Estimated Hearing Date: June 6, 2018 at 9:30 a.m. (AST)

Objection Deadline: May 9, 2018 at 4:00 p.m. (AST)

UNITED STATES DISTRICT COURT

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.

PROMESA

Title III

No. 17-bk-3283-LTS

(Jointly Administered)

NOTICE OF ANDREW WOLFE’S SECOND INTERIM APPLICATION 

FOR ALLOWANCE OF COMPENSATION AND REIMBURSEMENT OF 

EXPENSES INCURRED AS MACROECONOMIC CONSULTANT TO FINANCIAL 

OVERSIGHT AND MANAGEMENT BOARD, AS REPRESENTATIVE OF

THE DEBTORS, FROM OCTOBER 1, 2017-JANUARY 31, 2018

PLEASE TAKE NOTICE that a hearing will be held before the Honorable Laura Taylor 

Swain in Room 3 of the United States District Court for the District of Puerto Rico, Federal 

Building, Office 150, 150 Carlos Chardón Street, San Juan, Puerto Rico 00918-1767, on June 6, 

2018 at 9:30 a.m. (AST), or as soon thereafter as counsel may be heard, or at an earlier date as 

ordered by the Court, to consider Andrew Wolfe’s second interim application for allowance of 

compensation for services rendered from October 1, 2017 through January 31, 2018 in the 

amount of $100,000 and reimbursement of actual and necessary expenses incurred during such 

period in the amount of $12,391.30, pursuant to PROMESA sections 316-17, Rule 2016, and 

Local Rule 2016-1.

PLEASE TAKE FURTHER NOTICE that objections to the application, if any, must be 

in writing, and filed with the Court and served on applicant’s undersigned counsel so as to be 

received prior to May 9, 2018 at 4:00 p.m. (AST).

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Dated: March 16, 2018 Respectfully submitted,

/s/ Andrew Wolfe

Andrew Wolfe

Macroeconomic Consultant to Financial 

Oversight and Management Board

By: /s/ Jeffrey Chubak

Jeffrey Chubak

STORCH AMINI PC

140 East 45th Street, 25th Floor

New York, New York 10017

(212) 490-4100

jchubak@storchamini.com

Attorneys for Andrew Wolfe

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UNITED STATES DISTRICT COURT

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.

PROMESA

Title III

No. 17-bk-3283-LTS

(Jointly Administered)

SUMMARY SHEET

ANDREW WOLFE’S SECOND INTERIM APPLICATION 

FOR ALLOWANCE OF COMPENSATION AND REIMBURSEMENT OF 

EXPENSES INCURRED AS MACROECONOMIC CONSULTANT TO FINANCIAL 

OVERSIGHT AND MANAGEMENT BOARD, AS REPRESENTATIVE OF

THE DEBTORS, FROM OCTOBER 1, 2017-JANUARY 31, 2018

Applicant: Andrew Wolfe

Authorized to provide services to: Financial Oversight and Management Board, 

as Representative of the Debtors, pursuant to 

PROMESA section 315(b)

Effective date of retention: August 1, 2017

Compensation period: October 1, 2017-January 31, 2018

Compensation sought: $100,000

Expense reimbursement sought: $12,391.30

Total sought: $112,391.30

Compensation sought herein that has already 

been paid under Interim Compensation Order

$0

Expenses sought herein that have already 

been paid under Interim Compensation Order

$0

This is a: _ monthly X interim _final application

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SUMMARY OF TIME BILLED DURING COMPENSATION PERIOD

Name Title Hours Recorded Hourly Rate Total Fees

Andrew Wolfe Macroeconomic 

Consultant

690 N/A1$100,000

 

1 Under his agreement, Andrew Wolfe is entitled to $25,000/month, provided he “devote[s] at least half of 

the month’s normal business hours to services for the Board for the term of this Project Assignment,” plus 

reimbursement of expenses. 

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UNITED STATES DISTRICT COURT

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)

ANDREW WOLFE’S SECOND INTERIM APPLICATION FOR 

ALLOWANCE OF COMPENSATION AND REIMBURSEMENT OF 

EXPENSES INCURRED AS CONSULTANT TO FINANCIAL OVERSIGHT 

AND MANAGEMENT BOARD, AS REPRESENTATIVE OF THE 

DEBTORS, FROM OCTOBER 1, 2017-JANUARY 31, 2018

Andrew Wolfe, a macroeconomic consultant to the Financial Oversight and Management 

Board for Puerto Rico (“Oversight Board”), as representative of the Debtors pursuant to 

PROMESA section 315(b), submits his second interim application for allowance of 

compensation for services rendered from October 1, 2017 through January 31, 2018

(“Compensation Period”) in the amount of $100,000 and reimbursement of actual and necessary 

expenses incurred in the amount of $12,391.30, pursuant to PROMESA sections 316-17, Rule 

