Estimated Hearing Date: February 1, 2023 at 9:30 a.m. (Atlantic Standard Time)

Objection Deadline: December 22, 2022 at 4:00 p.m. (Atlantic Standard Time)

1

UNITED STATES DISTRICT COURT

FOR THE DISTRICT OF PUERTO RICO

--------------------------------------------------------------------x

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)

--------------------------------------------------------------------x

SUMMARY COVER PAGE TO THE FOURTEENTH INTERIM APPLICATION 

OF O’NEILL & BORGES LLC FOR ALLOWANCE OF COMPENSATION 

FOR SERVICES RENDERED AND REIMBURSEMENT OF EXPENSES INCURRED

AS ATTORNEYS TO THE FINANCIAL OVERSIGHT AND MANAGEMENT BOARD 

FOR PUERTO RICO, AS REPRESENTATIVE OF DEBTORS, 

FOR THE PERIOD OF OCTOBER 1, 2021 THROUGH JANUARY 31, 2022

Name of applicant O’Neill & Borges LLC (“O&B”)

Authorized to provide professional services to: Financial Oversight and Management Board, as 

Representative for the Debtors Pursuant to 

PROMESA Section 315(b)

Time period covered by this consolidated 

statement:

October 1

st

, 2021 through January 31st, 2022

Monthly Fee Statements subject to this request: October, November, and December 2021, and 

January 2022

Total amount of compensation sought for legal 

services for this period:

$358,713.45

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 ); 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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2

Total amount of expense reimbursement sought 

for this period: 

$1,131.80

Total compensation approved by interim orders

to date2:

$4,445,867.71 (see, Dkts. No. 2911, 3656, 4508,

6523, 9046, 13150, 14925, 15971, 16592, 21826

and 22727)

Total expenses approved by interim orders to 

date:

$93,901.28 (see, Dkts. No. 2911, 3656, 4508,

6523, 9046, 13150, 14925, 15971, 16592, 21826

and 22727)

Total compensation for legal services paid to 

date:

$5,164,035.53

Total expenses paid to date: $99,453.92

Total compensation subject to objection: None

Total expenses subject to objection: None

Blended rate3in this application for all attorneys 

for the period of October 1

st, 2021 through

December 31st, 2021

$268.72

Blended rate4in this application for all attorneys 

for the period of January 1st, 2022 through 

January 31st, 2022 

$213.10

Number of professionals included in this 

application:

35

Difference between fees budgeted and 

compensation:

The compensation sought is in tune with prior 

fee estimates submitted to the Puerto Rico

Department of Treasury and the Fee Examiner

Number of professionals billing fewer than 15 

hours to this case during this period:

11

Rates higher than those disclosed at retention: As disclosed and agreed at the time of retention, 

rates were increased for all timekeepers effective 

2 The totals include all Title III matters including COFINA up to February 12, 2019. Thereafter, they exclude any 

limited billing invoiced to the COFINA Title III proceeding, No. 17-BK-3284-LTS, after February 13, 2019.

3

 Please note blended rate computation considers the 10% discount agreed in our Engagement Letter.

4

 Please note blended rate computation considers the 10% discount agreed in our Engagement Letter.

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as of July 1

st, 2021 and January 1st, 2022. 

Pursuant to this Court’s Order Imposing 

Additional Presumptive Standards: Rate 

Increases and the Retention of Expert Witnesses 

or other Sub-Retained Professionals [Docket 

No. 7678], O’Neill & Borges gave notice to all 

parties of its proposed rate adjustments on a 

timekeeper-by-timekeeper applicable post July

1

st, 2021 in its filing at Docket No. 9360 and the 

rates applicable post January 1st, 2022 in its 

filing at Docket No. 19458.

Objection Deadline: December 22, 2022 at 4:00 p.m. (Atlantic 

Standard Time)

This is an: ___ monthly (consolidated) X interim ___ final application

This is the fourteenth interim fee application filed by O’Neill & Borges LLC in the Debtors’ Title III 

cases. The total time expended in connection with the preparation of this interim application is not 

included herein, as this additional time was expended after the Compensation Period.

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Estimated Hearing Date: February 1, 2023 at 9:30 a.m. (Atlantic Standard Time)

Objection Deadline: December 22, 2022 at 4:00 p.m. (Atlantic Standard Time)

Schedule 1

Fourteenth Interim Compensation Period - Consolidated Fee Statements

October 1, 2021–January 31, 2022

Entity Period

Total 

compensation 

sought (100%)

Fees 

requested to 

be paid 

(90%)

Total expenses

Total 

compensation 

claimed

Commonwealth of Puerto Rico

Oct 1, 2021 through 

January 31, 2022

 299,107.35 269,196.62 611.20 299,718.55

HTA

Oct 1, 2021 through 

January 31, 2022

 24,088.50 21,679.65 - 24,088.50

ERS

Oct 1, 2021 through 

January 31, 2022

 1,363.50 1,227.15 - 1,363.50

PREPA

Oct 1, 2021 through 

January 31, 2022

 32,208.75 28,987.88 520.60 32,729.35

PBA

Oct 1, 2021 through 

January 31, 2022 1,945.35 1,750.82 - 1,945.35

TOTALS 358,713.45 322,842.11 1,131.80 359,845.25 

Consolidated Fee Statement

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Schedule 2

Summary of Professional Services Rendered by 

Timekeeper for the Period October 1, 2021 through January 31, 2022

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HOURS

Professional Position/Title Oct 2021 Nov 2021 Dec 2021 Jan 2022 Total Total by partners:

Julio Pietrantoni Sp Consel 110.40 12.80 16.40 2.30 141.90 737.20

Salvador Antonetti Member 10.60 0.70 0.80 0.20 12.30 

Hermann D. Bauer Member 69.90 66.40 49.20 40.60 226.10 

José R. Cacho Member 44.10 2.10 14.60 12.00 72.80 

Carla García Benítez Member 4.20 2.30 6.00 2.50 15.00 Total by associates:

Carlos E. George Member 17.30 16.00 11.80 15.90 61.00 800.00

Rosa M. Lázaro Member 39.10 13.20 5.80 5.20 63.30 

Michelle Marichal Member - - - 1.50 1.50 

Antonio L. Roig Member - - 0.30 - 0.30 

Ismael Vicenty Medina Member 2.80 - - 11.10 13.90 

Antonio Collazo Jr. Member - - 16.00 1.10 17.10 Total by paralegals:

Ubaldo Fernández Jr. Member 7.80 37.70 18.20 2.00 65.70 97.00

José L. Notario Toll Jr. Member 11.80 2.00 9.10 - 22.90 

Denisse Ortiz Jr. Member 6.90 - - 16.50 23.40 

Jorge A. Candelaria Associate 20.50 9.60 5.30 - 35.40 Grand Total:

José Colón García Associate 13.40 14.40 12.90 19.50 60.20 1,634.20

Laura Díaz González Associate - 2.10 3.80 30.30 36.20 

Lorena Y. Gely Associate - - 8.10 78.30 86.40 

Josue E. González Aldarondo Associate 57.50 8.50 39.60 21.30 126.90 

Paula González Montalvo Associate 8.90 8.80 3.40 - 21.10 

Kiomari López Associate 3.90 - 5.40 14.10 23.40 

María de los A. Lugo Colom Associate 0.10 - - 3.30 3.40 

Nelson A. Martínez Associate - - - 2.80 2.80 

Gabriel Miranda Associate 83.40 60.80 33.00 51.90 229.10 

Adriana Moreno Associate - - - 53.00 53.00 

Alberto Nieves Cubero Associate - - - 4.90 4.90 

Jean M. Pérez Torres Associate - - - 54.30 54.30 

Owen A. Rivera Colon Associate - - - 15.20 15.20 

Anibal Román Medina Associate - - - 8.10 8.10 

Heike M. Tzieply Associate - - - 7.60 7.60 

Astrid E. Vélez Associate 0.60 30.90 - - 31.50 

Natalia P.Vilá Associate - - - 0.50 0.50 

Olga M. Alicea Paralegal 73.30 - 1.60 - 74.90 

Laura Jiménez Davis Paralegal 7.00 - 5.30 1.20 13.50 

Vanessa Sánchez Paralegal 2.00 1.30 2.90 2.40 8.60 

TOTALS 595.50 289.60 269.50 479.60 1,634.20

ALL TITLE III MATTERS

Summary - Oct 1, 2021 through January 31, 2022 - Hours

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Summary of Legal Fees by Title III Debtor

Professional Position/Title Department Bill Fees using 

2021 Rates Total Billed Hours 

Total 

Compensation 

2021 (Oct-Dec 

2021)

Julio Pietrantoni Special Counsel Corporate 360.00 131.10 47,196.00

Salvador J. Antonetti Member Litigation 315.00 5.80 1,827.00

Hermann D. Bauer Member Litigation 325.00 158.40 51,480.00

José R. Cacho Member Corporate 355.00 51.90 18,424.50

Carla García Benítez Member Litigation 340.00 12.70 4,318.00

Carlos E. George Member Labor 260.00 31.90 8,294.00

Rosa M. Lázaro Member Corporate 355.00 50.10 17,785.50

José Notario Toll Member Corporate 235.00 6.20 1,457.00

Antonio L. Roig Member Litigation 310.00 0.30 93.00

Ismael Vicenty Medina Member Corporate 330.00 2.80 924.00

Ubaldo Fernández Jr. Member Litigation 230.00 60.80 13,984.00

José L. Notario Toll Jr. Member Corporate 235.00 13.20 3,102.00

Denisse Ortiz Torres Jr. Member Corporate 220.00 6.90 1,518.00

Jorge A. Candelaria Associate Corporate 190.00 26.00 4,940.00

José J. Colón García Associate Litigation 180.00 40.70 7,326.00

Laura E. Díaz González Associate Labor 170.00 3.80 646.00

Lorena Y. Gely Associate Labor 170.00 8.10 1,377.00

Josué González Aldarondo Associate Corporate 200.00 83.20 16,640.00

Paula González Montalvo Associate Litigation 190.00 17.10 3,249.00

Kiomari I. López Torres Associate Corporate 180.00 9.30 1,674.00

Gabriel Miranda Rivera Associate Litigation 195.00 160.40 31,278.00

Astrid E. Vélez Associate Corporate 180.00 0.60 108.00

Olga M Alicea Paralegal Litigation 160.00 104.40 16,704.00

Laura Jiménez Davis Paralegal Litigation 145.00 12.30 1,783.50

Vanessa Sánchez Paralegal Litigation 160.00 4.00 640.00

Totals 1,002.00 256,768.50

Less: 10% Courtesy discount (25,676.85)

$ 231,091.65 $ -

Professional Position/Title Department

Blended Hourly 

Billing Rate 

2022

 Total Billed Hours Total Compensation 

2022 (Jan 2022)

