IN THE 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. 

Debtor. 

____________________________________________ 

In re: 

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO 

as representative of 

THE EMPLOYEES RETIREMENT SYSTEM OF THE 

GOVERNMENT OF THE COMMONWEALTH OF 

PUERTO RICO, 

Debtor. 

____________________________________________ 

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PROMESA 

Title III 

Case No. 17-bk-03283 (LTS) 

PROMESA 

Title III 

Case No. 17-cv-01685 (LTS) 

Case No. 17-bk-03566 (LTS) 

STIPULATION 

 The parties hereby stipulate as follows: 

1. On July 3, 2018, Movants1 filed the Motion of Certain Secured Creditors of the 

Employees Retirement System of the Government of the Commonwealth of Puerto Rico for Relief 

 1

 Movants include Altair Global Credit Opportunities Fund (A), LLC; Andalusian Global 

Designated Activity Company; Glendon Opportunities Fund, L.P.; Mason Capital Master Fund 

LP; Nokota Capital Master Fund, L.P.; Oaktree-Forrest Multi-Strategy, LLC (Series B); Oaktree 

Opportunities Fund IX, L.P.; Oaktree Opportunities Fund IX (Parallel 2), L.P.; Oaktree Value 

Opportunities Fund, L.P.; Ocher Rose, L.L.C.; Puerto Rico AAA Portfolio Bond Fund, Inc.; Puerto 

Rico AAA Portfolio Bond Fund II, Inc.; Puerto Rico AAA Portfolio Target Maturity Fund, Inc.; 

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from the Automatic Stay [Docket Entry No. 3418 in Case No. 17 BK 3283-LTS; Docket Entry No. 

289 in Case No. 17 BK 3566-LTS] (the “Adequate Protection Motion”). 

2. On July 10, 2018, (i) the Financial Oversight and Management Board for Puerto 

Rico (the “Oversight Board”) filed the Debtor’s Opposition to Motion of Certain Secured 

Claimholders of Employees Retirement System of Government of Commonwealth of Puerto Rico 

for Relief from Automatic Stay [Docket No. 3465 in Case No. 17-bk-03283 and Docket No. 292 in

Case No. 17-bk-03566]; (ii) the Official Committee of Retired Employees of the Commonwealth 

of Puerto Rico (the “Retiree Committee”) filed the Objection of the Official Committee of Retired 

Employees of the Commonwealth of Puerto Rico to the ERS Bondholders’ Motion for Relief from 

the Automatic Stay [Docket No. 3468 in Case No. 17-bk-03283 and Docket No. 293 in Case No. 

17-bk-03566]; (iii) the American Federation of State, County and Municipal Employees 

(“AFSCME”) filed the Joinder of the American Federation of State, County and Municipal 

Employees to (1) the Objection of the Official Committee of Retired Employees of the 

Commonwealth of Puerto Rico to the ERS Bondholders’ Motion for Relief from the Automatic Stay 

and (2) Debtor’s Opposition to Motion of Certain Secured Claimholders of Employees Retirement 

System of Government of Commonwealth of Puerto Rico for Relief from Automatic Stay [Docket 

No. 3467 in Case No. 17-bk-03283 and Docket No. 294 in Case No. 17-bk-03566]; and (iv) the 

Official Committee of Unsecured Creditors of all Title III Debtors filed the Joinder of the Official 

 

Puerto Rico Fixed Income Fund, Inc.; Puerto Rico Fixed Income Fund II, Inc.; Puerto Rico Fixed 

Income Fund III, Inc.; Puerto Rico Fixed Income Fund IV, Inc.; Puerto Rico Fixed Income Fund 

V, Inc.; Puerto Rico GNMA & U.S. Government Target Maturity Fund, Inc.; Puerto Rico Investors 

Bond Fund I; Puerto Rico Investors Tax-Free Fund, Inc.; Puerto Rico Investors Tax-Free Fund II, 

