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 

No. 17 BK 3283-LTS 

(Jointly Administered) 

STIPULATION AND ORDER SETTING FORTH PROCESS FOR PRODUCTION OF 

COMMONWEALTH FISCAL PLAN DEVELOPMENT MATERIAL IN RESPONSE TO 

THE COURT’S ORDER ENTERED ON MAY 22, 2018 (ECF NO. 3122) 

 

1

 The Debtors in these Title III cases, along with each Debtor’s respective Title III case number 

listed as a bankruptcy case number due to software limitations and the last four (4) digits of each 

Debtor’s federal tax identification number, as applicable, are the (i) Commonwealth of Puerto Rico 

(“Commonwealth”) (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); and (v) Puerto Rico Electric Power Authority (“PREPA”) 

(Bankruptcy Case No. 17 BK 4780-LTS) (Last Four Digits of Federal Tax ID: 3747). 

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To the Honorable United States Magistrate Judge Judith Gail Dein:

Pursuant to the Order of the Honorable United States Magistrate Judge Judith Gail Dein 

entered on May 22, 2018 (ECF No. 3122)2

 (the “May 22nd Order”), (i) the Ad Hoc Group of 

General Obligation Bondholders, Ambac Assurance Corporation, Assured Guaranty Corp., 

Assured Guaranty Municipal Corp., The Mutual Fund Group, and National Public Finance 

Guarantee Corporation (collectively, the “Movants”) and (ii) the Financial Oversight and 

Management Board for Puerto Rico (“FOMB”), and the Commonwealth of Puerto Rico (the 

“Commonwealth”), by and through FOMB as the Commonwealth’s representative pursuant to 

section 315(b) of the Puerto Rico Oversight, Management, and Economic Stability Act

(“PROMESA”),3

 the Puerto Rico Fiscal Agency and Financial Advisory Authority (“AAFAF” 

and, together with FOMB and the Commonwealth, the “Respondents,” and, together with the 

Movants, the “Parties”) respectfully submit the following stipulation and proposed order in 

response to the May 22nd Order setting forth the process for the production of Fiscal Plan 

Development Materials4 identified in and after the filing of the Motion to Compel Compliance with 

February 26, 2018 Order and for Entry of a Protective Order of Ad Hoc Group of General 

Obligation Bondholders, Ambac Assurance Corporation, Assured Guaranty Corp., Assured 

Guaranty Municipal Corp., The Mutual Fund Group, and National Public Finance Guarantee 

Corporation (Dkt. No. 2865) (the “Motion to Compel”) and in connection with the Urgent 

Renewed Joint Motion by the Ad Hoc Group of General Obligation Bondholders, Ambac 

Assurance Corporation, Assured Guaranty Corp., Assured Guaranty Municipal Corp., the Mutual 

 

2

 “ECF No.” refers to docket entries in Case No. 17 BK 3283-LTS, unless otherwise noted. 

3

 PROMESA has been codified in 48 U.S.C. §§ 2101–2241. 

4

 “Fiscal Plan Development Materials” refers to non-privileged documents responsive to 

Requests 8, 16 and 17 requested in the Urgent Renewed Joint Motion (ECF No. 1870). See Joint 

Report of Movants Ad Hoc Group of General Obligation Bondholders, Ambac Assurance 

Corporation, Assured Guaranty Corp., Assured Guaranty Municipal Corp., the Mutual Fund 

Group, and National Public Finance Guarantee Corporation and Respondents Federal Oversight 

And Management Board for Puerto Rico and Puerto Rico Fiscal Agency and Financial Advisory 

Authority With Respect To Order Authorizing Rule 2004 Examination (ECF No. 2154). 

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Fund Group, and National Public Finance Guarantee Corporation for Order Authorizing Rule 

2004 Examination (ECF No. 1870) that set forth Movants’ renewed Rule 2004 requests in 

Schedule A (“Renewed 2004 Requests”). 

