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)

Re: ECF. Nos. 1065-1, 1512-1, 

2839-1

In re:

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO,

as representative of 

PUERTO RICO ELECTRIC POWER 

AUTHORITY

Debtor.

PROMESA

Title III

No. 17 BK 4780-LTS

This Stipulation relates only to 

PREPA

STIPULATION MODIFYING THE AUTOMATIC 

STAY BETWEEN THE PUERTO RICO ELECTRIC POWER AUTHORITY, AND THE

ESTATES OF GABRIEL FUENTES VÁZQUEZ AND EVANGELINA BENEJAMOTERO, COMPRISED BY GABRIEL, JORGE L. AND JOSE R. FUENTES-BENEJAM

This stipulation (the “Stipulation”) is made as of July 26, 2018, by and between Debtor the 

Puerto Rico Electric Power Authority (“PREPA”) and the Estates of Gabriel Fuentes Vázquez and 

 

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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Evangelina Benejam-Otero, comprised by Gabriel, Jorge L. and José Ricardo Fuentes-Benejam 

(the “Movants”).

2

RECITALS

WHEREAS, on July 2, 2017, PREPA, by and through the Oversight Board, as PREPA’s 

representative pursuant to PROMESA section 315(b), filed a petition with the United States

District Court for the District of Puerto Rico (the “District Court”) under title III of PROMESA 

(the “Title III Case”);

WHEREAS, on August 17, 2017, as amended on October 24, 2017 and April 4, 2018, the 

District Court entered the Order Amending Case Management Procedures (the “Case Management 

Order”), which revised the Notice, Case Management and Administrative Procedures to 

implement a protocol (the “Lift Stay Protocol”) for filing motions for relief from the automatic 

stay set forth in Bankruptcy Code sections 362(a) and 922(a),3 made applicable to the Title III 

Case by PROMESA section 301(a) (the “Title III Stay”) [Case No. 17-bk-3283; ECF Nos. 1065, 

1512, 2839]; 

WHEREAS, under the Lift Stay Protocol, the Movants are required to (a) send notice (the 

“Lift Stay Notice”) to counsel to the Oversight Board and the Puerto Rico Fiscal Agency and 

Financial Advisory Authority (“AAFAF”) to advise them of the Movants’ intent to seek relief 

 

2 The Financial Oversight and Management Board for Puerto Rico (the “Oversight Board”), as the Debtors’ 

representative pursuant to section 315(b) of the Puerto Rico Oversight, Management, and Economic Stability Act

(“PROMESA”), has authorized the Puerto Rico Fiscal Agency and Financial Advisory Authority (“AAFAF”) to 

enter into this Stipulation on behalf of PREPA. AAFAF is an entity of the Commonwealth of Puerto Rico 

authorized to act on behalf of PREPA pursuant to the authority granted to it under the Enabling Act of the Fiscal 

Agency and Financial Advisory Authority, Act 2 2017.

3

In a title III case, Bankruptcy Code section 922 extends the self-executing provisions of Bankruptcy Code section 

362 to, among other things, actions against officers and inhabitants of the debtor to enforce claims against the 

debtor. See Order Pursuant to PROMESA Section 301(a) and Bankruptcy Code Sections 105(a), 362(a), 365, and 

922 Confirming (I) Application of the Automatic Stay to Government Officers, Agents, and Representatives, 

(II) Stay of Prepetition Lawsuits, and (III) Application of Contract Protections [ECF No. 543] (“For the avoidance 

of doubt, the protections of Bankruptcy Code section 922(a)(1) with respect to officers and inhabitants of the 

Debtors, as set forth in paragraph 4(a) [of the Order], apply in all respects to the Debtors’ officers in both their 

official and personal capacities with respect to actions whereby parties pursuing such actions seek to enforce claims 

against any of the Debtors.”).

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from the Title III Stay at least fifteen (15) business days prior to filing a motion seeking such relief

(the “Lift Stay Notice Period”) and (b) meet and confer with PREPA during the Lift Stay Notice 

Period;

WHEREAS, on March 21, 2018, the Movants sent a Lift Stay Notice to the Oversight

Board and AAFAF requesting the lifting of the Title III Stay to allow the Movants to proceed with 

the case captioned Estate of Gabriel Fuentes-Vázquez and Evangelina Benejam-Otero, et al. v. 

Puerto Rico Electric Power Authority, civil case no. KEF 2007-0753 (the “Prepetition Action”),

before the Court of First Instance of Puerto Rico (the “Commonwealth Court”);

WHEREAS, on June 28, 2018, the Movants filed a Motion for Relief from the Automatic 

Stay and for a Ruling that a Judgment Based on a Claim Arising from the Taking of Properties 

Without Just Compensation is Not Subject to Reduction or Compensation in Bankruptcy (the “Lift 

Stay Motion”) [Case No. 17-bk-4780; ECF No. 889] in the District Court, requesting the Court to 

enter an order “annulling the automatic stay of 11 US.C. § 362(a)(1) as to Civil No. KEF 2007-

0753, due to its inapplicability” to the Prepetition Action and to hold “that any judgment to be 

entered therein in Movants’ favor is not subject to reduction or compromise as a result of 

[PREPA]’s bankruptcy,” Lift Stay Motion at 9-10; 

WHEREAS, PREPA and the Movants conferred and have resolved the Movants’ Lift Stay 

Motion.

