The Real Truth

From Vince

It has come to my attention that Kingston’s Mayor and handlers have made a number of mistruths and false accusations about me. I feel it only fair to address these falsehoods for all voters to read and decide who is being truthful.

Bankruptcy Rumors

I feel everyone deserves to hear the unabridged and accurate version of my experience handling bankruptcies vs. the potentially slanderous and possibly libelous per se renditions offered by the Mayor’s handlers.

I did handle one corporate bankruptcy personally.

25 years ago, I was hired by a Wall St. Investment Firm to help turn around a struggling company and grow it.

I did just that, generating positive cash flow every year. I grew that business to employ over 50 people but did nothing to cause its bankruptcy. That was caused by the greed of an out-of-state bank. All I did was defend the company in Bankruptcy Court and protect the interests of all stakeholders and employees. I understand the difficulties of growing a business in NYS and fighting off a greedy out-of-state bank.

Ironically, when the decision to file bankruptcy was actually made, it was not made by me…I was not even a shareholder at the time! A minor detail the Mayor’s handlers missed!

Having explained this, I don’t think any voter is interested in something that started over 25 years ago…other than IBM leaving Kingston and taking 6,000 jobs! What Kingston voters are concerned with is finding a candidate with the skill sets and life-experiences that will enable that candidate to guide Kingston back to the population levels and prosperity of the 60’s and 70’s I grew up with.

As I have said before, I am that Seasoned Businessman.

“Conned investors”- Funding for the initial acquisition was provided by the Wall St. Firm, its clients, and friends of the founder of the struggling company acquired. I had nothing to do with finding investors and therefore “conned” no one!

Personal Bankruptcy- As a result of the corporate bankruptcy brought about by the out-of-state bank, an investor sued me personally for over $500,000 alleging a bogus personal guarantee when I had NO equity stake. My attorney gave me two choices: (i) win in court at cost of $35,000 or (ii) simply file personal bankruptcy at cost of $2,200. That decision was easy. The two principals of that investor are now serving 15 years in Federal Prison for Securities Fraud! (McGinn and Smith)