• Business

by BLACK ENTERPRISE Editors

April 28, 2022

PRG and The Forum Group Partner to Form First Global Minority-Owned Production Solutions Company

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Production Resource Group, L.L.C. (PRG), the world’s leading provider of production solutions for entertainment and live events, announced the launch of PRG Forum, a partnership designed to provide career pathways to production professionals from under-represented and minority communities.

• Business

by Derek Major

April 28, 2022

Missed Money: HBO’s Winning Time Highlights Magic Johnson’s Converse Over Nike Deal That Cost Him $5 Billion

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Let’s be clear: Earvin “Magic” Johnson’s got plenty of money and a plethora of business partnerships that have transformed him into a business titan in his own right.

But along the way to CEO status, Johnson admitted that he’s fumbled the bag a few times.

An episode of HBO’s Winning Time: The Rise of the Laker’s Dynasty highlights the negotiations between Magic and Nike when he was an up-and-coming Los Angeles Laker star basketball player.

While Johnson is not a fan of Winning Time and has said he won’t watch the series that takes a look at his finances and life, including delving into his “womanizing” days and his HIV status, it gives insight into a financial mistake young Magic made.

In 1979, Converse was the National Basketball Association’s (NBA) leading shoe company, and Nike was still a new shoe company operating for six years.

According to the show, Nike owner Phil Knight offered Magic $100,000 in Nike stock and a $1 royalty for every Magic shoe sold. During the episode, a graphic appears estimating that Johnson lost out on $5.2 billion.

Inc., which broke down the numbers, determined that even if Knight offered Magic just $10,000 worth of Nike stock, it would be worth more than $1 billion today.

Both companies were trying to sign the league’s hottest rookie. Nike, which was still trying to establish itself, didn’t have the cash Magic was looking for and offered him an option in Nike stock to sign with them. Still young and thinking dollars more than sense, Magic took $100,000 in cash from Converse.

“I never heard of stock at 19 years old, so I took the money,” Johnson once told reporters as he recalled the situation.

“You know, usually [you think] ‘I gotta take this cash!’ Man, I would’ve been a trillionaire by now. You think about 1979, getting that stock then, and what it’s worth today? Yikes! So that kills me every single time I think about that. I’m like, ‘Man, Michael Jordan would’ve been making me so much money.’”

What Magic didn’t know at the time was after his playing days were over, he would become a renowned Black businessman in the U.S., partnering and investing in hundreds of businesses across the country. While he may not be worth billions, the Hall of Famers $600 million net worth is still significant and growing each day.

It’s also worth noting that at the time, no one, Magic included, had any idea how big Nike would become.

While Magic turned down Nike, six-time NBA Champion and Charlotte Hornets owner Michael Jordan didn’t, and today his Jordan Brand is worth more than $10 billion, according to Forbes.

HBO’s Winning Time: The Rise of the Laker’s Dynasty is a series on the 1980s Lakers (very loosely) based on the book by the same name by Jeff Pearlman.

• News

by Atiya Jordan

April 28, 2022

Marisa T. Darden Will Be The First Black Woman U.S. Attorney For Northern District of Ohio

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Marisa T. Darden, 38, has been unanimously appointed the next U.S. Attorney for the Northern District of Ohio, making her the first Black woman to assume the chief prosecutor role.

On Wednesday, the U.S. Senate confirmed the historical announcement months after President Joe Biden nominated Darden for the role in November, as reported by Cleveland.com.

One of the Ohio U.S. Senators who recommended Darden to Biden, Sherrod Brown, praised her confirmation on Wednesday.

“Ms. Darden will be an outstanding U.S. attorney for the Northern District of Ohio,” the statement said. “Throughout her legal career, serving the community has been her priority. As the first African American woman in this role, Ms. Darden would bring a wealth of knowledge and experience to lead the Northern District with excellence.”

Darden hails from Sandusky and her father, Thom, was a safety for the Cleveland Browns. She holds degrees from the University of Michigan and the Duke University School of Law, according to WKYC 3. She began her career as a litigator in New York and was part of the team liquidating the largest broker-dealer in US history, which administered more than $100 billion in assets.

