CNN iReport

Ex Mayor $240,000 because they were concerned about his 'welfare'.

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Via Detnews

October 29, 2009

DetroitEx-Detroit Mayor Kwame Kilpatrick testified in court today he received a $240,000 loan the day after he left jail in February from four high-profile individuals: Roger Penske, Jim Nicholson, Dan Gilbert and Pete Karmanos. –

Kilpatrick made that statement while under oath at his restitution hearing before Wayne County Circuit Judge David Groner. The judge was asking Kilpatrick questions about the ex-mayor’s household finances: who pays the rent at his home in Southlake, Texas; how many cars his family has; how many bank accounts exist; and his wife’s, Carlita Kilpatrick, employment status.

When asked about his liabilities, Kilpatrick said that he owed $914,000 in restitution.

In questioning, Kilpatrick said he signed a loan agreement on Feb. 4 in Karmanos’ home or office agreeing to receive a loan amount of $240,000.

"Whenever there’s a liability, there’s an asset," Wayne County Assistant Prosecutor Athina Siringas said. "This defendant had assets of over $240,000 that were payable to him. The defendant failed to disclose any of those assets to the court in violation of all orders of the court."

Nicholson is president and CEO of PVS Chemicals. Karmanos is CEO of the Compuware Corp. and owner of the Carolina Hurricanes, Plymouth Whalers and Florida Everglades hockey franchises. Penske is owner of Penske Racing, the Penske Corp. and is one of the corporate directors at General Electric. Gilbert is chairman and founder of Rock Financial and Quicken Loans and is owner of the NBA franchise Cleveland Cavaliers.

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