IN THE UNITED STATES DISTRICT COURT

FOR THE DISTRICT OF PUERTO RICO

In re:

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO, 

as representative of

THE COMMONWEALTH OF PUERTO RICO, et 

al., 

Debtors.1

PROMESA Title III

No. 17 BK 3283-LTS

(Jointly Administered)

In re:

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO, 

as representative of

PUERTO RICO ELECTRIC POWER 

AUTHORITY, 

Debtor. 

PROMESA Title III

No. 17 BK 4780-LTS

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO, 

as representative of

PUERTO RICO ELECTRIC POWER 

AUTHORITY,

Plaintiff,

PROMESA Title III

Adv. Proc. No. 19-00391-LTS

1

 The Debtors in these Title III Cases, along with each Debtor’s respective Title III case number and the last four (4) 

digits of each Debtor’s federal tax identification number, as applicable, are the (i) Commonwealth of Puerto Rico 

(Bankruptcy Case No. 17-BK-3283-LTS) (Last Four Digits of Federal Tax ID: 3481); (ii) Puerto Rico Sales Tax 

Financing Corporation (“COFINA”) (Bankruptcy Case No. 17-BK-3284-LTS) (Last Four Digits of Federal Tax ID: 

8474); (iii) Puerto Rico Highways and Transportation Authority (“HTA”) (Bankruptcy Case No. 17-BK-3567-LTS) 

(Last Four Digits of Federal Tax ID: 3808); (iv) Employees Retirement System of the Government of the 

Commonwealth of Puerto Rico (“ERS”) (Bankruptcy Case No. 17-BK-3566-LTS) (Last Four Digits of Federal Tax 

ID: 9686); (v) Puerto Rico Electric Power Authority (“PREPA”) (Bankruptcy Case No. 17-BK-4780-LTS) (Last Four 

Digits of Federal Tax ID: 3747); and (vi) Puerto Rico Public Buildings Authority (“PBA”) (Bankruptcy Case No. 19-

BK-5523-LTS) (Last Four Digits of Federal Tax ID: 3801) (Title III case numbers are listed as Bankruptcy Case 

numbers due to software limitations).

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v.

U.S. BANK NATIONAL ASSOCIATION, AS 

TRUSTEE,

Defendant.

JOINT STIPULATION OF THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO, U.S. BANK NATIONAL 

ASSOCIATION, THE AD HOC GROUP OF PREPA BONDHOLDERS, ASSURED 

GUARANTY CORP., ASSURED GUARANTY MUNICIPAL CORP., NATIONAL 

PUBLIC FINANCE GUARANTEE CORPORATION, AND 

SYNCORA GUARANTEE INC. REGARDING TIME TO ANSWER FIRST AMENDED 

COMPLAINT

WHEREAS, the Financial Oversight and Management Board for Puerto Rico (the “Board” 

or “Plaintiff”) initiated an adversary proceeding against the U.S. Bank National Association, as 

Trustee (the “Trustee”), on July 1, 2019, objecting to and challenging the validity, enforceability, 

and extent of prepetition security interests and seeking other relief. [ECF No. 1]; 

WHEREAS, the Court stayed the adversary proceeding on July 16, 2019. [ECF No. 10]; 

WHEREAS, the Court entered a scheduling order on September 29, 2022, setting a 

deadline of September 30, 2022, for the Board to file an amended adversary complaint. [ECF No. 

22]; 

WHEREAS, the Board filed an amended complaint on September 30, 2022 [ECF No. 24], 

was re-filed on October 3, 2022 to correct a non-substantive caption error [ECF No. 26] (the 

“Amended Complaint”); 

WHEREAS, the Ad Hoc Group of PREPA Bondholders (the “Ad Hoc Group”), Assured 

Guaranty Corp. and Assured Guaranty Municipal Corp. (“Assured”), National Public Finance 

Guarantee Corp. (“National”), and Syncora Guarantee Inc. (“Syncora,” and together with the Ad 

Hoc Group, Assured, and National, the “PREPA Bondholders”) have, by Stipulation ordered and 

