Million-Dollar Donors Strengthen American Unity Super PAC
Posted at 10:03 a.m. on April 15
Two million-dollar hedge fund donors are helping to strengthen a Super PAC for the 2014 elections. The Super PAC had only a quarter of a million dollars in receipts last year.
The American Unity PAC, a Republican-oriented Super PAC, reported it had receipts of $2,753,687 and disbursements of $84,634 during the first quarter of 2014. The PAC has $2,776,397 cash on hand as of March 31st.
The major donor was Paul Singer, founder and principal of the Elliott Management Corporation, a New York hedge fund. Singer contributed $1,750,000 on January 16th, and provided $2,662 in in-kind legal services. Singer founded the PAC to encourage Republican candidates to support same-sex marriage. In 2013 the Super PAC spent $51,423 on independent expenditures opposing Rep. Ed Markey, D-Mass., in the 2013 Massachusetts special election to fill the vacant seat previously held by Sen. John Kerry, D-Mass.
During the 2011-2012 cycle, Singer gave American Unity $1,815,316. The Super PAC spent $2,245,083 on independent expenditures opposing two Democratic candidates and supporting seven Republican candidates. Singer also gave $1 million to the pro-Romney Super PAC, Restore Our Future.
Seth Klarman, of Chestnut Hill, Massachusetts, is the president of the Baupost Group LLC, one of the top ten largest hedge funds, with offices in Boston and London. Klarman gave $1 million on March 6th.. In the 2011-2012 cycle, Klarman gave the Super PAC $500,000.
During the first quarter, the PAC spent $37,000 on research, $15,200 on surveys, and $10,154 on digital strategy/web services, among other expenditures.