THE REVERE ADVOCATE – FRIDAY, SEPTEMBER 15, 2023 Page 7 ~ OP-ED ~ Speed Kills, But How Do We Kill Speed? By Acting Mayor Patrick M. Keefe R ecent incidents have focused intense attention on traffi c safety and regulating the speed of motor vehicles that travel the DEFAMATION | FROM Page 5 The accountant was then shown an exhibit from the Dorchester Publications Profit & Loss statements from January 1 through November 20, 2019, that was provided by Alissa Johnson, which showed the newspaper had lost approximately $129,000. The company balance sheet showed the company’s assets amounted to $849 for 2019, with debts in the amount of $234,417.38 that were owed to Philbin’s various entities he owned. By year’s end of 2019, the fi nancial picture for the newspaper showed an income of approximately $112,000, expenses totaling approximately $254,000, total assets of $3,260.83, and it losing approximately $146,492. Atty. Jeffrey Robbins asked Sparrow, “Mr. Philbin, according to this balance sheet that was provided to you, had loaned Dorchester Publications $254,000?” “Except for that ‘Due to/from LOC 2110’ in the amount of $128,800,” replied Sparrow, referring to a possible Line of Credit from the bank. In another exhibit, for Dorchester Publications Profit & Loss balance sheet for 2020, the total income for the newspaper was $117,076.74 with total expenses for that year at $198,810, showing the company lost $73,733.59. The total liabilities for 2020 amounted to $225,739. “So at the end of 2020, Dorchester Publications liabilities were about – were more than 10 times the assets, correct?” asked the attorney. “Yes,” replied Sparrow. It was also noted by the attorney that the CPA marked “must be paid back” by the line item under liabilities for the amount of $28,100 in Covid relief or PPP money from the federal government. The balance sheet for 2020 also showed that Philbin loaned Dorchester Publications approximately $185,000 under “Total Due to/from MTP” – initials for Matthew T. Philbin. But Sparrow said he questioned whether that was accurately reported by the company bookkeeper. “The LOC tells me that it’s a bank loan and I don’t really know – I don’t streets of our city. Unfortunately, the speed of vehicular traffi c has become an increasing public danger. Drivers casually exceed speed limits and—worse--do so while distracted by cell phones, interior really know if it’s a bank loan or not,” he said. When asked if he relied on the balance sheet to perform his work, Sparrow stated that on a single-member LLC, he only reports the income statement. Asked if he agreed with the attorney if, according to the Dorchester Publications 2020 December balance sheet, the company’s liabilities exceeded 10 times what its assets were, Sparrow stated, “yes.” Regarding the exhibit which provided Dorchester Publications Profit & Loss statement and balance sheet for calendar year 2021, Atty. Robbins inquired about the total income for the newspaper of $82,303 and total expenses for the newspaper totaling approximately $159,000-plus; twice its income. “And the newspaper lost, in 2021, $116,500, correct?” asked Robbins. “Yes,” replied Sparrow. According to the information provided during the deposition, the newspaper, in the years 2019, 2020 and 2021, had lost approximately $334,720. It might also be safe to say the company lost money in 2018 and 2022 as well, although Sparrow stated that he hasn’t prepared the company’s 2022 tax returns yet so he wouldn’t know. So at the end of 2021, the company’s balance statement shows total assets of $1,214. And liabilities over $300,00 – 300 times the company’s total assets. Sparrow agreed. Atty. Robbins asked Sparrow if he’s ever seen any notes or instruments of any kind documenting any monies to the company; any notes or instruments of any kind refl ecting any obligations on the part of Dorchester Publications to repay Philbin; or any itemization of money from customers or a complete listing of receipts from any source. Sparrow stated that he did not. The witness was then presented an exhibit that featured excerpts from a deposition from Philbin’s former offi ce manager, Elena Vega Molina, where she states under oath she confi rms that the newspaper’s corrupt publisher, Josh Resnek, made a deposit of a large amount of cash, stating that she believes the amount of the deposit was approximately $7,000, based on her recollection. Vega stated that QuickBooks would reKEEFE Patrick MAYOR Believe in Revere “Patrick Keefe is the best choice for our schools and our kids. His daughter is a Revere High graduate, and his son is still in our schools. As mayor Patrick will make sure that every student in the Revere Public Schools gets the best education possible.” Carol Tye, Revere School Committee Member “Patrick Keefe is the best choice to be Revere’s next mayor. His hard work and dedication are second only to the care and compassion he brings to whatever he sets his mind to - and Patrick Keefe gets results.” Joseph Kennedy III, Former Congressman Paid for and Authorized by the Keefe Committee “Patrick is the best choice for Revere’s Seniors. Many of our oldest residents are finding it difficult to afford to live in the community we helped build. Keeping Revere an affordable place to live is a top priority for Mayor Keefe. He’s got my vote!” Frank Sarro, Carlson Ave Vote Patrick Keefe for Mayor of Revere dashboard monitors, excessively loud music… And while motor vehicle technology has produced an evolution in vehicle safety, we confront an unintended consequence of a false-but-growfl ect when cash was deposited and would also have the source of the cash. Robbins presented another exhibit from another deposition, this time from Resnek himself in September 2022, where Resnek testifi ed that cash was paid to the newspaper and was logged in by Mary Schovanec, the offi ce manager. Resnek admitted that he took cash payments from opponents of Mayor Carlo DeMaria. “So you were the instrument through which cash was providDEFAMATION | SEE Page 22 ing reliance on a vehicle’s automated controls such as lane-departure warnings, speed governance, and, with some models, self-operation. A recent article in the American Bar Association SAFETY | SEE Page 14 JOHN MACKEY & ASSOCIATES ~ Attorneys at Law ~ * PERSONAL INJURY * REAL ESTATE * FAMILY LAW * PERSONAL BANKRUPTCY * LANDLORD/TENANT DISPUTES 14 Norwood Street Everett, MA 02149 Phone: (617) 387-4900 Fax: (617) 381-1755 WWW.JMACKEYLAW.COM
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