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approved by the Court [ECF No. 36], intervened herein as defendants with full participation rights 

as set forth in the Stipulation;

WHEREAS the Court’s September 29, 2022 Scheduling Order (ECF No. 22) provided that

“answers and counterclaims and responses” to the Amended Complaint “may be filed in 

accordance with the applicable procedural rules”; and

WHEREAS to avoid any disagreement about the due date for “answers and counterclaims 

and responses” to the Amended Complaint, the Parties hereto have agreed to stipulate to such due 

date; 

IT IS HEREBY STIPULATED AND AGREED, subject to any further order of the Court, 

that:

1. The PREPA Bondholders and Trustee will file their Answer to the Amended 

Complaint (along with any Counterclaims) by no later than Monday, October 17, 2022.

We hereby certify that, on this same date, we electronically filed the foregoing with the 

clerk of the Court using the CM/ECF system, which will notify the attorneys of record.

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RESPECTFULLY SUBMITTED, 

In San Juan, Puerto Rico, today October 12, 2022. 

PROSKAUER ROSE LLP

/s/ Margaret Dale 

MARTIN J. BIENENSTOCK*

MARGARET DALE*

PAUL V. POSSINGER*

EHUD BARAK*

DANIEL S. DESATNIK*

ELLIOT R. STEVENS*

Eleven Times Square

New York, NY 10036 

Tel.: (212) 969-3000 

Fax: (212) 969-2900 

Email: mbienenstock@proskauer.com 

mdale@proskauer.com 

ppossinger@proskauer.com 

ebarak@proskauer.com

ddesatnik@proskauer.com 

estevens@proskauer.com 

* Admitted Pro Hac Vice 

Counsel for the Financial Oversight and 

Management Board as Representative for 

PREPA

/s/ Luis F. Del Valle-Emmanuelli 

LUIS F. DEL VALLE-EMMANUELLI

USDC-PR No. 209514 

P.O. Box 79897 

Carolina, PR 00984-9897 

Tel.: (787) 647-3503 

Email: dvelawoffices@gmail.com

OF COUNSEL FOR A&S LEGAL 

STUDIO, PSC

434 Avenida Hostos 

San Juan, PR

Tel.: (787) 751-6764/763-0565 

Fax: (787) 763-8260 

Co-Attorneys for the Financial 

Oversight and Management Board as 

Representative for PREPA

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RIVERA, TULLA & FERRER

/s/ Eric A. Tulla 

ERIC A. TULLA

USDC-PR No. 118313 

50 Quisqueya Street 

San Juan, PR 00917-1212 

Tel.: (787) 753-0438 

Fax: (787) 767-5784 

Email: etulla@riveratulla.com

Counsel for U.S. Bank National 

Association, in its Capacity as Trustee

MASLON LLP

/s/ Clark T. Whitmore 

CLARK T. WHITMORE*

WILLIAM Z. PENTELOVITCH*

JOHN T. DUFFEY*

JASON M. REED*

90 South Seventh Street, Suite 330 

Minneapolis, MN 55402 

Tel.: (612) 672-8200 

Fax: (612) 672-8397 

Email: clark.whitmore@maslon.com 

bill.pentelovitch@maslon.com 

john.duffey@maslon.com 

jason.reed@maslon.com 

* Admitted Pro Hac Vice 

Counsel for U.S. Bank National 

Association, in its Capacity as Trustee

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TORO COLÓN MULLET P.S.C.

