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 

Case No. 17-BK-3283-LTS 

(Jointly Administered) 

In re: 

THE FINANCIAL OVERSIGHT AND MANAGEMENT 

BOARD FOR PUERTO RICO, 

as representative of 

THE PUERTO RICO ELECTRIC POWER AUTHORITY, 

Debtor. 

Case No. 17-BK-4780-LTS 

INFORMATIVE MOTION OF THE AD HOC GROUP OF PREPA BONDHOLDERS, 

ASSURED GUARANTY CORP., ASSURED GUARANTY MUNICIPAL CORP., AND 

SYNCORA GUARANTEE, INC. RELATED TO THE EXPERT REPORTS OF 

DR. SUSAN TIERNEY AND THOMAS S. TERRY 

 

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 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). 

Case:17-03283-LTS Doc#:24392 Filed:06/01/23 Entered:06/01/23 21:01:55 Desc: Main

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

Pursuant to paragraphs 3 and 25 of the Court’s May 31, 2023 Third Amended and Restated 

Order Establishing, Among Other Things, Procedures and Deadlines Concerning Objections to 

Confirmation and Discovery in Connection Therewith (the “Third Amended Procedures Order”) 

(ECF No. 3565), and paragraph 7 of the Plan Depository Protective Order, the Ad Hoc Group of 

PREPA Bondholders (“Ad Hoc Group”), Assured Guaranty Corp. and Assured Guaranty 

Municipal Corp. (“Assured”), and Syncora Guarantee Inc. (“Syncora” and collectively, 

“Bondholders”), respectfully submit this informative motion submitting an unredacted copy of 

Dr. Susan Tierney’s Opening Expert Report, Dr. Susan Tierney’s Rebuttal Expert Report, and 

Thomas Terry’s Expert Rebuttal Report with the agreement of U.S. Bank National Association in 

its capacity as PREPA Bond Trustee. 

1. Bondholders filed prior version of Dr. Tierney’s Opening Expert Report (ECF No. 

3424-4); Dr. Tierney’s Rebuttal Expert Report (ECF No. 3503-3); and Thomas Terry’s Expert 

Rebuttal Report (ECF No. 3503-2) with information redacted that Bondholders believed relied on 

information the Oversight Board had marked confidential in the Plan Depository (ECF No. 3424-

1). 

2. At the time, the Bondholders did not file unredacted versions of these documents 

on the public docket in good faith compliance with Paragraph 25 of the Amended and Restated 

Order Establishing, Among Other Things, Procedures and Deadlines Concerning Objections to 

Confirmation and Discovery in Connection Therewith (the “Amended Procedures Order”) (ECF 

No. 3305). We separately submitted unredacted versions of those documents to the Financial 

Oversight and Management Board of Puerto Rico (the “Oversight Board”) and the Court in 

accordance with the Amended Procedures Order. 

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3. Earlier today, and pursuant to Paragraph 7 of the Third Amended Procedures Order, 

Bondholders conferred with the Oversight Board, explaining that Bondholders did not view 

anything in these documents as meriting confidential treatment. The Oversight Board agreed. 

WHEREFORE Bondholders respectfully request that the Court take notice of the foregoing. 

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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. 

Dated: San Juan, Puerto Rico 

 June 1, 2023 

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 

E-mail: mfb@tcm.law 

/s/ Linette Figueroa-Torres 

Linette Figueroa-Torres 

USDC-PR No. 227,104 

E-mail: lft@tcm.law 

/s/ Nayda Perez-Roman 

Nayda Perez-Roman 

USDC–PR No. 300,208 

E-mail: 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* 

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 

Gary A. Orseck* 

Matthew M. Madden* 

2000 K Street NW, 4th Floor 

Washington, DC 20006 

Tel: (202) 775-4500 

Fax: (202) 775-4510 

Email: gorseck@kramerlevin.com 

mmadden@kramerlevin.com 

*Admitted Pro Hac Vice 

Counsel for the Ad Hoc Group of PREPA 

Bondholders

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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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REICHARD & ESCALERA, LLC

By: /s/ Rafael Escalara 

Rafael Escalara 

USDC-PR No. 122,609 

/s/ Sylvia M. Arizmendi 

Sylvia M. Arizmendi 

USDC-PR No. 210,714 

/s/ Carlos R. Rivera-Ortiz 

Carlos R. Rivera-Ortiz 

USDC–PR No. 303,409 

255 Ponce de León Avenue 

MCS Plaza, 10th Floor 

San Juan, PR 00917-1913 

Tel.: (787) 777-8888 

Fax: (787) 765-4225 

E-mail: escalara@reichardescalera.com 

 arizmendis@reichardescalera.com 

 riverac@reichardescalera.com 

 

Counsel for Syncora Guarantee, Inc. 

QUINN EMANUEL URQUHART & 

SULLIVAN, LLP 

By: /s/ Susheel Kirpalani 

Susheel Kirpalani* 

Daniel Salinas 

USDC-PR No. 224,006 

Eric Kay* 

51 Madison Avenue, 22nd Floor 

New York, New York 10010-1603 

Tel.: (212) 849-7000 

Fax: (212) 849-7100 

Email: susheelkirpalani@quinnemanuel.com 

 danielsalias@quinnemanuel.com 

 erickay@quinnemanuel.com 

* Admitted Pro Hac Vice 

Counsel for Syncora Guarantee, Inc. 

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