While Bill Allen waits patiently to testify against Sen. Ted Stevens and others in ongoing corruption cases, the Alaska businessman and his children have set up several new companies that deal in energy, construction, real estate, tourism and aviation.
Allen pleaded guilty to bribery and corruption in 2007. He continues to cooperate with investigators as he awaits his own sentencing, which is set for early next year, according to the Anchorage Daily News.
Last year, Allen and his children - Mark Allen, Tammy Kerrigan and Shannon West - received about $100 million from the sale of VECO, their oil services company, the Daily News reports. The family retained control of another $70 million in VECO assets.
Since then, Allen and his children have established at least five new companies - MST Ventures Inc., AEL LLC, Sting Ray LLC, Veco International LLC, and Allen Transport LLC - to hold old and new properties.
Sting Ray, for example, owns an Alaskan lodge; Allen Transportation, a British-made private jet.
Allen has yet to serve any jail time. He remains free on $10,000 bond and has no passport restrictions. Stevens, the Daily News points out, had to surrender his passport.
This week, a federal judge denied Stevens’ request to move his trial from Washington, D.C., to Alaska, where he is running for re-election. Stevens, 84, is the longest tenured Republican in the Senate. He is seeking a seventh term. Jury selection in his trial is scheduled for late September.
Bob Bundy, Allen’s attorney, told the Daily News that his client is “marking time” these days.
“He’s just kind of waiting for the ax to fall, that’s all,” Bundy said. “He went from a guy who was leading a pretty good life, being a CEO with people respecting him, to somebody that’s just waiting now. It’s not a very happy situation.”
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