Puerto Rico

The board wants to recover more than $1 billion in payments and fees on bonds it deems illegal.

The governor accused the Oversight Board of having “overstepped its boundaries, making it an even more undemocratic entity.”

The suits against non-bond creditors are a step in an effort to claw bank money that will extend to bondholders.

Democratic representatives hailed the decision, which averts an interruption of the effort to restructure the island's debt.

Board says it it will sue those who held at least $2.5 million of the challenged bonds from May 2013 to May 2017.

The board says it will file law suits seeking to claw back funds from bondholders before the end of Thursday, May 2.

Judge Swain's ruling complicates the Puerto Rico Oversight Board's effort to recover payments on $6 billion of bonds that the board deems to have been illegally sold.

The Oversight Board in its fiscal plan had projected a 5.06% population drop after the 2017 hurricanes; the Census Bureau found a 3.9% decline.

They say that the Oversight Board has shown itself to be slow and obstructionist in attacking illegitimate bonds and prosecuting guilty parties.

January revenue beat the original budget projection by 36%, raising hopes that there will be more money to pay bondholders as the island's debt is restructured.

Ambac and FGIC filed motions in support of the Puerto Rico Oversight Board's effort to declare illegal $6 billion of the commonwealth's bonds.

The firms are saying they shouldn't have to participate in the disclosure, which could lead to a clawback of bond payments.

Four California and Chicago school districts are among issuers to earn negative outlooks in Fitch revisions after a ruling in Puerto Rico's bankruptcy.

One group of GO holders says that pre-fiscal 2012 guaranteed debt should have higher priority for repayment than the newer bonds.

Assured Guaranty indicated it is interested in reaching a deal on PREPA bonds rather than continuing its quest for a PREPA receiver.

A fourth audit in two months fuels the perception that the IRS has launched an enforcement initiative involving the island territory.

The proposed 2020 budget has $139 million for the payment of debt.

The step is said to be unprecedented in the history of Chapter 9 bankruptcy.

Twenty-three members of Congress are urging the Oversight Board to pull back the bonds' underwriting and other fees.

The IRS audit of the Puerto Rico Municipal Finance Agency's $59 million in 2005 Series B Refunding Bonds is the third IRS audit of tax-advantaged bonds involving the commonwealth announced over the last six weeks.