EDITORIAL: Newport’s Transformation to Schorschville

EDITORIAL: Newport’s Transformation to Schorschville

In Frank Capra’s movie classic, It’s a Wonderful Life, the town of Bedford Falls nearly falls into the control of the dominant banker, Mr. Henry Potter, and the idyllic town is almost transformed into Pottersville.

 

Nicholas Schorsch, a former scrapyard businessman and real estate executive, is buying up Newport, Rhode Island, one small business at a time. All legally.

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Prior to moving to Rhode Island full-time, one of Schorsch's companies in Philadelphia ran into regulatory trouble for health and environmental violations. His company was repeatedly fined.

 

He then moved on to New York.

 

There, his real estate company became embroiled in legal issues — sanctioned by the Securities and Exchange Commission for millions and sued by investors.

 

Over the past couple of years in Newport, Schorsch has bought up local restaurants, breweries, media companies, and much more.  And he has ingratiated himself with a growing number of politicians.

 

He has put at least one politician on his payroll.

 

And, he has spread out tens of thousands in political campaign donations to Rhode Island politicians.

 

While Schorsch has launched some new endeavors, he has primarily gobbled up local family-owned businesses in Newport.

 

His portfolio now includes La Forge Restaurant, Brick Alley Pub, Newport Craft Beer, The Red Parrot, Flo’s Clam Shacks, Audrain Automobile Museum, Audrain Motorsport, Audrain Park Place, Audrain Hospitality, La Costa Lobster and Tacos, Wally Weiners, Newport Lobster Company, Hilltop Inn, the Cluck House, the Cluck Truck, Amano Pizza, Newport Life Magazine, The Reef, and Caleb & Broad.

 

And Schorsch’s company has a government food concession contract at Easton’s Beach. He was a big donor to the former Mayor and is the largest donor to the newly-elected Mayor.

 

This week, he announced that he was buying the Vanderbilt Hotel.

 

Schorsch is now consuming Newport.

 

Welcome to Schorschville.