Pro-Cochran SuperPAC loan was collateralized in spite of earlier reports

Pro-Cochran PAC won’t say who owns CD backing $250K loan

In their FEC filing, Mississippi Conservatives PAC said there were no guarantors to the loan. Perry said Trustmark Bank president Harry Walker said the owner of the certificate of deposit used as collateral for the loan would not be considered a guarantor, therefore no guarantors were listed.

Nevertheless, Perry admits that they may have to amend their FEC filing because of a possible error that occurred with the software. When filling out the report, the software asks the user if a loan is secured through guarantors. If the user answers “no,” it fills out the rest of the loan documents automatically. One of the questions on the FEC report relating to a loan asks if a certificate of deposit is used as collateral. Mississippi Conservative PAC answered “no” to that question.

Perry said the PAC is asking whether or not they need to file an amended report to acknowledge the certificates of deposit. In a separate report received by the FEC on April 30, Mississippi Conservatives PAC filed the promissory note, which shows the certificate of deposit. The FEC, in at least one filing, was made aware of the certificates of deposit being used as collateral.

Ms Conservatives Loan Promissory Note FEC Filing

Clarion Ledger
5/16/14