Joe Coleman, a founding director of the Firm, chairs the Insolvency, Bankruptcy & Creditor Rights Section, which focuses on corporate and business reorganization, debt restructuring, and insolvency-related work of all kinds throughout the nation.
From humble beginnings as the Firm's only restructuring lawyer at its founding in 1992, Mr. Coleman and his team have built a nationwide, multi-disciplined restructuring and insolvency practice comprised of ten professionals. Philosophically, Mr. Coleman believes to be the best bankruptcy lawyer, you must sit in every seat around the restructuring table. Whether representing the Lender, Committee or Debtor, he thoroughly comprehends each significant parties' pressure points and strategies, because he has represented such other parties in other matters. In short, one only deeply understands the motivations of the person across the table or opposing counsel in court if you have actually been in that exact position.
KRCL focuses on having deep, thorough experience representing all constituencies in the restructuring process. As a result of this philosophy, Mr. Coleman and his team have represented billions of dollars of secured creditors, confirmed over twenty plans of reorganization representing both public- and privately-held debtors, represented forty-five Creditor Committees in nineteen states, participated in more than fifty Section 363 sales and represented over twenty post-confirmation trusts. Mr. Coleman has also been appointed as the post-confirmation trustee and has served as an expert witness in bankruptcy cases. Recently, one bankruptcy Judge even appointed Mr. Coleman as "Chief Marketing Officer" to sell a 3,700 acre ranch in a highly- contentious family dispute in the bankruptcy case.
Mr. Coleman has also represented equity interest holders, state-court receivers, many parties to executory contracts and unexpired leases, trustees, retirees, and virtually every conceivable constituency in bankruptcy, out of court workouts and other insolvency proceedings. Mr. Coleman's work has earned him numerous accolades, including the Turnaround Award (Chapter 11 Reorganization of the Year, $25MM to 100MM) by The M&A Advisor for the 2017 Reorganization of Valuepart, Inc., an international distributor of aftermarket parts for off-highway earthmoving tractors and equipment.
Bankruptcy, Insolvency & Creditors' Rights
State Bar of Texas
United States District Courts for the Northern, Southern, Eastern and Western Districts of Texas
United States Court of Appeals for the Fifth Circuit
Southern Methodist University Dedman School of Law, J.D., 1985
Editor, Southwestern Law Journal
Member of Phi Delta Phi
Creighton University, B.S., 1982
Solon E. Summerfield Scholar
Member of accounting honor society Beta Alpha Psi
Mr. Coleman has represented 45 Creditors Committees in 19 states.
Debtor's counsel in senior living case, confirming three plans of reorganization and successfully obtaining the Court's ruling, after a four day trial, that three leases are divisible from a master lease with a publicly traded REIT.
Committee in internet—based sports equipment retailer, including litigation against private equity, Section 363 sale and significant claim reduction resulting in a minimum distribution case yielding over 30% to unsecured creditors.
Lenders in numerous oil and gas bankruptcy cases, including Whiting Oil Corporation; Gavilan Resources, LLP; Arena Energy, L.P.; and Sheridan Holding Company I and II, LLC.
Publically traded manufacturing company, whose licensee failed to pay for critical foreign product. Given no time for an involuntary bankruptcy filing coupled with a Section 363 Sale, structured an out-of-Court distressed sale, with significant liability-sensitive protections, achieved board approval and saved the client's product line.
Debtor's counsel for oil and gas EP Company with operations in Texas and Utah resulting in a dual-track plan and sale process. Conducted seventeen round Section 363 auction and confirmed plan of reorganization over objections.
Represented officers (of what was once the largest senior living facility company in the nation) in an officer and director lawsuit in federal district court in Maryland. Settled on very favorable terms.
International conglomerate regarding out of court wind down of significant U.S. operations, including real estate issues, union negotiations, international contractual workouts, WARN Act matters and D&O issues.
Committee in Winston-Salem bankruptcy of a distribution company, including D&O investigation, successful Section 363 sale, and Committee-directed plan of reorganization.
Appointed as Chief Marketing Officer by Bankruptcy Judge and charged with selling 37,000 acre west Texas ranch. Mr. Coleman sold the ranch in a competitive sale process for over $32 Million in less than five months from appointment to closing.
