Puerto Rico Justices Must Hear Bond Issuer Row, Judge Told
By Ryan Boysen (June 8, 2017, 7:46 PM EDT) -- The dispute between COFINA bondholders and Puerto Rico's general obligation bondholders took a new turn Wednesday, as the former parties asked the federal judge overseeing the commonwealth's restructuring to let Puerto Rico's Supreme Court determine once and for all whether tax-backed bond issuer COFINA is even constitutional.
The bondholders of COFINA, or the Puerto Rico Sales Tax Financing Corp., are confident the island's high court will uphold the 2006 law that established the government-owned corporation, which issues bonds backed by a portion of the island's sales tax.
Puerto Rico's general obligation bondholders have been adamant that interest on their instruments should...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!