UNITED STATES DISTRICT COURT 

DISTRICT OF PUERTO RICO 

----------------------------------------------------------x 

In re: PROMESA 

 Title III 

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO, 

as representative of No. 17 BK 3283-LTS 

THE COMMONWEALTH OF PUERTO RICO, 

 Debtor. 

---------------------------------------------------------- 

In re: PROMESA 

 Title III 

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO, 

as representative of No. 17 BK 3284-LTS 

PUERTO RICO SALES TAX FINANCING (Joint Administration 

CORPORATION (COFINA), Requested) 

 Debtor. 

----------------------------------------------------------x 

NOTICE OF CORRESPONDENCE RECEIVED BY THE COURT

The Court has received and reviewed the attached correspondence from interested 

persons in the above-captioned cases: 

1. May 14, 2017 Letter from Michael Rakouskas 

2. May 26, 2017 Facsimile from Dr. Gerald Colvin 

3. May 27, 2017 Facsimile from Dr. Gerald Colvin 

Dated: May 31, 2017 

Case:17-03283-LTS Doc#:237 Filed:05/31/17 Entered:05/31/17 12:53:21 Desc: Main

Document Page 1 of 13
i' ·~ \ 

• W' ..,. .. - Mr. Michael Rakouskas .\pEe'~-;- ~y \ 5600 Laniel Court 

. ~\~~ -

19 ~Ull •. ~~gh, North Carolina 27612-5940 

I _) 

l c..4:,-;a~:;:,"s 6- uFit:1~YtC'H SJ<AIN 

LA u.s.D.J = ~ 'fheJHonorable Laura Taylor Swain 

United States District Court 

Southern District of New York 

500 Pearl Street 

- Nev./Y or'k,l'rew-vorfT00-0/--

Dear Judge Swain: 

May 14,2017 

I retired in late 2006. Shortly after I retired our country experienced one of the 

most difficult economic downturns in our history, the so-called Great Recession. 

This was followed by an extremely slow economic recovery combined with a 

Federal Reserve policy designed to maintain some of the lowest interest rates that 

savers/investors have ever experienced. 

During the last ten years -I, as have many of my contemporaries, have been 

struggling to organize my savings and investments to provide a flow of funds to 

support my wife and myself in a reasonably comfortable retired lifestyle. 

In 2009 and over the next several years I considered several alternatives including 

municipal bonds as a strategy. Municipal bonds, given their tax exempt status, 

were an attractive way to increase the returns on my portfolio. 

_ In di~~~sjpg_~}krnatives witp 9Qndagyi~qr~~Puerto &i.CQ bQQds ~re~ .. _ _ 

recommended as a means of enhancing my returns in a safe way. I was told that 

not only were they non-taxable at the federal, state and local level but Puerto Rico 

was prohibited from declaring bankruptcy, thus policy makers in Puerto Rico 

would be required to increase taxes or adjust fiscal and expenditure policy to 

balance its budget. My principal would be protected as they would not be able to 

pass on debt burdens to bondholders. I purchased all of these bonds when they 

were classified as investment grade by Standard & Poor's and Moody's. When 

discussing their degrading classification over the last several years, I was told by 

bond advisors that due to their protection from bankruptcy, they would continue to 

be safe investments. 

I understand that Congress passed the PRO MESA Act which allowed Puerto Rico 

to, in essence, declare bankruptcy, thus passing on the burden of their debt to their 

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. ·-

creditors, i.e. bondholders. Puerto Rico's oversight board, which was established 

by this Act, has been derelict in its duty to protect bond holders and require the U. 

S. Territory of Puerto Rico to adopt sensible fiscai policies. 

I understand that you have been appointed to adjudicate the Puerto Rico case. The 

steps taken by the PROMESA Act are an unacceptable, inexcusable, and unfair 

approach to resolving the state of Puerto Rico's misdirected policies and I trust 

that you will not allow this to happen. Don't allow Puerto Rico to balance its 

budget on the back of retirees that are struggling and cannot absorb such a 

reduction in their assets. I don't understand how my lending money to the 

government ofPued;Q .R\9Jlsan~~ver ~s.uJ! it]Jhetr _deQLbejng my problem and my 

responsibility. This will be devastating to us retirees! 

