During the “Meet the Main Street Bondholders” event scheduled for Nov. 18, the advocacy group consisting of individual Puerto Rican small bondholders who are affected by the Commonwealth’s debt crisis will discuss their concerns, including the group’s opposition to the Obama Administration’s proposal to enact a so-called “Super Chapter 9” for the island. The group claims that will give it the authority to wipe out all bondholders.
“Our members are regular, hardworking Americans who invested their lifetime savings in Puerto Rican bonds and stand to lose everything because of Gov. [Alejandro] García-Padilla’s plan to drive the island to default,” said 60 Plus Association vice president, Matthew Kandrach.
“We hope that by introducing the governor to the very people that he intends to harm, it will shed light on the fact that the biggest losers of his policies and the debt are the Puerto Rican people themselves,” he said.
Main Street Bondholders Coalition is a project of the 60 Plus Association, and is comprised of small bondholders from across the United States and Puerto Rico who are committed to a policy process that returns the island “to sound financial management, respect for the rule of law, and the protection of their retirement savings.”