This must be bad for Deal and his family.

In the midst of his campaign for governor, Nathan Deal faces such dire financial troubles that he must sell his home to avert foreclosure or bankruptcy.

Even if Deal liquidates all his assets, however, he still might be unable to repay a nearly $2.3 million business loan, documents reviewed by The Atlanta Journal-Constitution indicate. The loan comes due in full Feb. 1 — less than one month after Deal hopes to take office.

Deal’s troubles center on a failed business venture by his daughter and son-in-law. Deal and his wife, Sandra, invested about $2 million, but lost their entire stake when the business failed. The Deals also guaranteed a series of bank loans to the business as its debt doubled and then quadrupled.

Finally, the daughter and her husband declared bankruptcy, leaving the Deals solely responsible for an obligation that exceeds the net value of everything they own.

Considering his questionable business practices in the past, this is but another reason not to put Deal in a position of power.

4 Responses to Ouch

  1. Mel says:

    Better this stuff come out now, than November 3rd.

  2. Peter Tondee says:

    Another reason Deal was motivated to protect his cash cow salvage business while borrowing heavily to subsidize the other venture? Me thinks so.

    Terrible stuff for the Deal clan on a personal level.