Puerto Rico Public Buildings Authority

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

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.

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

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

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.

The board acknowledged Puerto Rico is in compliance with the fiscal 2019 budget, even as it wrangles with the local government over next year's plan.

A motion in Title III bankruptcy court by holders of $4 billion of PBA bonds may thwart an effort by the Oversight Board to nullify $6 billion of general obligation bonds.

The General Obligation group's lawyer says the board should focus on structural reforms and not legal challenges to bondholder claims.

The court rejected giving a full hearing less than a week after a request was made to it to do so.

The federal tax issue that is at stake in both audits involve the federal payments for the direct-pay subsidy.

Muni buyers scrambled to snatch up the last of this week’s new issues on Thursday.

The audit includes $121.5 million in Series 2011 T direct-pay qualified zone academy bonds and four Series 2011 R taxable of school construction bonds that totaled $ 756.4 million.

The ruling may benefit bondholders, though an appeal and political wrangling over Oversight Board appointments threaten to prolong the uncertainty.

The board said that the Senate is withholding bank account information.

Traditional bond buyers are going back to Puerto Rico.

Raúl Maldonado Gautier will gain direct control of all monetary issues in the commonwealth's government.

The board said the 2012 and 2014 GOs were "issued in clear violation of the Puerto Rico constitution and should be declared null and void."

The board's adversary proceeding has implications for both the authority’s bonds and the finances of the many Puerto Rico government entities that pay rent to the PBA.

HJ Sims Managing Director German Ramirez and Senior Vice President Richard Prann focus in on the latest developments in Puerto Rico. They talk about what’s been happening with PREPA, COFINA and the GDB -- and discuss implications this may have for bondholders. Chip Barnett hosts.