Joe Rosenblum

It is definitely a step forward, a very good step forward. We think it was necessary. It doesn't answer all your questions but at least it sets up a framework and does provide fiscal management and oversight which we think was necessary because the credibility of the government is pretty much shot, we don't think at these prices we are ready to dip our toes back in and we haven't seen a lot of trading activity out there, so I think we are in company.

There was always a sense that this thing (PREPA) was going to get done. Maybe a bit slower than I would have expected... The question becomes, does that provide a model to the rest of the debt? I don't necessarily think so, some people might seize on it as Puerto Rico can sit down and negotiate with bondholders. I think the rest of the bondholders for the rest of the debt presents a much more complex problem.