The former state and federal prosecutor previously worked as an assistant U.S. attorney in Cleveland, specializing in criminal matters from 2014 to 2019. From 2011 to 2014, she served as an Assistant District Attorney for the New York County District Attorney’s Office in Manhattan. Before that, she served as a law clerk for Judge Morrison C. England in the United States District Court for the Eastern District of California from 2010 to 2011.

Darden currently serves as a principal in the Cleveland-based law firm Squire Patton Boggs where she has practiced since 2019.

“Her reputation precedes her,” said Cleveland Municipal Judge Mike Nelson, a former Cleveland NAACP president, as per Cleveland.com. “She’ll be a fine addition and an excellent leader in this district.

He added: “She has a big-firm pedigree but exhibits qualities that I believe the district needs. The history surrounding her confirmation is important, but who she is is even more important.”

Darden will need to be officially sworn in as the U.S. attorney of Ohio’s 40 counties.

• Money

by BLACK ENTERPRISE Editors

April 28, 2022

Black Couple Launches Membership to Leverage Black Buying Power to Save Up to 50% Off Everyday Purchases

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Husband and wife duo, Dino and Heather Cummings are delighted to announce the launch of a new membership community, BLAQ CARD. According to the creators, BLAQ CARD was developed to give members access to the special perks and advantages that come with being part of a large economic group.

Every year, Black Americans spend over $1.5 trillion, yet aren’t fully enjoying the fruits of their labor or utilizing the impact to give back and to build wealth in their communities. This membership community was designed to offer premium benefits from an impressive line-up of local and international brands, while still supporting Black-owned businesses and non-profit organizations, according to a press release.

“We were able to negotiate deals and secure savings of up to 50 percent off from over 1,500 retailers on things we buy every day. And we are just getting started.”

Members of the BLAQ CARD community will enjoy exclusive benefits including upgraded rooms at their favorite hotel, skipping the line for their next night out on the town, insider access at events and unpublished pricing from local and international brands.

The BLAQ CARD community prides itself on being a gathering of like-minded individuals, not just concerned with getting discounts but also committed to supporting Black excellence and uplifting their communities.

The founders have pledged that a portion of every BLAQ CARD membership fee will go toward supporting a Black-owned non-profit organization, while a portion will be reserved to provide small business grants.

The founders of this revolutionary movement are seasoned business experts with decades of experience launching successful businesses. Dino and Heather Cummings have established themselves as industry leaders by generating over $20 million in sales and serving over 100,000 women worldwide with products and services. The couple have been featured in multiple publications including Essence, Ebony, Hype Hair, Mintel, and Life and Style. The business was also recognized in the 2019 Inc. 5,000 list as one of the nation’s fastest-growing small businesses.

To become a member of this exclusive cultural community, interested individuals can simply visit their website and sign up today at www.getblaqcard.com.

• Diversity, Equality, Inclusion

by BLACK ENTERPRISE Editors

April 28, 2022

Capital Impact Partners Welcomes 15 Local Developers of Color into New Accelerator Program

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Today, Capital Impact Partners announced the inaugural class of its Housing Equity Accelerator Fellowship. The group consists of 15 of the region’s emerging real estate developers of color.

The goals of this new program, funded by a grant of more than $5 million from the Amazon Housing Equity Fund, include increasing the number of real estate developers of color in an industry where they are under-represented, and helping to grow the affordable housing stock in this region, according to a press release.

The Amazon Housing Equity Fund is the company’s more than $2 billion commitment to preserve and create affordable housing in Amazon’s hometown communities — the Arlington, Va. region; the Puget Sound region of Washington state; and Nashville, Tenn. The Fund also strives to support minority-led organizations to help them build a more inclusive solution to the affordable housing crisis, which disproportionately affects communities of color.

“We need to confront the systemic barriers that have long kept developers of color from achieving their full potential,” said Ellis Carr, president and chief executive officer of Capital Impact Partners and CDC Small Business Finance.

