Hearing Date: February 15, 2018 at 10:30 a.m. (Atlantic Standard Time)

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

PUERTO RICO ELECTRIC POWER AUTHORITY,

Debtor.

PROMESA

Title III 

Case No. 17 BK 4780-LTS

Re: ECF No. 658

Relates Only to PREPA and Shall 

Only Be Filed in Case No. 

17 BK 4780-LTS

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO,

as representative of

PUERTO RICO ELECTRIC POWER AUTHORITY,

 1

 The Debtors in the jointly-administered 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 (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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Movant,

v.

WHITEFISH ENERGY HOLDINGS, LLC, et al.2

Respondents,

JOINT STATEMENT REGARDING HEARING ON PREPA FINANCING

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

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

Board”), as representative of the Puerto Rico Electric Power Authority in this Title III case 

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

Act (“PROMESA”),3 the Puerto Rico Electric Power Authority (“PREPA”), and the Puerto Rico 

Fiscal Agency and Financial Advisory Authority (“AAFAF”), (AAFAF, PREPA, and the 

Oversight Board, collectively, the “Movants”) and the Ad Hoc Group of General Obligation 

Bondholders, U.S. Bank National Association in its Capacity as PREPA Bond Trustee, the Ad 

Hoc Group of PREPA Bondholders, National Public Finance Guarantee Corporation, Assured 

Guaranty Corp., Ambac Assurance Corporation, Assured Guaranty Municipal Corp., Knighthead 

Capital Management LLC and Certain Funds Managed or Advised by It, and Syncora Guarantee 

Inc. (collectively, the “Objecting Parties”) respectfully submit the following joint statement 

pursuant to the Court’s Order (Dkt. 658 in 17-04780) directing the parties to identify for 

purposes of the February 15, 2018 hearing (i) each witness that will be examined, and (ii) the 

 2 The Respondents include: Arc American, Inc., the Ad Hoc Group of General Obligation Bondholders, U.S. Bank 

National Association in its Capacity as PREPA Bond Trustee, the Ad Hoc Group of PREPA Bondholders, 

Whitefish Energy Holdings, LLC, Scotiabank de Puerto Rico, Solus Alternative Asset Management LP, National 

Public Finance Guarantee Corporation, Ambac Assurance Corporation, Assured Guaranty Corp., Assured 

Guaranty Municipal Corp., Syncora Guarantee Inc., the Official Committee of Unsecured Creditors, and 

Siemens Transportation Partnership Puerto Rico, S.E. 3 PROMESA is codified at 48 U.S.C. §§ 2101-2241.

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order of presentations and witness testimony, including time allocations for each presentation or 

examination.

I. Witnesses to be Examined

The parties presently intend to call the following witnesses in the order set forth below:

Movants:

• Todd W. Filsinger

• Gerardo Jose Portela Franco

• Dustin Mondell

• Andrew Wolfe (if necessary)

Objecting Parties:

• Stephen J. Spencer

II. Order of Presentations and Witness Testimony, Including Time Allocations

A. Opening Statements

Movants:

Movants (collectively) expect to present opening statements for a total of up to 15 

minutes, reserving any unused time for witness examinations and/or closing argument. Opening 

statements will be made by Martin J. Bienenstock and Joseph P. Davis on behalf of the Movants.

Objecting Parties:

The Objecting Parties respectfully state that the scheduled hearing time should be 

allocated toward the presentation of evidence and closing arguments rather than opening 

statements, because any such opening statements have been adequately previewed by the 

numerous briefs, supplemental briefs, declarations, and supplemental declarations already on file 

with the Court. Further, given the number of Objecting Parties—as well as the fact that certain 

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of those parties assert positions adverse to other of those parties4—the Objecting Parties are 

challenged to fully present their respective positions within the scheduled hearing time. The 

Objecting Parties thus respectfully request that the Court proceed directly to the presentation of 

evidence, without opening statements.5

B. Presentation of Evidence:

As directed by the Court, the parties will submit direct examination testimony by written 

declaration, all of which have already been filed with the Court as part of the record of this 

contested matter. Cross-examination (if intended) and redirect examination shall be presented 

live to the extent permitted by the Court. The Movants reserve the right to present rebuttal 

testimony. Movants (collectively) and Objecting Parties (collectively) each intend to present 

cross-examination and redirect testimony within the time limits permitted by the Court’s Order 

dated February 9, 2018 [ECF 658]. The parties currently intend to call the following witnesses 

in the order set forth below:

Movants:

• Todd W. Filsinger - direct by written declaration; cross-examination expected to 

take 25 minutes for the PREPA Creditors; redirect examination expected to take 

25 minutes.