2016, and Local Rule 2016-1, and respectfully states:

 

1 The Debtors in these Title III Cases, along with the last four digits of their respective Federal Tax ID

numbers, are: (i) Commonwealth of Puerto Rico (“Commonwealth”) (3481); (ii) Puerto Rico Sales Tax 

Financing Corporation (“COFINA”) (8474); (iii) Puerto Rico Highways and Transportation Authority 

(“HTA”) (3808); (iv) Employees Retirement System of the Government of the Commonwealth of Puerto 

Rico (“ERS”) (9686); and (v) Puerto Rico Electric Power Authority (“PREPA”) (3747). 

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JURISDICTION

1. This Court has subject matter jurisdiction to consider this application, pursuant to 

PROMESA section 306(a). Venue is proper in this district, pursuant to PROMESA section 

307(a). 

BACKGROUND

2. The Commonwealth commenced its Title III case on May 3, 2017; COFINA 

commenced its Title III case on May 5, 2017; HTA and ERS commenced their Title III cases on 

May 21, 2017; and PREPA commenced its Title III case on July 2, 2017. Pursuant to PROMESA 

section 315(b), the Oversight Board is the representative of each Debtor in its respective Title III 

case.

3. The Oversight Board engaged Mr. Wolfe as an independent contractor to provide 

macroeconomic consulting services in these Title III cases by Agreement, effective August 1, 

2017, a copy of which is annexed hereto as Exhibit 1. Under the agreement, he is entitled to 

compensation of $25,000/month (subject to a $275,000 cap), provided he “devote[s] at least half 

of the month’s normal business hours to services for the Board for the term of this Project

Assignment,” plus reimbursement of expenses. 

4. On January 17, 2018, Mr. Wolfe filed his first interim fee application, covering 

the period August 1, 2017 through September 30, 2017 [ECF No. 2259]. The hearing on that 

application was deferred on consent [ECF No. 2645, p.18] to April 25, 2018.

5. As noted in Mr. Wolfe’s first interim fee application, Mr. Wolfe was engaged as a 

macroeconomic consultant for the purpose of advising the Oversight Board on mediation matters 

concerning the Debtors and consulting on the Debtors’ fiscal plan and debt sustainability issues. 

Prior to his retirement in 2014, Mr. Wolfe was senior manager of the Western Hemisphere 

Department at the International Monetary Fund for 27 years. Mr. Wolfe is presently an adjunct 

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professorial lecturer at American University in Washington, D.C. and Rice University in 

Houston, Texas. He holds a Ph.D. in economics from the University of Wisconsin and a B.S.E. 

in economics and engineering from the University of Pennsylvania. 

6. Mr. Wolfe served monthly fee statements on the relevant notice parties, pursuant 

to the First Amended Interim Compensation Order, entered November 8, 2017 [ECF No. 1715] 

(“Interim Compensation Order”), for the Compensation Period covered by this application, but

has not received payment to date. 

BASIS FOR RELIEF REQUESTED

7. PROMESA section 316(a) provides that this Court “may award to a professional 

person employed by ... the Oversight Board (in the Oversight Board’s sole discretion) ... (1) 

reasonable compensation for actual, necessary services rendered by the professional, or attorney 

and by any paraprofessional employed by any such person; and (2) reimbursement for actual, 

necessary expenses.” 

8. Pursuant to subdivision (c):

In determining the amount of reasonable compensation to be 

awarded to a professional person, the court shall consider the 

nature, the extent, and the value of such services, taking into 

account all relevant factors, including—

(1) the time spent on such services; 

(2) the rates charged for such services; 

(3) whether the services were necessary to the administration of, or 

beneficial at the time at which the service was rendered toward the 

completion of, a case under this chapter; 

(4) whether the services were performed within a reasonable 

amount of time commensurate with the complexity, importance, 

and nature of the problem, issue, or task addressed;

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(5) with respect to a professional person, whether the person is 

board certified or otherwise has demonstrated skill and experience 

in the restructuring field; and

(6) whether the compensation is reasonable based on the 

customary compensation charged by comparably skilled 

practitioners in cases other than cases under this title or title 11, 

United States Code. 

9. PROMESA section 317 and the Interim Compensation Order permit professionals 

to apply for allowance of compensation and reimbursement of expenses on an interim basis. 

10. Each factor set forth in section 316(c) supports allowance of the compensation 

sought herein on an interim basis. 

(a) Time spent on services rendered. Mr. Wolfe expended 690 hours 

rendering services on behalf of the Oversight Board during the Compensation Period. Time 

detail for the Compensation Period is annexed hereto as Exhibit 2.

