Fairfield Connecticut Building Expert Directory

Investing in Metaverse Real Estate: Mind the Gap Between Recognized and Realized Potential

May 10, 2022 — Robert G. Howard, David W. Wright & Craig A. de Ridder - Gravel2Gavel Construction & Real Estate Law Blog
The Metaverse is an immersive world combining virtual reality and augmented reality, where users are represented by avatars and roam virtual spaces. It comprises a variety of platforms and environments that can be explored, experienced, and developed. Online social games like Second Life, Fortnite and Minecraft are among the first wave of successful Metaverse games. Now, Meta and Microsoft see the Metaverse as a place to play, live, and work. A JP Morgan white paper stated that opportunities in the Metaverse seem “limitless.” The bank predicted that virtual worlds will “infiltrate every sector in some ways in the coming years.” A March 31 report by Citi concluded that the Metaverse has the potential to become a $13 trillion opportunity by 2030, with total global users of between one and five billion. According to Citi, the Metaverse will become a significant part of the next iteration of the internet (referred to as Web3) enabled by a variety of existing and emerging technologies, including 5G connectivity, secure blockchain and payment platforms, crypto assets, cloud computing, artificial intelligence, 3D modeling tools and headset devices. A Land Rush, Virtually Speaking Not surprisingly, investors are speculating regarding the value and potential of “virtual land” within the Metaverse, where land sales in 2021 exceeded $500 million and attracted a lot of attention and hype. The Sandbox, Decentraland, Somnium Space and CryptoVoxels are the most active platforms and owners can build almost anything on their virtual parcels. The open-source Ethereum blockchain, with self-executing smart contract functionality, operates as the foundational layer for most platforms. Parcels of land in The Sandbox and Decentraland are purchased with cryptocurrencies (called SAND and MANA, respectively) on their platforms and can also be sold and purchased on secondary marketplaces like OpenSea. Reprinted courtesy of Robert G. Howard, Pillsbury, David W. Wright, Pillsbury and Craig A. de Ridder, Pillsbury Mr. Howard may be contacted at robert.howard@pillsburylaw.com Mr. Wright may be contacted at david.w.wright@pillsburylaw.com Mr. Deridder may be contacted at craig.deridder@pillsburylaw.com Read the court decision
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Motion for Reconsideration Challenging Appraisal Determining Cause of Loss Denied

November 16, 2023 — Tred R. Eyerly - Insurance Law Hawaii
The court rejected the insurer's motion for reconsideration attempting to set aside the appraisal award that determined the cause of loss. Mesco Mfg., LLC v. Motorists Mut. Ins. Co., 2023 WL 5334659 (S.D. Ind. Aug. 18, 2023). Mesco suffered a loss to the roofs of its facilities due to hail damage. Mesco sued Motorists alleging it breached the policy by failing to pay the full amount of the claim. The claim went to appraisal. The policy's appraisal provision reserved Motorists' right to deny the claim despite an appraisal going forward. The appraisal award noted that the loss was caused by hail. Cross-motions for summary judgment were filed. The court found that Motorists had breached the policy by failing to pay the arbitration award and granted summary judgment to the insured. The "right to deny" clause did not give Motorists the unfetterd right to disregard the umpire's award if it disgreed about the amount of loss caused by hail. The only dispute was whether the damage was caused by hail, and the umpire found that it was. Read the court decision
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Reprinted courtesy of Tred R. Eyerly, Damon Key Leong Kupchak Hastert
Mr. Eyerly may be contacted at te@hawaiilawyer.com

Kahana Feld Partner Jeff Miragliotta and Senior Associate Rachael Marvin Obtain Early Dismissal of Commercial Litigation Cases in New York and New Jersey

August 26, 2024 — Rachael Marvin - Kahana Feld
KF attorneys Jeff Miragliotta and Rachael Marvin recently secured early dismissal for a commercial real estate client on pre-answer motions to dismiss for two cases involving disputes over commercial properties in Union County, New Jersey and Suffolk County, New York. Plaintiff argued it was entitled to damages in excess of 50 million dollars, including punitive damages, for claims involving trade libel, defamation, conspiracy, and tortious interference with contract and prospective economic advantage for reports that were prepared in connection with the use of a commercial building in Union County, New Jersey. KF attorneys successfully argued that the statute of limitations had run for each of plaintiff’s claims by utilizing a decision from the Supreme Court of New Jersey in an underlying case filed against Union County. Read the court decision
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Reprinted courtesy of Rachel Marvin, Kahana Feld
Ms. Marvin may be contacted at rmarvin@kahanafeld.com

