Side of the Rhode: Who’s Hot and Who’s Not? - September 20, 2019

HOT

Providence Equity Partners

Providence’s star private equity firm just got $6 billion larger.

Providence Equity Partners, the private-equity firm led by three Brown University grads and located in downtown, exceeded its target for the firm's new $5 billion fund by an additional $1 billion.

Most recently the company is known for investments in Hulu, Learfield Sports, and Ironman, but in the earlier years, it was telco and wireless.

According to the Wall Street Journal on the fundraising for this round, "Providence Equity Partners VIII LP, closed on Sept. 5 above its $5 billion target, according to a memo to investors viewed by The Wall Street Journal."

Providence Equity’s previous flagship fund closed with $5 billion in 2013.

The firm itself and its partners committed $350 million to this fund, reported the WSJ.

HOT

Steel Yard

Back, bigger, warmer and better than ever.

The newly improved Steel Yard is now re-opened for business.

Heated, ventilated and more accessible, the Steel Yard now offers classes year-round in welding, jewelry, blacksmithing and ceramics.  

That's hot.

HOT

Green Development

The renewable industry is getting real in RI.

Green Development’s headquarters will be moving to Chapel View in Cranston, the company announced this week.

Green Development, whose current headquarters are in North Kingstown, expects to take over the 5th and 6th floors of 2000 Chapel View Boulevard by early December.

“The increased space will accommodate my entire development team as we had simply outgrown our existing headquarters. The move to Cranston will also allow us to be more centrally located to our projects. At Green, our focus is developing renewable energy projects that benefit Rhode Island while providing a great working environment for our employees. The move to Chapel View provides us that opportunity to support our employees with the creative space required to achieve our goals,” said Green Development Chairman and Founder Mark DePasquale.

Green will continue to use their North Kingstown location as an operations center.

HOT

PPAC

PPAC is on a roll. Hamilton, multiple awards and now a little love from Walt Disney's family.

The Providence Performing Arts Center received a $120,000 Grant from Disney to bring the Disney Musicals in Schools (DMIS) program to Providence.

Disney Musicals in Schools is a free initiative developed by Disney Theatrical Group to create sustainable theater programs in public elementary schools.

”Many people on Broadway and in National Broadway Tours became passionate about musical theatre when they were young. It is our hope that the students who participate in Disney Musicals in Schools will also become passionate about theatre, and will continue to be involved in the theatre world as they grow up,” said J.L. “Lynn” Singleton, PPAC President and CEO.

The grant funds two years of programming. 

Applications are now being accepted for the 2019—2020 academic year

HOT

Jack Reed

The Senior United States Senator from Rhode Island seems to get the balance between representing the State of Rhode Island and serving as a national leader.

While Reed is clearly partisan, he is not just driven by the proverbial fight. Maybe others could learn from him.

NOT

CCRI-UGLY

CCRI’s Warwick Campus was blistered by Complex — a lifestyle website — and was named one of the 50th ugliest campuses in the United States.

The online magazine wrote in their rankings, “Unfortunately, not all campuses were designed to reflect this optimistic view of college life. We looked at some truly horrible American college campuses to point out what universities are doing wrong. Taking into account location, planning, decentralized campuses, and inappropriately mixed styles of architecture, we've created a list of The 50 Ugliest College Campuses in the US.”

Here is what they wrote about CCRI:

Location: Warwick, R.I.
Year Built: 1972
Key Architects: Perkins + Will

The Knight Campus of CCRI was built for function but may have sacrificed style in the process. The campus is the perfect example of harsh, brutalist architecture. Cold, domineering, and intrusive, it doesn't give much by way of inspiration, and it's anything but inviting. The main building evokes images of a concrete cruise ship.

NOT

Ripped Off Nuns and Now Charges of Extortion

Michael Hlady who lives in East Greenwich and once went to jail for ripping off a Worcester school run by nuns is now facing new federal charges.

Hlday, who is also known as Michael Peters was charged by New York Federal prosecutors on Wednesday.

A complaint was unsealed Wednesday in federal court in Brooklyn charging Steven Nerayoff and Hlady with extortion. 

According to federal prosecutors, Nerayoff, an attorney, and Hlady threatened to destroy a startup cryptocurrency company if they were not paid millions of dollars in the cryptocurrency Ether (ETH).  Nerayoff was arrested this Wednesday, and was scheduled to make his initial appearance Wednesday afternoon before United States Magistrate Judge Steven L. Tiscione. 

