On November 14, Peter Bilfield, co-chair of Day Pitney's Investment Management and Private Funds group, was quoted in an article, "SkyBridge Jumps into Hot Opportunity Zone Space," published by FundFire, a Financial Times news service for professionals working in the high net worth and institutional investment management industry. The article discusses qualified opportunity zones, a new tax incentive introduced by the Tax Cuts and Jobs Act, and references recent fund launches by SkyBridge Capital and EFJ Capital.As Bilfield told FundFire, many managers are still seeking clarity and submitting comment letters regarding various aspects of the opportunity zones. "I think the number one issue on our minds is this issue of recycling capital – and whether or not investing the proceeds of one disposition into another qualified opportunity zone property will [let you] defer the gain on that investment. That's a critical point that needs to be clarified by the IRS," he said. However, he noted that despite the needed clarifications, there are players waiting on the sidelines. "I would suspect we will see a number of launches."
Day Pitney Advisory
Due to the COVID-19 pandemic, this year's annual Day Pitney Palm Beach Family Office Forum, which had originally been scheduled for April 28 and 29, has been postponed to hopefully be rescheduled for later this year.
On January 31, David Waizer will be speaking at "Drafting Lasting Business Contracts: Simple, Powerful Strategies That Stand The Test of Time," a program and live webcast presented by the New Jersey Institute for Continuing Legal Education, a division of the New Jersey State Bar Association.
On January 15, Brian Fischer spoke at "When Good Deals Go Bad – Pitfalls to Avoid During the Sale Process," an Exit Planning Exchange (XPX) program held at The Hartford Club in Hartford, CT.
Day Pitney Alert
Day Pitney Press Release
Hedge Fund Law Report covered Erik Bergman's move to Day Pitney's Stamford office in an article posted March 12.
Day Pitney LLP represented Pula Capital Management LP (Pula), a newly formed investment manager based in Virginia, in connection with (i) the acquisition of a minority ownership interest in Pula by Felton Group, LLC (Felton Group), and (ii) an investment by Felton Group in Pula Capital Fund, LP, a newly formed fund managed by Pula that intends to employ novel mathematical techniques and a proprietary, systematic predictive model to trade a diversified long-short portfolio of liquid U.S. equities.
Daniel Gottfried, chair of Day Pitney's International Transactions practice was quoted in an article, "Who Can You Trust in the Cryptocurrency Economy?," published by the Robb Report.
Day Pitney Press Release