UNITED STATES DISTRICT COURT

FOR THE DISTRICT OF PUERTO RICO

 

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 (Bankruptcy Case No. 17-BK-3284-LTS) (Last Four Digits of Federal Tax ID: 8474); (iii) 

Puerto Rico Highways and Transportation Authority (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 

(Bankruptcy Case No. 17-BK-3566-LTS) (Last Four Digits of Federal Tax ID: 9686); (v) Puerto Rico Electric Power 

Authority (Bankruptcy Case No. 17-BK-4780-LTS) (Last Four Digits of Federal Tax ID: 3747); and (vi) Puerto Rico 

Public Buildings Authority (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).

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

Case 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

Case No. 17-BK-4780-LTS

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO, 

as a representative of

PUERTO RICO ELECTRIC POWER AUTHORITY,

Plaintiff,

Adv. Proc. No. 19-00391-LTS

PROMESA Title III

Case:17-03283-LTS Doc#:22565 Filed:10/10/22 Entered:10/10/22 21:38:49 Desc: Main

Document Page 1 of 13
2

INFORMATIVE MOTION OF THE FINANCIAL OVERSIGHT AND MANAGEMENT 

BOARD REGARDING THE OFFICIAL COMMITTEE OF UNSECURED CREDITORS’

INTERVENOR STIPULATION RELATING TO ADV. PROC. NO. 19-00391-LTS 

To The Honorable United States District Court Judge Laura Taylor Swain:

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

as sole Title III representative of the Puerto Rico Electric Power Authority (“PREPA” or the 

“Debtor”) in this Title III case pursuant to section 315(b) of the Puerto Rico Oversight, 

Management and Economic Stability Act (“PROMESA”),2respectfully submits this informative

motion (this “Informative Motion”) in connection with Adv. Proc. No. 19-00391-LTS (the 

“Adversary Proceeding”), notifying the Court of the Stipulation and Agreed Order By and Among 

the Oversight Board, U.S. Bank National Association, as Trustee and Official Committee of 

Unsecured Creditors regarding intervention in the Adversary Proceeding, attached hereto as 

Exhibit A (the “Stipulation and Proposed Agreed Order”), and requesting the Court so order the 

Stipulation and Proposed Agreed Order, and states as follows:

1. On October 6, 2022, the Oversight Board filed the Informative Motion of Financial 

Oversight and Management Board Regarding Intervenor Stipulations Relating to Adv. Proc. No. 

19-00391 [Docket No. 29] (the “Intervenor Informative Motion”), informing the Court the 

Oversight Board, U.S. Bank National Association, as Trustee (“Defendant”), and certain parties 

 

2 PROMESA is codified at 48 U.S.C §§ 2101–2241.

v.

U.S. BANK NATIONAL ASSOCIATION, AS 

TRUSTEE,

Defendant.

Case:17-03283-LTS Doc#:22565 Filed:10/10/22 Entered:10/10/22 21:38:49 Desc: Main

Document Page 2 of 13
3

agreed to stipulations and proposed agreed orders regarding intervention in the Adversary 

Proceeding, and requesting the court so order the stipulations and proposed agreed orders. 

2. The Intervenor Informative Motion also informed the Court that the Oversight 

Board, Defendant, and the Official Committee of Unsecured Creditors (the “Committee”) were 

working on a stipulation and proposed agreed order permitting the Committee to intervene in the 

Adversary Proceeding as a plaintiff. Intervenor Informative Motion ¶ 11.

3. The Oversight Board is pleased to report that the Oversight Board, Defendant, and 

the Committee have reached an agreement regarding the Committee’s intervention in the 

Adversary Proceeding, which is reflected in the Stipulation and Proposed Agreed Order, attached 

hereto as Exhibit A.

[Remainder of page intentionally left blank]

Case:17-03283-LTS Doc#:22565 Filed:10/10/22 Entered:10/10/22 21:38:49 Desc: Main

Document Page 3 of 13
4

WHEREFORE, the Oversight Board respectfully requests that the Court take notice of 

this Informative Motion and so order the Stipulation and Proposed Agreed Order.

Dated: October 10, 2022

San Juan, Puerto Rico

Respectfully submitted,

/s/ Margaret A. Dale

Martin J. Bienenstock

Margaret A. Dale

Paul V. Possinger

Ehud Barak

Daniel S. Desatnik

Elliot R. Stevens

(Admitted Pro Hac Vice)

PROSKAUER ROSE LLP

Eleven Times Square

New York, NY 10036

Tel: (212) 969-3000

Fax: (212) 969-2900

Attorneys 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, Puerto Rico 00984-9897

Tel. 787.647.3503

dvelawoffices@gmail.com

OF COUNSEL FOR

A&S LEGAL STUDIO, PSC

434 Avenida Hostos

San Juan, PR 00918

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

Fax: (787) 763-8260

Co-Attorneys for the Financial

Oversight and Management Board

as Representative for PREPA

Case:17-03283-LTS Doc#:22565 Filed:10/10/22 Entered:10/10/22 21:38:49 Desc: Main

Document Page 4 of 13
CERTIFICATE OF SERVICE

I hereby certify that, on this same date, I electronically filed the foregoing with the Clerk 

of the Court using the CM/ECF system, which will send notifications of such filing to all CM/ECF 

participants in this case.

