ENRON,NCFE, Richard Rainwater & Darla Moore

Forgot to mention his DUMPING of HCA/TN HOME HEALTHCARE to NCFE, the PONZI scheme dubbed by Federal Prosecutors in Ohio as BIGGER THAN ENRON!

Next up, at No. 163 with $2.5 billion in the bank, is Fort Worth, Texas-based investor Richard Rainwater, husband of Lake City native and part-time Charleston resident Darla Moore. The past year hasn't been as good to the 64-year-old spouse of the Palmetto Institute founder. He skidded from the 91st spot a year ago, when his net worth was $1 billion higher. What happened? Forbes said Rainwater unloaded "extensive oil holdings" earlier this year and got dinged by capital gains taxes. Also, an ill-timed investment in a mortgage business resulted in an estimated loss of $100 million. "The worst investment I've ever made," the magazine quoted Rainwater as saying.


List of 400 richest has a few with ties to S.C.
Monday, September 22, 2008



Forbes magazine's annual tally of the 400 wealthiest Americans shows that no full-time South Carolina residents had the minimum $1.3 billion required for admission to this exclusive club.

But the list once again included a handful of Forbes 400 perennials with close ties to the Charleston region.

Among them, Charleston-born Martha Rivers Ingram and her family — they own Tennessee-based book distributor Ingram Industries — was ranked 147th with $2.8 billion. That's an improvement from last year, when their $2.4 billion fortune earned them the 188th spot. Ingram's father was local TV broadcasting pioneer John M. Rivers, who started WCSC-Channel 5. The Nashville resident still owns a home on lower Meeting Street.

Next up, at No. 163 with $2.5 billion in the bank, is Fort Worth, Texas-based investor Richard Rainwater, husband of Lake City native and part-time Charleston resident Darla Moore. The past year hasn't been as good to the 64-year-old spouse of the Palmetto Institute founder. He skidded from the 91st spot a year ago, when his net worth was $1 billion higher. What happened? Forbes said Rainwater unloaded "extensive oil holdings" earlier this year and got dinged by capital gains taxes. Also, an ill-timed investment in a mortgage business resulted in an estimated loss of $100 million. "The worst investment I've ever made," the magazine quoted Rainwater as saying.
Media mogul and CNN founder Ted Turner, a big property owner in these parts with holdings that include Hope Plantation in the ACE Basin, was No. 190 among the Forbes U.S. wealth elite with $2.3 billion. Last year, that same amount placed Captain Outrageous at No. 195.

Then comes the low-key Michael E. Heisley at No. 215 with $2.1 billion, according to Forbes' accounting. Though he claims Jupiter Island, Fla., as his primary residence, the 71-year-old self-made industrialist and investor — he's also majority owner of the NBA's Memphis Grizzlies — is a longtime property owner on Kiawah Island. He vaulted from the 380th spot last year, when he was worth an estimated $1.3 billion.

Finally, more or less holding steady at the 321st position with $1.5 billion since last year, is former energy honcho Robert McNair, who with wife Janice owns a 13,000-square-foot oceanfront getaway on Kiawah. He's a University of South Carolina graduate, and she's an Orangeburg native and Columbia College alumnus.

Known in the horse-racing world for their world-class thoroughbred holdings, the McNairs are scaling back their equestrian pursuits to focus on his ownership of the NFL's Houston Texans. Last year, the philanthropic couple sold their 106-acre Saratoga Springs farm in upstate New York for about $19 million. A few weeks ago, they sold their Stonerside Stables in Paris, Ky., to the crown prince of Dubai, Sheikh Mohammed bin Rashid al Maktoum. The deal included the 2,000 acres of Kentucky farm land, a South Carolina training center in Aiken, about 80 horses in training, and 170 broodmares, yearlings and weanlings, according to a statement. The sale price was not disclosed.

Cup coup

The U.S and European Ryder Cup players who did battle in Kentucky this weekend were able to take a load off after their matches in a Charleston company's chairs and other furnishings.

Six truckloads of imported mahogany furniture and accessories recently made the trip from Bauer International Inc. 's Island House showroom on Clements Ferry Road to the venue at Valhalla Golf Club. The company outfitted the hospitality chalet, VIP areas and various players' areas, including their dining room, locker rooms and team lounges, said Ken Bauer, co-founder, president and chief executive.

Bauer International is the official supplier of furnishings and clubhouse fixtures for the PGA of America. It recently picked up a four-year extension of its licensing agreement with the association.

Get carded

The president and CEO of North Charleston-based Bulldog Hiway Express testified before a House subcommittee last week about the Transportation Worker Identification Credential, a federal ID that will be required of all workers at the nation's seaports.

Philip Byrd Sr. , speaking on behalf of the American Trucking Associations, asked that TWIC be accepted as a universal security program to trump all others. As it stands, drivers often need a different credential for access to every secure location they visit.

Byrd told the Subcommittee on Border, Maritime and Global Counterterrorism of the House Committee on Homeland Security that these multiple checks hurt drivers' morale.

He also asked that Congress require the Transportation Security Administration to recognize commercial drivers who have TWICs as also being compliant with the Hazardous Materials Endorsement Security Threat Assessment program, which is required to obtain, renew or transfer a hazardous materials endorsement.

Charleston's compliance deadline for the TWIC program will is Dec. 1. For more information, visit www.tsa.gov/twic.

Capital idea

Interest rates on Santee Cooper mini-bonds being offered through Oct. 15 will range from 3 percent to 4.8 percent, depending on their maturity dates.

Bonds in $200 and $500 denominations are available for purchase by state residents, Santee Cooper customers, electric cooperative members in South Carolina and electric customers of Bamberg Board of Public Works and the city of Georgetown.

Bonds can be bought in person or by mail by contacting Nan Cline, Debt Administrator, Santee Cooper Headquarters, One Riverwood Drive, Moncks Corner, SC 29461. For more information, call toll-free 877-246-3338, go to www.santeecooper.com/minibonds or e-mail questions to scbonds@santeecooper.com.