Thursday, June 25, 2009

Burris didn't disclose Inland options: report

AP:
U.S. Sen. Roland Burris didn't disclose on a Senate financial statement that he has options to buy 8,000 shares of stock in Inland Real Estate Corp., according to a report.

Burris spokesman Jim O'Connor told the Chicago Tribune that the senator plans to amend his financial statement to reflect the unexercised options in Oak Brook-based Inland, a retail real estate investment trust.

Burris was on Inland's board from 1996 until January. He got $63,000 in director fees and dividends last year.
Here's some more detail from the Tribune:
U.S. Sen. Roland Burris (D-Ill.) failed to reveal in a Senate financial disclosure statement that he has options to buy 8,000 shares of stock in a real estate investment company where he was a board member, according to public records.

The statement, recently made public, indicated Burris and his wife held $900,000 to $1.8 million in assets, but failed to note their options to buy stock in Oak Brook-based Inland Real Estate Corp.
...
Burris can buy the stock at prices ranging from $9 a share to about $20 a share, according to Inland's federal securities filings. The senator is unlikely to exercise those options any time soon -- Inland stock closed at $6.72 on Wednesday, below Burris' $9 option.
...
He got $63,000 in director fees and dividends from Inland last year.
Now they're just looking for stuff to use against him!

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