As the markets wait for the the PREPA Best Practices Report (Nov 15 deadline) and new Business Plan (Dec 15 deadline) there has not been much good news to report. The first quarter tax collections were 36 million short of budget. In addition, the Treasury recently lost a court case requiring them to repay Doral Bank 230 million in pre paid taxes; another  non budgeted expense. To make matters worse, the GDB published a report suggesting that their liquidity would fall below 1 billion in June 2015 if 1 billion of HTA loans were not refunded. The GDB is scheduled to hold an investor conference call on Thursday, October 30 and they will likely announce a more formal plan of issuance.