During the current regional center lapse, petitions from investors are not getting processed. The lapse has been now for more than 7 months. During this time, the regional centers continue to make interest money from investments by putting them at risk. Shouldn”t Congress/lawmakers discuss the idea that if the program lapsed, the regional centers should not be able to make money from interest? How is this justified that while investors” benefits on immigration are put on hold, the regional centers would continue to make interest money?
Answers
Julia Roussinova
Immigration attorneysThis is a legislative issue and definitely should be addressed. Regional Centers do have contractual obligations that are separate from political or legislative issues. This will likely be litigated. You should review your underlying offering documents to determine if there is an exit strategy in the event of RC program lapse.
Lynne Feldman
Immigration attorneysI agree with you but this is in the political realm for now. I assume there will be multiple lawsuits on these and similar issues.
Salvatore Picataggio
Immigration attorneysCheck your PPM. Most have built in risk factors including the program failing like it has done. SHOULD they be doing that is another story.
Bernard P Wolfsdorf
Immigration attorneysYour point is valid and should be taken into consideration, but it is not likely because the investment obligation is based on the investment contracts and commitments already signed and the money must go to creating jobs. If the jobs are not created, the case will be denied. The Regional Center has continued obligations and financial commitments running its own operations, and the focus should be on pushing for reauthorization. Hopefully, immigration will make up for some of the lost time by expediting the processing case adjudication that has become absurdly long.
Stephen Berman
Immigration attorneysPerhaps Congress should do that, but it does not mean that they will.
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