By maintaining interest rates at such a low level and encouraging purchases of 

municipal bonds because of tax exemptions, our country has encouraged such 

investments. Don 'tallow this change in the rules ofthe game which will permit 

Puerto Rico to reorganize their debt by passing on their debt burden to 

bondholders! Congress needs to work with Puerto Rico to help them survive this 

challenge. If the United States can provide billions to banks and corporate entities 

to avoid their bankruptcy, surely it can help its own Territory of Puerto Rico 

overcome its economic challenges. 

Whatever is done, at the very least please seek to protect as much of the principal 

as possible of those of us who, trusting in the law, purchased these investment 

grade bonds in good faith years ago and did not succumb to selling out our 

position to hedge funds for pennies on the dollar. Seek a formula which will 

permit bondholders who purchased long ago and held them to recover a higher 

percentage of their principal than hedge funds who purchased at a 40, 50, or 60 

percent of value in order to maximize their return. 

-- .-..-- ....... ~ .. ..,"" ...... -· ..... _ .. --- "' 

I have attached an article about others who have had a similar experience to me. 

Please seek a just and equitable solution to this difficult problem. Surely justice 

can be done for those of us who placed our trust in the law. Thank you for your 

consideration. 

Sincerely, 

Michael Rakouskas 

919-782-7672 

Enclosure 

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I've lost over $200,000 on Puerto Rican 

bonds 

by Heather Long @byHeatherlong 

February 22. 2016: 2:59 PM ET 

PuertoRiCo'sgoV'ernment 

soys the bonds are in the 

hands of vultures. 

I'm nota 

vulture. 

- Tereso Gordo. age 69 ~ ~ 

. 

i 

i 

I 

I 

Vultures. People who lent Puerto Rico money and now expect to be paid are being portrayed as 

greedy vultures. 

But Puerto Rico's $70 bii!!on debt criSIS isn't just a battle between New York hedge funds and a 

cash-strapped little island. 

About 30% of the debt is held by middle class Puerto Ricans like Teresa and Julio Garcia 

Another 15% is held by other "average Joe" Americans who invested in bond funds. 

'"The government says the bonds are in the hands of vultures. That's not true, • says Teresa, a 

life-long Puerto Rican. "I'm not a vulture. • 

The Garcias are retirees. They gush about their grandchildren. And they love Puerto Rico. Teresa 

was born in the city of Ponce - "the most beautiful place, • she claims. 

When the Garcias used their life savings to buy about $500.000 worth of Puerto Rican bonds in 

2005, they thought it was a safe - and patriotic -- investment The bonds were AAA rated and 

baCked by the government 

What seemed like a win-win Is now a nightmare for the Garcias. They've lost over $200,000. 

Many Puerto Ricans face a triple whammy of pain: their bonds are worth a lot less, their taxes 

are going up and their home values are plunging because of a mass population exodus from the 

Island. 

In a special investigation. CNNMoney met with numerous Puerto Rican bondholders. Their 

stories put a face on the crisis. The government's •atest proposal to pay bondholders roughly half 

What they are owed would hurt hedge funds, but also regular people. 

Related: There's a big sale on Puerto Rican homes 

THE 

·11 ~ ~ II IJiit ill All R ~ Iii Ia\" 5/13/17, 1:50PM 

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2of3 

In 2001, he invested about $200,000 in the bonds. He says his initial investment has fallen 60%. 

De Ia Noceda is a locksmith, not an Investment expert. His financial advisor recommended 

buying the bonds. Now the advisor claims, "This is something that no one anticipated. • 

"People say the rich Will pay Puerto Rico's debt, but I am not rich" says de Ia Noceda, who just 

finished paying for his daughter to attend university and is assisting his 96-year-old mother. 

