How did J. Kenneth Hackwell become a “multimillionaire” while a public official?
In 1998, the Akron Beacon Journal reported that Hackwell, then state treasurer, was also listed as “manager, officer and director of Blue Chip Broadcasters Ltd.” This limited partnership owned and operated six radio stations in Ohio, Kentucky and Indiana.
According to legend – or better, spin – four black investors from Cincinnati, Ross Love, Penguin Painters owner Lovie Ross, Hackwell, and Cincinnati attorney Kalvin Buford, scraped together $500,000 to save WIZF-FM, a black-owned Cincinnati radio station that was facing bankruptcy in late 1992. Of more interest is how this group of four investors secured a $1.5 million investment from Blue Chip Venture Company as well as a $2.6 million loan from three Cincinnati banks – Fifth Third, Providence and Star. The reality is that the banks were more likely investing in the new Ohio state treasurer, Hackwell, not in four minority investors with no real experience in radio and telecommunications. Read more