On June 13 the United States Supreme Court issued its opinion in Puerto Rico v. Franklin California Tax-Free Trust, finding that Chapter 9 of the federal Bankruptcy code preempts Puerto Rico’s Recovery Act. The decision prevents Puerto Rico from adopting a settlement plan for its debt through its own legislation and requires it to depend on Congress for a solution. Our experts discussed the opinion and its implications.
•Prof. G. Marcus Cole, William F. Baxter-Visa International Professor of Law, Stanford Law School
•Prof. David Skeel, S. Samuel Arsht Professor of Corporate Law, University of Pennsylvania Law School