Dave Spence Background Research-Part 1

Contributed to Chuck Schumer While all other contributions from Spence, his wife, and his company have been to Republicans or conservative groups, including nearly $10,000 dollars to LT. Gov. Peter Kinder, Spence has made one contribution to a Democrat - $1,000 to Chuck Schumer in 2004. Controversy over Reliance Bancshares, Inconsistent Response Spence served on the board of directors for Reliance Bancshares, which he resigned from in March 2011. While he served on the board, the bank accepted $42 million from TARP. Just before his resignation, the company announced that it would not be paying the Treasury a $2.2 million annual dividend that was required in order to pay back taxpayers this was to be the banks first payment. When asked by the AP, he said that he couldnt recall the decision to stop paying, but he told PoliticMO that he resigned from the banks board because of their decision to suspend payments. However, in an SEC filing the bank said that his resignation was not due to any disagreement.10 Statement issued: Effective March 11, 2011, Jerry S. Von Rohr resigned as Chairman of the Board of Registrant, but he continues as a member of the Board of Directors. Effective March 15, 2011 David R. Spence resigned as a Director of Registrant. Their resignations are not related to any disagreements with Registrants operations, policies or practices.

Between December 31, 2009, and December 31, 2010, Reliance Bancshares made $21,041,439 in loans to executive officers and directors or to benefit officers and directors. This is equal to approximately half the money they received through TARP.11 In fall 2010, Spence bought 500,000 shares of Reliance stock for $1.5 million.12 On the proxy statement filed with the SEC on 3/25/11 by Reliance, David R. Spence is listed as receiving $10,250 for his services on the Board of Directors.13 On the proxy statement filed 4/1/10, Spence is listed as receiving $2,000 for his services.14
Dave Spence's Bailout Timeline 16 May 2005 -- Spence Joins Reliance Board [St. Louis Post Dispatch, 5/13/05] February 2009 - Reliance Announces It Had Received $40 Million from TARP [St. Louis Business Journal, 2/23/09] April 2009 - Spence Is Re-nominated to Reliance Board of Directors [Reliance Bancshares, SEC filing 14A, 4/15/09] April 2009 -- St. Louis Post Dispatch reports that Reliance's CEO made lavish salary + perks year bailout was passed. [St. Louis Post Dispatch, 4/23/09] September 2010 -- Spence buys 500,000 Shares of Reliance Stock [US Fed News, 9/25/10] February 2011 -- Reliance Bancshares suspends TARP preferred dividends. [SNL Bank Midwest, 2/24/11] March 2011 -- Spence resigns from Reliance board [SNL Bank Weekly Midwest, 3/21/11]

Spences Response to Bailouts and National Public Opinion of Bailouts17 "Spence said he doesn't recall any details about that decision, but he said the federal bank bailout program helped avoid a potential economic disaster by providing banks with 'extra cushion of capital. Newsweek Poll conducted by Princeton Survey Research Associates International. Oct. 20-21, 2010. N=848 registered voters nationwide. MoE 4.2. "Now thinking about the federal government's actions in response to issues facing the U.S. today. Please tell me if you think each of the following was good for the country or bad for the country in general. First/Next, what about the government bailout of the financial and banking industries?" Republicans Good - 13% Bad - 79% Mixed (vol.) - 6% Unsure - 2%

Spences Wall Street Background Alpha Packaging signed an agreement in 2010 to be sold to Irving Place Capital for 260 million dollars.17 Irving Place Capital was the private equity firm formally of Bear Stearns, which has spun off, following the purchase of Bear Stearns by JP Morgan after a 30 billion dollar bailout from the Federal Government. Backtracked on Running Originally, Spence had told David Catanese that he would not run if Peter Kinder intended to run for Governor, but emphasizing that he would jump in if Kinder passed on the opportunity.15 However, though Kinder remained in the race, Spence decided to declare his candidacy, saying that he is 100 percent committed to running. His announcement insinuated that he is not satisfied with how Kinder is handling important issues, saying, You just cant talk about things, sometimes you have to jump in and fix them.16 "I believe after numerous conversations with Dave Spence that he is the Republican Party's best chance of defeating Jay Nixon, Kinder said in a statement. "Dave is a self-made man and proven manager who understands how to create jobs and improve the state's economy. He is smart, serious and has a vision he's shared with me to renew Missouri's greatness. I am proud to call him a friend and will do everything in my power to see that he's elected governor next year," continued Kinder.

