Edward Panos told KPCW Wednesday morning he would withdraw from the school board race. He made the announcement after KPCW emailed him questions about a 2013 jury verdict in Ohio in which Panos was ordered to pay Eric Schmidt $2.7 million over a deal involving a company Schmidt owned.
According to Schmidt’s lawyer and the Columbus Dispatch newspaper, Panos filed for bankruptcy immediately after the jury’s judgment, which reduced the amount he owed Schmidt to $1.5 million. Schmidt’s lawyer says he has not received any money from Panos and is continuing to pursue his settlement.
In an email Wednesday, Panos called Schmidt’s comments inaccurate and said he would not comment further. He also said he would “seek legal advice and direction” against KPCW and an individual reporter if the station “continued down the path of disparaging him in public.”
KPCW reported last week about a separate incident in which the federal Securities and Exchange Commission ordered Panos to pay $3.2 million in 2016 to settle financial fraud charges. Panos said he paid that without admitting guilt. An SEC statement says Panos is permanently barred from holding executive officer positions in penny stock public companies.
Panos moved to Park City in 2016. His LinkedIn profile lists him as founder of Park City Capital LLC and says he is a business and finance consultant specializing in commercial debt financing for all types of businesses.
With Panos’s withdrawal, the district four seat has three candidates remaining – Josh Mann, Mandy Pomeroy, and Meredith Reed. That could lead to a primary June 28 unless another candidate withdraws.