UNITED STATES DISTRICT COURT 

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.

PROMESA 

Title III 

No. 17-bk-3283-LTS 

(Jointly Administered) 

SUMMARY SHEET 

AMENDED1 FINAL APPLICATION OF ANDREW WOLFE, 

MACROECONOMIC CONSULTANT TO THE FINANCIAL 

OVERSIGHT AND MANAGEMENT BOARD FOR PUERTO RICO, 

FOR ALLOWANCE OF COMPENSATION AND REIMBURSEMENT OF 

EXPENSES, FOR THE PERIOD AUGUST 1, 2017-JUNE 30, 2022 

Name of Applicant: Andrew Wolfe 

Authorized to provide services to: The Financial Oversight and Management 

Board for Puerto Rico

Date of retention: August 1, 2017 

Period for which compensation and 

reimbursement is sought: 

August 1, 2017-June 30, 2022 

Amount of final compensation sought as 

actual, reasonable and necessary: 

$1,039,129 

Amount of final expense reimbursement 

sought as actual, reasonable and necessary: 

$55,618.53 

Blended rate in this application for all 

timekeepers: 

$300/hour 

This is a: _ monthly _ interim X final application 

1

 Amended to reflect additional requested compensation ($6,725) and expenses ($450) for additional fee 

period 3/16/22-6/30/22. 

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SUMMARY OF PRIOR INTERIM FEE APPLICATIONS 

Period 

Covered 

Date 

Filed 

Fees 

Requested 

Expenses 

Requested 

Order 

Entered 

Fees 

Allowed 

Expenses 

Allowed 

8/1/17-

9/30/17 

1/17/18 

ECF #2259

$50,000 $7,526.14 4/17/18 

ECF #2911

$50,000 $7,367.86 

10/1/17-

1/31/18

3/16/18 

ECF #2718

$100,000 $12,391.30 11/9/18 

ECF #4200

$100,000 $11,823.75 

2/1/18-

5/31/18

7/16/18 

ECF #3521

$100,000 $13,157.16 11/9/18 

ECF #4200

$100,000 $12,589.62 

6/1/18-

9/30/18

12/3/18 

ECF #4393

$100,000 $3,136 3/14/19

ECF #5654

$100,000 $3,126 

10/1/18-

1/31/19

5/16/19 

ECF #6982

$100,000 $3,235.85 7/23/19

ECF #8189

$100,000 $2,920.86 

2/1/19-

5/31/19

11/26/19 

ECF #9333

$100,000 $858.88 3/6/20

ECF #12157

$100,000 $858.88 

6/1/19-

9/30/19

3/13/20 

ECF #12293

$100,000 $2,925 6/1/20

ECF #13296

$100,000 $2,925 

10/1/19-

1/31/20

4/30/20 

ECF #12992

$66,300 $2,250 12/8/20

ECF#15370

$66,300 $2,250 

2/1/20-

5/31/20

7/6/20 

ECF#13557

$90,500 $2,769.84 10/26/20

ECF#14925

$90,500 $2,679.84 

6/1/20-

9/30/20

1/29/21 

ECF#15776

$55,950 $2,835 3/8/21 

ECF#15971

$55,950 $2,835 

10/1/20-

1/31/21

3/17/21 

ECF#16094

$30,429 $720 8/3/21

ECF#17646

$30,429 $720 

2/1/21-

5/31/21

8/3/21 

ECF#17654

$59,250.10 $1,080 10/4/21

ECF#18371

$59,250.10 $1,080 

6/1/21-

9/30/21

11/5/21 

ECF#19086

$55,405 $1,530 1/28/22 

ECF#19937

$55,405 $1,530 

10/1/21-

1/31/22

7/6/22 

ECF#21446

$20,160 $1,926.72 12/12/22

ECF#23045

$20,160 $1,926.72 

2/1/22-

3/15/22

7/6/22 

ECF#21447

$4,410 $0 12/12/22

ECF#23045

$4,410 $0 

Subtotal: $1,032,404 $55,168.53

3/16/22-

6/30/22

3/3/23 $6,725 $450 -- -- -- 

Total fees: $1,039,129 

Total expenses: $55,618.53

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UNITED STATES DISTRICT COURT 

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.