/s/ Luis F. del Valle-Emmanuelli

Luis F. del Valle-Emmanuelli

Case:17-03283-LTS Doc#:22565 Filed:10/10/22 Entered:10/10/22 21:38:49 Desc: Main

Document Page 5 of 13
Exhibit A

Case:17-03283-LTS Doc#:22565 Filed:10/10/22 Entered:10/10/22 21:38:49 Desc: Main

Document Page 6 of 13
UNITED STATES DISTRICT COURT

FOR THE DISTRICT OF PUERTO RICO

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 (Bankruptcy Case No. 17-BK-3284-LTS) (Last Four Digits of Federal Tax ID: 8474); (iii) 

Puerto Rico Highways and Transportation Authority (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 

(Bankruptcy Case No. 17-BK-3566-LTS) (Last Four Digits of Federal Tax ID: 9686); (v) Puerto Rico Electric Power 

Authority (Bankruptcy Case No. 17-BK-4780-LTS) (Last Four Digits of Federal Tax ID: 3747); and (vi) Puerto Rico 

Public Buildings Authority (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).

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

Case 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

Case No. 17-BK-4780-LTS

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO, 

as a representative of

PUERTO RICO ELECTRIC POWER AUTHORITY,

Plaintiff,

Adv. Proc. No. 19-00391-LTS

PROMESA Title III

Case:17-03283-LTS Doc#:22565 Filed:10/10/22 Entered:10/10/22 21:38:49 Desc: Main

Document Page 7 of 13
-2-

STIPULATION AND AGREED ORDER BY AND AMONG THE 

OVERSIGHT BOARD, U.S. BANK NATIONAL ASSOCIATION,

AND OFFICIAL COMMITTEE OF UNSECURED CREDITORS

This stipulation and consent order (the “Stipulation”) is made and entered into by 

and among the Financial Oversight and Management Board for Puerto Rico (“Plaintiff”), U.S. 

Bank National Association, as Trustee (“Defendant”) and the Official Committee of Unsecured 

Creditors (“Proposed Intervenor” and, together with Plaintiff and Defendant, the “Parties”). The 

Parties hereby stipulate and agree as follows: 

RECITALS

WHEREAS Proposed Intervenor represents creditors of the above-captioned 

Debtor, whose recoveries may be materially economically impacted by the disposition of this 

adversary proceeding; 

WHEREAS Proposed Intervenor has previously filed pleadings that raise issues

that are likewise raised by Plaintiff in this adversary proceeding; and 

WHEREAS Proposed Intervenor is timely intervening consistent with Rule 7024

of the Federal Rules of Bankruptcy Procedure and the Order (A) Granting in Part and Denying in 

Part Urgent Motion of Financial Oversight and Management Board for Order (I) Establishing

Schedule to Continue Negotiations During Litigation of Gating Issues Pursuant To Litigation 

Schedule and (II) Granting Related Relief and (B) Staying Certain Motions Filed by PREPA 

Bondholders [Docket No. 22 in Adv. Proc. No. 19-00391-LTS] (the “Scheduling Order”); and

v.

U.S. BANK NATIONAL ASSOCIATION, AS 

TRUSTEE,

Defendant.

Case:17-03283-LTS Doc#:22565 Filed:10/10/22 Entered:10/10/22 21:38:49 Desc: Main

Document Page 8 of 13
-3-

WHEREAS Proposed Intervenor, Plaintiff, and Defendant agree to permissive 

intervention by Proposed Intervenor as set forth herein, and such intervention will not unduly 

prejudice or delay the adjudication of the original parties’ rights; 

WHEREAS Proposed Intervenor, Plaintiff, and Defendant have agreed Proposed 

Intervenor may intervene as a co-plaintiff in this adversary proceeding, subject to the limitations 

set forth below; 

NOW THEREFORE, the Parties hereby stipulate and agree, and upon the Court’s 

approval the terms hereof shall be ordered and binding on all parties in interest, as follows: 

STIPULATION

1. Proposed Intervenor may intervene as a co-plaintiff in this adversary proceeding

with a right to be heard with respect to any matter in the litigation, subject to the following 

limitations: 

a. Proposed Intervenor may file only non-duplicative briefs or other submissions in 

accordance with the briefing schedule applicable to Intervenors set forth in the 

litigation schedule attached as Schedule 1 to the Scheduling Order. 

