Puerto’ Rico’s Recovery Hampered by Persistent Financial Issues

Kevin Colvin
Kevin Colvin

Based in New York, Kevin Colvin engages as director of global trading and market sales at Cantor Fitzgerald. Kevin Colvin has a passion for travel and surfing and has visited locales such as Costa Rica, Indonesia, and Puerto Rico. With the latter territory having been hit this summer by hurricanes Irma and Maria, recovery efforts from the devastating storms are progressing slowly.

As reported in the New York Times, one major issue is that, with the country having faced a fiscal crisis the previous year, systemic weaknesses are hampering current efforts to employ relief funds. In 2016, Congress passed special legislation that provided Puerto Rico with time to find creditor relief and regain a sound financial footing.

With a Chapter 9 type bankruptcy process in place, the territory’s municipalities lacked the safeguards provided to US cities such as Detroit and Stockton. In these cases, pension freezes and tax increases were included within the bankruptcies. Unfortunately, this lack of protection has weakened a number of critical infrastructure companies, including the island’s public electrical utility Prepa.

The result is that efforts to restore essential services have been severely hampered. The complexity of the issue suggests that there is much work to be done both in Congress and in Puerto Rico to ensure a resumption of basic services, such as access to electricity and clean water.


Ace in the Hole Foundation Supports Marine Tankers and Their Families

Kevin Colvin

Kevin Colvin is the director of global market sales and trading at Cantor Fitzgerald, an equity investment company in New York City. Community focused, Kevin Colvin supports the nonprofit Ace in the Hole Foundation, which was created to honor the sacrifice embodied by US Marine Corps First Lieutenant Michael LiCalzi, who lost his life in May of 2006 while serving in Iraq.

Ace in the Hole provides support to Marine tankers, with an emphasis on the 2nd Marine Division 2nd Tank Battalion. In tandem with the Marine Corps Tankers Association, the foundation’s support extends to family members of armed service personnel through the First Lieutenant Michael LiCalzi Scholarship. This unique scholarship focuses on children, grandchildren, and those under the guardianship of past and present Marine Corps Tank Unit members.

A key fundraising pathway is the annual Lido West Beach Run that takes place each May and also serves as a gathering for Marines who served together in Iraq. Numerous corporate sponsors of the run amplify the impact of individual donors. Over the past nine years, more than half a million dollars has been disbursed through the Ace in the Hole Foundation.

Cantor Fitzgerald Raises Funds for Charity in Annual 9-11 Event

An annual 9/11 Charity Day has been held for the past 16 years as a way of paying tribute to the two-thirds of the firm’s workforce who lost their lives. With approximately $12 million raised each year, the event involves all members of the Cantor Fitzgerald team contributing a day’s pay to charity. The $137 million that has been raised up to this point has been distributed to a number of local organizations that have limited ways to effectively raise funds.

A focus of the 2017 Cantor Fitzgerald efforts was on relief activities in the aftermath of Hurricanes Irma and Harvey, and turnout at the company’s trading floor included celebrities such as Steve Buscemi and Robert De Niro.

About the Author:

Kevin Colvin

A New York City financial services professional, Kevin Colvin serves as director of global market sales and trading with Cantor Fitzgerald. In September 2017, Kevin Colvin’s firm was in the news as it paid tribute to the 658 employees it lost to the September 11 terrorist attacks, when the city’s Twin Towers were destroyed.

Ace in the Hole Foundation Sponsors Fun Run and Walk

Ace in the Hole Foundation pic
Ace in the Hole Foundation
Image: aceintheholefoundation.org

With more than a decade of experience working in finance, Kevin Colvin serves as the director of global market sales and trading for Cantor Fitzgerald in New York City. Active within the community, Kevin Colvin supports several nonprofit organizations including the Ace in the Hole Foundation.

