municipal bankruptcy

As Melissa has noted, the First Circuit has found that the Commonwealth's attempt to solve its own problem runs afoul of Congress' "intent" to leave Puerto Rico without a municipal bankruptcy system.

So I've been off the grid for a few weeks, and of course after months of little to talk about, the world gave us a bounty of stories about financial distress, and related topics, each of which would merit its own post. But I'm going to hit them quickly to get caught up again this holiday weekend:

As previously predicted, and in light of recent events, legislation has been reintroduced to allow Puerto Rico's municipalities into chapter 9.