UNITED STATES DISTRICT COURT 

FOR THE DISTRICT OF PUERTO RICO 

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

In re: PROMESA 

Title III 

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO, 

 as representative of Case No. 17 BK 3283-LTS 

THE COMMONWEALTH OF PUERTO RICO, et al. (Jointly Administered) 

 Debtors.1

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

SUMMARY COVER PAGE TO THE FIFTH INTERIM APPLICATION OF 

GIERBOLINI & CARROLL LAW OFFICES, PSC 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 MAY 1ST TO JUNE 30TH, 2022

Name of applicant Gierbolini & Carroll Law Offices, P.S.C. 

(“G&C”) 

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: 

MAY 1TO JUNE 30TH 2022 

Monthly Fee Statements subject to this request: MAY AND JUNE 2022. 

Total amount of compensation sought for legal 

services for this period: 

$3192.00 

Total amount of expense reimbursement sought for 

this period: 

 

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 

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

Four (4) Digits of Federal Tax ID: 3747). 

1 

Total compensation subject to objection: N 

Total expenses subject to objection: None 

Blended rate in this application for all attorneys 

for the period of February 1, 2019 through May 

31, 2019 

$240.00 

Number of professionals included in this 

application: 

2 

Difference between fees budgeted and 

compensation: 

NONE 

Number of professionals billing fewer than 15 

hours to this case: 

0 

Rates higher than those disclosed at retention: None 

Objection Deadline: JUNE 15, 2023 

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

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Schedule 1

First Interim Compensation Period - Consolidated Fee Statements 

October 1, 2018– January 31, 2019

Entity Period Fees requested

to be paid

(100%)

Fees requested

to be paid

(90%)

Expenses

requested to be

paid (100%)

Total Fees and

Expenses

requested to be

approved for

payment

Commonwealth 

of Puerto Rico 

MAY 1 TO 

JUNE 30 2022 

$3192.00 $0.00 $0 $3192.00 

TOTAL $3192.00 

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Schedule 2

Summary of Professional Services Rendered by 

Timekeeper for the Period May 1st through June 30, 2022

Professional Position/ 

Title 

Department Hourly 

Billing Rate 

Total Billed 

Hours 

Total 

Compensation 

Blended 

Rate for 

Attorneys 

Miguel E. 

Gierbolini 

Partner Litigation $240.00 9.8 $2352 $240.00 

Courtney R. 

Carroll 

Partner Litigation $240.00 3.3 $840.00 $240.00 

$3192.00 

Total: $3192.00 

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Schedule 3

Summary of Professional Services Rendered by Project 

Category for the Period MAY 1ST TO JUNE 30TH 2022

Task Code Matter Description Total

Hours

Billed

Total

Compensation

Requested

209 PRRADA DISCLOSURE 13.3 $3192.00 

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UNITED STATES DISTRICT COURT 

FOR THE DISTRICT OF PUERTO RICO 

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

In re: PROMESA 

Title III 

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO, 

 as representative of Case No. 17 BK 3283-LTS 

THE COMMONWEALTH OF PUERTO RICO, et al. (Jointly Administered) 

 Debtors.1

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

FIFTH INTERIM APPLICATION OF GIERBOLINI & CARROLL LAW OFFICES,

P.S.C. (“G&C”) 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 MAY 1, 2022 THROUGH 

JUNE 30

TH, 2023

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

COMES NOW Gierbolini & Carroll Law Offices, P.S.C. (“G&C”), 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 Sales Tax 

Financing Corporation (“COFINA”), Puerto Rico Highways and Transportation Authority 

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 (4) Digits of Federal Tax ID: 3747). 

1 

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

Puerto Rico Electric Power Authority (“PREPA,” jointly with the Commonwealth, COFINA, HTA 

and ERS referred to as “Debtors”) pursuant to section 315(b) of the Puerto Rico Oversight, 

Management, and Economic Stability Act (“PROMESA”), 2 hereby submits this First 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 Second Amended 

Order Setting Procedures for Interim Compensation and Reimbursement of Expenses of 

Professionals (Dkt. No. 3269) (the “Interim Compensation Order”), for (a) allowance of interim 

compensation for professional services performed by G&C for the period commencing May 1st to 

June 30th, 2022 (the “Compensation Period”) in the amount of $3192.00, and (b) reimbursement 

of its actual and necessary expenses in the amount of $520.00. In support thereof, G&C 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). 

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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3. G&C submits this Application pursuant to PROMESA sections 316 and 

317. 

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 5, 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 

Sales Tax Financing Corporation (“COFINA”) pursuant to section 304(a) of PROMESA, by and 

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

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

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

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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 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. 

