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Tom Wolf uses bank loan to help bankroll gubernatorial campaign

Written by The Associated Press | Apr 4, 2014 10:38 AM
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(Harrisburg) -- Democratic gubernatorial candidate Tom Wolf says some of the $10 million that he gave to his campaign was from a bank loan. 

Wolf made the acknowledgment in a Philadelphia Inquirer report, saying he had lacked the entire $10 million after investing his available cash to save his building materials company from shutting down in 2009. 

The Inquirer also reported the Pennsylvania State Employees Retirement System is the largest investor in the Weston Presidio V buyout fund that has invested $41 million in Wolf's company starting in 2006. 

Weston Presidio says the retirement system invested $50 million in the $1 billion fund. It estimates its investment in Wolf's company is now worth $22 million, after saying the company had no resale value in 2009.

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