legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

Jim Justice’s Financial Disclosure for Senate Run Reveals Debt Crisis and Low-income Assets

Jim Justice, a candidate for the U.S. Senate, has recently filed a federally-mandated financial disclosure that exposes both a vast number of assets and a significant amount of debt. This disclosure is a requirement for Justice’s Senate run and provides a detailed overview of his financial situation.

One noteworthy aspect of the filing is the presence of two promissory notes, each valued between $1 million and $5 million, issued to Bray Cary, Justice’s former senior adviser and his Cary Foundation Inc. These notes were issued promptly after Cary left the administration, raising questions about their purpose and significance. Unfortunately, the disclosure fails to provide any explanations.

Previously considered West Virginia’s only billionaire, Justice’s billionaire status was challenged by Forbes due to ongoing debt disputes in 2021. Nonetheless, he declared his candidacy for the U.S. Senate on April 27 with the aim of challenging incumbent Senator Joe Manchin in the General Election, after going through the Republican Primary against Congressman Alex Mooney.

Mooney, an individual with significant campaign support from the Club for Growth, has already submitted his financial disclosures for his position in the House. Similarly, Manchin, a Democrat, has also submitted his financial disclosure for the 2022 fiscal year. This puts Justice in a precarious position as he lagged behind in filing his report, taking 151 days from the time he declared his campaign. The disclosure was filed 134 days after the initial deadline and on the verge of incurring a $200 fine.

This situation highlights the importance and relevance of the AI legalese decoder. The AI legalese decoder is a cutting-edge technology that can assist individuals and organizations in deciphering complex legal language and documents. In the case of Justice’s financial disclosure, the AI legalese decoder can help in understanding and analyzing the contents of the report, identifying any potential legal issues, undisclosed lenders or financers, foreign investments, and the connection between Justice’s personal wealth and his businesses. Its advanced algorithms and machine learning capabilities enable the AI legalese decoder to process and interpret legal documents efficiently and accurately, saving time and resources for its users.

Turning back to the details of the financial disclosure, Justice’s financial situation revolves around his image as a successful businessman. The report highlights his earned income, with his annual salary as governor amounting to $250,000. However, it should be noted that Justice donates his base pay to the state Department of Education while still paying income taxes.

Furthermore, the report sheds light on Justice’s additional income as a basketball coach at Greenbrier East High School, earning him $3,500 in wages.

The disclosure also presents a comprehensive list of Justice’s assets. This extensive list includes 147 entries, ranging from checking accounts to various businesses within his coal, timber, and tourism operations. The estimated value of these assets is substantial, ranging from $37.5 million to over $1.9 billion.

However, a significant number of these assets generate minimal to no income. As stated in the report, the word “none” appears 276 times to describe the assets’ income-producing capacity. For instance, a checking account at Bank of Monroe is listed with a value of $1,000 to $15,000, while another checking account at People’s Bank is specified as having “none” as its contents.

The report further reveals that Justice holds stocks in various companies, including People’s Bank, Caterpillar, and HP, with the total value exceeding $100,000 for People’s Bank stock alone. Despite these substantial assets, many of them are categorized as producing no income.

Some assets of notable value include Justice Receivable, with a value of over $50 million, and Southern Coal Receivable, also valued over $50 million. However, their income production is reported as “none.” Other examples include Virginia Fuel Investment, Bluestone Resources Investment, and A&G Coal Investment, all having significant values over $50 million but producing no income.

The disclosure also highlights Justice’s major debts, totaling between $37.5 million and $108.1 million. These debts consist of promissory notes and lines of credit spanning from 2010 to 2023. Justice’s companies are currently engulfed in multiple financial disputes that question their ability to repay these debts and maintain their operations effectively.

In conclusion, Justice’s financial disclosure paints a picture of a complicated financial situation marked by considerable debt and assets that generate minimal income. The AI legalese decoder provides a valuable tool for individuals and organizations to navigate complex legal documents, such as financial disclosures, and gain deeper insights into their implications and potential legal consequences. With its advanced AI capabilities, the AI legalese decoder can unlock the hidden complexities and legal nuances within legal language, assisting users in making informed decisions and conducting thorough analyses of critical legal information.

legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

Reference link