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Excellent analysis by Cate Long . My thanks to her, as always, for keeping us all informed! 🙏

House House Committee on Natural Resources Subcommittee on Indian & Insular Affairs will hold a hearing July 16 following the U.S. GAO completing their biannual report on the territories #muniland (link below). Although Congress enacted Promesa to help PR achieve fiscal responsibility the island

This could be extremely consequential for the far too-prolonged PREPA bankruptcy.

It's really difficult to hear the OBoard (and especially Robert Mujica at todays House Committee on Natural Resources hearing) say that Prepa bondholders are demanding an 8 cent a kWh surcharge for 50 years and that objecting Prepa bondholders wont accept the $2.6 billion offer #muniland This type of

Thank you to Laura Loomer for bringing the absurdity of the Oboard’s shenanigans in the PREPA Bankruptcy to the attention of President Donald J. Trump. Under the Obama Administration, Proskauer used the same playbook to fleece Bondholders and line the pockets of the unions. Proskauer is doing it

Great work, as usual, by Michael Kao

In a July 15 filing on MSRB's public document repository the Puerto Rico govt disclosed they have breached reporting agreements they made w/ bondholders when they restructured their central govt debt. This is because Prepa's last filed financials are from FY2022 #muniland As

Flashback to 10 years ago - June 23, 2015 --> "Prepa said to meet Thursday With creditors for debt negotiations", Bloomberg #muniland. There is no question that the OBoard's intransigence in getting to a deal w/ long time creditors has damaged the utility & PR economy

I've long believed that Marty Bienenstock and Arthur Gonzalez hope to destroy the underlying principles of the municipal market as they did in corporate bankruptcy when they elevated unsecured creditors over secured creditors in Chrysler. Exact same playbook #muniland

I have been very curious about what happened to all of the wealth that is being siphoned out of Puerto Rico, and why so much of the money over the last 10 years has gone to lawyers and consultants, so I did some digging. Joseph M. Leccese, the Chairman Emeritus of Proskauer Rose