Puerto Rico Oversight Board member Justin Peterson and other observers of the Puerto Rico Electric Power Authority bankruptcy criticized what they said was the board's attack on U.S. revenue bonds in the lien adversary proceeding and called for state attorneys general to intervene, Bond Buyer reported. "The board's actions and arguments in the PREPA lien adversary proceeding are undermining our national revenue bond financing markets," said Peterson. In the PREPA lien adversary proceeding, the board is trying to get bankruptcy Judge Laura Taylor Swain to rule bondholders have a claim to only funds held at PREPA, while bondholders say PREPA pledged its future revenue as security in case it defaulted.
