News Topic: municipal bankruptcy

The Supreme Court's opinion is out today , and the short answer is that the Board's appointment did not violate the Appointments Clause of the Constitution ( Article II , Section 2, Clause 2), and thus the First Circuit is reversed. ... Read full article

So Senate Majority Leader Mitch McConnell says States should be able to file for bankruptcy, to get out of their pension obligations. He'd rather that than give them a federal bailout, given current conditions. ... Read full article

In the Democratic Primary debate last night, former Vice-President Joe Biden claimed to have been deeply involved in the Detroit bankruptcy:  Q (Tapper): What do you say to progressives who worry that your proposals are not ambitious enough to energize ... Read full article

In February 2019, the United States Court of Appeals for First Circuit held that the selection process of the Oversight Board in PROMESA, the rather bipartisan Puerto Rico debt restructuring law (and more), is unconstitutional. The reason: its members ... Read full article

As many will have seen in the press , the First Circuit has said that PROMESA's Oversight Board was appointed in violation of the Appointments Clause . ... Read full article

In my last post , I noted that the joint committee-Board objection to the 2012 and 2014 Puerto Rico GOs was at least plausible, and thus is likely headed for more extensive litigation. ... Read full article

While there has been some press coverage of the recent attempts to annul some $6 billion of Puerto Rican general obligation bonds – essentially all such debt issued starting in 2012 onward – the move has not received much deep coverage. ... Read full article

As anyone familiar with bankruptcy would have predicted, the dire predictions of disaster for municipalities seeking bankruptcy protection have proven to be ... let's just say exaggerated. ... Read full article

I have a new paper out on municipal insolvency. It's called " Junk Cities:  Resolving Insolvency Crises in Overlapping Municipalities ," 107 Cal. L. Rev (forthcoming 2019).  The paper is co-authored with Aurelia Chaudhury and David ... Read full article

The lives of Puerto Rico residents remain profoundly disrupted by the aftermath of Hurricane Maria measured by metrics such as electricity, clean water, health care access, with death tolls mounting. This week, though, in a federal court hearing on ... Read full article

Key takeaways for Slips readers from a Moody's report, dated today: ... Read full article

It is rare that the ideas in academic articles fundamentally change the world. ... Read full article

... Read full article

As noted as an update in the prior post , May 17 is the first hearing in Puerto Rico's PROMESA restructuring cases (which also have new case numbers) . ... Read full article

It is nearing the one-week anniversary of the biggest government bankruptcy in U.S. history: the Commonwealth of Puerto Rico. ... Read full article

In light of the timeline on the Puerto Rico debt situation , I have just posted on SSRN a contribution to the ABLJ/ABA symposium last fall . ... Read full article

On ... Read full article

Just a handful of modern big-city bankruptcies have revealed foundational questions about chapter 9's fit within federal courts and constitutional jurisprudence. ... Read full article