In spite of the Trump-induced fireworks that happened in the last 45 days of the year, we found nothing exciting in the private loan space. Sellers were pretty proud on pricing and 'motivated' borrowers simply didn't materialize as we had hoped. We have a number of opportunities in the pipeline, but wouldn't describe any of them...
While we try to do a quarterly update of what is happening in our world, I must confess there is just not much to say! Markets have been sclerotic at best in recent months and expected rates of return are paltry. We continue to mine for nuggets of out-sized opportunity, though we are seeing a higher and higher percentage of proposals...
The old adage, "Don't fight the Fed," is perhaps even more poignant today than in decades past in the sense that the QE machine, currency creation, debt cancellation, etc. is not confined to the Fed but is a global phenomenon. We have wondered here for 3 years or more how the continued expansion of global debt could ultimately...
While Incoming Governor Rosello has a very difficult task ahead of him,
we believe it is possible for his administration to put Puerto Rico back
on the path to sustainability. Some of what needs to happen is beyond
his control, i.e. he will need help from the US Congress, though the
Commonwealth will have to take the first steps...
On June 30, President Obama signed the PROMESA bill, a bill designed to help Puerto Rico sort out its budget, debt, and economic issues. Democrats carried the bill in both chambers, apparently voting along the lines of 'aiding' Puerto Rico residents. Most Republicans voted against the bill because they did not want to be associated...
The Puerto Rico Aqueduct and Sewer Authority (PRASA) owes 140 million to contractors for completed capital projects; 140 million they do not have. Instead of defaulting on their public bonds which have gross revenue pledges they will likely on their private loans made by other Puerto Rican Agencies like PRIFA and the GDB (which are...