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

_______________________________________

In re: 

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO, 

as a representative of

PUERTO RICO HIGHWAYS AND 

TRANSPORTATION AUTHORITY, 

Debtor. 

PROMESA 

Title III

No. 3:17-BK-3283-LTS

(Jointly Administered)

PROMESA 

Title III

No. 3: 17-BK-03567 (LTS)

RE: ECF No. 2247

This motion relates only to HTA 

and shall be filed in the lead Case 

No. 17 BK 3283-LTS and Case 

No. 17 BK 3567-LTS.

JOINT MOTION TO HOLD IN ABEYANCE MOTION OF NATIONAL PUBLIC 

FINANCE GUARANTEE CORPORATION FOR ENTRY OF AN ORDER UNDER 

BANKRUPTCY RULE 2004 AUTHORIZING LIMITED DISCOVERY OF THE 

GOVERNMENT DEVELOPMENT BANK FOR PUERTO RICO (ECF NO. 2247)

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

Four Digits of Federal Tax ID: 3747). (Title III case numbers are listed as Bankruptcy Case numbers due to software 

limitations).

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COME NOW, National Guarantee Public Finance Corporation (“National”) and the 

Government Development Bank for Puerto Rico (“GDB”) 2, through their undersigned counsel 

and hereby state and request as follows:

1. On January 16, 2018, National moved the Court for authorization to take Rule 

2004 discovery of GDB regarding the existence, historical treatment, and status of the Puerto 

Rico State Infrastructure Bank (“SIB”) account allegedly created at GDB for the benefit of 

Puerto Rico Highway and Transit Authority (“PRHTA”) bondholders, to serve as collateral to a 

series 1998 PRHTA bonds insured by National (“National Rule 2004 Motion”). ECF No. 2247. 

National requested that the National Rule 2004 Motion be heard on February 7, 2018. ECF No. 

2250. 

2. On January 25, 2018, the Court granted GDB’s motion for an extension of time to 

respond to the National Rule 2004 Motion, allowing GDB until January 30, 2018, to submit its 

opposition, but denied GDB’s request to reschedule argument on the National Rule 2004 Motion. 

ECF No. 2285. The Court scheduled the National Rule 2004 motion for argument at the 

February 7, 2018 omnibus hearing. Id.

3. On January 29, 2018, counsel for National and GDB met and conferred regarding 

the document requests attached as Schedule A to the proposed order accompanying the National 

Rule 2004 Motion (“Schedule A”). ECF. No. 2247-1. During the conferral, National and GDB 

reached certain agreements regarding the production of documents responsive to those 

requests. Specifically, GDB agreed to produce documents relating to the SIB subaccount 

designated “Puerto Rico Highway and Transportation Authority Subordinated Transportation 

Revenue Bonds (Series 1998) Highway Subaccount” that are responsive to the requests in

 2 GDB makes this special appearance solely for the purposes included in this motion. GDB is not a Title III 

debtor and is not a party in interest to the captioned proceedings and other than as relates to the request directed at it, 

has no interest in these proceedings.

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Schedule A. National and GDB further agreed that GDB will designate an individual with 

knowledge of such matters and to produce such designated individual for examination by 

counsel to National under oath, as well as on an agreeable timeline to complete such a 

production.

4. Specifically, GDB has agreed to commence the document production on February 

19, 2018, on a rolling basis, and to complete such production no later than March 2, 2018. By 

March 2, 2018, GDB will also designate the individual for examination under oath by National. 

Any such examination will be conducted in Puerto Rico at a place, date, and time that is 

mutually agreed upon by the parties, and counsel for GDB will attend and participate during such 

an examination. 

5. The parties also have agreed that to the extent the parties are unable to resolve 

through the meet and confer process any disputes regarding the sufficiency of GDB’s production, 

upon notice to the Court and all parties, National may reinstate the National Rule 2004 Motion. 

The parties agree that following such notice, GDB would have seven (7) days to submit any

objections to the renewed motion, and National would have seven (7) days to submit a reply. The 

fact that GDB has met and conferred with National and reached certain agreements, as set forth 

herein, should not be construed as an admission that it was bound to produce any documents 

and/or persons for examination under oath, nor a waiver of any basis to oppose the National Rule 

2004 Motion. 

6. The parties further agree that National’s rights under Bankruptcy Rule 2004 and 

applicable law to request additional discovery are reserved, including its right to request

additional documents or depositions based on information that may be revealed as a result of the 

information provided by GDB in response to National’s requests. The parties further agree that 

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GDB reserves all rights to oppose any discovery, including any additional request under 

Bankruptcy Rule 2004, after the parties have exhausted the meet and confer requirements. 

7. In light of the parties’ agreement on the above-referenced matters, the intervention 

of the Court on the National Rule 2004 Motion is unnecessary at this time. Accordingly, the 

parties request that the Court remove the National Rule 2004 Motion from the February 7, 2018 

omnibus hearing calendar and hold it in abeyance until such time as National may notice its 

reinstatement or withdrawal. 

WHEREFORE, National and GDB jointly request that the Court hold the National Rule 

2004 Motion in abeyance and exclude it from the matters to be discussed in the February 7, 2018 

omnibus hearing. 

RESPECTFULLY SUBMITTED.

In San Juan, Puerto Rico, this 30th day of January, 2018.

IT IS HEREBY CERTIFIED that a true copy of this document has been filed with the 

Clerk of the Court electronically using the CM/ECF system, which automatically serves 

notification of the filing to parties in interest.

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LAW OFFICES OF GISELLE LÓPEZ SOLER

PMB 257

Rd. 19 1353

Guaynabo, Puerto Rico 00966

Tel. (787) 667-0941 

Email gls@lopezsolerlaw.com

/s/ GISELLE LÓPEZ SOLER

Giselle López Soler

USDC No. 224010 

Attorneys for the Government Development Bank 

for Puerto Rico

ADSUAR MUÑIZ GOYCO

SEDA & PÉREZ-OCHOA, P.S.C.

208 Ponce de León Avenue, Suite 1600

San Juan, PR 00936

Telephone: 787.756.9000

Facsimile: 787.756.9010

Email: epo@amgprlaw.com

acasellas@amgprlaw.com

 larroyo@amgprlaw.com

By:

/s/ ERIC PÉREZ-OCHOA

Eric Pérez-Ochoa

USDC-PR No. 206314

/s/ ALEXANDRA CASELLAS-CABRERA

Alexandra Casellas-Cabrera

USDC-PR No. 301010

/s/ LOURDES ARROYO PORTELA

Lourdes Arroyo Portela

USDC-PR No. 226501

WEIL, GOTSHAL & MANGES LLP

Marcia Goldstein (admitted pro hac vice)

Kelly DiBlasi (admitted pro hac vice)

Jared Friedmann (admitted pro hac vice)

Gabriel A. Morgan (admitted pro hac vice)

767 Fifth Avenue

New York, New York 10153

Telephone: (212) 310-8000

Facsimile: (212) 310-8007

Email: marcia.goldstein@weil.com

kelly.diblasi@weil.com

jared.friedmann@weil.com

gabriel.morgan@weil.com

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