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. 17-3283-LTS

Court Filing Relates Only to 

PREPA

In re:

The Financial Oversight and Management Board for 

Puerto Rico, 

as representative of

The Puerto Rico Electric Power Authority,

Debtor.

PROMESA

Title III

Case No. 17-4780-LTS

(Jointly Administered)

URGENT MOTION OF SYNCORA GUARANTEE INC. TO EXCEED THE PAGE 

LIMIT WITH RESPECT TO ITS OBJECTION TO THE CONFIRMATION OF THE 

MODIFIED SECOND AMENDED TITLE III PLAN OF ADJUSTMENT OF THE

PUERTO RICO ELECTRIC POWER 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); (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 Judge Laura Taylor Swain:

Syncora Guarantee Inc. (“Syncora”) hereby files this urgent motion (the “Urgent Motion”) 

seeking entry of an order substantially similar to the attached Exhibit A, permitting Syncora to 

exceed the thirty-five (35) page limit for objections set forth in the Sixteenth Amended Notice, 

Case Management and Administrative Procedures (ECF No. 20190-1 in Case No. 17-3283, the 

“Case Management Procedures”), and allowing Syncora to file an objection (the “Objection”) of 

no more than sixty (60) pages to the Modified Second Amended Title III Plan of Adjustment of the 

Puerto Rico Electric Power Authority (ECF No. 23663,2ithe “Plan”). In support of this Urgent 

Motion, Syncora respectfully states the following:

JURISDICTION AND VENUE

1. The United States District Court for the District of Puerto Rico has subject-matter 

jurisdiction over this matter pursuant to Section 306(a) of PROMESA.

2. Venue is proper pursuant to Section 307(a) of PROMESA.

BACKGROUND

3. On March 1, 2023, the Financial Oversight and Management Board for Puerto Rico 

(the “Oversight Board”) filed its Modified Second Amended Title III Plan of Adjustment of the 

Puerto Rico Electric Power Authority (ECF No. 23663).

4. On May 31, 2023, the Court issued the Third Amended and Restated Order 

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

Confirmation and Discovery in Connection Therewith (the “Confirmation Scheduling Order”) 

ECF No. 24376).

2

 References to ECF Nos. in this Urgent Motion refer to the docket in Case No. 17-03283-LTS, 

unless otherwise noted. Capitalized terms used in this Urgent Motion, but which are not defined herein,

shall have the meanings assigned to them under the Case Management Procedures.

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5. In keeping with the Confirmation Scheduling Order, Syncora plans to file an 

Objection to confirmation of the Plan on or before June 12, 2023.

BASIS FOR RELIEF REQUESTED

6. Syncora respectfully requests that it be allowed to exceed the thirty-five (35) page

limit for objections set forth in Section I.E of the Case Management Procedures. Syncora requests

permission to file an Objection to the Plan of no more than sixty (60) pages, exclusive of the cover 

page, table of contents and authorities, signature page, exhibits, certificate of service, and any other 

required certifications.

7. The Plan is a consequential and complex document. It is based on a substantial

amount of underlying analysis, raises a wide range of legal questions, and could have a significant 

impact on bondholders. The rights of Syncora, as a monoline insurer, are also distinct from those 

of the bondholders involved in the Title III case. Various issues that arise in relation to the Plan 

are therefore unique to Syncora. This includes PREPA’s proposed settlement with National, 

another monoline insurer. In its current form, the Plan proposes to provide National with 

significantly enhanced treatment of its claims well beyond that offered to Syncora. Indeed, the 

Plan manufactures a reimbursement claim for National; yet it fails to recognize such claim for 

Syncora even though Syncora also has made post-petition payments to its insureds. For these 

reasons, Syncora respectfully submits that it may need up to sixty (60) pages to address various

objections to the Plan. The Plan plays an essential role in the ongoing litigation between PREPA 

and insurers and holders of bonds. As such, Syncora seeks to ensure that the Court is adequately 

briefed on each of the issues raised in the Objection.

8. Syncora submits that the requested relief is reasonable and appropriate given the 

above circumstances.

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NOTICE

10. Notice of this Urgent Motion is being provided to all parties that have filed their 

notice of appearance in the instant case. This notice is being provided through the ECF system.

CERTIFICATION

11. In accordance with Local Rule 9013-1 and Section I.H. of the Case Management 

Procedures, the undersigned counsel certify that the issue necessitates an Urgent Motion, and that 

such need has not arisen due to lack of due diligence or lack of good-faith efforts to resolve the 

issues with counsel for the Oversight Board. Counsel for the Oversight Board has declined to 

inform counsel for Syncora of its position on the Urgent Motion.

NO PRIOR REQUEST FOR RELIEF

12. No prior request for the relief requested herein has previously been made by 

Syncora to this court, or to any other.

WHEREFORE, Syncora respectfully requests that this Court enter an order substantially 

similar to the one attached hereto as Exhibit A, granting the relief requested herein, and granting 

other such relief as this Court deems just and proper. 

[Signature Page Follows]

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Dated: June 9, 2023

San Juan, Puerto Rico 

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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CERTIFICATE OF SERVICE

I hereby certify that on this same date, I electronically filed the foregoing with the Clerk 

of the Court using the CM/ECF system which will send notification of such filing to counsel for 

the parties of record.

/s/ Carlos R. Rivera-Ortiz

USDC-PR 303409

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Exhibit A

Proposed Order

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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. 17-3283-LTS

Court Filing Relates Only to 

PREPA

In re:

The Financial Oversight and Management Board for 

Puerto Rico, 

as representative of

The Puerto Rico Electric Power Authority,

Debtor.

PROMESA

Title III

Case No. 17-4780-LTS

(Jointly Administered)

[PROPOSED] ORDER GRANTING URGENT MOTION OF 

SYNCORA GUARANTEE INC. TO EXCEED PAGE LIMIT WITH 

RESPECT TO ITS OBJECTION TO THE CONFIRMATION OF 

THE MODIFIED SECOND AMENDED TITLE III PLAN OF ADJUSTMENT 

OF THE PUERTO RICO ELECTRIC POWER 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); (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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2

Having considered the Urgent Motion of Syncora Guarantee Inc. to Exceed the Page Limit 

With Respect to its Objection to the Confirmation of the Modified Second Amended Title III Plan 

of Adjustment of the Puerto Rico Electric Power Authority (the “Urgent Motion”),2the Court 

hereby FINDS AND DETERMINES that (i) the Court has jurisdiction to consider the Urgent 

Motion and the relief requested therein pursuant to Section 306 of PROMESA; (ii) venue is proper 

before this Court pursuant to Section 307(a) of PROMESA; (iii) the relief requested in the Urgent 

Motion is proper and in the best interest of the Title III debtors, their creditors, and other interested 

parties; and (iv) due and proper notice of the Urgent Motion has been provided under the particular 

circumstances, and no other or further notice need be provided. Accordingly, it is hereby 

ORDERED THAT: 

1. The Urgent Motion is GRANTED as set forth herein. 

2. Syncora may exceed the thirty-five (35) page-per-objection limit set forth in the 

Case Management Procedures by filing an Objection to confirmation of the Plan of no more than 

sixty (60) pages, exclusive of the cover page, tables of contents and authorities, signature page, 

exhibits, certificate of service, and any other required certifications. 

3. The Court shall retain jurisdiction to hear and determine any matters related to the 

implementation and interpretation of this Order.

Dated: June __, 2023

HONORABLE LAURA TAYLOR SWAIN

United States District Judge

2

 Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the 

Urgent Motion. 

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