By James E. Spiotto The U.S. Supreme Court and virtually all state courts have recognized what the Rhode Island Supreme Court recently reaffirmed: insurmountable, unaffordable government contractual obligations for public pensions must be capable of reasonable and...
Puerto Rico
An Update On Foreign Trade Zones, Economic Development Projects, and Risk Perception with Taxes
By James E. Spiotto This is Part 4 in a 4-part article series on the Post-Fiscal Crisis State and the next fiscal crisis considerations. The information and charts come from a presentation given at the Government Finance Research Center's conference entitled "Ready or...
The First Circuit Court of Appeals Ruling on ‘Assured’ Should be Reheard or Reversed; Recent Ruling Sends a Harsh Message to Municipal Bond Market
( ) Why the Municipal Bond Market Expects Pledged Special Revenues to be Timely Paid to Bondholders in a Chapter 9 Proceeding. And, Why the First Circuit's Assured Ruling in Puerto Rico’s PROMESA Title III Proceeding Should Be Reheard or Reconsidered on Appeal....
PUERTO RICO’S REPUDIATION OF GENERAL OBLIGATION BONDS
PUERTO RICO’S REPUDIATION OF GENERAL OBLIGATION BONDS: A REAL RISK OR JUST KABUKI THEATER By James E. Spiotto On January 14, 2019, the Financial Oversight and Management Board, acting through its Special Claims Committee and the Official Committee of Unsecured...
A WAKE-UP CALL FOR OTHERS – THE LESSONS LEARNED AND TO BE REMEMBERED FROM PUERTO RICO’S DISTRESS AND PROMESA
By James E. Spiotto The Treaty of Paris ending the Spanish-American War of 1898 resulted in control of Cuba, Puerto Rico, Guam and The Philippine Islands being given to the United States. Cuba in 1902 and The Philippines in 1946 were given independence. Puerto Rico...
“Puerto Rico’s ‘Assured’ Decision Should be Reconsidered or Reversed” by James Spiotto
Why Pledged Revenues Are Required to Be Paid to Revenue Bondholders in Chapter 9 Municipal Bankruptcy. And, Why the Assured Decision in Puerto Rico’s PROMESA Title III Proceeding Should Be Reconsidered or Reversed on Appeal by James Spiotto On January 30, 2018, the...
Beyond Hurricane Maria: Federal Action in Puerto Rico with PROMESA
Understanding Current Structures and Potential Changes to Federal Action in Puerto Rico Requires Analysis of the Enactment of PROMESA and its Provisions In a continuing series on the recovery of Puerto Rico after Hurricane Maria, James Spiotto looks at the...
Beyond Hurricane Maria: The Gathering Storm of Puerto Rico’s Financial Distress
To Understand the Purpose, Function and Desired Result of Federal Reforms and Disaster Recovery, It Is Important to Understand the Systemic Causes of Puerto Rico's Financial Distress by James Spiotto Puerto Rico's financial problems did not begin with the Great...
Beyond Fiscal Troubles and Hurricane Maria: What, Why, and How Puerto Rico Should Recover
Puerto Rico's Recent Fiscal and Economic History, and The Road Ahead for Puerto Rico's Hurricane Recovery and Financial Renewal by James Spiotto Puerto Rico has suffered the perfect storm of a financial crisis of epic proportions and the devastating effects of...
Written Statement of James E. Spiotto to the U.S. Senate Judiciary Committee
By James Spiotto United States Senate Committee on the Judiciary Hearing on Puerto Rico’s Fiscal Problems: Examining the Source and Exploring the Solution Is Chapter 9 Bankruptcy the Ultimate Remedy for Financially Distressed Territories and Sovereigns Such as Puerto...