 4 Specifically, certain of the Objecting Parties represent the interests of PREPA’s creditors (U.S. Bank, the Ad 

Hoc Group of PREPA Bondholders, National, Assured, Syncora, and Knighthead [collectively, the “PREPA 

Creditors”]), while other of the Objecting Parties represent different interests (the Ad Hoc Group of General 

Obligation Bondholders and Ambac [the “Other Creditors”]). 5 To the extent the Court allows opening arguments, the Objecting Parties reserve the right to allocate a portion of 

the time dedicated to closing arguments to opening arguments.

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• Gerardo Jose Portela Franco6 - direct by written declaration; cross-examination 

expected to take 25 minutes for the PREPA Creditors; redirect examination 

expected to take 10 minutes.

• Dustin Mondell - direct by written declaration; cross-examination expected to 

take 25 minutes for the PREPA Creditors; redirect examination expected to take 

30 minutes.

• Andrew Wolfe – the Movants and Objecting Parties have reached a stipulation 

concerning Dr. Wolfe’s testimony, subject to the Court’s approval and order. If 

the Court declines to enter the stipulation and order, Movants and the Objecting 

Parties will reach agreement regarding the treatment of Dr. Wolfe. 

• The Other Creditors will allocate 30 minutes of cross-examination between Mr. 

Filsinger, Mr. Portela Franco, and Mr. Mondell, subject to the same reservation 

regarding Dr. Wolfe.

Objecting Parties:

• Stephen J. Spencer - direct by written declaration; cross-examination expected to 

take 45 minutes; redirect examination expected to take 15 minutes for the PREPA 

Creditors.

Movants:

• Movants reserve the right to present rebuttal testimony expected to take 10 

minutes, following the redirect testimony of Stephen J. Spencer.

C. Closing Statements

 6 Due to a scheduling conflict, Movants reserve the right to right to call Dustin Mondell prior to Gerardo Jose 

Portela Franco.

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In addition to the examination of witnesses, the parties believe it would be helpful to the 

Court to hear closing arguments from each side at the conclusion of the evidence. Subject to the 

Court’s approval, Movants (collectively) intend to present closing arguments of 30 minutes plus 

or minus any time not used or over-used for opening arguments and witness examinations. 

Subject to the Court’s approval, the PREPA Creditors (collectively) intend to present closing 

arguments of 40 minutes plus or minus any time not used or over-used for witness examinations, 

while the Other Creditors intend to present closing arguments of 20 minutes plus or minus any 

time not used or over-used for witness examinations.

Two Objecting Parties have requested additional time allocations for closing arguments 

only: Arc American (5 minutes) and Whitefish (5 minutes). Given that the PREPA Creditors are 

already challenged to fully present their arguments in the allocated time, the PREPA Creditors 

respectfully request that the Court allow additional time to accommodate these two parties, 

without reducing the time allocated to any of the other parties for argument.7

Closing arguments will be made by Martin J. Bienenstock and Kevin D. Finger on behalf 

of the Movants. The Objecting Parties will identify counsel who will present closing arguments 

at the hearing.

[Remainder of Page Intentionally Left Blank]

 7 In the event that this request is denied, the PREPA Creditors respectfully request that the Court reduce the time 

allocated to the PREPA Creditors and Other Creditors equally.

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Dated: February 13, 2018

San Juan, Puerto Rico

Respectfully submitted,

/s/ Martin J. Bienenstock

Martin J. Bienenstock (pro hac vice)

Stephen L. Ratner (pro hac vice)

Timothy W. Mungovan (pro hac vice)

Paul V. Possinger (pro hac vice)

Ehud Barak (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 

PREPA

/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 

PREPA

THE PUERTO RICO FISCAL AGENCY 

AND FINANCIAL ADVISORY 

AUTHORITY, as fiscal agent for PREPA

By its attorneys,

/s/ Joseph P. Davis

Nancy A. Mitchell (pro hac vice)

GREENBERG TRAURIG, LLP

200 Park Avenue

New York, NY 10166

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Tel: (212) 801-9200

Fax: (212) 801-6400

David D. Cleary (pro hac vice)

Kevin D. Finger (pro hac vice)

GREENBERG TRAURIG, LLP

77 West Wacker Drive

Suite 1300

Chicago, IL 60601

Tel: (312) 456-8400

Fax: (312) 456-8435

Joseph P. Davis III (pro hac vice)

GREENBERG TRAURIG, LLP

One International Place, Suite 2000

Boston, MA 02110

Tel.: (617) 310-6000

Fax: (617) 310-6001

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TORO COLÓN MULLET P.S.C.

