%1 | ABI

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.

Court :

1st Circuit

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.

Court :

1st Circuit

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.

Court :

1st Circuit

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.

Court :

1st Circuit

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.

Court :

1st Circuit

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.

Court :

1st Circuit