Friday, April 10, 2009

Rendell Received $3.8 million in Donations From Casino Investors

Pennsylvania's 12th slot casino operation will be located at the Valley Forge Convention Center. According to Chris Friend at The Bulletin the Philadelphia investment group collectively donated $3.8 million to Governor Rendell.

The Valley Forge casino’s investor group is headed by Ira Lubert, chairman of GF Management and a co-founder of Lubert-Adler, a real estate private equity firm. Mr Lubert has contributed $141,000 to Gov. Rendell’s campaigns.

He is also a partner in a money management company in which more than $1 billion from the state’s two largest pension funds has been committed. Those pension funds paid Mr. Lubert’s firm $8 million in fees last year. Mr. Lubert has been associated with numerous other businesses that have made significant contributions to Mr. Rendell.

According to the Lubert-Adler corporate Web site, Mr. Lubert was the principal and founder of TL Ventures, whose employee and business donations totaled $62,000.

Mr. Lubert is listed as a co-founder of LLR Partners and Rubenstein Partners. Employees of both firms contributed $109,400 to Mr. Rendell.

The investors are represented by the Ballard Spahr law firm, which has a long history of intimate relationships and high dollar donations to Mr. Rendell.

Ballard is the Democratic governor’s former firm. Brothers-in-law John Estey and Adrian King Jr., both partners at Ballard, served as chief of staff and deputy chief of staff to Mr. Rendell, respectively, and have contributed $35,000 to his campaigns.

If you read the rest of the article all the donations he highlights total $3.8 million.

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