He and his wife run a locksmith businesses. The island's crisis is hurting that too. Companies are 

closing because of a prolonged recession, and the government is delaying payments that it - ·""owes businesses.. · ~ ---- ..__.._...... .__..~ - ...... ... 

De Ia Noceda used to get paid Within about a month of doing a job. Now it typically takes 60 to 

90 days, even if he is doing work for a private company. 

Related: How to build a $100 million company out of mud 

TH 

TREP 

"I will never buy Puerto Rican bonds again, • he told CNNMoney. He vle\NS his investment as 

•basically a write off. • At age 40, he's lucky he didn't Invest too much in the bonds and has time 

to save more. 

Melendez Is exactly the type of'person Puerto Rico needs rightnow.-He grew up on the Island- -· 

and has a law degree. Fluent in English and Spanish, he became a tach expert and worked in 

Minnesota for a big U.S. firm for awhile but moved back to the Island. 

In 2003, he co-founded the software company Wovenware, which now has 32 employees. 

Wavenware's offices are in San Juan's Santurce neighborhood -- the Island's equivalent of 

Brooklyn. It's a hip area that's one of the few places visibly growing and improving. 

·we decided to stay and make it work. Someone has to stay, • says Melendez. 

Related: Puerto Rico's brain drain crisis 

EER 

5/13/17, 2:11 P"M 

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3 of4 

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An engineer, de Leon worked for many years at the island's power electric utility (known as 

PREPA). He'll never forget going to a seminar at PREPA for people who were about to retire. He 

daims the folks who ran the seminar advised workers to invest in Puerto Rican bonds. 

They would be •secure" and •conservative. • They came with a good interest rate and special tax 

exemptions. Plus the workers would be "doing this for Puerto Rico, • much like people who U.S. 

bonds during World War II. 

He invested several hundred thousand dollars in 2001 and added more in the following years. 

"I cannot recover 40 years of work. This represents the savings of my life. • he told CNNMoney. 

Today de Leon hardly ever goes out to eat. He driVes a 1986 car and his work van is from 1996. 

Related: Check to see if you have the right investment mix 

THE 

B Sl ESS 

Around age 55, she went to UBS, one of the big banks on the island. Her financial advisor there 

told her to put some money into Puerto Rican bonds and some in a fixed income fund. It turns 

out that fund was also heavily invested In Puerto Rican bonds. 

"I cry every day, • she told CNNMoney. She has lost over $1 million. Rodriguez estimates that she 

has about 36% of her initial investment lett. That's how much a firm recently offered her to buy 

her stake. 

"We have worked hard and honestly. They have robbed us of what we have,· says Maria. 

She and her husband Gabriel are focused on their children and grandchildren. Her daughter has 

health issues. so she Is trying to support her and the little ones. 

"I don't spend. I give It all to my grandchildren,· says Rodriguez. 

Related· John Paulson· Why ! invested billions In Puerto R1co 

5/13/17, 1:52 PM 

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Related John Paulson: ·why 1 inVested bimons tn Puerto R1co 

THE 

·1sT 

T T 

"All of our savings were invested with UBS in Puerto Rican bonds. We were expecting that with 

Social security and our bond earnings, we would have enough money to be OK and secure. • 

says Julio Garcia, age 77. 

The value ot their bonds has dropped in half. Fortunately, they did have other investments, but 

the majority of their retirement savings was in Puerto Rican debt. Today they receive about 

$1,000 less than what they expected each month. 

It means they don't go out to movies or dinner much. They save to see their grandchildren in 

Arizona. Their children moved there because there weren't any jobs on the island for them 

"I have been many places -- Europe, Canada, the U.S., other islands. StiR, I find Puerto Rico so 

beautiful. It's so sad to see Puerto Rico go down hill like this." says Teresa, who will soon tum 70. 

