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The Comprehensive Audit of the Public Credit of Puerto Rico: Pre-Audit Survey Report and Possible Effects

Gerardo Carlo-Altieri

By Gerardo A. Carlo Altieri (Originally published in SinComillas / Reproduced with permission from Gerardo A. Carlo Altieri ) Puerto Rico has been hit this past week with four apocalyptic events. First, the US Supreme Court decided that the island is not a separate and true sovereign for purposes of the double jeopardy clause; second, the same court decided that the local government cannot pass its own bankruptcy law to restructure its debt; third, the House of Representatives approved an oversight committee (Bill 5278 PROMESA) that basically takes over the budget and spending process of the insular government; and finally, a “Puerto Rico Commission for the Audit of Public Credit” published a “Pre-audit Survey Report” concluding that … [Read more...]

Gerardo A. Carlo Altieri

Gerardo Carlo-Altieri

Cursos Understanding Puerto Rico’s Economic Crisis: Executive, Judicial, and Congressional Responses and Proposals Fiscal Emergency: Puerto Rico Government Response & Implications ADMITTED TO PRACTICE: Commonwealth of Puerto Rico 1965; Washington, DC, 1981; New York, 1983; U.S. District Court for the District of Puerto Rico, 1967; U.S. Court of Appeals for the First Circuit, 1967; U.S. Supreme Court, 1979; U.S. Court of Appeals for the Federal Circuit, 1983. JUDICIAL AND RELATED EXPERIENCE: Appointed: United States Bankruptcy Judge, U.S. District Court for the District of Puerto Rico, August, 1994 until 2009; Chief Judge, U.S. Bankruptcy Court, March, 1999 until 2009; Judge, Bankruptcy Appellate Panel (BAP) for the First … [Read more...]

The governor’s Sunday television appearance and the summary of a proposed GDB note swap and restructuring

The governor’s Sunday television appearance and the summary of a proposed GDB note swap and restructuring

By Gerardo A. Carlo-Altieri The news about the Puerto Rico economic scene this last week ended with a short but dramatic television speech by the governor on Sunday at 5pm. As expected, he reiterated in general terms the liquidity crisis and that the government would default on its payment of GDB notes due to congressional inaction and lack of local “tools” to stop the economic and humanitarian crisis. The only detail given was that the government would default on only $367 million, since an agreement had been reached with most of the financial cooperatives of the Island that would allow to delay a $33 million payment. He also announced that $22 million would be paid in interest. The big surprise was a release early Monday morning … [Read more...]

Understanding Puerto Rico’s Economic Crisis: Executive, Judicial, and Congressional Responses and Proposals

Understanding Puerto Rico’s Economic Crisis: Executive, Judicial, and Congressional Responses and Proposals

Register for the online course – Understanding Puerto Rico’s Economic Crisis: Executive, Judicial, and Congressional Responses and Proposals DESCRIPTION This course will provide a comprehensive survey of recent events regarding Puerto Rico’s economic situation, including local and federal executive and legislative proposals to combat the crisis. The course will also review the judicial activity in litigation involving Puerto Rico, specifically the “quiebra criolla” and “clawback” cases. This course is in English. PANELIST Gerardo A. Carlo Altieri (former Chief Judge of the U.S. Bankruptcy Court for the District of Puerto Rico)  PRICE (4% Sales and Use Tax -IVU- included) $151.00 Microjuris subscribers $182.00 Non … [Read more...]

Saga del caso «quiebra criolla» hará historia constitucional, dice ex juez de quiebra Carlo-Altieri

Gerardo Carlo-Altieri

Recientemente invitamos al otrora Juez Presidente del Tribunal federal de Quiebras para el Distrito de Puerto Rico, Hon. Gerardo Carlo-Altieri, a resumir la situación actual con respecto a la Ley para el Cumplimiento con las Deudas y para la Recuperación de las Corporaciones Públicas (popularmente conocida como la ley de quiebra criolla, Ley Núm. 71-2014), la recién anulación de la misma por el Tribunal federal para el Distrito de Puerto Rico a través de la opinión del juez Francisco A. Besosa, y el proceso apelativo que lleva a cabo actualmente el Departamento de Justicia de Puerto Rico. En una serie de 3 vídeos cortos, el ex juez Carlo-Altieri se adentra en este complicado escenario y ofrece información clave al respecto. PARTE … [Read more...]