Former Washington gubernatorial candidate and initiative promoter Tim Eyman’s assets will be sold to cover $5 million owed to the state.
A U.S. bankruptcy judge found Eyman in default and mandated his bankruptcy case be shifted to Chapter 7 from Chapter 11, according to the Seattle Times. Chapter 7 means the court appoints a trustee who will sell Eyman’s assets and give the proceeds to his debtors, mainly the state.
Eyman must make monthly payments of $10,000 to pay his fine and other fees, although he has failed to make his last four payments. He has money coming in, his quarterly reports to bankruptcy court show, the Seattle Times reported.
Earlier this year, Eyman was found to have violated Washington’s campaign finance laws for years. Attorney General Bob Ferguson sued him in 2017, accusing him of profiting by violating the laws. A Thurston County judge ruled Eyman was liable, fining him $2.6 million and prohibiting him from managing political committees’ finances in the future.
On top of the fine, Eyman owes $2.9 million for the state’s attorney fees and cost for the lawsuit that took almost four years to settle, bringing the total owed almost $5.4 million. Eyman filed for bankruptcy three years ago, saying Ferguson’s lawsuit ruined his finances.
« It drained me dry, » Eyman wrote in a fundraising plea in July, saying the case was a « gross injustice and abuse of power, » the Seattle Times reported.
He said before that he cannot make the monthly payments due to spending the « last of his money » to pay his lawyers to appeal the judgment from earlier this year, according to the Seattle Times.
Under the terms of his bankruptcy payment plan, if he goes into default, Eyman’s full debt becomes immediately due and begins accruing interest at a rate of 12 percent annually.
« After paying more than $500,000 towards his legal obligations, Eyman chose to stop making his required monthly payments, » Ferguson said in a statement. « Eyman committed egregious campaign finance violations—there must be accountability. »
Eyman said he is « absolutely committed to appealing the AG’s ridiculously unconstitutional restrictions so what he’s doing to me and my family never happens to anyone else ever again. »
« The process has already been the punishment, » Eyman said in a statement. « The last 9 years of investigation and litigation has cost me everything I’ve ever earned in my lifetime. »
Eyman has spent decades running initiatives to lower taxes and advance conservative policies in Washington.
The Associated Press contributed to this report.
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