CNNMoney (New Yot1<) 

First publishecl February 22, 2016: 2:33 PM ET 

5/13/17, 1:52P~ 

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:GER2L FAX NO. :16507562899 

P letfse ~r'Urtfi.-.Pd 

f.v qa r"- S wr4'i 11 

Ma~. 26 2017 09:59PM P1 

.;-, 1 $ 1- 1!1 '}I 4.1-: 

MY DAUGHTER IS A BROKER WITH UBS. ON 6110120131 CONTACTED HER AND ARRANGED FOR A PURCHASE OF $100,000.00 OF 

PUERTO RICO GENERAL OBLIGATION BONOS (CUSIP ti 74514LaA8)- I WAS AWARE TH!; PRICE I PAID ($98.130.00) WAS THE 

GOING, MARKET PRICE FOR SUCH BONDS. THESE BONDS CARRIED NO BACK UP INSURANCE. SMALL AMOUNTS OF SAID BONDS 

WERE RECENTLY BEING SOLD ON THE OPEN MARKET FOR ABOUT SIXTY PERCENT OF FACE (PAR) VALUE. 

I AM NOW EIGH1Y.SEVEN YEARS OF AGE AND HOPE THE NEW LAW, VIZ. PROMESA. WILL ULTIMATELY PROVE BENEFICIAL FOR 

ME. I DO NOT UNDERSTAND HOW THE U.S., A SOVERIGN NATION CAA IMPOSE POWER OVER PUERTO RICO, A SOVERIGN 

NATION AND. AT THE SAME TIME, RESTRICT LEGAL ACTION BY THE BONO HOLDERS Ot: PUERTO RICO'S DEBT_ IT IS MY BELIEF 

THE SO CALLED AD:HQC COMMfltEE, REPRESENTING THE LARGEST ELEMENT OF G 0 BOND HOLDERS. VIZ. BROKERAGE 

HOUSES. WILL 

A TEMPT lO BRING A CASE TO THE U.S. SUPREME COURT TO CHALLENGE THE LEGALITY OF PROMESA. I BELIEVE IT MIGHT BE 

WELL FOR ME TO JOIN FORCES WITH THIS COMMITTEEI ~,., 

Case:17-03283-LTS Doc#:237 Filed:05/31/17 Entered:05/31/17 12:53:21 Desc: Main

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II l [2J 

~age o 

Subj: FYI •••• WHO GETS PAID DEBT SERVICE ON PUERTO RICO BONDS 

Date: 2/2312017 3:27:29 P.M. Pacific Daylight Time 

From: Dudegerrv@aoLcom 

To: mensajes@fortaleza.pr.gov 

BCC: .iill?_h connolly@mail. house.gov, maria.quintero@hacienda pr.gov. p_otus@whitehouse.gov, 

president@whitehouse.gov 

ON 1/1/2017 COFINA BOND HOLDERS GOT AWAY WITH STOLEN MONEY WHEN THEY WERE PAID ON 

THEIR BONDS IN LIEU OF THE GO BOND HOLDERS RECEVING THE DI::BT SERVICE DUE THEM ON 

THAT DATE. THE COFINA BOND HOLDERS SHOULD BE THROWN OUT OF COURT! 

COFINA Bondholders Enter Case to Avoid Cut of Bond Payments 

Senior holders of Puerto Rico Sales Tax Financing Corp:(COFINA) bonds tiled a motion Wednesday to become involved in a court 

case that pits their interest$ agaill$t those of the commonwealth's general obligation bond holders. 