Committee in an international distributor bankruptcy case involving restructuring the business, investigation and resolution of insider and D&O claims. Also represented post-confirmation trust. Received the Turnaround Award (Chapter 11 mid-market) from M&A Advisors, New York.
Representation of manufacturer in Portland, Oregon, including negotiations with secured lender, acquisition and UCC foreclosure sale of secured creditor's collateral to maintain growing-concern value.
Post-Confirmation Trustee in senior living facility bankruptcy case. Representation involved sale of facilities, over-seeing massive tort litigation, working through regulatory issues, claim reconciliation, avoidance actions and related issues.
State Court-Appointed Receiver in Oklahoma oil and gas case, involving a myriad of disputes with interested parties, state court litigation, over $30 million in asset sales and negotiations with bank group.
Representation of claimants in numerous avoidance actions in five states seeking a total of over $30 million in damages.
Represent Creditor's Committee in Atlanta bankruptcy case involving four levels of secured debt, several §363 sales of multi-state companies, D&O lawsuit and significant avoidance actions.
Equity owner of oil and gas services companies involving five bankruptcy cases, three state court receiverships and significant related litigation.
Successful out of court workout of contractor business with operations in multiple states, including debt restructuring, dispute resolution with quasi-governmental agencies, bond company negotiations and related actions to prevent bankruptcy.
Committee in Delaware bankruptcy case concerning U.S. operations of a Japanese company, confirmed committee-directed plan and resolution of litigation against Japanese parent company.
Four and one-half day successful trial in the Texas Rangers bankruptcy case.
Committee in Connecticut retail bankruptcy case resulting in committee-proposed plan and reduction of over 40 percent of claims through the committee's recharacterization of debt as equity and D&O actions against insiders.
Highest bidder and purchaser of approximately 100 oil and gas leases and related properties out of bankruptcy.
Committee in biofuel bankruptcy case, including litigation against a 20-member lender group that resulted in settlement with significantly under-secured lenders paying unsecured creditors 15 percent of their claims.
Successfully defended officers and directors in oil and gas bankruptcy case resulting in court-approved settlement for an amount less than projected legal fees.
Proposed and confirmed competing plan of reorganization as a means to stop the consummation of a Section 363 sale process and enable the acquisition of a natural gas pipeline transmission company through a plan of reorganization.
Post-confirmation trustees in the oil and gas, mortgage, retail, manufacturing, transportation, technology and distribution industries.
Equity holders of a holding company in a Nashville, Tennessee bankruptcy involving restaurants in five east coast states; confirmed plan resulted in equity holders retaining ownership of restaurants, with a vastly improved balance sheet.
Group of seven golf equipment manufacturers in an out of court workout with a national retail chain resulting in equity funding, significant payment and security interests from formerly insolvent company.
Publicly traded equity fund in bankruptcy litigation involving intellectual property and attempted recharacterization of debt as equity
Represented a Fortune 500 company in the acquisition of an international service firm in bankruptcy.
Official Unsecured Creditors' Committee in a transportation industry bankruptcy comprised of 28 affiliated, publicly traded debtors, over $75,000,000 in debt. Resulted in several Section 363 sales and confirmed joint plan of reorganization.
Debtor, a publicly traded roll-up of thirteen entities, resulting in the sale of thirteen separate companies in a 120-day period.
Official Unsecured Creditors' Committee for a national mortgage lender, reported as one of the ten largest bankruptcies in that year. Committee members included Fox Sports, CBS Sports, TNT, and Dan Marino.
Served as counsel for defendants in a $15,000,000 preferential transfer and anti-trust lawsuit in Delaware, resulting in a settlement of less than 5% of amounts sought by plaintiff.
Official Unsecured Creditors' Committee, owed an aggregate of over $75,000,000 in 200+ store retail bankruptcy; Central District of California.
Successfully represented a leading national golf products manufacturer in injunction proceedings in bankruptcy court in Augusta, Georgia.
Official Unsecured Creditors' Committee and related officer and director litigation in the bankruptcy of a publicly traded distribution company located in Santa Barbara, California.
Litigation arising from warehouse distributor's bankruptcy, including LBO/Fraudulent conveyance litigation against lender and breach of fiduciary duty causes of action against former owners, Northern District of Illinois.
