Since we are confident in our position, we are content to allow the court to decide this important issue unless it can be satisfactorily settled. In contrast, the COFINA bondholder group first tried to stay the litigation, which the court recently refused to do.
Now the COFINA bondholder group has issued a public statement filled with fear-mongering and mischaracterization – everything but the merits of the question before the court. The COFINA group suggests that the political leaders of the Commonwealth should impose a $50 billion burden on all citizens of Puerto Rico for the exclusive benefit of investors of COFINA bonds – including the off-island hedge funds that have nearly all the COFINA bondholder group's holdings.
These tactics speak volumes. The COFINA bondholder group has bet on a scam, and they are mighty uncomfortable having to defend it.
For media inquiries, please contact Miriam Warren at firstname.lastname@example.org.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/statement-by-ad-hoc-group-of-general-obligation-bondholers-of-puerto-rico-in-response-to-cofina-bondholder-group-300412143.html
SOURCE General Obligation Bondholders of Puerto Rico