<table><tr><th>From:</th><th>Richard Kahn &lt; i›. </th></tr><tr><td>Sent:</td><td>Wednesday, September 27, 2017 7:46 PM</td></tr><tr><td>To:</td><td>Alan Dlugash</td></tr><tr><td>Cc:</td><td>Jeffrey E.</td></tr><tr><td>Subject:</td><td>PR Debt holders</td></tr></table>

https://theintercept.com/2017/09/27/puerto-rican-debt-holders-r=spond-to-catastrophic-hurricane-by-offering-puerto-rico-more-debt/

Richard Kahn
HBRK Associates Inc.
575 =exington Avenue 4th Floor
New York, NY 10022
tel 212-971-1306
fax 212-320.0381
cell 917-414-7584

On Sep 26, 2017, at 8:32 PM, Alan Dlugash =It;alan.dlugash@gmailcom> wrote:

I've been hearing of this issue since I've become involved in =uerto Rico, though I never quite understood why those companies that =ere already in PR (with its lower costs and capable workforce) would =ecessarily leave when the tax break ended. But also significantly =ontributing to the economic decline was/is

1) =nforcement of US minimum wage laws, driving employment underground - or =ust out

2) Jones Act, severely hampering =rade

3) Bloated Government costs and =olicies (overpaid, underworked, too generous pensions), and

4) Welfare/disability culture.

=nbsp; Alan

On Tue, Sep 26, 2017 at 5:32 PM, =ichard Kahn <richardkahn12@gmail.com> wrote:

https://www.cnbc.com/2017/09/26/heres-how-an-obscure-tax-change-sank-puerto-ricos-economy.html

Richard Kahn
HBRK Associates Inc.
575 Lexington Avenue 4th Floor
New York, NY 10022
tel 212-971-1306 <tel:212-971.1306>

Alan J. Dlugash

Alan J. Dlugash =LC

767 Third Avenue - 36th Floor

New York, NY 10017

Tel. =12-753-8777

Cell 914-629-5658

alan.dlugash@gmail.com <mailto:alan.dlugash@gmail.com>