Hartford Business Journal

BIZ BRIEFS HARTFORDBUSINESS.COM | JANUARY 23, 2023 3 The TOMASSO GROUP Welcomes to One Liberty Square One Liberty Square, New Britain, CT 06051 TomassoGroup.com For leasing inquiries contact, John Cafasso 860-983-4282 john.cafasso@colliers.com or Christian Dietz 860-877-5880 Christian.dietz@colliers.com including family violence and military. Nearly 63% of the 90,364 claims received by the authority were approved. The top reason claims were denied was that the requested documenta- tion was not received. West Hartford investment firm acquires NYC company A West Hartford-based investment firm, GYL Financial Synergies, has acquired a New York City company, expanding its market reach into the Northeast. Financial Partners Capital Manage- ment will join GYL, according to Focus Financial Partners Inc., a partnership of independent, fiduciary wealth management firms, which announced the agreement. Headquartered in Blue Back Square, GYL has offices in Westport and Parsippany, N.J. Financial Part- ners' Midtown office will be rebranded under the GYL name. The transaction is expected to close in the first quarter of 2023. GYL provides financial planning and investment management advice for high-net-worth individuals, families, institutions, foundations and endowments. CT ranks No. 28 in U-Haul's ranking of top destinations for moves The migration to the Southeast and Southwest parts of the United States continued during 2022, as Texas, Florida and the Carolinas saw the largest net gain in one-way U-Haul arrivals. The data is according to the annual U-Haul Growth Index, which measures the net gain in one-way U-Haul trips arriving in each state, versus those departing. Residents continued to leave the West Coast, Northeast and Midwest, with California and Illinois seeing the greatest net losses, according to the report. Texas was the state that saw the fastest growth for the second consec- utive year. Florida ranked second. Connecticut ranked 28th in the country, dropping from its 18th place in 2021. Journal Inquirer CFO sues paper over alleged owed back pay; suit hints at possible JI sale The chief financial officer and general manager of the Journal Inquirer is suing the newspaper and its publisher for almost $1 million, possibly delaying the potential sale of the Manchester-based news outlet, court records show. Walter Rudewicz filed a lawsuit against Journal Publishing Co. Inc. and owner and publisher Neil Ellis in December, accusing both of breaching a contract and agreement by not paying him hundreds of thou- sands of dollars in deferred salary across more than a decade. In total, Rudewicz seeks $966,183.22. That includes double the deferred salary Rudewicz said he's owed and a final 52-week $149,200 annual salary he said he was promised should he leave the company. The lawsuit also states that Ellis was exploring a sale of the Journal Inquirer in July 2022. During that time, Ellis told Rudewicz that he and the company wouldn't be paying back the remaining deferred salary accrued since 2008. Eillis said he denies the lawsuit's allegations. 'Excessive and unwarranted': Tong asks PURA to reject Aquarion's proposed rate hike Attorney General William Tong has filed a brief with the Public Utilities Regu- latory Authority asking regulators to reject Aquarion's request to increase its rates by 27% over three years. Calling the increase "excessive and unwarranted," Tong outlined areas to reduce the burden on ratepayers, including rejecting the use of rate- payer funds for $1.4 million in bonus pay, incentives for the acquisition of smaller unprofitable water systems, and for reimbursements for incom- plete infrastructure projects. "The company has failed to meet its burden of showing that such a large rate increase is necessary or appro- priate," Tong said. "To the contrary, the evidence in this proceeding clearly shows that Aquarion's proposed rate increase is excessive and unwarranted." Eversource acquired Aquarion in 2017. This is the first rate case filed by Aquarion since that acquisition, although the company has previously imposed a series of escalating Water Infrastructure and Conservation Adjust- ment surcharges, according to Tong. Aquarion declined to comment for this story. Rocky Hill apartment complex refinances with $27M loan Rhode Island lender Washington Trust said it has provided refinancing to the developer of a Rocky Hill apart- ment property. Washington Trust said its commer- cial real estate group has provided a $27-million loan to Rocky Hill Prop- erties LLC, to refinance its 144-unit apartment property, known as The Alterra, at 11 Kensington Lane and 647 Brook St. Rocky Hill Properties LLC is controlled by the principals of New York City-based Continental Prop- erties, which developed the apart- ment complex. William Tong

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