Julio Pietrantoni Special Counsel Corporate 360.00 0.30 108.00

Salvador J. Antonetti Member Litigation 325.00 0.20 65.00

Hermann D. Bauer Member Litigation 330.00 30.00 9,900.00

José R. Cacho Member Corporate 360.00 3.20 1,152.00

Carla García Benítez Member Litigation 345.00 1.40 483.00

Carlos E. George Member Labor 265.00 7.10 1,881.50

Rosa M. Lázaro Member Corporate 360.00 1.50 540.00

Ismael Vicenty Medina Member Corporate 335.00 0.60 201.00

Ubaldo Fernández Jr. Member Litigation 235.00 2.00 470.00

Denisse Ortiz Torres Jr. Member Corporate 240.00 0.60 144.00

José J. Colón García Associate Litigation 185.00 19.50 3,607.50

Laura E. Díaz González Associate Labor 175.00 30.30 5,302.50

Lorena Y Gely Associate Labor 175.00 78.30 13,702.50

Josué Gonzalez Aldarondo Associate Corporate 210.00 0.40 84.00

Kiomari I. López Torres Associate Corporate 180.00 14.10 2,538.00 María De Los A. Lugo Colom Associate Litigation 180.00 3.30 594.00

Nelson A Martínez Associate Corporate 180.00 2.80 504.00

Gabriel Miranda Rivera Associate Litigation 205.00 49.50 10,147.50

Adriana Moreno Associate Litigation 185.00 53.00 9,805.00

Alberto Nieves Cubero Associate Litigation 190.00 4.90 931.00

Jean M. Pérez Torres Associate Labor 170.00 54.30 9,231.00

Owen Rivera Colón Associate Corporate 185.00 12.10 2,238.50

Anibal A Román Medina Associate Litigation 180.00 8.10 1,458.00

Natalia P. Vilá Associate Corporate 185.00 0.50 92.50

Laura Jiménez Davis Paralegal Litigation 145.00 1.00 145.00

Vanessa Sánchez Paralegal Litigation 165.00 1.50 247.50

Totals 380.50 75,573.00

Less: 10% Courtesy discount (7,557.30)

 68,015.70

 1,382.50 $ 299,107.35

COMMONWEALTH OF PR TITLE III

Summary of Legal Fees for the Period Oct 1, 2021 through January 31, 2022

Period Oct 1, 2021-Dec 31, 2021 

SUB TOTAL SUMMARY OF LEGAL FEES Oct 1, 2021-Dec 31, 2021

Period January 1, 2022 - January 31, 2022 

SUB TOTAL SUMMARY OF LEGAL FEES JANUARY 1-31, 2022

SUMMARY OF LEGAL FEES PAID FROM Oct 1, 2021-Jan 31, 2022 

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Professional Position/Title Department

 Bill Fees 

using 2021 

Rates 

 Total Billed 

Hours 

Total 

Compensation 

2021 (Oct-Dec 

2021)

Julio Pietrantoni Special Counsel Corporate 360.00 4.50 1,620.00

Hermann D. Bauer Member Litigation 325.00 7.30 2,372.50

José R. Cacho Member Corporate 355.00 5.20 1,846.00

Carla García Benítez Member Litigation 340.00 1.60 544.00

Carlos E. George Member Labor 260.00 0.60 156.00

José L. Notario Toll Member Corporate 235.00 2.90 681.50

Ubaldo Fernández Jr. Member Litigation 230.00 0.60 138.00

José L. Notario Toll Jr. Member Corporate 235.00 0.60 141.00

Laura E. Díaz González Associate Labor 170.00 2.10 357.00

Josué González Aldarondo Associate Corporate 200.00 9.20 1,840.00

Gabriel Miranda Rivera Associate Litigation 195.00 2.60 507.00

Olga M. Alicea Paralegal Litigation 160.00 0.60 96.00

Vanessa Sánchez Paralegal Litigation 160.00 0.40 64.00

Totals 38.20 10,363.00

Less: 10% Courtesy discount (1,036.30)

$ 9,326.70

Professional Position/Title Department

Blended 

Hourly Billing 

Rate 2022

 Total Billed 

Hours 

Total 

Compensation 

2022 (Jan 2022)

Julio Pietrantoni Special Counsel Corporate 360.00 1.10 396.00

Hermann D. Bauer Member Litigation 330.00 2.60 858.00

José R. Cacho Member Corporate 360.00 8.80 3,168.00

Carlos E. George Member Labor 265.00 0.30 79.50

Michelle Marichal Member Corporate 275.00 1.50 412.50

Ismael Vicenty Medina Member Corporate 335.00 10.50 3,517.50

Denisse Ortiz Jr. Member Corporate 240.00 15.90 3,816.00

Josué González Aldarondo Associate Corporate 210.00 13.20 2,772.00

Heike M. Tzieply Associate Corporate 180.00 7.60 1,368.00

Laura Jiménez Davis Paralegal Litigation 145.00 0.10 14.50

Totals 61.60 16,402.00

Less: 10% Courtesy discount (1,640.20)

 14,761.80

 99.80 $ 24,088.50

HTA TITLE III

Summary of Legal Fees for the Period Oct 1, 2021 through January 31, 2022

SUMMARY OF LEGAL FEES PAID FROM Oct 1, 2021-Jan 31, 2022 

Period Oct 1, 2021-Dec 31, 2021 

SUB TOTAL SUMMARY OF LEGAL FEES Oct 1, 2021-Dec 31, 2021

Period January 1, 2022 - January 31, 2022 

SUB TOTAL SUMMARY OF LEGAL FEES JANUARY 1-31, 2022

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Professional Position/Title Department

 Bill Fees using 

2021 Rates 

 Total Billed 

Hours 

Total Compensation 

2021 (Oct-Dec 

2021)

Ubaldo Fernández Jr. Member Litigation 230.00 0.60 138.00

Paula González Montalvo Associate Litigation 190.00 1.60 304.00

Gabriel Miranda Rivera Associate Litigation 195.00 4.50 877.50

Vanessa Sánchez Paralegal Litigation 160.00 0.40 64.00

Totals 6.50 1,383.50

Less: 10% Courtesy discount (138.35)

$ 1,245.15 $ -

Professional Position/Title Department Blended Hourly 

Billing Rate 2022

 Total Billed 

Hours 

Total 

Compensation 

2022 (Jan 2022)

Gabriel Miranda Rivera Associate Litigation 205.00 0.40 82.00

Vanessa Sánchez Paralegal Litigation 165.00 0.30 49.50

Totals 0.70 131.50

Less: 10% Courtesy discount (13.15)

 118.35

SUMMARY OF LEGAL FEES PAID FROM Oct 1, 2021-Jan 31, 2022 7.20 $ 1,363.50

SUB TOTAL SUMMARY OF LEGAL FEES Oct 1, 2021-Dec 31, 2021

Period January 1, 2022 - January 31, 2022 

SUB TOTAL SUMMARY OF LEGAL FEES JANUARY 1-31, 2022

ERS TITLE III

Summary of Legal Fees for the Period Oct 1, 2021 through January 31, 2022

Period Oct 1, 2021-Dec 31, 2021 

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Professional Position/Title Department Bill Fees using 

2021 Rates 

 Total Billed 

Hours 

Total 

Compensation 

2021 (Oct-Dec 

2021)

Julio Pietrantoni Special Counsel Corporate 360.00 4.00 $ 1,440.00

Hermann D. Bauer Member Litigation 325.00 19.10 $ 6,207.50

José R. Cacho Member Corporate 355.00 3.70 $ 1,313.50

Carla García Benítez Member Litigation 340.00 4.50 $ 1,530.00

Carlos E. George Member Labor 260.00 12.60 $ 3,276.00

Rosa M. Lázaro Member Corporate 355.00 8.00 $ 2,840.00

Antonio L. Collazo Jr. Member Corporate 230.00 16.00 $ 3,680.00

Ubaldo Fernández Jr. Member Litigation 230.00 0.30 $ 69.00

Jorge A. Candelaria Associate Litigation 190.00 9.40 $ 1,786.00

Josué González Aldarondo Associate Corporate 200.00 13.20 $ 2,640.00

Paula González Montalvo Associate Litigation 190.00 0.80 $ 152.00

María de los A. Lugo Colom Associate Litigation 175.00 0.10 $ 17.50

Gabriel Miranda Rivera Associate Litigation 195.00 4.50 $ 877.50

Olga M. Alicea Paralegal Litigation 160.00 0.80 $ 128.00

Vanessa Sánchez Paralegal Litigation 160.00 0.90 $ 144.00

Totals 97.90 26,101.00 -

Less: 10% Courtesy discount (2,610.10) -

$ 23,490.90 $ -

Professional Position/Title Department Blended Hourly 

Billing Rate 2022

 Total Billed 

Hours 

Total 

Compensation 

2022 (Jan 2022)

Julio Pietrantoni Special Counsel Corporate 360.00 0.90 $ 324.00

Hermann D. Bauer Member Litigation 330.00 7.70 $ 2,541.00

Carla García Benítez Member Litigation 345.00 1.10 $ 379.50

Carlos E. George Member Labor 265.00 8.50 $ 2,252.50

Rosa M. Lázaro Member Corporate 360.00 3.70 $ 1,332.00

Antonio L. Collazo Jr. Member Corporate 235.00 1.10 $ 258.50

Josué González Aldarondo Associate Corporate 210.00 7.70 $ 1,617.00

Gabriel Miranda Rivera Associate Litigation 205.00 1.60 $ 328.00

Owen Rivera Colón Associate Corporate 185.00 3.10 $ 573.50

Laura Jiménez Davis Paralegal Litigation 145.00 0.10 $ 14.50

Vanessa Sánchez Paralegal Litigation 165.00 0.40 $ 66.00

Totals 35.90 9,686.50

Less: 10% Courtesy discount (968.65)

 8,717.85

 133.80 $ 32,208.75

PREPA TITLE III

Summary of Legal Fees for the Period Oct 1, 2021 through January 31, 2022

Period Oct 1, 2021-Dec 31, 2021 

SUB TOTAL SUMMARY OF LEGAL FEES Oct 1, 2021-Dec 31, 2021

Period January 1, 2022 - January 31, 2022 

SUB TOTAL SUMMARY OF LEGAL FEES JANUARY 1-31, 2022

SUMMARY OF LEGAL FEES PAID FROM Oct 1, 2021-Jan 31, 2022 

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Professional Position/Title Department

 Bill Fees using 

2021 Rates Total Billed Hours Total Compensation 2021 (Oct-Dec 2021)

Hermann D. Bauer Member Litigation 325.00 0.70 227.50

Ubaldo Fernández Jr. Member Litigation 230.00 1.40 322.00

Paula González Montalvo Associate Litigation 190.00 1.60 304.00

Gabriel Miranda Rivera Associate Litigation 195.00 5.20 1,014.00

Vanessa Sánchez Paralegal Litigation 160.00 0.50 80.00

Totals 7.30 1,947.50 -

Less: 10% Courtesy discount (194.75) -

$ 1,752.75 $ -

Professional Position/Title Department Blended Hourly 

Billing Rate 2022 Total Billed Hours Total Compensation 

2022 (Jan 2022)

Hermann D. Bauer Member Litigation 330.00 0.30 99.00

Gabriel Miranda Rivera Associate Litigation 205.00 0.40 82.00

Vanessa Sánchez Paralegal Litigation 165.00 0.20 33.00

Totals 0.90 214.00

Less: 10% Courtesy discount (21.40)