Proving Contractor Licensure in California. The Tribe Has Spoken

October 21, 2015 — Garret Murai – California Construction Law Blog
As I mentioned in an earlier post, in California you must “prove” you’re a licensed contractor in a construction case. But in whose hands are you entitled to place your fate – the judge or the jury? Well, the tribe has spoken. Jeff Tracy, Inc. v. City of Pico Rivera In Jeff Tracy, Inc. v. City of Pico Rivera, Case Nos. B258563 and B258648, California Court of Appeals for the Second District (September 15, 2015), general contractor Jeff Tracy, Inc. doing business as Land Forms Construction (“Land Forms”) was walloped with a nearly $5.5 million judgment for being improperly licensed on a park project owned by the City of Pico Rivera (“City”). The judgment followed a bench trial over Land Form’s objection that it was entitled to a jury trial. Read the court decision
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Reprinted courtesy of Garret Murai, Wendel Rosen Black & Dean LLP
Mr. Murai may be contacted at gmurai@wendel.com

Insurer’s Optional Appeals Process Does Not Toll Statute of Limitations Following Unequivocal Written Denial

September 22, 2016 — Christopher Kendrick & Valerie A. Moore – Haight Brown & Bonesteel LLP
In Vishva Dev, M.D., Inc. v. Blue Shield of Cal. (No. B270094, filed 8/31/16), a California appeals court confirmed that the unequivocal denial of a claim, in whole or in part, commences the running of the statute of limitations for suit on the claim, notwithstanding the insurer’s offer to reconsider on new or additional evidence. Reprinted courtesy of Christopher Kendrick, Haight Brown & Bonesteel LLP and Valerie A. Moore, Haight Brown & Bonesteel LLP Mr. Kendrick may be contacted at ckendrick@hbblaw.com Ms. Moore may be contacted at vmoore@hbblaw.com Read the court decision
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The Law of Patent v Latent Defects

March 19, 2015 — Beverley BevenFlorez-CDJ STAFF
Candice B. Macario of Gordon & Rees LLP analyzed the case Delon Hampton & Associates, Chartered v. The Superior Court of Los Angeles, and stated that “[i]n his case, a design professional successfully challenged a construction defect lawsuit brought against them, on the basis that the defect complained of was open and obvious and the County had ran out of time to bring their action.” Macario recommended “as lawsuits are filed close to the ten year statute of repose, one area to explore in a single issue case is if you can eliminate a cause of action based on patent defects. Moreover, in multi-issue cases for several construction defects, parties should always be aware of analyzing whether issues can be identified as patent and perhaps used as a tool in negotiations, settlement discussions or pre-trial motions.” Read the court decision
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As Fracture Questions Remain, Team Raced to Save Mississippi River Bridge

September 06, 2021 — Jim Parsons - Engineering News-Record
"How is this bridge still standing?” That was the initial reaction of Aaron Stover, Michael Baker International’s vice president and regional bridge practice lead, as he first studied images of a fractured tie beam that forced the May 11 emergency shutdown of the I-40/Hernando de Soto Bridge between Tennessee and Arkansas. Discovered by chance earlier in the day during MBI’s routine above-deck inspection, the fracture on the bridge’s eastbound span affected nearly half the cross-section of a 26-in. by 33-in. welded girder supporting one of the 50-year-old structure’s 900-ft-long, 100-ft-high arched navigation spans across the Mississippi River. Reprinted courtesy of Jim Parsons, Engineering News-Record ENR may be contacted at ENR.com@bnpmedia.com Read the full story... Read the court decision
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No Third-Quarter Gain for Construction

November 18, 2011 — CDJ STAFF

The Associated Builders and Contractors released their analysis of construction work under contract and found that there was no increase in construction backlog from the second quarter of 2011. There was still improvement, however, over 2010, as the third quarter backlog is 16.3 percent higher than that of a year ago.

The current backlog is 8.1 months, which according to Anirban Basu, the chief economist of the ABC, “is consistent with flat construction spending.” He noted that less than 8 months indicated a decline.

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FAIRFIELD CONNECTICUT BUILDING EXPERT DIRECTORY AND CAPABILITIES