Some professional money managers do not know what a debt service reserve fund is (PR DEFAULT: CAN KICKED... BRIEFLY)

``... the fact that Puerto Rico made a large portion of its required payment through the use of reserve funds is not a benign observation. It means that the commonwealth does not have sufficient funds to service its debt and is now exhausting its absolute last resorts. This is the normal course of events on the way to monetary default, as many other distressed borrowers have demonstrated for as long as such rudimentary bondholder protections have existed... Never in a million years would I have imagined seeing professionals misrepresent the most basic of situations to this degree.''