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Floating Ashore: An Overview of Puerto Rico's Financial Crisis and Potential Restructuring Alternatives
Chapter 9 of the United States Bankruptcy Code, long considered a rare vehicle of last resort for eligible government entities, has recently become an increasingly prominent consideration as a method to relieve crippling financial bond obligations. For the Commonwealth of Puerto Rico, however, as a territory of the United States, relief under Chapter 9 is not an option for solving its staggering $70 billion debt and estimated $850 million deficit for the 2014 fiscal year. A restructuring of Puerto Rico's finances, therefore, must come from alternative strategies. This article provides an overview of Puerto Rico's debt crisis; sets forth the textual basis for Puerto Rico's exclusion from Chapter 9 of the Bankruptcy Code; and explores potential alternative strategies for Puerto Rico to restructure its finances.
Puerto Rico's Debt Crisis
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.