At a debate Wednesday night, Rep. Allyson Schwartz pressed Tom Wolf, to release details of a a loan he'd taken out to support his $10 million comittment to his camnpaign for governor.
The Wolf campaign released a memo Thursday offering more specifics on the transaction. The exact loan amount was $4.450,000. The interest, which adjusts daily, is 3 percentage points above LIBOR _ the London Interbank Offered Rate, a common benchmark for loans such as adjustable rate mortgages. According to the campaign, Wolf and his wife have pledged to repay it by December, 2016. Because it is a contributiion, rather than a loan to his campaign, the memo states, it cannot be repaid by campaign contributions from other parties. The Wolf's are personally liable for the debt, which is secured by their personal assets including stock in the his firm, the Wolf Organization.
[Update] The Schwartz campaign isn't ready to take the gloves off. They released a statement pointing to the job losses the Wolf firm experienced after Wolf relinquished control in a leveraged buyout prior to the 2008 recession, and suggesting that the firm might face similar problems if the Wolf's personal loan is not repaid.
Read the Wolf campaign's full memo after the jump.