Corporate & Business

Accrued unpaid interest and principal payments will be included in calculating excise taxes on self-dealing loans after the expiration of the limitations period Last month the Internal Revenue Service (“IRS”) revised Technical Guide 58 (“TG58”) concerning the excise taxes imposed for self-dealing transactions between private foundations and disqualified persons. While
Read More

Carmody’s Corporate team lead by Tom Candrick and Kevin Palumberi advised GEM Manufacturing on its sale to Core Industrial Partners, with support from Adam Brocklehurst, Johanna Bachmair, Deborah Brancato and Mark Williams. Click here to read: Private equity firm acquires Waterbury business | Hartford Business Journal

https://www.law360.com/pulse/articles/1563389/carmody-torrance-promotes-3-to-partner Carmody law firm elevates three to partner | New Haven BIZ

Carmody has elected three of its lawyers to the partnership effective January 1, 2023. Commenting on the promotion of the new partners, Managing Partner Rick Street said: “Stephanie, Janie and Tamara are all dedicated, smart lawyers who have made significant contributions to the firm and the communities where they live
Read More

The use of cryptocurrency is starting to gain a substantial foothold in employment and compensation according to the U.S. Department of Labor. For startup companies and other employers, this trend should call for both excitement and caution. First, last month the DOL’s Employee Benefits Security Administration published a compliance assistance
Read More

Attorneys Pamela Elkow and Thomas Sansone co-authored the chapter “Treatment of Environmental Liabilities in Bankruptcy” in the American Bar Association’s Environmental Aspects of Real Estate and Commercial Transactions – 5th Edition.

Carmody advised its long time client New Opportunities in the development of CT Food4Thought, a project that is focused on increasing the availability of locally grown produce to communities while providing training and employment opportunities in an agricultural environment. The project also aims to increase the unrestricted revenue to support
Read More

Carmody has elected five of its lawyers to the partnership effective January 1, 2022. Commenting on the promotion of the new partners, Managing Partner Rick Street said: “All five of these talented lawyers have made significant contributions to the firm and their communities. Every day these attorneys are steadfast in
Read More

Carmody  welcomes six new associate attorneys to the firm, demonstrating the firm’s continued growth across its offices and practices. Gideon Asemnor (New Haven) joins the firm’s Litigation practice. Before joining Carmody, Gideon practiced in the areas of professional liability, construction law, product liability, and commercial litigation at a firm in
Read More

Timothy Klimpl, of New Canaan, Connecticut has recently joined Carmody Torrance Sandak & Hennessey LLP as Counsel in the firm’s Stamford office. Tim is a seasoned attorney with experience providing ERISA advice and related services to a variety of plan sponsors and employee benefit plans, including corporate, nonprofit, multiemployer and
Read More

Back in March, Congress enacted the Paycheck Protection Program (“PPP”) under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, previously detailed here. The PPP authorized unsecured loans to businesses with up to 500 employees along with loan forgiveness for businesses meeting certain restrictions and guidelines for employee retention and
Read More

On Wednesday, May 13th, Governor Ned Lamont issued Executive Order NN temporarily permitting Connecticut nonstock corporations to conduct member meetings, including annual meetings, remotely. This Executive Order allows Connecticut nonstock corporations to hold member meetings and conduct corporate business without in-person gatherings during the COVID-19 emergency. Executive Order NN creates
Read More

On March 27th, 2020, Congress enacted the Coronavirus Aid, Recovery, and Economic Security Act (“CARES Act”) to provide relief to struggling businesses through the newly expanded SBA Section 7(a) Paycheck Protection Program, the amended SBA Economic Injury Disaster Loan program, SBA Emergency Grants, and Mid-Size Business direct loans. 7(a) Loans—Paycheck
Read More

Dear Clients and Friends, Our team of business, real estate, and litigation lawyers are available to answer your questions about some of the most pressing COVID-19 contract and insurance issues faced by our business clients. Our lawyers are using WebEx and Zoom to counsel clients, negotiate transactions, and try to
Read More

Carmody Torrance Sandak & Hennessey LLP has elected Richard L. Street as the firm’s Managing Partner, effective February 1, 2020. Previously, Rick has served as Assistant Managing Partner of the firm and as Practice Group Leader of the firm’s litigation group. Outgoing Managing Partner Ann Zucker said, “Rick has a
Read More

Vacant buildings and blighted neighborhoods challenge redevelopment in Connecticut cities.  Two statutes awaiting Governor Ned Lamont’s signature provide a time-tested avenue for redeveloping these urban areas.  The new laws enable municipalities to form nonstock corporations, referred to as “land banks”, to take title to, rehabilitate and convey abandoned and blighted
Read More