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.1

PROMESA 

Title III 

No. 17 BK 3283-LTS 

Re: ECF No. 23548

(Jointly Administered) 

In re: 

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO, 

as representative of

PUERTO RICO SALES TAX FINANCING 

CORPORATION, 

Debtors.

PROMESA 

Title III 

No. 17 BK 3284-LTS 

BONISTAS DEL PATIO, INC.,

Movants,

-against1 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 Building Authority (“PBA”) (Bankruptcy 

Case No. 19-BK-5523-LTS). (Title III case numbers are listed as Bankruptcy Case numbers due to software 

limitations).

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THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO, 

as representative of

THE COMMONWEALTH OF PUERTO RICO, et al., 

Respondent.

STATEMENT OF THE FINANCIAL

OVERSIGHT AND MANAGEMENT BOARD FOR PUERTO

RICO IN SUPPORT OF THE STATEMENT AND AMENDMENT TO

MOTION OF BONISTAS DEL PATIO FOR PAYMENT OF CERTAIN

PROFESSIONAL FEES AND EXPENSES BY THE COMMONWEALTH

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

The Financial Oversight and Management Board for Puerto Rico (the “Oversight Board”), 

as sole Title III representative of the Commonwealth of Puerto Rico (the “Commonwealth”) and 

the Puerto Rico Sales Tax Financing Corporation (“COFINA”), pursuant to Section 315(b) of the 

Puerto Rico Oversight, Management, and Economic Stability Act (“PROMESA”),2respectfully 

submits this statement in support of the Statement Regarding and Amendment to Motion of 

Bonistas del Patio for Payment of Certain Professional Fees and Expenses by the Commonwealth

[Case No. 17-3283, ECF No. 23548]

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(the “Bonistas Statement”). The Oversight Board states as 

follows:

Statement

1. On October 11, 2022, Bonistas del Patio, Inc. (the “Bonistas”) filed the Motion of 

Bonistas del Patio for Payment of Certain Professional Fees and Expenses by the Commonwealth

[ECF No. 22578] (the “Motion”) requesting payment of fees and expenses (collectively, the 

2 PROMESA is codified at 48 U.S.C. §§ 2101-2241.

3 Unless otherwise stated, all ECF Nos. shall refer to the docket in Case No. 17-3283.

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“Expenses”) by the Commonwealth (i) pursuant to Section 15.2 of the Third Amended Title III 

Plan of Adjustment of Puerto Rico Sales Tax Financing Corporation [Case No. 17-3284, ECF No. 

436], confirmed on February 4, 2019 [Case No. 17-3284, ECF No. 559], and (ii) as administrative 

expenses allowable in the Title III case of the Commonwealth pursuant to 11 U.S.C. § 503(b)(4), 

made applicable to these Title III cases by Section 301 of PROMESA. 

2. On December 14, 2022, the Court held a hearing (the “Omnibus Hearing”) to 

consider the Motion. Thereafter, the Court entered the Order Concerning Supplementation of 

Motion of Bonistas del Patio for Payment of Certain Professional Fees and Expenses by the 

Commonwealth [ECF No. 23070], directing the Oversight Board, as the sole representative of 

COFINA and the Commonwealth in their respective Title III cases in accordance with Section 

315(b) of PROMESA, to provide its perspective on the Motion and the relief being requested. 

3. On December 28, 2022, the Oversight Board filed the Statement of the Financial 

Oversight and Management Board for Puerto Rico Regarding the Motion of Bonistas del Patio for 

Payment of Certain Professional Fees and Expenses by the Commonwealth [ECF No. 23176] (the 

“FOMB Statement”). 

4. On January 4, 2023, the Bonistas filed a reply brief in response to the FOMB 

Statement and in further support of its Motion and relief requested therein [ECF No. 23200]. 

5. On January 31, 2023, the Puerto Rico Fiscal Agency and Financial Advisory 

Authority (“AAFAF”) filed a statement regarding the Motion [ECF No. 23444] (the “AAFAF 

Statement”), indicating that it does not object to payment of the Expenses. 

6. On February 16, 2023, the Bonistas filed the Bonistas Statement (i) amending the 

Motion reducing the amount requested from Seven Million Dollars ($7,000,000.00) to Three 

Million Five Hundred Thousand Dollars ($3,500,000.00) (the “Reduced Expenses”), (ii) informing 

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the Court that the Oversight Board and the Bonistas have reached a consensual agreement 

regarding payment of the Reduced Expenses, and (iii) providing a revised proposed order attached 

thereto as Exhibit A reflecting such consensual agreement (the “Revised Proposed Order”). 

7. In light of the AAFAF Statement, the Bonistas’ amended request for the Reduced 

Expenses pursuant to the Bonistas Statement, and the Commonwealth’s ability to pay such 

Reduced Expenses, the Oversight Board hereby withdraws the FOMB Statement and supports 

entry of the Revised Proposed Order.

Dated: February 16, 2023

San Juan, Puerto Rico

Respectfully submitted,

/s/ Brian S. Rosen

Martin J. Bienenstock (pro hac vice)

Brian S. Rosen (pro hac vice)

PROSKAUER ROSE LLP

Eleven Times Square

New York, NY 10036

Tel: (212) 969-3000

Fax: (212) 969-2900

Attorneys for the Financial Oversight and 

Management Board as representative for the 

Commonwealth and COFINA

/s/ Hermann D. Bauer

Hermann D. Bauer

USDC No. 215205

O’NEILL & BORGES LLC

250 Muñoz Rivera Ave., Suite 800

San Juan, PR 00918-1813

Tel: (787) 764-8181

Fax: (787) 753-8944

Co-Attorneys for the Financial Oversight and 

Management Board as representative for the 

Commonwealth and COFINA

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