What is that saying? Fool me once, shame on you, fool me twice, shame on me. For over a decade the Puerto Rico Electric Power Authority (PREPA) has reached out to the bond market promising up-graded facilities, new cheaper electricity with natural gas, solar and wind. Time and time again, it didn’t happen.
The 60 Plus Association announced Thursday the formation of "Main Street Bondholders," a new small bondholder coalition made up of ordinary investors from Puerto Rico and the U.S. mainland who hold retirement, college and life savings in Puerto Rican bonds.
Investors in Puerto Rico debt got double-whammied by the island’s government Monday, which missed a $58 million debt payment as it had predicted it would, and separately told creditors it has temporarily suspended monthly deposits to its General Obligation (GO) bonds redemption fund.
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