William W. Kannel

William W. Kannel

Mintz Levin

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Pennsylvania Amends Act 47 to Give the Commonwealth More Oversight and its Municipalities Less Time to Reorganize

Pennsylvania’s legislature recently approved House Bill No. 1773, an overhaul to its Municipalities Financial Recovery Act, commonly known as “Act 47.” HB 1773 was signed into law by Governor Tom Corbett on October 31, 2014....more

11/10/2014 - Government-Guaranteed Loans Grants Municipalities New Legislation Reorganizations Tax Revenues

PREPA Bondholders Seek Summary Judgment Invalidating Puerto Rico’s Public Corporation Bankruptcy Legislation

On August 11, Franklin Funds and Oppenheimer Rochester Funds filed a second amended complaint, opposition to motion to dismiss and cross-motion for summary judgment in the litigation they previously filed in the United States...more

8/13/2014 - Bonds Commercial Bankruptcy PREPA Summary Judgment

Puerto Rico and PREPA Seek Dismissal of Bondholder Challenge to Territory’s Bankruptcy Statute

The Commonwealth of Puerto Rico and the Puerto Rico Electric Power Authority (PREPA) yesterday filed separate motions to dismiss the federal court complaint filed last month by some PREPA bondholders seeking to invalidate the...more

7/23/2014 - Electricity Motion to Dismiss Municipal Bonds Municipalities Utilities Sector

Be PREPAred: PREPA Bondholders Greet Puerto Rico’s Bankruptcy Legislation With Federal Lawsuit

On Saturday, June 28, Puerto Rico’s Governor Padilla signed into effect Puerto Rico’s new bankruptcy law for certain revenue bond issuers. Within 24 hours of the statute’s enactment, two mutual fund complexes owning...more

7/1/2014 - Bankruptcy Reform Bonds New Legislation Utilities Sector

Puerto Rico Poised to Enact Bankruptcy-Like Legislation for Certain Revenue Bond Issuers

Puerto Rico’s Governor Alejandro Garcia Padilla today introduced debt restructuring legislation which, upon enactment, would provide a judicial debt relief process in Puerto Rico’s courts for certain public corporations,...more

6/26/2014 - Bonds Commercial Bankruptcy Restructuring

Municipal Bond Market Absorbs Puerto Rico Supreme Court’s Decision that Teacher Pension Reform Legislation is Unconstitutional...

The latest swerve in the rollercoaster that is Puerto Rico public finance occurred on April 11 with the release of the Puerto Rico Supreme Court’s ruling striking down as unconstitutional the bulk of the territory’s teacher...more

4/16/2014 - Contract Formation Education Reform Pensions Public Schools Teachers

Legislative Trial Balloon for Puerto Rico Public Corporation Insolvency Process Attracts Bondholder Attention

Last Tuesday, Puerto Rico sold its much ballyhooed $3.5 billion in non-investment grade general obligation bonds. Two days later, two legislators in Puerto Rico’s Senate filed a bill which, if enacted, would permit...more

3/18/2014 - Bonds Chapter 9 Municipal Bankruptcy

Legal Highlights in Puerto Rico’s “Draft POS” for Upcoming General Obligation Bond Issue

Although Puerto Rico’s much-discussed sub-investment grade general obligation bond issue is not yet being marketed via an official preliminary official statement, it appears that a draft POS has been making the rounds. The...more

3/6/2014 - Bonds Foreign Investment

Puerto Rico Senate Not in a New York State of Mind

As reported by the Wall Street Journal today and by other sources, the authorizing legislation for Puerto Rico’s much anticipated $3.5 billion non investment grade general obligation issue has become hung up in Puerto Rico’s...more

2/28/2014 - Bonds

Puerto Rico Bondholders Await Contract Impairment Ruling in Teacher Pension Reform Litigation

We previously discussed the Puerto Rico Supreme Court’s decision in the Hernandez case, in which by a 5-4 vote the court upheld the constitutionality under federal and Puerto Rico law of pension reform legislation affecting...more

2/10/2014 - Bonds Education Reform Employee Benefits Pensions

Could Bondholders Bring Claims Against Puerto Rico Bond Issuers in Courts Outside Puerto Rico?

As Puerto Rico prepares to access the public markets with a new bond issue, the Wall Street Journal reports that the list of demands from some potential investors include, in addition to a high interest rate and as much...more

2/4/2014 - Bonds Investors

Puerto Rico Supreme Court’s Deference to Legislature’s Determinations: A Double-Edged Sword for Puerto Rico Bondholders?

The Government Development Bank for Puerto Rico (GDB) hosted an unusual public conference call on October 31 to respond to legal questions raised by investors in bonds issued by the Puerto Rico Sales Tax Financing...more

11/14/2013 - Banks Bonds Foreign Investment Investors Sales & Use Tax

Constitutionality of Detroit's Emergency Manager Challenged

Within days of Kevyn Orr’s appointment as Detroit’s Emergency Manager, a group of elected officials, union representatives, civil rights activist and clergy brought a lawsuit against Gov. Rick Snyder and Treasurer Andy Dillon...more

4/4/2013 - Due Process Emergency Managers Voting Rights Act

Michigan Emergency Manager Bill Signed Into Law

This is a follow up to our recent blog post discussing then pending Michigan legislation known as the “Local Financial Stability and Choice Act” or Public Act 436 (the “Financial Stability Act”), which will replace Public Act...more

1/4/2013 - Chapter 9 Financial Stability Acts

Detroit's "Fiscal Cliff" and Michigan's Response

Detroit’s increasingly distressed financial condition has created a dynamic and rapidly evolving situation where the potential of a Chapter 9 filing appears to be the subject of renewed discussion and legislative attention. ...more

12/15/2012 - Chapter 9 Detroit Emergency Fiscal Manager Financial Stability Acts Fiscal Cliff Municipal Bonds Municipalities Restructuring Securities

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