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  •   Bush Cleared $250,000 From Sale of Some Assets

    By George Lardner Jr.
    Washington Post Staff Writer
    Saturday, July 3, 1999; Page A10

    Texas Gov. George W. Bush earned more than $100,000 last year on the sale of stock in a Texas pharmacy benefits management firm and took in at least $155,000 more from the sale of real estate and oil and gas partnerships with Texas billionaire Richard Rainwater.

    Bush's disposal of his interests with Rainwater, a $100,000 contributor to his 1994 campaign, and other holdings were laid out yesterday in a federal financial disclosure report required of all presidential candidates.

    The report also showed that Bush is writing a campaign biography and has earmarked his advances, $106,250 so far and an equal amount upon completion, to charity.

    Bush's press secretary, Karen Hughes, said so many books are being written about the governor that he decided "who could better tell an accurate story than himself." It will be coauthored by Houston sports columnist and author Mickey Herskowitz and is to be published this year or in early 2000.

    Bush's assets have been held in a blind trust since he became governor in 1995. Under its rules, according to Bush's accountant Robert A. McCleskey, disclosure of individual components could be made only when they were completely disposed of.

    Rainwater was a major investor in the Texas Rangers and he and Bush each put together about half of the partnership group that bought the team in 1989. The team was sold last year for $250 million in a transaction that transformed Bush's original investment of $606,000 into a $14.9 million fortune. He is expected to receive $1 million to $2 million after final settlement costs are paid, Hughes said.

    Another partnership Bush had with Rainwater involved Continental Plaza, an office building in Fort Worth, that was sold last year, producing a capital gain for Bush of between $100,000 and $1 million.

    Two other partnerships with Rainwater, G.F.W. Energy and G.F.W. Energy II, were oil and gas businesses that McCleskey has said involved "some drilling and some acquisition of producing properties." The trust sold Bush's interest in them last year, earning between $55,000 and $115,000 for the governor.

    The disclosure report also showed a gain between $100,000 and $1 million for Bush on the sale of stock in Advance Paradigm Inc., an Irving, Tex., company that provides pharmacy management benefit services to health plans with some 12 million members and processes claims for more than 50,000 pharmacies.

    Bush's office said in April that Bush and his wife Laura had an estimated taxable income last year of $18.4 million and paid $3.8 million in federal income taxes.

    Staff researcher Nathan Abse contributed to this report.


    © 1999 The Washington Post Company

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