Puerto Rico History
Name
Tutor’s Name
Course
12 april 2016
What is the history of Puerto Rico’s relationship to the United States post-1898? How has the legal-sovereignty status of Puerto Rico evolved since then and what is the current legal-sovereignty status?
Since America took control of the island of Puerto Rico from the Spanish in 1898, it has been referred as a commonwealth, a territory, a republic, and even a sovereign. Puerto Rico refers itself as a commonwealth in English, or a ‘free associated state’ in Spanish, though it is none (Lubben). According to the United States, it is an unincorporated territory; Congress has broad powers to govern U.S. territories by the federal Constitution. U.S.C.A. Const. Art. IV, s. 3, cl. 2. Congress first exercised These powers by establishing an interim military government in Puerto Rico; that lasted until April 1900. The Foraker Act states that Puerto Rico was entitled to the protection of the United States and a civil …show more content…
The Chapter permits cram downs if three-quarters of creditors vote for a reorganization plan and at least 50% of creditors votes. Secondly, a public corporation (or the GDB on behalf of the public company) files a petition with a court to restructure. Chapter 3 provides a formal approach to debt restructuring. The chapter permits the rejection of collective bargaining deals and allows for a cram down using rules in Chapter 11 and Chapter 9.
The Governor of Puerto Rico signed the Recovery Act because the Commonwealth can no longer afford to pay the debts owed by public corporations. Puerto Rico’s economy remains fragile, and access to capital has is severely strained. The implication of the Recovery Act was a significant drop in prices for public corporation bonds
Explain and describe the situation involving the application or non-application of US federal bankruptcy law to Puerto
Tutor’s Name
Course
12 april 2016
What is the history of Puerto Rico’s relationship to the United States post-1898? How has the legal-sovereignty status of Puerto Rico evolved since then and what is the current legal-sovereignty status?
Since America took control of the island of Puerto Rico from the Spanish in 1898, it has been referred as a commonwealth, a territory, a republic, and even a sovereign. Puerto Rico refers itself as a commonwealth in English, or a ‘free associated state’ in Spanish, though it is none (Lubben). According to the United States, it is an unincorporated territory; Congress has broad powers to govern U.S. territories by the federal Constitution. U.S.C.A. Const. Art. IV, s. 3, cl. 2. Congress first exercised These powers by establishing an interim military government in Puerto Rico; that lasted until April 1900. The Foraker Act states that Puerto Rico was entitled to the protection of the United States and a civil …show more content…
The Chapter permits cram downs if three-quarters of creditors vote for a reorganization plan and at least 50% of creditors votes. Secondly, a public corporation (or the GDB on behalf of the public company) files a petition with a court to restructure. Chapter 3 provides a formal approach to debt restructuring. The chapter permits the rejection of collective bargaining deals and allows for a cram down using rules in Chapter 11 and Chapter 9.
The Governor of Puerto Rico signed the Recovery Act because the Commonwealth can no longer afford to pay the debts owed by public corporations. Puerto Rico’s economy remains fragile, and access to capital has is severely strained. The implication of the Recovery Act was a significant drop in prices for public corporation bonds
Explain and describe the situation involving the application or non-application of US federal bankruptcy law to Puerto