Financial Oversight and Management Board for Puerto Rico Member Rips Into PREPA for Failure To Pay It's Bills
Justin Peterson, a member of the Financial Oversight and Management Board for Puerto Rico took to Twitter to bring attention to PREPA’s continued failure to pay it’s debts. Throughout his thread, the FOMB member cut through the many excuses offered by PREPA for its unwillingness to pay for services faithfully rendered.
Received this letter from the CEO of Mammoth Energy. His company performed hundreds of millions of $ of work for PREPA @AEEONLINE but was never paid for their work. As deadbeat PREPA’s bondholders know only to well, PREPA does not pay its bills…(1) pic.twitter.com/CaKH6Nnt3r
— Justin Peterson (@JPHusker_) January 28, 2022
(2) @AEEONLINE claims that it doesn’t have the money to pay. Mammoth. This despite the fact that FEMA has provided billions $ for reconstruction. PREPA’s service is an unmitigated disaster. So it’s doubtful that it is spending ANY $ serving its customers in Puerto Rico…——
— Justin Peterson (@JPHusker_) January 28, 2022
(3) PREPA has stiffed its bondholders for more than 7 years now. It has used bankruptcy as a shield against paying any debts. Notice a pattern here? @AEEONLINE doesn’t pay its bills. My question is, where does all the $$ go?
— Justin Peterson (@JPHusker_) January 28, 2022
PREPA cynically uses the ongoing legal proceeding related to a former executive as an excuse for robbing Mammoth. (See this excerpt para from letter). But if there was a problem, why did PREPA keep running the meter with Mammoth? pic.twitter.com/cSFs6dDqeR
— Justin Peterson (@JPHusker_) January 28, 2022
(5) Quoting from Mammoth letter: “PREPA’s continued mistreatment of its private sector partners will drive away contractors who can assist Puerto Rico in the aftermath of future natural disasters.” Put another way, why would anybody ever do business with @AEEONLINE ?
— Justin Peterson (@JPHusker_) January 28, 2022
@TomColeOK04 @jameslankford your constituents at Mammoth Energy (Oklahoma City) need your help. They’re owed hundreds of millions by @AEEONLINE. Maybe it’s time for Congress to look into where all the taxpayer $$ being sent to Puerto Rico is going! @jgonzalezpr @AndrewScurria
— Justin Peterson (@JPHusker_) January 28, 2022