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Tipping their hand?

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Illinois

* Maybe this guy is way too overconfident that Illinois will cave in to ADM’s demands, or maybe ADM is moving to Chicago no matter what. Tribune…

D. Cameron Findlay, ADM’s recently hired senior vice president and general counsel, paid $2.619 million for a 21st-floor condominium unit in a newly built Lincoln Park tower in Chicago.

Findlay closed on the unit in early September, before the company went public with its announcement that it’s planning to move its headquarters. It has said Chicago is its preferred city, although it’s seeking $24 million in tax incentives and is entertaining offers from other states.

Victoria Podesta, spokeswoman for Decatur-based Archer Daniels Midland insisted that the company has not yet made a decision – even privately – on where it will move its headquarters.

She noted Findlay is a Chicago-area native, but that “the reasons people buy homes are private, and I won’t comment on that.”

“He works out of our corporate office, and he’s prepared to work where he’s needed,” she said.

Not to mention that the condo he bought is worth over twice as much as the company’s $1.2 million annual tax break request.

Sure would be a shame if the company missed out on a sweet state tax break because somebody found a must-have condo in Yuppyville.

/snark.

posted by Rich Miller
Wednesday, Oct 9, 13 @ 3:04 pm

Comments

Things that make you go hummmm…..

Comment by Stones Wednesday, Oct 9, 13 @ 3:08 pm
Oops …

Comment by RNUG Wednesday, Oct 9, 13 @ 3:17 pm
It’s just his little pied-a-terre to get away from the hustle and bustle of Minn-StPaul?

Comment by Nearly Normal Wednesday, Oct 9, 13 @ 3:22 pm
That *is* funny, but ADM got some free national publicity over their move out of Decatur, and Quinnie can brag that he “saved” a major corporate HQ from leaving Illinois, and Findlay gets to live where he wants to live. Winning!!!

Comment by Responsa Wednesday, Oct 9, 13 @ 3:26 pm
Question did ADM ever Pay all the Anti Trust money to the Feds? Maybe thats what they are trying to do to recover a 10% payback of the $250 mill they owed????

Comment by the Cardinal Wednesday, Oct 9, 13 @ 3:32 pm
The worker bees at the factory just got a little busier.

Comment by In_The_Middle Wednesday, Oct 9, 13 @ 3:45 pm
why does this remind me of Johnny Roastbeef buying a brand new pink Cadillac right after the Lufthansa heist???

Comment by PoolGuy Wednesday, Oct 9, 13 @ 3:55 pm
He could always spend a tenth of that for a nice flat in St.Paul and let a few co-eds rent the place here.

Comment by A guy... Wednesday, Oct 9, 13 @ 4:03 pm
Poolguy, that’s very funny.

Mr. Findlay, not exactly playing your cards close to the vest there, counselor, lol.

Lincoln and Armitage. I’m guessing that means the Loop for headquarters. It’s an annoying drive to the North Shore or Schaumburg driving from there.

Comment by wordslinger Wednesday, Oct 9, 13 @ 4:05 pm
It’s just so uncanny that their General Counsel would make such a move at the same time ADM is playing games like hinting at looking around in Minnesota! Word is right– there are no close cards by HID vest with THAT move, that’s for sure. “MY Kind of TOWN, ChiCAgo Is,” right, ADM? Thanks for the UNequivocal tip-off. It’s a Done Deal.

Comment by Just The Way It Is One Wednesday, Oct 9, 13 @ 4:30 pm
Oops. That was meant to read, “…by HIS vest….”

Comment by Just The Way It Is One Wednesday, Oct 9, 13 @ 4:31 pm
“Lincoln and Armitage.”

Where’s you pick that up, Word?

That price, for a “newly built 21st floor condo in Lincoln Park”, should mean only LP2550, at 2520 North Lakeview Avenue. Which is even more inconvenient to the North Shore or Schaumburg.

Rosemont is always a possibility, tho, too.

Comment by Chris Wednesday, Oct 9, 13 @ 4:32 pm
PoolGuy, if I had an award for funniest and most insightful comment of the day, you’d win it today.

Comment by Rich Miller Wednesday, Oct 9, 13 @ 4:32 pm
Patricia Woertz: “What did I tell you? You don’t buy nothing big.”

Comment by wordslinger Wednesday, Oct 9, 13 @ 4:40 pm
“General counsel” can afford a $2 million condo?

Time to leave private practice and move to the corporate world.

Comment by Skeeter Wednesday, Oct 9, 13 @ 4:43 pm
So when they hire spindoctors to make the bad press go away will their contract be less than the $1.2 million annual tax break request?

