Tom Bolt

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The Uniform Law Commission (ULC, also known as the National Conference of Commissioners on Uniform State Laws), established in 1892, provides states with non-partisan, well-conceived and well-drafted legislation that brings clarity and stability to critical areas of state statutory law.Continue Reading Attorney Tom Bolt to Address 29th Legislature of the Virgin Islands

Most small business owners in the Virgin Islands are too busy building and maintaining their businesses to devote much time or energy to planning for their disposition. The difficulty with this approach is that the decision to sell the business is often made under circumstances, such as physical or fiscal illness, “battle fatigue,” or other circumstances that require a prompt disposition. Year after year, as the tourist season draws to a close, many local businesses consider their options.   As a rule of thumb, the more promptly your business has to be sold, the less likely it is that you, the owner, will receive a price commensurate with the asset you are selling – and for many of us – our business represents the sum of our life’s effort.Continue Reading Selling Your Island Business

Tom Bolt, Managing Attorney of BoltNagi, was elected to the Council of the American Bar Association’s Law Practice Management Section on Friday at the ABA Annual Meeting in Toronto, Canada. Since 1974, LPM has been the leading resource needed to successfully manage a law practice. LPM supplies lawyers and legal professionals with information and resources in the core areas of marketing, management, technology and finance.

"I am humbled to be elected to the Council of this august group." said Bolt.   "The ABA’s Law Practice Management Section brings together the leaders in law firms and law practice management throughout the nation.  I hope to bring my experience in building a successful practice in the U.S. Virgin Islands with the LPM Section as my partner."Continue Reading ABA/LPM Elects BoltNagi Managing Attorney to Council

Guam Delegate Madeleine Bordallo has introduced the "Territories Economic Development Opportunities Act," which allows the U.S. territories to participate in federal government-funded highway discretionary programs. Such programs include funding for ferries or ferry terminals, as well as the Federal Bridge Program.

Current law prohibits the U.S. Virgin Islands, American Samoa, Guam and the Commonwealth of the Northern Mariana Islands from competing for these programs.

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Continue Reading Bill Will Allow Virgin Islands Access to Federal Funding

U.S. Virgin Islands attorney Tom Bolt,  Managing Attorney of the St. Thomas law firm of BoltNagi PC,  was appointed earlier this week  to the influential Scope and Program Committee of the National Conference of Commissioners on Uniform State Law at the organization’s120th Annual Meeting in Vail, Colorado by ULC President Michael Houghton.

The Scope and Program Committee reviews and makes recommendations on all proposals for new  uniform and model acts drafted by the Uniform Law Commission (ULC). Bolt, who has served as a U.S. Virgin Islands Commissioner for over 23 years, is also a member of the Legislative Council of the Uniform Law Commission.

During the ULC Annual Meeting, the organization approved four new acts dealing with issues ranging from a new law that will authenticate official state and territorial online legal material to a new act establishing a certificate of title system for boats.Continue Reading Uniform Law Commission Adopts Acts; U.S. Virgin Islands Attorney Appointed to Committee

There are significant legal restrictions on how you can solicit investors. Federal and U.S. Virgin Islands securities laws require that any stock, limited liability company membership interest, note, or similar investment that you sell to raise capital for your business must be either registered with the Securities and Exchange Commission and the Virigin Islands Division of Banking & Insurance or be exempt from registration.

There are limitations on how you can solicit investors and who may invest if you are relying on an exemption from registration. So your first step before talking to any prospective investors should be to meet with your legal counsel to learn the rules of the game.Continue Reading Raising Capital in the U.S. Virgin Islands

 

First BanCorp (the “Corporation”) (NYSE: FBP), the bank holding company for FirstBank Puerto Rico (“FirstBank” or “the Bank”), announced earlier today that it has entered into an agreement with two funds managed by Oaktree Capital Management, L.P. (together “Oaktree”) under which Oaktree would purchase an aggregate of approximately $175.5 million of common stock of the Corporation at a per share price of $3.50. The Oaktree investment will represent 24.9% of the outstanding shares of the Corporation’s common stock upon completion of the capital raise and the conversion into common stock of the $424.2 million of Series G Mandatorily Convertible Preferred Stock (“Series G Preferred Stock”) held by the United States Department of the Treasury.

Continue Reading First BanCorp Announces Agreements for Capital Commitments

The U.S. News & World Report has selected the United States Virgin Islands as one of the “Best Destinations in the USA,” in the first-ever “Best Vacations” rankings.

This list of 2011-2012 rankings was created to provide prospective travelers with a collection of the most popular travel spots around the world. The Territory received recognition in three of the 11 categories in the USA rankings: “Best Destinations,” “Best Beaches” and “Best Family Beach Vacations.”Continue Reading U.S. News & World Report Selects USVI as Best Vacation

Many tourists and local Virgin Islanders have enjoyed a Painkiller cocktail over the years, particulary visitors to the Soggy Dollar Bar on Jost Van Dyke, where the tropical concoction is made with the U.S. Virgin Islands’ Cruzan Rum.   

A New York Bar known as the Painkiller, thought to capitalize on the popularity of the drink when it opened on the Lower East Side of Manhattan over a year ago. But the bar’s legal reign as Painkiller has come to a painful end. Due to a federal law suit brought by Pusser’s Rum Ltd., the bar will now have to go under the moniker PKNY.

Pusser’s has also demanded that Painkiller turn over its website address and stop selling the rum cocktail know as Painkiller (which, according to Pusser’s, has to be made with their rum).
 Continue Reading Pusser’s VI Rum Wins Trademark Battle on “Painkiller”

Governor John P. deJongh, Jr. submitted his $1.2 billion Fiscal Year 2012 budget proposal to the the 29th Legislature of the Virgin Islands on Friday.

Of the total budget, $731.3 million would come from the General Fund – $50.6 million less than the FY 2011 budget. The remaining budget would derive revenues from federal funds and special funds.Continue Reading Governor deJongh Submits FY2012 Budget