PROMESA 

Title III 

No. 17-bk-3283-LTS 

(Jointly Administered) 

AMENDED1 FINAL APPLICATION OF ANDREW WOLFE, 

MACROECONOMIC CONSULTANT TO THE FINANCIAL 

OVERSIGHT AND MANAGEMENT BOARD FOR PUERTO RICO, 

FOR ALLOWANCE OF COMPENSATION AND REIMBURSEMENT OF 

EXPENSES, FOR THE PERIOD AUGUST 1, 2017-JUNE 30, 2022 

Andrew Wolfe, macroeconomic consultant to The Financial Oversight and Management 

Board for Puerto Rico (“Oversight Board”), as representative of the Debtors under PROMESA 

section 315(b), submits this final application for allowance of compensation for services rendered 

from August 1, 2017-June 30, 2022 (“Compensation Period”) in the amount of $1,039,129 and 

reimbursement of actual, necessary expenses incurred during such period in the amount of 

$55,618.53, totaling $1,094,747.53, pursuant to PROMESA sections 316-17, Rule 2016 and P.R. 

LBR 2016-1, and states: 

JURISDICTION

1. This Court has subject matter jurisdiction to consider this application, pursuant to 

PROMESA section 306(a). Venue is proper in this district, pursuant to PROMESA section 307(a). 

1

 Amended to reflect additional requested compensation ($6,725) and expenses ($450) for additional fee 

period 3/16/22-6/30/22. 

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2 

BACKGROUND

2. Pursuant to PROMESA section 315(b), the Oversight Board is the representative 

of each of the above-identified Debtors in its respective Title III case. 

3. Prior to his retirement in 2014, Mr. Wolfe was senior manager of the Western 

Hemisphere Department at the International Monetary Fund for 27 years. He is presently a 

macroeconomic consultant for the Inter-American Development Bank. He holds a Ph.D. in 

economics from the University of Wisconsin and a B.S.E. in economics and engineering from the 

University of Pennsylvania. 

4. Mr. Wolfe was engaged to provide macroeconomic consulting services in these 

Title III cases. 

5. Mr. Wolfe’s Project Assignments under his Independent Contractor Services 

Agreements with the Oversight Board provide for him to be paid $300/hour subject to a 

$25,000/month cap. In addition, the agreement provides for reimbursement of expenses in 

accordance with the Oversight Board’s reimbursement policy.2 

6. As set forth in the Project Assignments, Mr. Wolfe was engaged to, inter alia, 

evaluate the macroeconomic framework underlying fiscal plans and make recommendations to the 

Oversight Board; analyze fiscal projections included in the same; advise on additional policies that 

could be enacted, including structural reforms; assess debt sustainability; assist the Oversight 

Board’s outside counsel with respect to potential litigation concerning fiscal plans; and advise on 

monitoring developments under a certified fiscal plan and assist in the monitoring process. 

2

 The Agreements and Project Assignment can be viewed at https://oversightboard.pr.gov/documents. 

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7. Mr. Wolfe played a leading role in relation to formulation of the Commonwealth’s 

fiscal plan. He also was an active participant in multiple mediation sessions and submitted, among 

other things, expert reports on behalf of the Commonwealth [e.g. D.I. 18515] and a declaration in 

support of plan confirmation [D.I. 18725]. He also testified on behalf of the Commonwealth in 

Court and was deposed in relation to these proceedings. 

BASIS FOR RELIEF REQUESTED 

8. PROMESA section 316(a) provides that this Court “may award to a professional 

person employed by ... the Oversight Board (in the Oversight Board’s sole discretion) ... (1) 

reasonable compensation for actual, necessary services rendered by the professional, or attorney 

and by any paraprofessional employed by any such person; and (2) reimbursement for actual, 

necessary expenses.” 

