INVESTMENTS Official: Coin liquidation could've been profitable

More charges are expected against Tom Noe, who's under federal indictment.
COLUMBUS (AP) -- The man in charge of liquidating Ohio's investment in rare coins says the state could have made a substantial profit if the investment was run the way it was supposed to be operated.
"I think you'll find a significant portion of that return isn't there," said Bill Brandt, president and chief executive of Chicago-based Development Specialists Inc.
Brandt said he was surprised that rare coin dealer Tom Noe appeared at a news conference Wednesday.
Noe's attorneys have acknowledged up to $13 million of the $50 million coin investment can't be accounted for. Attorney General Jim Petro sued Noe and accused him of stealing as much as $6 million.
A state and federal task force is investigating and charges are expected. Noe is already under federal indictment on charges he illegally funneled $45,000 to President Bush's re-election campaign through colleagues and associates.
Noe and his attorneys said Wednesday that the investment should be worth about $61.8 million.
Expects recovery for state
Brandt, whose company was hired to sell what remains of the coins, said he expects the state to make a significant recovery from liquidating the fund but said it's premature to disclose his estimates.
"The result of the significant return, however, has no connection whatsoever to years-ago use of coin fund assets and money by Mr. Noe," Brandt said Thursday. "It is a condition that is current with the coin market that did not have a lot to do with how Noe conducted himself."
Brandt said he agreed with Lucas County Prosecutor Julia Bates, who described Noe's news conference as spin.
Noe's attorney, William Wilkinson, said it's fine if Brandt wants to talk about hypothetical situations regarding if the fund was run differently.
He said the totals that they cited at Wednesday's news conference are based on facts.