s/ Manuel Fernández-Bared

MANUEL FERNÁNDEZ-BARED

E-mail: mfb@tcm.law 

s/ Linette Figueroa-Torres______

LINETTE FIGUEROA-TORRES

E-mail: lft@tcm.law

s/ Nayda Pérez-Román______

NAYDA PEREZ-ROMAN

E-mail: nperez@tcm.law

P.O. Box 195383

San Juan, PR 00919-5383

Tel.: (787) 751-8999

Fax: (787) 763-7760

Counsel to the Ad Hoc Group of PREPA 

Bondholders

CASELLAS ALCOVER & BURGOS P.S.C.

s/ Heriberto Burgos Pérez___________

HERIBERTO BURGOS PÉREZ

USDC-PR No. 204,809

E-mail: hburgos@cabprlaw.com 

s/ Ricardo F. Casellas-Sánchez____________

RICARDO F. CASELLAS-SÁNCHEZ

USDC-PR No. 203,114

E-mail: rcasellas@cabprlaw.com

s/ Diana Pérez-Seda______ __________

DIANA PÉREZ-SEDA

USDC–PR No. 232,014

E-mail: dperez@cabprlaw.com

KRAMER LEVIN NAFTALIS & 

FRANKEL LLP

s/ Gregory A. Horowitz

AMY CATON*

THOMAS MOERS MAYER*

GREGORY A. HOROWITZ*

ALICE J. BYOWITZ*

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

abyowitz@kramerlevin.com

dbuckley@kramerlevin.com

*admitted pro hac vice

**admitted pro hac vice in No. 17-03283-

LTS

Counsel to the Ad Hoc Group of PREPA 

Bondholders

CADWALADER, WICKERSHAM & 

TAFT LLP

s/ Howard R. Hawkins, Jr.______

HOWARD R. HAWKINS, JR.*

MARK C. ELLENBERG*

ELLEN HALSTEAD*

THOMAS J. CURTIN*

CASEY J. SERVAIS*

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

ellen.halstead@cwt.com

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P.O. Box 364924

San Juan, PR 00936-4924

Tel.: (787) 756-1400

Fax: (787) 756-1401

Counsel for Assured Guaranty Corp. and Assured 

Guaranty Municipal Corp.

ADSUAR MUNIZ GOYCO SEDA & PEREZOCHOA PSC

s/ Eric Pérez-Ochoa _____________

ERIC PÉREZ-OCHOA

USDC-PR No. 206,314

E-mail: epo@amgprlaw.com 

s/ Luis A. Oliver-Fraticelli______

LUIS A. OLIVER-FRATICELLI

USDC-PR NO. 209,204

E-mail: loliver@amgprlaw.com

208 Ponce de Leon Ave., Suite 1600

San Juan, PR 00936

Tel.: (787) 756-9000

Fax: (787) 756-9010

Counsel for National Public Finance Guarantee 

Corp.

thomas.curtin@cwt.com

casey.servais@cwt.com

* admitted pro hac vice

Counsel for Assured Guaranty Corp. and 

Assured Guaranty Municipal Corp.

WEIL, GOTSHAL & MANGES LLP

s/ Marcia Goldstein

MARCIA GOLDSTEIN*

JONATHAN POLKES*

SALVATORE A. ROMANELLO*

GREGORY SILBERT*

767 Fifth Avenue

New York, New York 10153

Tel.: (212) 310-8000

Fax: (212) 310-8007

STEPHEN A. YOUNGMAN**

200 Crescent Court, Suite 300

Dallas, Texas 75201-6950

Tel.: (214) 746-7700

Fax: (214) 746-7777

Email: marcia.goldstein@weil.com

jonathan.polkes@weil.com

salvatore.romanello@weil.com

gregory.silbert@weil.com

stephen.youngman@weil.com

*admitted pro hac vice in No. 17-03283-LTS

** Pro hac vice application pending

Counsel for National Public Finance 

Guarantee Corp.

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GOLDMAN ANTONETTI & CORDOVA, 

LLC

s/ Carlos A. Rodríguez-Vidal______

CARLOS A. RODRÍGUEZ-VIDAL

USDC-PR No. 201213

E-mail: crodriguez-vidal@gaclaw.com 

s/ Solymar Castillo-Morales______

SOLYMAR CASTILLO-MORALES

USDC-PR NO. 218310

E-mail: scastillo@gaclaw.com

P.O. Box 70364

San Juan, PR 00936-8364

Tel.: (787) 759-4117

Fax: (787) 767-9177

Counsel for Syncora Guarantee Inc.