Hlady was arrested Wednesday in Rhode Island.

Richard P. Donoghue, United States Attorney for the Eastern District of New York, and William F. Sweeney, Jr., Assistant Director-in-Charge, Federal Bureau of Investigation (FBI), New York Field Office, announced the charges.

“As alleged, Nerayoff and Hlady carried out an old-fashioned shakedown, to be paid off with 21st century cryptocurrency,” stated United States Attorney Donoghue.  “This Office and our partners at the FBI are committed to protecting businesses from extortion, whether the demands are for U.S. dollars or cryptocurrency.” 

“When you peel back the layers of this case, an age-old extortion scheme is revealed with a modern day twist,” stated FBI Assistant Director-in-Charge Sweeney.  “Imposing forceful demands on a company for personal gain is risky business, whether one's preference is to be paid off with cryptocurrency or cold hard cash. The FBI will continue to seek justice for victims who businesses have been targeted by these types of scams.”

Nerayoff once appeared on GoLocal LIVE to discuss the impact of Blockchain technology.

Hlday's Worcester Rip-Off

Hlady fleeced Venerini Academy in Worcester out of more than $360,000, was sentenced to 2½ years in jail In January of 2016 for violating the terms of his probation, as reported by the Telegram.
The House of Correction sentence was imposed by Judge Shannon Frison. The school's mission is "serves God by Educating to Save and Set Free. In partnership with families, we develop the whole child through rigorous academics in a safe and respectful environment."

The Venerini Sisters were never made whole by Hlday. The school was as "St. Rosa Venerini made it her mission in 17th century Italy to save girls from ignorance by leading them onto a path of salvation and liberation through education. In her honor, Venerini has dedicated over sixty years to provide academic, spiritual, and moral education to transform students into curious learners and enlightened leaders. We put them on a path of purpose-driven learning and success with the goal of forming them into engaged, faith-centered, and inspired students who are eager to know, love, and serve God and others."

The Justice Department alleges that, “Subsequently, Nerayoff introduced the executives to Hlady, who used the alias ‘Michael Peters’ and who Nerayoff described as his “operations guy.”  Hlady told the executives that he had been part of the Irish Republican Army, the National Security Agency, the Central Intelligence Agency and the FBI, and that he had “taken down” a head of state.”

NOT

Justin Trudeau

As Ray Rickman once said, “Every black person on the planet is offended by [blackface], hurt by it."

Canadian Prime Minister Justin Trudeau has issued an apology for wearing 'brownface' in 2001.

The Canadian PM admitted he wore 'brownface' makeup to an 'Arabian Nights'-themed party in 2001. He acknowledged the incident after 'TIME' magazine published the photo. 

Last December, GoLocal unveiled a photo of Jim Hummel, the investigative reporter for the Providence Journal and host of “The Lively Experiment” of RI PBS, in blackface.

NOT

Barrington Busing

A mother in Barrington is questioning why a monitor was not present on a bus that her 5 and 7-year-old children were on -- and allowed to leave the bus unattended. This marks the latest in busing concerns in the town since the start of the school year. 

Other issues this week included a bus accident that saw police called to the high school.

After the school district decided last spring to move the middle and high school start times later for the current school year, families have been calling out what they say have been significant problems in the changes to the school busing schedule,

“Whether you’re for the change of start time or not,  I can’t understand how it could be implemented like this,” said Allyson Naperotic, who has one child at Hampden Meadows — and her two younger children at Nayatt Elementary. “We need to fix it. Someone needs to say this isn’t working. And we need to go back to the drawing board. It’s not fair when the children’s well-being is at stake.”

The move from what had been a three-tiered system to a two-tiered one for the current school year has meant longer bus rides for younger students, according to parents -- and logistical issues which have called into question student safety.

NOT

David Cicilline

Fiesty, combative, but what have you done for Rhode Island lately.

“It could be that Congressman Cicilline is approaching the tipping point.  While his confrontational style has served him well, he will begin to pay a price.  He may be better served by dialing it back and rounding out his reputation by focusing more on the issues.  People admire and trust policy wonks. Congressman Cicilline belongs to some powerful committees beyond House Judiciary and it may be time for him to build his reputation by changing his style," says RIC Professor Val Endress.

Read what other national and local experts say about Cicilline's role in Congress.