by J. Brooks Terry
Staff Writer
According to Bankruptcy Court records, two candidates running for office in the upcoming election have filed for bankruptcy in the past. City Council Dist. 13 candidate Arthur Graham filed in 1992, while William King, who is running for property appraiser, filed in 1996.
Both candidates insist they were victims of a shifting market demand. King was selling satellite television dishes when he was forced to file for Chapter 7, while Graham had money invested in California real estate projects.
“All I can say was that I made a mistake at a young age that I will never make again,” said Graham. “Everyone speculated that it would be a good investment and I got myself in too deep. Unfortunately, I had to learn a lesson from the school of hard knocks. You can never be too careful.”
King offered a similar explanation.
“At the time I went bankrupt,” he said, “I was in the business of selling large satellites when, out of nowhere, smaller models started coming out. People were confused and the demand just wasn’t there anymore. I was left with outstanding debt and a lot of inventory. I had to protect myself.”
Despite past financial troubles, King and Graham say those troubles are just that: in the past.
“We’ve completely turned everything around since then,” said King. “We’ve paid off our creditors and we are no longer in debt. My wife and I are running a successful business now and we pay all of our bills in advance.”
Today, King’s wife Maria owns and operates Home Options Real Estate Appraisal and Staffing Service, where he is a chief appraiser in the evening.
“People may want to take the news that we previously filed for bankruptcy and assume that we can’t run a business. That’s not true at all. I don’t want to mislead anybody,” said King, who estimates Home Options total revenue was upwards of $5 million last year.
“Fortunately, we were lucky enough to take something that was negative and turn it into a learning experience,” he said.
“I’ve taken care of all of it and have moved forward,” said Graham. “My credit is perfect now and I don’t owe anyone. And you know, because of the bankruptcy I’ve become a true fiscal conservative. Without a doubt, I’ve learned the importance of not over-extending myself.”
King and Graham say that they are ready for whatever reaction they receive and the impact it may have on their campaigns.
“It may hurt my chances,” said Graham, who currently serves on the Jacksonville Beach City Council. “Unfortunately, there is a stigma that people associate with bankruptcy and there’s nothing I can do about that. All I can do is assure my constituents that I have learned from my mistake and that it is in the past. This is the kind of thing that you hope doesn’t get out, but if it does, you have to be prepared to take responsibility for it.”