b. One attorney for Proposed Intervenor may be heard at any oral argument in this 

adversary proceeding, provided the attorney undertakes to avoid duplication with 

Plaintiff. 

c. The Proposed Intervenor shall only raise arguments with respect to the counts 

asserted by Plaintiff in the Amended Complaint filed in this adversary proceeding. 

d. Proposed Intervenor shall be entitled to receive all discovery produced in 

connection with this adversary proceeding and to attend depositions in this 

adversary proceeding, provided that it avoids duplication with Plaintiff. Proposed 

Case:17-03283-LTS Doc#:22565 Filed:10/10/22 Entered:10/10/22 21:38:49 Desc: Main

Document Page 9 of 13
-4-

Intervenor shall not be entitled to propound its own discovery requests absent the 

consent of the other Parties or leave of Court. 

e. Notwithstanding the foregoing, in respect of the nonrecourse issue, to the extent, if 

any, discovery is allowed pursuant to Rule 56(d), Proposed Intervenor and Plaintiff 

shall share responsibilities on discovery efforts; provided, that Plaintiff and 

Proposed Intervenor must file any discovery requests and/or pleadings related 

thereto jointly. To the extent such discovery, if any, overlaps with discovery on 

any other issues on which Plaintiff leads, Proposed Intervenor and Plaintiff shall 

coordinate to minimize inefficiency and overlap.

f. Without in any way limiting or expanding Proposed Intervenor’s rights under 

section 1103 of the Bankruptcy Code or Plaintiff’s rights under section 312 of 

PROMESA, Plaintiff shall share with Proposed Intervenor copies of all settlement 

proposals it makes. For the avoidance of doubt, Proposed Intervenor shall not have 

consent rights over any settlement of the adversary proceeding, but shall retain all 

rights it has as a party in interest in this Title III case, including the right to object 

to any settlement under Federal Rule of Bankruptcy Procedure 9019. 

2. Past and future statements and writings of Proposed Intervenor shall not be 

attributed to or admissions of Plaintiff for any purpose other than with respect to non-recourse

issues included in Plaintiff’s briefs and not otherwise excepted to by Plaintiff.

3. Proposed Intervenor may seek relief from any of the foregoing limitations upon a 

showing of cause. 

4. This Order shall take immediate effect and be enforceable upon its entry. 

Case:17-03283-LTS Doc#:22565 Filed:10/10/22 Entered:10/10/22 21:38:49 Desc: Main

Document Page 10 of 13
-5-

5. The Court shall retain jurisdiction to hear and determine all matters arising from 

the implementation of this Order. 

IT IS SO STIPULATED. 

Dated: October 10, 2022

PROSKAUER ROSE LLP

/s/ Martin J. Bienenstock

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

Case:17-03283-LTS Doc#:22565 Filed:10/10/22 Entered:10/10/22 21:38:49 Desc: Main

Document Page 11 of 13
-6-

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

/s/ Iris J. Cabrera Gomez

IRIS J. CABRERA GOMEZ

USDC-PR No. 221101

Email: icabrera@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

Case:17-03283-LTS Doc#:22565 Filed:10/10/22 Entered:10/10/22 21:38:49 Desc: Main

Document Page 12 of 13
-7-

/s/ Luc A. Despins

PAUL HASTINGS LLP

Luc A. Despins, Esq. (Pro Hac Vice)

Nicholas A. Bassett, Esq. (Pro Hac Vice)

G. Alexander Bongartz, Esq. (Pro Hac Vice)

200 Park Avenue

New York, New York 10166

Telephone: (212) 318-6000

lucdespins@paulhastings.com

nicholasbassett@paulhastings.com

alexbongartz@paulhastings.com

Counsel to the Official Committee of Unsecured

Creditors

/s/ Juan J. Casillas Ayala

CASILLAS, SANTIAGO & TORRES LLC

Juan J. Casillas Ayala, Esq. (USDC - PR 218312)

Israel Fernández Rodríguez, Esq. (USDC - PR 225004)

Juan C. Nieves González, Esq. (USDC - PR 231707)

Cristina B. Fernández Niggemann, Esq. (USDC - PR

306008)

PO Box 195075

San Juan, Puerto Rico 00919-5075

Telephone: (787) 523-3434 Fax: (787) 523-3433

jcasillas@cstlawpr.com

ifernandez@cstlawpr.com

jnieves@cstlawpr.com

cfernandez@cstlawpr.com

Local Counsel to the Official Committee of Unsecured

Creditors

SO ORDERED. 

Dated: _____________, 2022

________________________________________

HONORABLE LAURA TAYLOR SWAIN

United States District Judge

Case:17-03283-LTS Doc#:22565 Filed:10/10/22 Entered:10/10/22 21:38:49 Desc: Main

Document Page 13 of 13