These first 15 Fellows are experienced real estate developers who have reached a key point in their careers where additional training, mentorship, and potential access to funding can accelerate existing projects and help them to become more established in the field. Historically, the barrier to entry for emerging real estate developers of color has been extremely high.

“This fellowship is a win-win for the D.C. metro area,” Carr said.

“We’re able to help these developers grow their businesses with invaluable training and mentorship, as well as potential access to funding toward their projects. And those projects will ultimately provide more affordable housing in a region that needs it.”

A diverse mix of developers

The first cohort is a diverse mix of developers who are already creating and preserving affordable homes in the metropolitan D.C., Maryland and Virginia region:

– Christopher Agorsor, New World Developers.

– Alexsis Blakely, Rosewood Strategies LLC.

– Odis Bledsoe, Home Answers Construction & Development.

– Tremayne Cobb, TOC Enterprises, LLC.

– Howard Ervin, Parallax Development Group, LLC.

– Dabrielle Goodwin, Eluvial Enterprise Inc.

– Forest Hayes, Miller Beach Development LLC.

– Thomas Houston, Medici Road.

– Ayesha Johnson, A-Peace, LLC.

– Raymond Nix, Nix Development Company, LLC.

– Chi Perrus, Paragon Construction Group, Inc.

– Valerie Sanderlin, FocusWorks LLC.

– Jason Saunders, BHI Construction and Real Estate Development.

– Ronette Slamin, Embolden Real Estate, LLC.

– Ernest Williams III, Wiltrust Group LLC.

Bios for the 15 developers are available here.

“The level of talent and the desire to support affordable housing initiatives that we have seen through this program so far are energizing,” said Catherine Buell, director of the Amazon Housing Equity Fund.

“Bringing more diverse voices, ideas and perspectives into the conversation around inclusive community building is how we are going to make the most meaningful and lasting change to affordable housing.”

Program highlights

Capital Impact Partners’ Housing Equity Accelerator Fellowship is a free, two-year, part-time professional development and career advancement program. It provides:

– Real estate training with a focus on affordable housing production in the D.C. metropolitan area.

– Small group mentorship.

– Access to grant capital for pre-development expenses such as architectural and engineering costs; permitting, survey and site-planning fees; and market and feasibility studies. These funds are often the most difficult and most expensive to raise for developers.

Capital Impact, Amazon committed to equitable representation, inclusive solutions

The Housing Equity Accelerator Fellowship expands on Capital Impact Partners’ Equitable Development Initiative, which was started in 2018 to support emerging developers of color to participate in real estate development in their regions.

This new fellowship program stems from a $21 million pilot program launched by the Amazon Housing Equity Fund to support emerging real estate developers of color in Amazon’s hometown communities in the Puget Sound region of Washington state; the Arlington, Va., region; and Nashville, Tenn.

According to a 2019 study from the Urban Institute, the Washington metropolitan region requires an additional 375,000 housing units by 2030 to meet growing demand. To address this housing shortfall and to build more inclusive communities, it is essential that government agencies and a diversity of key stakeholders coordinate their efforts. As members of their communities, the fellowship participants will engage with and listen to community concerns, and their work will provide greater access to employment and opportunity for residents.

Several of the fellowship participants are alumni of Capital Impact Partners’ Equitable Development Initiative (EDI), which has trained, or is training, nearly 200 developers of color since 2018 in Detroit; the Washington metropolitan area; and the San Francisco Bay Area. Many participants in those three regions have since gone on to create their own organizations, build local developments, and foster peer-to-peer networks. Capital Impact also launched the EDI in Dallas on Apr. 7, 2022.

This is an important effort given the gaps in representation for real estate developers of color, including:

– Just two percent of real estate development companies are Black-led, according to Enterprise Community Partners.

– Real estate firms led by people of color control only 1.5 percent of real estate assets that are under management, according to Enterprise.

– Just 4.4 percent of commercial real estate professionals are Black, according to a 2013 survey by NAIOP, the Commercial Real Estate Development Association.

– Just five percent of the Urban Land Institute’s members are African American, according to a 2020 report.