Founded in 2008, the Ace in the Hole Foundation honors the sacrifice made by first lieutenant Michael LiCalzi of the U.S. Marine Corps. He died while serving the United States during Operation Iraqi Freedom in May 2006. The organization gives financial aid and assistance for scientific, educational, and charitable purposes. It has donated more than $600,000 to help Marines of the 2nd Tank Battalion, veterans, and others in need. The name of the group comes from 1st LT LiCalzi’s service with the 2nd Tank Battalion of the USMC, as the group’s slogan is “Ace in the Hole.”

Since it is a nonprofit organization, Ace in the Hole relies on fundraising events to support its mission. One of these events was its eighth annual beach run and walk, which took place on May 13, 2017, at Lido West Beach in New York. The fun run and walk started on the beach and continued for two miles.

Central Mass/Metrowest Mentoring Program

Started in 1963, Big Brothers Big Sisters of Central Mass/Metrowest offers children facing challenges personal support through relationships with mentors. These professionally supported relationships offer the children significant stretches of quality time with their adult mentors. They engage in weekly activities such as attending sporting events, playing games, doing homework, or just talking.

The organization has a number of programs and opportunities for volunteers, including its community-based mentoring program. This program matches volunteers from the local community with children, paying attention to their family histories, individual interests, and personalities. Volunteer mentors arrange to meet with the children three or four times a month.

About the Author:

Kevin Colvin

Kevin Colvin serves as a director in the Global Market Sales and Trading division of Cantor Fitzgerald in New York, New York. Moreover, he holds a bachelor of arts in economics from the College of the Holy Cross in Worcester, Massachusetts. While attending the College of Holy Cross, Kevin Colvin was a Big Brothers Big Sisters volunteer.

Ace in the Hole Annual Run at Lido West Beach

For the last eight years, the Ace in the Hole Foundation has hosted a run that supports a variety of causes. The foundation was established by family members in memory of Lt. Michael LiCalzi, USMC, who was killed during Operation Iraqi Freedom in 2006. It raises money to provide funds for charitable organizations and scholarships. To date, it has donated more than $500,000 to partner organizations.

In May 2017, hundreds gathered at a beach on New York’s Long Island for the Ace in the Hole Foundation’s annual run. Beginning at a walkway named in his honor, participants walked or ran up to two miles in remembrance of Lt. LiCalzi. Money raised at the event benefited several organizations including the United Veterans Beacon House and the Mary and Jim White Unit for the Care of People with Huntington’s Disease Center. In 2016, over $80,000 was raised for worthy causes.

The annual run takes place at Lido West Town Park in Hempstead, which features a secluded beach popular with surfers. Throughout his childhood in nearby Garden City, Michael LiCalzi spent many hours enjoying surfing there.

About the Author:

Kevin Colvin

Kevin Colvin, a director in the global market sales and trading division at Cantor Fitzgerald, provides coverage for numerous accounts, including hedge funds, insurance companies, and asset managers. Aside from his professional responsibilities, Kevin Colvin is an avid runner and has participated in several races that benefit charitable organizations.

The Ace in the Hole Foundation – Serving Military Families

A nonprofit organization, the Ace in the Hole Foundation was founded in honor of First Lieutenant Michael LiCalzi, who died while serving his country during Operation Iraqi Freedom in 2006. The organization provides financial and material support to individuals in need, whether through direct distribution of funds or through donations to charitable organizations.

Another way the Ace in the Hole Foundation gives to the community is through the 1st Lt Michael LiCalzi Scholarship. To be eligible, applicants must be a child, grandchild, or another dependent of a current, retired, reserve, or honorably discharged Marine Corps Tanker. The organization also considers applicants who are Navy Corpsman or Marines serving in a Marine Corps Tank Unit.

To learn more about the Ace in the Hold Foundation, visit aceintheholefoundation.org.

About the Author:

Kevin Colvin

A former associate of structured credit sales and trading at Odeon Capital Group, Kevin Colvin is a director within the global markets sales and trading division of Cantor Fitzgerald. Outside of work, Kevin Colvin contributes to the Ace in the Hole Foundation.