Tom Bolt & Associates, PC, one of the U.S. Virgin Islands’ leading full-service law firms, has announced that it has formed a Asset Stabilization and Strategic Economic Response Team (ASSERT) to assist its clients in addressing business challenges posed by current economic conditions. The multi-disciplinary team consists of attorneys who bring a wide range of practice proficiencies and insights to help local businesses weather the rapidly changing economic climate in the Territory.
“Our closely integrated practice groups have enabled us to formalize this team and align our service offerings with the needs of our clients,” said Tom Bolt, Managing Attorney of the Firm, and Chair of the Firm’s Real Estate & Financial Services and Government Relations Practice Groups. “Our firm is dedicated to our clients and helping them meet the challenges they face. ASSERT evolved as our greatest resources—our legal talent—came together to tackle the complex challenges that the current economic conditions are posing for Virgin Islands businesses.”
TBA’s ASSERT is the first of its kind announced in the U.S. Virgin Islands. The team is comprised of attorneys and professional staff who specialize in secured lending, mergers, real estate, asset sales, tax, foreclosures, litigation, bankruptcy and workouts, restructuring and labor and employment law. The attorneys share their knowledge across practice areas to devise solutions to clients’ intricate challenges requiring a multi-disciplinary approach. Together, TBA’s ASSERT attorneys and professional staff work to mitigate clients’ exposure to risks from market economic conditions, including the on-going mortgage crisis, its impact on local business and provide practical advice and assistance to its clients seeking economic opportunity in the implementation of the American Recovery and Reinvestment Act of 2009 (ARRA) and related government actions.
The Act, signed into law by President Barack Obama last month, provides nearly a quarter of a billion dollars in tax cuts and additional spending for the U.S. Virgin Islands that is intended to mitigate the current economic downturn. The ARRA funding and tax provisions open a narrow window of economic opportunity to enable local U.S. Virgin Islands businesses and government to generate employment and productivity throughout the Territory. Because the economic crisis is urgent, the ARRA provisions require immediate implementation and short-term completion. Swift action and relevant information are required to guide actions.
“During these unsettling economic times, in addition to opportunities from new federal funds, there are feelings of anxiety and uncertainty, as our traditional tourist season draws to a close many businesses wonder whether they have what it takes to remain profitable and financially secure,” said A.J. Stone, Co-Chair of TBA’s ASSERT and a member of the Firm’s Litigation Practice Group concentrating his practice in foreclosure and bankruptcy. “TBA’s ASSERT will be a source for Virgin Islands businesses to turn to for the latest developments in the federal economic stimulus effort and will offer strategic and comprehensive advice moving forward, which we feel will ease any tension that may exist and be a source of reassurance to many.”
“By partnering with our clients and drawing on the resources available through ASSERT, our clients have access to a fully integrated team of lawyers, capable of handling a wide range of matters, from addressing the restructuring of leases, to advising small businesses on the intricacies of local and federal labor and tax law, to partnering with lenders on workouts of stressed assets,” noted Bolt. “With our extensive experience, ASSERT is already working with representatives of the Government of the Virgin Islands to initiate a local stimulus package for the Territory.”
TBA Managing Attorney Tom Bolt addressed a 125 representatives of Virgin Islands non-profit organizations last month in St. Croix, outlining the legal requirements imposed by the federal government. “Transparency is a key factor,” Bolt noted. “But with the amount of capital, the U.S. Virgin Islands has a great opportunity to make a difference that could last for generations. The power to change is with us.”
Ravinder Nagi, Assistant Managing Attorney and Chair of the firm’s Labor & Employment Practice Group said, “Tom Bolt & Associates is constantly evaluating the services we provide clients and expanding them when appropriate. We are confident our new Asset Stabilization and Strategic Economic Response Team will help clients make sense of the rapidly changing events happening on Wall Street and in Washington, D.C. that impact Main Street in the U.S. Virgin Islands, and navigate properly through them.”
Tom Bolt & Associates, P.C. is one of the largest firms in the U.S. Virgin Islands with offices located in Charlotte Amalie. The firm provides a broad range of legal services in the areas of business services, real estate, litigation, labor and employment, tax, and government relations. The firm’s practice reflects virtually every industry and segment of the Territory’s business and social fabric. Clients include Fortune 500 companies, financial institutions, real estate holding and telecommunication companies, energy and other technology, as well as hotels and other clients in the hospitality industry.