Latest news with #Baltimore-based
Yahoo
6 hours ago
- Business
- Yahoo
7 things to know about former Baltimore restaurateur Gregory Pranzo: ‘rats in the dining room,' unpaid bills
In December 2024, staff at Baltimore's Docks on the Harbor restaurant woke up to find the eatery had closed overnight. The owner, New York-native Gregory Pranzo, would later be accused of emptying the restaurant of furniture, fixtures and decor, in a lawsuit filed by Baltimore-based developer Cordish Cos. Over several weeks of investigation, The Baltimore Sun found Pranzo launched multiple restaurants across six states and then abruptly closed them, leaving staff, business partners or landlords behind, along with millions of dollars in unpaid bills. The full story ran in print Sunday (and is online here: but here's a quick take on what you should know about Pranzo's business practices. Celebrity partner: Pranzo has opened and closed restaurants in Florida, Georgia, Tennessee, North Carolina, South Carolina, Maryland, New York and Connecticut over the last decade. He routinely partners with celebrities — including Guy Fieri, Mario Lopez and *NSYNC's Chris Kirkpatrick — and he has opened multiple franchises of Wahlburgers' restaurants, the Wahlberg-brother-owned burger chain (Donnie, Mark and their celebrity chef brother Paul). All save two of Pranzo's restaurants have closed, many racking up debt and health code violations along the way. Pests in food storage areas: In Baltimore, Docks on the Harbor also earned a closure order from the city's health department after an August 2024 inspection, that followed a customer's complaint about 'rats in the dining room.' Inspectors found 31 health code violations, including clouds of gnats, evidence of rodents and other pests in food storage areas, and a lack of water that prevented staff from washing their hands. The restaurant re-opened two days later, having satisfied most of the city's requirements. Health-related restaurant closure: Pranzo's Raleigh, North Carolina, Wahlburgers franchise was shut down after the department found his restaurant had lacked hot water for more than three months. The restaurant chose to close instead of immediately fixing the problem, and was evicted for nonpayment of rent before it could reopen. Multiple lawsuits: In Connecticut, Pranzo was sued by food vendor Sysco Connecticut LLC for an unpaid bill topping $30,000. Records show Pranzo has never responded to the suit and made no payments. In Georgia, Pranzo was sued by his former business partners, Finer Food Services, for more than $2 million. According to the agreement, signed by Pranzo, he admitted 'that he withdrew this sum over time from [Finer Food Services] and/or the [Finer Food Services subsidiaries] without the knowledge and/or consent of … majority member and manager, Barry Bierenbaum.' Unpaid judgments: The court ordered Pranzo to repay his partners, however, their lawyer said he has been unable to enforce the judgments. And in Florida, Pranzo is named in a lawsuit in district court, which alleges that he violated the federal Telephone Consumer Protection Act, a federal law that bans businesses from using phones or fax machines for unsolicited advertisements. In that 2019 suit, Pranzo was accused of spamming fax machines with more than 125,000 unsolicited faxes over two years to advertise the opening of an Atlanta Wahlburgers. The case is ongoing. Docks on the Harbor property: In Baltimore, a civil suit against Pranzo by Cordish Cos. alleges Pranzo 'plundered' hundreds of thousands of dollars in fixtures from his Baltimore restaurant early one morning, walking away with tables and chairs, signage, stoves, refrigerators, decor and more. The lawsuit alleges that Pranzo was caught on security camera footage between the hours of 1 and 7 a.m. on Dec. 9 emptying out the restaurant space he rented from Cordish. $3.2 million lease allegedly unfulfilled: Pranzo also skipped out on a lease valued at about $3.2 million through 2032, a court document filed by Cordish's legal team alleges. Past-due charges between October and early December totaled more than $130,000 for rent and trash, water/sewer and HVAC service, per an account statement. Cordish's lawsuit argues Pranzo emptied out the restaurant with the intent to defraud. 'Pranzo's bad intent is readily evidenced by the midnight timing,' the suit reads. 'Why hide under the cover of night, unless he was following the playbook of Bob Irsay stealing the Colts in a Mayflower truck?' Lorraine Mirabella contributed reporting to this story. Have a news tip? Contact Kate Cimini at The Baltimore Sun, at (443) 842-2621 or kcimini@
E&E News
14 hours ago
- Business
- E&E News
How the AI rush is reshaping electric utilities
