July 11, 2019 / 12:51 AM / 11 days ago

Bacardi, bond insurer Ambac at odds over Puerto Rico's rum-tax revenue

Rum maker Bacardi is seeking to beat back a bid by bond insurer Ambac Assurance Corp to open a probe as part of Puerto Rico’s restructuring into the territory’s use of rum-tax revenue.

Bacardi in a filing on Tuesday in U.S. District Court in San Juan said Ambac’s motion for a so-called Rule 2004 exam of the revenue’s uses should be denied because the insurer’s discovery requests are of “nearly boundless scope.”

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