 192.60

 8.20 $ 1,945.35

PBA TITLE III

Summary of Legal Fees for the Period Oct 1, 2021 through January 31, 2022

SUMMARY OF LEGAL FEES PAID FROM Oct 1, 2021-Jan 31, 2022 

Period Oct 1, 2021-Dec 31, 2021 

SUB TOTAL SUMMARY OF LEGAL FEES Oct 1, 2021-Dec 31, 2021

Period January 1, 2022 - January 31, 2022 

SUB TOTAL SUMMARY OF LEGAL FEES JANUARY 1-31, 2022

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Schedule 3

Summary of Professional Services Rendered by Project 

Category for the Period October 1, 2021 through January 31, 2022

Task Code Matter Description Total Billed 

Hours

Total Fees 

Requested 

Uses 2021 

Rates - Oct 

thru Dec 2021

Total Fees 

Requested 

Uses 2022 

Rates - Only 

Jan 2022

201 Board, Memers, Staff, Advisor, Consutl 2.70 610.00

202 Legal Research 59.50 12,767.00

203 Hearings and Non-Field Comm. With Court 41.10 12,224.00

206 Documents Filed on Behalf of the Board 152.00 31,419.00

207 Non-Board Court Filings 8.70 2,827.50

208 Stay Matters 5.80 1,742.50

209 Adversary Proceeding 41.20 12,656.50

210 Analysis and Strategy 53.40 14,699.00

213 Labor, Pension Matters 40.00 10,743.00

215 Plan of Adjustment and Disclosure Statement 497.40 145,791.00

216 Confirmation 36.50 8,240.50

217 Tax 2.80 924.00

219 Docketing 3.90 616.50

220 Translations 104.90 16,910.00

221 Discovery/2004 Examinations 12.70 4,055.50

222 Claims and Claims Objections 65.10 14,058.50

223 Assumption and Rejection of Leases 0.90 292.50

224 Fee Application O&B 26.00 5,986.50

202 Legal Research 16.20 3,156.00

203 Hearings and Non-Field Comm. With Court 63.10 12,476.00

204 Communication with Claimholders 0.60 123.00

206 Documents Filed on Behalf of the Board 44.20 9,303.50

207 Non-Board Court Filings 1.40 462.00

208 Stay Matters 2.40 792.00

209 Adversary Proceeding 8.50 2,714.00

210 Analysis and Strategy 4.60 1,456.00

213 Labor, Pension Matters 175.00 32,710.50

214 Legal/Regulatory Matters 0.70 164.50

215 Plan of Adjustment and Disclosure Statement 70.40 19,411.00

216 Confirmation 1.30 305.50

219 Docketing 3.60 570.00

220 Translations 3.10 573.50

221 Discorver/2004 Examinations 0.40 132.00

222 Claims and Claims Objections 82.10 17,114.00

223 Assumption and Rejection of Leases 0.60 198.00

224 Fee Application O&B 0.70 164.50

225 Fee Application - Proskauer 0.70 181.00

Totals $ 296,563.50 $ 102,007.00

Less: 10% Courtesy discount $ (29,656.35) $ (10,200.70)

SUMMARY OF LEGAL FEES 1,634.20 $ 266,907.15 $ 91,806.30 $ 358,713.45

ALL TITLE III TASKS 

Summary of Legal Fees for the Period Oct 1, 2021 through January 31, 2022

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Task 

Code Matter Description

Total 

Billed 

Hours

Total Fees 

Requested

201 Board, Memers, Staff, Advisor, Consutl 0.50 128.00

202 Legal Research 49.20 10,140.50

203 Hearings and Non-Field Comm. With Court 104.20 24,700.00

204 Communication with Claimholders 0.60 123.00

206 Documents Filed on Behalf of the Board 172.70 35,872.00

207 Non-Board Court Filings 9.70 3,158.50

208 Stay Matters 8.20 2,534.50

209 Adversary Proceeding 22.60 7,249.50

210 Analysis and Strategy 12.00 3,446.00

213 Labor, Pension Matters 180.10 33,500.50

215 Plan of Adjustment and Disclosure Statement 493.60 144,714.50

216 Confirmation 37.80 8,546.00

217 Tax 2.80 924.00

219 Docketing 5.80 913.00

220 Translations 102.80 16,448.00

221 Discovery/2004 Examinations 12.70 4,055.50

222 Claims and Claims Objections 142.10 29,827.50

223 Assumption and Rejection of Leases 1.50 490.50

224 Fee Application O&B 22.90 5,389.00

225 Fee Application - Proskauer 0.70 181.00

Totals $ 332,341.50

Less: 10% Courtesy discount $ (33,234.15)

SUMMARY OF LEGAL FEES 1,382.50 $ 299,107.35

Summary of Legal Fees for the Period Oct 1, 2021 through January 31, 2022

COMMONWEALTH OF PR TITLE III

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Task Code Matter Description

Total 

Billed 

Hours

Total Fees 

Requested

202 Legal Research 0.80 194.00

206 Documents Filed on Behalf of the Board 2.60 507.00

207 Non-Board Court Filings 0.20 65.00

209 Adversary Proceeding 7.00 2,072.50

210 Analysis and Strategy 14.80 3,833.00

213 Labor, Pension Matters 0.30 79.50

215 Plan of Adjustment and Disclosure Statement 68.90 18,868.50

219 Docketing 0.10 14.50

220 Translations 1.30 334.00

222 Claims and Claims Objections 2.80 595.00

224 Fee Application - O&B 1.00 202.00

Totals $ 26,765.00

Less: 10% Courtesy discount $ (2,676.50)

SUMMARY OF LEGAL FEES 99.80 $ 24,088.50

HTA TITLE III

Summary of Legal Fees for the Period Oct 1, 2021 through January 31, 2022

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Task 

Code Matter Description Total Billed 

Hours

Total Fees 

Requested

206 Documents Filed on Behalf of the Board 5.60 1,088.00 

215 Plan of Adjustment and Disclosure Statement 0.90 175.50

219 Docketing 0.30 49.50

224 Fee Application - O&B 1.00 202.00

Totals $ 1,515.00

Less: 10% Courtesy discount $ (151.50)

SUMMARY OF LEGAL FEES 7.80 $ 1,363.50

ERS TITLE III

Summary of Legal Fees for the Period Oct 1, 2021 through January 31, 2022

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Task Code Matter Description

Total 

Billed 

Hours

Total Fees 

Requested

201 Board, Memers, Staff, Advisor, Consutl 2.20 482.00

202 Legal Research 25.70 5,588.50

206 Documents Filed on Behalf of the Board 8.90 2,011.50

207 Non-Board Court Filings 0.20 66.00

209 Adversary Proceeding 17.90 5,504.00

210 Analysis and Strategy 31.20 8,876.00

213 Labor, Pension Matters 34.60 9,873.50

214 Legal/Regulatory Matters 0.70 164.50

215 Plan of Adjustment and Disclosure Statement 4.40 1,443.50

219 Docketing 1.00 160.50

220 Translations 3.90 701.50

221 Discorver/2004 Examinations 0.40 132.00

222 Claims and Claims Objections 2.00 651.00

224 Fee Application - O&B 0.70 133.00

Totals $ 35,787.50

Less: 10% Courtesy discount $ (3,578.75)

SUMMARY OF LEGAL FEES 133.80 $ 32,208.75

PREPA TITLE III

Summary of Legal Fees for the Period Oct 1, 2021 through January 31, 2022

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Task Code Matter Description

Total 

Billed 

Hours

Total Fees 

Requested

206 Documents Filed on Behalf of the Board 6.40 1,244.00

209 Adversay Proceeding 2.20 544.50

219 Docketing 0.30 49.00

222 Claims and Claims Objections 0.30 99.00

224 Fee Application - O&B 1.10 225.00

Totals $ 2,161.50

Less: 10% Courtesy discount $ (216.15)

SUMMARY OF LEGAL FEES 10.30 $ 1,945.35

PBA TITLE III

Summary of Legal Fees for the Period Oct 1, 2021 through January 31, 2022

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Schedule 4

Summary of Actual and Necessary Expenses Incurred 

for the Period October 1, 2021 through January 31, 2022

 Amounts 

 54.80 

 505.00 

 402.00 

 100.00 

 70.00 

SUMMARY OF DISBURSEMENTS $ 1,131.80

Filing Fee - Clerk's Office District Courts, Complaint 21-00119 LTS - GAM/HDB

Messenger Deliver 

Miscellaneous - Court Solutions Cost to Attend Urgent Hearing before Judge Swain on October 

25, 2021-HDB

ALL TITLE III EXPENSES 

Summary of Disbursements for the Period Oct 1, 2021 through January 31, 2022

Description - Expenses

Duplicating

Filing Fees - Clerk's Office US District Court Notice of Appeal - HDB

 Amounts 

 $ 54.20 

 $ 70.00 

 $ 85.00 

 402.00 

SUMMARY OF DISBURSEMENTS $ 611.20

Filing Fee - Clerk's Office District Courts, Complaint 21-00119 LTS - 

GAM/HDB

COMMONWEALTH OF PR TITLE III

Summary of Disbursements for the Period Oct 1, 2021 through January 31, 2022

Description - Expenses

Duplicating

Miscellaneous - Court Solutions Cost to Attend Urgent Hearing before 

Judge Swain on October 25, 2021-HDB

Messenger Delivery -

 Amounts 

 0.60 

 505.00 

 15.00 

 520.60

Duplicating

Filing Fees - Clerk's Office US District Court Notice of Appeal - HDB

Messenger Deliver 

SUMMARY OF DISBURSEMENTS

PREPA OF PR TITLE III

Summary of Disbursements for the Period Oct 1, 2021 through January 31, 2022

Description - Expenses

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UNITED STATES DISTRICT COURT

FOR THE DISTRICT OF PUERTO RICO

--------------------------------------------------------------------x

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)

--------------------------------------------------------------------x

FOURTEENTH INTERIM APPLICATION OF O’NEILL & BORGES LLC 

FOR ALLOWANCE OF COMPENSATION FOR SERVICES RENDERED 

AND REIMBURSEMENT OF EXPENSES AS ATTORNEYS TO 

THE FINANCIAL OVERSIGHT AND MANAGEMENT BOARD FOR PUERTO RICO, 

AS REPRESENTATIVE OF DEBTORS, FOR THE PERIOD OF 

OCTOBER 1, 2021 THROUGH JANUARY 31, 2022

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

COMES NOW O’Neill & Borges LLC (“O&B”), attorneys for the Financial Oversight 

and Management Board for Puerto Rico (the “Oversight Board”) as representative of 

the Commonwealth of Puerto Rico (“Commonwealth”), Puerto Rico Highways and Transportation 

Authority (“HTA”), Employees Retirement System for the Commonwealth 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 (“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.) O’Neill & Borges LLC has already submitted its “final” application in the 

COFINA Title III case, albeit because of our role as counsel for such debtor, we continue to provide services and incur 

expenses on some remaining matters related to that Title III proceeding. Such invoices will be submitted for approval 

pursuant to the Fee Examiner’s guidance regarding the pertinent process to follow.