10. 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 

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. 

11. 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. 

12. The Commonwealth, COFINA, HTA, ERS, and PREPA 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. 

13. On May 15th 2023 G&C served on the Notice Parties (as defined in the Interim 

Compensation Order) its monthly fee statement for period May8th to June 20, 2022.. G&C had 

no fees or expenses on behalf of FOMB for the period after June 30th, 2022 and until present day.

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

foregoing summary, upon submitting such monthly fee statements, G&C has requested payment 

in the total amount of $2872.80 of its fees (payment of ninety percent (90%) of the compensation 

sought).

Summary of Services Rendered by G&C During the Compensation Period

15. This is G&C’s Fifth fee interim application for compensation in the Debtors’ Title 

III Cases. 

16. The application only covers the preparation of the Disclosure Statement pursuant 

to the Puerto Rico Recovery Accuracy and Disclosure Act 

17. G&C seeks an allowance, pursuant to the Interim Compensation Order, of $2872.00 

as compensation for professional services rendered during the Compensation Period in connection 

with such professional services. 

18. G&C 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. 

19. G&C’s summary of itemized time records for professionals 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, G&C billed the Oversight Board for time 

expended by attorneys based on G&C’s hourly rate for each professional and paralegal as detailed 

in Schedule 2. The professional services performed by G&C during the Compensation Period 

resulted in 79.1 recorded hours by G&C’s attorneys. Furthermore, Schedule 3 shows, for each 

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

accordance with Guidelines paragraph C.3, G&C’s blended hourly rates are disclosed in Schedule

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1. The fees charged by G&C are in accordance with the firm’s existing billing rates and procedures 

in effect during the Compensation Period. The rates G&C charges for the services rendered by its 

professionals 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. 

20. All entries itemized in G&C’s time records comply with the requirements set forth in 

the Guidelines, including, without limitation, (a) the utilization of what G&C 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

21. 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: No. 

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: G&C did not prepare budgets for Oversight Board for the 

Compensation 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 

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

please quantify by hours and fees. 

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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: No, the Application does not include any rate increase. 

Hearings and Conferences

22. G&C attorneys, as Puerto Rico counsel for the Oversight Board, did not attend any 

hearings or participated in teleconfences. 

Professionals Billing Fewer Than Five Hours per Month

23. Because of the limited scope of the work done in this period attorney Courtney 

Carroll billed less than five hours for this period. 

Professional 

Month(s) in which 

less than 5 hours 

were billed 

Explanation of Why Services Were 

Reasonable and Necessary 

Carroll, 

Courtney. May and June 2022 Ms. Carroll is a member of our Litigation Department. 

Summary of Legal Services Provided During the Compensation Period

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

professional services rendered by G&C during the Compensation Period. 

(a) Adversary Proceeding (Project Category ) (Hours 13.3; Fees $3192.00) 

25. The time spent on this Project Category includes only includes the preparation 

and review of the Disclosures pursuant to the Puerto Rico Recovery Accuracy and Discoluse Act 

(“PRRADA”) 

26. The professional services performed by G&C were reasonable, necessary,

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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. G&C 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 G&C were performed in an 

efficient and effective manner. 

27. Therefore, the Court should approve the compensation sought by G&C in 

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

reasonable because these Title III case are complex matters that required the time spent by G&C 

given the nature and extent of the services. Furthermore, G&C 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. 

Compensation Paid and Its Source

28. The services and expenses for which G&C 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, G&C 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 G&C and any other person, other than 

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

III cases. 

29. 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 

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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; 

(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). 

30. 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. 

G&C 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 G&C is requesting 

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

Oversight Board. 

Reservation of Rights

31. G&C reserves the right to request compensation for services and reimbursement of 

such expenses in a future application that have not been processed in relation to the Compensation 

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Period object of this Application. 

Notice

32. 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), Suzzanne Uhland, Esq. 

(suhland@omm.com), and Diana M. Perez, 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) and Carolina VelazRivero Esq. (cvelaz@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); 

(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); 

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(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, Assistant 

Secretary of Internal Revenue and Tax Policy 

(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; 

(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 G&C respectfully requests that the Court enter an order (a) allowing 

interim compensation for professional services rendered during the Compensation Period in the 

amount of $18,984.00 and reimbursement for actual and necessary expenses G&C incurred in 

connection with such services during the Compensation Period in the amount of $520.00; (b) 

directing the Debtor to pay promptly to G&C the difference between (i) the amount of interim 

compensation for professional services rendered, and reimbursement of expenses incurred during 

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the Compensation Period allowed hereunder, and (ii) the amounts for such compensation and 

expenses previously paid to G&C, 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 G&C’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 G&C such other and 

further relief as is just and proper. 

