EXHIBIT E 

Case:17-03283-LTS Doc#:2707-5 Filed:03/12/18 Entered:03/12/18 20:59:11 Desc:

Exhibit E Page 1 of 3
PO Box 192018 San Juan, PR 00919-2018; www.oversightboard.pr.gov; comments@oversightboard.pr.gov

FINANCIAL OVERSIGHT AND MANAGEMENT BOARD 

 FOR PUERTO RICO Members 

Andrew G. Biggs 

Carlos M. García 

Arthur J. González 

José R. González 

Ana J. Matosantos 

David A. Skeel, Jr.

 José B. Carrión III 

Chair Natalie Jaresko

Executive Director 

BY ELECTRONIC MAIL 

March 12, 2018 

Mitchell McConnell, Jr. 

The Majority Leader of the Senate 

United States Capitol 

Washington, DC 20515 

Paul Ryan, Jr. 

The Speaker of the House of Representatives 

United States Capitol 

Washington, DC 20515 

Charles Schumer 

The Minority Leader of the Senate 

United States Capitol 

Washington, DC 20515 

Nancy Pelosi 

The Democratic Leader of the House of Representatives 

United States Capitol 

Washington, DC 20515 

Dear Mr. Majority Leader, Mr. Speaker, Mr. Minority Leader, and Ms. Democratic Leader: 

Since its inception, the Financial Oversight and Management Board for Puerto Rico (“FOMB”)

has worked with the Government of Puerto Rico to carry out its charge under PROMESA: to help 

Puerto Rico achieve fiscal balance, provide a path for its return to the capital markets, and restore 

economic growth and opportunity. Unfortunately, this work has proven to be extraordinarily 

expensive for the people of Puerto Rico. While we understand that complex restructuring 

proceedings are costly, and that the situation facing Puerto Rico guaranteed that it would be so, 

there is a structural factor at play that has made the costs excessive. 

Case:17-03283-LTS Doc#:2707-5 Filed:03/12/18 Entered:03/12/18 20:59:11 Desc:

Exhibit E Page 2 of 3
March 12, 2018 

Page 2 

PO Box 192018 San Juan, PR 00919-2018; www.oversightboard.pr.gov; comments@oversightboard.pr.gov

Pursuant to Section 315(b) of PROMESA, the FOMB is the legal representative of any debtor in 

the Title III proceedings. To date, that has meant that the FOMB is the legal representative of the 

Commonwealth of Puerto Rico (the “Commonwealth”) and instrumentalities such as the Puerto 

Rico Electric Power Authority (“PREPA”) in court. Accordingly, the FOMB has retained counsel 

and other advisors for such representation. 

However, the Commonwealth and its instrumentalities, including PREPA, have retained their own 

counsel and other advisors for the Title III proceedings, on the grounds that the Commonwealth 

and its instrumentalities often have divergent interests from those of the FOMB. While the 

Commonwealth and its instrumentalities are entitled to their own advisors, and the FOMB and the 

Government of Puerto Rico have strived to work cooperatively and collaboratively with such 

advisors, there has nonetheless been duplicative work as a result of this arrangement, which has 

led to additional costs. 

We write to apprise Congress that as long as this structure remains in place, the FOMB endeavors 

to find more ways to work more efficiently with the Commonwealth’s and its instrumentalities’ 

advisors so as to minimize the amount of duplicative, unnecessary work and therefore reduce fees 

in the Title III proceedings. To underscore this commitment, we have also sent a letter to the 

Governor of Puerto Rico, urging him to cooperate with us in this endeavor. 

Historically, the people of Puerto Rico have suffered from wasteful government spending. The 

FOMB is doing all that it can to avert such waste as the legal representative of the Commonwealth 

and its instrumentalities in the Title III proceedings so that the Commonwealth’s resources are 

spent on what matters most: providing for health, education, and safety and promoting economic 

development. 

Sincerely, 

José B. Carrión 

Chair 

Andrew G. Biggs 

Carlos M. García 

Arthur J. González 

José R. González 

Ana J. Matosantos 

David A. Skeel, Jr. 

CC: Hon. Ricardo A. Rosselló Nevares 

Christian Sobrino Vega

Natalie A. Jaresko 

Case:17-03283-LTS Doc#:2707-5 Filed:03/12/18 Entered:03/12/18 20:59:11 Desc:

Exhibit E Page 3 of 3