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)

In re:

The Financial Oversight and Management Board 

For Puerto Rico,

as representative of

Puerto Rico Sales Tax Financing Corporation 

(“COFINA”),

Debtor.

PROMESA 

Title III

No. 17 BK 3284-LTS

This Document relates to

COFINA Title III Case only

FIFTH SUPPLEMENTAL VERIFIED STATEMENT OF THE 

COFINA SENIOR BONDHOLDERS’ COALITION PURSUANT 

TO FEDERAL RULE OF BANKRUPTCY PROCEDURE 2019

The COFINA Senior Bondholders’ Coalition, consisting of certain individual members and 

certain institutions that hold and/or manage funds, entities and/or accounts holding approximately 

 

1

 The Debtors in these Title III cases, along with each Debtor’s respective bankruptcy 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) 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); (iv) Puerto Rico Highways and 

Transportation Authority (“HTA”) (Bankruptcy Case No. 17-BK-3567-LTS) (Last Four Digits of Federal Tax ID: 

3808); and (v) Puerto Rico Electric Power Authority (“PREPA”) (Bankruptcy Case No. 17-BK-4780-LTS) (Last Four 

Digits of Federal Tax ID: 3747) (Title III case numbers are listed as Bankruptcy Case numbers due to software 

limitations).

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32% of all senior bonds (the “Senior Bonds”) issued by the Puerto Rico Sales Tax Financing 

Corporation (“COFINA”), hereby submits this fifth supplemental verified statement (the “Fifth

Supplemental Statement”) pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure 

(the “Bankruptcy Rules”), made applicable to the COFINA Title III case (the “Case”) by Section 

310 of the Puerto Rico Oversight, Management, and Economic Stability Act (“PROMESA”), 48 

U.S.C. § 2170, and respectfully states as follows:

1. Certain members of the COFINA Senior Bondholders’ Coalition initially retained 

Quinn Emanuel Urquhart & Sullivan, LLP (“Quinn Emanuel”) in June 2015. In August 2015, the 

COFINA Senior Bondholders’ Coalition retained Reichard & Escalera LLC (with Quinn Emanuel, 

“Counsel”). From time to time thereafter, certain additional holders of COFINA Senior Bonds 

have joined the COFINA Senior Bondholders’ Coalition. Counsel appears in the Case on behalf 

of the COFINA Senior Bondholders’ Coalition as presently constituted.

2. On July 25, 2017, Counsel submitted the Verified Statement of the COFINA Senior 

Bondholders’ Coalition Pursuant to Federal Rule of Bankruptcy Procedure 2019 [Docket No. 205].

3. On August 18, 2017, Counsel submitted the First Supplemental Verified Statement 

of the COFINA Senior Bondholders’ Coalition Pursuant to Federal Rule of Bankruptcy Procedure 

2019 [Docket No. 212].

4. On October 26, 2017, Counsel submitted the Second Supplemental Verified 

Statement of the COFINA Senior Bondholders’ Coalition Pursuant to Federal Rule of Bankruptcy 

Procedure 2019 [Docket No. 234].

5. On January 16, 2018, Counsel submitted the Third Supplemental Verified 

Statement of the COFINA Senior Bondholders’ Coalition Pursuant to Federal Rule of Bankruptcy 

Procedure 2019 [Docket No. 252].

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6. On March 5, 2018, Counsel submitted the Fourth Supplemental Verified Statement 

of the COFINA Senior Bondholders’ Coalition Pursuant to Federal Rule of Bankruptcy Procedure 

2019 [Docket No. 263].

7. Counsel submits this Fifth Supplemental Statement to update the disclosable 

economic interests currently held by the COFINA Senior Bondholders’ Coalition in accordance 

with the Order Further Amending Case Management Procedures and the Fourth Amended Notice, 

Case Management, and Administrative Procedures [Case No. 17 BK 3283-LTS; Docket No. 2839] 

(the “Fourth Amended Case Management Order”).

