IN THE UNITED STATES DISTRICT COURT

FOR THE DISTRICT OF PUERTO RICO

In re:

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO, 

as representative of

THE COMMONWEALTH OF PUERTO RICO, et 

al.,

Debtors.1

PROMESA Title III

No. 17 BK 3283-LTS

(Jointly Administered)

In re:

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO, 

as representative of

PUERTO RICO ELECTRIC POWER 

AUTHORITY,

Debtor.

PROMESA Title III

No. 17 BK 4780-LTS

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO, 

as representative of

PUERTO RICO ELECTRIC POWER 

AUTHORITY,

Plaintiff,

PROMESA Title III

Adv. Proc. No. 19-00391-LTS

1

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

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

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

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

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

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

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

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

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

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

numbers due to software limitations).

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v.

U.S. BANK NATIONAL ASSOCIATION, AS 

TRUSTEE,

Defendant.

JOINT STIPULATION OF THE FINANCIAL OVERSIGHT AND 

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

ASSOCIATION, THE AD HOC GROUP OF PREPA BONDHOLDERS, ASSURED 

GUARANTY CORP., ASSURED GUARANTY MUNICIPAL CORP., NATIONAL 

PUBLIC FINANCE GUARANTEE CORPORATION, AND 

SYNCORA GUARANTEE INC. TO ALLOW INTERVENTION

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

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

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

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

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

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

deadline of September 30, 2022, for the Board to file an amended adversary complaint, and a 

deadline of October 6, 2022, for requests for intervention. [ECF No. 22];

WHEREAS, the Board filed an amended complaint on September 30, 2022, continuing to 

name the U.S. Bank National Association, as Trustee (“Defendant”) as the sole defendant. [ECF 

No. 24], which was further amended on October 3, 2022 to correct a non-substantive caption error 

[ECF No. 26] (the “Complaint”);

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

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

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

Hoc Group, Assured, and National, the “PREPA Bondholders”) have a direct and substantial 

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economic stake in the outcome of this litigation because they collectively own or insure over 

$3 billion worth of PREPA bonds;

WHEREAS, the above-captioned adversary proceeding would adjudicate the Trustee’s

rights under the Trust Agreement (as defined in the Complaint) which rights directly impact the 

PREPA Bondholders;

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

that:

1. The PREPA Bondholders may intervene in the above-captioned adversary 

proceeding as defendants with full participation rights pursuant to Federal Rule of Bankruptcy 

Procedure 7024, Federal Rule of Civil Procedure 24, and Bankruptcy Code section 1109(b);

2. The PREPA Bondholders shall meet all deadlines applicable to parties set in the 

adversary proceeding by order, agreement, or rule, including but not limited to the deadlines for 

party filings as set forth in the litigation schedule ordered by the Court on September 29, 2022 

[ECF No. 22];

3. The PREPA Bondholders shall appoint one party who can negotiate with and agree 

with Plaintiff on all procedural matters in this adversary proceeding, including, but not limited to, 

extensions of time.

4. Defendant and the PREPA Bondholders shall file one consolidated answer to the 

amended complaint (indicating any differences among the parties), and one consolidated set of 

counterclaims (if any are asserted and indicating any differences among the parties);

5. To the extent Defendant and the PREPA Bondholders move for or oppose summary 

judgment in this action, they shall do so in a single consolidated brief (indicating any differences 

among the parties);

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6. The PREPA Bondholders shall make all other reasonable efforts to participate in 

the adversary proceeding, as intervenor-defendants, without duplication of effort, including by (i) 

coordinating on the noticing of discovery (to the extent discovery, if any, is permitted) by serving 

joint consolidated notices to avoid duplicative discovery, and (ii) unless a request for relief by 

motion applies only to certain of the defendant parties (including the PREPA Bondholders), 

coordinating on any motion practice, including but not limited to filing joint consolidated motion 

papers on any motion for, or opposition to, summary judgment.

7. Each of the PREPA Bondholders shall have the right to enter into settlement 

agreements with Plaintiff regarding the disputes arising in this adversary proceeding, and any such 

settlement(s) shall not bind any other PREPA Bondholder, the Trustee, or non-intervening holder 

of PREPA bonds. 

8. Nothing in this stipulation shall afford any rights to holders of PREPA bonds that 

do not intervene in this adversary proceeding. To the extent a judgment in this adversary 

proceeding against the Trustee would bind the PREPA Bondholders the intervention herein shall 

not change that outcome. Nothing herein shall impair the Trustee’s rights under the Trust 

Agreement, including the Trustee’s appellate rights.

9. The PREPA Bondholders may seek relief from any of the foregoing upon a showing 

of cause.

