Attorneys

JUAN RAMÓN CANCIO-ORTIZ, born in San Juan, Puerto Rico, September 28, 1958; admitted to Bar, 1983, Puerto Rico.

Education: Franklin and Marshall College (B.A., 1980); University of Puerto Rico (J.D., 1983).

His practice is focused in the areas of corporate and business law, municipal finance, corporate finance, banking, litigation, real estate, securities, workouts, and mergers and acquisitions. He became initiated in securities work in 1984 in a US Treasury indexed preferred stock offering for Banco de Ponce, then one of the leading banks in Puerto Rico. Since then, Mr. Cancio has participated in numerous offerings of municipal and corporate securities, including swaps, hedges, and derivative products. During this time, in addition to being involved in the purely transactional and regulatory aspects of the transactions in which he participated in, he has also been involved in the determination of the taxation of such financial products. His finance practice involves the representation of borrowers, financial institutions, and private lenders in a diversity of financing transactions, including acquisition, asset based and real estate financings, restructurings, workouts, and purchases and sales of distressed credits. Mr. Cancio has participated in numerous offerings of municipal and corporate securities, including swaps, hedges, and derivative products. During this time, in addition to being involved in the purely transactional and regulatory aspects of the transactions in which he participated, he has also been involved in the determination of the taxation of such financial products. His experience in the taxation of financial products and transactions extends from Puerto Rico taxation to Section 501(c)(3) and Section 103 exempt financings under the Internal Revenue Code of 1986, as amended (the “Code”). Mr. Cancio was designated by the Government Development Bank for Puerto Rico as part of the selective group of professionals entrusted with facilitating the successful return of the Puerto Rico Aqueduct and Sewer Authority to the revenue bond market, after a 20-year hiatus. Through his involvement in the financing and securities offerings, for Section 501(c)(3) tax-exempt hospitals and similar facilities in Puerto Rico, Mr. Cancio has also developed significant experience in the regulatory aspects of healthcare law. His expertise in this particular field was recognized by the Commonwealth of Puerto Rico, during its initial efforts in the privatization of various public healthcare facilities in the 1990s.

Among his most recent work in the field of municipal finance Mr. Cancio has led CCS’ representation as local counsel for the GDB Debt Recovery Authority in the issuance of the $2.6 billion of GDB Debt Recovery Authority Bonds (Taxable) in November 2018, the first Qualifying Modification under Title VI of the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) (certified by the Financial Oversight and Management Board, under Section 601(g)(2)(A) of PROMESA, and approved by the United States District Court for the District of Puerto Rico on November 7, 2018) and our representation of the Puerto Rico Aqueduct and Sewer Authority in the issuance of $1,300,000,000 of its Senior Revenue Bonds and the refunding of $284,755,000 of its Commonwealth Guaranteed Revenue Bonds in 2008 and $2,095,695,000 of its Senior Lien Bonds under an amended and restated Master Agreement of Trust in 2012.

Additionally, Mr. Cancio has been involved in commercial litigation in the local court system and before the United States Court of Appeals for the First Circuit in numerous high-stake cases involving multi-million dollar claims, including “bet the company” litigation. Specifically, Mr. Cancio has appeared on three (3) separate occasions before the United States Court of Appeals for the First Circuit and was successful in upholding the constitutionality of Act No. 109 approved by the Puerto Rico Legislature, on July 12, 1985, as amended, under the Dormant Foreign Commerce Clause, a case of first impression in the United States.  Mr. Cancio also led the Firm’s efforts to successfully enjoin in local court the payment of a multi-million dollar stand-by letter of credit. Most recently, after a trial that lasted three weeks, Mr. Cancio was able to achieve a judgement in favor of his client, a shopping center owner, of approximately $2,300,000.00 in contract damages against a supermarket chain owner who abandoned the premises after a fire. Before trial, counsel to the supermarket chain offered Mr. Cancio $17,000.00 to settle the matter. Pending final adjudication, Mr. Cancio requested and was granted an order to attach funds of the supermarket chain. As a result, the full amount of the judgement was deposited with the Court.