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April 22, 2020

‘Chevron’ Deference Applied to Decisions by the Puerto Rico Oversight Board
District court invalidates expenditures adopted by the Puerto Rico legislature that were not approved by the PROMESA Oversight Board.
1st Circuit, Puerto Rico

March 30, 2020

Puerto Rico Bondholders Lose Another Appeal in the First Circuit
The First Circuit shows no inclination to allow creditors to bust out of the PROMESA restructuring of Puerto Rico’s debt.
1st Circuit

February 04, 2020

First Circuit’s Traditional Approach to Section 552 Cuts Off Bondholders’ Liens
Employer contributions to Puerto Rico’s retirement system did not qualify as ‘special revenues,’ with the result that bondholders’ liens were cut off on the filing date.
1st Circuit

January 13, 2020

Supreme Court Won’t Hear a Case to Compel Paying Puerto Rico Bondholders Currently
Supreme Court let a First Circuit opinion stand that barred bondholders from compelling payment during Puerto Rico’s restructuring under PROMESA.
Supreme Court

December 11, 2019

District Court Upholds Constitutionality of San Juan Debt Adjustment Under PROMESA
The city of San Juan unsuccessfully argued that the PROMESA Oversight Board has no fiscal control over municipalities in Puerto Rico.
1st Circuit, Puerto Rico

October 16, 2019

Supreme Court Hears Argument on Constitutionality of Puerto Rico’s Debt Restructuring
The justices recognized the practical effects of the decision they will make on Puerto Rico and precedent that could undermine the governance of territories and Washington, D.C.
Supreme Court

September 30, 2019

First Circuit PROMESA Opinion Addresses the Automatic Stay and Trust Funds
Appeals court says that the bankruptcy court must always address the existence of a trust when ruling on a motion to modify the automatic stay.
1st Circuit, Puerto Rico

August 06, 2019

First Circuit Puerto Rico Bondholder Opinion Is Primed for Certiorari
Dissenter in the First Circuit recommends that the Supreme Court hear and reverse an opinion allowing Puerto Rico to withhold payments from bondholders.
1st Circuit

June 26, 2019

First Circuit Nixes Another Attempt at Unraveling Puerto Rico’s Debt Arrangement
The logical court to challenge the constitutionality of PROMESA isn’t the PROMESA court itself.
1st Circuit

June 24, 2019

Supreme Court to Say Whether Puerto Rico Oversight Board Was Constitutionally Appointed
The appeal to the Supreme Court may become moot if the Senate confirms the appointment of the existing members of the Puerto Rico Oversight Board.
Supreme Court