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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 ELECTRIC POWER AUTHORITY, 

Debtor. 

No. 17 BK 4780-LTS 

UNOPPOSED URGENT MOTION OF ASSURED GUARANTY CORP. AND ASSURED 

GUARANTY MUNICIPAL CORP. TO EXCEED PAGE LIMIT WITH RESPECT TO 

THEIR OBJECTION TO THE CONFIRMATION OF THE MODIFIED SECOND 

AMENDED TITLE III PLAN OF ADJUSTMENT OF THE PUERTO RICO ELECTRIC 

POWER AUTHORITY 

To the Honorable United States District Judge Laura Taylor Swain: 

Assured Guaranty Corp. and Assured Guaranty Municipal Corp. (together, the “Assured 

Entities”), hereby file this unopposed urgent motion (the “Urgent Motion”) requesting entry of an 

order, substantially in the form attached hereto as Exhibit A, permitting the Assured Entities to 

 

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 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); (v) Puerto Rico Electric Power 

Authority (“PREPA”) (Bankruptcy Case No. 17 BK 4780-LTS) (Last Four Digits of Federal Tax ID: 3747); and (iv) 

Puerto Rico Public Buildings Authority (“PBA”) (Bankruptcy Case No. 19-BK-5523-LTS) (Last Four Digits of 

Federal Tax ID: 3801) (Title III case numbers are listed as Bankruptcy Case numbers due to software limitations). 

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exceed the thirty-five (35) page limit for objections set forth in the Sixteenth Amended Notice, 

Case Management and Administrative Procedures (ECF No. 20190-1 in Case No. 17-3283, the 

“Case Management Procedures”), and allowing the Assured Entities to file a single joint 

confirmation objection (the “Objection”) of no more than seventy (70) pages to the Modified 

Second Amended Title III Plan of Adjustment of the Puerto Rico Electric Power Authority (ECF 

No. 23663,2 the “Plan”). In support of this Urgent Motion, the Assured Entities respectfully state 

as follows: 

JURISDICTION AND VENUE 

1. The United States District Court for the District of Puerto Rico has subject-matter 

jurisdiction over this matter pursuant to Section 306(a) of PROMESA. 

2. Venue is proper pursuant to Section 307(a) of PROMESA. 

BACKGROUND 

3. On March 1, 2023, the Financial Oversight and Management Board for Puerto Rico 

(the “Oversight Board”) filed the Modified Second Amended Title III Plan of Adjustment of the 

Puerto Rico Electric Power Authority (ECF No. 23663). 

4. On May 31, 2023, the Court entered the Third Amended and Restated Order 

Establishing, Among Other Things, Procedures and Deadlines Concerning Objections to 

Confirmation and Discovery in Connection Therewith (the “Confirmation Scheduling Order”) 

ECF No. 24376). 

5. In accordance with the Confirmation Scheduling Order, the Assured Entities intend 

to file an Objection to confirmation of the Plan on or before June 12, 2023. 

 

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 Unless otherwise indicated, references to ECF Nos. in this Urgent Motion refer to the docket in Case No. 

17-03283-LTS. Capitalized terms used in this Urgent Motion but not defined herein shall have the meanings 

attributed to them in the Case Management Procedures. 

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BASIS FOR RELIEF REQUESTED 

6. The Assured Entities respectfully request that they be allowed to exceed the thirtyfive (35) page limit for objections set forth in Section I.E of the Case Management Procedures and 

instead be allowed to file a single, consolidated Objection to the Plan of no more than seventy (70) 

pages, exclusive of the cover page, tables of contents and authorities, signature pages, exhibits, 

certificate of service, and other required certifications. 

7. Each Assured Entity has filed a separate proof of claim against PREPA on account 

of PREPA bonds that it owns or insures (see Claim Numbers 29020 and 31087), and if each 

Assured Entity were to file a separate confirmation objection, the Assured Entities would 

collectively be entitled to 70 total pages under the Case Management Procedures. Authorizing the 

Assured Entities to file a single, consolidated brief of this length will help to streamline the 

presentation of the relevant issues and facilitate review by the Court. 

