Puerto Rico Court Shouldn't Hear Tax Row, Stakeholders Say
Law360, New York (June 22, 2017, 3:50 PM EDT) -- The board overseeing Puerto Rico’s financial restructuring Wednesday united with bondholders and retirees to oppose moving a key dispute over sales tax revenue from federal court to the territory’s Supreme Court.
The Financial Oversight and Management Board for Puerto Rico, Ambac Assurance Corp. and the official committees of both the retired commonwealth employees and the senior bondholders of the island’s Sales Tax Financing Corporation — known by its Spanish acronym of COFINA — all moved to oppose a request to allow the island’s high court to consider if COFINA should be allowed to exist under the territory’s constitution.
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