Defending Preferential Transfers: Don't Forget the "Other" Ordinary Course Defense - The Ordinary Business Terms Defense, by Joseph M. Coleman and Robert J. Taylor, published in Credit and Financial Management Review, Volume 19, Number 4, Fourth Quarter 2013 (download article)
Turnaround Award (Chapter 11 Reorganization of the Year, $25MM to $100MM) by The M&A Advisor
Ranked in Chambers USA Guide, Bankruptcy and Restructuring (2010-2022)
Best Lawyers in Dallas, D Magazine, Bankruptcy and Workout (2012-2021)
Super Lawyers, Thomson Reuters (2003 - 2021)
AV Preeminent®, Martindale Hubbell
Negotiating Skills & Tips for the Credit and A/R Professional –Webinar presented, along with Hale Neilson of Kane Russell Coleman Logan PC to AASA's Automotive Aftermarket Volume Credit Group's educational session on September 21, 2021.
Ask the Attorney Educational Session – Open-ended question and answer Zoom Presentation to members of ABCD Motor Credit's light and heavy duty OE and off-highway credit group. Presented with Kyle Woodard of Kane Russell Coleman Logan PC, July 22, 2021.
#$@*&%! My Customer Just Filed Bankruptcy – What Do I Do Now? – Zoom Presentation to AASA Aftermarket Volume Credit Group of Automotive Aftermarket Suppliers Association, November 19, 2020.
I'm Not Going to Take it Anymore – Tools for the Savvy Credit Professional – Presentation regarding strategies for dealing with distressed customers, Businesses that "Go Dark: and Bankruptcy. Presented, with Kyle Woodward, to Credit Professionals of the Outdoor Product Credit Association in Houston, Texas, November 15, 2019.
Negotiating Skills & Tips for the Credit and A/R Professional – Webinar presented, along with Denise R. Reyes of Acushnet Company, to Federation of Credit and Financial Professionals, September 10, 2019.
The Road to Recovery - Presentation along with John J. Kane of Kane Russell Coleman Logan PC, to Credit Managers at 2019 MEMA Financial Services Group Educational Seminar in Detroit, Michigan, July 18, 2019.
Official Unsecured Creditors Committees: Lone Voice in the Wilderness or Leader of the Band - It's Up to You - Webinar presented to National Network of Credit & Financial Professionals, December 11, 2018.
Distressed Customers: Warning Signs and Strategic Responses – Presentation, along with John J. Kane of Kane Russell Coleman Logan PC, to Donaldson Filtration Solutions credit group in Minneapolis, Minnesota, November 13, 2018.
When Customers Fail – Presentation, along with Grace Guan of Kane Russell Coleman Logan PC, to NACS Credit Services Sportswear Distributors/Institutional Textiles group in Grapevine, Texas, October 11, 2018.
When Customers Disappear! (Go out of Business Without Filing Bankruptcy or Giving any Notice) - Presentation, along with John Kane of Kane Russell Coleman Logan PC, to Credit Managers at 2018 MFSG Educational Seminar in Chicago, Illinois, July 19, 2018.
Consignment: An Option Worth Considering - Webinar presented, along with John Eberhardt of Nikon Americas Inc., to Federation of Credit and Financial Professionals, September 21, 2017.
Here Comes the Judge – AntiTrust Issues and Collections Strategies - Presentation, along with Vienna Flores of Kane Russell Coleman Logan PC, to Credit Managers at 2017 MFSG Educational Seminar in Detroit, Michigan, September 14, 2017.
The ABCs of Credit Management – Presentation, along with John J. Kane of Kane Russell Coleman Logan PC, to Sherwin Williams, Cleveland, July 21, 2017.
A Proactive Credit Professional's Guide to Antitrust Issues – Presented to Federation of Credit and Financial Professionals – Distillers, Importers and Vintners Credit Management Association, Irving, Texas, June 15, 2017.
Structured Dismissals: The Good, The Bad and The Ugly - Panel Discussion presented at the 33rd Annual Bankruptcy & Restructuring Conference, hosted by Association of Insolvency & Restructuring Advisors. Mr. Coleman served on a panel along with Demetra L. Liggins of Thompson & Knight LLP and John E. Mitchell of Akerman, LLP, with the Honorable Craig A. Gargotta, U.S. Bankruptcy Judge for the Western District of Texas, as Moderator – Irving, Texas, June 9, 2017.
