REPORT ON LDRC
You Can’t Make This Stuff Up: Where Have You Gone, Izzy Alcantara?
We are not huge fans of the "Hearsay” feature of Massachusetts Lawyers Weekly, but the interlocking “NY” on a blue cap caught our eye, in the October 17, 2016 issue.
We learned that one David Alcantara had sought reversal of his conviction for various financial conspiracies, because he suffered jury prejudice, in part, by reason of:
"… a handful of references to his wearing a New York Yankees baseball cap".
We have long been aware of the perils of wearing Yankees gear in Fenway Park, but in federal court?
The First Circuit Court of Appeals wasn’t buying.
Fittingly, the appellant’s counsel happened to be a niece of Jeremy Kapstein. When known as “Jerry”, the elder Kapstein, was last seen spiriting Fred Lynn out of town as a free agent, breaking the hearts of many New Englanders. Ironically, the same Kapstein later worked for the Red Sox, for many years.
To close the irony loop, Jeremy Kapstein now works for Dan Duquette, in Baltimore, who once ordered Jimy Williams of the power-challenged Red Sox to play Pawsox call-up Izzy Alcantara, despite the fact that Izzy’s relationship with on-field hustle proved casual at best.
We have not been able to determine if David and Izzy are related.
A Mediation Confidentiality Precedent: ZVI Construction Company v. Levy, et. al.
The Massachusetts Appeals Court case, ZVI Construction Company v. Levy, et. al., came down last week, honoring the policy intent of statutory and contractual mediation confidentiality, with a touch of ambiguity. It is a commercial matter but the principles apply more broadly to family law mediation. We have blogged about the case (below).
The Fuss over Proposed Rule 2704 Regulations
We have been following the controversy over the proposed Rule 2704 regulations, by which the Internal Revenue Service plans to increase the tax yield on transactions based upon the value of family business transfers, by creating a new minimum value and essentially eradicating marketability discounts.
This proposed change, as we noted in two blog posts featured in today's newsletter, is, coincidentally or not, reminiscent of the Massachusetts case of our own Bernier v. Bernier. In Bernier, the reason for adopting the fair value standard was that a divorcing spouses do not deal at arm's-length, but are more analogous to a company and a withdrawing shareholder, with fiduciary obligations.
For the IRS, whose motivation to explain its reasoning does not meet our Supreme Judicial Court's, one presumes it is all about the tax receipts. Various interest groups, including the business appraisal community, are lined up to fight the proposed regs, and we will be interested to see where it all shakes out.
If you're curious, take a look at the two blog posts, below.
It’s Better Left Unsaid
Unfortunately, the summer of 2016 will always be blemished by our dreadful national election. The only good thing to say is that it is nearly over. No more doggerel from us. We just hope that our national (and the world’s) PTSD is not permanent.
Enjoy the upcoming holidays.
Chouteau & Bill