(b) Rates charged. As set forth in the Wolfe Certification (defined below), 

the compensation sought is billed at rates no less favorable than those customarily employed by

him.

(c) Whether Services were necessary or beneficial. The services rendered 

were necessary to the administration of these Title III cases, and beneficial when rendered. The 

Oversight Board hired Mr. Wolfe for the express purpose of providing these services and has 

approved this application. 

(d) Timeliness of services rendered. The services rendered were performed 

within a reasonable amount of time, given their complexity and importance to these Title III 

cases.

(e) Professional certifications; Restructuring Experience. As noted above, in 

addition to holding a Ph.D. in economics, Mr. Wolfe has decades of experience at the IMF, and 

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the macroeconomic expertise sought by the Oversight Board and necessary to the success of 

these cases. 

11. During the Compensation Period, Mr. Wolfe incurred reasonable and necessary 

expenses in connection with his engagement. A detailed itemization is annexed hereto as Exhibit 

3. Mr. Wolfe has endeavored to minimize expenses incurred in connection with this 

engagement, and submits that those expenses for which reimbursement is sought are reasonable 

and justified under the circumstances to effectively serve the needs of the Oversight Board 

herein.

12. The certification required by Local Rule 2016-1(a)(4) and Rule 2016 is annexed 

hereto as Exhibit 4 (“Wolfe Certification”). 

NOTICE

13. Notice hereof has been served upon the following:

Fee Examiner

bwilliam@gklaw.com

kstadler@gklaw.com

adalton@gklaw.com

Fiscal Agency and Financial Advisory Authority

jrapisardi@omm.com

suhland@omm.com

dperez@omm.com

Official Committee of Unsecured Creditors

lucdespins@paulhastings.com

andrewtenzer@paulhastings.com

michaelcomerford@paulhastings.com

alexbongartz@paulhastings.com

Official Committee of Retired Employees

rgordon@jenner.com

rlevin@jenner.com

csteege@jenner.com

mroot@jenner.com

Financial Oversight and Management Board

arthur.gonzalez@nyu.edu

Office of the United States Trustee

guy.gebhardt@usdoj.gov

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WHEREFORE, Mr. Wolfe requests an order allowing interim compensation for services 

rendered during the Compensation Period in the amount of $100,000 and reimbursement for 

actual and necessary expenses incurred during such period in the amount of $12,391.30, 

directing payment of the foregoing amounts less that portion already paid under the Interim 

Compensation Order, and granting such other and further relief as this Court deems just and 

proper.

Dated: March 16, 2018 Respectfully submitted,

/s/ Andrew Wolfe

Andrew Wolfe

Macroeconomic Consultant to Financial 

Oversight and Management Board

By: /s/ Jeffrey Chubak

Jeffrey Chubak

STORCH AMINI PC

140 East 45th Street, 25th Floor

New York, New York 10017

(212) 490-4100

jchubak@storchamini.com

Attorneys for Andrew Wolfe

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EXHIBIT 1

Contract

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EXHIBIT 2

Time Detail

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EXHIBIT 3

Expense Itemization

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EXHIBIT 4

Certification of Andrew Wolfe

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UNITED STATES DISTRICT COURT

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)

CERTIFICATION OF ANDREW WOLFE

I, Andrew Wolfe, hereby certify:

1. I am a macroeconomic consultant to the Financial Oversight and Management 

Board for Puerto Rico, as representative of the Debtors in these Title III cases, and submit this 

certification in support of my second interim fee application, covering the compensation period 

October 1, 2017 through January 31, 2018. 

2. Pursuant to Local Rule 2016-1, I certify that: 

(a) I have read the application; 

(b) to the best of my knowledge, information and belief formed after 

reasonable inquiry, the fees and disbursements sought therein conform with the Bankruptcy

Code, the Federal Rules of Bankruptcy Procedure, the United States Trustee Guidelines, and the 

Local Rules; and 

 

1 The Debtors in these Title III Cases, along with the last four digits of their respective Federal Tax ID

number, are: (i) Commonwealth of Puerto Rico (3481); (ii) Puerto Rico Sales Tax Financing Corporation 

(8474); (iii) Puerto Rico Highways and Transportation Authority (3808); (iv) Employees Retirement 

System of the Government of the Commonwealth of Puerto Rico (9686); and (v) Puerto Rico Electric 

Power Authority (3747). 

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(c) the compensation and disbursements sought are billed at rates no less 

favorable than those customarily employed by me.

3. Pursuant to Rule 2016(a), no agreement or understanding exists between me and 

any other person for sharing compensation to be received in connection with this engagement, 

except as authorized by the Bankruptcy Code or Rules. 

I certify under penalty of perjury that the foregoing is true and correct.

Executed on March 16, 2018.

/s/ Andrew Wolfe

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