Black & LoBello » Corporate

Black & LoBello featured in RJ’s Business Section

blacklobellolaw — Wed, 08 Sep 2010 20:36:23 +0000

BATTLING THROUGH BANKRUPTCY: Chapter 7 not final chapter

Filing turns out to be ‘a relief’ for widow

Life as Renne Fortier knew it changed in January 2009.

Her husband, Mark, was diagnosed with CNS lymphoma, a brain tumor, while he was working in Hawaii. By March, he was gone and she was a 38-year-old widow with one income and two daughters, ages 16 and 11, to support. Click below for the entire story.

http://www.lvrj.com/business/chapter-7-not-final-chapter-102326189.html

Changes Ahead to FIRPTA

blacklobellolaw — Tue, 17 Aug 2010 17:18:02 +0000

Before convening on its August break, the House of Representatives passed the Real Estate Jobs and Investment Act of 2010. The bill advances the real estate industry’s goal of increasing foreign investment in Real Estate Investment Trusts (REIT). The Bill doubles foreign investors’ allowable ownership interest in a REIT to 10%. Anything over that percent ownership is then subject to the Foreign Investment in Real Property Tax Act (FIRPTA). Congress hopes that increasing the allowable foreign ownership interest will stimulate the US commercial real estate sector with minimal fiscal impact.

Tisha Black Chernine, Esq.

Fannie and Freddie to Delist Stock from NYSE

blacklobellolaw — Wed, 16 Jun 2010 17:17:06 +0000

The Federal Housing Finance Agency has directed Fannie Mae and Freddie Mac to delist their common and preferred stock from the New York Stock Exchange (NYSE) and any other national securities exchange. To read the full article on DSNews.com, click here.

Nevada’s Charging Order Protection to Small Corporations

blacklobellolaw — Mon, 14 Jun 2010 17:14:52 +0000

An inside liability comes from assets owned by the company or from behavior performed by the company. These liabilities are trying to get up and out to your personal assets. An outside liability, on the other hand, comes from assets owned by you, individually, or from your individual behavior. These liabilities are trying to get down and in to your company.

With inside liabilities, the “corporate shield” will often prevent these lawsuits from invading your personal assets. This is true for corporations and LLCs. However, if you are personally responsible for an outside liability, will the assets in the company be subject to liquidation? Once you have lost the lawsuit, you will be examined in the Debtor’s Exam. In that examination, the opposing party may ask you virtually any question it wants regarding what assets you owned.

If you own a Nevada LLC, the judge can only issue a charging order to the creditor. This means if and when there is a distribution from the LLC to the owner, that distribution will belong to the creditor. Until the passing of Senate Bill 242 (codified as NS 21.090 and 78.746), charging order protection was limited to LLCs and partnership entities. Now, closely-held corporations enjoy the same protection!

If properly formed, the manager of the LLC will be the only one who determines if there is going to be a distribution. If there is a charging order outstanding, the manager (client) will not make a distribution so the creditor receives no assets. To make matters worse, the creditor may be liable for any income taxes of the LLC under IRS Revenue Ruling 77-137.

Tiffany N. Ballenger, Esq.

“Developers victimized by commercial real estate slump” Tisha Black Chernine quoted in the Las Vegas Business Press

blacklobellolaw — Tue, 09 Mar 2010 17:07:40 +0000

A Las Vegas Business Press article discusses the growing trend of lenders coming after developers for their personal holdings

Read the full story here

Reading: “Agency seeks damages from failed bank’s officials”

blacklobellolaw — Fri, 26 Feb 2010 21:36:19 +0000

Reading: “Agency seeks damages from failed bank’s officials”( http://twitthis.com/w4d6j3 )

James E. Herbe, Esq. mentioned…

Avoiding Security Headaches at the Courthouse

blacklobellolaw — Thu, 21 Jan 2010 22:29:52 +0000

Every time you visit the Regional Justice Center or Family Court, it seems they have implemented new security measures to protect the general public. With the recent rash of courthouse shootings and security blunders, walking into the courthouse has become reminiscent of airport security procedures and it is only getting worse.

