Bill Halldin, a spokesman at Bank of America Merrill Lynch, declined to comment. Anne Hveem, a spokeswoman at Hennion & Walsh, didn’t have an immediate comment. Sarah Anderson, a spokeswoman at Stifel, didn’t immediately respond to an e-mail and phone message.
“People didn’t need the investments that they were put into,” Lipner said. “Representatives need to know what they’re recommending. And what we’re finding across the board in the states is that they didn’t.”
Puerto Rico is seeking to lower its debt stack by asking investors to accept less than the full value on their holdings or waiting longer to be repaid. The commonwealth is expected to present Friday its first debt-restructuring proposal to advisers and lawyers for creditors.