puerto rico

Popular in Puerto Rico urged by activist investor to sell

12/10/19

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

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FirstBank to buy Santander's Puerto Rico operations for $1.1 billion

10/22/19

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.

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Aurelius v. Puerto Rican Control Board (or "Do Activist Hedgies Add Value?")

10/17/19

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

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Puerto Rico (A Quick Take, Part II)

09/28/19

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 that violate Puerto Rico law, its constitution and PROMESA," said Assured spokesperson Ashweeta Durani.

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Puerto Rico (A Quick Take)

09/28/19

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 it? Why not peg the debt to that of the average state?

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Trump, Denmark and Greenland:  What Next?

09/08/19

(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 populations in outlying areas (e.g., the US and Puerto Rico).  Mistakes in the discussion below, however, are solely mine).

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Political upheaval could hinder Puerto Rico's recovery, bank CEOs say

07/24/19

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.

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OFG to buy Scotiabank's Puerto Rico operations

06/27/19

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

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PROMESA heads to the U.S. Supreme Court?

06/24/19

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 were not selected with advice and consent of the Senate, in violation of the Appointments Clause.

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Ouch. (Puerto Rico Edition)

05/06/19

The First Circuit responds to the Oversight Board's request for a stay until the Supreme Court can rule on their cert. petition, with regard to the Constitutionality of the Board's appointment (emphasis added):

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