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Caught Our Eye

Ex-congressman lobbies for Puerto Rican bondholders

Posted by J. Todd Foster on April 12, 2016

Former Rep. Connie Mack IV (R-Fla.) and his lobbying firm Mack Strategies is going to bat for the bondholders who stand to lose their investments if Puerto Rico defaults on its massive debt.

The lobbying firm disclosed that it is working "to advance the importance of upholding the Puerto Rico constitution" on behalf of "G.O. Bondholders of Puerto Rico," although it doesn't get more specific about who those bondholders might be. The Puerto Rican constitution makes reference to guaranteeing debt.

Investors who have almost $5 billion of Puerto Rico general-obligation bonds recently disclosed a plan to stave off a July 1 loan default by offering up $750 million in new debt.

Mack, who served in the House from 2005-13, has been chief executive officer of Mack Strategies since 2014.  He is the great-grandson of the late Hall of Famer Connie Mack, the manager and owner of baseball's Philadelphia Athletics during the first half of the 20th century and the longest-serving manager in Major League Baseball history.

Mack Strategies' clients include American Task Force Argentina and Las Vegas Sands Corp.