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2nd Congressional District rivals report millions in assets
Barry Massey | The Associated Press
Posted: Saturday, June 28, 2008
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Democrat Harry Teague and Republican Ed Tinsley are in a financial league of their own as congressional candidates in New Mexico.

The 2nd Congressional District nominees appear to be the wealthiest candidates running for New Mexico's three congressional seats in the November general election.

Teague and Tinsley hold assets ranging from business interests to real estate and that make them millionaires several times over, according to a review by The Associated Press of financial disclosure statements filed by candidates with the clerk of the U.S. House.

Teague, a Hobbs oilman, reported assets worth at least $7 million and potentially as much as $30 million.

Tinsley, a Capitan rancher and restaurant chain owner, listed personal holdings valued between $7 million and $35 million. His wife, Meredith, had assets of $2 million to $7 million, including trust holdings and oil and natural gas interests.

The candidates are running for the Southern New Mexico congressional seat being vacated by Republican Steve Pearce, his party's Senate nominee.

The federal disclosure reports, which are similar to those filed yearly by members of Congress, offer a glimpse of the personal finances of candidates but do not provide an individual's specific net worth because assets, income and liabilities are valued only in broad ranges.

For example, Teague's largest asset — a company that runs several oilfield services businesses — is worth between $5 million and $25 million. Similarly, Tinsley reported his Lincoln County ranch — the Flying W Diamond Ranch — is worth between $5 million and $25 million.

Teague has an extensive portfolio of stocks, real estate and business ventures, including partnerships that own race horses and operate a security services company. Another partnership owns aircraft, which were used by Gov. Bill Richardson for travel during his presidential campaign.

Teague's stock is valued between $681,000 and $1.7 million, and includes about 20 companies ranging from Boeing Co. and General Motors Corp. to Walt Disney Co. and Sony Corp. He owned from $100,001 to $250,000 worth of stock in a pharmaceutical company, Schering Plough Corp.

Teague listed liabilities of $1 million to $5 million for a business loan.

Tinsley's major assets included stock of $1 million to $5 million in the franchisor of the K-Bob's restaurant chain, $1 million to $5 million in notes receivable held by his ranch and a bank account of $250,001 to $500,000.

Tinsley reported liabilities of nearly $1.1 million to $5.2 million. The largest was a mortgage on a "Santa Fe vacation home" — $1 million to $5 million. Tinsley's other liabilities were for vehicle loans.

Candidates are not required to report the value of their personal residence unless they receive rental income from it. Also excluded from the financial statements are personal savings accounts of $5,000 or less.


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