As electricity demand from the tech sector and manufacturing skyrockets, utilities are facing a stark reality: We're going to need a bigger fleet. And the pressure to add new generation quickly — and without imposing unrealistic costs on consumers — has the industry thinking about deal-making. 'There is a noticeable acceleration,' said Pavel Molchanov, an investment strategy analyst focusing on the utility sector for Raymond James. 'You can go back as far as you want and there have always been mergers and acquisitions in the electric power industry. But it is certainly accelerated by the universal recognition that the next decade and beyond will be a time of growth in electric power.' Advertisement Already this year, several power producers have reached into the market to vastly expand their gas fleets. Houston-based NRG, for example, said it would add 18 gas-fired power plants to nearly double the size of its current fleet in a $12 billion cash-and-stock deal with LS Power Equity Advisors. That came just months after NRG purchased six gas plants capable of producing 738 megawatts from Rockland Capital. Texas-based Vistra announced just days later its own deal to secure seven gas generators totalling 2,600 MW of capacity across five states from Lotus Infrastructure Partners. 'We believe natural gas fired generation will continue to play an ever-increasing role in the reliability, affordability, and flexibility of U.S. power grids for years to come,' said Vistra CEO Jim Burke in a statement on the $1.9 billion deal. He added that the 'attractive portfolio' of new gas assets would allow Vistra to meet growing power demand. In January, Baltimore-based Constellation said it would acquire Calpine Corp. in a $16.4 billion transaction, combining Constellation's nation-leading nuclear fleet with Calpine's fleet of 79 power generators that total some 27,000 MW of power. Canadian company Capital Power in April purchased two gas plants from LS Power for $2.2 billion, making it one of five North American independent power producers to have more than 10,000 MW of natural gas capacity. Earlier this month, TXNM, the parent company of New Mexico's largest utility, announced its acquisition by private equity firm Blackstone. The move, CEO Pat Collawn said, is designed to use an infusion of private capital to help TXNM build a lot more capacity without forcing customer bills to rise significantly. The operations may all have different details, but they share a common goal: getting as much reliable power on the grid as quickly as possible. And with supply chains for generation of all kinds, but especially gas, running behind schedule, Morningstar utilities analyst Travis Miller said that's forcing utilities to look anywhere they can. 'Utilities that need to serve load right away are going to have to do it with existing assets, whether it's theirs or someone else's,' Miller said. 'The recent moves are an attempt to be one of the first available suppliers for any kind of new load.' Utilities are facing unprecedented demand growth. A May report from consulting firm ICF projects that U.S. electricity demand will grow 25 percent by 2030 and 78 percent by 2050, compared with 2023 numbers. Meeting that, ICF said, would require utilities to double the pace of new generation. Other estimates have similarly said that data centers, electrification and onshoring of manufacturing could cause demand to rise at rates not seen in decades. While some utilities are looking to extend the life of their aging fossil fuel assets, many have had retirement plans in place for years. Building new plants is increasingly expensive and time-consuming as parts suppliers ramp up a supply chain that just years ago was in decline. According to Wood Mackenzie, it can take until 2030 for new gas plants to come online thanks to delays in the market. The analysts predict that about 890 gigawatts of new gas-fired generation will be added between 2025 and 2040, with nearly half of that in the U.S. and China. A May analysis by research firm Enverus notes that amid the 'sharp resurgence' of merger and acquisition action in the gas market, the per-megawatt cost of acquiring gas plants on the market has been running well above the $0.5 million average between 2021 and 2024. Yet the report found they're still cheaper than the estimated $2 million to $3 million it can cost to build each megawatt of new gas capacity. 'AI euphoria' That can be encouraging news to utilities already facing upward pressure on rates from the costs of maintaining infrastructure amid extreme weather and meeting new demand. Nationally, federal data shows that the average electricity price will rise 13 percent between 2022 and 2025, outpacing inflation. ICF says that nationally, rates could jump 15 percent to 40 percent between 2025 and 2030, depending on the market. A February report from consulting firm Deloitte said the growing need for capital combined with already rising utility rates means that regulated utilities are 'facing growing limitations' through the traditional method of raising funds. Retail electricity prices, Deloitte wrote, increased nearly 23 percent from 2019 to 2024 and utility requests for rate increases hit record highs between 2020 and 2024. That could make regulators skeptical of further rate increases. That, in turn, means that utilities are eyeing 'alternative funding avenues' such as mergers and acquisitions or infusions of private capital. Between 2016 and 2024, Deloitte found, the average annual investment in the power sector by private capital was up 113 percent compared with the previous eight-year period. The TXNM deal — which will see Blackstone invest $400 million in the short term while the sale is reviewed by regulators — is just the latest sign that Wall Street sees the electricity market as a growth sector. Earlier this year, private equity firm KKR acquired a stake in American Electric Power. On the renewables side, the climate investing arm of asset firm TPG made a $2.2 billion purchase of Altus Power, the largest commercial-scale solar owner in the U.S. In February, the U.K.'s National Grid divested its 3,100 MW of U.S. renewables in a sale to Brookfield Renewable Partners. Raymond James' Molchanov said that the 'AI euphoria' that has accelerated across the tech sector has reshaped the financial picture for the power sector in just a few short years. 'All generation assets have greater value than they did five years ago, or even three years ago,' he said. 'We understand that power demand is in growth mode for the next decade and beyond, and that means the entire category of assets, regardless of the type of generation, is a lot more in vogue.'
