Compounding the Kiel Brother's problems was significant gas leakage from broken tanks at their gas stations--the state fined them $9 million for cleanup costs. Then, in 2004 Greg Pence and the Kiel brothers filed for bankruptcy, unable to overcome $100 million in debt.
Gov. Mitch Daniels offered to help Greg Pence--he found him working at Indiana's Department of Environmental Management. Greg was bailed out by the agency that said he owed them $3.8 million--he resigned just two months later.
And for the second time in his life, Mike Pence lost a small fortune because of one of his closest friends, this time his oldest brother. The collapse of Kiel Brothers cost Pence $700,000 in stock he held in the company.
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The above quotations are from Piety & Power Mike Pence and the Taking of the White House by Tom LoBianco. Click here for other excerpts from Piety & Power Mike Pence and the Taking of the White House by Tom LoBianco. Click here for other excerpts by Greg Pence. Click here for a profile of Greg Pence.
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