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(“ERS”), and Puerto Rico Electric Power Authority (“PREPA”) and Puerto Rico Public Buildings 

Authority (“PBA”, jointly with the Commonwealth, HTA, ERS and PREPA referred to as 

“Debtors”) pursuant to section 315(b) of the Puerto Rico Oversight, Management, and Economic 

Stability Act (“PROMESA”),2and hereby submits this fourteenth interim application (the 

“Application”), pursuant to PROMESA sections 316 and 317, Rule 2016 of the Federal Rules 

of Bankruptcy Procedure (the “Bankruptcy Rules”),3 Rule 2016-1 of the Local Bankruptcy Rules 

for the United States Bankruptcy Court for the District of Puerto Rico (the “Local Rules”), and the 

United States Trustee Guidelines for Reviewing Applications for Compensation 

and Reimbursement of Expenses Filed under 11 U.S.C. § 330 by Attorneys in Larger Chapter 11 

Cases issued by the Executive Office for the United States Trustee, 28 CFR Part 58, Appendix B 

(the “Guidelines”), and in accordance with this Court’s Third Amended Order Setting 

Procedures for Interim Compensation and Reimbursement of Expenses of Professionals

(Dkt. No. 20546) (the “Interim Compensation Order”), for allowance of interim compensation for 

professional services performed by O&B for the period commencing October 1

st, 2021 through 

and including January 31st, 2022 (the “Compensation Period”) in the amount of $358,713.45, 

and (b) reimbursement of its actual and necessary expenses in the amount of $1,131.80.

In support thereof, O&B alleges and prays as follows:

Jurisdiction

1. The United States District Court for the District of Puerto Rico (the “Court”) has 

subject matter jurisdiction pursuant to PROMESA section 306(a). 

2. Venue is proper in this district pursuant to PROMESA section 307(a). 

3. O&B submits this Application pursuant to PROMESA sections 316 and 317. 

2

 PROMESA has been codified in 48 U.S.C. §§ 2101-2241.

3

 The Bankruptcy Rules are made applicable to the Debtor’s Title III case pursuant to PROMESA section 310.

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Background

4. On June 30, 2016, the Oversight Board was established under PROMESA 

section 101(b). On August 31, 2016, President Barack Obama appointed the Oversight Board’s 

seven voting members.

5. Pursuant to PROMESA section 315, “[t]he Oversight Board in a case under this 

subchapter is the representative of the debtor” and “may take any action necessary on behalf of the 

debtor to prosecute the case of the debtor, including filing a petition under section [304] of 

[PROMESA] . . . or otherwise generally submitting filings in relation to the case with the court.” 

48 U.S.C. § 2175.

6. On September 30, 2016, the Oversight Board designated the Debtors as “covered 

entities” under PROMESA section 101(d).

7. On May 3, 2017, the Oversight Board issued a restructuring certification pursuant 

to PROMESA sections 104(j) and 206 and filed a voluntary petition for relief for the 

Commonwealth pursuant to section 304(a) of PROMESA, commencing a case under title III 

thereof (the “Commonwealth’s Title III Case”). Pursuant to PROMESA section 315(b), the 

Oversight Board is the Debtor’s representative in the Commonwealth’s Title III Case.

8. On May 21, 2017, the Oversight Board issued a restructuring certification pursuant 

to PROMESA sections 104(j) and 206 and filed a voluntary petition for relief for the Puerto Rico 

Highways and Transportation Authority (“HTA”) pursuant to section 304(a) of PROMESA, by 

and through the Oversight Board, as HTA's representative pursuant to PROMESA section 315(b), 

commencing a case under title III thereof (the “HTA’s Title III Case”). Pursuant to PROMESA 

section 315(b), the Oversight Board is HTA’s representative in the HTA’s Title III Case.

9. On May 21, 2017, the Oversight Board issued a restructuring certification pursuant 

to PROMESA sections 104(j) and 206 and filed a voluntary petition for relief for the Employees 

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Retirement System for the Commonwealth of Puerto Rico (“ERS”) pursuant to section 304(a) of 

PROMESA, by and through the Oversight Board, as ERS's representative pursuant to PROMESA 

section 315(b), commencing a case under title III thereof (the “ERS’s Title III Case”). Pursuant to 

PROMESA section 315(b), the Oversight Board is ERS’s representative in the ERS’s Title III 

Case.

10. On July 3, 2017, the Oversight Board issued a restructuring certification 

pursuant to PROMESA sections 104(j) and 206 and filed a voluntary petition for relief for the

Puerto Rico Electric Power Authority (“PREPA”) pursuant to section 304(a) of PROMESA, 

by and through the Oversight Board, as PREPA's representative pursuant to PROMESA 

section 315(b), commencing a case under title III thereof (the “PREPA’s Title III Case”). Pursuant 

to PROMESA section 315(b), the Oversight Board is PREPA’s representative in the PREPA’s 

Title III Case.

11. On September 26, 2019, the Oversight Board issued a restructuring certification 

pursuant to PROMESA sections 104(j) and 206 and filed a voluntary petition for relief for the

Puerto Rico Public Buildings Authority (“PBA”) pursuant to section 304(a) of PROMESA, by and 

through the Oversight Board, as PBA’s representative pursuant to PROMESA section 315(b), 

commencing a case under title III thereof (the “PBA’s Title III Case”). Pursuant to PROMESA 

section 315(b), the Oversight Board is PBA’s representative in the PBA’s Title III Case.

12. The Commonwealth, HTA, ERS, PREPA and PBA Title III Cases are jointly 

administered for procedural purposes only, pursuant to PROMESA section 304(g) and Bankruptcy

Rule 1015. See Dkt. Nos. 242, 537, 1417, 8829.

13. On April 13, 2022, O&B served, by electronic mail, on the Notice Parties 

its monthly fee statements for the months of October, November and December 2021. On August 

23, 2022, O&B served, by electronic mail, on the Notice Parties its monthly fee statements for the 

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month of January 2022.

14. Pursuant to the Puerto Rico Recovery Accuracy in Disclosures Act (the 

“PRRADA”) and the Court’s related orders [Docket Nos. 19859, 19980, 20419, and 20467], O&B 

filed its PRRADA disclosures on July 12, 2022 [Docket No. 21485], which were later 

supplemented to address certain queries from the U.S. Trustee’s office via a filing of August 25, 

2022 [Docket No. 21925, as amended by Docket No. 22957].

15. In accordance with the Interim Compensation Order and as reflected in 

the foregoing summary, upon submitting such monthly fee statements, O&B has requested 

payment in the total amount of $322,842.11 of its fees (payment of ninety percent (90%) 

of the compensation sought in its invoices) and reimbursement of $1,131.80 of related expenses 

(one-hundred percent (100%) of expenses incurred) and has received $ $322,842.20 in fees 

and $1,131.80 in expenses with respect to fee statements filed during the Compensation Period.

Summary of Services Rendered by O&B During the Compensation Period

16. This is O&B’s fourteenth interim application for compensation in the Debtors’ 

Title III Cases. 

17. O&B has served as Puerto Rico counsel for the Oversight Board, who as the 

Debtors’ representative in these restructuring cases, defends their respective rights and interests in

the multiplicity of litigation attacking the certified fiscal plans for the Debtors and their respective 

restructuring efforts in accordance with PROMESA, and engages with creditors and other 

stakeholders on alternatives for a Title III plan of adjustment. O&B has worked closely with

Proskauer Rose LLP (“Proskauer”) and other consultants for the Oversight Board in the 

formulation of the different legal strategies designed to further PROMESA’s mandate of returning 

the Commonwealth to fiscal responsibility and access to capital markets. 

18. O&B has worked with Proskauer in, among other things, the following: 

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(a) preparation and filing of pleadings and briefs in litigation matters; (b) preparation for hearings; 

(c) research laws and jurisprudence, both Federal and local, regarding proposed plan issues, 

including bankruptcy, U.S. and P.R. Constitutional issues; and (d) performed other professional 

services as described in this Application and reflected in Schedule 3 and Exhibit B.

19. O&B seeks an allowance, pursuant to the Interim Compensation Order, 

of $358,713.45 as compensation for professional services rendered and $1,131.80 as 

reimbursement for actual and necessary expenses incurred during the Compensation Period in 

connection with such professional services. The Application shows that for the Compensation 

Period in question O&B has applied a 10% discount on the hourly rates of all attorneys and 

paralegals working on these cases.

20. O&B maintains electronic invoices in connection with the firm’s representation of 

the Oversight Board as representative of the Debtor. Copies of the electronic invoices with respect 

to the Oversight Board as representative of the Debtors for the Compensation Period are attached 

hereto as Exhibit B.

21. O&B’s summary of itemized time records for professionals and paralegals 

performing services for the Oversight Board with respect to the Debtors during the 

Compensation Period is attached hereto as Schedule 1. During the Compensation Period, O&B

billed the Oversight Board for time expended by attorneys based on O&B’s hourly rates effective 

July 1

st

, 2021 for the months of October, November and December 2021 and based on O&B’s 

hourly rates effective January 1st, 2022 for the month January 2022, as detailed in Schedule 2. 

O&B’s rates are revised annually at the end of our fiscal year (November 30). The professional 

services performed by O&B during the Compensation Period resulted in 1,537.20 recorded hours 

by O&B’s attorneys; and 97.00 recorded hours by paralegals. Furthermore, Schedule 3 shows, for 

each Project Category (as defined below), the total recorded hours for each Project Category. 

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In accordance with Guidelines paragraph C.3, O&B’s blended hourly rates are disclosed in 

Schedule 2. The rates O&B charges for the services rendered by its professionals and paralegals 

in these Title III cases are below or consistent with the competitive market rates in Puerto Rico for 

bankruptcy matters, charged by the other Puerto Rico counsels who have appeared in these cases. 

22. All entries itemized in O&B’s time records comply with the requirements set forth 

in the Guidelines, including, without limitation, (a) the utilization of what O&B identifies as task 

codes (each a “Project Category”), (b) a description of each activity or service that each individual 

performed, and (c) the number of hours (in increments of one-tenth of an hour) spent by each 

individual providing the services. 

Applicant Statement in Compliance with Appendix B Guidelines C.5

23. The following answers are provided in response to the questions set forth in 

Guidelines paragraph C.5:

Question: Did you agree to any variations from, or alternatives to, your standard 

or customary billing rates, fees or terms for services pertaining to this 

engagement that were provided during the application period? If so, 

please explain.

Response: Yes. O&B agreed to a 10% discount on the total amount billed in 

all invoices.

Question: If the fees sought in this fee application as compared to the fees 

budgeted for the time period covered by this fee application are higher 

by 10% or more, did you discuss the reasons for the variation with the 

client?

Response: The claimed fees are not higher than 10% of the budgeted fees for the 

time period.

Question: Have any of the professionals included in this fee application varied 

their hourly rate based on the geographic location of the bankruptcy 

case?

Response: No.

Question: Does the fee application include time or fees related to reviewing or 

revising time records or preparing, reviewing, or revising invoices? 

(This is limited to work involved in preparing and editing billing 

records that would not be compensable outside of bankruptcy and does 

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not include reasonable fees for preparing a fee application.). If so, 

please quantify by hours and fees.

Response: No, the Application does not include time or fees related to reviewing 

time records or preparing, reviewing or revising invoices in connection 

with the preparation of monthly fee statements. 