A Teamwork Approach to Distressed Customers and Bankruptcy – Webinar presented, along with Denise R. Reyes of Acushnet Company, to Federation of Credit and Financial Professionals, May 23, 2017.
Moderator for panel discussion at inaugural CR3 Partners, LLC company meeting in Dallas, Texas, January 20, 2017.
Managing the Meltdown: Weapons in a Credit Professional's Arsenal – Presented to Outdoors Products Credit Association in Houston, Texas, December 8, 2016.
Guest Lecturer, The Significant and Strategic Impact of Non-Verbal Communication, at Collin County Community College, Frisco, Texas, November 3, 2016.
The Preference Battlefield – Webinar presented, along with John J. Kane of Kane Russell Coleman & Logan PC, to NACM Credit Services, Inc., October 27, 2016.
OK . . . You Asked For It!! – Presented at 2016 MFSG Educational Seminar in Detroit, Michigan, September 22, 2016.
Complex Issues in Transfer Avoidance Litigation: A Trap, a Tool and a Hole – Presented with Lynn Hamilton Butler and Mark C. Taylor to the 33rd Annual Advanced Business Bankruptcy Conference in Austin, Texas, June 23-24, 2016.
Managing the Meltdown: Weapons in a Credit Professional's Arsenal - Presented to NACM – National Sporting Goods Manufacturers Credit Exchange in Grapevine, Texas on June 9, 2016.
Credit Professionals Adding Value: Contract Evaluation and Selling to Potentially Troubled Customers – Webinar presented to Credit2B, Federation of Credit and Financial Professionals on July 14, 2015.
Cutting Edge Preference Issues – Panel Discussion – Presented with Bruce Nathan of Lowenstein Sandler, LLP, and Richard Kulik of Sherwin Williams Co., at the Credit Research Foundation Credit & Accounts Receivable Open Forum in Tucson, Arizona, March 23, 2015.
Cutting Edge Preference Issues - Presented with Bruce Nathan of Lowenstein Sandler, LLP, and Richard Kulik of Sherwin Williams Co., to MEMA Financial Services Group, Inc.'s Aftermarket Volume Credit Group in Cleveland, Ohio, May 21, 2015.
Relevant Topics for Credit Professionals - Presented to Credit2B Distillers, Importers & Vintners Credit Group in San Antonio, Texas, March 12, 2015.
Speaker at 2014 ABCD Motor Credit Association Educational Seminar in Philadelphia, Pennsylvania, September 17, 2014. Topics included Contract Preparation and Review and Preference Defenses.
Speaker at Pentair, Inc.'s 2014 North and South America Customer Financial Services Conference in Minneapolis, Minnesota, July 15-16, 2014. Topics included were Contract Preparation and Review; Anti-Trust Concerns from the Credit Professional's Perspective; and Collection Litigation Strategies.
Faculty Member, American Bankruptcy Institute/Turnaround Management Association's 13th Annual Litigation Skills Symposium, SMU Dedman School of Law – Dallas, Texas, May 20-23, 2014.
Consignment: An Option Worth Considering, Presented to Credit2B: A Smyyth Company, Educational Webinar, Dallas, April 3, 2014.
Speaker, Structured Dismissals and Conversions: The Reality of Dealing with Post Sale Case Administration, 31st Annual Advanced Business Bankruptcy Course, Houston (February 20-21, 2014); Mr. Coleman's Panel Discussion included the Honorable Judge Anthony Davis.
Loan to Own Panel Discussion presented to DFW Chapter of Turnaround Management Association event, hosted by Deloitte-CRG. Mr. Coleman served as "Debtor's Counsel" in the mock trial panel presentation along with William Snyder of Deloitte-CRG as Moderator, tried before the Honorable Stacey G. C. Jernigan – Dallas, Texas, January 23, 2014.
Managing the Meltdown: An Examination of Creditors' Bankruptcy Strategies, Presented to MEMA Financial Services Group, Inc., MFSG 2013 Educational Seminar, Detroit, Michigan, September 18, 2013.
Faculty Member, American Bankruptcy Institute/Turnaround Management Association's 12th Annual Litigation Skills Symposium, Problems in Bankruptcy Litigation and Advocacy, SMU Dedman School of Law – Dallas, Texas, May 21-24, 2013.
