Former U.S. counsel general to Bermuda Larry Owen and his wife Faylene, a major fundraiser for the Democratic party and a current Michigan State University Trustee, have filed for bankruptcy protection.
According to a report in the Lansing State Journal, the couple have “nearly a half-million dollars in unsecured debts, among them $109,781 in unpaid taxes.”
Larry is a former mayor of East Lansing, and has twice run for governor of Michigan as a Democrat. He blamed the issue on two real estate ventures that had failed, and said Faylene was unaware the couple was facing such a dramatic financial crisis. He served as counsel general to Bermuda under President Bill Clinton.
Faylene made headlines on Tuesday when she confirmed rumors that Lt. Gov. John Cherry would not seek the Democratic nomination for governor. She had been working as a fundraiser for Cherry.