Inc.; Puerto Rico Investors Tax-Free Fund III, Inc.; Puerto Rico Investors Tax-Free Fund IV, Inc.; 

Puerto Rico Investors Tax-Free Fund V, Inc.; Puerto Rico Investors Tax-Free Fund VI, Inc.; Puerto 

Rico Mortgage-Backed & U.S. Government Securities Fund, Inc.; SV Credit, L.P.; Tax-Free 

Puerto Rico Fund, Inc.; Tax-Free Puerto Rico Fund II, Inc.; Tax-Free Puerto Rico Target Maturity 

Fund, Inc.; and UBS IRA Select Growth & Income Puerto Rico Fund. 

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Committee of Unsecured Creditors to Debtor’s and Retiree Committee’s Objections to Motion of 

Certain Secured Creditors of Employees Retirement System of Government of Commonwealth of 

Puerto Rico for Relief from Automatic Stay [Docket No. 3470 in Case No. 17-bk-03283 and Docket 

No. 296 in Case No. 17-bk-03566]. 

3. On July 17, 2018, Movants filed the Reply of Certain Secured Creditors of the 

Employees Retirement System of the Government of the Commonwealth of Puerto Rico in Support 

of Motion for Relief from the Automatic Stay [Docket No. 3592 in Case No. 17-bk-03283 and 

Docket No. 303 in Case No. 17-bk-03566]. 

4. On August 6, 2018, the Court entered the Order Scheduling Certain Deadlines with 

Respect to the Motion of Certain Secured Creditors of the Employees Retirement System for Relief 

from the Automatic Stay [Docket Entry No. 313 in Case No. 17 BK 3566-LTS; Docket Entry No. 

3747 in Case No. 17 BK 3283-LTS] (the “August 6 Order”). The August 6 Order set the final 

hearing on Movants’ Adequate Protection Motion for September 13, 2018 at 9:30 a.m. (AST) and 

requires Movants and the Oversight Board to file a joint statement by August 20, 2018 by 

5:00 p.m. (AST) “(1) identifying material disputed issues of fact regarding the attribution of any 

diminution in value resulting from the automatic stay, (2) setting forth deadlines for discovery with 

respect thereto, and (3) setting forth a briefing schedule for supplemental submissions in advance 

of the hearing with respect to the Stay Relief Motion.” Id. at 2. 

5. On August 17, 2018, the Court issued the Opinion and Order Granting and 

Denying in Part Cross Motions for Summary Judgment (the “August 17 Order”) determining that 

Movants’ liens are unperfected [Docket. No. 215 in Adv. Proc. No. 17-00213].

6. The August 17 Order resolves the Adequate Protection Motion. 

7. A final order should be entered denying the Adequate Protection Motion on the 

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ground that the August 17 Order resolves it. 

8. A final order denying the Adequate Protection Motion would resolve the August 6 

Order.

9. All parties’ rights are reserved in full. 

10. Movants reserve their right to appeal the final order and the August 17 Order on 

any grounds. The Oversight Board, on behalf of ERS, and the Retiree Committee, reserve their 

rights to oppose any such appeal on any grounds.

11. Each party shall bear its own costs and attorneys’ fees.

The content of this document is acceptable to all signatories. 

 

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In San Juan, Puerto Rico, dated August 20, 2018. 

By: 

/s/ Alfredo Fernández-Martínez ___ /s/ Bruce Bennett_____________ 

Alfredo Fernández-Martínez

DELGADO & FERNÁNDEZ, LLC

PO Box 11750 

Fernández Juncos Station 

San Juan, Puerto Rico 00910-1750 

Tel. (787) 274-1414 

Fax: (787) 764-8241 

afernandez@delgadofernandez.com

USDC-PR 210511 

Counsel for ERS Bondholders Altair Global 

Credit Opportunities Fund (A), LLC, 

Andalusian Global Designated Activity 

Company, Glendon Opportunities Fund, 

L.P., Mason Capital Master Fund L.P., 

LLC, Nokota Capital Master Fund, L.P., 

Oaktree-Forrest Multi- Strategy, LLC 

(Series B), Oaktree Opportunities Fund IX, 

L.P., Oaktree Opportunities Fund IX 

(Parallel 2), L.P., Oaktree Value 

Opportunities Fund, L.P., Ocher Rose, 

L.L.C., and SV Credit, L.P.

