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Law of physics governs airplane evolution
Credit ratings agencies, which had already cut most Puerto Rico bonds to below-investment grade earlier in the year, slashed them deeper into junk territory, saying the law raised questions about the administration's commitment to honoring its debts. The upshot has been a shift in ownership of Puerto Rico bonds away from risk-averse investors to hedge funds who are accustomed to uncovering ways to profit from bonds trading at deeply discounted levels. "There's no way any traditional investor is buying at 40 cents on the dollar," said David Tawil of Maglan Capital, a distressed debt hedge fund. Hedge funds buying the distressed PREPA debt may open the way to a debt-cutting deal, given that they specialize in finding "collaborative solutions that will assist in any restructuring," said Laurence Gottlieb, the chairman and chief executive officer of Fundamental Advisors, which focuses on municipal markets.
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Puerto Rico debt crisis headed for U.S.-style bankruptcy resolution - Yahoo News
The analysis also provides insights into how aerospace companies can develop successful future designs. The Concorde, alas, was too far from the curve of these good designs, Bejan says.
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