Daily Business Review quoted Haynes and Boone, LLP Partner Larry Pascal on the decreasing volume of legal work for tourism-related activity in Cuba as a result of policies implemented by the Trump administration.
Here is an excerpt:
Larry Pascal, the Dallas-based head of Haynes and Boone‘s Americas practice, helped American Airlines begin offering flights from New York to Havana.
“Large airlines have begun to consolidate their positions based on their network map and strength in the market,” he said. “You’re seeing which ones are making the bigger commitment and which ones are going to have a smaller play.”
The hotel side, where American joint ventures with Cuban partners initially looked like a promising opportunity, is softening, he added.
“They could go to OFAC [Office of Foreign Assets Control] and ask for an exception,” Pascal said, “But I haven’t seen a lot of that, maybe because OFAC has a lot of other things on its plate.” The agency is responsible for administering sanctions programs on Iran, North Korea and Russia.”
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