8. The members of the COFINA Senior Bondholders’ Coalition hold disclosable 

economic interests, or act as investment advisors or managers to funds, entities and/or accounts or 

their respective affiliates that hold disclosable economic interests in relation to COFINA. The 

members of COFINA Senior Bondholders’ Coalition hold, or are the investment advisors or 

managers to funds, entities and/or accounts that hold, approximately $2,549,956,662 in aggregate 

amount of COFINA Senior Bonds (based on their accreted value as of April 19, 2018) and 

approximately $1,535,802,266 in aggregate amount of COFINA subordinate bonds (based on their 

accreted value as of April 19, 2018). In accordance with the requirements of Bankruptcy Rule 

2019, and based upon information provided to Counsel by each member of the COFINA Senior 

Bondholders’ Coalition, attached hereto as Exhibit A is a list of the names, addresses, and “the 

nature and amount of all disclosable economic interests” held in relation to COFINA by each 

present member of the COFINA Senior Bondholders’ Coalition as of April 19, 2018. 

9. As of the date of this Fifth Supplemental Statement, Counsel represents only the 

COFINA Senior Bondholders’ Coalition in respect of their COFINA Senior Bonds and does not 

represent or purport to represent any entities other than the COFINA Senior Bondholders’ 

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Coalition with respect to the Case. The COFINA Senior Bondholders’ Coalition does not (a) 

assume any fiduciary or other duties to any other entities in connection with the Case, or (b) 

represent or purport to represent any other entities in connection with the Case. To the extent any 

member of the COFINA Senior Bondholders’ Coalition holds interests other than COFINA Senior 

Bonds, the COFINA Senior Bondholders’ Coalition does not represent such other interest, nor 

does Counsel represent group members with respect to such other interests.

10. Nothing contained in this Fifth Supplemental Statement (or Exhibit A hereto) is 

intended to or should be construed to constitute (a) a waiver or release of any claims filed or to be 

filed against or interests in COFINA or any of the other title III Debtors held by any member of 

the COFINA Senior Bondholders’ Coalition, its affiliates or any other entity, or (b) an admission 

with respect to any fact or legal theory. Nothing in this Fifth Supplemental Statement (or Exhibit 

A hereto) should be construed as a limitation upon, or waiver of, the COFINA Senior Bondholders’ 

Coalition’s rights to assert, file and/or amend their claims in accordance with the applicable law 

and any Orders entered in this Case.

11. Additional holders of COFINA Senior Bonds may become members of the 

COFINA Senior Bondholders’ Coalition, and certain members of the COFINA Senior 

Bondholders’ Coalition may cease to be members in the future. Counsel reserves the right to 

amend or supplement this Fifth Supplemental Statement as necessary for that or any other reason 

in accordance with Bankruptcy Rule 2019. 

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12. The undersigned hereby verifies that the foregoing is true and accurate, to the best 

of the undersigned’s knowledge and belief. 

DATED: April 27, 2018

Respectfully submitted,

REICHARD & ESCALERA

By : /s/ Rafael Escalera

Rafael Escalera

USDC No. 122609

escalera@reichardescalera.com

Sylvia M. Arizmendi

USDC-PR 210714

arizmendis@reichardescalera.com

Fernando Van Derdys

USDC-PR 201913

fvander@reichardescalera.com 

Carlos R. Rivera-Ortiz 

USDC-PR 303409

riverac@reichardescalera.com

Gustavo A. Pabón-Rico

USDC-PR 231207

pabong@reichardescalera.com

255 Ponce de León Avenue

MCS Plaza, 10th Floor

San Juan, Puerto Rico 00917-1913 

QUINN EMANUEL URQUHART & 

SULLIVAN, LLP

Susheel Kirpalani (pro hac vice)

susheelkirpalani@quinnemanuel.com

Daniel Salinas

USDC-PR 224006

danielsalinas@quinnemanuel.com

Eric Kay (pro hac vice)

erickay@quinnemanuel.com

Kate Scherling (pro hac vice)

katescherling@quinnemanuel.com

Darren M. Goldman (pro hac vice)

