Supreme Court Rules for Clifton Boynes In Suit Against Transportation Services

 

The Virgin Islands Supreme Court has ordered a lower court to revisit a dispute involving Transportation Services of John and businessman Clifton Boynes.

High court Justices Ive Swan, Maria Cabret and Chief Justice Rhys Hodge ordered the case sent back to Superior Court.

The three judge panel ruled Boynes is entitled to a fair market valuation for 500 shares of TSSJ stock given to him by his mother, an original stock owner.

Transportation Services, a Cruz Bay based ferry service, first issued stock in 1975.

According to court records when Boynes sought to register his shares after the transfer, company officials declared the shares invalid. The declaration led to a lawsuit.

The lawsuit led to a settlement under mediation in 2009, but when it came time to set a valuation for the company stock, no agreement on fair market valuation could be reached between Boynes’ accountant and the accountant for TSSJ.

At that time the company was under financial duress but Boynes said he agreed to sell his stock during mediation, not to give it away.

He also said at some point in the company’s future there would be an exchange of funds and he would be able to benefit later on.

In the ruling made Monday, Chief Justice Hodge, writing the majority opinion, said the lower court failed to direct the parties to seek the services of an independent, third party accountant.

Hodge sent the case back to Superior Court, directing that they do so.