Puerto Rico Bondholders Can’t Compel Payment During Bankruptcy, First Circuit Says
First Circuit interprets chapter 9 and PROMESA to permit but not compel payments to special revenue bondholders during debt arrangement proceedings.
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Circuit Upholds Dismissal of Suits to Restrict Puerto Rico’s Use of Tax Revenue
First Circuit bars use of declaratory judgments restricting Puerto Rico’s use of tax revenues.
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Automatic Stay Applies to ‘Ordinary Course’ Litigation in Puerto Rico, Circuit Holds
First Circuit finds no exceptions to the automatic stay under PROMESA subjecting Puerto Rico to ‘ordinary course’ litigation.
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First Circuit Cans the Puerto Rico Oversight Board as Unconstitutionally Appointed
The appeals court is attempting to avoid chaos despite ruling that the appointment of Puerto Rico Oversight Board members violated the Appointments Clause of the Constitution.
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Puerto Rico Retirement System Bondholders Win Their Security Interest Back
First Circuit reverses, upholding the validity of bondholders’ security interests in $2.9 billion of collateral.
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First Circuit Terminates the Stay Entirely as to Repeat Filers
In the first opinion at the circuit level, the First Circuit latches onto the lousy drafting of Section 362(c)(3)(A) to end the automatic stay entirely, 30 days after the second filing within a year.
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Chapter 13 Can Cure a Home Mortgage Default Even After a Foreclosure Auction
Section 1322(c) allows a debtor to cure a mortgage default so long as the foreclosure deed was not recorded before bankruptcy.
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Chapter 7 Trustee Is Paid in a Case Converted to Chapter 13
Courts split on allowing compensation to a chapter 7 trustee when the case is converted to chapter 13 before distributions were made.
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Avoiding Powers Under PROMESA May Be Applied Retroactively
Defining collateral by reference in a UCC-1 is held invalid in Puerto Rico’s bankruptcy.
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First Circuit Gives Puerto Rico Bondholders a Second Bite at the Apple
Puerto Rico’s toll road bonds don’t have statutory liens, circuit court rules.
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