Talk about well-earned fees (good luck chasing the Virgin Islands, ya'll). After tens of millions of dollars of fees spent to get the Puerto Rico Electric Power Authority ("PREPA") and its bondholders to agree to a consensual out-of-court deal, that deal is now worth bupkis and the entity has joined a variety of other Puerto Rican entities in Title III bankruptcy. What a joke. Choice quote from Bill Fallon, the chief executive of National Public Finance Guarantee Corporation, saying that the Title III filing "would leave Prepa years away from attracting the private investment necessary to modernize." Clearly Bill Fallon's memory is so short that he doesn't remember that memories are short. This line of argument is so old and tired that it has zero credibility at this point. We're calling it now: PREPA will issue a 100-year bond within the next three years and, depending on where interest rates and yields stand at the moment, may even make Argentina look good while its at it. C'mon dude.