Developers of color face multiple challenges and obstacles in their field not experienced as frequently by white colleagues, including:

– Lack of business connections, family wealth, or the backing of a network of investors.

– Lack of access to development opportunities, or “a seat at the table.”

– Lack of capital that is exacerbated due to the fact that traditional underwriting standards work against B– ack and Brown developers.

– Lack of capacity.

– Market and ecosystem factors.

Janet Jackson will create memories at any time, any place, even if she’s looking to part ways with her luxury New York City condominium.

As reported by PEOPLE, the pop icon has listed the 2,094 square foot home with gorgeous views of Central Park and the city’s skyline for $8.9 million.

Built in 1996, the condominium, attached to the Trump International Hotel, is located on Manhattan’s Upper West Side. The listing comes three years after ‘Miss’ Jackson last resided in the apartment—according to the Wall Street Journal, she hasn’t lived there since 2019. The singer has owned the high-end property since 1998.

“Whenever entering my apartment of 25 years, I always treasured my home’s wonderful location and the breathtaking views that capture the magic and excitement of New York,” Jackson told WSJ. “Stepping through its threshold instantly made me feel so tranquil and at peace—so many memories.”

The lavish property offers a host of deluxe amenities, including a lobby, full-time doorman and concierge, housekeeping services, a gym, swimming pool, spa, valet parking, and 24-hour room service from two-time Michelin star chef Jean-Georges, as per PEOPLE.

The spectacular city views from floor-to-ceiling windows can be seen from the 34th floor where the condo is situated. As for the home itself, the corner unit allows for three bedrooms, a wood-paneled library, and a window dining counter in the kitchen.

One of the bedrooms is a library with custom millwork and built-in cabinetry. The primary bedroom, which stands at the end of an entry gallery, has multiple closets and a marbled ensuite bathroom.

The second and third bedrooms also have private bathrooms.

Sotheby’s International Realty of the East Side Manhattan Brokerage represents the listing.

Jackson is letting the apartment go because, “It’s time for someone else to enjoy it and make new memories,” Allison Koffman of Sotheby’s International Realty—who shares the listing with Juliette Janssens—told the Journal.

New Edition member and entertainment executive Mike Bivins has been appointed creative director of the recently created Harlem Festival of Culture.

According to Billboard, the Harlem Festival of Culture (HFC), slated to make its debut in 2023, will have Bell Biv DeVoe‘s Bivins as its creative director.

The festival is inspired by the Summer of Soul concert film, which just won an Oscar and a Grammy. The Harlem Festival of Culture will be held every year at the same park where the original Harlem Cultural Festival took place in 1969. As the festival’s creative director, Bivins will oversee ideation and strategy initiatives to build the brand long-term.

In a written statement to Billboard, Bivins said, “With my understanding of what Yvonne does with CMG and knowing how important the original Harlem Cultural Festival was to the community and to our culture, I knew I wanted to be part of it. Although I’m from Boston, I’ve always spent a lot of time there and have participated in the Entertainers Basketball Classic [EBC] at Rucker Park for years. My goal as creative director is to bring in that history and appreciation with an infusion of music and sports.”

Bivins also mentioned that he is also involved with two forthcoming documentaries. One will be focused on New Edition’s recently wrapped Culture Tour, while the other doc will detail the life of Bivins and his career pursuits.

The forthcoming documentary about the recently ended Culture Tour by New Edition will further document the group’s legacy. All six members of New Edition performed along with fellow R&B icons Charlie Wilson and Jodeci. The tour went to 30 cities and ended on April 10. New Edition, which will celebrate its 40th anniversary in 2023, will also be doing a Las Vegas residency.

“It was an amazing feeling to see in the audience every night how our legacy has stood the test of time,” says Bivins of the tour. “[2017 biopic] The New Edition Story had characters portraying us. And although we played an important role in the movie’s success, we wanted to peel back another layer for #NE4lifers to see the real us. This story will be told through the lens of Brooke Payne [the group’s early manager, choreographer, and mentor]. People will see behind the scenes on the production, rehearsals and live performances. This documentary is also something that the group can own as a unit.”

