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ABI Journal

Rochellel's Daily Wire

March 29, 2019

Puerto Rico Bondholders Can’t Compel Payment During Bankruptcy, First Circuit Says

First Circuit interprets chapter 9 and PROMESA to permit but not compel payments to special revenue bondholders during debt arrangement proceedings.

1st Circuit

March 28, 2019

Circuit Upholds Dismissal of Suits to Restrict Puerto Rico’s Use of Tax Revenue

First Circuit bars use of declaratory judgments restricting Puerto Rico’s use of tax revenues.

1st Circuit

March 25, 2019

Automatic Stay Applies to ‘Ordinary Course’ Litigation in Puerto Rico, Circuit Holds

First Circuit finds no exceptions to the automatic stay under PROMESA subjecting Puerto Rico to ‘ordinary course’ litigation.

1st Circuit

February 18, 2019

First Circuit Cans the Puerto Rico Oversight Board as Unconstitutionally Appointed

The appeals court is attempting to avoid chaos despite ruling that the appointment of Puerto Rico Oversight Board members violated the Appointments Clause of the Constitution.

1st Circuit

February 01, 2019

Puerto Rico Retirement System Bondholders Win Their Security Interest Back

First Circuit reverses, upholding the validity of bondholders’ security interests in $2.9 billion of collateral.

1st Circuit

December 14, 2018

First Circuit Terminates the Stay Entirely as to Repeat Filers

In the first opinion at the circuit level, the First Circuit latches onto the lousy drafting of Section 362(c)(3)(A) to end the automatic stay entirely, 30 days after the second filing within a year.

1st Circuit

October 15, 2018

Chapter 13 Can Cure a Home Mortgage Default Even After a Foreclosure Auction

Section 1322(c) allows a debtor to cure a mortgage default so long as the foreclosure deed was not recorded before bankruptcy.

1st Circuit, New Hampshire

September 24, 2018

Chapter 7 Trustee Is Paid in a Case Converted to Chapter 13

Courts split on allowing compensation to a chapter 7 trustee when the case is converted to chapter 13 before distributions were made.

1st Circuit, Massachusetts

September 07, 2018

Avoiding Powers Under PROMESA May Be Applied Retroactively

Defining collateral by reference in a UCC-1 is held invalid in Puerto Rico’s bankruptcy.

1st Circuit, Puerto Rico

August 10, 2018

First Circuit Gives Puerto Rico Bondholders a Second Bite at the Apple

Puerto Rico’s toll road bonds don’t have statutory liens, circuit court rules.

1st Circuit