Question: Does this fee application include time or fees for reviewing time records 

to redact any privileged or other confidential information? If so, please 

quantify by hours and fees.

Response: No.

Question: If the fee application includes any rate increases since retention: (i) Did 

your client review and approve those rate increases in advance? (ii) Did 

your client agree when retaining the law firm to accept all future rate 

increases? If not, did you inform your client that they need not agree 

to modified rates or terms in order to have you continue the 

representation, consistent with ABA Formal Ethics Opinion 11-458?

Response: Yes, the Application includes the rate increase of our fees effective as 

of July 1

st, 2021 and January 1st, 2022, as agreed with the client in the 

original services proposal and follow-up communications and notified 

to all Title III interested parties (ECF Nos.: 16782 and 19458). Pursuant 

to the Engagement Letter dated November 23, 2016 between the 

Oversight Board and O&B, O&B rates are revised annually at the end 

of our fiscal year (November 30). (ECF Nos.: 13891-7) Such rate 

increases are based upon such criteria as whether a particular 

timekeeper has been promoted because of his/her demonstrated skills, 

whether a particular professional has demonstrated developing skills, 

experiences, or competency, whether the particular rate is in tune with 

current market rates, and other similar objective criteria.

Hearings and Conferences

24. O&B attorneys, as Puerto Rico counsel for the Oversight Board, also attended 

hearings and participated in teleconferences with the Oversight Board, the Board’s professional 

advisors, AAFAF and its professional advisors, the Unsecured Creditors’ Committee and its 

professional advisors, and the Debtors’ creditors and their professional advisors. More than one 

O&B attorney may have participated in hearings and conferences when required in order to better 

represent the Debtors in a more cost-efficient manner and avoid unnecessary duplication and 

expense. 

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Professionals Billing Fewer Than Five Hours per Month

25. The following chart indicates (a) professionals who billed fewer than five hours per 

month, (b) the months for which fewer than five hours were billed by the professional, and (c) an 

explanation of why the use of such professional was reasonable and necessary. As a general 

matter, it was reasonable and necessary to consult with professionals with specific practice area 

expertise to assist the Debtors in the Title III cases.

Professional

Month(s) in 

which less than 

5 hours were 

billed

Explanation of Why Services 

Were Reasonable and Necessary

Julio 

Pietrantoni January 2022

Mr. Pietrantoni was a member of our Corporate 

Department and has by-now moved to a Senior Counsel 

position. His practice focuses on, among others, financing 

transactions, including public finance. Given his expertise 

in public financing issues, Mr. Pietrantoni continues to 

periodically provide the Oversight Board guidance 

regarding issues impacting the Debtors’ restructuring 

efforts.

Salvador A. 

Antonetti

November and 

December 2021, 

and January 

2022

Mr. Antonetti is a former Solicitor General of Puerto Rico, 

with various areas of expertise, including federal 

procedural and appellate issues, as well as knowledge of 

governmental issues. Mr. Antonetti is periodically tasked 

with providing guidance in the Title III proceedings 

regarding his areas of expertise.

José R. Cacho November 2021

Mr. Cacho is a member of our Corporate Department. His 

practice focuses on, among others, financing transactions, 

including public finance. Given his substantial experience 

in the public finance, Mr. Cacho continues to periodically 

provide the Oversight Board guidance regarding the 

Debtors’ restructuring efforts.

Carla García 

Benítez

October and 

November and 

2021, and 

January 2022

Ms. García is a member of O&B’s Litigation Department, 

with various areas of expertise, including federal 

procedural and appellate issues. Ms. García has been 

consistently leading and providing guidance in the Title III 

proceedings and related litigation in adversary 

proceedings.

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Professional

Month(s) in 

which less than 

5 hours were 

billed

Explanation of Why Services 

Were Reasonable and Necessary

Michelle 

Marichal January 2022

Ms. Marichal is a member of O&B’s Corporate 

Department with substantial experience analyzing 

employee benefits and pension plan issues, as well as tax 

issues impacting the Debtors’ restructuring plans. She has 

been assisting the Oversight Board in these Title III cases 

by analyzing and providing advice on issues related to 

these areas of law. 

Antonio L. 

Roig December 2021

Mr. Roig is a member of O&B’s Litigation Department, 

with various areas of expertise, including federal 

procedural and appellate issues, as well as judicial 

challenges to governmental bidding procedures. Mr. Roig 

is periodically tasked with providing guidance in the Title 

III proceedings regarding his areas of expertise.

Ismael 

Vincenty 

Medina

October 2021

Mr. Vincenty is a member of O&B’s Corporate 

Department, specializing in Taxation issues. He 

periodically provides advice on such issues, as they may 

impact the Debtors’ restructuring efforts.

Antonio 

Collazo January 2022

Mr. Collazo is a junior member of our Corporate 

Department. His practice focuses on environmental law 

and energy issues. Mr. Collazo provides the Oversight 

Board guidance regarding issues impacting the Debtors’ 

restructuring efforts, as well as assisting in developing 

legal arguments for the various adversary proceedings 

impacting the PREPA Title III process.

Ubaldo M.

Fernández 

Barrera

January 2022

Mr. Fernández is a junior member of the O&B Litigation 

Department who specializes in Bankruptcy law and has 

been consistently providing assistance in all the Title III 

matters since their inception. 

Jose L. 

Notario November 2021

Mr. Notario is a member of O&B’s Corporate Department, 

with particular knowledge and experience in legislative 

efforts. He periodically provides advice on such issues, as 

they may impact the Debtors’ restructuring efforts.

Laura Díaz 

González

November and 

December 2021

Ms. Diaz is an associate in O&B’s Labor Department. She 

has aided the Oversight Board in researching Puerto Rico 

labor law issues. as well as periodically assisting in 

document or docket review projects.

Paula 

González 

Montalvo

December 2021

Ms. Gonzalez is an associate in O&B’s Litigation 

Department. She has aided the Oversight Board in 

researching Puerto Rico law issues, as well as periodically 

assisting in reviewing and filings pertinent pleadings by the 

Oversight and its consultants.

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Professional

Month(s) in 

which less than 

5 hours were 

billed

Explanation of Why Services 

Were Reasonable and Necessary

Kiomary 

López October 2021

Ms. López is an associate in O&B’s Corporate 

Department. She has aided the Oversight Board in 

researching Puerto Rico labor law issues as well as 

periodically assisting in document or docket review 

projects.

María de los 

A. Lugo 

Colom

October 2021 

and January 

2022

Ms. Lugo is an associate in O&B’s Litigation Department. 

She has aided the Oversight Board in researching Puerto 

Rico law issues, as well as periodically assisting in 

reviewing and filings pertinent pleadings by the Oversight 

and its consultants.

Nelson A. 

Martínez January 2022

Mr. Martínez is an associate in O&B’s Corporate 

Department. He has aided the Oversight Board in 

researching Puerto Rico labor law issues as well as 

periodically assisting in document or docket review 

projects

Alberto 

Nieves 

Cubero

January 2022

Mr. Nieves is an associate of O&B’s Corporate 

Department, with particular knowledge and experience in 

legislative efforts. He periodically provides advice on such 

issues, as they may impact the Debtors’ restructuring 

efforts, as well as periodically assisting in reviewing and 

filings pertinent pleadings by the Oversight and its 

consultants.

Astrid E. 

Vélez October 2021

Ms. Vélez is an associate in O&B’s Corporate Department. 

She has aided the Oversight Board in researching Puerto 

Rico labor law issues as well as periodically assisting in 

document or docket review projects.

Natalia P. 

Vilá

January 2022

Ms. Vilá is an associate in O&B’s Corporate Department. 

She has aided the Oversight Board in researching Puerto 

Rico law issues as well as periodically assisting in 

document review projects.

Olga M. 

Alicea December 2021

Ms. Alicea is an experienced translator and litigation 

paralegal at O&B. She has assisted with translations and 

other clerical tasks associated with the litigation efforts 

within the Title III proceedings.

Laura 

Jiménez 

Davis 

January 2022

Ms. Jiménez Davis is an experienced litigation paralegal at

O&B. She has assisted with minor clerical tasks associated 

with the litigation efforts within the Title III proceedings.

Vanessa 

Sánchez

October, 

November and 

December 2021, 

and January 

2022

Ms. Sánchez is an experienced litigation paralegal at O&B. 

She has assisted with minor clerical tasks associated with 

the litigation efforts within the Title III proceedings and 

has periodically assisted with document review and 

organization projects.

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Summary of Legal Services Provided During the Compensation Period

26. The following is a brief narrative summary, listed by Project Category, of the 

professional services rendered by O&B during the Compensation Period.4

(a) Project Category 201

27. This Project Category includes time spent communicating with the Oversight 

Board, the Debtors, and their representatives, agents, and consultants. In summary, O&B attorneys 

spent time communicating with Oversight Board professionals regarding Debtors’ Title III cases

strategy issues, economic analyses, fiscal plans issues, consulting matters, and litigation strategy. 

O&B attorneys further had multiple communications with the Oversight Board regarding 

mediation related issues and plans of adjustment and drafted or assisted in research related to 

memoranda on behalf of the Oversight Board related to these cases. 

(b) Project Category 202

28. This Project Category includes legal research and analyses and time spent drafting 

memoranda in coordination with Proskauer regarding the analysis of legal issues including, but not 

limited to, local law matters. The following are some of the issues that were researched by O&B 

attorneys: (i) constitutional issues in connection with the Debtors’ Title III cases; (ii) state law 

4

 The following tables exclude the deferred amounts being sought in this application. The total fees mentioned in this 

section also exclude the 10% discount agreed to upon the initial engagement.

Task Code Matter Description Total Billed 

Hours

Total Fees 

Requested 

Uses 2021 

Rates - Oct 

thru Dec 2021

Total Fees 

Requested 

Uses 2022 

Rates - Only 

Jan 2022

201 Board, Memers, Staff, Advisor, Consutl 2.70 610.00

Task Code Matter Description Total Billed 

Hours

Total Fees 

Requested 

Uses 2021 

Rates - Oct 

thru Dec 2021

Total Fees 

Requested 

Uses 2022 

Rates - Only 

Jan 2022

202 Legal Research 59.50 12,767.00

202 Legal Research 16.20 3,156.00

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issues related to various matters impacting the Title III Proceedings; (iii) merits, stay, removal,

dismissal, and transfer of actions; (iv) analysis on claw back rights; (v) protection of estate assets;

(vi) regulatory matters; and (vii) discovery disputes. 

(c) Project Category 203

29. This Project Category includes communications with the Court and preparing for 

and attending hearings and in Court proceedings. Furthermore, O&B attorneys spent time 

communicating with the Court and regarding rules and hearing matters.

(d) Project Category 204 

30. This category includes time spent by O&B attorneys communicating with the 

claimholders of Debtors. The time spent by O&B attorneys focused on issues related to stay 

matters and the procedures established pursuant to the Court’s order for seeking relief from stay. 

Furthermore, O&B attorneys spent time responding to creditors’ inquiries. O&B attorneys also 

spent time on communications regarding mediation, negotiation, and settlement in the Title III 

cases and adversary proceedings. 

