First Circuit interprets chapter 9 and PROMESA to permit but not compel payments to special revenue bondholders during debt arrangement proceedings.
First Circuit bars use of declaratory judgments restricting Puerto Rico’s use of tax revenues.
First Circuit finds no exceptions to the automatic stay under PROMESA subjecting Puerto Rico to ‘ordinary course’ litigation.
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.
First Circuit reverses, upholding the validity of bondholders’ security interests in $2.9 billion of collateral.
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.
Section 1322(c) allows a debtor to cure a mortgage default so long as the foreclosure deed was not recorded before bankruptcy.
Courts split on allowing compensation to a chapter 7 trustee when the case is converted to chapter 13 before distributions were made.
Defining collateral by reference in a UCC-1 is held invalid in Puerto Rico’s bankruptcy.
Puerto Rico’s toll road bonds don’t have statutory liens, circuit court rules.