PR has outstanding bonds for 72 billion and has declared bankruptcy. Aurelius, a vulture fund son of Elliott the Father of all Vultures, bought some very depreciated bonds and now demand to be paid in full. The island is a dependency of the USA and the federal taxpayer will have to pay. The debts are the legacy of corrupt politicians of the past.
The issue is that many municipalities and States like Connecticut and New Jersey have also sold bonds that cannot re-pay. Kostolanyi had an informant (spy) in the Danish Government so he knew that they had decided to pay the debt - and then bought a big lot on credit very cheap. He made a fortune. That was before WWII.
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