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.

.

Continue Reading Bill Will Allow Virgin Islands Access to Federal Funding

One of the first recommendations that the BoltNagi Real Estate & Financial Services Group makes to a purchaser of real estate is to obtain a survey and “walk the land”.

 

For just about any real estate purchase, your real estate attorney’s standard advice will be to "get a survey, get a survey, and get a survey!" This is not conspiracy to drive up the cost of your real estate purchase. It is common sense, though, particularly for a big-ticket purchase like real estate. Obtaining a land survey of the property you plan to purchase will identify potential problems and give you peace of mind.

Continue Reading Get a Survey! Good Advice for Prospective VI Property Owners

The New York Times recently ran a couple of articles that highlight current changes in the practice of law. One article discussed the use of analytical computer tools to simplify discovery in complex litigation. Rather than firms having to dispatch an auditorium full of young associates to wade through mountains of documents, firms can now set specific search parameters and isolate relevant documents and phrases more quickly and more cheaply. The other article noted that law school applications are down more than 12% from last year, with the number of people sitting for the LSAT down more than 16%. The article suggests that a dawning recognition that law school is not a quick path to riches accounts for this decline.

Continue Reading The Little Big Law Firms

Luis “Tito” Morales, President of the United Steelworkers Union – Local 8249, made good on this challenge to Governor John P. deJongh and the 29th Legislature, when the main group of unions in the U.S. Virgin Islands petitioned a court to block the government’s plan to cut the pay of government workers across the board by eight percent.

The Central Labor Council argues that the cuts would not be needed if the government improved the collection of taxes. The CLC is seeking an injunction from the Superior Court of the Virgin Islands enjoining the Governor from implementing the cuts. Governor deJongh announced the cuts last week, saying the option would be to lay off over 600 workers. The new law also creates incentives for government workers to retire early.

Continue Reading Virgin Islands Unions Petition Court to Block Government Pay Cuts

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

U.S. Virgin Islands Delegate to Congress Donna Christensen has introduced legislation that would create an innovative tax program that would leverage private pension assets to raise funds for infrastructure development in the U.S. Virgin Islands.  The bill amends the Internal Revenue Code of 1986 to assist in the recovery and development of the Territory by providing for a reduction in the tax imposed on distributions from certain retirement plans’ assets which are invested for at least 30 years under a U.S. Virgin Islands investment program.  The new program is projected to raise approximately $250 million a year dedicated to infrastructure of the U.S. Virgin Islands, while simultaneously raising an additional $500 million a year for the U.S. Treasury.

Continue Reading New VI Tax Break Legislation Introduced in U.S. Congress

Federal authorities in New Jersey recently announced the disruption of an international smuggling ring that prosecutors said brought hundreds of illegal immigrants to the United States, including many young women who worked as dancers at strip clubs to repay their passage.

U.S. Attorney Paul Fishman said four people from New Jersey, one from Massachusetts, and one from Texas are each charged with one count of conspiracy to bring illegal immigrants into the United States through the U.S. Virgin Islands and Puerto Rico.

Continue Reading Feds Bust Human Traffickers With VI Connections