Monday, August 21, 2006

Star Wants Us To Know About Dickerson's Personal Finances

The Indianapolis Star thinks we need to know about Eric Dickerson's personal finances. I guess the Star thinks this is necessary to level the playing field since the newspaper had one small news story and one lame column about the unfolding scandal of how Democratic insiders and close political friends of Rep. Julia Carson illegally constructed a restaurant/bar in the Julia Carson Government Center. The Indianapolis Business Journal first reported in this week's edition that Dickerson's lender, Fifth Third Bank, was suing his car dealership for a loan it took out for its vehicle inventory.

For the record, Dickerson claims he has never failed to pay any of the payments under the terms of his loan. He has publicly announced that he is in the process of selling his Buick dealership to Ed Martin, pending approval by GM. Politics can be a dirty business. The timing of this Fifth Third matter is suspicious to say the least.

Now, will the Star please do what it should be doing and report on the important facts it is hiding from the public concerning the illegalities surrounding the construction of the restaurant/bar in the Julia Carson Government Center. That involves taxpayers dollars and taxpayer funds, which is a hell of a lot more important than whether Eric Dickerson has a dispute with his lender.

12 comments:

Ravekid said...

"Now, will the Star please do what it should be doing and report on the important facts it is hiding from the public concerning the illegalities surrounding the construction of the restaurant/bar in the Julia Carson Government Center."

They couldn't apply for the permits. The city could never officially approve the construction of a pea-shake house!!

Anonymous said...

Let me make sure I understand this whole matter, because someone at 300 East did not get permits as required by law before building (and this fact is a matter of public record), it is now okay to assume that Eric Dickerson did not pay his loans (this is an assumption) before this matter makes it to court?

I know of court cases where people are sue and have done nothing wrong but I guess Mr. Dickerson is not presumed innocent until after the matter is settled. Does anyone else see the irony?

Anonymous said...

Mr. Dickerson needs to explain his financial issues better. Maybe there is a solid explanation.

His answers are pertinent. How a candidate handles his business, which employs 30 persons, is indicative of his business accumen.

If there is a logical explanation as to why 5th 3rd would move to perfect their liens, he can have at it. His limp excuses offered in the IBJ Sat. are just that--limp. Anyone who's borrowed in the commercial lending market knows, that this kind oflegal action is only undertaken after long, protracted discussions to recoup the loan.

So yes, AI, it is a fair issue. And if Mr. Dickerson's explanation can cover these issues, so be it.

Anonymous said...

For those of us that do not get the IBJ - are you allowed to post what was asked and what he said so we can make our own judgements ?

Advance Indiana said...

The IJB story indicates that Dickerson's dealing borrowed $5.5 million in early 2005 for car inventory, including a $2 million personal guarantee from Dickerson, and that the dealership is default under the terms of the loan agreement. The suit says repayment of the loan was not made within "applicable time frames. The bank further alleges that Dickerson's dealership defaulted for failing to provide its 2005 financials. Dickerson says, "We have never, ever missed a loan payment with Fifth Third Bank, ever." "Alan Statman (of Fifth Third)said he was hopeful both sides could resolve issues without further litigation." Dickerson speculates in the article that he believes Fifth Third decided to sue him because it heard he was in the process of selling the dealership to Ed Martin. The article notes that Buick sells across the country are off 20% this year, and that Buick is facing possible extinction as a product line.

Anonymous said...

A few interesring and unusual things about the 5/3 claim:

Rarely are personal gaurantees sought when inventory is available. Especially a personal gaurantee of this size.

And any bank that sues just for fialure to provide a financial statement annually...well, they can't possibly get anything else done. Borrowers routinely miss that reuqirement.

I suspect there's a lot more to this story than the IBJ story, or GM, or 5/3, or Dickerson is/are telling us.

Which is ample fodder for blogs, newspapers, media, and political junkies.

How Mr. Dickerson solves this dilemna is certainly an appropriate measuring stick of his potential performance in Congress. If it's all a big mistake, so be it, and let's move on. If not, and I suspect it's not, as Ricky told Lucy: there's some 'splainin to do.

Queen916 said...

Julia Carson owed Simon Properties
$80,000.00 in back rent for her boutique in the Claypool Courts. She owed the county property taxes on several pieces of real estate when she first ran for Center Township Trustee in 1990.

Presently, she is serving on the Congressional Banking Committee. Mr. Dickerson denies defaulting on his business loans. Could it be that Carson called in a favor from the bank in an attempt to embarass him? She is not above dirty tricks and starting scandalous rumors under cover so that she will not be blamed for the controversy.

I am sure the truth will be told regarding the sale of his dealership.

ruth holladay said...

The issue here is fairness and credible news gathering.
The state of Eric Dickerson's financial house and his business dealings is news. But so is the Carson center mess.
Call me a bitter old biddy -- you already have -- but the Star is late to the table, as you guys point out. I got my IBJ at home Saturday and read all about Dickerson then.
Sunday is when Matt Tully's comments ran. I know, I know, RiShawn, the Star's Will Higgins had the original story, but it was pretty damn lame, altho written with Will's usual style and grace. It was more of a feature on the park than an examiniation of the issues.
Monday the Star picked up on the Dickerson story, altho not in the Putnam County version I get -- it was posted online at 11:56 a.m.
Here is the problem, journalistically: both of these are news stories and both deserve good thorough reporting by the state's largest paper.
Instead, you get Will's newsy feature, Matt's tardy commentary and then the Star picking up the pieces behind the IBJ to report on Dickerson.
Gee, could it be that Gannett has so stripped the staff that there aren't adequate resources to cover mnews anymore? NOBODY from the Star was at the original zoning hearing on the Carson center, altho Clakre Kahlo told me that Matt Tully knew about it. Nobody at the Star scored first on Dickerson.
And does anybody really believe, given all this, that those Gannettoids are going to spring for expensive defibs for the newsroom -- when they won't even keep staffing levels up to par? As a former colleague said of Dennis Ryerson's pledge to provide defibs, "that is da fib of the century."
But who is laughing?

Advance Indiana said...

WTHR reports tonight:

Dickerson says Fifth Third Bank filed the lawsuit to protect their interest while he sells his Buick dealership to Ed Martin Automotive Group.

"We have never missed a payment and have never been late," Dickerson said. "I'm not going anywhere. I'm running for Congress, so the day the bank gets paid - which will be this week - as soon as we sell the dealership, there won't be any lawsuit."

Dickerson says he's getting out of the car business because "GM is in trouble" and he wants to spend his time campaigning for Congress. Dickerson is running against Julia Carson in the 7th district.

Wilson46201 said...

the last time I saw Queen916 aka Jocelyn Tandy, she was at the CityCouncil vote on the H.R.O. sputtering and carrying on about "Sodom and Gomorrah" -- Ms.Carson may be too gay-friendly for Queen916, ya think?

Queen916 said...

Wilson46201- Talk about voter fraud in past elections. You do know about that. Tell how you and others helped to steal elections in certain precincts in Center Township for Carson and Drummer.

The new computerized voting machines and the Voter I.D. will eliminate those tactics used in the past to steal elections from their opponents.

Your supporters are encouraged to vote absentee to avoid needing proper identification at the polls. Don't get caught stealing this time!

For your information, former and current employees of the Center Township Trustee Office are telling and talking!

You may have gotten by, but you have not gotten away!

Anonymous said...

Ruth - you have it right:
"Now, will the Star please do what it should be doing and report on the important facts it is hiding from the public concerning the illegalities surrounding the construction of the restaurant/bar in the Julia Carson Government Center."

School is back in session, has anyone at the Star signed up for Jounalism 101?