The Parties have agreed to the following process through their undersigned counsel, subject 

to approval of the Court: 

1. Respondents will produce the materials listed in Exhibit B to the Motion to Compel 

Compliance with February 26, 2018 Order and for Entry of a Protective Order of Ad Hoc Group 

of General Obligation Bondholders, Ambac Assurance Corporation, Assured Guaranty Corp., 

Assured Guaranty Municipal Corp., The Mutual Fund Group, and National Public Finance 

Guarantee Corporation (Dkt. No. 2865) (the “Motion to Compel”), as well as the materials they 

agreed to make available for litigation purposes in their letters dated March 1, 2018 and March 12, 

2018, to Movants separately from the Intralinks Data Room (the “Data Room”). Respondents will 

make such production on or before June 21, 2018. 

2. Respondents will also produce any later-identified Fiscal Plan Development 

Materials separately from the Data Room. For the avoidance of doubt, later-identified Fiscal Plan 

Development Materials do not include materials that existed in the Data Room as of the filing of 

the Motion to Compel on April 9, 2018, unless such materials were identified in Exhibit B of the 

Motion to Compel. 

3. To the extent Fiscal Plan Development Materials are subsequently made available 

in the Data Room (e.g., as part of the mediation process), Respondents will produce those materials 

that are responsive to Movants’ Renewed Rule 2004 Requests separately from the Data Room, 

provided, however, that Respondents will not be required to produce materials prepared 

specifically for purposes of mediation or settlement negotiations to the extent such materials are 

subject to the Mediation Agreements and/or Federal Rule of Evidence 408 (“Mediation/Settlement 

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Materials”). Respondents shall designate documents as Mediation/Settlement Materials by 

posting such documents to the Mediation Folder (Folder 2.0) in the Data Room. 

4. To the extent Movants identify any materials uploaded in the Data Room after April 

9, 2018 that they contend should be produced pursuant to Rule 2004 and outside the Data Room 

or should not be treated as Mediation/Settlement Materials, Movants shall notify Respondents in 

writing. Any such notification shall include specific Data Room references for the documents at 

issue and include references to the specific documents. Movants must provide Respondents at least 

seven (7) days to respond, and the Parties shall meet and confer in good faith to resolve any 

disputes before seeking Court intervention. 

5. Materials that are produced separately from the Data Room as set forth above will 

be made available through an FTP site. Such materials should be produced in the format requested 

in paragraphs 11 and 12 in the Instructions to the Renewed 2004 Requests, including producing 

electronically stored information (“ESI”) as that term is used in Fed. R. Civ. P. 34 to the extent 

that ESI is available. ESI and metadata will be produced to the extent it is available. For Data 

Room materials, ESI and metadata will be produced to the extent it is available in Data Room 

materials as they are maintained in the Data Room. 

 

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Dated: New York, New York 

 June 4, 2018 

CASELLAS ALCOVER & BURGOS P.S.C. 

By: Heriberto Burgos Pérez 

Heriberto Burgos Pérez 

USDC-PR 204809 

Ricardo F. Casellas-Sánchez 

USDC-PR 203114 

Diana Pérez-Seda 

USDC-PR 232014 

P.O. Box 364924 

San Juan, PR 00936-4924 

Telephone: (787) 756-1400 

Facsimile: (787) 756-1401 

Email: hburgos@cabprlaw.com 

 rcasellas@cabprlaw.com 

 dperez@cabprlaw.com 

Attorneys for Assured Guaranty Corp. and 

Assured Guaranty Municipal Corp. 

CADWALADER, WICKERSHAM & TAFT 

LLP 

By: Howard R. Hawkins, Jr. 

Howard R. Hawkins, Jr.* 

Mark C. Ellenberg* 

Ellen V. Holloman* 

Ellen M. Halstead* 

Gillian Groarke Burns* 

Thomas J. Curtin* 

Casey J. Servais* 

200 Liberty Street 

New York, NY 10281 

Telephone: (212) 504-6000 

Facsimile: (212) 406-6666 

Email: howard.hawkins@cwt.com 

 mark.ellenberg@cwt.com 

 ellen.holloman@cwt.com 

 ellen.halstead@cwt.com 

 gillian.burns@cwt.com 

 thomas.curtin@cwt.com 

 casey.servais@cwt.com 

* Admitted pro hac vice

Attorneys for Assured Guaranty Corp. and 

Assured Guaranty Municipal Corp. 

