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McMahon To Re-Pay Some Debts After 36 Years

by Christine Stuart | Sep 20, 2012 11:46pm
(14) Comments | Commenting has expired
Posted to: Congress, Election 2012

Christine Stuart file photo

Linda McMahon with Ann Brickley in Bristol at Lake Compounce

Thirty-six years after filing for bankruptcy, Linda McMahon will be paying back all the individual creditors she can track down. The decision comes two days after a reporter from The Day of New London confronted her with a partial copy of the 1976 bankruptcy filing.

McMahon, a multi-millionaire and former CEO of World Wrestling Entertainment, released a statement Thursday evening explaining that “it is our intention to reimburse all private individual creditors that can be located.”

The statement came after she received copies of the bankruptcy filing found by a Day reporter at the National Archives and Records Administration in Massachusetts.

“We feel it is the right thing to do to pay them in full, including an adjustment for inflation at four times the initial amount as shown on the list of creditors,” McMahon said in the statement. 

Click here to read her full statement.

Earlier this month at Lake Compounce, when McMahon was asked by reporters if she would hand over copies of her bankruptcy filings, she said she didn’t have any records.

She said she tried to find them in 2010 during her first run for the U.S. Senate, but was unable. 

“Those records were just not available,” McMahon said on Sept. 7. “That was 1976. And we didn’t hang onto those.”

Her Democratic opponent, Chris Murphy, has argued that, unlike McMahon, he paid his debts. Murphy had a brush with foreclosure in 2007 and made late payments on rent in 2003, his property taxes in 2005, and his vehicle taxes from 1998 to 2005.

McMahon has said her bankruptcy as a private citizen is far different from Murphy’s near foreclosure as a sitting Congressman and elected official.

But Murphy’s campaign is wondering why she has decided to repay her debts now when she’s been a millionaire for years.

“It’s a shame that it took 36 years and mounting political pressure for Linda McMahon to finally pay some, but apparently not all, of her debts,” Ben Marter, Murphy’s spokesman said. “The timing of her newfound goodwill reeks of political expediency but unfortunately, McMahon is only raising more questions about her financial dealings.”

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(14) Comments

posted by: MGKW | September 21, 2012  8:10am

She started this gutter fight….so the idea that it took 35 years to pay off and Murphy to pay his “debts” if you can call them that in much less time…just shows what she is doing…distractions, distractions, distractions…the only way she can win…question for her…Where’s Vince?

posted by: saramerica | September 21, 2012  8:19am

saramerica

Color me cynical, but do any of us think that Linda and Vince would have had this come to Jesus moment if she weren’t running for office? The Day managed to find those records. We know from the alacrity with which the WWE is playing whack-a-mole trying to remove embarrassing videos from the internet and sue journalists that they have no shortage of lawyers. Surely they could have had one of those lawyers track down these docs in the last 36 years if they REALLY wanted to do the right thing. Right, Linda?

posted by: Joe Eversole | September 21, 2012  10:26am

Paying debts you are no longer legally obligated to pay is silly.  However, not paying bills you are legally obligated to pay is a different matter all together.  This was a bad move for Linda, as she had no reason to pay those debts.  She should have indicated that they were lawfully discharged under Federal Bankruptcy laws.  That would have been the end of it all.

posted by: NoNonsense2012 | September 21, 2012  10:29am

Give me a break! “Gee, we would have paid these people back a LONG time ago, really we would have, but we didn’t have the list anymore.” Just how stupid does McMahon think we are? What a hypocrite!

posted by: ramonesfan | September 21, 2012  11:09am

Note to McMahon campaign architect Corry Bliss: ever hear of that biblical proverb “pride goes before a fall”? 

This woman is no more qualified to serve in the U.S. Senate than Hulk Hogan or The Rock.  I can’t believe so many Connecticut voters are considering casting their ballot for her.  How did our society become so stupid?  Are we entertaining ourselves to death?

posted by: saramerica | September 21, 2012  11:42am

saramerica

The answer, No Nonsense, is that Linda clearly thinks we are very, VERY stupid.

posted by: Noteworthy | September 21, 2012  3:16pm

This is a classy move by Linda McMahon. First, she is under no obligation to pay anything; and it was nearly 40 years ago. Second, the records were and are not readily available but when given copies, she will make people more than whole, by a long shot. I’m quite sure it will be much more appreciated now. Moreover, the money from that bankruptcy is wortha lot more now.

In a classless move, enter Murphy’s campaign comments which if it were not trying to deflect attention from Murphy’s inability to supervise his own finances and live up current obligations even as a well compensated state senator, would have made no sense at all.

Murphy may be forgiven for this endless series of “forgetfulness” but lying about it is another matter.

posted by: RR | September 21, 2012  3:22pm

I don’t really care for either candidate, but just because I was curious to see if this was a good deal for the investors…
For every $100k McMahon owed, she will pay $400k, and using the CPI index since 1976 that equates to approximately $1.58 million in today’s dollars (for each $100k owed). With monthly discounting that equates to an interest rate of approximately 7.55%. Time period since 2008 notwithstanding, the Fed Prime Rate was much higher than that during the bulk of this period. If you calculate the interest on $100k dollars, compounding monthly using the Prime Rate (assuming a marking date of the first of each month), McMahon would owe $2.03 million per $100k dollars of debt. Obviously, she has no legal obligation to pay anything at this point (but perhaps a moral one?)—but that’s still a pretty good deal for her. Anyone care to check my math?

posted by: ramonesfan | September 21, 2012  4:29pm

Note to McMahon campaign manager Corry Bliss: isn’t there a line from the Bible that says “pride goeth before a fall”? 

Your PR strategy is straight from the Newt Gingrich playbook, and it’s nauseating.  Everyone knows that Linda has a very thin resume for such an important office. So what do you do? Launch phony attack ads against Murphy, in the hope of bamboozling Connecticut TV viewers. Is the level you need to stoop to?

posted by: politicallycorrect | September 21, 2012  11:11pm

Linda is not paying all her debts, only those “private individual creditors that can be located.” Looking at the list, she seems not to like paying taxes.  And it came out today that she’s late paying her property tax on a Stamford condo.  If you’re running for the Senate, you really should pay your taxes, don’t ya think.

posted by: Lawrence | September 22, 2012  10:36am

This story is the end of the Linda McMahon campaign.

It took a news story to get her to repay these people?  JCReindl found something in a few weeks that a mutli-million dollar international corporation with a few floors of lawyers couldn’t find in the state next door?

McMahon nis beyonf reprehensible. There’s not even a word for it. Now all of CT and the world knows it (check the national news wires, who are also carrying this story…)

posted by: shinningstars122 | September 22, 2012  12:31pm

shinningstars122

This campaign now has become an embarassment for our state. Both candiates are wasting time and money “protecting and defending” their honor while ignoring struggling working families in this state.

At least Chris Murphy has a voting recond and he voted in the last Presidential election.

posted by: shinningstars122 | September 22, 2012  12:34pm

shinningstars122

I hope we get some debates soon as well. We all need to see McMahon stand on her own and get into specifcs about policy and how she would vote in the Senate.

posted by: Pjcctyh | September 22, 2012  10:24pm

She will pay whatever it takes to buy a senate seat.
With all she’s spent in 2 Campaigns you’d think she could have afforded an advisor to tell her to move somewhere else…In Wyoming or Montana it should be much cheaper.
Has anyone except Linda contributed to her campaign?
Where’s Vince?...duct taped to a chair in their condo and that’s why there taxes were late?