Tom Bolt

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Investors sometimes make investments in real estate that turn out badly.  There is an old saying in the Virgin Islands that "the man that makes a small amount of money in the Virgin Islands is one that started with a large amount of money!"  Many may blame their loss on the "real estate cycle" when actually there were mistakes that could have been avoided by better planning and analysis.

Based on over 35 years experience in real estate, I have identified several costly mistakes.  Here are a few:

Misjudged Demand. 

Developers have faced costly setbacks by assuming that customers existed without undertaking adequate market analysis.  For example, a mixed-use retail/office development designed to attact EDC businesses and upscale shoppers just when the Territory’s EDC Program had a setback from additional federal regulation and upscale shoppers took it on the chin in the current economy.Continue Reading Costly Mistakes In Real Estate

BoltNagi, PC is the new name for the prominent St. Thomas law and lobbying firm previously known as Tom Bolt & Associates, PC. with the addition of Ravinder S. Nagi as a shareholder in the firm.  The 20 year old law firm serves clients in all aspects of business law, including banking, corporate, real estate, tax, trusts and estate planning, labor and employment law and civil litigation.   The firm also maintains an active family law and government relations practice.

Tom Bolt, founder and Managing Partner of BoltNagi, PC, said, "We are very proud to have Ravi Nagi’s name join ours.  The change reflects the overall growth of the firm – growth that’s in large measure due to the outstanding contributions of Ravinder Nagi."

Continue Reading Law Firm Announces Name Change to BoltNagi, PC

In order to clarify outdated and inappropriate legal guidelines and streamline the Territory’s slow probate process, the Senate Rules and Judiciary Committee passed a bill Thursday that will adopt the Uniform Probate Code currently enacted in 19 states.

In the U.S. Virgin Islands, probate, the legal proceeding in which a court determines how an estate will be divided, can sometimes take up to 20 or 30 years.  This long and arduous process has been known to deplete estates of any monies while properties stand empty and dilapidated due to years of legal wrangling.

According to Dan Gravel, an attorney with Tom Bolt & Associates, P.C. who concentrates his practice in trusts and estates and who testified in favor of the bill, the Uniform Probate Code (UPC) “will lessen the burden on courts and on families who have to navigate the probate process.” 
 Continue Reading St Thomas Attorney Advocates New Probate Code

The Internet Corporation for Assigned Names and Numbers (ICANN) and the U.S. Department of Commerce’s National Telecommunications and Information Administration (NTIA) announced today that it has reached an agreement  that establishes a long-lasting framework for the technical coordination of the Internet’s domain name and addressing system (DNS). 

ICANN and NTIA executed a new Affirmation of Commitments that completes the transition of the technical management of the DNS to a multi-stakeholder, private-sector-led model. The Affirmation ensures accountability and transparency in ICANN’s decision-making with the goal of protecting the interests of global Internet users.  The Affirmation also establishes mechanisms to address the security, stability, and resiliency of the Internet DNS as well as promote competition, consumer trust, and consumer choice. Continue Reading ICANN and U.S. Department of Commerce Sign New “Affirmation of Commitments”

The Internal Revenue Service has released an internal memorandum indicating that it will give close audit scrutiny to offshore hedge funds that engage in lending activities with U.S. residents.  A number of hedge funds have relocated to the U.S. Virgin Islands to take advantage of the Territory’s Economic Development Commission (EDC) Program which exempts such funds from 90% of the federal income tax liability.  Although owner of EDC beneficiary companies can similarly exempt their income from the company from federal income tax if they are Virgin Islands residents, past practice has led to the hedge funds providing loans to owners who are not Virgin Islands residents. 

Hedge funds that engage in direct or indirect lending activities involving U.S. borrowers are impacted by this IRS action and should immediately review their lending practices in light of the IRS’s indication that it will pursue vigorous enforcement in this area.

Continue Reading IRS Scrutizes Offshore Hedge Fund Lending

Retired? Over 70½? It may be time to see your tax advisor about September 2009 changes to the Required Minimum Distribution rules. The Internal Revenue Service in Notice 2009-82 just announced guidance relating to the waiver of 2009 Required Minimum Distribution (“RMD”) rules which also apply to Virgin Islanders.Continue Reading Changes to Required Minimum Distribution Rules Impact Virgin Islanders

Tom Bolt, Managing Attorney of Tom Bolt & Associates, P.C., a St. Thomas business law firm, was reelected in August by the general membership of the American Bar Association as an At Large Delegate to the ABA’s House of Delegates during the organization’s annual meeting in Chicago, Ilinois.

The House of Delegates is the legislative body of the ABA and determines the internal governance and public advocacy policies of the organization. The ABA, with more than 400,000 members, is the largest voluntary association of professionals in the world. The ABA provides member and public service through law school accreditation, continuing education, public information campaigns, legislative recommendations to Congress and state and territorial legislatures, and initiatives to improve the quality of the legal system and the administration of justice.

Bolt has served as a member of the ABA House of Delegates since 1989 when he was the first delegate from the United States Virgin Islands.  He served with distinction for ten years as the representative of the Virgin Islands Bar Association.  Subsequently, during his term as President of the local bar, he was elected as an At Large Delegate to the ABA House and has served continuously since then.

Continue Reading American Bar Association Reelects Virgin Islands Attorney

As part of the Obama Administration’s effort to create jobs and ease pressures on the housing market, the U.S. Department of the Treasury today announced $20.2  million in American Recovery and Reinvestment Act (ARRA) funding to spur the development of affordable housing units in the U.S. Virgin Islands.    

"Today’s announcement of housing funds demonstrates how the Recovery Act is putting our nation on the path to economic stability, one community at a time," said Treasury Deputy Secretary Neal Wolin.  "This initiative will help spur construction and development, create much needed jobs, and increase the availability of affordable housing for families around the country." Continue Reading Obama Administration Announces $20.2 M in Housing Funds for Virgin Islands

On June 29, 2009, the United States Supreme Court decided Cuomo v. Clearing House Association which invalidated, by a vote of 5 to 4, a regulation issued by the Comptroller of the Currency that broadly preempted the states and territories from enforcing their fair lending laws against national banks. Under the broad language of the majority opinion, the Virgin Islands Division of Banking & Insurance and its sister state regulators now implicitly have the authority to enforce other consumer protection laws against national banks.Continue Reading Territory’s National Banks Subject to Virgin Islands Law

Even in the sweltering Sunday morning heat, a cool breeze blew through the eight open windows of the living room at No. 4 Adele Gade, rustling the trees in the garden and fanning the sweaty brows of the small group of residents gathered outside.

"You should be here in the evening — the wind just sweeps right through," said Celecia Hernandez, the new owner of the house, which was donated to Habitat for Humanity V.I. a few years ago by Cecile deJongh as a tribute to her grandmother Adele Louise Galiber. The house was always filled with joyful memories, with love and music, and the time had finally come to turn the keys over to a new family that could bring the same kind of happiness back to its grounds, deJongh said at the official dedication ceremony Sunday.

"This day couldn’t come soon enough," she added. It was hoped that the house would be given to a single mother, "just like my grandmother was," deJongh said.

Continue Reading Habitat Virgin Islands Dedicates First Home