Dozens of entrepreneurs, made newly wealthy by blockchain and cryptocurrencies, are heading en masse to Puerto Rico this winter, the New York Times reported.
Puerto Rico in Distress
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Puerto Rico’s bankrupt power utility, PREPA, is close to replacing former Executive Director Ricardo Ramos, a member of the utility’s board said yesterday during a panel discussion on the U.S. territory’s storm-ravaged energy sector, Reuters reported.
Governor Ricardo Rossello said yesterday that assets of the Puerto Rico Electric Power Authority (PREPA), the largest U.S. public power provider, could reap as much as $4 billion, Bloomberg News reported. The governor is seeking to place the bankrupt utility into private hands.
A U.S. federal judge yesterday dismissed a lawsuit by some of Puerto Rico’s bondholders, who had argued that the U.S. territory broke the law by defaulting on constitutionally-guaranteed debt despite having the money to make payments, Reuters reported.