A Chapter 11 bankruptcy involving a bond-financed Arizona participant sports venue will continue to move forward in an effort to sell the property after a federal court judge denied a motion to appoint an independent trustee for the debtor or dismiss the case. Judge Daniel Collins’ Wednesday order acknowledged disputed allegations of mismanagement and infractions
Bonds
California is following other states in a push to snare federal infrastructure money to develop the state’s hydrogen market. Gov. Gavin Newsom announced on Tuesday that he has directed the Governor’s Office of Business and Economic Development, more commonly known as GO-Biz, to develop a hydrogen market development strategy for the state, employing an all-of-government
Public universities are showing an increased interest in public-private partnerships to provide infrastructure and services at their schools. Three-quarters of higher education respondents in a new survey said they’re interested in increasing the number of P3s on their campuses. That is higher than last year’s number of 71%. The survey, which included 385 college and
New York City faces a possible $12 billion bill in the years ahead as the migrant crisis continues to stress the city’s finances, Mayor Eric Adams said on Wednesday. According to updated figures, costs associated with the influx of migrants could cost the city more than $12 billion over the next three fiscal years if policy changes
Municipals were firmer and Wednesday’s larger new-issue calendar was well received while U.S. Treasuries were weaker on the short end but improved 10 years and out. Equities were in the black as markets await Thursday’s monthly inflation data. “U.S. stocks pared losses after a strong auction signaled that Wall Street is very confident that inflation
An Iowa hospital filed for Chapter 11 bankruptcy this week, blocking a move by its largest bondholder to seek a court-appointed receiver and the immediate payment of principal and interest. Monday’s filing by Mercy Hospital in U.S. Bankruptcy Court for the Northern District of Iowa stays the receivership case brought by the bond trustee Computershare
A bipartisan group of U.S. senators is asking the Internal Revenue Service to clarify regulations that govern nearly 3,000 hospitals in the country operating as privately owned, not-for-profit organizations. The total number of hospitals in the U.S. is just over 6,100, per the American Hospital Association. Not-for-profit hospitals are exempt from paying most federal and state
Matt O’Connor has been named head of BNP Paribas Securities Corp.’s new Miami office, the firm announced on Monday, while Annabella Espina has been chosen to be the office’s chief operating officer. “We welcome Matt and Annabella to these new roles and look forward to the official opening of our Miami office later this year,”
As cities like Phoenix, Dallas and New Orleans sizzle under record-breaking heat waves, issuers are pushing for passage of a bill that would add extreme heat events to the list of major disasters that are eligible for broad federal support. The measure would allow cities and states — as well as hospitals and other health-care
Minneapolis will sport an upgrade to triple-A when it takes its general obligation bonds on their annual trip to the bond market later this month. Fitch Ratings upgraded the city to AAA from AA-plus late Tuesday, ahead of the city’s $113.855 million competitive sale. The upgrade “reflects Fitch’s belief that the city’s long-term liability burden
Enjoy complimentary access to top ideas and insights — selected by our editors. On September 13, luminaries from across the world of municipal finance will gather in Chicago at the close of The Bond Buyer‘s Infrastructure event to celebrate the incoming class of Rising Stars and induct the second annual class into our Hall of
Enjoy complimentary access to top ideas and insights — selected by our editors. The Bond Buyer has announced its second annual class of inductees into its Hall of Fame of municipal finance, which recognizes and celebrates groundbreaking individuals who have left an indelible legacy on the muni community and the people and places it represents.
The arc of Lois Scott’s diverse career path — from investment banker to White House Fellow to financial advisory firm co-founder to Chicago CFO to executive producer of women-directed film — has an underlying theme. Altruism, she said, has been the focus whether in the public or private sector. It stemmed from her parents’ influence.
For Hill Feinberg, chairman emeritus of HilltopSecurities, there is satisfaction in seeing the airport, the school, the toll road, and other infrastructure his firm played a role in financing. “It’s very rewarding to look back and say I helped that educational process get done, or I helped this hospital get financed,” he said. “It’s very
After almost half a century in the municipal finance industry, with a heavy focus on affordable housing, public finance lawyer Howard Zucker is one of the most respected and admired attorneys in the business. Zucker, managing partner at Hawkins Delafield & Wood LLP for 25 years, joined the firm as an associate in 1977 and became
From the confines of bankruptcy courtrooms to the halls of Congress, James E. Spiotto earned the status of municipal bankruptcy dean over his more than four-decade career. Friends, colleagues, and industry professionals held Spiotto in high esteem as a consummate but humble voice in the municipal industry for his bankruptcy and restructuring expertise that influenced
Gregory Carey has the municipal industry in his blood. Carey is a third-generation muni market participant, following his grandfather, Gerald J. Carey, executive director, and ultimately chairman, of the New York City Housing Authority, and his father, Robert H. Carey, a municipal bond attorney with a career that spanned half a century. “My grandfather built
James Reynolds, Jr., Loop Capital Markets’ chief executive officer, chairman and co-founder, started in the municipal bond industry in 1981, when bonds were still traded “from a blue book — you actually printed out the prices of munis from the day before,” Reynolds recalled. Banks and insurance companies dominated the buyer base, with mutual funds
Margaret “Peg” Henry is among the most important contributors to contemporary municipal finance law, navigating seismic changes in the landscape as a lawyer in private practice, an educator, a regulator, and in-house broker-dealer counsel. Henry’s more than 40 years as an influential attorney, for which she is being recognized as a member of The Bond
Californian Tim Schaefer, a legend in the municipal bond industry, is a posthumous inductee into The Bond Buyer’s Muni Hall of Fame. Schaefer, who died in January at age 75, had the distinction of working in the municipal bond industry from multiple angles: as a trader, a financial advisor, a banker, and finally as California’s
Puerto Rico’s June economic activity index rose 3% from June 2022 and 0.4% from May 2023, but the average monthly growth for fiscal year 2023 was 0.3%. Compared to the figure for June 2013, the economic activity index was down 2%. “Unless there is production, we cannot make headway,” Heidi Calero, economist and president of