Estimated Hearing Date: November 7, 2018

Objection Deadline: August 6, 2018

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

Re: ECF No. 1063, 1150, 3269

(Jointly Administered)

In re:

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO,

as representative of

THE EMPLOYEES RETIREMENT SYSTEM OF 

THE GOVERNMENT OF PUERTO RICO

Debtor.

PROMESA 

Title III

No. 17 BK 3566-LTS

SUMMARY OF FIRST APPLICATION OF MARINI PIETRANTONI MUÑIZ LLC

FOR ALLOWANCE OF COMPENSATION FOR SERVICES RENDERED AND FOR 

REIMBURSEMENT OF EXPENSES AS COUNSEL TO THE PUERTO RICO FISCAL 

AGENCY AND FINANCIAL ADVISORY AUTHORITY FOR THE PERIOD FROM 

MARCH 1, 2018 THROUGH MAY 31, 2018

 

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).

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 Name of Applicant: MARINI PIETRANTONI MUÑIZ, LLC

Authorized to Provide Professional Services 

to:

Period for which compensation and 

reimbursement are sought:

Total amount of compensation approved 

by interim order to date: 

Total amount of expenses approved by 

interim order to date: 

Amount of Compensation sought as actual, 

reasonable, and necessary: 

Amount of Expense Reimbursement sought 

as actual, reasonable, and necessary: 

Rates higher than those disclosed at retention:

Number of professionals included in this 

application: 3

This is a(n): __monthly X interim final 

application2

This is the first interim fee application filed by

Marini Pietrantoni Muñiz LLC in the Debtor’s 

Title III Case. The total time expended in 

connection with the preparation of this interim 

application is not included herein, as such time 

was expended after the Compensation Period. 

 

2 MPM’s fees and expense totals in this interim fee application do not differ from the sum previously-served in

 MPM’s monthly statements.

3 MPM appeared on behalf of AAFAF on March 6, 2018.

Puerto Rico Fiscal Agency and Financial 

Advisory Authority (“AAFAF”) as the entity 

authorized to act on behalf of the Employees 

Retirement System of the Government of 

Puerto Rico 

March 1, 2018 through May 31, 2018 

(the “Compensation Period”)3.

None

None

$10,631.70

$0

None

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Prior Monthly Fee Statements Submitted:

Compensation Period Fees Incurred Expenses Incurred

March 1 2018- April 30 2018 $8,320.05 $0

May 1, 2018- May 31, 2018 $2,311.65 $0

TOTAL INCURRED: $10,631.70 $0

Payments Made to Date:

Compensation Period Fees Paid Expenses Paid

March 1, 2018- April 30, 2018 $7,488.054 n/a

May 1, 2018- May 31, 2018 $0 n/a

TOTAL PAID: $7,488.05 n/a

TOTAL AMOUNT OWED: $3,143.65 n/a

 

4 90% of fees requested. 

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TABLE OF SCHEDULES AND EXHIBITS

Schedule A- List and Summary of Hours by Professional (March -May 2018)

Schedule B - Summary of Hours and Compensation by Matter Code

Schedule C - Customary and Comparable Disclosures

Exhibit A – Attorney Certification 

Exhibit B- Detailed Time and Expense Records

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Schedule A

LIST AND SUMMARY OF HOURS AND COMPENSATION BY PROFESSIONAL 

(MARCH -MAY 2018)

Name Title or Position Hourly Rate Billed in 

this Application

Hours Billed in this 

Application

Total 

Compensation 

CAROLINA VELAZ MEMBER 193.50 22.6 $4,373.10

LUIS MARINI MEMBER 270.00 17.6 $4,752.00

MARIA T. 

ALVAREZ ASSOCIATE 162.00 9.3 $1,506.60

TOTAL March-May 2018 49.5 $10,631.70

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Schedule B

SUMMARY OF HOURS AND COMPENSATION BY MATTER CODE

Task Code Matter Description Total Billed

Hours

Total Amount

Assumption and 

Rejection of 

Leases and 

Contracts

This category includes all matters relating to the 

assumption and rejection of ERS’s executory contracts 

and unexpired leases 

0.7 $181.35

Case

Administration

This category includes all matters relating to general case 

administration and coordination, records maintenance, 

drafting, review, analysis and filing of pleadings, 

assisting ERS in fulfilling their duties as debtors in 

possession through AAFAF, and serves as a general code 

for services performed that do not fit under any other 

specific code.

