No. 23-674

Rafael Hernández-Montañez v. Financial Oversight and Management Board for Puerto Rico

Lower Court: First Circuit
Docketed: 2023-12-21
Status: Denied
Type: Paid
Amici (1) Experienced Counsel
Tags: bankruptcy civil-procedure financial-crisis financial-oversight-and-management-board judicial-jurisdiction municipal-bankruptcy promesa promesa-act puerto-rico puerto-rico-debt territorial-instrumentality territorial-oversight
Key Terms:
Securities JusticiabilityDoctri
Latest Conference: 2024-03-22
Related Cases: 23-678 (Vide)
Question Presented (AI Summary)

Whether an action to enforce the provisions of Titles I and II of PROMESA may be brought before the judge appointed by the Chief Justice to preside only over cases 'under' or 'arising in' or 'related to' Title III of said statute

Question Presented (OCR Extract)

QUESTION PRESENTED On June 30, 2016, in response to a severe financial crisis that rendered the Commonwealth of Puerto Rico insolvent after the territory declared its insolvency and inability to pay bonds issued in the municipal market, Congress enacted the Puerto Rico Oversight, Management and Financial Stability Act, 48 U.S.C. § 2101, et seq. (hereinafter referred to as “PROMESA”). Titles I and II of PROMESA created a territorial entity named “The Financial Oversight and Management Board” (hereinafter referred to as “FOMB” or “the Board”) and vested it with authority to enact non-reviewable fiscal plans as well as to significantly influence the drafting and implementation of the budget. Title III of the legislation creates a special reorganization proceeding for “covered territorial entities”! that adopts a wide array of provisions from the Bankruptcy Code. The instant petition presents the question of whether an action to enforce the provisions of Titles I and II of PROMESA may be brought before the judge appointed by the Chief Justice to preside only over cases “under” or “arising in” or “related to” Title III of said statute. 1 Section 101(d)(1)(A) of PROMESA, 48 U.S.C. § 2121(d)(1)(A), provides that “[aln Oversight Board, in its sole discretion at such time as the Oversight Board determines to be appropriate, may designate any territorial instrumentality as a covered instrumentality that is subject to the requirements of this Act.”

Docket Entries

2024-03-25
Petition DENIED.
2024-03-06
DISTRIBUTED for Conference of 3/22/2024.
2024-01-22
Brief amicus curiae of Hon. Jose Luis Dalmau, President of the Puerto Rico Senate filed.
2024-01-09
Motion to extend the time to file a response is granted and the time is extended to and including February 21, 2024.
2024-01-05
Motion to extend the time to file a response from January 22, 2024 to February 21, 2024, submitted to The Clerk.
2023-12-19

Attorneys

Financial Oversight and Management Board for Puerto Rico
Martin J. BienenstockProskauer Rose LLP, Respondent
Martin J. BienenstockProskauer Rose LLP, Respondent
Hon. Jose Luis Dalmau, President of the Puerto Rico Senate
Edwin QuinonesQuiñones, Arbona & Candelario, Amicus
Edwin QuinonesQuiñones, Arbona & Candelario, Amicus
Rafael Hernández-Montañez
Jorge Martinez-LucianoML & RE Law Office, Petitioner
Jorge Martinez-LucianoML & RE Law Office, Petitioner