What the Pros Say (Week of 5/21/17)

Puerto Rico. Jim Millstein (video) who, after three years of working on this morass, opines on the Article III election and what he sees happening now that the Commonwealth has filed for bankruptcy. We love how he notes that the "relative priorities are so uncertain," a fact that didn't stop heaps of hedge funds from allocating portfolio space to these securities. The WSJ almost seems to take pleasure in the fact that the result is so opaque (and its almost as if Milstein wrote the opinion piece himself). Love this: municipal debt is "not without risk." I'm sure that makes a lot of triple-tax-exempt-seeking grandmas and grandpas feel great. Meanwhile, Mark Brodsky of Aurelius Capital Management takes shots at the oversight board.

Third Party Releases. We love this topic. Here, Edward Wu from Baker McKenzie LLP provides a summary of recent caselaw that "seems to have received little attention."