UNITED STATES DISTRICT COURT

DISTRICT OF PUERTO RICO 

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In re:

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO,

as representative of 

THE COMMONWEALTH OF PUERTO RICO, et al.,

Debtors.1

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PROMESA

Title III

Case No. 17 BK 3283-LTS

(Jointly Administered)

Re: ECF Nos. 2501, 2553, 2555, 

2587

JOINDER OF THE PUERTO RICO FISCAL AGENCY AND FINANCIAL ADVISORY 

AUTHORITY TO OBJECTION OF FINANCIAL OVERSIGHT AND MANAGEMENT 

BOARD TO MOTION OF PBA FUNDS FOR THE PAYMENT OF RENT 

 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); 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).

Case:17-03283-LTS Doc#:2589 Filed:02/24/18 Entered:02/24/18 12:29:47 Desc: Main

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

The Puerto Rico Fiscal Agency and Financial Advisory Authority (“AAFAF”), as the entity 

authorized to act on behalf of the Commonwealth of Puerto Rico, the Puerto Rico Sales Tax 

Financing Corporation, the Puerto Rico Highways and Transportation Authority, the Employees 

Retirement System of the Government of the Commonwealth of Puerto Rico, and the Puerto Rico 

Electric Power Authority (collectively, the “Debtors”) pursuant to the authority granted to it under 

the Enabling Act of the Fiscal Agency and Financial Advisory Authority, Act 2-2017, respectfully

submits this joinder to the Objection of Financial Oversight and Management Board to Motion of 

PBA Funds for the Payment of Rent [ECF No. 2587] (the “Objection”) and states as follows:2

1. AAFAF hereby joins the Financial Oversight and Management Board in opposing 

the Motion and adopts the factual and legal arguments set forth in the Objection.3

Remainder of Page Intentionally Left Blank 

 2 Capitalized terms used but not defined herein shall have the meanings used in the Objection. 

3 In addition to the grounds set forth in the Objection, AAFAF reserves the right to argue that the PBA Funds have not 

established and cannot establish any ownership or other property interest in rents under the PBA Leases with any of

the Debtors that would, in turn, give the PBA Funds direct collection or enforcement rights, because the PBA Funds

do not have a perfected security interest under the Puerto Rico doctrine of antichresis. See 31 L.P.R.A. §§ 5061-66;

Rodriguez v. Estate of Pirazzi, 89 D.P.R. 506 (1963).

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CONCLUSION

For the reasons set forth in the Objection, AAFAF respectfully requests the Court deny the 

Motion. 

Dated: February 23, 2018

New York, New York

Respectfully submitted, 

/s/ Peter Friedman

John J. Rapisardi (pro hac vice)

Suzzanne Uhland (pro hac vice)

Peter Friedman (pro hac vice)

Diana Perez (pro hac vice)

O’MELVENY & MYERS LLP

7 Times Square

New York, NY 10036

Tel: (212) 326-2000

Fax: (212) 326-2061

Attorneys for the Puerto Rico Fiscal Agency and 

Financial Advisory Authority 

/s/ Mohammad S. Yassin

Mohammad S. Yassin

USDC-PR Bar No. 302909

PUERTO RICO FISCAL AGENCY AND 

FINANCIAL ADVISORY AUTHORITY

Robert Sánchez Vilella (Minillas)

Government Center

De Diego Avenue, Stop 22

San Juan, Puerto Rico 00907

Tel: (787) 722-2525

Fax: (787) 721-1443

Chief Legal and Regulatory Officer

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