Local Politics

Former gubernatorial candidate files for bankruptcy

Posted August 18, 2010

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— Patrick Ballantine, a former state senator from Wilmington who lost the 2004 gubernatorial election to former Gov. Mike Easley, has filed for Chapter 7 bankruptcy.

Ballantine lists assets of $820,000 and liabilities of $6.2 million in his filing with U.S. Bankruptcy Court.

Most of his debts come from a failed development on Ocean Isle Beach in which he had part ownership. He blamed the real estate market meltdown in recent years.


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  • beachgal Aug 20, 2010

    "Another GOPer spends more than he has. Welcome to the club, bo!"

    He didn't spend more than he had. He was trying to prosper by making an investment that went bad because of the real estate downfall. Haven't you ever lost money from investing? I think everyone who has ever had anything in a retirement fund has lost money. It's the same thing.

  • beachgal Aug 20, 2010

    I hate this for Patrick. He's a great man!

  • WRALSUCKS Aug 19, 2010

    Keep on thinking that the Blame Bush strategy will work for you.

    Here's a clue: Nobody is buying it.

  • ncwebguy Aug 18, 2010

    Ballentine should have been better buds with Senator Burr so he could get his own personal phone call regarding financial advice!

    It is sad that responsible people continute to be turned down for credit while the big gambler was able to get more than $6 million in loans against less than $1 million in assets. Thank goodness state pensions were not "invested" into his seaside failure.

    Wall Street reform doesn't cost anything. New fees are banks getting even more greedy, taking advanatge of loopholes created by the demands of Republicans who were wooed to beat the GOP pro-business/anti-average America fillabuster.

    It is good to see facts like the Iraq war/Afghanistan distraction George W. Bush's deficit busting TARP and unnegotiated Medicare Part D drug benefits are ignored to continue the "blame everything on the Democrats" narrative.

    The GOP is hoping "fiscal irresponsibility amnesia" continues to spread.

  • tommys5 Aug 18, 2010

    It's heart warming to know that former Governor Dem. Mike Easley has not had any land development problems down on the coast.

  • simracer68 Aug 18, 2010

    MakoII - that's funny, since the Dems running the country have spent trillions that the US doesn't have (Porkulus, ObamaScare, Wall Street "reform")...Then again, that FACT doesn't fit your narrative, does it, so I don't imagine you'll be trotting that FACT out along with your generic GOP slams, huh?

  • Plenty Coups Aug 18, 2010

    Now he needs govt. bankruptcy laws to bail him out.

  • MakoII Aug 18, 2010

    Another GOPer spends more than he has. Welcome to the club, bo!