Friday, July 13, 2012

A $1,838,100 BC political donation in 2006

More on this whole weird world of the BC Patriot Party and the Advocational Democractic Party and their finances.

On December 29th 2006 the BC Patriot Party donated $1,838,100 to the Advociational Democratic Party in the form of 612,700 shares of Keegan Resources valued at $3 per share.   While this contribution is interesting on so many levels, I thought I would look at how this relates to Keegan Resources.

On December 29th 2006 the value of the stock seems to have been $2.57 and only 1,000 shares changed hands.   I can not see any point that this many shares were openly traded of this company close to the time of the donation.  A transfer of 612,700 shares is well beyond the volume this stock traded at in 2006 and 2007.
the donation page from the 2006 Advocational Democratic Party finance report

At a value of $2.57 and not $3.00 per share, the contribution should have been listed as $1,574,639.   Does this matter?   I would say yes because the values should be ones that reflect ones on an open market and not be a number someone is allowed to create on their own.

Maybe the stock never changed hands.  At some point in 2007 the Advocational Party returned to the BC Patriot Party $1,838,100.   This transaction was not counted as a political contribution and therefore the forms have no dates for when this occurred.

On December 4th 2007 the BC Patriot Party gave the Advocational Party an equity contribution of $1,625,483.  A gift of stocks?

My other posts on this:
Earlier today
April 4th
March 30th
December 7th

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