Bruce Bennett (pro hac vice) 

JONES DAY 

555 South Flower Street 

Fiftieth Floor 

Los Angeles, California 90071 

Tel. (213) 489-3939 

Fax: (213) 243-2539 

bbennett@jonesday.com 

Benjamin Rosenblum (pro hac vice) 

James M. Gross (pro hac vice) 

JONES DAY 

250 Vesey Street 

New York, NY 10281 

Tel. (212) 326-3939 

Fax: (212) 755-7306 

brosenblum@jonesday.com 

jgross@jonesday.com 

Geoffrey S. Stewart (pro hac vice) 

Beth Heifetz (pro hac vice) 

Christopher J. DiPompeo (pro hac vice) 

Sparkle L. Sooknanan (pro hac vice) 

JONES DAY 

51 Louisiana Ave. N.W. 

Washington, DC 20001 

Tel. (202) 879-3939 

Fax: (202) 626-1700 

gstewart@jonesday.com

bheifetz@jonesday.com 

cdipompeo@jonesday.com 

ssooknanan@jonesday.com 

Counsel for ERS Bondholders Altair Global 

Credit Opportunities Fund (A), LLC, 

Andalusian Global Designated Activity 

Company, Glendon Opportunities Fund, L.P., 

Mason Capital Master Fund L.P., LLC, 

Nokota Capital Master Fund, L.P., OaktreeForrest Multi- Strategy, LLC (Series B), 

Oaktree Opportunities Fund IX, L.P., Oaktree

Opportunities Fund IX (Parallel 2), L.P.,

Oaktree Value Opportunities Fund, L.P.,

Ocher Rose, L.L.C., and SV Credit, L.P.

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/s/ Alicia I. Lavergne-Ramírez /s/ John K. Cunningham 

José C. Sánchez-Castro

USDC-PR 213312 

jsanchez@sanpir.com 

Alicia I. Lavergne-Ramírez

USDC-PR 215112 

alavergne@sanpir.com 

Maraliz Vázquez-Marrero

USDC-PR 225504 

mvazquez@sanpir.com 

SÁNCHEZ PIRILLO LLC 

270 Muñoz Rivera Avenue, Suite 1110 

San Juan, PR 00918 

Tel. (787) 522-6776 

Fax: (787) 522-6777 

Counsel for Puerto Rico AAA Portfolio

Bond Fund, Inc., Puerto Rico AAA

Portfolio Bond Fund II, Inc., Puerto Rico

AAA Portfolio Target Maturity Fund, Inc.,

Puerto Rico Fixed Income Fund, Inc.,

Puerto Rico Fixed Income Fund II, Inc.,

Puerto Rico Fixed Income Fund III, Inc.,

Puerto Rico Fixed Income Fund IV, Inc.,

Puerto Rico Fixed Income Fund V, Inc.,

Puerto Rico GNMA & U.S. Government

Target Maturity Fund, Inc., Puerto Rico

Investors Bond Fund I, Puerto Rico

Investors Tax-Free Fund, Inc., Puerto

Rico Investors Tax-Free Fund, Inc. II,

Puerto Rico Investors Tax-Free Fund III, 

Inc., Puerto Rico Investors Tax-Free Fund

IV, Inc., Puerto Rico Investors Tax-Free

Fund V, Inc., Puerto Rico Investors TaxFree Fund VI, Inc., Puerto Rico

Mortgage-Backed & U.S. Government

Securities Fund, Inc., Tax-Free Puerto

Rico Fund, Inc., Tax-Free Puerto Rico

Fund II, Inc., and Tax-Free Puerto Rico

Target Maturity Fund, Inc.