Dated: May 15, 2023 

San Juan, Puerto Rico 

Respectfully submitted, 

/s/ Miguel E. Gierbolini 

Miguel E. Gierbolini 

USDC No. 212212 

GIERBOLINI & CARROLL LAW OFFICES, 

P.S.C. 

250 Calle Fortaleza, Suite 401 

P.O.Box 9022936 

San Juan, PR 00902-2936 

Tel: (787) 620-0685 

Fax: (787) 620-0687 

Attorneys for the Financial Oversight and 

Management Board as representative of 

The Commonwealth of Puerto Rico

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Exhibit A

Certification under Guidelines 

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1

UNITED STATES DISTRICT COURT 

DISTRICT OF PUERTO RICO 

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

In re: PROMESA 

Title III 

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO, 

No. 17 BK 3283-LTS 

as representative of 

THE COMMONWEALTH OF PUERTO RICO, et al., (Jointly Administered)

Debtors.1 ---------------------------------------------------------------x 

CERTIFICATION UNDER GUIDELINES 

FOR FEES AND DISBURSEMENTS FOR PROFESSIONALS 

IN RESPECT OF FIRST INTERIM FEE APPLICATION OF GIERBOLINI & CARROLL 

LAW OFFICES, P.S.C. 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 FEBRUARY 1, 2019 THROUGH MAY 31, 2019

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, the undersigned, a 

Partner of Gierbolini & Carroll Law Offices, P.S.C. (“G&C”), 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 Sales Tax Financing 

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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2

Corporation (“COFINA”), Puerto Rico Highways and Transportation Authority (“HTA”), 

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

Electric Power Authority (“PREPA,” jointly with the Commonwealth, COFINA, HTA and ERS 

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

and Economic Stability Act (“PROMESA”),4 hereby certifies with respect to G&C’s Fifth interim 

application for allowance of compensation for services rendered and reimbursement of expenses 

incurred with respect to the Debtors’ Title III case, dated May 15th, 2023 (the “Application”),5for 

the period from May 1, 2022 through and including June 30-th 2022 (the “Compensation Period”) 

as follows: 

1. I am the professional designated by G&C 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; 

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 

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

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

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3

practices customarily employed by G&C and generally accepted by G&C’s 

clients; and 

d. in providing a reimbursable service, G&C does not make a profit on that service, 

where the service is performed by G&C 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, Gierbolini & Carroll Law Offices, P.S.C. does not have any debts owed 

to the Government of Puerto Rico or its instrumentalities 

5. I certify that G&C has previously provided monthly statements of G&C’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: May 15, 2023 San 

Juan, Puerto Rico 

Respectfully submitted, 

/s/ Miguel E. Gierbolini 

Miguel E. Gierbolini 

USDC No. 212212 

GIERBOLINI & CARROLL LAW OFFICES, 

P.S.C. 

250 Calle Fortaleza, Suite 401 

P.O.Box 9022936 

San Juan, PR 00902-2936 

Tel: (787) 620-0685 

Fax: (787) 620-0687 

Attorneys for the Financial Oversight 

and Management Board as representative 

of The Commonwealth of Puerto Rico 

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UNITED STATES DISTRICT COURT 

DISTRICT OF PUERTO RICO 

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

In re: PROMESA 

Title III 

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO, 

No. 17 BK 3283-LTS 

as representative of 

THE COMMONWEALTH OF PUERTO RICO, et al., (Jointly Administered)

Debtors. 

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

ORDER APPROVING FIFTH 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 MAY 1st to JUNE 30th, 2022

Upon the application (the “Application”)6 og Gierbolini and Carroll Law Offices 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”),7seeking, 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 United States Trustee, 28 CFR Part 58, Appendix B, and (e) this Court’s Second Amended 

Order Setting Procedures for Interim Compensation and Reimbursement of Expenses of 

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

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

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Professionals (Dkt. No. 3269), an allowance of interim compensation for professional services 

rendered by O&B for the period commencing May 1 2022 to June 30th 2022 in the amount of 

$3192.00, and 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 G&C for professional services rendered during the Compensation 

Period is allowed on an interim basis in the amount of $3192.00.. 

3. The Debtor is authorized to pay G&C 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. 

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

pursuant to this Order in accordance with the Application. 

Dated: , 2023 

San Juan, Puerto Rico Honorable Laura Taylor Swain 

United States District Judge 

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2 

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