12.0 $2,612.70

Claims 

Administration 

This category includes all matters relating to the claims 

process in the Title III case. 6.8 $1,644.75

Fee Application

This category relates to time spent by MPM attorneys in 

connection with the preparation and review of fee 

applications. 

11.2 $1,999.80

Other contested 

matters

This category includes analysis, preparation, and 

prosecution of adversary proceedings or other litigation. 1.3 $343.35

Relief from Stay

This category relates to all motions for stay relief or lift 

stay notices received by ERS in connection with ERS’s 

Title III Case, including assisting ERS through AAFAF, 

to respond, defend and settle such requests. 

17.5 $3,849.75

Totals 49.5 $10,631.70

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Schedule C

CUSTOMARY AND COMPARABLE DISCLOSURES

Category of Timekeeper Blended Hourly Rate

Billed This Case During the 

Compensation Period

Member $227.00

Associate $162.00

Aggregated $214.78

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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.

5

PROMESA 

Title III

No. 17 BK 3283-LTS

Re: ECF No. 1063, 1150, 3269

(Jointly Administered)

In re:

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO,

as representative of

THE EMPLOYEES RETIREMENT SYSTEM OF 

THE GOVERNMENT OF PUERTO RICO

Debtor.

PROMESA 

Title III

No. 17 BK 3566-LTS

FIRST INTERIM FEE APPLICATION OF MARINI PIETRANTONI MUÑIZ LLC FOR 

ALLOWANCE OF COMPENSATION FOR SERVICES RENDERED AND FOR 

REIMBURSEMENT OF EXPENSES AS COUNSEL TO THE PUERTO RICO FISCAL 

 

5 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).

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AGENCY AND FINANCIAL ADVISORY AUTHORITY FOR THE PERIOD FROM 

MARCH 1, THROUGH MAY 31, 2018

Marini Pietrantoni Muñiz LLC (“MPM”), as counsel to 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 (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, 

makes its first interim application (this “Application”) for allowance of compensation, under 

sections 316 and 317 of PROMESA, Rule 2016 of the Federal Rules of Bankruptcy Procedure, 

Rule 2016-1 of the Local Bankruptcy Rules for the United States Bankruptcy Court for the District 

of Puerto Rico and the United States Trustee Guidelines for Reviewing Applications for 

Compensation and Reimbursement of Expenses by Attorneys in Larger Chapter 11 Cases, 

effective, November 1, 2013, of $10,631.70, for the period of from March 1, 2018, through May 

31, 2018 (the “Compensation Period”) in accordance with the Second Amended Order Setting 

Procedures for Interim Compensation and Reimbursement of Expenses of Professionals [ECF No. 

3269] (the “Interim Compensation Order”) and the Memorandum regarding Fee Review- Timeline 

and Process, dated November 10, 2017 (the “Fee Examiner Guidelines”). In support of this 

Application, MPM respectfully states as follows: 

BACKGROUND

1. On May 3, 2017, the Commonwealth of Puerto Rico (the “Commonwealth”), by 

and through the Financial Oversight and Management Board for Puerto Rico (the “Oversight 

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Board”), as the Commonwealth’s representative pursuant to section 315(b) of PROMESA, filed a 

petition with the Court under Title III of PROMESA.

2. On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation (“COFINA”), 

by and through the Oversight Board, as COFINA’s representative pursuant to PROMESA section 

315(b), filed a petition with the Court under Title III of PROMESA. 

3. On May 21, 2017, the Puerto Rico Highways and Transportation Authority 

(“HTA”), by and through the Oversight Board, as HTA’s representative pursuant to PROMESA 

section 315(b) filed a petition with the Court under Title III of PROMESA. 

4. On May 21, 2017, the Employees Retirement System for the Commonwealth of 

Puerto Rico (“ERS”), by and through the Oversight Board, as ERS’s representative pursuant to 

PROMESA section 315(b) filed a petition with the Court under Title III of PROMESA.

5. On July 3, 2017, the Puerto Rico Electric Power Authority (“PREPA”) by and 

through the Oversight Board, as PREPA’s representative pursuant to PROMESA section 315(b) 

filed a petition with the Court under Title III of PROMESA.