CNBC
14 hours ago
- Business
- CNBC
How Under Armour signed Stephen Curry away from Nike
In 2013, Stephen Curry shocked the sneaker world by signing with then-upstart athletic company Under Armour over basketball powerhouse Nike. At the time, Nike controlled the vast majority of the NBA sneaker market. Under Armour was virtually unheard of in the basketball space. "We're the underdog brand. We're for the ones that were maybe born not big enough or tall enough or fast enough, or strong enough, or smart enough or clever enough," said Under Armour founder and CEO Kevin Plank. The deal was considered a defining moment in Curry's business career, and it got done in part thanks to Curry's locker mate at the Golden State Warriors, Kent Bazemore. Plank wanted Curry to be the brand's first big star. But he knew that to sign someone of Curry's caliber, the company needed to think outside the box. "We actually targeted Ken, and we just said we're going to overwhelm Ken with more like shock and awe of product, service, story, love, hug," Plank said in an interview for "Curry Inc.," a CNBC Sport production centered on Curry's career and business ambitions. "About three months into the Warriors' season, and Curry is looking next door at Ken. He's like, 'Who's this brand that you get all this attention of? Because I'm with Nike, and I really am not.'" It wasn't just Bazemore's influence that landed Curry at Under Armour. There was also a botched Nike presentation in which company executives mispronounced his first name and used a recycled slide deck that still had Kevin Durant's name on it. Plus, Under Armour offered Curry a deal worth $4 million a year, while Nike offered $2.5 million — and declined to match. Today, 12 years later, Curry has made a dozen different shoes for Baltimore-based Under Armour and has developed a line of signature products that includes footwear and apparel. In 2023, the brand signed a new long-term extension and made Curry the president of the newly formed Curry Brand, housed under the company's banner. As part of that deal, the 11-time NBA All-Star was given 8.8 million Under Armour common shares, valued at $75 million at the time, in addition to other awards and incentives. While Curry has profited handsomely from his success at Under Armour, the brand has had its share of ups and downs. Changes in leadership, strategy and competition have led to dramatic declines in Under Armour's common stock price from an all-time high of $45.41 in 2016 to its current price of less than $6 per share. Some speculate the turmoil has hindered Curry's off-court prospects. "In all honesty, if he would have stayed with Nike, his business would be a monster right now. A monster," said Nico Harrison, general manager of the Dallas Mavericks who was Nike's sports marketing director from 2002-2021, during a 2022 interview. Curry told CNBC that his relationship with Under Armour changed the way he thought about his off-court business. "It was the first time I really took an equity position in the company, and then you started to understand how every decision that you make and how you leverage not just the brand of me, but all the resources and opportunities I have around me to create value," he said. Curry also said Under Armour's underdog message resonated with him. Curry, at just 6-foot-2 and 185 pounds, isn't the typical size of an NBA superstar. "The NBA was a goal, but I wasn't like plotting my way to get there," Curry said. "I was just enjoying every step of the way." He has carried over the same mentality to his other businesses with a mantra of "elevate the under." As part of his contract with Under Armour, a portion of the Curry Brand's yearly revenue is invested in under-resourced communities, such as Oakland, California. Curry became connected to Oakland after moving there when he first became a Warrior in 2009. During NBA All-Star Weekend in February, Curry and Under Armour celebrated their 20th court refurbishment at Oakland's McClymonds High School. The school received NBA-grade hardwood floors, new hoops, backboards and scoreboards. Under Armour says the Curry Brand has trained 15,000 coaches, supported 125 basketball programs and had an impact on 300,000 kids around the world. Curry has also helped pave the way for minorities in golf through his Underrated Golf Tour. Sponsors like Under Armour fund a series of regional tournaments to boost junior golfers of color. "The way that I tried to be a trailblazer on the court, we want to do the exact same thing … leveraging that impact when it comes to what it does for the community," Curry said.
