Puerto Rico News Digest For September 25, 2015

20,000 TAX REFUNDS PUT OFF UNTIL 2016

From The San Juan Daily Star:

Treasury Secretary Juan Zaragoza acknowledged Wednesday that up to
20,000 island taxpayers may not receive their tax refunds by the end of
the calendar year due to the agency’s lack of liquidity and the need to
comply with “other commitments,” including paying public workers. In
a radio interview, the Treasury chief said it is highly unlikely that the a-
gency will be able to complete the deposit and dispatch of refunds befo-
re November. “I don’t think they will be all out by November. They mi-
ght be all sent out by December, but we could be crossing the line and
extending this past the calendar year,” Zaragoza said...[MORE]

1-1/2 POUND BABY BORN ON CRUISE SHIP

From Caribbean Business:

A Utah woman who unexpectedly gave birth on a cruise ship months before
her due date says she wrapped towels around the 1 1/2-pound boy with the
help of medical staff in a desperate effort to keep him alive until the ship
reached port. Emily Morgan, of Ogden, said Thursday that doctors didn't
expect her son Haiden to live, but thanks to strong lungs, a makeshift incu-
bator and an early arrival in Puerto Rico, the baby made it. He's now recei-
ving care at a neonatal intensive care unit in Miami...[MORE]

SHERATON OLD SAN JUAN CHANGES HANDS

From News Is My Business:

The 240-room Sheraton Old San Juan Hotel & Casino will be changing own-
ers as part of an agreement that transfers the property to an affiliate of Tish-
man Hotel Corp., hotel officials announced Thursday. The financial terms of
the agreement were not disclosed. The details of a planned renovation of the
property will be disclosed in coming months. However, as part of the transac-
tion, the new owners — which intend to continue the asset’s affiliation with
the Sheraton flag — will restructure the property, closing the casino to make
way for retail space. Some 95 employees will  be affected by the overhaul...

PR WORKING GROUP SEEKS SINGLE DEAL

From Reuters:

A Puerto Rico working group, composed of local and senior officials, anno-
unced on Thursday that it would seek a consensual negotiation that would
ultimately result in a single, comprehensive exchange transaction. The gr-
oup met with Governor Alejandro Garcia Padilla and members of the Puer-
to Rico legislature to discuss its ongoing efforts to support fiscal stability
and economic growth in Puerto Rico. It said it wanted to avoid a piecemeal
strategy that could result in uncoordinated and inconsistent agreements with
creditors...[MORE]

WOULD-BE HUSBAND KILLER EXTRADITED TO PR

From Star Tribune:

A Puerto Rican woman accused of hiring a hit man to kill her wealthy Cana-
dian husband was extradited to the U.S. territory Thursday after a lengthy in-
ternational manhunt. Aurea Vazquez Rijos arrived with her month-old baby
and was escorted by FBI agents just hours before she appeared in court. She
flew in from Spain, where a court ordered her extradition nearly two years
ago on the condition she doesn't receive the death penalty or life imprison-
ment without parole if convicted...[MORE]

Entrenched Corruption in Puerto Rico Will End American Support

Commentary

Richard Lawless

I recently wrote to the Puerto Rico Treasury (Hacienda) Department and
shared with them that we have  documents and testimony that indicates
PREPA’s Officers and Managers may have stolen up to one  billion dollars
in public funds. The alleged thief means that there is likely over $400,000,
000 in uncollected taxes as well.

I asked the Puerto Rico Hacienda if they would be interested in pursuing
those individuals and possibly collect some of the unpaid taxes for the peo-
ple of Puerto Rico. There has been no response from  Puerto Rico's Hacien-
da.  They have no interest.

It appears that PREPA executives along with the political leadership in Puer-
to Rico are not the only parties getting rich on the back of Puerto Rican citi-
zens. The alleged corruption appears to be invasive and widespread.

Bond Holders and U.S. taxpayers are becoming increasingly aware of the
sad state of affairs in Puerto Rico.  Unless there is a wholesale change in po-
litical leadership and a re-staffing of all government departments with honest
and ethical leaders, I fear Puerto Rico will find little support in America or
elsewhere.

The U.S. Attorney, the SEC, the EPA, the U.S. Treasury Department, the
FBI and the IRS will likely be the means to a new beginning for Puerto Rico.
For those that hope for an independent Puerto Rico or for Statehood will see
why Puerto Rico is ready for neither.

Richard Lawless is CEO of Commercial Solar Power, Inc. The opinions expressed in the 
preceding article are exclusively his own.

Puerto Rico News Digest For March 16, 2015

ATHLETES INJURED DURING SHOOTOUT

Photo: Puerto Rico Police Dept.

From Yahoo News:

Two competitors in a Puerto Rico Ironman triathlon were injured by
gunfire exchanged between occupants  of two cars as they sped past
the bicycling part of the Sunday event in an  upscale area of the U.S.
island's capital. Puerto Rico police identified the  wounded compe-
titors as Wisconsin woman Liz Boivin, 26, and island  resident
Miguel Arroyo Ramos, 49.  Boivin was hit in the left calf while
three bullets struck Arroyo in the  left side while they raced on bi-
cycles through the San Juan district of  Miramar. The triathlon in-
volves biking, running and swimming.

OIL TAX HIKE WENT INTO EFFECT SUNDAY

The increase in the crude oil tax to $15.50 per barrel, colloquially 

known as "La Crudita", went into effect yesterday across Puerto Rico. 

Immediate rises in the price of gasoline were expected and have 

already been seen. But, as of Sunday afternoon, many gas stations 

across the island were still selling fuel at the "old price". However, 

across the board gas price hikes are inevitable and will likely start 

to be seen more consistently over the next few days.

GUAYANILLA MAYOR DENIES SEX ALLEGATIONS

From The San Juan Daily Star:

The suspended mayor of Guayanilla, Edgardo Arlequin Vélez,  on 

Thursday expressed hope he will be vindicated in the end  after the 

Special Independent Prosecutor (SIP) Panel suspended him last week 

from the mayoral seat for allegedly sexually harassing a municipal 

female employee. “All these  actions against me were based solely 

on statements by another party,” Arlequin Vélez said in a written 

statement. “I flatly deny the facts alleged against me. My family is 

accompanying me right now firmly and with serenity and  gratitude, 

and the people overwhelmingly have expressed solidarity with me. 

At the end of the process, I will prevail and continue to serve my 

people as usual.

TREASURY COLLECTIONS UP FOR FEBRUARY

From News Is My Business: 

The Puerto Rico Treasury Department collected $709.3 million in 

February for the General Fund, a figure that was up $39.4 million, 

or 5.9 percent when compared to the same month last year, and $6.5 

million, or 0.9 percent, below estimates. One of the main revenue 

drivers was $319 million collected in income taxes, which exceeded 

February 2014 collections by $35 million. All components of this 

category reflected increases when compared to February 2014.

WOMEN'S NAVY TENNIS TEAM TO PLAY IN PR

From Navy Sports:

The Navy women's tennis team (11-6) will open a three-match spring 

break trip in Puerto Rico on Monday against Augustana College (S.D.)

at 12:30 PM (ET). The Mids and the Vikings will meet in Palmas del 

Mar on the southeastern coast of  Puerto Rico. The Mids have won 

three straight matches and are coming off a 4-3 win over Delaware 

on Thursday. Navy has also recently defeated Towson, 5-2, and Marist, 

5-2.

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