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.”

 

Continue Reading Virgin Islands Law Firm Announces ASSERT

Attorney Paula D. Norkaitis, Senior Litigation Counsel in the Tom Bolt & Associates, P.C. Litigation Practice Group,  recently was successful in arguing a case for the principle of abatement with regard to criminal convictions in the U.S. Virgin Islands.

Norkaitis had represented defendant, Edwardo Carmona, Jr., who was convicted at trial of first degree murder by a jury before the Honorable Michael Dunston. Carmona was sentenced to life imprisonment on April 4, 2008.

Continue Reading Supreme Court Concurs with TBA Attorney Argument on Abatement

The St. Thomas Coastal Zone Management Committee agreed with the position of the Friends of Mandahl Thursday evening disapproving a proposal for a large-scale marina and housing development in Estate Mandahl to cheers and applause from the public.   The Friends of Mandahl represented by environmental counsel Nycole Thompson of Tom Bolt & Associates, P.C. had advocated against the project as it did not comply with the criteria established by law for coastal zone projects in the Territory. “The CZM decision to deny Mandahl Bay Holdings’ permit applications is a victory for both the community and for the environment.”  Thompson said.

Continue Reading CZM Supports Friends of Mandahl Position; Denies Application

The recently enacted economic-stimulus law contains a number of provisions but hidden within the legislation is an unusually attractive new tax break for many homebuyers — if they can only figure out how it works.

The new law sweetens a provision known as the "first-time homebuyer credit." In essence, if you meet certain qualifications, such as buying a home from Jan. 1 through Nov. 30 this year, you may be eligible for a tax credit of as much as $8,000. You also have a choice of claiming the credit on your federal income-tax return for 2008 or 2009. A credit is typically more valuable than a deduction, since it eliminates your taxes on a dollar-for-dollar basis — and in this case, you may receive the credit even if you don’t owe any taxes.

Continue Reading Economic Stimulus Offers New Tax Breaks for Homebuyers

One of the most significant tax provisions contained in the recently enacted American Recovery and Reinvestment Act of 2009 might prove helpful to certain taxpayers looking to restructure their balance sheets.

A debtor generally recognizes income from the cancellation of its debt. A debtor recognizes COD income when it purchases the debt instrument for less than the adjusted issue price of the debt or exchanges an old obligation for a new obligation with a reduced adjusted issue price from the old obligation. For this purpose the same result occurs upon a modification of debt that is treated as an exchange. A debtor also recognizes COD income when a person who bears a relationship to the debtor described in Code section 267(b) or Code section 707(b) acquires the debtor’s debt for less than the adjusted issue price of the debt.

Continue Reading Stimulus Legislation Provides Tax Relief For Certain Debt Restructurings

A hearing officer on Thursday ruled that the Department of Licensing and Consumer Affairs had the right to fine two companies and revoke their solicitors’ licenses for doing sidewalk promotions in downtown Charlotte Amalie.

In August, Caribbean Fun Stay and K&R Promotions filed two actions against DLCA pertaining to their solicitors’ licenses. One was an administrative complaint against DLCA, arguing that Commissioner Kenrick Robertson overstepped his bounds by fining the two companies and revoking or denying their solicitors’ licenses. The second was a complaint in District Court, arguing that DLCA denied the two companies their due process rights – the constitutional guarantee to be treated fairly and not unnecessarily deprived of rights or property.

Continue Reading Hearing Officers Supports Revocation of Barker Licenses

The U.S. Department of Housing and Urban Development on Thursday awarded the Territory $570,662 in grants to help the homeless, marking the first time in recent years that the Virgin Islands has secured all available funding under HUD’s Continuum of Care grant program.

"What we have done is broken the glass ceiling – come into our own – as far as federal assistance to help in the plight of the homeless," said Tom Bolt, Chairman of the Virgin Isalnds Continuum of Care on the Homeless, a coalition of local agencies, public and private, that work with people who are homeless.

"Now, we have gotten the maximum amount of money the feds would allocate to us under the formula," he said.

Continue Reading Territory Receives $570,662 in HUD Grants for the Homeless

Tom Bolt, Chair of the Virgin Islands Continuum of Care on Homelessness, addressed the American Bar Association’s Commission on Homelessness and Poverty at its Midyear Meeting earlier today in Boston, Massachusetts.

Bolt noted that the current economic situation would continue to put a strain on homeless services throughout the nation and would advance from the ranks of low income to middle income families.  "We are look at an economic tidal wave that could devastate many families that never thought homelessness would touch them."

 

Continue Reading Territorial Advocate Addresses National Homeless Commission

St. Thomas based Merchants Commercial Bank has refused a $1.2 million investment from the U.S. Treasury, saying the bailout money was not needed and involved a commitment to rules that could be changed down the road.

The bank’s board of directors turned down the Treasury’s offer in a unanimous vote, said Tom Bolt, General Counsel for the bank.

Continue Reading Merchants Commercial Bank Refuses Fed Bailout

One of President Barrack Obama’s principal communications policy objectives is to "encourage diversity in the ownership of broadcast media . . . and clarify the public interest obligations of broadcasters who occupy the nation’s spectrum."  This has not been the case in the United States Virgin Islands where Jeffrey Prosser of Innovative Communications Corporation owned all locally produced TV stations, the local telephone company, a local cellular telephone company, all cable television stations and the local newspaper. The monopoly is ending, however, with Mr. Prosser’s ongoing bankruptcy, where the Trustee intends to sell the ICC family as a unit. While the president’s website offers no more in the way of specificity, it is commonly understood to be referring to measures that would constrain further consolidation of media ownership, and enhance broadcasters’ local service obligations.

Continue Reading Obama’s Communication Policy May Impact VI Broadcast Communication