John K. Cunningham (pro hac vice) 

Glenn M. Kurtz (pro hac vice) 

WHITE & CASE LLP 

1221 Avenue of the Americas

New York, NY 10036 

Tel. (212) 819-8200 

Fax (212) 354-8113 

jcunningham@whitecase.com 

gkurtz@whitecase.com

Jason N. Zakia (pro hac vice) 

Cheryl T. Sloane (pro hac vice) 

WHITE & CASE LLP 

200 S. Biscayne Blvd., Suite 4900 

Miami, FL 33131 

Tel. (305) 371-2700 

Fax (305) 358-5744 

jzakia@whitecase.com 

csloane@whitecase.com 

Counsel for Puerto Rico AAA Portfolio

Bond Fund, Inc., Puerto Rico AAA

Portfolio Bond Fund II, Inc., Puerto Rico

AAA Portfolio Target Maturity Fund, Inc.,

Puerto Rico Fixed Income Fund, Inc.,

Puerto Rico Fixed Income Fund II, Inc.,

Puerto Rico Fixed Income Fund III, Inc.,

Puerto Rico Fixed Income Fund IV, Inc.,

Puerto Rico Fixed Income Fund V, Inc.,

Puerto Rico GNMA & U.S. Government

Target Maturity Fund, Inc., Puerto Rico

Investors Bond Fund I, Puerto Rico

Investors Tax-Free Fund, Inc., Puerto

Rico Investors Tax-Free Fund, Inc. II,

Puerto Rico Investors Tax-Free Fund III, 

Inc., Puerto Rico Investors Tax-Free Fund

IV, Inc., Puerto Rico Investors Tax-Free

Fund V, Inc., Puerto Rico Investors TaxFree Fund VI, Inc., Puerto Rico

Mortgage-Backed & U.S. Government

Securities Fund, Inc., Tax-Free Puerto

Rico Fund, Inc., Tax-Free Puerto Rico

Fund II, Inc., and Tax-Free Puerto Rico

Target Maturity Fund, Inc. 

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/s/ Luis F. del Valle-Emmanuelli_______ 

Luis F. del Valle-Emmanuelli 

USDC-PR No. 209514 

P.O. Box 79897 

Carolina, Puerto Rico 00984-9897 

Tel. 787.977.1932 

Fax. 787.722.1932 

dvelawoffices@gmail.com 

OF COUNSEL FOR 

A&S LEGAL STUDIO, PSC 

434 Avenida Hostos 

San Juan, PR 00918 

Tel: (787) 751-6764/ 763-0565 

Fax: (787) 763-8260 

Attorneys for the Financial Oversight 

and Management Board for Puerto 

Rico, as representative of the 

Commonwealth of Puerto Rico and 

Employees Retirement System of the 

Government of the Commonwealth of 

Puerto Rico 

/s/ Martin J. Bienenstock_______________ 

Martin J. Bienenstock (pro hac vice) 

Brian S. Rosen (pro hac vice) 

Jeffrey W. Levitan (pro hac vice) 

Timothy W. Mungovan (pro hac vice) 

Steven O. Weise (pro hac vice) 

PROSKAUER ROSE LLP 

Eleven Times Square 

New York, NY 10036 

Tel: (212) 969-3000 

Fax: (212) 969-2900 

mbienenstock@proskauer.com 

brosen@proskauer.com 

jlevitan@proskauer.com 

tmungovan@proskauer.com 

sweise@proskauer.com 

Attorneys for the Financial Oversight 

and Management Board for Puerto Rico, 

as representative of the Commonwealth 

of Puerto Rico and Employees 

Retirement System of the Government of 

the Commonwealth of Puerto Rico 

 

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JENNER & BLOCK LLP 

By: 

