10. excellent report by Rachel
It will be interesting to follow the aftermath of this. I intend to donate to the campaign to run the ad during the game.


Chero
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Octafish Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-22-09 10:37 PM
Response to Original message
11. It just looks like he's corrupt.
It's not like he's part of a conspiracy or anything.
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lpbk2713 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-22-09 11:02 PM
Response to Original message
12. Vote the self-serving SOB out in the next primary.



He's in the wrong party.


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