Insolvency and Restructuring partner Craig A. Barbarosh spoke with The Wall Street Journal on the US municipal bond market's reaction to Puerto Rico filing to restructure its debt through a bankruptcy-like process. He stated, "Some hedge funds scooped up bonds at cut-rate prices as Puerto Rico lost the confidence of the financial markets and they have placed bets on specific tranches of debt." He also noted that because managers of large mutual funds typically purchase debt closer to par values, their approach to recovery may be different than other bondholders with a lower cost basis. ("Puerto Rico Bankruptcy Is 'Beginning of the Story' for Investors," May 4, 2017)