The Anti-Trust Zone: An Experience of Complexity and Unpredictability and From Delinquent to Bankruptcy: Weapons for the Proactive Credit Professional, presented to Pentair, Ltd. credit managers at the Pentair, Ltd. North American Credit Workshop, Houston, Texas, February 11, 2013.
Cash Collateral Mock Trial for DFW Chapter of Turnaround Management Association event, hosted by Deloitte-CRG. Mr. Coleman served as "Debtor's Counsel" in the mock trial panel presentation along with William Snyder of Deloitte-CRG as Moderator & Debtor Financial Advisor, tried before the Honorable Stacey G. C. Jernigan – Dallas, Texas, January 24, 2013.
Best Practices for the Preparation of Financial Advisors for Examination - DFW Association of Young Bankruptcy Lawyers’ annual Financial Professionals Committee event, co-hosted by the Turnaround Management Association’s Next-Gen group. Mr. Coleman served as a panelist alongside the Honorable Judge Michael Lynn – Dallas, Texas, October 4, 2012.
The Foreign Corrupt Practices Act: What You Don't Know Can Hurt You, Presented to FORIUS - Shared Services Networking Group, NACM North Central – Minneapolis, Minnesota, July 25, 2012.
Buyers Groups, Escheatment and Recent Developments in Bankruptcy, MFSG Educational Seminar, May 16, 2012, Chicago, IL.
Texas Two-Step: Impact of Corporate Formations Upon Collections and Bankruptcy Update for Credit Professionals, Presented to NACM – National Food Equipment Manufacturer's Credit Exchange Group, Chicago, May 7, 2012.
From Delinquency to Bankruptcy: Weapons for the Proactive Credit Professional, MEMA Financial Services Group, Inc. MH/RV Subgroup, October 2009.
Bankruptcy: Weapons for the Proactive Credit Professional, MFSG Educational Seminar, May 2009.
A Proactive Credit Professional's Guide to Antitrust Issues and to Dealing with Bankruptcy, MEMA Manufactured Housing and Recreational Vehicle Credit Group Meeting, October 16, 2008.
Managing the Meltdown; A Credit Professional's Guide to Bankruptcy, NACM Midwest Conference, October 2007.
Post-BAPCPA Bankruptcy, MFSG Educational Seminar, September 2007.
Committee Issues: Ethical Considerations for Creditors' Committee Counsel – presented by Joe Coleman and Michael D. Warner of Warner Stevens LLP at the State Bank of Texas 25th Annual Advanced Business Bankruptcy Course in Dallas, Texas, February 2007.
Protecting Yourself and CRP While Parachuting Behind Enemy Lines – participated in panel discussion with Lou Strubeck of Fulbright & Jaworski at Corporate Revitalization Partners, LLC's Company Conference in Dallas, Texas, January 2007.
From Delinquency to Bankruptcy: Weapons for the Proactive Credit Professional – presented to credit professionals at Pentair, Inc.'s 2007 North America-Mexico Customer Financial Services Conference in Scottsdale, Arizona, January 2007.
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005: Impact upon Business Bankruptcies – presented at the 13th Annual Corporate Counsel Symposium sponsored by the SMU Law Review Association in Dallas, Texas, October 2006.
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005: Impact upon Business Bankruptcies – presented to The Subscribers of MEMA Financial Services Group at their annual educational seminar in St. Louis, Missouri, September 2006.
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005: Impact upon Business Bankruptcies – presented to Manufacturers Clearing House Trade Creditors' Group in Rosemont, Illinois, September 2006.
Sarbanes-Oxley Act: A Primer for Credit Professionals, MEMA, March 2006.
Anti-Trust, Escheatment, Purchase Money Security Interest (PMSI), Consignment and Creditors' Rights Issues – presented to Pentair, Inc., February 2006.
Bankruptcy Abuse Prevention and Consumer Protection Act: Impact on Business Bankruptcies, Presented at 13th Annual SMU Corporate Counsel Symposium, October 2005.
Bankruptcy Abuse Prevention and Consumer Protection Act of 2005: Impact on Business Bankruptcies, Presented to Pentair, September 2005.
Bankruptcy Abuse Prevention and Consumer Protection Act of 2005: Impact on Business Bankruptcies, Presented to Manufacturers Clearing House Trade Creditors’ Group, September 2005.
