Significant Matters

• Paul represented the Rhode Island Economic Development Corporation in connection with providing $14 million to an affiliate of Sage Hospitality, the developer of the old Masonic Temple located in Providence, Rhode Island, in the form of a 40-year loan in exchange for the extinguishment of no less than $24 million in Rhode Island Historic Preservation Tax Credits that were to be issued on the project to redevelop the old Masonic Temple into a Renaissance Hotel.  The Corporation borrowed funds for the transaction from Bank of America and the Governor agreed to request the General Assembly to appropriate each fiscal year funds sufficient to repay the obligation of the Corporation during FY 2008 through FY 2010.  It is anticipated that the net savings to the State would be approximately $8 million over the period of time those tax credits may otherwise have been used.
• He represented Johnson & Wales University in the financing or refinancing various campus projects in four different states through the issuance of (i) $48,345,000 Rhode Island Health and Educational Building Corporation Higher Education Facility Revenue Bonds; (ii) $24,485,000 City of North Miami, Florida Educational Facilities Revenue Bonds; (iii) $50,000 North Carolina Capital Facilities Finance Agency Educational Facilities Revenue Bonds; and (iv) $29,685,000 Colorado Educational and Cultural Facilities Authority Educational Facilities Revenue Bonds.  Paul and his team coordinated and managed the four transactions so that they were all consummated within a two-month period.
• Paul represented the YMCA of Pawtucket in obtaining financing for its capital improvement project through the issuance of $8 million of variable-rate revenue bonds by the Rhode Island Economic Development Corporation, which were credit-enhanced by a direct-pay letter of credit issued by a regional bank.  He also assisted in the negotiation of an interest rate swap arrangement to convert the variable rate interest obligations on a portion of the bonds into a fixed rate.
• For RBS Citizens, National Association he handled the issuance of a direct pay letter of credit for the benefit of the CVS-Highlander Charter School to provide liquidity for the issuance of $7 million of variable-rate revenue bonds by the Rhode Island Health and Educational Building Corporation to finance the renovation of a historic building in Providence, Rhode Island, as the site of its new school.  The transaction was complicated by the fact that the property being renovated and mortgaged was owned by another non-profit corporation and the project was intended to be partially financed through historic tax-credits to be received upon the completion of the project.
• Paul represented a publicly held multinational conglomerate and certain of its affiliates in connection with the sale of its conformal coating business to a private equity fund for approximately $53,500,000 through (a) the sale of the capital stock of a Delaware corporation, and  a company incorporated in England and Wales, and (b) the sale of certain assets of the client, a company organized under the laws of Singapore. The transaction was complicated by the fact that the client was retaining its conformal coating business in China that was being conducted by a company organized under the laws of China, which required identifying the assets owned by the entities whose capital stock or assets were being sold and in which the Chinese business needed to retained rights to use, and creating appropriate licenses and other agreements to allow for the retention of such rights.
• He represented a client in connection with its acquisition from a national oil company of 25 motor fuel facilities located in Rhode Island and the right to supply fuel to such motor fuel facilities as well as nine open-dealer locations in Rhode Island.  Paul also represented the client in its obtaining a loan from RBS Citizens, National Association to finance the acquisition.
• Paul has represented a Delaware start-up company that is developing a less invasive, percutaneous alternative to open heart surgical repair of the coronary mitral valve. Such representation has involved to date the structuring of its equity and capital structure, the formation of the company by its founders, a Regulation D offering of approximately $7 million Series A Convertible Preferred Shares to accredited investors, including a venture capital firm, and obtaining a $2 million line of credit from Silicon Valley Bank involving the issuance of stock warrants to the Bank.

Honors & Distinctions

• AV rated by Martindale-Hubbell, highest rating given to attorneys. 
• Recognized in the Chambers USA America’s Leading Business Lawyers as one of the state’s best in corporate/commercial law and intellectual property law.

Professional Affiliations

• Fellow of the Rhode Island Bar Foundation.
• Member, Rhode Island Bar Association's Corporation and Partnership Committee.
• Member, National Association of Bond Counsel.
• Former Rhode Island liaison to the ABA Committee on Corporate Laws.

Community & Civic Activity

• Executive Committee Member, Junior Achievement of Rhode Island.
• Provides pro bono legal assistance to start-up minority businesses through the Minority Investment Development Corporation.
• Active in Providence College Alumni Association.

News

• AP&S Gets Top Ranking Among RI Firms