Comment by Boone's is Back Wednesday, Oct 9, 13 @ 4:45 pm
I hope Mr. Findlay knows enough to stay away from bridges for a while

Comment by Rich Miller Wednesday, Oct 9, 13 @ 4:46 pm
““General counsel” can afford a $2 million condo?”

Last 3 years at Medtronic (including RSUs and options):

$2,928,974; $2,651,039; $2,872,368

Presumably, ADM is paying him more than that. So, yeah, he can afford condo that is less than 1x his annual income, just like everyone else.

Comment by Chris Wednesday, Oct 9, 13 @ 4:49 pm
Also, Cameron, if you hear this, run: http://www.youtube.com/watch?v=Rw9fsAP9GkQ

Comment by Rich Miller Wednesday, Oct 9, 13 @ 4:49 pm
Chris, I misread it as Lincoln Park Tower condos. Upon further review, that might not be the case.

I don’t see 2550 as a an easy drive, either. In my experience, nothing outbound from Lincoln Park to the suburbs is easy, but that’s a matter of opinion.

Comment by wordslinger Wednesday, Oct 9, 13 @ 4:50 pm
Thanks Rich, and when I hear Layla I always think of:

“When they found Frankie Carbone in the meat truck, he was frozen so stiff, it took them two days to thaw him out for the autopsy.”

Comment by Anonymous Wednesday, Oct 9, 13 @ 4:57 pm
–He could always spend a tenth of that for a nice flat in St.Paul and let a few co-eds rent the place here.–

Co-eds? Do you mean college students or is that code for something else?

Do you know a lot of college students that rent $2.6 million condos, lol?

Comment by wordslinger Wednesday, Oct 9, 13 @ 4:57 pm
I’m sure Rahm will be fleecing him for some of the kickback, I mean tax savings to fund a trendy new item of interest for the tourists at Millenium Park, or some such thing…and then appoint him to the Infrastructure Task Force…snark again…

Comment by Loop Lady Wednesday, Oct 9, 13 @ 5:02 pm
Lots of folks even from the burbs are plunking down big cash on “second home” condos downtown and on the north side…i’m not sure it means anything other than he’s got money…

Comment by Charlatan Heston Wednesday, Oct 9, 13 @ 5:03 pm
“I don’t see 2550 as a an easy drive, either.”

Word, like I said–worse; I think clearly so. *Only* easy commute from there is something along LSD/Wacker, but then it is *very*very* easy.

“i’m not sure it means anything other than he’s got money”

AND that he’s not spending 5 days a week in Minneapolis.

Comment by Chris Wednesday, Oct 9, 13 @ 5:09 pm
O’Hare has nonstop flights to Beijing, Frankfurt (via Lufthansa no less), Delhi, London, Hong Kong, Sao Paulo, U.A.E.

if St. Louis, Minneapolis, Indianapolis upgrade their airports in the next 48 hours, then I would worry a bit more.

Comment by Anonymous Wednesday, Oct 9, 13 @ 5:14 pm
Pat Quinn will still manage to miss it. Our luck is that ADM executives will have someone whisper to Pat Quinn— “Don’t tell anyone that I told you this but Findlay bought a second home down in Houston, Texas and a summer home in Indianapolis.” You better play nice with ADM, Pat, or be prepared to get your crayolas out and color them gone.

Comment by Oak Tree Wednesday, Oct 9, 13 @ 5:25 pm
What is really, really pathetic is Kasper will still get this tax break to eventually sail through attached to some other piece of legislation.

Comment by Anon Wednesday, Oct 9, 13 @ 7:31 pm
Kicker: the 100 execs will deduct moving expenses from their income taxes.

Comment by Juvenal Thursday, Oct 10, 13 @ 7:40 am
Can you say “1 percenter”? Are you kidding me? We’re supposed to subsidize ADM so this guy can buy a home worth $2.7M? Maybe that’s peanuts for people like Bruce Rauner, but for the rest of us, we’ll never see that kind of money in our lives.

Comment by Chicago Publius Thursday, Oct 10, 13 @ 9:14 am
“Kicker: the 100 execs will deduct moving expenses from their income taxes.”

Harhar. You really think the company isn’t picking up 100% of their moving costs? Which will be a non-taxable (to the individuals) benefit.

Comment by Chris Thursday, Oct 10, 13 @ 9:33 am
==We’re supposed to subsidize ADM so this guy can buy a home worth $2.7M?==\

That might be, uh, simplifying the issue a tad don’t you think?.

Comment by Responsa Thursday, Oct 10, 13 @ 9:49 am