Yahoo
6 days ago
- Business
- Yahoo
Black leaders see politics at play in Maryland governor's reparations veto
BALTIMORE — Maryland Gov. Wes Moore's veto of a bill related to reparations payments for the descendants of slaves has raised eyebrows among some Black leaders in Baltimore. Moore vetoed Senate Bill 587 on May 16, which would have launched a two-year study into whether the state should provide reparations to those affected by the state's history of slavery and inequality. In a letter explaining the veto, Maryland's first Black governor wrote that he supports the work of the proponents but does not believe it's the right 'time for another study.' Rev. Dr. Robert Turner, senior pastor at Baltimore's Empowerment Temple African Methodist Episcopal Church, said his initial reaction to the veto was 'great disappointment.' Members of his congregation have 'been praying their whole lives' for some way to address historic injustices, Turner told The Baltimore Sun. Turner, who led marches calling on President Joe Biden to sign an executive order establishing a federal reparations commission, views the study as a necessary step to securing 'repair' for Black communities. and used food analogies to make this point. He said acting on reparations with the foresight of studies versus without them is the 'difference between going to the grocery store knowing what you want to make or going to the grocery store just because.' 'By having a [study] commission, you're really trying to see what the people you're serving are starving from,' Turner said. 'What is it that they need to eat versus what you want them to eat?' The reverend believes any reparations study must be clearly aimed at addressing 'harm-based remedies,' as the Supreme Court's 2023 ruling in Students for Fair Admissions v. Harvard found most affirmative action programs to be unconstitutional. 'Because of the Supreme Court case with affirmative action, you can't have race-based remedies anymore,' Turner said. 'But you can have harm-based remedies, and the commission is best designed to develop a study to present harm-based remedies.' Dayvon Love, public policy director of Baltimore-based grassroots advocacy group Leaders of a Beautiful Struggle, said that at the beginning of 2025, he would have been 'surprised' by Moore vetoing a reparations study bill. But during meetings with Moore during this year's legislative session, Love told The Baltimore Sun he became convinced that 'the governor's office was trying to kill the bill.' 'I was very candid that it is my belief that the triangulation on the issue of reparations is a political calculation based on the fact that reparations is extremely unpopular amongst white folks. The veto in some ways, confirmed some of my suspicions,' Love said. Love pointed to a 2022 Pew Research poll that found, while 77% of Black Americans support reparations for the descendants of slaves, just 18% of white Americans said the same. He suggested strong actions on reparations would jeopardize Moore's 'political brand' as a leader who is 'palatable to the white mainstream.' 'For the letter to say he wants to act now, that doesn't square with the fact that I know my organization presented actual policy prescriptions and we were told that they weren't inclined to move on them,' Love said. 'I think, to be honest, he does not want to be associated with the radical Black nationalist movements [from] which the reparations demand emerges.' Anson Asaka, senior associate general counsel at the NAACP, expressed disappointment with Moore's veto and called on the Maryland General Assembly to override it. 'I hope that the Maryland Legislature overrides his veto,' Asaka wrote on Facebook. 'It is sad to see the Governor disregard his base to tap dancing for [those] who are never going to support him.' Baltimore Mayor Brandon Scott did not address Moore's veto directly or call on General Assembly Democrats to override it, but he did express a desire to see reparations discussed at the federal level. 'Anybody that doesn't understand that African Americans in this country are owed a lot… sh ould really have a deeper thought,' Scott said during his May 21 news conference. Green Party gubernatorial candidate Andy Ellis, who is white, has made reparations for Black citizens a key component of his platform. Ellis previously suggested Moore 'hoped' he never had to take a strong position on reparations so he wouldn't become politically burdened by the issue if he runs for president in 2028 — an ambition the governor has publicly denied. 