Welcome to WSJ Pro Bankruptcy's Daily Briefing. It's Wednesday, Aug. 6. In today's briefing, the Trump administration removed five of seven voting members from Puerto Rico’s financial oversight board, disrupting its bankruptcy process. An appeals court barred liquidators from reclaiming about $6 billion from investors who withdrew from a Bernie Madoff feeder fund before its collapse. And a judge ruled that Linqto’s bankruptcy case will stay in Houston despite a shareholder’s push to move it to Delaware.

The Trump administration terminated most of the members of the oversight board supervising Puerto Rico’s finances, reinserting the White House into the island territory’s troubles and shaking up its lengthy bankruptcy process.

The oversight board was informed by the White House that President Trump terminated five of its seven voting members from their roles, a board representative said.

A White House representative didn’t respond to a request for comment. Breitbart earlier reported on the firings, which took effect Friday, according to an emailed termination notice reviewed by The Wall Street Journal.

An appeals court has blocked liquidators’ yearslong effort to recover about $6 billion from investors who cashed out of a Bernie Madoff feeder fund before the Ponzi scheme collapsed.

The U.S. Court of Appeals for the Second Circuit ruled Tuesday that the liquidators of Fairfield Sentry, a British Virgin Islands-based investment vehicle that funneled client money to Madoff Investment Securities, can’t claw back redemption payments.

The chapter 11 case of investment platform Linqto will remain in Houston, a bankruptcy judge ruled Tuesday, rejecting a major shareholder’s request to move the proceedings to Delaware.

Linqto, which gave small investors access to the pre-IPO shares of high-flying private companies, filed for bankruptcy last month citing federal probes into its practices, including whether it adequately disclosed its pricing to its customers.

President Trump’s gripes against big banks have become increasingly personal.

The White House is preparing an executive order that threatens fines for banks that deny services on political grounds, citing the experiences of conservative groups and crypto companies, The Wall Street Journal reported Monday.

Trump’s history with banks goes back decades and has at times been rocky. Over the years, he has had multiple businesses file for bankruptcy and sued after trying to extend repayment on a loan of hundreds of millions of dollars.

Apollo Global Management sees rising deal opportunities in Europe as it ended the second quarter with $72 billion in dry powder, or capital available to invest, up 5.9% from a year ago.

“Europe is an area [in which] we are investing significant time and resources to expand,” Apollo President Jim Zelter said Tuesday during a call with analysts to discuss the New York firm’s most recent results.

“Over the coming years, we see a substantial origination opportunity as the region commits to infrastructure investments, defense, reindustrialization and power generation,” Zelter said, referring to emerging investment opportunities.

Trump—and his critics—have described his tariffs as an earthquake that would transform the U.S. economy. So far, the impact has been mostly a series of tremors.

In recent months, the president pledged that a sweeping new tariff regime would slash the trade deficit and force manufacturers to move production back to the U.S. His detractors warned that the tariffs would spark sharp inflation and even shortages in stores as soon as this summer.

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