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Puerto Rico v. Franklin California Tax-Free Trust, No. 15-233

Term
Issue

Whether chapter 9 of the Bankruptcy Code, which does not apply to Puerto Rico, nonetheless preempts a Puerto Rico statute creating a mechanism for the commonwealth’s public utilities to restructure their debts.

Opinion

The Supreme Court held (5-2) that the Bankruptcy Code pre-empts Puerto Rico’s Recovery Act.

http://www.supremecourt.gov/opinions/15pdf/15-233_i42j.pdf

ABI Media Teleconference

http://www.abi.org/educational-brief/examining-the-supreme-courts-ruling-in-puerto-rico-v-franklin-california-tax-free

Oral Arguments Date

Watch a video recap with ABI Editor at Large Bill Rochelle and ABI Resident Scholar Melissa Jacoby:

 

 

Also, read an exclusive analysis by ABI Editor at Large Bill Rochelle of the oral argument. 

Oral Arguments Date
Transcript
http://www.supremecourt.gov/oral_arguments/argument_transcripts/15-233_g314.pdf
Certiorari Granted Date
Petitions
Petition for a writ of certiorari.
Brief of respondent BlueMountain Capital Management, LLC in opposition.
Brief of respondents Franklin California Tax-Free Trust, et al. in opposition.
Reply of petitioners Commonwealth of Puerto Rico, et al.
Brief of petitioners Commonwealth of Puerto Rico, et al.
Brief of petitioners Melba Acosta-Febo, et al.
Brief of respondent BlueMountain Capital Management, LLC.
Brief of respondents Franklin California Tax-Free Trust, et al.
Reply of petitioners Commonwealth of Puerto Rico, et al.
Reply of petitioners Melba Acosta-Febo, et al.
Amicus Briefs
Brief amicus curiae of Eduardo Bhatia, President of the Senate of the Commonwea…
Brief amicus curiae of Gregorio Igartua
Brief amici curiae of Fundacion Angel Ramos, Inc., et al.
Brief amici curiae of Professors Clayton P. Gillette and David A. Skeel, Jr.
Motion for leave to file amici brief filed by Puerto Rico Manufacturers Associa…
Brief amici curiae of LatinoJustice.
Brief amicus curiae of Scotiabank de Puerto Rico, as Agent for Local Bank Lende…
Brief amicus curiae of The Chamber of Commerce of the United States of America.
Brief amicus curiae of The Association of Financial Guaranty Insurers.
Other
Opinion by U.S. Court of Appeals for the First Circuit- July 6, 2015