/s/ Robert Gordon 

Robert Gordon (admitted pro hac vice) 

Richard Levin (admitted pro hac vice) 

919 Third Ave 

New York, NY 10022-3908 

rgordon@jenner.com 

rlevin@jenner.com 

212-891-1600 (telephone) 

212-891-1699 (facsimile) 

Catherine Steege (admitted pro hac vice) 

Melissa Root (admitted pro hac vice) 

353 N. Clark Street 

Chicago, IL 60654 

csteege@jenner.com 

mroot@jenner.com

312-222-9350 (telephone) 

312-239-5199 (facsimile) 

BENNAZAR, GARCÍA & MILIÁN, C.S.P. 

By: 

/s/ A.J. Bennazar-Zequeira 

A.J. Bennazar-Zequeira 

Héctor M. Mayol Kauffmann 

Edificio Union Plaza, 1701 Avenida Ponce de 

León #416 

Hato Rey, San Juan 

Puerto Rico 00918 

ajb@bennazar.org 

hector.mayol@bennazar.com 

787-754-9191 (telephone) 

787-764-3101 (facsimile) 

Counsel for The Official Committee of Retired 

Employees of Puerto Rico

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IN THE 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. 

Debtor. 

____________________________________________ 

In re: 

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO 

as representative of 

THE EMPLOYEES RETIREMENT SYSTEM OF THE 

GOVERNMENT OF THE COMMONWEALTH OF 

PUERTO RICO, 

Debtor. 

____________________________________________ 

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PROMESA 

Title III 

Case No. 17-bk-03283 (LTS) 

[PROPOSED] ORDER 

PROMESA 

Title III 

Case No. 17-cv-01685 (LTS) 

Case No. 17-bk-03566 (LTS) 

[PROPOSED] ORDER 

 On July 3, 2018, Movants1 filed the Motion of Certain Secured Creditors of the Employees 

Retirement System of the Government of the Commonwealth of Puerto Rico for Relief from the 

 1 Movants include Altair Global Credit Opportunities Fund (A), LLC; Andalusian Global 

Designated Activity Company; Glendon Opportunities Fund, L.P.; Mason Capital Master Fund LP; 

Nokota Capital Master Fund, L.P.; Oaktree-Forrest Multi-Strategy, LLC (Series B); Oaktree 

Opportunities Fund IX, L.P.; Oaktree Opportunities Fund IX (Parallel 2), L.P.; Oaktree Value 

Opportunities Fund, L.P.; Ocher Rose, L.L.C.; Puerto Rico AAA Portfolio Bond Fund, Inc.; Puerto 

Rico AAA Portfolio Bond Fund II, Inc.; Puerto Rico AAA Portfolio Target Maturity Fund, Inc.; 

Puerto Rico Fixed Income Fund, Inc.; Puerto Rico Fixed Income Fund II, Inc.; Puerto Rico Fixed 

Income Fund III, Inc.; Puerto Rico Fixed Income Fund IV, Inc.; Puerto Rico Fixed Income Fund V, 

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Automatic Stay [Docket Entry No. 3418 in Case No. 17 BK 3283-LTS; Docket Entry No. 289 in Case 

No. 17 BK 3566-LTS] (the “Adequate Protection Motion”). 

 On July 10, 2018, (i) the Financial Oversight and Management Board for Puerto Rico (the 

“Oversight Board”) filed the Debtor’s Opposition to Motion of Certain Secured Claimholders of 

Employees Retirement System of Government of Commonwealth of Puerto Rico for Relief from 

Automatic Stay [Docket No. 3465 in Case No. 17-bk-03283 and Docket No. 292 in Case No. 17-bk03566]; (ii) the Official Committee of Retired Employees of the Commonwealth of Puerto Rico (the 

“Retiree Committee”) filed the Objection of the Official Committee of Retired Employees of the 

Commonwealth of Puerto Rico to the ERS Bondholders’ Motion for Relief from the Automatic Stay

