
HiveMindMonitor
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Judge Dein will hold a discovery hearing in the Puerto Rico electric utility bankruptcy tomorrow re bondholders accounting claim (ie what happened to net revenues over the last 9 years - these revenues are bondholder collateral) #muniland. Prepa bondholders have argued for significantly more access to information to validate their claim that their collateral has been used for years (by Luma/Quanta etc) to fund projects that should have been funded with federal recovery funds. Bondholders want access to relatively granular data which makes sense since the utility is years behind in completing their required financials (left below). The OBoard has done nothing to help or expedite Prepa's financials. The Prepa bankruptcy has cost over $500 million so far (not including creditor lawyer/consultant fees) and it's unbelievable that 9 years into a bankruptcy there are no current financials. The OBoard insists that there have been no revenues but object to bondholders receiving enough data to run the numbers themselves and object to bondholders taking depositions from any party that has direct knowledge of how Prepa's accounting has been done over the years. Note over the last 10 years there have been ~$40 billion in revenues & the OBoard asserts that there were zero net revenues (netrevs exclude capex & certain other expenses). Middle below: prepa-bondholders-renewed-motion-to-compel-april-17-2026 drive.google.com/file/d/1aFDcr1… Right below: oboard-opposition-to-prepa-bondholders-renewed-discovery-motion-april-28-2026 drive.google.com/file/d/1PIOET9…