/s/ Manuel Fernandez-Bared 

MANUEL FERNÁNDEZ-BARED 

USDC-PR No. 204,204 

P.O. Box 195383 

San Juan, PR 00919-5383 

Tel.: (787) 751-8999 

Fax: (787) 763-7760 

Email: mfb@tcm.law

/s/ DRAFT 

LINETTE FIGUEROA-TORRES

USDC-PR No. 227,104 

Email: lft@tcm.law

/s/ DRAFT 

NAYDA PEREZ-ROMAN

USDC–PR No. 300,208 

Email: nperez@tcm.law 

Counsel for the Ad Hoc Group of PREPA 

Bondholders

KRAMER LEVIN NAFTALIS & 

FRANKEL LLP

/s/ Alice Byowitz 

AMY CATON*

THOMAS MOERS MAYER*

ALICE J. BYOWITZ*

GARY A. ORSECK*

MATTHEW M. MADDEN*

1177 Avenue of the Americas 

New York, New York 10036 

Tel.: (212) 715-9100 

Fax: (212) 715-8000 

Email: acaton@kramerlevin.com

tmayer@kramerlevin.com 

abyowitz@kramerlevin.com

gorseck@kramerlevin.com

mmadden@kramerlevin.com 

* Admitted Pro Hac Vice 

Counsel for the Ad Hoc Group of 

PREPA Bondholders2

2 Syncora Guarantee Inc. joins this motion through its owners, funds, and accounts managed by GoldenTree Asset 

Management, LP, a member of the Ad Hoc Group.

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CASELLAS ALCOVER & BURGOS P.S.C.

By: /s/ Heriberto Burgos Perez

Heriberto Burgos Pérez 

USDC-PR No. 204,809 

Ricardo F. Casellas-Sánchez

USDC-PR No. 203,114 

Diana Pérez-Seda

USDC–PR No. 232,014 

P.O. Box 364924 

San Juan, PR 00936-4924 

Tel.: (787) 756-1400 

Fax: (787) 756-1401 

E-mail: hburgos@cabprlaw.com 

 rcasellas@cabprlaw.com

 dperez@cabprlaw.com 

 

Counsel for Assured Guaranty Corp. and Assured 

Guaranty Municipal Corp. 

CADWALADER, WICKERSHAM & 

TAFT LLP

By: /s/ Howard R. Hawkins, Jr. 

Howard R. Hawkins, Jr.* 

Mark C. Ellenberg* 

Casey J. Servais* 

William J. Natbony*

Thomas J. Curtin* 

200 Liberty Street 

New York, New York 10281 

Tel.: (212) 504-6000 

Fax: (212) 406-6666 

Email: howard.hawkins@cwt.com 

 mark.ellenberg@cwt.com 

 casey.servais@cwt.com

 bill.natbony@cwt.com 

 thomas.curtin@cwt.com 

 

* Admitted Pro Hac Vice 

Counsel for Assured Guaranty Corp. and 

Assured Guaranty Municipal Corp.

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ADSUAR MUÑIZ GOYCO

SEDA & PÉREZ-OCHOA, P.S.C.

By: /s/ Eric Perez Ochoa 

Eric Pérez-Ochoa 

USDC-PR No. 206314 

Luis Oliver-Fraticelli

USDC-PR No. 209204 

Alexandra Casellas-Cabrera

USDC-PR No. 301010 

PO BOX 70294 

San Juan, PR 00936 

Telephone: (787) 756-9000 

Facsimile: (787) 756-9010 

Email: epo@amgprlaw.com 

 loliver@amgprlaw.com 

acasellas@amgprlaw.com

Attorneys for National Public Finance 

Guarantee Corporation

WEIL, GOTSHAL & MANGES LLP

By: /s/ Robert Berezin 

Matthew S. Barr* 

Jonathan Polkes* 

Robert Berezin* 

767 Fifth Avenue 

New York, New York 10153 

Telephone: (212) 310-8000 

Facsimile: (212) 310-8007 

Email: matt.barr@weil.com 

jonathan.polkes@weil.com 

robert.berezin@weil.com

Gabriel A. Morgan* (admitted pro hac vice) 

700 Louisiana Street, Suite 1700 

Houston, TX 77002 

Telephone: (713) 546-5000 

Facsimile: (713) 224-9511 

Email: gabriel.morgan@weil.com

* Admitted Pro Hac Vice 

Attorneys for National Public Finance 

Guarantee Corporation

 SO ORDERED:

Dated: October 13, 2022 

 /s/ Judith Gail Dein 

 JUDITH GAIL DEIN 

 United States Magistrate Judge 

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