PROMESA

About 30 investment funds filed a motion in the Employees Retirement System's bankruptcy to be named as its trustee.

The bigger risk is that the President and U.S. Senate won’t be able to install new (or existing) members within 90 days.

Puerto Rico Sales Tax Financing Corp.’s COFINA deal faced new challenges, while the Supreme Court declined to hear an appeal on HTA.

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

The appeals court ruled the appointments were unconstitutional, but didn’t invalidate either the existing board's actions or the parts of the Puerto Rico Oversight, Management, and Economic Stability Act that didn't address the board appointment process.

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

What had been about $17.6 billion in COFINA bond par value became about $12 billion in new COFINA bond value.

Attorneys say the Oversight Board's move to nullify $6 billion of bonds would violate both federal Supreme Court rulings and local law.

An estimated $1.6 billion may flow to COFINA bond holders within weeks following Monday's approval of the muni market's biggest-ever plan of adjustment.

The restructuring is the biggest in U.S. municipal history.

Swain says that bondholder must first make the request to the U.S. Trustee.

Ruling may lead to the requirement to pay interest on the bonds despite the Employees Retirement System bankruptcy.

Laura Taylor Swain indicated she liked the procedures proposed by the Oversight Board and Unsecured Creditors Committee.

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

Teresita Fuentes has been in the position for six months.

Judge Susan Braden had said she was inclined to hold the U.S. government responsible for impairments to Employees Retirement System bonds.

Gov. Ricardo Rosselló is offering relief to the 4.500 federal employees in Puerto Rico whose paychecks have stopped coming.

One economist attributes the decline to the reduced flow of federal hurricane aid.

Judge Swain ordered the Oversight Board to file a brief on her legal authority to approve the restructuring plan and allowed an opposition party to file its objections.

The proposed new findings of fact exclude a mention of the new bonds being tax exempt.