Seder & Chandler, LLP
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November 2012 Archives

United Bank merges with New England Bank

United Financial Bancorp, Inc., has announced its acquisition of New England Bancshares, Inc. The corporations are the parent companies of United Bank and New England Bank, respectively. The business sale has been completed successfully, giving United Financial Bancorp control of all the stock of New England Bank.United Bank currently holds more than $1.6 billion in assets; it has branches in central Massachusetts. This business transaction was a complete merger, in which United Financial Bankcorp absorbed all of the outstanding stock of New England Bank, rather than a partial merger, in which New England Bank would have retained some control over its own assets.

Massachusetts homeowners receive mortgage, foreclosure relief

As part of the $25 billion settlement deal made with five of the largest mortgage lenders, as previously reported in this blog, thus far nearly 4,000 Massachusetts homeowners have each received an average $67,450 in mortgage refinancing assistance. Nationally, almost 280,000 borrowers have received an average of $780,730 each in assistance. The $266 million received by Massachusetts borrowers is only a small part of the $21.92 billion national settlement disbursed thus far by the lenders.

Enforcement of Massachusetts child support orders

Filing for divorce often involves many complicated issues. Spouses must divide martial property, and issues such as child support, child custody and spousal support often come into play. Any Worcester divorce lawyer would likely tell our readers that having the right information can be helpful when people are faced with these kinds of matters to ensure the most seamless transition possible into a post-divorce phase of life is attainable.

Biopharmaceutical firm to dissolve and liquidate assets

The biopharmaceutical company Myrexis has announced its intention to dissolve its company and offer its assets in a business sale. This announcement comes after approval by the board of directors. After liquidation, the company intends to distribute all cash to its shareholders outside of the funds needed to pay reasonable expenses. The company will file proxy materials as soon as possible with the Securities and Exchange Commission to outline its plan, and the shareholders must approve the dissolution before a sale can proceed.The company had hired a bank earlier this year to determine what its options were; however, the decision was made to dissolve the company. It suspended activity on several of its programs nine months ago. Myrexis had hired two industry veterans in May in an attempt to transform itself into a company that acquired drugs made by other companies rather than in-house. However, one of those two executives died shortly thereafter.

Judge rules against actress Halle Berry in child custody dispute

The welfare and custody of peoples' children are of the upmost importance as they go through the divorce process. Things such as who will be the custodial parent and visitation rights are issues that come up in many cases. In a Massachusetts child custody case, it is not uncommon for issues to arise after a property settlement agreement and divorce decree have been entered. In this situation, you may need to pursue a modification of a divorce judgment. This commonly happens where one of the parents wants to, or needs to, relocate.

New foreclosure regulations proposed by state banks

A bit of mortgage relief may be at hand for Massachusetts residents thanks to the efforts of the Massachusetts Division of Banks. According to a statement released earlier this month, the banks are proposing a set of regulations that will require mortgage holders to work toward alternative options to foreclosure to lower the rate of foreclosures in the state.

Multimillion dollar loan closed on 2 Massachusetts complexes

Real estate investment is a process that often involves taking out loans on promising properties. The quality of the property, as well as its age, location and size are taken into account during the loan process. Rental properties that have a high monthly income potential can be good candidates for a real estate transaction, especially if they have appeal to high-income renters.

Office Depot and OfficeMax merger could help stock

The merging of Office Depot and OfficeMax that has been proposed by one of the company's largest and most aggressive investors would be logical, according to several stakeholders. According to Starboard Value LP, the business reorganization of the two rival stores would make sense. If the two giant store chains merge, some store locations could be closed, and the struggling companies' overall value and profit would be greater. Starboard is currently the largest shareholder in Office Depot with 14.8 percent of the company's stock. Office Depot's stock plunged from a high of $44.46 per share in May 2006 to a recent low of $2.51. Starboard wants Office Depot to cut store size and amount of stock as well as advertising expenses and other costs. Office Depot has responded by creating a poison pill strategy that would give shareholders more stock when one shareholder acquires a 15 percent stake in the company without the approval of the board of directors.

Tax consequences of a Massachusetts divorce

The division of marital property during the course of a divorce can be emotionally and financially difficult. The settlement reached regarding property division will impact each person's finances for years to come. Massachusetts state law provides for an equitable distribution of property. This does not require a 50/50 split of assets. Furthermore, property division is negotiable.

Safety-Kleen signs $1.25 billion deal with Clean Harbors

A massive business reorganization deal that will allow Clean Harbors to acquire Safety-Kleen was signed recently. Safety-Kleen is the largest recycling processor for used oil in the country. Clean Harbors has agreed to pay cash for the company's assets. Funding has been promised by Goldman Sachs, but the purchaser is exploring a number of financing options and has not yet stated exactly how financing will ultimately be done.Clean Harbors has stated that it considers the Safety-Kleen acquisition to be a positive development since it will enable the company to expand its waste treatment operations, particularly those involving waste oil. Safety-Kleen has been involved in environmentally friendly cleanup projects for nearly 50 years.

Massachusetts real estate deal set at $90 million

Real estate transactions often involve complicated negotiations and high dollar values, which is why all parties involved benefit from qualified legal representation throughout the real estate purchase process. The state of Massachusetts should be seeing a nice economic boost thanks to a $90 million deal for a variety of industrial buildings in Taunton. These include two warehouses at Taunton's Myles Standish Industrial Park and another six buildings inside Franklin's Forge Park.

Failure to pay child support lands father in jail

Child support orders are the method through which a court sets the terms concerning financial support of a child. In a divorce, a child support order will be entered as part of the process when parents have one or more children. Child support orders can also be request by an unmarried custodial parent of a child.

D&D Insurance Agency purchased by RSC

Brokerage firm Risk Strategies Company has announced its purchase of Massachusetts-based D&D Insurance. Through this business sale, RSC hopes to increase its coverage in personal lines of insurance and expand its area presence in the market. D&D's founder will join the new company as vice president and is tasked with expanding the firm's lines of personal insurance coverage. All D&D clients will be served from RSC's offices in Randolph and Burlington.

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