'If he's serious, let him step off the national TV circuit and debate real solutions right here in Maryland,' Ellis said of Moore in a statement. 'The clock is ticking on reparations, climate justice, data centers and energy security, and Maryland deserves leadership, not excuses.' The reparations veto also compelled a South Carolina lawmaker, state Rep. John King, to call for Moore to be disinvited from Blue Palmetto Dinner — the governor will be the event's keynote speaker on Friday, May 30. The dinner is a frequent stop for Democratic presidential candidates given the early timing of South Carolina's primary elections and the large Black voter base in the state. 'We must make it clear that symbolism without substance is no longer acceptable,' King wrote in an open letter to the South Carolina Democratic Party. 'Representation means nothing if it does not come with a commitment to repair the harms inflicted by systemic racism and slavery.' Dr. Alvin C. Hathaway Sr., pastor emeritus at Union Baptist Church, said that Moore 'proverbially grabbed the bull by the horns' by vetoing the reparations package but still agreeing that a 'debt is owed,' referencing Black Americans who contributed to 'the early stages of the B&O Railroad and started the Industrial Revolution.' Hathaway urged Moore to specify how to address the different disparities that Black Americans in Maryland face. 'All eyes are on him,' he said. 'Not only here locally within the city of Baltimore, the state of Maryland, but nationally, as the only African American governor. What are the actions you're going to take for what we know has been a historic wrong? So to me, there's no wiggle room.' --------------
Malaysian Reserve
6 days ago
- Business
- Malaysian Reserve
Sage Growth Partners Expands Digital Marketing Capabilities
Baltimore-based healthcare research, strategy and marketing firm expands team to meet needs of growing national client base BALTIMORE, May 27, 2025 /PRNewswire/ — Sage Growth Partners (Sage), a healthcare growth strategy and marketing firm with deep expertise in market research, go-to market strategy, and marketing communications has announced the hiring of Jack Taylor, as the new digital marketing & analytics manager. Jack's hiring is the result of new client acquisition and expanded business needs. In this role, he will be partnering with clients to drive performance, strategy and innovation through digital marketing initiatives and strategic social media efforts. 'Digital media channels have become the backbone of successful marketing strategies, allowing companies to reach highly-targeted audiences and increase their market engagement' said Boh Hatter, Sage's chief marketing officer and one of the firm's managing partners. 'Jack's digital knowledge, experience and capabilities will allow us to further expand our client offerings and deliver exceptional results.' Prior to joining Sage, Jack was a digital marketing specialist and project manager for Good JuJu Agency, based in Tucson. Before that he was a client success manager for Growth Marketing Media in Colorado. He is a graduate of Colorado State University and has earned several industry certifications from Microsoft, Google, Amazon, Hubspot and LinkedIn. 'Digital marketing and SEO campaigns are essential in bridging the gap between a company's messaging and their customer engagement efforts. The ongoing shifts in consumer demand and expectations are requiring companies to strategically engage their customers at the right time, in the right channel and with the right message – and Sage has remarkable expertise in achieving this,' said Taylor. About Sage Growth PartnersSage Growth Partners is a healthcare growth strategy and marketing firm with deep expertise in market research, go-to market strategy, and marketing communications. Founded in 2005, the company's extensive domain experience ensures that healthcare organizations thrive amid the complexities of a rapidly changing marketplace. Sage Growth Partners serves clients across the full healthcare spectrum, including GE Healthcare, Medecision, ProgenyHealth, Kyruus Health, Best Buy Health, Press Ganey, New Jersey Brain and Spine, the National Minority Health Association, and Philips Healthcare. For more information, visit For More InformationJohn Gonda616-309-4888jgonda@