darrengoldman@quinnemanuel.com

51 Madison Avenue, 22nd Floor

New York, New York 10010-1603

Co-Counsel for the COFINA Senior Bondholders’ Coalition

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Exhibit A

Names, Addresses and Disclosable Economic Interests of the 

Members of the COFINA Senior Bondholders’ Coalition1

Name of Creditor2 Address

Nature and Amount of 

Disclosable Economic 

Interests in COFINA Bonds3

Fideicomiso Plaza 131 Dorado Beach East, 

Dorado PR 00646

$1,210,000 Uninsured COFINA 

Senior Bonds

Decagon Holdings 1, L.L.C. Decagon Holdings 1, L.L.C., 

800 Boylston Street, Boston, 

MA 02199

$3,360,789 Insured COFINA 

Senior Bonds

$26,748,017 Uninsured 

COFINA Senior Bonds

$27,637,690 Uninsured 

COFINA Subordinate Bonds

Decagon Holdings 2, L.L.C. Decagon Holdings 2, L.L.C., 

800 Boylston Street, Boston, 

MA 02199

$4,434,005 Insured COFINA 

Senior Bonds

$34,816,589 Uninsured 

COFINA Senior Bonds

$35,050,298 Uninsured 

COFINA Subordinate Bonds

Decagon Holdings 3, L.L.C. Decagon Holdings 3, L.L.C., 

800 Boylston Street, Boston, 

MA 02199

$1,796,726 Insured COFINA 

Senior Bonds

$14,228,558 Uninsured 

COFINA Senior Bonds

$14,724,644 Uninsured 

COFINA Subordinate Bonds

 

1

 To the best of Counsel’s knowledge, the information included herein is accurate as of April 19, 

2018. The amounts set forth herein include only outstanding principal (accreted value for capital 

appreciation bonds) and do not include overdue interest, interest on overdue interest and principal, or other 

amounts that may be owing under the applicable debt documents and laws. 

2

 Each person or entity on this Exhibit A holds disclosable economic interests, or acts as investment 

advisor or manager to funds, entities and/or accounts or their respective affiliates that hold disclosable 

economic interests, in relation to COFINA. 

3

 The members of the COFINA Senior Bondholders’ Coalition are identifying their insured bonds 

in order to comply with the Fourth Amended Case Management Order. The members of the COFINA 

Senior Bondholders’ Coalition have the right to vote on any restructuring for all of their bonds and do not 

waive any rights, claims, or defenses against COFINA or any insurer of their bonds including, without 

limitation, with respect to voting, all of which rights, claims, and defenses are fully preserved. By 

identifying their insured bonds, the members of the COFINA Senior Bondholders’ Coalition do not agree, 

nor shall they be deemed to have agreed that an insurer controls the right to vote their insured bonds, or that 

each insurer has uniform rights in respect of its insurance policies or its insured holders.

