Today’s U.S. Supreme Court decision in Commonwealth of Puerto Rico v. Franklin California Tax-Free Trust puts an end to one of Puerto Rico’s multi-pronged efforts to deleverage itself. Given the comprehensiveness of the...more
A few thoughts on Tuesday’s oral arguments before the U.S. Supreme Court in the litigation over whether Puerto Rico’s Public Corporations Debt Enforcement and Recovery Act, an insolvency statute for certain of its government...more
3/25/2016
/ Bankruptcy Code ,
Chapter 9 ,
Congressional Intent ,
Debt Enforcement & Recovery Act (DERA) ,
Debt Relief ,
Impairment of Contracts ,
Insolvency ,
Municipal Bankruptcy ,
Puerto Rico ,
SCOTUS ,
Tenth Amendment
It is said that muddy water is best cleared by leaving it be. The Supreme Court’s December 4 decision to review the legality of Puerto Rico’s local bankruptcy law, the Recovery Act, despite a well-reasoned First Circuit...more