In mid-November Bloomberg News reported that the board’s chief lawyer, Martin Bienenstock of Proskauer Rose, said at a Nov. 15 Title III Puerto Rico bankruptcy hearing that a plan of adjustment for the debt might exclude any debt payments for five years. “I hope they do include debt service, but I think the commonwealth may […]
The Commonwealth of Puerto Rico entered the fourth quarter having suffered one of the most devastating natural disasters in the island’s history. Hurricane Maria left billions of dollars in damage in its wake, including both infrastructure damage and economic losses. The human costs have been equally terrible, with millions of US citizens suffering. Three months […]
Last Monday, November 6th, I was privileged to serve on a panel discussion at the American Enterprise Institute in Washington DC, where the topic was Puerto Rico after Hurricane Maria. The discussion covered a wide range in topics that included the damage to Puerto Rico as well as issues of finance, law, and markets. The […]
Hurricane Maria delivered a serious body blow to the Puerto Rican economy by severely damaging much of the island’s infrastructure. This raises the prospect of a humanitarian crisis on the island and a mass wave of migration to the mainland. John Mousseau of Cumberland Advisors joined other panelists during a seminar at the American Enterprise […]
After President Trump suggested the commonwealth’s $74 billion in debt would be wiped out, bonds took a hit. What’s next?
The stock market has gotten pretty good at discounting some of President Trump’s more freewheeling rhetoric on North Korea, taxes and other issues. But the bond market had no idea what to make of Trump’s comments late Tuesday that the U.S. might have to wipe out Puerto Rico’s $74 billion in publicly held debt. Cumberland […]
Excerpt below: “The biggest risk for Puerto Rico and the creditors is that the rebuilding of basic infrastructure takes so long that the out-migration worsens, and you see people put roots down in other places,” said Jim Millstein, CEO of financial advisory firm Millstein & Co. Millstein recently advised Puerto Rico on managing its debt. […]