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., 

SYNCORA GUARANTEE, INC, AND U.S. BANK NATIONAL ASSOCIATION AS THE

PREPA BOND TRUSTEE RELATED TO REBUTTAL EXPERT REPORTS

 

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); (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).

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

Pursuant to paragraphs 3 and 26 of the Court’s March 3, 2023 Amended and Restated Order 

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

Confirmation and Discovery in Connection Therewith (the “Procedures Order”) (ECF No. 3305), 

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

Assured Guaranty Municipal Corp. (“Assured”), Syncora Guarantee Inc. (“Syncora”) and U.S. 

Bank National Association, in its capacity as the PREPA Bond Trustee (collectively, the 

“Bondholders”) respectfully submit this informative motion submitting Bondholders’ redacted 

Rebuttal Expert Reports.

1. Attached hereto are Rebuttal Expert Reports from:

a. Maureen M. Chakraborty, Ph.D, Managing Principal at Analysis Group, Inc.;

b. Susan F. Tierney, Ph.D, Senior Advisor at Analysis Group, Inc. 

c. Thomas S. Terry, MAAA, FSA, FCA, EA, Chief Executive Officer of The 

Terry Group.

2. In accordance with paragraph 26 of the Procedures Order, Bondholders have, in 

good faith, redacted from these Rebuttal Reports any Confidential Information designated as such 

by the Oversight Board.2 Bondholders do not believe that any of the redacted information in fact 

meets the requirements for confidential treatment, however, and believe that unredacted versions 

of these Rebuttal Expert Reports should be filed on the docket for the benefit of all

interested parties and the general public. Bondholders and the Oversight Board have been in the 

 

2 We have not redacted information contained in the Expert Report of Glenn R. George (ECF No. 3418-1) (the 

“George Report”), other than information contained specifically in paragraph nos. 75 and 76, as those two 

paragraphs are the only paragraphs in the George Report that the Oversight Board represented contained confidential 

information. See ECF No. 3449, Response of the Financial Oversight and Management Board for Puerto Rico to the 

Court’s Order Granting Motion to Seal for Limited Duration and for Supplemental Briefing ¶ 8.

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process of working through any redaction issues concerning the Opening Expert Reports and 

Rebuttal Expert Reports. Should the Oversight Board not agree to the filing of unredacted versions 

of any Expert Report, Bondholders reserve all rights to raise the issue with the Court in accordance 

with the Plan Depository Protective Order. 

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

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

May 15, 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

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Counsel for the Ad Hoc Group of PREPA 

Bondholders

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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RIVERA, TULLA & FERRER LLC

/s/ Eric A. Tulla

Eric A. Tulla

USDC-DPR No. 118313

Email: etulla@riveratulla.com

Rivera Tulla & Ferrer Building

50 Quisqueya Street

San Juan, PR 00917-1212

Tel: (787)753-0438

Fax: (787)767-5784 

Counsel for U.S. Bank National 

Association, in its Capacity as the PREPA 

Bond Trustee

MASLON LLP

/s/ Clark T. Whitmore

Clark T. Whitmore* 

Michael C. McCarthy* 

John Duffey* 

Jason M. Reed* 

90 South Seventh Street, Suite 3300

Minneapolis, MN 55402

Tel.: (612) 672-8200

Fax: (612) 672-8397

Email: clark.whitmore@maslon.com

mike.mccarthy@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 the 

PREPA Bond Trustee

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