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

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

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RESPECTFULLY SUBMITTED, 

In San Juan, Puerto Rico, today October 6, 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

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RIVERA, TULLA & FERRER

/s/ Eric A. Tulla

ERIC A. TULLA

USDC-PR No. 118313

50 Quisqueya Street

San Juan, PR 00917-1212

Tel.: (787) 753-0438

Fax: (787) 767-5784

Email: etulla@riveratulla.com

/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

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TORO COLÓN MULLET P.S.C.

/s/ Manuel Fernández-Bared

MANUEL FERNÁNDEZ-BARED 

USDC-PR No. 204,204

P.O. Box 195383

San Juan, PR 00919-5383

Tel.: (787) 751-8999

Fax: (787) 763-7760

Email: mfb@tcm.law

/s/ Linette Figueroa-Torres

LINETTE FIGUEROA-TORRES

USDC-PR No. 227,104

Email: lft@tcm.law

/s/ Nayda Perez-Roman

NAYDA PEREZ-ROMAN

USDC–PR No. 300,208

Email: nperez@tcm.law 

Counsel for the Ad Hoc Group of PREPA 

Bondholders

KRAMER LEVIN NAFTALIS & 

FRANKEL LLP

/s/ Amy Caton

AMY CATON*

THOMAS MOERS MAYER*

ALICE J. BYOWITZ*

GARY A. ORSECK*

MATTHEW M. MADDEN*

1177 Avenue of the Americas

New York, New York 10036

Tel.: (212) 715-9100

Fax: (212) 715-8000

Email: acaton@kramerlevin.com

tmayer@kramerlevin.com 

abyowitz@kramerlevin.com

gorseck@kramerlevin.com

mmadden@kramerlevin.com

* Admitted Pro Hac Vice

Counsel for the Ad Hoc Group of 

PREPA Bondholders2

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

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

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CASELLAS ALCOVER & BURGOS P.S.C.

By: /s/ Heriberto Burgos Pérez

Heriberto Burgos Pérez

USDC-PR No. 204,809

Ricardo F. Casellas-Sánchez

USDC-PR No. 203,114

Diana Pérez-Seda

USDC–PR No. 232,014

P.O. Box 364924

San Juan, PR 00936-4924

Tel.: (787) 756-1400

Fax: (787) 756-1401

E-mail: hburgos@cabprlaw.com 

 rcasellas@cabprlaw.com

 dperez@cabprlaw.com 

Counsel for Assured Guaranty Corp. and Assured 

Guaranty Municipal Corp.

CADWALADER, WICKERSHAM & 

TAFT LLP

By: /s/ William J. Natbony

Howard R. Hawkins, Jr.* 

Mark C. Ellenberg* 

Casey J. Servais* 

William J. Natbony*

Thomas J. Curtin*

200 Liberty Street

New York, New York 10281

Tel.: (212) 504-6000

Fax: (212) 406-6666

Email: howard.hawkins@cwt.com

 mark.ellenberg@cwt.com 

 casey.servais@cwt.com

 bill.natbony@cwt.com

 thomas.curtin@cwt.com

 

* Admitted Pro Hac Vice

Counsel for Assured Guaranty Corp. and 

Assured Guaranty Municipal Corp.

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ADSUAR MUÑIZ GOYCO

SEDA & PÉREZ-OCHOA, P.S.C.

By: /s/ Eric Pérez-Ochoa 

Eric Pérez-Ochoa

USDC-PR No. 206314

Luis Oliver-Fraticelli

USDC-PR No. 209204

Alexandra Casellas-Cabrera

USDC-PR No. 301010

PO BOX 70294

San Juan, PR 00936

Telephone: (787) 756-9000

Facsimile: (787) 756-9010

Email: epo@amgprlaw.com

 loliver@amgprlaw.com

acasellas@amgprlaw.com

Attorneys for National Public Finance

Guarantee Corporation

WEIL, GOTSHAL & MANGES LLP

By: /s/ Matthew S. Barr 

Matthew S. Barr*

Jonathan Polkes*

Robert Berezin*

767 Fifth Avenue

New York, New York 10153

Telephone: (212) 310-8000

Facsimile: (212) 310-8007

Email: matt.barr@weil.com

jonathan.polkes@weil.com

robert.berezin@weil.com

Gabriel A. Morgan* (admitted pro hac vice)

700 Louisiana Street, Suite 1700

Houston, TX 77002

Telephone: (713) 546-5000

Facsimile: (713) 224-9511

Email: gabriel.morgan@weil.com

* Admitted Pro Hac Vice

Attorneys for National Public Finance

Guarantee Corporation

 SO ORDERED:

Dated: October 7, 2022

/s/ Judith Gail Dein

HONORABLE JUDITH GAIL DEIN

United States Magistrate Judge

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