Genovese Joblove & Battista, P.A. Hired In $100 Billion Puerto Rico Bankruptcy
MIAMI, FL – JUNE 2019 – Genovese Joblove & Battista, P.A. announces the firm’s engagement as special counsel for the Unsecured Creditors Committee of the Commonwealth of Puerto Rico (“UCC”).
This high profile and unique proceeding arises from the Act of Congress known as Puerto Rico Oversight, Management and Economic Stability Act (PROMESA), through which the Commonwealth and certain of its public agencies are seeking to achieve financial stability through restructuring more than $130 billion in debt – approximately seven times the amount of debt restructured in Detroit’s municipal bankruptcy.
To date, GJB has appeared as the counsel of record for the UCC in more than twenty separate lawsuits challenging over $12.5 billion in bond debt and seeking to recover $1.5 billion in avoidable transfers. GJB’s responsibilities include participating in the investigation and pursuit of claims on behalf of the UCC against underwriters and related professionals in connection with bond issuances in principal amounts exceeding $6.5 billion and related avoidance claims.
Additionally, GJB is counsel to the UCC in litigation seeking to avoid lien claims related to those bond issuances against assets of the Commonwealth, the Employee Retirement System and the Puerto Rico Highway and Transportation Authority.
The GJB team handling these matters is led by John Arrastia, Jr. and John H. Genovese.
Genovese Joblove & Battista, P.A. (“GJB”) is a major regional firm serving clients throughout the United States, with offices in Miami, Fort Lauderdale, Tampa and Fort Myers, and an affiliate office in Caracas, Venezuela. GJB attorneys are recognized for their experience representing clients in large and complex litigation in many areas, including bankruptcy, franchises, receiverships, and general commercial matters, as well as white collar, real estate, employment law, class actions and securities litigation. The firm also counsels clients in local, state and federal government matters. For more information, visit www.gjb-law.com.