(e) Project Category 205

31. As to this Project Category, O&B attorneys spent time communicating with the 

Task Code Matter Description Total Billed 

Hours

Total Fees 

Requested 

Uses 2021 

Rates - Oct 

thru Dec 2021

Total Fees 

Requested 

Uses 2022 

Rates - Only 

Jan 2022

203 Hearings and Non-Field Comm. With Court 41.10 12,224.00

203 Hearings and Non-Field Comm. With Court 63.10 12,476.00 Task Code Matter Description Total Billed 

Hours

Total Fees 

Requested 

Uses 2021 

Rates - Oct 

thru Dec 2021

Total Fees 

Requested 

Uses 2022 

Rates - Only 

Jan 2022

204 Communication with Claimholders 0.60 123.00 Task Code Matter Description Total Billed 

Hours

Total Fees 

Requested 

Uses 2021 

Rates - Oct 

thru Dec 2021

Total Fees 

Requested 

Uses 2022 

Rates - Only 

Jan 2022

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Debtor’s representatives in various Title III related matters including but not limited to counsel 

and other advisors to AAFAF. There were no hours expended for this task during this time period.

(f) Project Category 206

32. O&B attorneys, as Puerto Rico counsel for the Oversight Board, spent considerable 

time drafting and reviewing pleadings filed on behalf of the Debtors. In summary, O&B attorneys 

worked with Proskauer in drafting and reviewing pleadings, motions for joint administration, first 

day motions, briefing on legal issues in motions, objections, and replies in contested matters and 

several adversary proceedings.

(g) Project Category 207

33. The time spent by O&B attorneys on this Project Category includes the review of 

Court orders, complaints, pleadings, motions and responses thereto filed by other parties.

Reviewing pleadings filed by other parties is necessary to properly advise the Oversight Board 

whether a response is required and, where appropriate, assist in the preparation of such response. 

(h) Project Category 208 

Task Code Matter Description Total Billed 

Hours

Total Fees 

Requested 

Uses 2021 

Rates - Oct 

thru Dec 2021

Total Fees 

Requested 

Uses 2022 

Rates - Only 

Jan 2022

206 Documents Filed on Behalf of the Board 152.00 31,419.00

206 Documents Filed on Behalf of the Board 44.20 9,303.50 Task Code Matter Description Total Billed 

Hours

Total Fees 

Requested 

Uses 2021 

Rates - Oct 

thru Dec 2021

Total Fees 

Requested 

Uses 2022 

Rates - Only 

Jan 2022

207 Non-Board Court Filings 8.70 2,827.50

207 Non-Board Court Filings 1.40 462.00 Task Code Matter Description Total Billed 

Hours

Total Fees 

Requested 

Uses 2021 

Rates - Oct 

thru Dec 2021

Total Fees 

Requested 

Uses 2022 

Rates - Only 

Jan 2022

208 Stay Matters 5.80 1,742.50

208 Stay Matters 2.40 792.00

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34. This Project Category includes time spent by O&B attorneys in reviewing and 

analyzing motions and responses on relief from stay and researching issues related thereto. Among 

the multiple tasks handled by O&B attorneys in this Project Category, the time spent also included 

drafting and reviewing responses and motions on stay related matters.

(i) Project Category 209 

35. The time spent on this Project Category includes the handling of various contested 

matters and adversary proceedings filed in relation to these Title III cases. O&B attorneys have 

spent time reviewing and drafting pleadings and motions as local counsel for the Oversight Board, 

as required by Local Rule 83A(f). Furthermore, O&B attorneys have spent time responding to 

discovery matters as Puerto Rico counsel for the Oversight Board, as the representative of the Title 

III Debtors.

(j) Project Category 210

36. This Project Category focuses on the time spent by O&B attorneys in relation to 

legal analysis and strategy as to the next steps and meetings with Proskauer to coordinate matters 

related to the Title III cases. It also includes analyzing the legal arguments raised in court filings 

by other parties, to properly advise the Oversight Board regarding the impact of those issues upon 

the Title III proceeding. 

Task Code Matter Description Total Billed 

Hours

Total Fees 

Requested 

Uses 2021 

Rates - Oct 

thru Dec 2021

Total Fees 

Requested 

Uses 2022 

Rates - Only 

Jan 2022

209 Adversary Proceeding 41.20 12,656.50

209 Adversary Proceeding 8.50 2,714.00 Task Code Matter Description Total Billed 

Hours

Total Fees 

Requested 

Uses 2021 

Rates - Oct 

thru Dec 2021

Total Fees 

Requested 

Uses 2022 

Rates - Only 

Jan 2022

210 Analysis and Strategy 53.40 14,699.00

210 Analysis and Strategy 4.60 1,456.00

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(k) Project Category 211 

37. This Project Category focuses on the time spent by O&B attorneys in relation to 

legal analysis and strategy of issues related to the various Debtors Fiscal Plans and Yearly Budgets.

(l) Project Category 212

38. This Project Category includes time spent by O&B attorneys on general 

administration of the Debtors’ Title III case. Among the general administration included in this 

Project Category are, among other, the following: (a) case status and coordination with Proskauer; 

(b) analyzing matters on filing of documents with the Court and service thereof; and (c) 

coordinating matters related to calendar, deadlines, translations and filings.

(m) Project Category 213

39. This Project Category includes time spent reviewing employee and retiree benefits 

and pension matters, which are mostly governed by highly technical Puerto Rico laws, as counsel 

for the Oversight Board and in coordination with Proskauer. 

Task Code Matter Description Total Billed 

Hours

Total Fees 

Requested 

Uses 2021 

Rates - Oct 

thru Dec 2021

Total Fees 

Requested 

Uses 2022 

Rates - Only 

Jan 2022

Task Code Matter Description Total Billed 

Hours

Total Fees 

Requested 

Uses 2021 

Rates - Oct 

thru Dec 2021

Total Fees 

Requested 

Uses 2022 

Rates - Only 

Jan 2022

Task Code Matter Description Total Billed 

Hours

Total Fees 

Requested 

Uses 2021 

Rates - Oct 

thru Dec 2021

Total Fees 

Requested 

Uses 2022 

Rates - Only 

Jan 2022

213 Labor, Pension Matters 40.00 10,743.00

213 Labor, Pension Matters 175.00 32,710.50

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(n) Project Category 214

40. This Project Category includes time spent by O&B in the analysis of and 

communications of any sort (including emails, calls and meetings) with any regulatory, 

Congressional or governmental agency regarding issues arising out of Title III proceedings.

(o) Project Category 215

41. This Project Category includes time spent by O&B in providing assistance to the 

Oversight Board in the development of a plan of adjustment to the various Title III Debtors. It 

also includes the analysis of the various legal and regulatory issues that may impact upon the 

viability of such plans. 

(p) Project Category 216

42. This category encompasses time expended in the process of confirmation of a 

debtor’s plan of adjustment. 

(q) Project Category 217

Task Code Matter Description Total Billed 

Hours

Total Fees 

Requested 

Uses 2021 

Rates - Oct 

thru Dec 2021

Total Fees 

Requested 

Uses 2022 

Rates - Only 

Jan 2022

214 Legal/Regulatory Matters 0.70 164.50 Task Code Matter Description Total Billed 

Hours

Total Fees 

Requested 

Uses 2021 

Rates - Oct 

thru Dec 2021

Total Fees 

Requested 

Uses 2022 

Rates - Only 

Jan 2022

215 Plan of Adjustment and Disclosure Statement 497.40 145,791.00

215 Plan of Adjustment and Disclosure Statement 70.40 19,411.00 Task Code Matter Description Total Billed 

Hours

Total Fees 

Requested 

Uses 2021 

Rates - Oct 

thru Dec 2021

Total Fees 

Requested 

Uses 2022 

Rates - Only 

Jan 2022

216 Confirmation 36.50 8,240.50

216 Confirmation 1.30 305.50 Task Code Matter Description Total Billed 

Hours

Total Fees 

Requested 

Uses 2021 

Rates - Oct 

thru Dec 2021

Total Fees 

Requested 

Uses 2022 

Rates - Only 

Jan 2022

217 Tax 2.80 924.00

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43. The time spent on this Project Category includes time spent by O&B regarding 

analysis and communications of any sort related to tax issues impacting the Title III Debtors. There 

were no hours expended for this task during this this time period. There were no hours expended 

for this task during this time period.

(r) Project Category 218

44. This Project Category includes time spent by O&B regarding analysis and 

communications of any sort related to any employment retention or fee application of other 

professionals in the relevant proceeding.

(s) Project Category 219 

45. This Project Category includes time spent by O&B paralegals reviewing orders 

and/or pertinent motions to ensure all up-coming court deadlines are identified and docketed in the 

calendars for the pertinent attorneys in charge of the specific matter or task. 

(t) Project Category 220

46. This Project Category includes time spent by O&B paralegals or junior associates, 

when time constraints or other consideration so require, regarding translation of documents from 

Spanish to English. Some of these translations are necessary in order for the Oversight Board to 

Task Code Matter Description Total Billed 

Hours

Total Fees 

Requested 

Uses 2021 

Rates - Oct 

thru Dec 2021

Total Fees 

Requested 

Uses 2022 

Rates - Only 

Jan 2022

Task Code Matter Description Total Billed 

Hours

Total Fees 

Requested 

Uses 2021 

Rates - Oct 

thru Dec 2021

Total Fees 

Requested 

Uses 2022 

Rates - Only 

Jan 2022

219 Docketing 3.90 616.50

219 Docketing 3.60 570.00 Task Code Matter Description Total Billed 

Hours

Total Fees 

Requested 

Uses 2021 

Rates - Oct 

thru Dec 2021

Total Fees 

Requested 

Uses 2022 

Rates - Only 

Jan 2022

220 Translations 104.90 16,910.00

220 Translations 3.10 573.50

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make informed decisions impacting Title III strategy. Moreover, pursuant to Local R. 5(g), “all 

documents not in the English language which are presented or filed, whether as evidence or 

otherwise, must be accompanied by a certified translation into English....” Whenever court 

deadlines so-permit, O&B uses the services of its in-house certified interpreter, which is more costefficient than third-party services.

(u) Project Category 221

47. This Project Category includes time spent by O&B in preparation for, or attending 

to, Rule 2004 examinations. Additionally, all discovery related tasks, including analysis of 

discovery requests, potential privilege issues and review and analysis of discovery responses are 

included in this category. 

(v) Category 222

48. This Project Category includes time spent by O&B in analyzing claims against the 

debtor, as well as analyzing or preparing objections to such claims. 

(w)Project Category 223 

Task Code Matter Description Total Billed 

Hours

Total Fees 

Requested 

Uses 2021 

Rates - Oct 

thru Dec 2021

Total Fees 

Requested 

Uses 2022 

Rates - Only 

Jan 2022

221 Discovery/2004 Examinations 12.70 4,055.50

221 Discorver/2004 Examinations 0.40 132.00 Task Code Matter Description Total Billed 

Hours

Total Fees 

Requested 

Uses 2021 

Rates - Oct 

thru Dec 2021

Total Fees 

Requested 

Uses 2022 

Rates - Only 

Jan 2022

222 Claims and Claims Objections 65.10 14,058.50

222 Claims and Claims Objections 82.10 17,114.00 Task Code Matter Description Total Billed 

Hours

Total Fees 

Requested 

Uses 2021 

Rates - Oct 

thru Dec 2021

Total Fees 

Requested 

Uses 2022 

Rates - Only 

Jan 2022

223 Assumption and Rejection of Leases 0.90 292.50

223 Assumption and Rejection of Leases 0.60 198.00

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49. This Project Category includes time spent by O&B in analyzing issues relating to 

debtor’s leases or executory contracts, as well as revising or drafting any necessary court filings

relating to these contracts. 