6. Through Orders of this Court, the Commonwealth, COFINA, HTA, ERS, and 

PREPA Title III Cases (together, the “Title III Cases”) are jointly administered for procedural 

purposes only, pursuant to PROMESA section 304(g) and Bankruptcy Rule 1015 [ECF Nos. 

242,537,1417]. 

7. This Application seeks allowance of compensation and reimbursement of expenses 

incurred by MPM solely in connection with the ERS related matters described below. 

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COMPENSATION REQUESTED BY MPM

8. AAFAF retained MPM pursuant to an engagement letter dated February 20, 2018, 

as subsequently amended, (the “Engagement Letter”). Pursuant to the Engagement Letter, payment 

of all fees and expenses detailed in this Application will be made exclusively by AAFAF. 

9. MPM’s hourly rates are set at a level designated to compensate MPM fairly for the 

work of its attorneys and paraprofessionals and are disclosed in detail in the Engagement Letter. 

In light of the unique facts and circumstances of these Title III Cases, MPM agreed to provide a 

10% discount on all fees incurred. 

10. MPM’s rates are appropriate and reasonable for complex litigation and 

restructuring matters, whether in court or otherwise. The rates and rate structure reflect that such 

complex matters typically involve great complexity, high stakes, and intense time pressures. In 

addition, the fees charged by MPM are in accordance with the firm’s existing billing rates and 

procedures in effect during the Compensation Period. The rates charged by MPM for the services 

rendered by its professionals are consistent with the competitive market rates in Puerto Rico for 

bankruptcy matters, charged by other Puerto Rico attorneys who have appeared in the Title III 

cases. 

11. MPM submits that the compensation requested is reasonable in light of the nature, 

extent, and value of such services provided to AAFAF. 

SUMMARY OF SERVICES

12. During the Compensation Period, MPM provided important professional services 

to AAFAF in connection with the Title III Cases. Detailed descriptions of the specific services 

provided and the time expended performing such services are attached as Exhibit B, and a 

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summary of the services provided by MPM to AAFAF during the Compensation Period is set forth 

below. 

13. MPM has served as counsel to AAFAF, who as the entity authorized to act of behalf 

of the Commonwealth, pursuant to the authority granted to it under the Enabling Act of the Fiscal 

Agency and Financial Advisory Authority, Act 2-2017, has defended ERS’s rights and interests in 

the multiple litigations, and in the formulation of legal strategies related to the response to requests 

to modify the Title III Stay, among other things. 

14. MPM has worked, in among other things, the following: (i) the drafting and revision 

of motions and pleadings; (ii) preparation for hearings; and (iii) performed other services as 

described in this Application. 

15. MPM attorneys, as counsel for AAFAF, also attended hearings and participated in 

teleconferences with AAFAF, its professionals, the Financial Oversight and Management Board, 

its professionals, creditors and other parties. More than one MPM attorney may have participated 

in these hearings and conferences when required in order to better represent AAFAF. 

16. MPM has established subject matters categories (each, a “Matter Category”) for 

keeping time records of the work performed for AAFAF. The following is a summary by Matter 

Category, of the professional services provided by MPM during the Compensation Period6.

a) Case Administration- 12.0- $2,612.70

17. This category includes all matters relating to general case administration and 

coordination, record maintenance, pleading review and analysis, and assisting ERS, through 

AAFAF, in fulfilling its duties as debtor in possession, attending and preparing for omnibus 

 

6 Several of the matter categories, do not appear in this summary because MPM did not bill a substantial 

amount of time under those categories during the Compensation Period. Exhibit B provides a complete

summary of the hours billed and total compensation requested by matter category.

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hearings, and serves as a general code for services performed that do not fit under any other specific 

code. 

b) Claims Administration and Objections- 6.8-$1,644.75

18. This category includes all matters related to the claims process in the 

Commonwealth’s Title III Case. During the compensation period, MPM assisted in the analysis 

and discussion related to a claims resolution procedure, attended meetings and assisted with the 

extension of the bar date. 

c) Fee Applications-11.2- $1,999.80

19. This category includes all time spent by MPM attorneys preparing its fee 

applications, as well as reviewing and commenting on fee applications of other professionals. 