So, to avoid holdups in line, take a few steps to ensure you will breeze through without any issues.

Read ALL posted signs at or around the security checkpoint;
Try to put jackets, coats, belts, and shoes through the X-ray before being asked to do so;
Make sure your pockets are empty because even the smallest piece of metal will set off the metal detectors and cause delay;
Place all loose articles in the provided baskets before you get to the X-ray;
Keep moving since even a short pause can back up the line;
Save all questions for the information booth located past security as questioning security personnel only slows down the process for everyone else;

Following these simple steps will ensure quick entry every time.

Jason D. Wilder – Management Support/Utility

Best Times to File

Distressed properties a blight on office sector

blacklobellolaw — Thu, 21 Jan 2010 00:50:56 +0000

http://www.lasvegassun.com/news/2010/jan/15/distressed-properties-blight-office-sector/

“The Coming Second Wave” Tisha Black Chernine, Esq. quoted in Las Vegas Business Press

Small Business Tips – Mediation as an Alternative to the Cost and Expense of Litigation

blacklobellolaw — Thu, 12 Nov 2009 23:28:13 +0000

Certainly, alternative dispute resolution is not a new concept in the realm of law. Many small business owners are aware of the different forms of alternative dispute resolution: mediation, arbitration, or some hybrid of the two. Nonetheless, it is worth a reminder that mediation as a form of alternative dispute resolution can be a good way to significantly reduce the costs and expenses associated with resolving a legal dispute.

It is true that legal disputes can be costly, especially if the matter proceeds to a court trial. In mediation, the parties do not engage in protracted and lengthy discovery process and motion practice. It is intended to be less formal procedurally than litigation, while providing the parties with a forum in which to air their dispute and to obtain resolution thereof.

During mediation, a neutral, third party sits down with both sides and hears their position on the matter, and helps them come to a compromise. For many small businesses, it has other advantages over litigation, which can require a lot of time and expense, and also can be a source of anxiety if called into court to provide testimony.

If you have questions about mediation, you should consult an attorney to obtain additional information on alternative dispute resolution as a cost-savings to small businesses.

Ronald E. Gillette, Esq.

Dobran v. Bunch

blacklobellolaw — Tue, 27 Oct 2009 00:47:52 +0000

Dobran v. Bunch, 125 Nevada Advance Opinion Number 36

On September 10, 2009, the Nevada Supreme Court adopted the Restatement (Third) of Suretyship and Guaranty section 14 (1966) on interpretation of guaranty agreements, at the same time as it abandoned the prior Nevada distinction between a guarantor who was compensated and one who is not, and abandoned the rule that a guaranty agreement must be strictly construed. The Court has ruled that general contract interpretation principles will apply and a guarantor will not be responsible for anything beyond what it clearly agreed to pay.

In this case, a company loaned money to five affiliated companies and demanded that their principal provide a personal guaranty. The affiliated companies then challenged the loans as usurious in a California court. The case was removed to Federal Court, and transferred to the U.S. District Court of Nevada, where the judge ruled that since Nevada law should apply to the loan, and Nevada has no usury law, Defendant/Lender should win. A year later, the company which lent the money, sued the principal in Nevada State District Court on the guaranty, seeking to recover attorney’s fees and costs in defending the usury action eventually found in their favor in Federal Court.

The Nevada Supreme Court found that since the language of the guaranty provision for attorney’s fees and costs was limited to “enforcing the guaranty” or “collection or compromising the indebtedness”, that the defense of the usury action was not covered. They found no affirmative action by the company to collect or compromise the loan. Therefore, the guarantor was not liable for those fees and costs.

This decision is consistent with the current Supreme Court’s apparent policy mandate to bring Nevada law into line with the rest of the states in the Western United States, while discarding antiquated distinctions and regulations.

Steven R. Bartell