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Name of Creditor2 Address

Nature and Amount of 

Disclosable Economic 

Interests in COFINA Bonds3

Decagon Holdings 4, L.L.C. Decagon Holdings 4, L.L.C., 

800 Boylston Street, Boston, 

MA 02199

$17,600,319 Insured COFINA 

Senior Bonds

$144,542,024 Uninsured 

COFINA Senior Bonds

$146,377,210 Uninsured 

COFINA Subordinate Bonds

Decagon Holdings 5, L.L.C. Decagon Holdings 5, L.L.C., 

800 Boylston Street, Boston, 

MA 02199

$5,416,569 Insured COFINA 

Senior Bonds

$43,107,928 Uninsured 

COFINA Senior Bonds

$44,685,699 Uninsured 

COFINA Subordinate Bonds

Decagon Holdings 6, L.L.C. Decagon Holdings 6, L.L.C., 

800 Boylston Street, Boston, 

MA 02199

$2,051,647 Insured COFINA 

Senior Bonds

$16,279,710 Uninsured 

COFINA Senior Bonds

$16,135,774 Uninsured 

COFINA Subordinate Bonds

Decagon Holdings 7, L.L.C. Decagon Holdings 7, L.L.C., 

800 Boylston Street, Boston, 

MA 02199

$11,840,950 Insured COFINA 

Senior Bonds

$95,653,987 Uninsured 

COFINA Senior Bonds

$106,274,527 Uninsured 

COFINA Subordinate Bonds

Decagon Holdings 8, L.L.C. Decagon Holdings 8, L.L.C., 

800 Boylston Street, Boston, 

MA 02199

$3,336,200 Insured COFINA 

Senior Bonds

$28,440,955 Uninsured 

COFINA Senior Bonds

$30,086,681 Uninsured 

COFINA Subordinate Bonds

Decagon Holdings 9, L.L.C. Decagon Holdings 9, L.L.C., 

800 Boylston Street, Boston, 

MA 02199

$2,133,074 Insured COFINA 

Senior Bonds

$16,746,068 Uninsured 

COFINA Senior Bonds

$17,820,966 Uninsured 

COFINA Subordinate Bonds

Decagon Holdings 10, 

L.L.C.

Decagon Holdings 10, L.L.C., 

800 Boylston Street, Boston, 

MA 02199

$1,536,512 Insured COFINA 

Senior Bonds

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Name of Creditor2 Address

Nature and Amount of 

Disclosable Economic 

Interests in COFINA Bonds3

$12,040,412 Uninsured 

COFINA Senior Bonds

$12,801,146 Uninsured 

COFINA Subordinate Bonds

Tilden Park Capital 

Management LP (on behalf 

of its participating clients)

452 5th Ave, 

28th Floor

New York, NY 10018

$13,560,667 Insured COFINA 

Senior Bonds

$510,242,722 Uninsured 

COFINA Senior Bonds

$291,754,075 Uninsured 

COFINA Subordinate Bonds

GoldenTree Asset 

Management LP (on behalf 

of its participating clients)

300 Park Avenue

20th Floor

New York, NY 10022

$184,268,597 Insured COFINA 

Senior Bonds

$432,407,477 Uninsured 

COFINA Senior Bonds

$641,705,296 Uninsured 

COFINA Subordinate Bonds

Canyon Capital Advisors 

LLC (on behalf of its 

participating clients)

2000 Avenue of the Stars

11th Floor

Los Angeles, CA 90067

$263,275,000 Uninsured 

COFINA Senior Bonds

Old Bellows Partners LP (on 

behalf of its participating 

clients)

660 Madison Ave, #20

New York, NY 10065

$198,021,215 Uninsured 

COFINA Senior Bonds

$30,620,000 Uninsured 

COFINA Subordinate Bonds

Scoggin Management LP 

(on behalf of its participating 

clients)

660 Madison Ave, #20

New York, NY 10065

$59,625,100 Uninsured 

COFINA Senior Bonds

$14,000,000 Uninsured 

COFINA Subordinate Bonds

Whitebox Advisors LLC (on 

behalf of its participating 

clients)

3033 Excelsior Boulevard

Suite 300

Minneapolis, MN 55416

$35,420,868 Insured COFINA 

Senior Bonds

$80,491,523 Uninsured 

COFINA Senior Bonds

$18,166,164 Uninsured 

COFINA Subordinate Bonds

Taconic Capital Advisors 

L.P. (on behalf of funds 

under management)

280 Park Avenue

5th Floor

New York, NY 10017

$54,810,332 Insured COFINA 

Senior Bonds

$68,792,121 Uninsured 

COFINA Senior Bonds

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Name of Creditor2 Address

Nature and Amount of 

Disclosable Economic 

Interests in COFINA Bonds3

$60,942,096 Uninsured 

COFINA Subordinate Bonds

Aristeia Capital, L.L.C. (on 

behalf of its participating 

clients)

One Greenwich Plaza

3rd Floor

Greenwich, CT 06830

$161,720,000 Uninsured 

COFINA Senior Bonds 

$27,020,000 Uninsured 

COFINA Subordinate Bonds

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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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