consultants are sandburs

Tuesday, April 23, 2013

Ted Mondale skates.

Strib, here, reporting on Mondale's nice deal with the Petters' bankruptcy receiver. And, talk about being a Wilfare Queen:

Kelley said in an interview that Mondale did not have the financial wherewithal to pay more than $50,000 of the $150,000 personal loan made by Petters in 2005, three years before his $3.65 billion Ponzi scheme became known publicly.

The loan purportedly was given to Mondale to help his business at the time, Nazca Solutions, a software company that planned to help clients track and search property records on the Internet for a fee.

Nazca, founded in 2004, was struggling at the time, having never posted a profit, and soon was overdue on a software project for Hennepin County. In 2008, Nazca posted a net loss of $5.7 million, according to a forensic accountant who examined the transaction on behalf of Kelley. The company was sold in 2010 in a deal where the acquiring company assumed Nazca’s debt.

Mondale, the former chair of the Metropolitan Council, is paid $160,325 a year as executive director of the sports facilities authority, which is overseeing construction of the new stadium for the Minnesota Vikings.

From 1999 to 2003, Mondale held several executive positions with the Petters organization including executive vice president for business development for Petters Group Worldwide. Petters in turn, invested $750,000 in Nazca and sat on its board of directors until 2007.

Doesn't it make you wish your dad had been Vice President?

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