UNITED STATES DISTRICT COURT

FOR THE DISTRICT OF PUERTO RICO

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

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

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

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

Puerto Rico Highways and Transportation Authority (Bankruptcy Case No. 17-BK-3567-LTS) (Last Four Digits of 

Federal Tax ID: 3808); (iv) Employees Retirement System of the Government of the Commonwealth of Puerto Rico 

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

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

Public Buildings Authority (Bankruptcy Case No. 19-BK-5523-LTS) (Last Four Digits of Federal Tax ID: 3801) (Title 

III case numbers are listed as Bankruptcy Case numbers due to software limitations).

In re: 

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO, 

as representative of

THE COMMONWEALTH OF PUERTO RICO, et 

al.,

 

Debtors.1

PROMESA Title III

Case No. 17-BK-3283-LTS

(Jointly Administered)

In re: 

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO, 

as representative of

PUERTO RICO ELECTRIC POWER AUTHORITY, 

 

Debtor.

PROMESA Title III

Case No. 17-BK-4780-LTS

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO, 

as a representative of

PUERTO RICO ELECTRIC POWER AUTHORITY,

Plaintiff,

v.

Adv. Proc. No. 19-00391-LTS

PROMESA Title III

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STIPULATION AND AGREED ORDER BY AND AMONG THE OVERSIGHT BOARD, 

U.S. BANK NATIONAL ASSOCIATION AND SISTEMA DE RETIRO DE

EMPLEADOS DE LA AUTORIDAD DE ENERGÍA ELÉCTRICA

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

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

Bank National Associate, as Trustee (“Defendant”), and the Sistema de Retiro de Empleados de la 

Autoridad de Energía Eléctrica (“Proposed Intervenor” and, together with Plaintiff and Defendant, 

the “Parties”). The Parties hereby stipulate and agree as follows: 

RECITALS

WHEREAS the Proposed Intervenor is a creditor of the above-captioned Debtor,

and its recoveries may be materially economically impacted by the disposition of this adversary 

proceeding; 

WHEREAS the Proposed Intervenor has previously filed causes of action and 

other pleadings that raise issues that are likewise raised by Plaintiff in this adversary proceeding; 

and 

WHEREAS the Proposed Intervenor is timely intervening consistent with Rule 

7024 of the Federal Rules of Bankruptcy Procedure and the Order (A) Granting in Part and 

Denying in Part Urgent Motion of Financial Oversight and Management Board for Order 

(I) Establishing Schedule to Continue Negotiations During Litigation of Gating Issues Pursuant 

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

U.S. BANK NATIONAL ASSOCIATION, AS 

TRUSTEE,

Defendant.

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

and

WHEREAS the Proposed Intervenor, the Plaintiff, and the Defendant agree to 

permissive intervention by the Proposed Intervenor as set forth herein, and such intervention will 

not unduly prejudice or delay the adjudication of the original parties’ rights; 

WHEREAS the Proposed Intervenor, the Plaintiff and the Defendant have agreed 

the Proposed Intervenor may intervene as a plaintiff in this adversary proceeding, subject to the 

limitations set forth below; 

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

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

STIPULATION

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

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

limitations: 

a. The Proposed Intervenor may only file one non-duplicative brief or other 

submission in accordance with the litigation schedule attached as Schedule 1 to the 

Scheduling Order. 

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

adversary proceeding, provided the attorney undertakes to avoid duplication with 

Plaintiff. 

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

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

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

connection with this adversary proceeding and to attend depositions in this 

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

Proposed Intervenor shall not be entitled to propound its own discovery requests

absent the consent of the other Parties or leave of Court. 

e. The Proposed Intervenor shall not have consent rights over any settlement of the 

adversary proceeding, but shall retain all rights it has as a party in interest in this 

Title III case, including the right to object to any settlement under Federal Rule of 

Bankruptcy Procedure 9019. 

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

attributed to or admissions of Plaintiff for any purpose.

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

a showing of cause. 

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

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

the implementation of this Order. 

IT IS SO STIPULATED. 

Dated: October 6, 2022

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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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SO ORDERED. 

Dated: October 7, 2022 

 /s/ Judith Gail Dein 

HONORABLE JUDITH GAIL DEIN

United States Magistrate Judge

ORTIZ MENDOZA & FARINACCI FERNÓS, LLC

Edificio Banco Cooperativo Plaza 

623 Ponce de León Ave., Suite 701-B 

San Juan, PR 00917-4820 

Tel: 787-963-0404 

BUFETE EMMANUELLI, C.S.P.

P.O. Box 10779 

Ponce, Puerto Rico 00732 

Tel.: 787-848-0666 

Fax: 1-787-841-1435 

/s/Rafael A. Ortiz-Mendoza

Rafael A. Ortiz-Mendoza, Esq. 

USDC-PR: 229103 

rafael.ortiz.mendoza@gmail.com

/s/Rolando Emmanuelli-Jiménez

Rolando Emmanuelli-Jiménez, Esq.

USDC: 214105 

rolando@emmanuelli.law

Co-counsel to SREAEE 

/s/Jessica E. Méndez-Colberg

Jessica E. Méndez-Colberg, Esq. 

USDC: 302108 

jessica@emmanuelli.law

/s/ Zoé C. Negrón-Comas

Zoé C. Negrón-Comas, Esq. 

USDC: 308702 

zoe@emmanuelli.law

Co-counsel to SREAEE 

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