Comment: The Perfidious South - The South has a nasty habit of reneging on solemn agreements with the North. Despite the fact that the gradual sunset of slavery was written into the original constitution (Article 1, Section 9), the South refused to terminate slavery without first resorting to blows during the Civil War. In the early decades of our country's existence, the South had practical control over the Federal government – for 32 out of the first 36 years of our constitution, the President was a southerner, by virtue of the-then population, the South had control over Congress, even the country's capital was moved to below the Mason-Dixon line (from New York City to Washington, DC) so that Southern Senators and Representatives could have their slaves attend to them when they were in Congress. Demographics, however, worked against the south, and thanks to immigration, the North overtook the South in population, and gradually, in control over the Federal government. Even so, the South would not go gently into the night, with the Civil War as consequence.
History is repeating itself today. The Reconstruction Amendments (13th, 14th and 15th) were the solemn conclusion to the armistice at Appomattox Court House on April 9, 1865. Using Jim Crow laws, the South thumbed its collective nose at the intent – and letter - of these amendments for almost a century after the Civil War, until the dawn of the Civil Rights era in the US, after World War II. The South continued to engage in the practice of racial preference in government, Southerners would sooner change political parties than political preferences – thus defecting en masse to the GOP from the Democratic party over the last 40 years. Once again, it is demographics, powered by immigration, which is bringing regional rivalries to a head. The children of immigrants – both documented and undocumented – threaten the world-view, and the world, of the racists in the South. Once again, the South does not want to go gently into the night.
We have said before, and we say it again, some parts of our constitution are un-amendable. Three that we allege to be so are: the amendment clause, the bill of rights and the reconstruction amendments. Only a constitutional convention can even discuss amending these parts of our constitution. For Congress to cavalierly usurp the prerogative of discussing amendments to the 14th amendment, is to spit in the faces of the soldiers, both Northerners and Southerners, who shed their blood, both during the War of the Revolution, and the Civil War. We assert that Congress has no power to hold hearings on amending the 14th amendment. It is insulting to the memories of American patriots of the Revolution and the Civil War that Congressional leaders suggest that the 14th amendment can be amended. Should the GOP, and Congress in control of the GOP, persist down this path, our system of checks-and-balances will ensure a reaction. It will not be pretty, bloodshed is in this forecast. We counsel mis-guided racists from persisting in this unwise path for down this path lies much misery to all.
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Focus: EB5 For Experts
ILW.COM is pleased to present “EB5 For Experts” a 3-part telephone seminar series with Michael Gibson, Robert C. Divine, Robert Gaffney and John Patrick Pratt (Other Speakers to be Announced). The curriculum is as follows:
FIRST Phone Session on December 30: Due Diligence & Care
Guidance in helping clients select an appropriate investment
With an onslaught of EB-5 Regional Center applications filed recently and the expected number of Centers expected to top 200 in the near future, how can immigration attorneys expect to counsel their client on which investment to select and what should they do to protect themselves in the event that the project fails to achieve the removal of the I-829 or fails to return the capital invested?
SECOND Phone Session on January 13: Securities law: Avoiding Litigation and Rescission
- The role of the immigration attorney and care for client
- Due Diligence lists, how relevant are they?
- What factors should be considered
- Scope of representation
- Liability, disclaimers and waivers
- The role of the immigration attorney as advisor, professional insurance
- The roles of other professionals to assist the investor client
With so many EB-5 Regional Centers marketing to a relatively few, the pressure is on to deliver investor clients and the tactics and techniques employed by some of the Center's, their agents and "finders", both in the U.S. and overseas may cause increased scrutiny by the Securities & Exchange Commission and attorneys who specialize on malpractice and litigation on behalf of their investor clients. How can EB-5 practitioners and Regional Centers who have offerings in the market stay safe and avoid potential litigation and rescission?
THIRD Phone Session on February 3: Valuation & Risk
- Reg. D & Reg. S offerings (definition of exemption)
- Solicitation and 502(c) rule
- Internet advertising: Lamp & IPO.net
- Seminars: overseas and domestic, rules and practices
- Compensation and fees: definition of Agents & Finders
- Marketing material v. operating documents
- Project failure and investor litigation
What factors improve the chance of success in an EB-5 investment, the roles of capital, debt and equity, cash flow and what other factors are critical to making an informed decision in assessing the strength and weakness of the offering.
Tuesday, December 28 is the deadline to sign up. For more info, including speaker bios, detailed curriculum, and registration information, please see: Online:
- Why proper valuation of risk is important
- Factors used in evaluating risk, research, due diligence
- The importance of capital
- The importance of the timeline in project completion
- Cash flow
- Equity v. Debt
- The role of management, competition & market
- The decision making process
- Comparisons of dis-similar projects
- Risk ratings and standards in risk valuations