MASLON LLP

By: /s/ Clark T. Whitmore

Clark T. Whitmore (admitted pro hac vice)

Jason M. Reed (admitted pro hac vice)

90 South Seventh Street, Suite 3300

Minneapolis, MN 55402

Telephone: 612-672-8200

Facsimile: 612-672-8397

E-Mail: clark.whitmore@maslon.com

jason.reed@maslon.com

ATTORNEYS FOR U.S. BANK NATIONAL 

ASSOCIATION, IN ITS CAPACITY AS PREPA 

BOND TRUSTEE

DEBEVOISE & PLIMPTON LLP

s/ My Chi To______

MY CHI TO*

CRAIG A. BRUENS*

ELIE J. WORENKLEIN*

919 Third Avenue

New York, New York 10022

Tel.: (212) 909-6000

Fax: (212) 909-6836

Email: mcto@debevoise.com

cabruens@debevoise.com

eworenklein@debevoise.com

*admitted pro hac vice in No. 17-03283-LTS

Counsel for Syncora Guarantee Inc.

RIVERA, TULLA AND FERRER, LLC

/s/ Eric A. Tulla

Eric A. Tulla

USDC-DPR No. 118313

Email: etulla@ riveratulla.com

/s/ Iris J. Cabrera-Gómez

Iris J. Cabrera-Gómez

USDC-DPR No. 221101

Email: icabrera@riveratulla.com

Rivera Tulla & Ferrer Building

50 Quisqueya Street

San Juan, PR 00917-1212

Tel: (787)753-0438

Fax: (787)767-5784 (787)766-0409

ATTORNEYS FOR U.S. BANK 

NATIONAL ASSOCIATION, IN ITS 

CAPACITY AS PREPA BOND TRUSTEE

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TORO COLÓN MULLET P.S.C.

s/ Manuel Fernández-Bared

MANUEL FERNÁNDEZ-BARED

E-mail: mfb@tcm.law 

s/ Linette Figueroa-Torres______

LINETTE FIGUEROA-TORRES

E-mail: lft@tcm.law

s/ Nayda Pérez-Román______

NAYDA PEREZ-ROMAN

E-mail: nperez@tcm.law

P.O. Box 195383

San Juan, PR 00919-5383

Tel.: (787) 751-8999

Fax: (787) 763-7760

Attorneys for Knighthead Capital Management, 

LLC and certain funds and accounts managed or 

advised by it

/s/ Ramón Rivera Morales

J. Ramón Rivera Morales

USDC-PR Bar No. 200701

Andrés F. Picó Ramírez

USDC-PR Bar No. 302114

JIMÉNEZ, GRAFFAM & LAUSELL

P.O. Box 366104

San Juan, PR 00936

Telephone: (787) 767-1030

Facsimile: (787) 751-4068

Email: rrivera@jgl.com

ROPES & GRAY LLP

Keith H. Wofford (admitted pro hac vice)

Daniel G. Egan (admitted pro hac vice)

Adam M. Harris (admitted pro hac vice)

1211 Avenue of the Americas

New York, NY 10036-8704

Telephone: (212) 596-9000

Facsimile: (212) 596-9090

Email: Keith.Wofford@ropesgray.com

 Daniel.Egan@ ropesgray.com 

 Adam.Harris@ropesgray.com

-andDouglas H. Hallward-Driemeier (admitted pro 

hac vice)

2099 Pennsylvania Avenue, NW

Washington, DC 20006-6807

Telephone: (202) 508-4600 

Facsimile: (202) 508-4650

Email: Douglas.HallwardDriemeier@ropesgray.com

Attorneys for Knighthead Capital 

Management, LLC and certain funds and 

accounts managed or advised by it

/s/ Mark T. Stancil

Lawrence S. Robbins (admitted pro hac vice)

Gary A. Orseck (admitted pro hac vice)

Kathryn S. Zecca (admitted pro hac vice)

Mark T. Stancil (admitted pro hac vice)

Ariel N. Lavinbuk (admitted pro hac vice)

Donald Burke (admitted pro hac vice)

ROBBINS, RUSSELL, ENGLERT, 

ORSECK,

UNTEREINER & SAUBER LLP

1801 K Street, N.W., Suite 411-L

Washington, DC 20006

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Counsel to the Ad Hoc Group of General 

Obligation Bondholders

/s/ Roberto Cámara-Fuertes 

Roberto Cámara-Fuertes (USDC-PR No. 219002) 

Sonia Colón (USDC-PR No. 213809) 

Ferraiuoli LLC 

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 

Telephone: (202) 775-4500

Facsimile: (202) 775-4510

Email: mstancil@robbinsrussell.com

Counsel to the Ad Hoc Group of General 

Obligation Bondholders

/s/ Andrew M. Leblanc 

Dennis F. Dunne 

Andrew M. Leblanc 

Atara Miller 

Grant R. Mainland 

(admitted pro hac vice) 

MILBANK, TWEED, HADLEY & 

McCLOY LLP

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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