(x) Project Category 224 

50. This Project Category includes time spent by O&B in the drafting and organization 

of the necessary filings for the collection of the fees claimed by O’Neill & Borges LLC for the 

work performed on behalf of the Oversight Board in these Title III proceedings. 

(y) Project Category 225

51. This Project Category includes time spent by O&B in assisting our co-counsel, 

Proskauer Rose LLP, in the submission of its filings for the collection of its fees for the work 

performed on behalf of the Oversight Board in these Title III proceedings. 

52. The professional services performed by O&B were reasonable, necessary, 

appropriate, and beneficial when rendered, facilitated the effective administration of the Debtors’

Title III cases, and were in the best interests of the Oversight Board and the Debtors’ creditors, 

residents, and other stakeholders. O&B further submits that the Compensation for which approval 

is being sought is commensurate with the complexity, importance, and time-sensitive nature of the 

problems, issues, and tasks involved. The professional services of O&B were performed in an 

efficient and effective manner. 

Task Code Matter Description Total Billed 

Hours

Total Fees 

Requested 

Uses 2021 

Rates - Oct 

thru Dec 2021

Total Fees 

Requested 

Uses 2022 

Rates - Only 

Jan 2022

224 Fee Application O&B 26.00 5,986.50

224 Fee Application O&B 0.70 164.50 Task Code Matter Description Total Billed 

Hours

Total Fees 

Requested 

Uses 2021 

Rates - Oct 

thru Dec 2021

Total Fees 

Requested 

Uses 2022 

Rates - Only 

Jan 2022

225 Fee Application - Proskauer 0.70 181.00

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53. Therefore, the Court should approve the compensation sought by O&B in 

compliance with the requirements in the Bankruptcy Code. Namely, the fees requested are fair and 

reasonable because these Title III cases are complex matters that required the time spent by O&B 

given the nature and extent of the services. Furthermore, O&B expertise in the bankruptcy field 

together with the value of its services and the costs of comparable services in other cases show 

further compliance with the Bankruptcy Code. 

Actual and Necessary Expenses of O&B

54. Pursuant to the Guidelines, Schedule 4 is O&B’s summary of actual and necessary 

expenses incurred on behalf of the Oversight Board as representative of the Debtors during the 

Compensation Period.

55. In accordance with paragraph C.13 of the Appendix B Guidelines and as more fully 

described in Schedule 4, O&B seeks reimbursement for its necessary and reasonable expenses, 

including: (a) reproduction, (b) online research, (c) delivery services and couriers, (d) postage, (e) 

local travel to and from airports, (f) out-of-town travel, (g) out-of-town meals, (h) court fees, (i) 

transcription services, (j) litigation support, and (l) professional services. All expense entries are

detailed and explained in Exhibit B.

56. O&B currently charges from $0.10 (black and white) to $0.40 (color) per page for 

Title III photocopying expenses; and this is reflected in the submitted invoices. All expenditures 

are of the type customarily billed to clients are detailed on Schedule 4. 

57. During the Compensation Period, O&B has disbursed $1,131.80 as necessary and 

reasonable expenses. The expenses charged are detailed and described in Exhibit B hereto. The 

actual expenses incurred by O&B were necessary, reasonable, and justified to effectively serve the 

needs of the Debtors in its Title III cases.

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Compensation Paid and Its Source

58. The services and expenses for which O&B is requesting approval of the Court were 

performed or incurred on behalf of the Oversight Board as representative of the Debtors. In 

connection with the matters covered by this Application, O&B received no payment and no 

promises of payment for services rendered, or to be rendered, from any source other than the 

Debtors. There is no agreement or understanding between O&B and any other person, other than 

members of the firm, for the sharing of compensation received for services rendered in these Title 

III cases.

59. PROMESA sections 316 and 317 provide for interim compensation of 

professionals and govern the Court’s award of such compensation. 48 U.S.C. §§ 2176-2177. 

PROMESA section 316 provides that a court may award a professional person employed by the 

Debtors or the Oversight Board under PROMESA “(1) reasonable compensation for actual, 

necessary services rendered by the professional person, or attorney and by any paraprofessional 

person employed by any such person; and (2) reimbursement for actual, necessary expenses.” 48 

U.S.C. § 2176(a). Section 316 also sets forth the criteria for the award of such compensation and 

reimbursement:

In determining the amount of reasonable compensation to be 

awarded ... the court shall consider the nature, the extent, and the 

value of such services, taking into account all relevant factors, 

including—

(1) the time spent on such services;

(2) the rates charged for such services;

(3) whether the services were necessary to the administration of, or 

beneficial at the time at which the service was rendered toward the 

completion of, a case under this chapter;

(4) whether the services were performed within a reasonable amount 

of time commensurate with the complexity, importance, and nature 

of the problem, issue, or task addressed;

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(5) with respect to a professional person, whether the person is board 

certified or otherwise has demonstrated skill and experience in the 

bankruptcy field; and

(6) whether the compensation is reasonable based on the customary 

compensation charged by comparably skilled practitioners in cases 

other than cases under this subchapter or title 11.

48 U.S.C. § 2176(c).

60. As noted above, the professional services and expenditures object of this 

Application were necessary and beneficial to the Oversight Board as representative of the Debtors. 

O&B worked diligently to anticipate or respond to the Oversight Board’s needs and assist in the 

Oversight Board’s role in these Title III cases. The compensation for which O&B is requesting 

approval herein is reasonable in light of the nature, extent, and value of such services to the 

Oversight Board. 

Notice

61. Pursuant to the Interim Compensation Order, notice of this Application has been 

filed in the Commonwealth’s Title III case and served upon:

(a) the Financial Oversight and Management Board, 40 Washington 

Square South, Office 314A, New York, NY 10012, Attn: Professor 

Arthur J. Gonzalez, Oversight Board Member;

(b) attorneys for the Oversight Board, Proskauer Rose LLP, Eleven 

Times Square, New York, NY 10036, Attn: Martin J. Bienenstock, 

Esq. (mbienenstock@proskauer.com) and Ehud Barak, Esq. 

(ebarak@proskauer.com), and Proskauer Rose LLP, 70 West 

Madison Street, Chicago, IL 60602, Attn: Paul V. Possinger, Esq. 

(ppossinger@proskauer.com);

(c) attorneys for the Puerto Rico Fiscal Agency and Financial Advisory 

Authority, O’Melveny & Myers LLP, Times Square Tower, 7 Times 

Square, New York, NY 10036, Attn: John J. Rapisardi, Esq. 

(jrapisardi@omm.com) and Maria J. DiConza, Esq. 

(dperez@omm.com);

(d) attorneys for the Puerto Rico Fiscal Agency and Financial Advisory 

Authority, Marini Pietrantoni Muñiz LLC, MCS Plaza, Suite 500, 

255 Ponce de León Ave, San Juan, PR 00917, Attn: Luis C. MariniBiaggi, Esq. (lmarini@mpmlawpr.com), Carolina Velaz-Rivero 

Esq. (cvelaz@mpmlawpr.com) and Iván Garau-González, Esq. 

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(igarau@mpmlawpr.com);

(e) the Office of the United States Trustee for the District of Puerto 

Rico, Edificio Ochoa, 500 Tanca Street, Suite 301, San Juan, PR 

00901 (re: In re: Commonwealth of Puerto Rico), Attn: Monsita 

Lecaroz, Esq. (monsita.lecaroz@usdoj.gov);

(f) attorneys for the Official Committee of Unsecured Creditors, Paul 

Hastings LLP, 200 Park Ave., New York, NY 10166, Attn: Luc. A 

Despins, Esq. (lucdespins@paulhastings.com);

(g) attorneys for the Official Committee of Unsecured Creditors, 

Casillas, Santiago & Torres LLC, El Caribe Office Building, 53 

Palmeras Street, Ste. 1601, San Juan, PR 00901, Attn: Juan J. 

Casillas Ayala, Esq. (jcasillas@cstlawpr.com) and Alberto J.E. 

Añeses Negrón, Esq. (aaneses@cstlawpr.com);

(h) attorneys for the Official Committee of Retired Employees, Jenner

& Block LLP, 919 Third Ave., New York, NY 10022, Attn: Robert 

Gordon, Esq. (rgordon@jenner.com) and Richard Levin, Esq. 

(rlevin@jenner.com), and Jenner & Block LLP, 353 N. Clark Street, 

Chicago, IL 60654, Attn: Catherine Steege, Esq. 

(csteege@jenner.com) and Melissa Root, Esq. 

(mroot@jenner.com);

(i) attorneys for the Official Committee of Retired Employees, 

Bennazar, García & Milián, C.S.P., Edificio Union Plaza, PH-A, 

416 Ave. Ponce de León, Hato Rey, PR 00918, Attn: A.J. BennazarZequeira, Esq. (ajb@bennazar.org);

(j) the Puerto Rico Department of Treasury, PO Box 9024140, 

San Juan, PR 00902-4140, Attn: Reylam Guerra Goderich, Deputy 

Assistant of Central Accounting 

(Reylam.Guerra@hacienda.pr.gov); Omar E. Rodríguez Pérez, 

CPA, Assistant Secretary of Central Accounting 

(Rodriguez.Omar@hacienda.pr.gov); Angel L. Pantoja Rodríguez, 

Deputy Assistant Secretary of Internal Revenue and Tax Policy 

(angel.pantoja@hacienda.pr.gov); Francisco Parés Alicea, 

Secretary of the Puerto Rico Treasury Department

(francisco.pares@hacienda.pr.gov); and Francisco Peña Montañez, 

CPA, Assistant Secretary of the Treasury 

(Francisco.Pena@hacienda.pr.gov);

(k) attorneys for the Fee Examiner, EDGE Legal Strategies, PSC, 252 

Ponce de León Avenue, Citibank Tower, 12th Floor, San Juan, PR 

00918, Attn: Eyck O. Lugo (elugo@edgelegalpr.com); 

(l) attorneys for the Fee Examiner, Godfrey & Kahn, S.C., One East 

Main Street, Suite 500, Madison, WI 53703, Attn: Katherine Stadler 

(KStadler@gklaw.com);

(m) attorneys for AAFAF in the PREPA Title III proceeding, Greenberg 

Taurig LLP, 200 Park Avenue, New York, NY 10166, Attn: Nathan 

A. Haynes, Esq. (haynesn@gtlaw.com); 

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(n) attorneys for the U.S. Bank National Association: Maslon LLP, 90 

South Seventh Street, Suite 3300, Minneapolis, MN 55402, Attn: 

Clark T. Whitmore, Esq. (clark.whitmore@maslon.com), William 

Z. Pentelovitch, Esq. (bill.pentelovitch@maslon.com); John T. 

Duffey, Esq. (john.duffey@maslon.com); and Jason M. Reed, Esq. 

