Articles Tagged with Financial Oversight and Management Board

According to Puerto Rican local new site Noticel.com, the US Territory’s Financial Oversight and Management Board, which has chosen Brown Rudnick as its claims advisor, will pay the law firm $790 an hour—a figure that reportedly will rise 4% annually and does not include its team’s travel expenses that the island’s government will also pay for. Considering that the Fiscal Oversight Board was appointed to help Puerto Rico restructure its financing and deal with its over $70 billion of debt, there are significant questions as to whether this is the best allocation of the island’s limited financial resources.

Another local news source, Caribbean Business, reports that Brown Rudnick’s job will be to help the Board’s Special Claims Committee look into possible claims that may result from the findings in the debt probe recently conducted by Kobre & Kim. The disputes and investigative international law firm had put together a 600-page report on its investigation, which was published a few months ago.

News of Brown Rudnick’s appointment came almost immediately after the Official Committee of Unsecured Creditors asked for discovery to look into possible claims. According to Caribbean Business, the Committee wants to know if the Puerto Rican government has “claims toward third parties,” which the Committee feels that Kobre & Kim did not look into during its probe.