Davis is not the only millionaire seeking Reynolds seat
Amherst attorney’s wealth noted in filing for Democratic primary
WASHINGTON — There are two millionaires, not one, among the three Democratic contenders for the party’s nomination in the race to succeed retiring Rep. Thomas
M. Reynolds, R-Clarence. The primary to elect the Democratic candidate for the 26th congressional district will be Sept. 9.
Akron industrialist Jack Davis, making his third run for the House, lists his assets in a range between $15 million and $73 million.
Davis, 75, has vowed to spend up to $3 million to get to Congress this time.
The other candidate whose holdings reach seven figures is newcomer Alice Kryzan, 60, an Amherst attorney. The financial disclosure form she filed with the clerk of the House of Representatives shows her wealth, together with her husband’s, ranges from $3.5 million to $7.7 million.
The endorsed Democratic candidate, Jonathan Powers, 30, of Williamsville, is far down the scale with holdings ranging from $54,000 to $118,000
The report, dating from the post-Watergate reforms of the 1970s, allows candidates to list their assets and their incomes by ranges and source, rather than specific numbers.
Most of the assets reported by Kryzan and her husband, Robert S. Berger, a law professor at the University at Buffalo, are in retirement, savings and tax-free annuities. They listed more than 40 separate accounts in the clerk’s report. Most of the income from these is deferred.
Kryzan spokeswoman Anne Wadsworth said these are monies the couple has saved for their retirement and not readily accessible for campaign purposes.
However, 20 of the Kryzan- Berger accounts were not listed as retirement funds, and she has already loaned her campaign $157,000.
Dwarfing that is the more than $2.5 million that Davis has already loaned his 2008 campaign, much of it a paper transfer from his own company.
Davis’ chief asset is his manufacturing firm in Akron, I Squared R Element Co., whose worth he lists as between $5 million and $25 million. That means he owns energy stocks in major oil, gas and coal producers whose worth can range up to $50 million.
The list includes Exxon Mobil, Chevron, Hess Corp., Conoco Philips and Marathon, whose profits are skyrocketing as crude oil prices climb. These properties, which include a number of coal mining firms, can potentially pose serious conflict of interest questions on the energy debates now engulfing Congress.
After being questioned about it, Joy Langley, the communications director for the Davis campaign, issued a statement made by Luke Vaughn, Davis’ campaign manager. It said, “If elected, Mr. Davis will transfer his holdings into a blind trust.”
This may or may not eliminate conflict of interest issues.
Powers listed seven small savings accounts as his assets, and they yielded income ranging from $7 to $1,400.
The outside income from the accounts held by Kryzan and her husband ranged from $9,200 to $29,500. His UB salary was not disclosed, and does not have to be.
Kryzan reported no legal fees for the current year, and only $4,400 from 2007.
Davis’ earnings from his stock portfolio ranged up to $185,000 last year. Combined with his pay from his company, Davis made up to $500,000 last year.
Powers reported his salaries in 2007 were $2,314 from the Vietnam Veterans of America Foundation, $15,000 from War Kids Relief, and $640 as a substitute teacher with the Clarence School District.
