wilmington del puerto rico bankruptcy aim restructure 72 billion debt violate u.s. constitution dismiss aurelius capital management hedge fund say court file monday u.s. commonwealth federally appoint oversight board initiate debt-cutting proceed may law know promesa puerto rico bar traditional municipal bankruptcy protection chapter u.s. code affiliate aurelius argue court paper creation oversight board violate u.s. constitution appointments clause aurelius say board members answer u.s. president yet appointments never confirm senate six seven members essentially hand-pick congress violate principle separation power hedge fund say fund know years-long battle argentina default debt seek bar oversight board operate validly constitute aurelius hold roughly 468 million worth debt guarantee puerto rico constitution hedge fund run mark brodsky know buy distress debt pursue aggressive litigation tactics boost recoveries argentina case fund participate numerous legal action include unsuccessful attempt attach argentine pension retirement fund locate u.s. bank firm one many party settle argentina 2016. creditors among lobby aggressively appointment board puerto rico believe would support investor-friendly policies board lose ally creditor community seek impose severe losses creditors even also push puerto rico impose austerity measure puerto rico 72 billion debt 45 percent poverty rate near-insolvent public health pension systems file large municipal bankruptcy u.s. history may board technically file bankruptcy 2016 puerto rico rescue law know promesa law allow board essentially step puerto rico government shoe purpose debt restructure aurelius hedge fund seek toss puerto rico 's bankruptcy file