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Puerto Rico OBoard's brief in Cofina appeal addressing merits of three consolidated appeals 1) Elliott, Devores, Hein 2) VAMOS, UEOGAEP etal 3) Hein (individual claim & IRS letter) Arguments appear pretty boilerplate on first look. No suprise. #muniland 

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Did Puerto Rico OBoard ever conduct consensual negotiations for Public Finance Corporation debt as required by Promesa prior to proposing it be adjusted? Did they send notice to holders? #muniland 

Puerto Rico OBoard notches win against UCC as T3 court allows most of Citi ibanker Chapados testimony re importance of completing Prepa debt restructuring into 9019 hearing. Not said but she will rely on "range of reasonableness" matrix re 9019. #muniland 

Here's how much secured revenue debt each member of Senate Energy has for their home state. I'll calculate how much it will cost each state in additional debt service because of the Puerto Rico OBoard's "potato chip" argument attempting to invalidate security interests. #muniland 

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Puerto Rico OBoard/AFFAF & Ambac file status report on cash discovery motion. OB/AF attorneys are dithering. Left below $AMBC requests. Right OB/AF response re req for "operating expenses" pg17 (this info should be public & regularly updated) #muniland 

Yes Manny. The Puerto Rico people deserve better than the current OBoard.

Puerto Rico central govt cash LEAPS $5 billion to $ 9 billion in one year as OBoard demands pension cuts and intends to shaft small bondholders. Cash at 2/1/19 = $4.2 billion. Cash at 1/31/20 = $9 billion #muniland 

Puerto Rico OBoard files proposed schedule for plan of adjustment. Not as rushed as Cofina. When does @NixonPeabodyLLP  get IRS determination letter? No time for insurers to litigate revbonds & PFC etc just wiped out w/o consensual negotiation? #muniland 

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Market friend just told me high yield market maker scouring for Puerto Rico paper. Of course guys in "tentative" deal with OBoard want to move their holdings higher. Make them pay up. #muniland 

I know #muniland  is hot & there's massive demand but idea that Puerto Rico OBoard issues new debt without approval of PR govt to pay it seems insane. #1  rule of credit is willingness to pay. Unless OBoard intends to seize PR treasury on longterm basis this is a dumb plan.

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Reminder that Puerto Rico gives out tax incentives worth 230% of the amount of taxes they collect. Average for 50 states <30%. Puerto Rico is the only global bankrupt tax haven. OBoard has done nothing to rein in tax incentives & alleges must cut pensions & debt instead #muniland 

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Puerto Rico is not bankrupt because of debt they issued. PR is broke because every govt and now the OBoard insists on enriching US multinationals (primarily US pharma & medtech) with +$17 billion a year of tax incentives. Here cost per capita #muniland 

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Curiously Puerto Rico electric utility's June 7, 2019 Integrated Resource Plan shows Prepa's Costa Sur 5/6 being retired this year - pdf pg 83. I think the governor and OBoard need to give the people & White House a complete picture

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Puerto Rico OBoard does nothing to help PR economy, nothing to reduce corruption or get 2017 audited financials done or improve declining govt efficiency but they pay a so-called "ethics officer" $750 an **hour** to read my tweets & write me scolding letters. Enough. #muniland 

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Puerto Rico OBoard's consultants > > "McKinsey Faces Criminal Inquiry Over Bankruptcy Case Conduct Prosecutors are examining the consulting company’s behavior in at least two bankruptcy cases." #muniland 

Puerto Rico governor & his associates orchestrated a campaign against former head of PR Statistics Institute, Mario Marrazi, after he refused to validate their economic projections to counter OBoard projections in governor's 1st fiscal plan #muniland 

Let me be straightforward in my accusation here. I would suggest OBoard has done almost nothing to address corruption in Puerto Rico Treasury because OB Chair Jose Carrion & other PR elites have accrued substantial benefits as the islands largest taxpayers. I am wrong? #muniland 

17.9 million mainland public workers have avg absentism & lost worktime rate of 5.9% vs ~35% for 90,000 Puerto Rico public workers (pg 3). Highlights how misplaced OBoard focus is on private workers. BLS mainland data > #muniland 

Puerto Rico OBoard tells PR Legislature that their spending is way out of line with other state legislatures on a per capita basis and must be brought in line. I endorse this 100% #muniland 

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As Puerto Rico government and OBoard resist identifying "essential services" for the fiscal plan PR govt entities have racked up **1,948 contracts** for publicity & "artistic services" since July 1, 2017 #muniland 

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