• News

by Cedric 'BIG CED' Thornton

April 28, 2022

Supreme Court Judge Says White Football Coach is ‘Exercising Protected Speech’ When Taking a Knee, But Many Ask ‘What About Kaepernick?’

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A case is currently in front of the Supreme Court after a high school football coach was fired for taking a knee and praying at the 50-yard line on the football field.

This incident occurred in 2015, although the coach had been doing so since 2008. But it became a bone of contention when an opposing coach reported his action.

According to CBS News, Joseph Kennedy, a high school football coach at Bremerton High School, a public school near Seattle, was terminated due to kneeling and praying.

The issue took flight on social media after conservative judges on the Supreme Court were sympathetic to the coach taking a knee on the field. Although his actions predate Colin Kaepernick taking a knee at NFL games, the mindset of people defending Kennedy’s right to do so is a stark contrast to the same people condemning Kaepernick for doing almost the same thing.

Twitter took notice.

Amy Coney Barrett – “he’s exercising “protected speech” because he’s “only taking a knee.” So it’s okay to take a knee to pray; but Kaepernick taking a knee to peacefully protest police brutality is a bridge too far? Sounds about right. #FreshWords

— LanaQuest aka RosaSparks (@LqLana) April 27, 2022

When you take a knee in prayer that is religious freedom in honor and respect to God.

When #Kaepernick takes a knee for racial injustice that’s freedom of speech and the consequences are nobody will sign him NFL, USFL, XFL or otherwise. https://t.co/tsuaPijAUH

— David Whiteley (@dwcp2) April 27, 2022

Interesting development from Amy Coney Barrett at yesterday’s oral arguments.

Barrett asked, “Even if he’s not communicating to an audience, so he’s completely silent, he just takes a knee. That’s protected speech.”

If only Colin Kaepernick got that kind of respect from SCOTUS

— Jason Minnicozzi (@JasonForNC) April 26, 2022

The hypocrisy in the GOP is astounding. They want free speech as long as it’s THEIR speech, not someone like Colin Kaepernick or a trans kid in school. They are the Party of bigotry + hate. Never inclusion.

— Terri Loves America (@ProudAFAmerican) April 27, 2022

The people defending former Coach Kennedy’s right to kneel on the field after the game to pray – are the ones condemning Colin Kaepernick’s right to kneel on the field to protest police brutality against Black Americans. pic.twitter.com/og1JkYwWnm

— anyone_want_chips (@anyonewantchips) April 27, 2022

If a coach kneeling on the football field to pray is considered an act of free speech, then what @Kaepernick7 did was also free speech. You cannot support one and not the other.

— Kearsten (@vinylcoffeefood) April 27, 2022

SCOTUS is hearing arguments about a former high school football coach who lost his job for praying at midfield after game.

Republicans are arguing it’s his constitutional right to take a knee on the field.‍♂️

Colin Kaepernick would like a word.#DemVoice1 #BlueVoices #wtpBlue pic.twitter.com/QnWeGpb40s

— The Jewish Ginger Resister (@JewishResister) April 27, 2022

The white man can take a knee in prayer on the football field Colin Kaepernick cannot. It’s simple and the Supreme Court will tell us all the difference.

— LikeWaterForChocolate (@AsIfIHadWings) April 26, 2022

I see a lot of the same people who vilified Kaepernick for taking a knee to protest police brutality and reveled when he was blackballed as a result, are now voicing their support for the HS coach who knelt in prayer. The hypocrisy is laughable.

— Francis Maxwell (@francismmaxwell) April 27, 2022

That is true Colin Kaepernick deserves the same here we see total hypocrisy on display pic.twitter.com/yvMMlTRh04

— Pablo Gonzàlez (@peruchin54) April 27, 2022

Quote Barrett’s statement here every time Kaepernick is mentioned. https://t.co/DaxbNzxrtM

— CCJ (@NastyOldWomyn) April 27, 2022

If only someone at the hearing could ask Amy Coney Barrett if Colin Kaepernick’s knee, likewise, is protected speech.

