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., 

 Debtors.1

PROMESA 

Title III 

No. 17 BK 3283-LTS 

(Jointly Administered) 

AD HOC GROUP OF GENERAL OBLIGATION BONDHOLDERS’ LIMITED 

JOINDER AS TO REPLY IN SUPPORT OF OBJECTIONS OF ASSURED 

GUARANTY CORP., ASSURED GUARANTY MUNICIPAL CORP. 

AND NATIONAL PUBLIC FINANCE GUARANTEE CORPORATION 

TO THE MAGISTRATE JUDGE’S FEBRUARY 26, 2018 ORDER 

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 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 04780-LTS) (Last Four Digits of 

Federal Tax ID: 3747) (Title III case numbers are listed as Bankruptcy Case numbers due to 

software limitations). 

Case:17-03283-LTS Doc#:2837 Filed:04/03/18 Entered:04/03/18 11:17:24 Desc: Main

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The Ad Hoc Group of General Obligation Bondholders (the “GO Group”) submits this 

Limited Joinder as to the Reply Memorandum In Further Support Of Objections of Assured 

Guaranty Corp., Assured Guaranty Corp. Municipal Corp. and National Public Finance 

Guarantee Corp. To The Magistrate Court’s February 26, 2018 Order (Dkt. No. 2835, the 

“Reply”).2

 In support of its Limited Joinder, the GO Group states as follows: 

1. The Order (Dkt. No. 2590) held that all “drafts preceding the final [Fiscal Plans],” 

including any factual material incorporated therein, “fall squarely within the deliberative process 

privilege.” Order at 5. This is legal error for the reasons stated in the Ad Hoc Group Of General 

Obligation Bondholders’ Limited Joinder As To Objections Of Assured Guaranty Corp., Assured 

Guaranty Municipal Corp., And National Public Finance Guarantee Corporation To The 

Magistrate Judge’s February 26, 2018 Order (Dkt. No. 2708, the “Joinder”). The GO Group 

likewise joins the Reply to the extent it argues that such information is not privileged. 

2. We note that since the Objections and Joinder were filed, a Puerto Rico court 

ordered Respondents to produce the draft Fiscal Year 2018 budget on the ground that that draft is 

a “public document” within the meaning of Puerto Rico law. Bhatia-Gautier v. Roselló-Nevares, 

Civil No. SJ2017CV00271 (P.R. Super. Ct. Mar. 16, 2018), Dkt. No. 2815-2 at 1. As explained 

in the Reply, the Puerto Rico court held that “the government may not invoke [executive] 

privilege in a generalized manner” to refuse to produce factual information underlying and 

embedded in the draft Fiscal Plan. Bhatia-Gautier, Civil No. SJ2017CV00271, 2815-2 at 14 

(citing Santiago v. Bobb y El Mundo, Inc., 117 DPR 153 (1986)). For the same reason, there is 

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 The GO Group submits this Limited Joinder exclusively on its own behalf and does not 

assume any fiduciary or other duties to any other creditor or person. Unless otherwise specified, 

capitalized terms are given the meaning assigned in the Objections. 

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no basis for a blanket ruling that draft Fiscal Plans are protected from disclosure by the 

deliberative process privilege. 

3. The GO Group continues to reserve any and all objections it may have as to other

materials the Respondents may include in their privilege log, which has not yet been produced. 

To the extent the GO Group concludes that Respondents have asserted privilege as to materials 

that do not qualify for such protection, we will raise those objections at an appropriate time. 

 

Dated: April 3, 2018 

/s/ Ramón Rivera Morales 

J. Ramón Rivera Morales 

USDC-PR Bar No. 200701 

JIMÉNEZ, GRAFFAM & LAUSELL

P.O. Box 366104 

San Juan, PR 00936 

Telephone: (787) 767-1030 

Facsimile: (787) 751-4068 

Email: rrivera@jgl.com 

Respectfully submitted, 

/s/ Gary A. Orseck 

Lawrence S. Robbins (admitted pro hac vice) 

Mark T. Stancil (admitted pro hac vice) 

Gary A. Orseck (admitted pro hac vice) 

Kathryn S. Zecca (admitted pro hac vice) 

Ariel N. Lavinbuk (admitted pro hac vice) 

Donald Burke (admitted pro hac vice) 

ROBBINS, RUSSELL, ENGLERT, ORSECK,

UNTEREINER & SAUBER LLP 

1801 K Street, N.W., Suite 411-L 

Washington, DC 20006 

Telephone: (202) 775-4500 

Facsimile: (202) 775-4510 

Email: gorseck@robbinsrussell.com 

/s/ Andrew N. Rosenberg 

Andrew N. Rosenberg (admitted pro hac vice) 

Richard A. Rosen (admitted pro hac vice) 

Walter Rieman (admitted pro hac vice) 

Kyle J. Kimpler (admitted pro hac vice) 

Karen R. Zeituni (admitted pro hac vice) 

PAUL, WEISS, RIFKIND, WHARTON 

& GARRISON LLP 

1285 Avenue of the Americas 

New York, NY 10019 

Telephone: (212) 373-3000 

Facsimile: (212) 757-3990 

Email: arosenberg@paulweiss.com 

Counsel to the Ad Hoc Group of General Obligation Bondholders 

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