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Ambac Assurance Corporation v. Financial Oversight and Management Board for Puerto Rico, et al.

Paid petition · United States Court of Appeals for the First Circuit, No. 18-1214 · judgment June 24, 2019

Certiorari denied · January 13, 2020
Pre-decision estimate: 36% cert probability (95% interval 25%–50%)

Before the decision, about 8.7× the 4.1% base rate. The model weighted this up for counsel who has won certiorari before, a First Circuit decision below, and a circuit split argued in the petition, and down for a business respondent.

Questions presented

  1. Whether 11 U.S.C. § 904 and 48 U.S.C. § 2165 prohibit a bankruptcy court from enforcing the provisions of the Bankruptcy Code against municipal debtors.

  2. Whether 11 U.S.C. § 922(d)—which creates an exception to the automatic stay of debt enforcement actions during the pendency of bankruptcy proceeding for the “application of pledged special revenues”—mandates that there is no automatic stay of debt enforcement actions with respect to special revenues. (i)

Counsel of record

For petitioner
Neal Kumar Katyal
Milbank LLP

For respondent
Martin J. Bienenstock
Proskauer Rose LLP

Case

Conference history
Distributed for 1 conference

Amicus briefs
1 cert-stage

Proceedings

  1. Jan 13 2020
    Petition DENIED.
  2. Dec 11 2019
    DISTRIBUTED for Conference of 1/10/2020.
  3. Dec 11 2019
    Reply of petitioner Ambac Assurance Corporation filed.
  4. Nov 25 2019
    Brief of respondents Financial Oversight and Management Board for Puerto Rico, et al. in opposition filed.
  5. Oct 24 2019
    Brief amicus curiae of Securities Industry and Financial Markets Association filed.
  6. Oct 21 2019
    Waiver of right of respondent Official Committee of Unsecured Creditors to respond filed.
  7. Oct 02 2019
    Motion to extend the time to file a response is granted and the time is extended to and including November 25, 2019.
  8. Sep 30 2019
    Motion to extend the time to file a response from October 24, 2019 to November 25, 2019, submitted to The Clerk.
  9. Sep 23 2019
    Petition for a writ of certiorari filed. (Response due October 24, 2019)