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

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

July 19, 2018

Two Courts Seemingly Differ on the Nature of Puerto Rico’s PROMESA Proceedings

Bondholders won a skirmish but may still lose the war with Puerto Rico.

July 17, 2018

Constitutionality of the Puerto Rico Oversight Board Upheld in District Court

PROMESA’s authority is in the Territories Clause of the Constitution, District Judge Swain says.

1st Circuit, Puerto Rico

May 25, 2018

Puerto Rico Judge Has a Third Answer to the PROMESA Automatic Stay Question

On tough automatic stay cases, let the PROMESA judge decide.

1st Circuit, Puerto Rico