 

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ADSUDAR MUÑOZ GOYCO SEDA & 

PÉREZ-OCHOA, PSC, P.S.C. 

By: Eric Pérez-Ochoa 

Eric Pérez-Ochoa 

USDC-PR No. 206,314 

Luis A. Oliver-Fraticelli 

USDC-PR NO. 209,204 

208 Ponce de Leon Ave., Suite 1600 

San Juan, PR 00936 

Telephone: (787) 756-9000 

Facsimile: (787) 756-9010 

Email: epo@amgprlaw.com 

 loliver@amgprlaw.com 

Attorneys for National Public Finance 

Guarantee Corporation

WEIL, GOTSHAL & MANGES LLP 

By: Jared R. Friedmann 

Marcia Goldstein* 

Jonathan Polkes* 

Gregory Silbert* 

Jared R. Friedmann* 

Adam J. Bookman* 

767 Fifth Avenue 

New York, New York 10153 

Telephone: (212) 310-8000 

Facsimile: (212) 310-8007 

Email: marcia.goldstein@weil.com 

 jonathan.polkes@weil.com 

 gregory.silbert@weil.com 

 jared.friedmann@weil.com 

 adam.bookman@weil.com 

* Admitted pro hac vice

Attorneys for National Public Finance 

Guarantee Corporation

 

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FERRAIUOLI LLC

By: /s/ Roberto Cámara-Fuertes

Roberto Cámara-Fuertes (USDC-PR No. 

219002) 

Sonia Colón (USDC-PR No. 213809) 

221 Ponce de León Avenue, 5th Floor 

San Juan, PR 00917 

Telephone: (787) 766-7000 

Facsimile: (787) 766-7001 

Email: rcamara@ferraiuoli.com 

 scolon@ferraiuoli.com 

Attorneys for Ambac Assurance Corporation

MILBANK, TWEED, HADLEY & Mc

CLOY LLP 

By: /s/ Grant R. Mainland

Dennis F. Dunne 

Andrew M. Leblanc

Atara Miller 

Grant R. Mainland 

(admitted pro hac vice) 

28 Liberty Street 

New York, NY 10005 

Telephone: (212) 530-5770 

Facsimile: (212) 822-5770 

Email: ddunne@milbank.com 

 aleblanc@milbank.com 

 amiller@milbank.com 

 gmainland@milbank.com 

Attorneys for Ambac Assurance Corporation

 

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JIMÉNEZ, GRAFFAM & LAUSELL

By: J. Ramón Rivera Morales 

J. Ramón Rivera Morales 

USDC-PR No. 200701 

Andrés F. Picó Ramírez 

USDC-PR No. 302114 

PO Box 366104 

San Juan, PR 00936-6104 

Telephone: (787) 767-1030 

Facsimile: (787) 751-4068 

Email: rrivera@jgl.com 

 apico@jgl.com 

PAUL, WEISS, RIFKIND, WHARTON & 

GARRISON, LLP

Andrew N. Rosenberg* 

Kyle J. Kimpler* 

Karen R. Zeituni* 

1285 Avenue of the Americas 

New York, NY 10019 

Telephone: (212) 373-3000 

Facsimile: (212) 757-3990 

Email: arosenberg@paulweiss.com 

 kkimpler@paulweiss.com 

 kzeituni@paulweiss.com 

* Admitted pro hac vice 

Attorneys to the Ad Hoc Group of General 

Obligation Bondholders

ROBBINS, RUSSELL, ENGLERT, 

ORSECK, UNTEREINER & SAUBER LLP

By: Kathryn S. Zecca 

Lawrence S. Robbins* 

Mark T. Stancil* 

Gary A. Orseck* 

Kathryn S. Zecca* 

Ariel N. Lavinbuk* 

Donald Burke* 

1801 K Street, NW 

Washington, D.C. 20006 

Telephone: (202) 775-4500 

Facsimile: (202) 775-4510 

Email: lrobbins@robbinsrussell.com 

 mstancil@robbinsrussell.com 

 gorseck@robbinsrussell.com 

 kzecca@robbinsrussell.com 

 alavinbuk@robbinsrussell.com 

 dburke@robbinsrussell.com 

* Admitted pro hac vice

Attorneys to the Ad Hoc Group of General 

Obligation Bondholders 

 

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TORO, COLÓN, MULLET, RIVERA& 

SIFRE, P.S.C. 