Background on Dave R. Spence Dave Spence is 53 years old. He is the founder, president and CEO of Alpha Packaging (a position he has held since 1985) and serves as chairman of Legacy Packaging. He graduated from the University of Missouri-Columbia with a Bachelors Degree in Business

Administration in 1980 and was a member of the Beta Theta Pi fraternity, which he is still very involved with. He is a member of the World Presidents Organization and Chief Executives Organization and is active with the Regional Business Council, St. Louis Sports Commission, and Roosevelt High School. He lives in St. Louis with his wife, Suzie. They have four children.1 In addition to Alpha, he owns Legacy Packaging of Earth City and a restaurant in Park City, Utah.2 Alpha Packaging manufactures plastic bottles, both HDPE and PET, focusing on the pharmaceutical, personal care, food, and beverage industries. They are among the top 30 largest blow molders of plastic in North America. In addition to their facilities in St. Louis, they have five additional manufacturing facilities, including locations in Brooklyn, NY, Salt Lake City, UT, and the Netherlands. In 2005, the firm entered into a partnership with Stonebridge Partners, and in 2010 the company was acquired by Irving Place Capital for $260 million. Spence has two corporations registered for Alpha one as Alpha Packaging Holdings, Inc. and one as Alpha Packaging, Inc.3 Home and Property4 According to MEC contribution records, David Spence and his wife cite 8 Radnor Road, St. Louis, MO 63131 as their primary residence. A closer look at the propertys records indicates that the home is owned by Suzanne Spence through a trust. The houses appraised value is $2,042,300, with an assessed value of $388,040, and it sits on 3 acres. It is a large home with a pool. The house was built in 1939, has nine bedrooms, 8.5 bathrooms, and 9,540 square feet of living space.5 The mailing addresses for Suzanne Spences property assessments are both listed as 2021 S. Warson Rd., St. Louis, MO 63124. Looking at that address, it appears that it may actually be the Spence familys main residence as it is listed as jointly owned by David and Suzanne Spence. The property on Warson is valued at $6,092,300, with an assessed value of $1,157,540. This is an increase from 2010s value of $3.76 million. It is a 10.762 acre property and is a palatial estate with a pool, built-in golfing facilities that appear to provide for three separate holes of golf onto one green, a lake with a fountain, and two outdoor sitting areas 7 The home was built in 1935 and has 6 bedrooms, 6.5 bathrooms, and 13,253 square feet of living space.8 In addition, the Spence family owns five cars: a 2002 Lexus SC430, a 2003 Hummer H2, a 2004 Mercury Mountaineer, a 2006 Range Rover Sport, and a 2007 Audi A8.9
http://blogs.riverfronttimes.com/dailyrft/2011/11/dave_spence_enters_governor_ra.php 1 http://www.columbiamissourian.com/stories/2011/11/15/dave-spence-run-missouri-governor/, http://business.missouri.edu/2766/Default.aspx 2 http://stlbeacon.org/issues-politics/150-Election2/114283-gop-businessmen-look-for-new-positions-aselectedofficials 3https://www.sos.mo.gov/BusinessEntity/soskb/SearchResults.asp?FormName=CorpNameSearch&Words=Sta rting &SearchStr=alpha+packag&SearchType=Search 4 Photograph from Google Maps 5 http://stlouis.blockshopper.com/property/21M430022/8_radnor_road/ 6 http://revenue.stlouisco.com/IAS/ 7 http://stlouis.blockshopper.com/property/20M510053/2021_s_warson_road/ 8 http://revenue.stlouisco.com/Collection/ppInfo/ 9 http://firedupmissouri.com/category/tags/dave-spence, http://blogs.riverfronttimes.com/dailyrft/2011/11/dave_spence_enters_governor_ra.php

10 http://www.sec.gov/Archives/edgar/data/1397771/000095012311030879/c63752e10vk.htm#C63752118 11 http://stlbeacon.org/issues-politics/150-Election2/114283-gop-businessmen-look-for-new-positions-as-

electedofficials 12 http://www.sec.gov/Archives/edgar/data/1397771/000095012311029232/c63689prpre14a.htm#C63689118 13 http://www.sec.gov/Archives/edgar/data/1397771/000095012310031438/c57293ddef14a.htm#118 14 http://www.politico.com/blogs/davidcatanese/1011/Dave_Spence_If_Kinders_out_Im_in_.html 15 http://politicmo.com/2011/11/15/spence-in-governors-race-100-percent/, 16 http://www.showmeprogress.com/diary/6624/finally-the-republican-gubernatorial-candidate-weve-all-been-waitingfor 17 http://www.showmeprogress.com/diary/6624/finally-the-republican-gubernatorial-candidate-weve-all-been-waitingfor 18 http://www.bizjournals.com/stlouis/stories/2010/08/30/daily10.html