Managing the Meltdown: Pre-Bankruptcy Strategies and Preferential Transfers, Presented to NACM: Chicago Tools Group, May 2005.
Everything you Wanted to Know About Preferences (And Some Other Good Stuff), Presented to Polymer Distributors Credit Group, May 2005.
Managing the Meltdown: Surviving Your Customer's Financial Distress, Presented to Pentair, February 2005.
Sarbanes-Oxley Act: A Primer for Credit Professionals, Presented to National Association of Credit Managers (National Convention), May 2004.
Sarbanes-Oxley Act: A Primer for Credit Professionals, Presented to Motor Equipment Manufacturers Association (MEMA), March 2004.
Sarbanes-Oxley Act: A Primer for Credit Professionals, Presented to Pentair, February 2004.
Committees in Chapter 11 Cases, Presented to Oklahoma Bar Association, October 2002.
Revised Article 9: Navigating the Universe of Revisions to Article 9 of the Uniform Commercial Code, Presented to MEMA, July 2002.
Managing the Meltdown: Pre-Bankruptcy Strategies for Unsecured Creditors, Presented to NACM-Houston, June 2002.
Unleashing the Power of Official Unsecured Creditor Committees, Presented to NACM-Houston, June 2002.
Bankruptcy Strategies for Unsecured Creditors, Presented to NACM-St. Louis, October 2000.
Faculty Member American Bankruptcy Institute, Trial Advocacy Program.
American Bar Association, Business Law Section.
Dallas Bar Association; Corporate Reorganization, Creditor Rights Section, Bankruptcy and Business Litigation Sections.
State Bar of Texas; Business Law Section, Bankruptcy Reorganization Committee.
Turnaround Management Association.
Successfully summited Mt. Kilimanjaro
Dallas White Rock Marathon finisher
Past Chair, Prince of Peace Catholic Community Parish Advisory Council
Coached 25 youth sports teams
Recently completed nine-year term as Trustee of the Catholic Foundation
Founding Board Member, Center for Thomas More Studies, University of Dallas
Founder, Rev. Richard J. Hauser, S. J. Scholarship Fund at Creighton University
Recipient of President's Award, Ursuline Academy High School
Trustee of the Jesuit College Preparatory High School Foundation and Chairman of the Jesuit College Prep HS' Annual Challenge Drive, wherein over $1 million was raised in less than two months
Texas Lawbook interviewed Joe about the next wave of COVID related bankruptcies coming in 2021. read article
“PPP money helped delay the inevitable but a day of reckoning is coming and it is coming soon for many middle and smaller market companies”, says Joe Coleman
“In my over thirty years as a corporate bankruptcy lawyer, I’ve never before heard of the appointment of a ‘Chief Marketing Professional’ in a bankruptcy case, but I think it is a unique and creative solution agreed to by the parties and approved by the Court. With the benefit of Icon Global’s experience and remarkable marketing efforts, I expect to have the KC7 Ranch sale approved and closed in less than six months from my appointment.”, said Mr. Coleman
Coleman stated: “I interviewed many of the state’s leading ranch brokers and chose Bernard Uechtritz specifically because of his extensive experience and track record in successfully and aggressively selling a diverse range of big-ticket properties, particularly in unique and difficult circumstances, such as we have with the KC7 Ranch, Ltd. Bankruptcy. I have full confidence that this Ranch will be sold in an expedited and timely manner consistent with the approved marketing strategies pursuant to the Court’s order.”
Joe Coleman Discusses Mediation of Puerto Rico Bankruptcy with The Texas Lawbook [read full article]
“I cannot imagine anyone better suited for this extraordinary challenge than Judge Houser,” says Joe Coleman, a bankruptcy partner at Kane Russell Coleman & Logan in Dallas. “The Puerto Rico crisis is not a Chapter 11 and it is not a Chapter 9. These are unique, uncharted waters, The resolution of this is going to be a significant challenge.”
Joe Coleman Quoted in ICAS article on Impact of 2017 Hurricanes on Puerto Rico’s Financial Recovery [read full article]
“You have a tremendous amount of bond investors with billions of dollars of bond debt and retirement funds invested in Puerto Rico bonds, and investment companies that have tremendous amounts invested,” said Joseph Coleman. “Now there’s a question of when those will be paid and the ripple effect throughout the US and world is significant.”