9. Pursuant to subdivision (c): 

In determining the amount of reasonable compensation to be 

awarded to a professional person, 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 restructuring field; and 

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

compensation charged by comparably skilled practitioners in cases 

other than cases under this title or title 11, United States Code. 

10. PROMESA section 317 and the interim compensation order [ECF No. 3269] permit 

professionals to apply for allowance of compensation and reimbursement of expenses on an 

interim basis. 

11. Each factor set forth in section 316(c) supports allowance of the compensation 

sought herein on an interim basis. 

(a) Time spent. The above-referenced summary of interim fee applications 

reflect that over the course of these Title III cases, Mr. Wolfe devoted many hours working on 

Title III matters during the Compensation Period. The summary also reflects that his monthly 

hourly fee cap was exceeded during several interim fee periods. 

(b) Rates charged. As set forth in the Wolfe Certification (defined below), 

the compensation sought is billed at rates no less favorable than those customarily employed by 

him. 

(c) Whether Services were necessary or beneficial. The services rendered were 

necessary to the administration of these Title III cases, and beneficial when rendered. 

(d) Timeliness. The services rendered were performed within a reasonable 

amount of time, given their complexity and importance to these Title III cases. 

(e) Professional certifications; Restructuring Experience. In addition to 

holding a Ph.D. in economics, Mr. Wolfe has decades of experience at the IMF, and the 

macroeconomic expertise sought by the Oversight Board and necessary to the success of these 

cases. 

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12. During the Compensation Period, Mr. Wolfe incurred approximately $56,000 in 

reasonable and necessary expenses in connection with his engagement, primarily legal costs 

related to his interim fee applications and monthly fee statements and travel costs. 

13. The certification required by P.R. LBR 2016-1(a)(4) and statement required by 

Rule 2016(a) are included in Exhibit 1 hereto (“Wolfe Certification”). 

WHEREFORE, Mr. Wolfe requests an order allowing on a final basis compensation for 

services rendered in the Compensation Period in the amount of $1,039,129 and reimbursement of 

expenses incurred in such period in the amount of $55,618.53, totaling $1,094,747.53, and granting 

such other and further relief as this Court deems just and proper. 

Dated: March 3, 2023 Respectfully submitted, 

/s/ Andrew Wolfe 

Andrew Wolfe 

Macroeconomic Consultant to The Financial 

Oversight and Management Board 

Prepared by: 

 /s/ Jeffrey Chubak 

Jeffrey Chubak 

AMINI LLC 

131 West 35th Street, 12th Floor 

New York, New York 10001 

(212) 490-4700 

jchubak@aminillc.com 

Attorneys for Andrew Wolfe

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EXHIBIT 1 

Certification of Andrew Wolfe 

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UNITED STATES DISTRICT COURT 

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.

PROMESA 

Title III 

No. 17-bk-3283-LTS 

(Jointly Administered) 

CERTIFICATION OF ANDREW WOLFE

I, Andrew Wolfe, hereby certify: 

1. I am a macroeconomic consultant to the Financial Oversight and Management 

Board for Puerto Rico, as representative of the Debtors in these Title III cases, and submit this 

certification in support of my prefixed amended final fee application. 

2. I have read the application. To the best of my knowledge, information and belief 

formed after reasonable inquiry, the compensation and reimbursement of expenses sought therein 

conform with the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, the United States 

Trustee Guidelines, and the Puerto Rico Local Bankruptcy Rules. 

3. The compensation and reimbursement of expenses requested are billed at rates no 

less favorable to the Debtors than those customarily employed by me. 

4. No compensation previously received by me has been shared with any other person, 

and no agreement or understanding exists between me and any other person for sharing of 

compensation received or to be received for services rendered in or in connection with these Title 

III cases. 

I certify under penalty of perjury that the foregoing is true and correct. Executed on 

March 3, 2023. 

 /s/ Andrew Wolfe 

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