Rep. Delaney to Gain $69 Million From Stock Sale
Posted at 2:51 p.m. on July 27, 2013
A freshman Congressman who founded and ran a D.C.-area financial lending firm is expected to earn $69 million from the sale of his company stock early next year.
In a merger conference call on Friday, after a Tuesday announcement, PACWest Bancorp (NASDAQ: PACW) indicated it would merge with CapitalSource Inc.(NYSE: CSE) and close in the first quarter of 2014. PacWest Bancorp would pay $2.3 billion. The merger would value each CapitalSource Inc. share at $11.64, based on Tuesday’s price, but could change by the value of PACWest Bancorp’s price on the date of closing. CapitalSource stock jumped 22 percent during this last week and closed at $12.04.
Rep. John Delaney, D-Md., the founder and former CEO of CapitalSource Inc., a Chevy Chase, Md., financial lending company that makes commercial loans to small and middle-market businesses, reported in his personal financial disclosure report filed as a federal candidate last March that he was paid $673,191 salary in the last 12 months, and that he or his family held the following shares in the company:
John Delaney – $5 million to $25 million stock; $5 million to $25 million restricted stock; $1 million to $5 million stock (GRAT) in retirement/annuity account.
Spouse – $1 million to $5 million stock (GRAT).
The 1997 Family Trust – $1 million to $5 million stock (Trust).
Delaney told the Washington Business Journal he held, directly or indirectly, 5.9 million shares. Delaney’s personal financial report covering 2012 is due to be filed by Aug. 13.