July 30, 2008 07:34 PM UTC

Polis Challenged To Explain Ties to Cayman Island Investment Fund

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• by: Matt Moseley

( – promoted by Colorado Pols)

POLS UPDATE: New Fitz-Gerald press release after the jump. Says campaign manager Mary Alice Mandarich, “Jared Polis still needs to explain to voters about his investments in power generation facilities, energy speculation, oil and gas development and war profiteering-and these investment connections to the Cayman Islands.”

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On the heels of the recent Senate hearings on the evasive tax strategies of off shore funds in the Cayman Islands, yesterday the campaign of Senator Joan Fitz-Gerald challenged Jared Polis to explain his ties to an offshore fund in the Cayman Islands.

“Jared needs to fully explain his ties to, not only Jove Partners, but to Jove Master Fund registered in the Cayman Islands.” said Mary Alice Mandarich, campaign manager for Fitz-Gerald for Congress.

    *  In 2005 Jove Partners was established in Delaware and New York

   * Jared Polis lists himself is the managing director of Jove Partners [2008 Personal Financial Disclosure]

   * On SEC form 13D, Jove Partners acknowledges it is the investment manager for Jove Master Fund-a Cayman Island exempted corporation [2008 Personal Financial Disclosure]

   * SEC rules require any fund with control over $100 million in investments must file disclosure form 13F.

   * According to an SEC Form 13F filed on May 14, 2008, Jove Partners is heavily invested in power generation facilities, energy speculation, oil and gas development and war profiteering.  [2008 Personal Financial Disclosure]

   * For five years Jared Polis paid no personal U.S. income taxes for years 2001, 02, 03, 04, and 05

         o “I have paid a lot of taxes. I should have paid more, by the way.” [Jared Polis, Granby, 12/14/08]

Jove Partners, LP invests in multiple energy companies. According to the SEC, institutional investment managers who exercise investment discretion over $100 million or more in Section 13(f) securities must report their holdings on Form 13F with the SEC.

Company                        Shares Held

Rosetta Resources Inc.    110,000  

SAIC Inc.                          350,000

Transalta Corp.                125,000

          [SEC Form 13F, Jove Partners, LP filed on Feb. 14, 2008]

Company                        Shares Held

NRG Energy                     32,000

Reliant Energy Inc.           120,000

Rosetta Resources Inc.    110,000

SAIC Inc.                          175,000

Transalta Corp.                125,000

         [SEC Form 13F, Jove Partners, LP filed on May 14, 2008]

“Jared can not continue to say, as he has in the past, ‘I don’t manage the money’ because he lists himself as the managing director of Jove Partners,” said Mary Alice Mandarich. “As Jared talks about Big Oil, war profiteers and progressive values, he needs to explain the investments in this fund and his association with Jove Partners.”

The Senate Finance Committee just last Thursday [July 24] announced plans for new laws against offshore tax evasion. A new GAO report found American ties to thousands of firms registered in the Cayman Islands. The hearings were held by Sens. Max Baucus, D-Mont., and Charles Grassley, R-Iowa. The report showed as many as half of the 18,857 entities registered at single Cayman Island office. Offshore tax evasion costs Americans tens of billions of dollars every year.

The sourcing document is available at www.joanfitz-gerald.com/polisoffshorefund

FOR IMMEDIATE RELEASE                                          CONTACT: Matt Moseley

Wednesday, July 30, 2008                                                                              303-487-1111                                                                                                                       303-887-0826 cell

POLIS EVADES ANSWERING QUESTIONS

ABOUT CAYMAN ISLAND FUND AND JOVE PARTNERS

Polis claims ignorance about holdings;

Why not invest in America? Has he deferred tax payments?

WESTMINSTER, Colo.- Questions continue to surround Jared Polis and his involvement in Jove Partners and the Jove Master Fund in the Cayman Islands. Yesterday it was revealed that Jared Polis is the managing director of Jove Partners. On SEC form 13D, Jove Partners acknowledges it is the investment manager for Jove Master Fund-a Cayman Islands exempted corporation.

According to an SEC Form 13F filed on May 14, 2008, Jove Partners is heavily invested in oil and gas development, war profiteering, power generation facilities and energy speculation.”  

“Jared Polis still needs to explain to voters about his investments in power generation facilities, energy speculation, oil and gas development and war profiteering-and these investment connections to the Cayman Islands,” said Mary Alice Mandarich, campaign manager of Fitz-Gerald for Congress. “These are simple questions that Jared needs to answer:

·         “Why base your company in the Cayman Islands and why not invest in America?

·         “Since the establishment of Jove Master Fund, have you deferred tax payments in any year? Will you release your 2007 tax returns?

·         “What foreign investment has Jove Master Fund attracted?

·         “How many jobs did you create outside of America?”

At the close of market yesterday, just five of Jared Polis’ holdings in companies that profit from energy speculation, power generation and war profiteering were valued at nearly $14 million.

·         NRG Energy:  32,000 shares at  $35.84 = $1,146,850

·         Reliant Energy Inc.:  120,000 shares at $17.60  = $2,112,000

·         Rosetta Resources,  Inc.:   110,000 shares at $23.34 = $2,567,400

·         Transalta Corp.:  125,000 shares at $34.73 = $4,341,250

·         SAIC, Inc.: 175,000 shares at $19.14 = $3,349,500.

“When recently asked about the most important values in America, Joan Fitz-Gerald responded with “equality and justice.” Jared responded with “free enterprise.” This is indicative of how Jared puts profits ahead of people,” said Mandarich. “How can we trust Jared to represent the interests of all the people in the 2nd Congressional District when he will not be forthcoming about the nature and extent of his investments and his partners?”

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