By Daniel E. Burgoyne and Christian R. Jenner A pair of recent decisions from the Rhode Island Superior Court’s Business Calendar, authored by Associate Justices Richard J. Licht and Brian P. Stern, demonstrate how a secured lender in a receivership can combat frivolous appeals that might otherwise threaten a sale of its real estate collateral....
By Eugene G. Bernardo II or David M. DiSegna On March 18, 2022, the IRS issued Revenue Procedure 2022-20, which permanently allows issuers of tax-exempt private activity bonds to hold TEFRA hearings via teleconference. Pursuant to § 147(f) of the Internal Revenue Code, tax-exempt qualified private activity bonds are subject to a public approval requirement. One means...
By Daniel E. Burgoyne Associate Justice Brian P. Stern of the Rhode Island Superior Court recently issued a notable decision arising from a receiver’s sale of commercial real estate in Providence, Rhode Island. The Decision, entitled Rialto Capital Advisors LLC v. Robert Day, LLC, C.A. No. PC-2020-06964 (R.I. Super. Dec. 22, 2021, Stern, J.), is...
By Eugene G. Bernardo II and David M. DiSegna The IRS has issued final regulations governing the tax consequences of transitions from Interbank Offered Rates (IBORs) to other reference rates in debt instruments. The final regulations adopt many of the proposed regulations that the IRS released on October 9, 2020, with some important changes. The...
By Eugene G. Bernardo II and David M. DiSegna On November 15, 2021, the Infrastructure Investment and Jobs Act was signed into law and will provide over $1 trillion in funding for a wide array of infrastructure projects. The act also includes certain provisions affecting tax-exempt bonds, including the addition of two new categories of...
By David M. DiSegna On September 21, 2020, Rhode Island Commerce revised the eligibility criteria for the Restore RI grant program to allow more small businesses to receive aid. The program provides grants of between $1,500 and $15,000 to small businesses impacted by the COVID-19 pandemic. Eligible businesses must have a physical location in Rhode...
By David M. DiSegna On Monday August 3, 2020, Rhode Island Commerce will begin accepting applications for “Restore RI” grants for small businesses. The new program will provide grants of up to $15,000 to Rhode Island businesses with 1-20 employees and restaurants and caterers of any size. Additional details have recently been released on the...
By Eugene G. Bernardo II and David M. DiSegna Two bills have recently been introduced in the U.S. Senate to help state and local bond issuers deal with the financial hardships caused by COVID-19. The Lifting Our Communities through Advance Liquidity for Infrastructure Act (S.4129) (the “LOCAL Infrastructure Act”) would reinstate tax-exempt advance refunding bonds,...
By Eugene G. Bernardo II and David M. DiSegna The Federal Reserve Board has expanded the number and type of governmental entities eligible to utilize the Municipal Liquidity Facility (MLF) that was established to help state and local governments manage cash flow pressures caused by the coronavirus. Under the revised eligibility requirements, all states will...
The Small Business Reorganization Act (SBRA) goes into effect on February 19, 2020. The SBRA creates a new Subchapter V to Chapter 11, expanding access to bankruptcy relief for small businesses. With a debt ceiling of approximately $2.75 million, small business owners can take advantage of the new subchapter’s streamlined procedures and powerful tools to...
