In a move that Governor John deJongh, Jr., said would help the U.S. Virgin Islands fund projects already approved by the senate, the Virgin Islands Public Finance Authority (PFA) sold $49.6 million in bonds at the end of August. Among other projects, the funds will provide working capital to territorial hospitals and the general fund
Budget Cuts Could Impact Tourism Industry
For the U.S. Virgin Islands, the news that the three major seasonal festivals — already feeling the impact of budget cuts from last year — will be faced with additional cuts in fiscal year 2015 is cause for concern. The combination of two years of reduced budgets and the lingering effects of some unpredictable events
Key Legal Issues to Consider in a Merger or Acquisition in US Virgin Islands
Merger and acquisition transactions can be quite complicated and require both the acquiring and target companies to address the following issues in detail to avoid challenges later on:
1) The structure of the deal. When arranging a stock purchase, asset sale or merger, it’s important to consider the transferability of liability, which is transferred to
What You Need to Know About the US Virgin Islands’ Economic Development Program
The Virgin Islands Economic Development Authority (VIEDA) is comprised of five main branches, each dedicated to encouraging growth in specific areas of the economy. These include the Government Development Bank, the Industrial Park Development Corporation, the Small Business Development Agency, the Enterprise Zone program and the Economic Development Commission.
These branches help the U.S. Virgin
Officials Continue to Discuss Unified Court System
The U.S. Virgin Islands Supreme Court and Superior Court remain locked in a debate over the authority the Supreme Court would be allotted if the two systems merged, the courts’ heads said during budget testimonies in July before the 30th Legislature’s Committee on Finance.
Although both courts are in favor of merging into one
US Virgin Island Residents to Vote on Legalization of Medical Marijuana
It appears that citizens of the U.S. Virgin Islands will finally get their chance to vote on whether or not the Territory should legalize medical marijuana this November.
Senator Terrence Nelson has sponsored a measure that, if it appears on the November general election ballot, would allow voters to give a simple yes or no
Dram Shop Liability: A Growing Concern for Hotels, Restaurants
Along with all states, the U.S. Virgin Islands has a “dram shop law,” which is designed to enforce the public liability of establishments that sell and serve alcoholic beverages. In recent years, the potential for liability has had local hotels, restaurants and bars concerned about the likelihood of being targeted with a lawsuit if a
Experts Say Same-Sex Marriage On Its Way to USVI
BoltNagi Attorney Tom Bolt informed the U.S. Virgin Islands’ Finance Committee last month that the territory will most likely be seeing same-sex marriages soon, whether or not residents vote for it.
While presenting next year’s budget request for the V.I. Uniform Laws Commission, a branch dedicated to researching and promoting productive uniform state laws, Bolt
Tips for Preparing for a Small Business Loan
Requesting a business loan for your small business, whether you’re starting a new one or expanding your existing business, may seem daunting. However, there are a few small steps you can take to ensure your success in obtaining that loan.
It’s important to understand that business loans are significantly more difficult to obtain than a
Partition of Real Estate: What if One Owner Wants to Sell, But the Other Doesn’t?
Partitioning real property (as opposed to personal, financial or intellectual property) is a fairly common process that occurs when a piece of real estate, such as a building, an estate or a parcel of land, has multiple owners who no longer wish to have co-ownership. The property then has to be divided.
Often, not all