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Mintz Levin’s Meghan Burke Awarded Freda Johnson Award for Trailblazing Women in Public Finance

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We are delighted and proud to share the news that our colleague Meghan Burke has been selected to receive the Freda Johnson Award for Trailblazing Women in Public Finance at the Bond Buyer’s Deal of the Year ceremony in New York on December 3rd. The Freda Johnson award is given annually and recognizes one woman… Continue Reading

Be PREPAred: PREPA Bondholders Greet Puerto Rico’s Bankruptcy Legislation With Federal Lawsuit

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By LEN WEISER-VARON and BILL KANNEL On Saturday, June 28, Puerto Rico’s Governor Padilla signed into effect Puerto Rico’s new bankruptcy law for certain revenue bond issuers.  Within 24 hours of the statute’s enactment, two mutual fund complexes owning approximately $1.7 billion in bonds of the Puerto Rico Electric Power Authority (PREPA) filed a complaint… Continue Reading

Puerto Rico Bondholders Await Contract Impairment Ruling in Teacher Pension Reform Litigation

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By LEN WEISER-VARON and BILL KANNEL We previously discussed the Puerto Rico Supreme Court’s decision in the Hernandez case, in which by a 5-4 vote the court upheld the constitutionality under federal and Puerto Rico law of pension reform legislation affecting public sector employees, holding that though such legislation substantially impairs contract rights, the measures are… Continue Reading

Could Bondholders Bring Claims Against Puerto Rico Bond Issuers in Courts Outside Puerto Rico?

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By Len Weiser-Varon and Bill Kannel As Puerto Rico prepares to access the public markets with a new bond issue, the Wall Street Journal reports that the list of demands from some potential investors include, in addition to a high interest rate and as much security as the issuer can provide, the issuer’s consent to… Continue Reading

MSRB Proposes Limits on Underwriter Consents to Indenture Amendments

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By LEN WEISER-VARON The MSRB has put out for comment a proposed interpretive notice http://www.msrb.org/Rules-and-Interpretations/Regulatory-Notices/2012/2012-04.aspx designed to eliminate or reduce instances in which underwriters of new bonds issued under a parity indenture or bond resolution consent to amendments to such instrument on the issuance date of the new bonds during the brief period in which… Continue Reading

Holders of “Dirt Bonds” May Lack Plan Voting Rights in Developer Bankruptcies

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 By WILLIAM W. KANNEL and IAN A. HAMMEL In a decision that may have implications for holders of community development district bonds and other similar “dirt bonds,” a Florida bankruptcy court has ruled that holders of community development district bonds do not always have plan voting rights when the underlying developer — as opposed to… Continue Reading

Federal Appeals Court Rules Tribal Issuer’s Trust Indenture is a Void “Management Contract”

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By LEN WEISER-VARON A case of interest to holders of bonds issued by Indian tribes to finance gaming facilities continues to wend its way through the courts.  On September 6, 2011, the United States Court of Appeals for the Seventh Circuit issued its opinion in Wells Fargo Bank, National Association v. Lake of the Torches… Continue Reading