(jason.reed@maslon.com); and 

(o) attorneys for the U.S. Bank National Association: Rivera, Tulla and 

Ferrer, LLC, 50 Quisqueya Street, San Juan, PR 00917, Attn: Eric 

A. Tulla, Esq. (etulla@riveratulla.com) and Iris J. Cabrera-Gómez, 

Esq. (icabrera@riveratulla.com).

WHEREFORE O&B respectfully requests that the Court enter an order (a) allowing 

interim compensation for professional services rendered during the Compensation Period in 

the amount of $358,713.45 (including the 10% professional compensation holdback amount) and 

reimbursement for actual and necessary expenses O&B incurred in connection with such services 

during the Compensation Period in the amount of $1,131.80; (b) directing the Debtor to pay 

promptly to O&B the difference between (i) the amount of interim compensation for professional 

services rendered, and reimbursement of expenses incurred during the Compensation Period 

allowed hereunder, and (ii) the amounts for such compensation and expenses previously paid 

to O&B, consistent with the provisions of the Interim Compensation Order; (c) allowing such 

compensation for professional services rendered and reimbursement of actual and necessary 

expenses incurred without prejudice to O&B’s right to seek additional compensation for services 

performed and expenses incurred during the Compensation Period, which were not processed 

at the time of this Application; and (d) granting O&B such other and further relief as is just 

and proper.

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Dated: December 2, 2022

San Juan, Puerto Rico

Respectfully submitted,

/s/ Hermann D. Bauer

Hermann D. Bauer

USDC No. 215205 

O’NEILL & BORGES LLC

250 Muñoz Rivera Ave., Suite 800

San Juan, PR 00918-1813

Tel: (787) 764-8181

Fax: (787) 753-8944

Attorneys for the Financial Oversight and

Management Board as representative 

of debtors The Commonwealth of Puerto Rico, 

Puerto Rico Highways and Transportation 

Authority, Employees Retirement System for 

the Commonwealth of Puerto Rico, Puerto 

Rico Electric Power Authority and Puerto Rico 

Public Buildings Authority

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Estimated Hearing Date: February 1, 2023 at 9:30 a.m. (Atlantic Standard Time)

Objection Deadline: December 22, 2022 at 4:00 p.m. (Atlantic Standard Time)

Exhibit A

Certification under Guidelines 

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1

UNITED STATES DISTRICT COURT

DISTRICT OF PUERTO RICO

---------------------------------------------------------------x

In re:

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO,

as representative of 

THE COMMONWEALTH OF PUERTO RICO, et al.,

Debtors.1

---------------------------------------------------------------x

PROMESA

Title III

No. 17 BK 3283-LTS

(Jointly Administered)

CERTIFICATION UNDER GUIDELINES

FOR FEES AND DISBURSEMENTS FOR PROFESSIONALS

IN RESPECT OF FOURTEENTH INTERIM FEE APPLICATION OF O’NEILL & 

BORGES LLC FOR COMPENSATION FOR SERVICES RENDERED AND 

REIMBURSEMENT OF EXPENSES INCURRED AS ATTORNEYS FOR THE 

FINANCIAL OVERSIGHT AND MANAGEMENT BOARD FOR PUERTO RICO, AS 

REPRESENTATIVE OF THE DEBTOR, THE COMMONWEALTH OF PUERTO RICO,

FOR THE PERIOD OCTOBER 1, 2021 THROUGH JANUARY 31, 2022

Pursuant to the United States Trustee Guidelines for Reviewing Applications 

for Compensation and Reimbursement of Expenses Filed under 11 U.S.C. § 330 by Attorneys 

in Larger Chapter 11 Cases issued by the Executive Office for the United States Trustee, 28 CFR 

Part 58, Appendix B (the “Guidelines”), together with the Local Rule 2016-1, and (b) the order 

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 ); 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). O’Neill & Borges LLC has already submitted its final application in the 

COFINA Title III case, albeit because of its role as counsel for such debtor, we continue to provide services and incur 

expenses on some remaining matters related to that Title III proceeding. Such invoices will be submitted for approval 

pursuant to the Protocol for The Review and Payment of Post-Effective Date COFINA Fees set forth at Docket No. 

8755 of Title III lead Case No. 17-03283-LTS.

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2

dated June 26, 2019 [DOC # 7678], the undersigned, a Partner of O’Neill & Borges LLC 

(“O&B”), attorneys for the Financial Oversight and Management Board for Puerto Rico 

(the “Oversight Board”) as representative of the Commonwealth of Puerto Rico 

(“Commonwealth”), Puerto Rico Highways and Transportation Authority (“HTA”), Employees 

Retirement System for the Commonwealth of Puerto Rico (“ERS”), and Puerto Rico Electric 

Power Authority (“PREPA”) and Puerto Rico Public Buildings Authority (“PBA”, jointly with the 

Commonwealth, HTA, ERS and PREPA referred to as “Debtors”), pursuant to section 315(b) of 

the Puerto Rico Oversight, Management, and Economic Stability Act (“PROMESA”),

2

hereby 

certifies with respect to O&B’s fourteenth interim application for allowance of compensation for 

services rendered and reimbursement of expenses incurred with respect to the Debtors’ Title III 

cases, dated December 2, 2022 (the “Application”),3for the period from October 1

st, 2021 through 

and including January 31st, 2022 (the “Compensation Period”), as follows:

1. I am the professional designated by O&B in respect of compliance with the 

Guidelines and Local Rule 2016-1.

2. I make this certification in support of the Application for interim compensation and 

reimbursement of expenses incurred during the Compensation Period in accordance with the 

Guidelines and Local Rule 2016-1.

3. In respect of the Guidelines and Local Rule 2016-1, I certify that to the best of my 

knowledge, information, and belief formed after reasonable inquiry:

a. I have read the Application;

b. the fees and disbursements sought fall within the Guidelines;

2

 PROMESA has been codified in 48 U.S.C. §§ 2101-2241.

3

 Capitalized terms used but not defined herein have the meanings given to them in the Application.

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3

c. except to the extent that fees or disbursements are prohibited by the Guidelines, 

the fees and disbursements sought are billed at rates in accordance with 

practices customarily employed by O&B and generally accepted by O&B’s 

clients; and

d. in providing a reimbursable service, O&B does not make a profit on that 

service, where the service is performed by O&B in house or through a third 

party.

4. I hereby certify that no public servant of the Puerto Rico Department of Treasury 

is a party to or has any interest in the gains or benefits derived from the contract that is the basis 

of this invoice. The only consideration for providing services under the contract is the payment 

agreed upon with the authorized representatives of the Oversight Board. The amount of this invoice 

is reasonable. The services were rendered and the corresponding payment has not been made. To 

the best of my knowledge, O’Neill & Borges LLC does not have any debts owed to the 

Government of Puerto Rico or its instrumentalities

5. I certify that O&B has previously provided monthly statements of O&B’s fees and 

disbursements by filing and serving monthly statements in accordance with the Interim 

Compensation Order (as defined in the Application), except that completing reasonable and 

necessary internal accounting and review procedures may have, at times, precluded filing fee 

statements within the time periods specified in the Order.

Dated: December 2, 2022

San Juan, Puerto Rico

Respectfully submitted,

/s/ Hermann D. Bauer

Hermann D. Bauer

USDC No. 215205 

O’NEILL & BORGES LLC

250 Muñoz Rivera Ave., Suite 800

San Juan, PR 00918-1813

Tel: (787) 764-8181/Fax: (787) 753-8944

Attorneys for the Financial Oversight and Management Board 

as representative of debtors The Commonwealth of Puerto 

Rico, Puerto Rico Highways and Transportation Authority, 

Employees Retirement System for the Commonwealth of Puerto 

Rico, and Puerto Rico Electric Power Authority 

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UNITED STATES DISTRICT COURT

DISTRICT OF PUERTO RICO

--------------------------------------------------------------x

In re:

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO,

as representative of 

THE COMMONWEALTH OF PUERTO RICO, et al.,

Debtors. 

--------------------------------------------------------------x

PROMESA

Title III

No. 17 BK 3283-LTS

(Jointly Administered)

ORDER APPROVING FOURTEENTH INTERIM FEE APPLICATION OF 

O'NEILL & BORGES LLC FOR COMPENSATION FOR SERVICES RENDERED 

AND REIMBURSEMENT OF EXPENSES INCURRED AS ATTORNEYS FOR 

THE FINANCIAL OVERSIGHT AND MANAGEMENT BOARD FOR PUERTO RICO, 

AS REPRESENTATIVE OF THE DEBTORS FOR THE PERIOD

OCTOBER 1, 2021 THROUGH JANUARY 31, 2022

Upon the application (the “Application”)1of O’Neill & Borges LLC (“O&B”), as attorneys 

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

as representative of the Commonwealth of Puerto Rico (the “Debtor”) under section 315(b) of the 

Puerto Rico Oversight, Management, and Economic Stability Act (“PROMESA”),2seeking, 

pursuant to (a) PROMESA sections 316 and 317, (b) Rule 2016 of the Federal Rules of Bankruptcy 

Procedure, (c) Local Rule 2016-1, (d) the United States Trustee Guidelines for Reviewing 

Applications for Compensation and Reimbursement of Expenses Filed under 11 U.S.C. § 330 by 

Attorneys in Larger Chapter 11 Cases issued by the Executive Office for the U.S. Trustee, 28 CFR 

Part 58, Appendix B, and (e) this Court’s Third Amended Order Setting Procedures for Interim 

Compensation and Reimbursement of Expenses of Professionals (Dkt. No. 20546), an allowance 

of interim compensation for professional services rendered by O&B for the period commencing 

1

 Capitalized terms not defined in this order will have the meanings ascribed to them in the Application.

2

 PROMESA has been codified in 48 U.S.C. §§ 2101-2241.

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2

October 1

st, 2021 through and including January 31st, 2022 in the amount of $358,713.45, and for 

reimbursement of its actual and necessary expenses in the amount of $1,131.80 incurred during 

the Compensation Period; and, this Court having determined that the legal and factual bases set 

forth in the Application establish just cause for the relief granted herein; and after due deliberation 

and sufficient cause appearing therefore, it is hereby ORDERED that:

1. The Application is APPROVED as set forth herein.

2. Compensation to O&B for professional services rendered during the Compensation 

Period is allowed on an interim basis in the amount of $358,713.45.

3. Reimbursement to O&B for expenses incurred during the Compensation Period is 

allowed on an interim basis in the amount of $1,131.80.

4. The Debtor is authorized to pay O&B all fees and expenses allowed pursuant to 

this Order, including those that were previously held back pursuant to the Interim Compensation 

Order, less any amounts previously paid for such fees and expenses under the terms of the Interim 

Compensation Order.

5. The compensation for professional services rendered and reimbursement of actual 

and necessary expenses incurred allowed pursuant to this order is without prejudice to O’Neill & 

Borges LLC right to seek additional compensation for services performed and expenses incurred 

during the Compensation Period, which were not processed at the time of the Application.

6. The Debtor is authorized to take all actions necessary to effectuate the relief granted 

pursuant to this Order in accordance with the Application.

Dated: , 2022

San Juan, Puerto Rico Honorable Laura Taylor Swain

United States District Judge

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