[Docket No. 3468 in Case No. 17-bk-03283 and Docket No. 293 in Case No. 17-bk-03566]; (iii) the 

American Federation of State, County and Municipal Employees (“AFSCME”) filed the Joinder of 

the American Federation of State, County and Municipal Employees to (1) the Objection of the 

Official Committee of Retired Employees of the Commonwealth of Puerto Rico to the ERS 

Bondholders’ Motion for Relief from the Automatic Stay and (2) Debtor’s Opposition to Motion of 

Certain Secured Claimholders of Employees Retirement System of Government of Commonwealth of 

Puerto Rico for Relief from Automatic Stay [Docket No. 3467 in Case No. 17-bk-03283 and Docket 

No. 294 in Case No. 17-bk-03566]; and (iv) the Official Committee of Unsecured Creditors of all 

Title III Debtors filed the Joinder of the Official Committee of Unsecured Creditors to Debtor’s and 

Retiree Committee’s Objections to Motion of Certain Secured Creditors of Employees Retirement 

 

Inc.; Puerto Rico GNMA & U.S. Government Target Maturity Fund, Inc.; Puerto Rico Investors Bond 

Fund I; Puerto Rico Investors Tax-Free Fund, Inc.; Puerto Rico Investors Tax-Free Fund II, Inc.; 

Puerto Rico Investors Tax-Free Fund III, Inc.; Puerto Rico Investors Tax-Free Fund IV, Inc.; Puerto 

Rico Investors Tax-Free Fund V, Inc.; Puerto Rico Investors Tax-Free Fund VI, Inc.; Puerto Rico 

Mortgage-Backed & U.S. Government Securities Fund, Inc.; SV Credit, L.P.; Tax-Free Puerto Rico 

Fund, Inc.; Tax-Free Puerto Rico Fund II, Inc.; Tax-Free Puerto Rico Target Maturity Fund, Inc.; and 

UBS IRA Select Growth & Income Puerto Rico Fund. 

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System of Government of Commonwealth of Puerto Rico for Relief from Automatic Stay [Docket No. 

3470 in Case No. 17-bk-03283 and Docket No. 296 in Case No. 17-bk-03566]. 

 On July 17, 2018, Movants filed the Reply of Certain Secured Creditors of the Employees 

Retirement System of the Government of the Commonwealth of Puerto Rico in Support of Motion for 

Relief from the Automatic Stay [Docket No. 3592 in Case No. 17-bk-03283 and Docket No. 303 in

Case No. 17-bk-03566]. 

 On August 6, 2018, the Court entered the Order Scheduling Certain Deadlines with Respect 

to the Motion of Certain Secured Creditors of the Employees Retirement System for Relief from the 

Automatic Stay [Docket Entry No. 313 in Case No. 17 BK 3566-LTS; Docket Entry No. 3747 in Case 

No. 17 BK 3283-LTS] (the “August 6 Order”). 

 On August 17, 2018, the Court issued the Opinion and Order Granting and Denying in Part 

Cross Motions for Summary Judgment (the “August 17 Order”) finding that Movants’ liens are 

unperfected [Docket. No. 215 in Adv. Proc. No. 17-00213]. 

 The August 17 Order resolves the Adequate Protection Motion. 

 It is hereby ORDERED that: 

1. The Adequate Protection Motion is DENIED on the ground that the August 17 Order 

resolves it; 

2. This Order is without prejudice to Movants’ right to appeal this Order and the August 

17 Order on any grounds and without prejudice to the Oversight Board, on behalf of ERS, and the 

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Retiree Committee opposing any appeal on any grounds; 

3. This resolves the August 6 Order; 

4. All parties’ rights are reserved in full; and 

5. Each party shall bear its own costs and attorneys’ fees. 

SO ORDERED. 

Dated: __________, 2018 ______________________________________ 

 LAURA TAYLOR SWAIN 

 United States District Judge 

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