NOW ... READ BAND HEED TE FOLLOWING: 

HIERARCHY FOR P.R. BOND DEBT SERVICE 

TO: ALL PARTIES IN PUERTO RICO WHO HAVE THE POWER TO DETERMINE THE BEHAVIOR OF THE 

COMMONWEALTH IN ESTABLISHING HOW TO APPLY ITS INCOME TO MEET ITS FINANCIAL 

OBLIGATIONS: 

AS A HOLDER OF GENERAL OBLIGATION BONDS OF THE COMMONWEALTH OF PUERTO RICO, I WISH 

TO DECLARE MY POSITION AS FOLLOWS: IF THE COMMONWEALTH HAD NOT DECIDED TO 

ESTABLISH BONDS ISSUED FOR ITS AGENCIES, OTHER THAN BONDS ISSUED AS GENERAL 

OBLIGATIONS, ALL THE INCOME FROM SAID AGENCIES WOULD HAVE GONE TO THE GENERAL FUND 

AND WOULD HAVE BEEN AVAILABLE TO SERVICE THE DEBT ON G 0 BONDS. ERGO, BY ISSUING 

BONDS FOR THESE AGENCIES, THE COMMONWEALTH WAS ESTABLISHING A POTENTIAL 

- USURPTION OF THE WHEREWITHALL TO SERVICE THE G 0 DEBT. MONEY. IJSFn TO ~FRVI~F [)!=RT ON SUCH AGENCY BONDS MUST COME ONLY FROM THE INCOME GENERATED BY THESE 

AGENCIES. IF SUCH EARNINGS ARE BEING SET ASIDE SPECIFICALLY TO SERVICE THE AGENCIIES 

DEBTS BEFORE BEING SENT TO THE GENE'RAL FUND THE RESULTS COULD RESULT IN A LACK OF 

MONEY BEING MADE AVAILABLE TO SERVICE THE G 0 DEBT. IF THERE IS NOT ENOUGH MONEY TO 

FROM THE INCOME PRODUCED BY THESE AGENCIES THEN DEFAULTS ON THIER BONDS MUST BE 

DECLARED. IF THE INCOME OF THE AGENCIES WENT TO THE GENERAL FUND INSTEAD OF BEING 

SET ASIDE FIRST THEN THE INCOME WOULD GO TO THE GENERAL FUND. IN WHICH 

CASE SUCH AGENCY DEBT DEFlCITS MUST NOT BE REPLACED BY FUNDS EXTRACTED FROM THE 

GENERAL FUNDWITH 

THE TOTAL AMOUNT OF THE FUNDS NECESSARY TO PAY THE DEBT SERVICE ON THE G 0 BONDS. 

IN THE EVENT SAID AGENCY BOND HOLDERS WERE PAID FROM SAID SOURCE, WITH THE 

RESULT THE G 0 BONDS COULDN'T BE FULLY SERVICED. THIS WOULD CONSTITUTE A USUPTJON 

OF THE WHEREWITHALL FOR G 0 DEBT SERVICE! THE CONDITIONS UNDER WHICH THE G 0 BONDS 

WERE ISSUED SPECIFICALLY PROVIDED G 0 BOND HOLDERS WITH A GUARANTEE BY THE 

__ ____,.C""'O"""'N.x.ST...._li.UTION OF PUERTO RICO \M::UCH MANDATED DEBT SERVICE ON GENERAL OBUGAI!.QN 

Pag~o£:3 

~-

FOREGOING DISPOSITION. INQEED, UNLESS PUERTO RICO CONTINUES TO HONOR ITS 

. CONSTUTIONAL OBLIGATIONS (AS STATED) TO THE GENERAL OBLIGATION BOND HOLDERS, I 

SHALL JOlN IN THE ClASS ACTION BROUGHT, UNDER SUCH CIRCUMSTANCES, BY SAID CLASS 

PARTIES, TO HAVE TI-fEIR CASE HEARD AND TRIED BY A U.S. COURT. I AM PRESENTLY THE HOLDER 

OF $100,000.00 OF G 0 BONDS, THE CUSIP# OOF WHICH IS 74514LQAS. THIS SECURITY IS HELD IN 

MY ACCOUNT AT UBS. 

t HAVE SENT A LETTER REFLECTING THESE COMMENTS TO THE GOVFRNOR A~ WFI I A~ 

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I HAVE SENT A LEITER REFLECTING THESE COMMENTS TO THE GOVERNOR AS WELL AS 

TO OTHER PARTIES WITH WHOM THE GOVERNOR CONFERS. I SHALL BE EXPECTING A REPlY 

FROM HIM DETAILING HIS ACTIONS OR.ANY SUGGESTIONS HE WISHES TO MAKE. 

