Won’t You Take Me to… ‘Tatito Town’
Although the Puerto Rico Oversight, Management and Economic Stability Act (Promesa) is often criticized as the “Lawyer Relief Act”—for instance, Proskauer Rose partner Martin Bienenstock was forced to reduce his billable hours from $1,499 to $1,000—pobrecito; the law continues to provide episodes of Kabuki theater at a high-ticket price for Puerto Rico. Case in point is the recent missive sent by Puerto Rico House Speaker Rafael “Tatito” Hernández to U.S. House Natural Resources Committee Chairman Raul Grijalva (D-Ariz.).
The missive begs Grijalva to make amendments to Promesa that will allow the island’s government to control its financial affairs. What is not to like about that? He should have added that he is in favor of Mothers’ Day and the baby seals in one fell swoop.
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