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July 1, 2005

Little in-the-red Corvette

Just another day in Coingateland:

Three days before a judge barred coin dealer Tom Noe from selling personal assets, he collected a $35,000 windfall May 24 by selling a vintage sports car won in a raffle.
As Mr. Noe’s troubles have mounted in recent months, the Republican activist has sold a boat, a car, and a pair of houses.
… State lawyers also have unsuccessfully tried to persuade Franklin County Judge David Cain in recent days to prevent additional asset sales. Instead, the judge has ordered proceeds placed in an escrow account to which both Mr. Noe and the state are expected to lay claim.

In all, according to the Toledo Blade, Noe appears to have liquidated around $1.9 million in assets—including a Maumee condo that was sold for $550,000 to Lynn and Joyce Olman. Lynn Olman, a well-known Ohio Republican, once served in the Ohio House of Representatives.

Thankfully, the proceeds are going to a good cause:

Judge Cain ordered the proceeds divided between Mr. and Mrs. Noe and freed her portion of the funds for use “for legal fees or reasonable and necessary living expenses such as mortgage payments, utilities, [and] groceries ...”
A lawyer representing Mrs. Noe has told the court she is “destitute,” said D. Michael Grodhaus, a top deputy to Ohio’s attorney general.
“Yet it is our understanding she is living in Florida in a $4 million house,” he said.

Destitution is of course relative.

Photo courtesy of the Toledo Blade

Posted by Stephen at 12:51 AM in Politics | Permalink | TrackBack (0)

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