Not long after, Pence also resigned from the board of a local bank that loaned $16 million to the company. "The oil and gas industry changed rapidly in the 1990s and early 2000s, and many small, independent companies like Kiel Brothers were not able to survive," said Gillaspie, Greg Pence's spokeswoman. In June 2004, Greg Pence resigned as the company filed for bankruptcy. The business racked up environmental fines and closed stores. was swimming in debt as industry consolidation and low gas prices stretched profit margins to the brink. But it was his brother who took over after Edward Pence's 1988 death and eventually became president.īy the early 2000s, Kiel Bros. Mike Pence says he worked for the business - which mostly operated under the name Tobacco Road - starting at age 14. Pence's father, Edward, joined in the early years and, by the mid-1970s, rose to corporate vice president. That was out of more than 230 companies seeking cleanup money that year, including major gas station chains with a substantially larger presence in the state.įounded as an oil distributor by businessman Carl Kiel in 1960, the company expanded into the gas station business. sites still ranked among the top 10 recipients of state money for such cleanups in Indiana in 2013, the last year for which the petroleum industry has reliable spending data for the company. Nearly a decade after going under, Kiel Bros. Greg Pence, who is seeking the vice president's old congressional seat, has total assets worth $5.7 to $26 million. He later became Indiana governor and now has assets worth between $532,000 and $1.13 million. Mike Pence, then a third-year congressman, lost more than $600,000 when the company went under. James Barnes, an environmental law professor who served in high-ranking posts at the Environmental Protection Agency under President Ronald Reagan. The Pence family, especially Greg Pence, has "some answering in public" to do, said A. The fact that the company stuck taxpayers with the lion's share of the cleanup bill rankles some observers, especially in light of the family's reputation as budget hawks critical of government spending. This is another attempt by the liberal media to rehash old, baseless attacks," campaign spokeswoman Molly Gillaspie said. "Greg Pence has had nothing to do with Kiel Bros since 2004. when it went bankrupt and is now running for Congress as a Republican - distanced himself from the cleanup costs.
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