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Romney/Ryan and the New Padres Owners

"Oh what a tangled web we weave..." You know the rest of the classic sentence. Right now, it appears the new Padres owners are on the periphery of a spider-infested web, but you never know if they will be found deeper in the tangle. The new owners of the Padres include Peter Seidler, nephew of Peter O'Malley, former owner of the L.A. Dodgers. Peter Seidler is managing partner of Los Angeles-based private equity group Seidler Equity Partners. One of the eight partners of Seidler Equity is Tobin Ryan, older brother of Paul Ryan, who is running for vice president of the United States on the ticket which will be headed by Mitt Romney, who spent most of his career piling up hundreds of millions of dollars with another private equity group named Bain Capital.

The Daily Telegraph of London, one of the world's most respected newspapers, recently ran an investigative piece that is reverberating among media interested in political mischief. Beginning in 1995, Tobin Ryan was a senior manager of Bain & Co. At the time, Romney headed Bain Capital, the investment arm of the firm. In early 1998, Tobin Ryan left to become a vice president of Imagitas. Two years later, it got $5 million from Bain Capital, which was 100% owned by Mitt Romney. Imagitas then got a contract from Wisconsin, home of the Ryan brothers, and from Massachusetts, of which Romney would shortly become governor. But on his 2002 disclosure form, Romney did not list individual companies, such as Imagitas, in which Bain Capital had investments. Ethics experts told The Daily Telegraph that is is hard to see how Romney could not have profited from Imagitas's Massachusetts deal, and he should have reported it. Said one, "He [Romney] should have disclosed his stake in a company that stood to gain from its work for his administration."

More is expected to surface in this story.

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"Oh what a tangled web we weave..." You know the rest of the classic sentence. Right now, it appears the new Padres owners are on the periphery of a spider-infested web, but you never know if they will be found deeper in the tangle. The new owners of the Padres include Peter Seidler, nephew of Peter O'Malley, former owner of the L.A. Dodgers. Peter Seidler is managing partner of Los Angeles-based private equity group Seidler Equity Partners. One of the eight partners of Seidler Equity is Tobin Ryan, older brother of Paul Ryan, who is running for vice president of the United States on the ticket which will be headed by Mitt Romney, who spent most of his career piling up hundreds of millions of dollars with another private equity group named Bain Capital.

The Daily Telegraph of London, one of the world's most respected newspapers, recently ran an investigative piece that is reverberating among media interested in political mischief. Beginning in 1995, Tobin Ryan was a senior manager of Bain & Co. At the time, Romney headed Bain Capital, the investment arm of the firm. In early 1998, Tobin Ryan left to become a vice president of Imagitas. Two years later, it got $5 million from Bain Capital, which was 100% owned by Mitt Romney. Imagitas then got a contract from Wisconsin, home of the Ryan brothers, and from Massachusetts, of which Romney would shortly become governor. But on his 2002 disclosure form, Romney did not list individual companies, such as Imagitas, in which Bain Capital had investments. Ethics experts told The Daily Telegraph that is is hard to see how Romney could not have profited from Imagitas's Massachusetts deal, and he should have reported it. Said one, "He [Romney] should have disclosed his stake in a company that stood to gain from its work for his administration."

More is expected to surface in this story.

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Comments
12

When we come to learn the percentage of ownership in the Padres, don't expect much of it to come from either O'Malley or Seidler, they're just names more than anything. I'm sure they are bringing a couple of hundred million between them, but Fowler is going to be the money guy.

Aug. 25, 2012

Fowler has spent his life as a beer distributor in San Diego. I am not sure he has the wherewithal to provide the big bucks in the Padres transaction. A lot of money will come from Seidler and O'Malley. Mickelson will provide some, too. Best, Don Bauder

Aug. 25, 2012

According to what I read a couple of weeks ago, NYT I believe it was, Fowler has the controlling interest. Remember, he already was part of the previous minority group so he alraedy had a stake. I believe Lefty's share is 1%, at least that is what I have read.

Aug. 25, 2012

I read that Fowler will be the CFO, but I have not read that he will have the largest interest. However, you may be right. Best, Don Bauder

Aug. 25, 2012

The Padres press release states that Fowler will serve as "control person" for the new ownership group. This appears to indicate that Fowler is managing member of a new LLC, empowered to make routine management decisions. Control person does not mean that Fowler is majority owner as Moores was. I researched Liquid Investments. The company has reported sales of $220 million per year. If the company netted $15 million per year, it could be worth $150 million at the standard valuation multiple of 10 times earnings. I would assume that Liquid Investments is the bulk of Fowler's wealth. I don't think Fowler could have come up with $400 million to buy majority ownership, unless he put the beer distributorship in hock. I figure that Fowler has at most a 10% interest.

Aug. 25, 2012

Burwell, my thinking was along that line, but unlike you, I didn't do my homework. I just assumed that a beer distributor in San Diego would not have the big bucks for a commanding position. On the other hand, Fowler may have family money, or may represent other investors. Best, Don Bauder

Aug. 26, 2012

I thought the new Bud owners were really taking all the profit out of the local distributors-which were cash cows if you owned one. They were squeezing the localss. Fowler is a big Aztec fan......hired all the SDSU foorball players during summer.

Aug. 26, 2012

Yes, Fowler is a sports nut. Of course, a lot of beer is consumed at sporting events, so in one sense he is mixing business with pleasure. But for the most part, Fowler represents the group of San Diegans that believes so-called amateur and pro sports are the most important things in San Diego. This group has inordinate power in local politics and decision-making. Best, Don Bauder

Aug. 26, 2012

Peter Seidler's association with Tobin Ryan and this potential huge scandal is important. I want to know who these owners are. Romney is nauseating and our new owners association with him and the heart of his tax concealing and conflict of interest through this story is very troubling and worth watching.

Aug. 26, 2012

As I recall, the identity of Moorad's group was never fully revealed, although after a long lag the crew's names might have been made public. I really haven't looked that much into these new Padres owners. Have all the owners been identified? Best, Don Bauder

Aug. 26, 2012

I would like to know about who they are as people. Like him or not Moores was known to San Diegans. I want to know more about Peter Seidler and the others. From this article we found out a bit. San Diego Padres are a public trust. This Tobin Ryan/Romney connection story really is concerning.

Aug. 26, 2012

I agree. We should know more about Seidler and the private equity group he heads. We want to know more about Tobin Ryan and his relationship to his brother. Best, Don Bauder

Aug. 26, 2012

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