Puerto Rico Infrastructure Financial Authority

Judge Laura Taylor Swain also rejected a motion for a court-appointed investigation of mediation participants engaging in insider trading of Puerto Rico bonds.

The board threatened legal action if the local government continued to implement the three pension laws passed in August.

The board asked the judge to not put any deadlines on the negotiations.

The Oversight Board said it is working on a response.

Surveys show employment was up as much as 7% in September from April.

Puerto Rico Oversight Board says that National Public Finance Guarantee could do "confirmation discovery" at its own expense.

Puerto Rico's FAFAA and bond insurer Ambac also call for rejection of a bondholder proposal for deadlines to approve a plan of adjustment.

Justin Peterson represented the Ad Hoc Group of General Obligation Bondholders for several years.

They say the board should specify a central government plan of adjustment by Nov. 30.

National Public Finance Guarantee says that hedge funds profited from their participation in mediation sessions on central government Puerto Rico bonds.

Along with substantial reductions in payouts to the GO and PBA bondholders, the board is proposing a near wipe out for HTA, ERS, PRIFA rum, MBA, and CCDA bondholders.

The presidential candidate said Puerto Rico's debt should be audited and that some of it may have to be declared illegal and thus void.

The Oversight Board said that it expects to know by Oct. 25 whether it can propose a new plan of adjustment.

Laura Taylor Swain said she will decide some of the bond insurers' arguments when she resolves continuing adversary proceedings.

The law restricting various aspects of debt issuance goes beyond the central government to also cover the public corporations.

The two board members with the deepest knowledge of municipal debt have said they will depart.

Their suit against 11 bond underwriters will be heard in a local, rather than federal, court, the lead judge said Wednesday.

The United States Bureau of Labor Statistics' household and employer surveys tell different tales about the depth of Puerto Rico's downturn.

The Oversight Board welcomed the decisions and one litigant attorney said they would be appealed.

The local government's inertia and PROMESA's unwieldy structure, along with natural disasters and a global pandemic, have impeded Puerto Rico's recovery.