SINCERELY, DR. GERALD COLVIN 

14 WILSHIRE CT DALY CITY, CA 940.15 TEL.# 650 756 2899 

P. S. UPON MY REVIEW OF THE LATEST FINANCIAL PROJECTIONS FOR THE COMMONWEALTH OF 

PUERTO RICO, I NOW REALIZE THERE IS VIRTUALLY NO POSSIBIUTY OF FOR THE NEXT TEN YEARS 

PUERTO RICO WILL FIND ANY WAY TO MEET ITS DEBT SERVICE OBLIGATIONS TO ME OR ANY 

OTHER HOLDERS OF THEIR GENERAL OBLIGATION BONDS BECAUSE THE TAXES COLLECTED, 

INSTEAD OF GOING TON THE GENERAL FUND (AND THENCE TO ME AND/OR OTHER GENERAL 

OBLIGATION BONO HOLDERS), WILL BE USED TO PAY DEBT SERVICE TO COFINA INSTEAD. THIS 

CONSTITUTES A CRIME AND THOSE WHO SET UP THIS COFINA FAVORITISM SHOULD BE PUT IN 

JAIL. 

[3J Case:17-03283-LTS Doc#:237 Filed:05/31/17 Entered:05/31/17 12:53:21 Desc: Main

Document Page 11 of 13
FAX NO. :16507562899 Ma~. 26 2017 10:03PM Pi 

Pag~o£3 

FOREGOING DISPOSITION. INDEED, UNLESS PUERTO RICO CONTINUES TO HONOR ITS 

~ 

CONSTUTIONAL OBLIGATIONS (AS STATED) TO THE GENERAL OBLIGATION BOND HOLDERS, I 

SHALL JOIN IN THE CLASS ACTION BROUGHT, UNDER-SUCH CIRCUMSTANCES, BY SAID CLASS 

PARTIES, TO HAVE THEIR CASE HEARD AND TRIED BY A U.S. COURT. I AM PRESENTLY THE HOLDER 

OF $100,000.00 OF G 0 BONDS, THE CUSIP # OOF WHICH IS 74514LQA8. THIS SECURITY IS HELD IN 

MY ACCOUNT AT UBS. 

I HAVE SENT A LE1TER REFLECTING THESE COMMENTS TO THE GOVERNOR AS WELL AS 

TO OTHER PARTIES WITH WHOM THE GOVERNOR CONFERS. I SHALl BE EXPE:CTING A REPLY 

FROM HIM DETAILING HIS ACTIONS OR.ANY SUGGESTIONS HE \MSHES TO MAKE. 

SINCERELY, DR. GERALD COLVIN 

14 WILSHIRE CT DALY CITY, CA 94015 TEL.#650 756 2899 

P. S. UPON MY REVIEW OF THE LATEST FINANCIAL PROJECTIONS FOR THE COMMONWEALTH OF 

PUERTO RICO, I NOW REALIZE THERE IS VIRTUALLY NO POSSIBILITY OF FOR THE NEXT TEN YEARS 

PUERTO RICO WILL FIND ANY WAY TO MEET ITS DEBT SERVICE OBLIGATIONS TO ME OR ANY 

OTHER HOLDERS OF THEIR GENERAL OBLIGATION BONDS BECAUSE THE TAXES COLLECTED, 

INSTEAD OF GOING TON THE GENERAL FUND (AND THENCE TO ME AND/OR OTHER GENERAL 

OBLIGATION BOND HOLDERS), WILL BE USED TO PAY DEBT SERVICE TO COFINA INSTEAD. THIS 

CONSTITUTES A CRIME AND THOSE WHO SET UP THIS COFINA FAVORITISM SHOULD BE PUT IN 

JAIL 

ThtrrSdav. Mav 25.2017 AOL: Dudee:errv 

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~M :GER2L FAX NO. :16507562899 Ma~. 27 2017 11:18AM P1 