 /s/ Manuel Fernández-Bared 

MANUEL FERNÁNDEZ-BARED 

USDC-PR No. 204,204 

E-mail: mfb@tcmrslaw.com 

/s/ Linette Figueroa-Torres____ 

LINETTE FIGUEROA-TORRES 

USDC-PR No. 227,104 

E-mail: lft@tcmrslaw.com 

/s/ Jane Patricia Van Kirk____ 

JANE PATRICIA VAN KIRK 

USDC-PR No. 220,510 

E-mail: jvankirk@tcmrslaw.com 

P.O. Box 195383 

San Juan, PR 00919-5383 

Tel.: (787) 751-8999 

Fax: (787) 763-7760 

Counsel for the Mutual Fund Group

KRAMER LEVIN NAFTALIS & 

FRANKEL LLP 

/s/ Gregory A. Horowitz 

THOMAS MOERS MAYER 

AMY CATON 

GREGORY A. HOROWITZ 

DOUGLAS BUCKLEY 

1177 Avenue of the Americas 

New York, New York 10036 

Tel.: (212) 715-9100 

Fax: (212) 715-8000 

Email: tmayer@kramerlevin.com 

 acaton@kramerlevin.com 

ghorowitz@kramerlevin.com 

dbuckley@kramerlevin.com 

* Admitted pro hac vice

Counsel for the Mutual Fund Group 

 

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O’NEILL & BORGES LLC 

By: Hermann D. Bauer 

Hermann D. Bauer 

USDC No. 215205 

250 Muñoz Rivera Ave., Suite 800 

San Juan, PR 00918-1813 

Telephone: (787) 764-8181 

Facsimile: (787) 753-8944 

Email: hermann.bauer@oneillborges.com 

PROSKAUER ROSE LLP 

By: Gregg M. Mashberg 

Martin J. Bienenstock* 

Stephen L. Ratner* 

Timothy W. Mungovan* 

Paul V. Possinger* 

Gregg M. Mashberg* 

Eleven Times Square 

New York, NY 10036 

Telephone: (212) 969-3000 

Facsimile: (212) 969-2900

Email: mbienenstock@proskauer.com 

 sratner@proskauer.com 

 tmungovan@proskauer.com 

 ppossinger@proskauer.com 

* Admitted pro hac vice 

Attorneys for the Financial Oversight and 

Management Board and as representative of 

the Commonwealth

MARINI PIETRANTONI MUNIZ, LLC 

By: Luis C. Marini-Biaggi 

Luis C. Marini-Biaggi 

USDC No. 222301 

MCS Plaza, Suite 500 

255 Ponce de León Ave. 

San Juan, PR 00917 

Telephone: (787) 705-2171 

Facsimile: (787) 936-7494 

Email: lmarini@mpmlawpr.com 

O’MELVENY & MYERS LLP 

By: Elizabeth L. McKeen 

John J. Rapisardi* 

7 Times Square 

New York, NY 10036 

Telephone: (212) 326-2000 

Facsimile: (212) 326-2061 

Email: jrapisardi@omm.com 

Peter Friedman* 

1625 Eye Street, NW 

Washington, DC 20006 

Telephone: (202) 383-5300 

Facsimile: (202) 383-5414 

Email: pfriedman@omm.com 

Elizabeth L. McKeen* 

610 Newport Center Drive, 17th Floor 

Newport Beach, CA 92660 

Telephone: (949) 823-6900 

Facsimile: (949) 823-6994 

Email: emckeen@omm.com 

* Admitted pro hac vice 

Attorneys for the Puerto Rico Fiscal 

Agency and Financial Advisory Authority

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SO ORDERED. 

/ s / Judith Gail Dein               

                                    Judith Gail Dein 

                                    United States Magistrate Judge  

DATED: June 5, 2018 

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