The recent lawsuit filed against Senate Candidate Mike McGavick, stinks worse than Liberty Bay after one of its infamous sewer line breaks.
A Safeco Insurance shareholder, 27-year old Emma Schwartzman, a distant relative of Safeco's founders who inherited a small number of shares of the insurance company, has filed a lawsuit accusing McGavick of malfeasance and "looting" the company. Never mind the company was on the verge of bankruptcy when McGavick took over and turned it around. Makes you wonder what Schwartzman's stock would have been worth without McGavick.
Schwartzman and her attorney, Knoll Lowney, actually say with a straight face that the suit isn't politically motivated. We have a name for that kind of thing where I come from — it's what comes out of the northern end of a southbound bull.
McGavick received $28 million in a severance package approved by Safeco's board of directors. It's my understanding that $20+ million of that was in stock options — not cash. That board includes former Governor Gary Locke, as well as Kerry Killinger, head of Washington Mutual, Robert Cline, retired CEO of Airborne Freight, Joshua Green III, head of Bainbridge Island-based Sage Fly Rods, and Judith Runstad, of the law firm of Foster Pepper, among others. Runstad is also a director of Wells Fargo and Potlatch Corp, and most other members serve on other corporate boards — including those of Paccar, MBIA Insurance, Esterline Technologies, Delta Airlines, CNET Networks, Nike and Coke.
Like Locke, more than one of those board members are Democrats. This is a pretty high-powered, financially savvy group of folks who aren't about to let Safeco — which is doing quite well these days thanks to McGavick — do anything fiscally irresponsible.
Rather than belabor just how underhanded and squalid this is — other than to say it's about as low and sleazy as hardball partisan politics gets — and a true measure of exactly how desperate the Democrats and incumbent Senator Maria Cantwell must be, I'll just let KING 5's Robert Mak tell the story.