Texas Station Owner/Host And Lt. Gov. Candidate Dan Patrick Fends Off Questions About Station Purchase Financing
May 8, 2014 at 3:58 AM (PT)
PATRICK BROADCASTING LP Talk KSEV-A/HOUSTON and DALLAS BROADCASTING LLC Business News-Talk KVCE-A/DALLAS host and part-owner DAN PATRICK's campaign for Lieutenant Governor of TEXAS is fending off reports that his purchase of the HOUSTON station was financed by a loan from a businessman who was later convicted in a savings and loan scam.
The DALLAS MORNING NEWS reported that PATRICK's 1988 purchase was backed by at least $658,653 from W. HAROLD SELLERS, who was later accused of fraudulently obtaining $86 million of loans from a NEW ORLEANS bank, OAK TREE FEDERAL SAVINGS BANK.
The suit against SELLERS was settled in 1998 with a $33 million judgment that did not address ownership of the station, and PATRICK told the NEWS that he was unaware that SELLERS' funds were fraudulently obtained. SELLERS' son STEPHEN was a principal with PATRICK in SUNBELT BROADCASTING after his father transferred his shares for $1 in 1992.
PATRICK is running against incumbent DAVID DEWHURST in a MAY 27th runoff.