Solomon 1994 Bankruptcy Filing Raises New Disclosure Questions
GoLocal News Team and Kate Nagle
Solomon 1994 Bankruptcy Filing Raises New Disclosure Questions
See Solomon Bankruptcy Filing HERE
GoLocal has learned that Solomon had listed 30 creditors in the partial document available at this time, but does not appear to list the controversial 1988 PEDP Conrad Building loan in his filing as a creditor, bringing to question if his bankruptcy petition was an accurate reflection of his assets and liabilities. Last week, an ethics complaint was filed against Solomon alleging 25 violations of the RI Ethics Commissions disclosure requirement for public officials.
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According to the Rhode Island Secretary of State, Solomon formed the entity that owns Wes' Rib House, Wes' Smoked Foods, Inc. in 1983, but the Secretary of State issued a Revocation Notice eleven months before Solomon's bankruptcy filing in December of 1994. In late December 1995, Wes' Smoked Foods, Inc, was issued a reinstatement, nine months after Solomon's Chapter 7 bankruptcy discharge was granted.
Not apparent on the list of creditors in Solomon's bankruptcy was the predecessor to the Providence Economic Development Partnership (PEDP), which had given a loan to Solomon and his partners in an entity called The Conrad Inc. to develop The Conrad Building in downtown Providence in 1988. This loan, from the City of Providence Department of Planning and Development, was given in 1990 to an entity called The Conrad Inc., in which Solomon was a partner. The city's Department of Planning and Development is not listed as a creditor in Solomon's bankruptcy petition, although the loan was in place at that time.
The Conrad Inc. in 2004 morphed into a new entity called New City Conrad LLC to take over the assets and liabilities of The Conrad Inc., with the city's PEDP re-writing the then 18 year old troubled loan in 2004 under the new entity. Also appearing to be missing from Solomon's bankruptcy filing as a creditor is The Providence Foundation, which also had a mortgage on The Conrad.
The Solomon campaign did not respond to questions pertaining to the duration of Solomon's ownership in Wes' Rib House, or whether the Conrad loans were in reflected in the filing -- or if they were missing.
Questions Michael Solomon Needs to Answer to be Providence's Next Mayor
Staff Turnover
Since Solomon has announced his candidacy for Mayor, he has had three campaign managers and a plethora of political consultants have walked away.
Solomon received kudos when he tapped former Taveras consultant/staffer and former GoLocalProv MINDSETTER™ Matt Jerzyk, but Jerzyk left the campaign as a paid consultant. Rumors continue to swirl as to whether he still supports Solomon.
It will be hard to convince voters that he can build a strong management team which all the chaos on the campaign.
PEDP Questions
Big Questions About Solomon's Role with PEDP
Michael Solomon has loaned his campaign hundreds of thousands of dollars to run for Mayor while he owes the federally investigated Providence Economic Development Partnershipww (PEDP) in excess of $400,000 on a loan for the Conrad building that has received numerous extensions and was given in 1988.
As GoLocal first reported in 2011,
"Twenty-five percent of the small business loans given by Providence’s economic development program are at least 90 days past-due, leaving the city on the hook for more than $3.3 million, GoLocalProv has learned.
The Providence Economic Development Partnership (PEDP), an initiative that includes 16 small business owners or politicians and is chaired by Mayor Angel Taveras, is currently stuck with a tab of $3,358,637.67 in delinquent loans, according to Joshua Teverow, the lawyer who represents the PEDP."
Cianci Factor
Can Solomon Stand Up to Cianci?
Since Cianci announced for Mayor two things have happened: 1) Solomon has been invisible 2) Brett Smiley has proverbially punched Cianci in the nose.
Most bizarre is that while Smiley has had surrogates like former Projo political columnists Charlie Bakst attack Cianci, Solomon, who trumpets having scored massive public endorsements, has seen none of those endorsements raise the question if it is a good idea that a two time felon be re-elected Mayor of Providence.
Pothole Factor
Solomon Owns Every Pothole in Providence
Solomon claims to be the architect of the City of Providence's economic recovery. He claims he partnered with Angel Taveras to clean up the economic mess left by former Mayor David Cicilline.
Like Taveras, Solomon will also have to explain the performance of the Providence Schools, crime, graffiti, and the horrific condition of Providence Streets.
It Solomon couldn't create a strategy for filling potholes, should he get a promotion to Mayor?
Biz Experience
Solomon Claims Business Experience
One of Solomon's claims is that he is a successful businessperson. His official bio says, "he is a local business owner—he is the proprietor of the popular and successful Wes’ Rib House in Olneyville, as well as Cozy Catering. He is a member of the Olneyville Business Association as well as the Knights of Columbus, the Lions Club, and the Chamber of Commerce."
The business may be built in glass. His Cozy Catering has been hit with more than a dozen health code violations - one being rodent droppings (see violations HERE).
This coupled with his failure to pay repay his PEDP loan undermine his claim to be a competent business leader.
Old School
Background - Political Family
Solomon comes from an old school Democratic machine family. His father, Anthony Solomon served as General Treasurer and in the legislature of Rhode Island for more than two decades. Solomon's political career ended when he ran for Governor and won a venom dripping primary against then Warwick Mayor and now Projo lobbyist Joe Walsh. The senior Solomon then was beaten in the General Election by then Cranston Mayor Ed DiPrete.
Each week for the next six weeks - GoLocal will look at the key questions each Mayoral candidates need to answer to win the Capitol City's top spot.
