Pa. Gubernatorial Candidate Tom Wolf Receives Criticism Over Loan, Drilling Stance

From the York Daily Record:

U.S. Rep. Allyson Y. Schwartz’s campaign has recently questioned whether a $4.45 million loan that Tom Wolf and his wife took out from M&T Bank would influence him as governor and put his company’s employees in jeopardy.


Wolf and his wife, Frances, contributed more than $10 million to the gubernatorial campaign in 2013. He told The Inquirer that less than half of that money came from a loan that he will have to repay.

During an April 9 gubernatorial debate, Schwartz raised questions about the loan.

Bergman, the Schwartz campaign spokesman, sent out a release the same night, saying Wolf owed people of Pennsylvania straight answers.

Wolf’s campaign provided summary information about the loan in an April 10 memo. Wolf and his wife secured the loan in December of 2013 and the amount was for $4.45 million.

They personally guaranteed the loan, pledging all of their personal assets, including shares of the Wolf Organization, if they default, according to the memo.

The first payment was due January 2014. Wolf’s campaign has allowed reporters to review the loan document. The York Daily Record/Sunday News reviewed it last week.

The Schwartz campaign on Wednesday sent out a news release, saying the loan raises several questions.

“Does Wolf have the resources to pay back this loan?” Bergman said in the release. “If not, what influence will the bank have over him in the future? And if he does default on the loan, did he get written assurances from M&T Bank that his employees would still get profit sharing and would be able to keep their jobs at the company?”

In a phone interview Friday, Wolf said he is in a position to repay the loan.

He said the shares were one of the personal assets he pledged, along with his Jeep and his home. He said the suggestion that possible default by him and his wife could lead to a loss of profit sharing and the elimination of jobs for Wolf Organization employees was “utter nonsense.”

He said he has a minority share in the Wolf Organization. He said even in the unlikely event of a default, M&T Bank would have that minority share.

“They would not have the ability to make decisions for the Wolf Organization,” he said.

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