During the Compensation Period, MPM spent time preparing its monthly fee statements for March 

through May. 

d) Relief from Stay and Adequate Protection- 17.5- $3,849.75

20. This category includes all matters relating to requests for relief from the automatic 

stay or for adequate protection, including assisting ERS to respond, defend, and settle such 

requests. During the Compensation Period, MPM analyzed the applicability of the automatic stay 

to pending federal and state litigation against ERS, responded to requests to lift the Title III Stay,

and drafted and revised objections or stipulations related to the requests. 

ATTORNEY CERTIFICATION

21. In accordance with Puerto Rico Local Bankruptcy Rule 2016-1(a)(4), the 

undersigned has reviewed the requirements of Puerto Rico Local Bankruptcy Rule 2016-1(a)(4) 

and certifies to the best of his information, knowledge and belief that this Application complies 

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with Puerto Rico Local Bankruptcy Rule 2016-1(a)(4). In this regard, and incorporated herein by 

reference, the Certification of Luis C. Marini Biaggi in accordance with the U.S. Trustee 

Guidelines is attached hereto as Exhibit A. 

NO PRIOR APPLICATION FILED

22. No prior application for the relief requested by this Application has been made to 

this or any other court. 

RESERVATION OF RIGHTS

23. MPM reserves the right to requests compensation for services and reimbursement 

of such expenses in a future application that have not been proceed in relation to the Compensation 

Period object of this Application. 

WHEREFORE, MPM respectfully requests that the Court enter an order: (a) awarding

MPM compensation for professional and paraprofessional services provided during the 

Compensation Period in the amount of $10,631.70; and (b) granting such other relief as is 

appropriate under the circumstances. 

Dated: July 16, 2018 

San Juan, Puerto Rico 

Respectfully submitted, 

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/s/Luis C. Marini-Biaggi

Luis C. Marini-Biaggi

USDC No. 222301 

Email: lmarini@mpmlawpr.com

/s/Carolina Velaz-Rivero

Carolina Velaz-Rivero

USDC No. 300913

Email: cvelaz@mpmlawpr.com

MARINI PIETRANTONI MUÑIZ LLC

MCS Plaza, Suite 500

255 Ponce de León Ave.

San Juan, Puerto Rico 00917

Tel: (787) 705-2171

Fax: (787) 936-7494

Attorneys for the Puerto Rico Fiscal 

Agency and Financial Advisory Authority

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Exhibit A

ATTORNEY CERTIFICATION 

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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.

7

PROMESA 

Title III

No. 17 BK 3283-LTS

Re: ECF No. 1063, 1150, 3269

(Jointly Administered)

In re:

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO,

as representative of

THE EMPLOYEES RETIREMENT SYSTEM OF 

THE GOVERNMENT OF PUERTO RICO

Debtor.

PROMESA 

Title III

No. 17 BK 3566-LTS

CERTIFICATION OF LUIS C. MARINI BIAGGI PURSUANT TO PUERTO RICO 

LOCAL BANKRUPTCY RULE 2016-1(a)(4)

 

7 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).

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Luis C. Marini Biaggi, under penalty of perjury certifies as follows:

1. I am a member with the law firm Marini Pietrantoni Muñiz LLC (“MPM”). I make this 

certification in accordance with Rule 2016-1(a)(4) of the Local Rules of Bankruptcy Practice and 

Procedure of the United States Bankruptcy Court for the District of Puerto Rico (the “Local 

Rules”) regarding the contents of applications for compensation and expenses. 

2. I am familiar with the work performed by MPM for the Puerto Rico Fiscal Agency and 

Financial Advisory Authority (“AAFAF”) acting for or on behalf of the Debtors. 

3. I have read the First Interim Application of Marini Pietrantoni Muñiz LLC for Allowance 

of Compensation for Services Rendered and for Reimbursement of Expenses As Counsel to the 

Puerto Rico Fiscal Agency and Financial Advisory Authority for the Period From March 1,2018 

through May 31, 2018 (the “Application”), and the facts set forth therein are true and correct to 

the best of my knowledge, information, and belief. 

4. To the best of my knowledge, information, and belief, formed after reasonable inquiry, 

the fees and disbursements sought in the Application are permissible under PROMESA, the 

Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, the Interim Compensation Order, 

the Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses by 

Attorneys in Larger Chapter 11 Cases, effective, November 1, 2013 (the “Guidelines”), and the 

Local Rules. 

Dated: July 16, 2018 /s/Luis C. Marini-Biaggi

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