News Topic: puerto rico

President Biden has just signed the " Puerto Rico Recovery Accuracy in Disclosures Act of 2021 ’’ or ‘‘PRRADA’," which requires professionals to make chapter 11-style disclosures when they file fee applications in the PROMESA title III cases. ... Read full article

It is Congress week on Slips . On Thursday I will be testifying in front of the Senate Committee on Energy and Natural Resources in support of S. 375, Puerto Rico Recovery Accuracy in Disclosures Act of 2021 or PRRADA . ... Read full article

The President today announced he was appointing the following people to the PROMESA oversight board . It is not immediately clear which slots these people are filling (that is, who nominated these people).  There are three open (presidential) slots at ... Read full article

The House of Representatives has just voted to make the District of Columbia a state . Obviously the Senate half of the process might have to wait until next year, at least. ... Read full article

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

The deal was expected to close this summer, but First BanCorp said a regulatory review is hitting snags. ... 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

Among other things, the Coronavirus and the near global shutdown, has gotten contracting parties scrambling to read their force majeure clauses.  But what about if the parties in question didn’t explicitly contract for an “act of god” clause that covered ... Read full article

I have long been a fan of both David Skeel's research and him as a person. Not only was his book Debt's Dominion key to some of the earliest research I did on Collective Action Clauses, but he was always willing to answer my stupid questions ... Read full article

Raging Capital Management also urged the company's board to repurchase stock and think about selling a minority stake in the payments processor Evertec. ... Read full article

The deal, which is expected to close in mid-2020, would create a company with nearly $18 billion of assets and more than $14 billion of deposits. ... Read full article

This post draws considerably from research on Puerto Rico and its current constitutional status with Joseph Blocher (see here ). ... Read full article

Coen, Andrew. The Bond Buyer ; New York, N.Y., 30 Sep 2019: Assured Guaranty, which insures a large amount of Puerto Rico debt, came out against the plan. “Assured Guaranty does not support this plan of adjustment as it is premised on a number of terms ... Read full article

So the debt restructuring plan is out. The New York Times indicates that the Oversight Board aimed to put the Commonwealth's debt at "less than" the average of the ten most indebted states. Not exactly a "fresh start" there, is ... Read full article

( This post draws directly from ideas from co authored work with Joseph Blocher ; and particularly the numerous discussions we have had about the incentives that a market for sovereign control might create for nations to take better care of their minority ... Read full article

The heads of the island's largest banks are worried that ongoing protests over government corruption and other scandals are a setback to an economy slowly rebounding from the devastating hurricanes of 2017. ... Read full article

The $550 million purchase will include a branch in the U.S. Virgin Islands. ... 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