8. Moreover, the Plan is a complex document raising a host of legal issues, and 

accompanied by a lengthy plan supplement and proposed order. As monoline insurers, the Assured 

Entities have certain rights and interests that are distinct from those of other types of creditors, and 

may need to raise certain objections with respect to the Plan that are unique to the Assured Entities’ 

status as monoline insurers. The Assured Entities respectfully submit that they may therefore need 

up to 70 pages to adequately address their objections to the Plan. The Assured Entities further 

submit that, given the overall importance of this proceeding, it is critical and necessary that the 

Court be fully briefed on all issues to be included in the Objection. 

9. The Assured Entities submit that the requested relief is reasonable and appropriate 

in light of the circumstances described above. 

NOTICE 

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10. Through the ECF system, notice of this Urgent Motion is being provided to all 

parties that have filed a notice of appearance in the above-captioned Title III cases. 

CERTIFICATION 

11. In accordance with Local Rule 9013-1 and Section I.H. of the Case Management 

Procedures, the undersigned counsel certify that they have carefully examined the matter and 

concluded that there is a true need for the Urgent Motion; have not created the urgency through 

any lack of due diligence; and have made reasonable, good-faith efforts to resolve the issues that 

are being brought to the Court with counsel for the Oversight Board. Counsel for the Oversight 

Board requested that the Assured Entities note the Oversight Board’s position as follows: “We do 

not oppose the request and leave it to the Court’s discretion.” 

NO PRIOR REQUEST FOR RELIEF 

12. No prior request for the relief requested herein has been made by the Assured 

Entities to this or to any other court. 

WHEREFORE, the Assured Entities respectfully request that this Court enter an order 

substantially in the form attached hereto as Exhibit A granting the relief requested herein and 

granting such other relief as this Court deems just and proper. 

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Dated: June 8, 2023 

 New York, New York 

CASELLAS ALCOVER & BURGOS P.S.C. 

By: /s/ Heriberto Burgos Pérez 

Heriberto Burgos Pérez 

USDC-PR No. 204,809 

Ricardo F. Casellas-Sánchez 

USDC-PR No. 203,114 

Diana Pérez-Seda 

USDC–PR No. 232,014 

P.O. Box 364924 

San Juan, PR 00936-4924 

Tel.: (787) 756-1400 

Fax: (787) 756-1401 

E-mail: hburgos@cabprlaw.com 

 rcasellas@cabprlaw.com 

 dperez@cabprlaw.com 

Counsel for Assured Guaranty Corp. and 

Assured Guaranty Municipal Corp. 

CADWALADER, WICKERSHAM & TAFT 

LLP 

By: /s/ Howard R. Hawkins, Jr. 

Howard R. Hawkins, Jr.* 

Mark C. Ellenberg* 

Casey J. Servais* 

William J. Natbony* 

Thomas J. Curtin* 

200 Liberty Street 

New York, New York 10281 

Tel.: (212) 504-6000 

Fax: (212) 504-6666 

Email: howard.hawkins@cwt.com 

 mark.ellenberg@cwt.com 

 casey.servais@cwt.com 

 bill.natbony@cwt.com 

 thomas.curtin@cwt.com 

 

* Admitted pro hac vice 

Counsel for Assured Guaranty Corp. and Assured 

Guaranty Municipal Corp. 

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CERTIFICATE OF SERVICE 

 I hereby certify that I filed this document electronically with the Clerk of the Court using 

the CM/ECF System, which will send notification of such filing to all parties of record in the 

captioned case. 

At New York, New York, this 8th day of June, 2023. 

By: /s/ Howard R. Hawkins, Jr. 

 Howard R. Hawkins, Jr.* 

 * admitted pro hac vice 

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