Q1 at Martin LLP -
The Results Are In!
15 Venture Financing Deals Closed for Investors and Companies, Aggregating Over $280M...
Bio Tech $110M
Medical Device $75M
Specialty Pharma $58M
Consumer Products $4M
Healthcare Services $1M
Lalemant Sells Shipbrokering Business to SSY
Martin LLP advised Lalemant (U.S.A.) Inc. in connection with the sale of its shipbrokering business and related assets to Simpson, Spence and Young, the world's largest independent shipbrokering group. The newly-formed division will operate under the name of SSY USA. Our representation included corporate, employment and tax law aspects regarding the structuring of the transaction and the negotiation of the definitive sale agreements. Our team was led by Andrew W. Nelson.
Fannie and Freddie Escape Liability for Conn. Conveyance Tax
On April 22, 2014, the U.S. District of Connecticut dismissed a class action complaint filed by the City of Bridgeport on behalf of all Connecticut Cities and Towns against Fannie Mae and Freddie Mac to compel payment of real property transfer or conveyance taxes.
After the housing market collapse in 2008, Fannie and Freddie acquired title to and sold a large number of properties. In reliance on exemption statutes passed by Congress, Fannie Mae and Freddie Mac did not pay transfer conveyance taxes in connection with the sale of these properties.
The City of Bridgeport claimed that the taxes were due on the grounds that the transfer or conveyance tax did not fit within the statutory exemptions or, alternatively, that the exemptions were unconstitutional. The District Court, following the logic of other courts having already decided these issues, rejected all of the City of Bridgeport's arguments and dismissed the case with prejudice.
Mark S. Gregory represented Fannie Mae and Freddie Mac as Connecticut Counsel in the class action.