Hints and tips:
...The idea was that nasty taxes and governmental oversight could be side-stepped by living in international waters, beyond the control of any individual state....
...The former chief executive of DWAC was unceremoniously fired from his job in March 2023 and another businessman, one based in Puerto Rico, was installed....
...Blockchain is also the foundation for so-called Crypto Rico on Puerto Rico....
...Readers might be familiar with her work as head of the Puerto Rico oversight board. She was also floated as possible prime minister of Ukraine in 2016....
...In early April, the company convened its new customer advisory board, composed of guests and business partners, in San Juan, Puerto Rico....
...A board overseeing Puerto Rico's finances reached a deal in February with Autonomy Capital, Aurelius Capital Management, GoldenTree Asset Management and other investors to slash $24bn from its debt burden...
...Puerto Rico’s capital structure is complex with not just debt backed by tax revenue but bonds issued by various agencies such as the power authority....
...“The new and more favourable agreement is a win for Puerto Rico,” said the board’s chairman José Carrión in a statement....
...and picked fights with the Financial Oversight and Management Board — she is only seen as a caretaker....
...Puerto Rico’s oversight board plans to file an economic adjustment plan for the island within the next 30 days, and to formally emerge from bankruptcy by early 2020....
...Financial Oversight and Management Board....
...As 155mph winds tore through his native Puerto Rico in 2017, local authorities struggled to move emergency supplies over storm-battered terrain to the communities where they were desperately needed....
...Martin Bienenstock, a lawyer representing the federal Financial Oversight and Management Board, announced that his client would submit a debt adjustment plan by the end of April....
...There were bets on shipping companies, Puerto Rico, appraisal cases, oil and gas companies and, of course, PG&E....
...The initial draft named 23 jurisdictions including Saudi Arabia, Guam, the US Virgin Islands, American Samoa and Puerto Rico — none of which are named on an international blacklist prepared by the Financial...
...For example, last week the federally appointed fiscal oversight board for Puerto Rico announced that it would seek to invalidate $6bn of bonds issued after 2012 by the commonwealth government....
...This means Puerto Rico’s federal oversight board can say with a straight face that it has a path to market re-entry. Supposedly, no more bailouts by mainland taxpayers....
...(Bloomberg) News round-up ExxonMobil weighs sale of Malaysian offshore assets (BBG) Thomas Cook’s shops bought by Hays Travel (FT) AT&T to sell Puerto Rico business as it looks to pay down debt (Wall...
...Detroit was overseen strictly by the state of Michigan during its insolvency. Puerto Rico was also supposed to have firm guidance from a federally imposed oversight board....
...The bondholders are arguing that Puerto Rico's legislature made an unconstitutional transfer of pension-plan assets into the island's general fund at the direction of the Federal Oversight and Management...
...With the 2016 Puerto Rico Oversight, Management, and Economic Stability Act (Promesa), the federal government, exercising its virtually unlimited colonial powers over the US territory, would put in place...
...Read the full tale here. Smart reads McKinsey to the rescue Read this deep dive into McKinsey & Company’s role as a strategic adviser to Puerto Rico’s oversight board....
...Mr Rosselló announced plans in January to privatise the generation business of Puerto Rico Electric Power Authority, the electric utility known as Prepa, and to seek bidders to operate its transmission and...
...There are court battles and press briefings akin to trench warfare between the commonwealth government and the federal oversight board, as well as among the classes of creditors....
...The Oversight Board can do the easy thing and make all the stakeholders happy by being relatively optimistic and asking less of all the Puerto Rican stakeholders....
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