— WDust00 (@WDust00) April 26, 2022

• News

by Jeroslyn JoVonn

April 28, 2022

Voting Rights Groups File Lawsuit Accusing Mississippi Supreme Court of Diluting Black Voter Rights

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Mississippi’s majority white Supreme Court is being called out in a lawsuit over the state’s voting maps that seemingly work to dilute the voices of Black voters.

The American Civil Liberties Union, ACLU of Mississippi, Southern Poverty Law Center, and the New York-based law firm Simpson Thacher & Bartlett came together to file a lawsuit on behalf of four Black Mississippi residents who believe the state’s district lines violate the Voting Rights Act and the U.S. Constitution in ways that suppress Black voter rights, NBC News reports.

The lawsuit brings attention to Mississippi’s majority white Supreme Court consisting of nine justices. Eight of the nine current justices are white, and one is Black. But the state’s Black residents make up 38% of the market.

The suit accuses Mississippi of violating Section 2 of the Voting Rights Act, which makes it illegal for states to dilute voter strength among voters of color, the Clarion-Ledger reports. It also says the district lines violate the U.S. Constitution, which prohibits states from maintaining or reaffirming voting systems that seemingly work to discriminate against a certain group.

Plaintiffs are requesting a federal judge to order an update of the Supreme Court districts in the northern, central, and southern parts of the state.

“Time for these districts to change has come,” Ari Savitzky, an attorney for the ACLU Foundation said.

Drawing new boundaries for the district is something that hasn’t happened since 1987.

“To me, this is about Mississippi’s future,” said Dyamone White, an Edwards resident, and plaintiff in the case. “I just want to be part of the change.”

In the state’s history, only four Black justices have served on the Supreme Court, with no more than one Black justice serving on the court at a time. The State Board of Election Commissioners and its members Gov. Tate Reeves, Secretary of State Michael Watson, and Attorney General Lynn Fitch are listed as defendants in the lawsuit.

• Career

by Derek Major

April 28, 2022

Who Is Abraham Bolden, The First Black Secret Service Agent On A Presidential Detail Who President Biden Pardoned?

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Abraham Bolden maintained his innocence for 60 years before President Joe Biden used one of his first pardons on the first Black Secret Service agent assigned to a presidential detail.

Bolden, who served on the security detail for former President John F. Kennedy and, according to the Chicago Tribune, warned the service of its lax security practices, was charged in 1964 for attempting to sell a Secret Service file to a group of counterfeiters.

Bolden’s first trial ended in a hung jury, but he was convicted in a retrial on the word of witnesses who later admitted they lied at the prosecutor’s request. The Chicago native served three years in federal prison before being released.

After Bolden was released, he wrote a book saying he was retaliated against for speaking out against the agency’s racist behavior. Bolden added the racism he faced in the Secret Service included enduring racial slurs from other agents and finding nooses left around the workspace.

Bolden told the Tribune about the day Kennedy personally asked him to join the detail in Massachusetts, adding he was denied from seeing the president, but Kennedy walked out to him to ask if there had ever been a Black man in his detail. He also recalled the overt racism he faced from the head of the White House detail, who repeatedly called him the N-word and was bothered by the relationship Bolden and Kennedy had.

President Kennedy was a hardline supporter of the civil rights movement, defining it as a constitutional and moral issue. The National Park Service reports Kennedy not only proposed the Civil Rights Act but tried to ensure the bill’s passing by meeting with prominent civil rights leaders, businessmen, religious leaders, and others to gather bipartisan support for the bill.

Biden’s statement on the pardons and commutations reflects many of Kennedy’s same ideals in his fight for civil rights.

“Elected officials on both sides of the aisle, faith leaders, civil rights advocates, and law enforcement leaders agree that our criminal justice system can and should reflect these core values that enable safer and stronger communities,” Biden said in a statement.

After Kennedy’s assassination, Bolden said he tried to speak to someone on the Warren Commission but was instead escorted to Washington, D.C., where he was charged with soliciting a bribe. When Bolden received the call about the pardon, he quickly accepted the “justifiable action by President Biden with sincere gratitude.”