Puerto Rico, the biggest government in the U.S. to ever go bankrupt, will argue this week that it shouldn’t be treated like a broke business during the proceedings: Its residents, not creditors, should come first.Government lawyers will argue with bondholders Wednesday in federal court in San Juan over what ground rules should apply in the forthcoming legal battle at the heart of the $74 billion restructuring. Creditors want U.S. District Court Judge Laura Taylor Swain to declare that government agencies that issued or guaranteed debt bear the same legal responsibilities imposed on corporations in bankruptcy. That could mean putting creditors ahead of residents in the competition for limited public finances.
Blogs I Follow
- Pamela Roberts et Ezechiel Lopemba de SIL en visite à FAVL-BF
- Someday you might like this song by Jason Molina, Farewell Transmission, but don’t go down his dark path no no
- Why did the South support the Federal income tax and the 16th amendment? because they understood the Progressive movement all too well
- Who I Am & Why I Am Where I Am by Kaitlyn Aurelia Smith
- Kathryn Schulz in The New Yorker, on WIlliam Kelley, a fantastic short essay
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