::: J-A--;t: 

Page 1oft 

TO: JUDGE LAURA SWAIN ,:::A.v 

FROM: DR. GERALD COLVIN f" .q: I :iJ c., -.~or 1~-~.,.- 7-i¥ q. ~ 

SUBJECT: COPY OF MY MESSAGE SENT TO PRESIDENT TRUMP 

BECAUSE THE ACTIONS ( #14-02283) ABOUT TO BE TAKEN IN THE U. S. DISTRICT COURT OF 

PUERTO RICO BY YOU, I SENT THE FOLLO'MNG MESSAGE TO THE PRESIDENT IN HOPES HE'D TAKE 

MORE INTEREST INIHE FINANCIAL AFFAIRS OF THETHE COMMONWEALTH OF PUERTO RICO: 

MR. TRUMP: BEFORE THE END OF THIS MONTH U.S. DISTRICT JUDGE, LAURA SWAIN, FOR 

THE COMMONWEALTH OF PUERTO RICO, WILL MAKE AN EXTREMELY IMPORTANT DECISION AS TO 

HOW THE COMMONWEALTH MUST ALLOCATE ITS FUNDS TO SERVICE THE DEBT ON THE BONOS IT 

HAS ISSUED. SHE IS NOW THE KING PIN TO DETERMIN WHO SHOULD BENEFIT IN RECEIVING 

PAYMENT ON THEIR BONDS, AND WHO VVILL BE DENIED SUCH. NO ONE IN THE U. S. GOVERNMENT 

SHOULD HAVE MORE INTEREST THAN YOURSELF IN HOW HER DECISION WILL AFFECT THE U.S. 

TREASURY. TAKE A LOOK AT THE FOLLOWING AND CRIT !CALLY CONSIDER (PRSONALY) WHAT YOU 

SHOULD OR SHOULDN'T BE DOING REGARDING THIS EVENT! 

DEAR SIR: l KNOW ..... AND YOU KNow.ltvou ARE NOT AOEQUATEL YIN TOUCH WITH THE 

FINANCIAL FIASCO IN PUERTO RICO, HOW IT IS AFFECTING YOUR FELLOW CITIZENS OR HOW IT IS 

NOW GOING TO AFFECT THE U.S. INCOME IN TAXED DOLLARS TO THE U. S. TREASURY. YOU HAVE 

NOT BEEN BROUGHT TO THE FULL CONSCIOUS REALIZATION OF THE FACT THERE ARE 

NOW $70,000,000,000,00 ~ T OF DEDUCTIONS TAKEN OFF u.s. 

INCOME TAX RETURNS BEING FILED THIS YEAR AND NEXT YEAR DUE TO HOW THE DEFAULT ON 

PUERTO RICO BONDS HAS BEEN FELT BY U.S. BONO HOLDERS. IF NOTHING ELSE ...... THIS 

ADDITIONAL DRAIN ON THE FINANCES AVAILABLE TO THE TREASURY WILL MAKE IT ALL THE MORE 

DIFFICULT TO GET THE FUNDS TO BUILD YOUR WALL AT THE BORDER WITH MEXICO TO SAY THE 

LEAST. I, FOR ONE, WILL GET A $100,000.00 WRITE OFF ON MY INCOME TAXES THIS YEAR .. ........... ~·*···~·*••*******····~**********- --** **~~···~~-~-·-· 

Fridav_ M::lv ?f\ ?017 Atn · n .. .-3------

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