Guaynabo, Puerto Rico
Bio: John E. Mudd is an attorney and legal analyst admitted to the practice of law in Puerto Rico, the P.R. Federal District Court, the First and Fourth Circuit Court of Appeals. He received his J.D. from the University of Puerto Rico Law School in1982. He also holds a Masters Degree from Boston University in International Relations focusing in Middle Eastern Studies.Author of johnmuddlaw.com , a blog with more than 4,500 subscribers. Author of ControlBoardWatch.org a blog that follows developments in regards to potential members of the Puerto Rico Financial Control Board. Has been studying the possibility of a Financial Control Board for Puerto Rico since 2013 and has conducted several seminars on the subject and of PROMESA. He started his litigation career as an attorney in the federal división for the PR Department of Justice. After that, he worked for many years for Ortiz Toro-Ortiz Brunet where he participated in some of the most high profile cases in PR, including the Dupont Plaza Litigation, Rio Piedras Explosion, Tobacco Litigation (lead counsel) and the Airplane Crash in Cali, Colombia. Now a solo practitioner for more than ten years, Mr. Mudd specializes in Class Actions, Bankruptcy , Constitutional Law , Mass tort litigation and Intricate Federal Issues. He also gives seminars for continued legal education. He makes occasional tv/radio appearances. In his free time, Mr. Mudd enjoys bread baking, reading and his blog. He currently resides in Guaynabo with his wife Viviana, daughter Sara and three crazy cats. Contact information can be found in his blog johnmuddlaw.com
We are students at Duke Law School in a class on sovereign debt restructuring and are currently studying Puerto Rican debt. We are working on our final project which is to develop a restructuring plan for bonds issued by the Puerto Rico Highways and Transportation Authority.
We came across your comment on Senate Bill 993, which would establish a domestic bankruptcy scheme for public corporations, and found it extremely helpful.
If you have the time, we were hoping you might be able to help us answer a few questions. We’ve listed them out below:
Would a public corporation such as the PRHTA be subject to the Puerto Rican civil code’s bankruptcy regime as it currently stands? Pursuant to P.R. Civil Code §5173, “a debtor, whose liabilities are greater than his assets…must file a petition in bankruptcy….” If so, is it possible for a third party to push the PRHTA into bankruptcy through a civil action?
Additionally, P.R. Civil Code § 5175 provides “by the declaration of bankruptcy, all the unmatured debts of the bankrupt become due.” Would this require the acceleration of PRHTA debts if they were to go through bankruptcy? If so, does Senate Bill 993 amend this provision.
Thanks so much for any help you may be able to offer.
Mark Sobin and Brandon Figg
What would be a good time for you guys after Wednesday?
Thanks Mr. Mudd. We are presenting our project on Tuesday evening at 5PM so if you could talk with us before then, that would be great. If not, we still would appreciate your time and can talk this Friday whenever is convenient for you.
Monday pm it would have to be. What time?
I was a former bond counsel to the Commonwealth with the New York firm of Brown & Wood (now Sidley & Austin) as well as counsel to it’s underwriters. I then worked as an investment banker for 2 of the Commonwealth’s underwriters Ramirez & Co and DLJ (now Credit Suisse). I’m here to tell you that the best solution for Puerto Rico’s bond problems can be summarized very easily and quickly: let the bondholders choke on the f$cking bonds… Pero para eso hay que tener cojones.
Difiero pero eso es lo que la Junta esta haciendo
Are you free after 5PM?
Okay, we will call the number listed on this website at 5 tomorrow unless another number is better. Thanks again.
Where can i find the PREPA law passed recently in English?
Nowhere. It takes time to translate but part of it wss in English I believe