NOW THEREFORE, IT IS HEREBY STIPULATED AND AGREED, by and between

PREPA and the Movants, through their counsel, each of whom represent and warrant that they 

possess the requisite authority to bind the respective parties hereto, as follows:

1. The Lift Stay Motion is resolved in its entirety. Upon the filing of this Stipulation

in the Title III Case and the entry of an order approving the same, the Lift Stay Motion shall be 

deemed withdrawn.

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2. The Title III Stay is hereby modified solely to the limited extent necessary to permit

the Prepetition Action to proceed in the ordinary course until its conclusion, including the right of 

the Movants to withdraw any funds awarded thereto in the Prepetition Action.

3. It is expressly understood by the Movants that nothing contained in this Stipulation 

shall constitute a determination of any type of liability or monetary claim of any kind as to PREPA 

or any other Title III Debtor.

4. It is expressly understood by the Movants that nothing contained in this Stipulation 

shall operate as a waiver or modification of the Title III Stay to permit the prosecution against 

PREPA, or any of the Title III debtors, of any claim or claims by anyone other than the Movants

as provided for herein, and PREPA reserves all rights, defenses, and protections with respect to 

any matters pending or that may arise in or relate to the Title III Case.

5. PREPA and the Movants represent and warrant that they are properly and fully 

empowered to enter into and execute this Stipulation, that they know of no contractual commitment 

or legal limitation of, impediment to, or prohibition against their entry into this Stipulation, and 

that the Stipulation is legal, valid, and binding upon them.

6. Neither this Stipulation, nor any statement made, action, or position taken, or 

document prepared or executed in connection with the negotiation, execution, or implementation 

of this Stipulation shall be deemed to be, or construed as: (a) an admission by any party of any 

liability, wrongdoing, act, or matter or that any claim or defense has or lacks merit; (b) a waiver 

of PREPA’s rights to dispute, contest, setoff, or recoup any claim, including any claims asserted 

by the Movants in the Prepetition Action or assert any related rights, claims, or defenses, and all 

such rights are reserved; or (c) an approval or assumption of any agreement or contract between 

the parties under Bankruptcy Code section 365.

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7. Nothing in this Stipulation shall be deemed or construed as: (a) creating or 

conferring any right upon any persons or entities (other than the Movants as expressly provided in 

this Stipulation), or (b) evidence of any willingness or obligation on PREPA’s part to consent to 

any other or future modifications of or relief from the Title III Stay with respect to any persons or 

entities. 

8. This Stipulation contains the entire agreement by and between the parties with 

respect to the subject matter hereof, and all prior understandings or agreements, if any, are merged 

into this Stipulation.

9. This Stipulation shall be construed and interpreted in accordance with the laws of 

Puerto Rico. For purposes of construing this Stipulation, neither of the parties shall be deemed to 

have been the drafter of the Stipulation.

10. Electronic copies of signatures on this Stipulation are acceptable, and an electronic 

copy of a signature on this Stipulation is deemed an original. This Stipulation may be executed in 

counterparts, each of which is deemed an original, but when taken together constitute one and the 

same document.

11. This Stipulation may not be modified other than by a signed writing executed by 

the parties hereto. 

12. The District Court shall retain jurisdiction to hear any matters or disputes arising 

from or relating to this Stipulation.

13. This Stipulation shall be immediately effective and enforceable upon execution.

Reminder of the page intentionally left blank.

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IN WITNESS WHEREOF and in agreement herewith, by and through their counsel, the 

parties have executed and delivered this Stipulation as of the date first set forth above.

RESPECTFULLY SUBMITTED. 

In San Juan, Puerto Rico, this 26th day of July, 2018.

/s/ Kevin D. Finger _

David D. Cleary (admitted pro hac vice)

Kevin D. Finger (admitted pro hac vice)

GREENBERG TRAURIG LLP

77 West Wacker Drive

Suite 3100

Chicago, IL 60601

Tel: (312) 456-8400

Fax: (312) 456-8435

Email: clearyd@gtlaw.com

 fingerk@gtlaw.com

Joseph P. Davis III (admitted pro hac vice)

Greenberg Traurig, LLP

One International Place, Suite 2000

Boston, MA 02110

Tel: (617) 310-6000

Fax: (617) 310-6001

Email: davisjo@gtlaw.com

Nathan A. Haynes (Admitted Pro Hac Vice)

Greenberg Traurig, LLP

MetLife Building

200 Park Avenue

New York, NY 10166

Tel: (212) 801-9200

Fax: (212) 801-6400

Email: haynesn@gtlaw.com

Attorneys for Puerto Rico Fiscal Agency and 

Financial Advisory Authority

/s/ Charles A. Cuprill-Hernández 

CHARLES A. CUPRILL-HERNÁNEZ

USDC-PR 114312

Charles A. Cuprill, P.S.C. Law Offices

365 Fortaleza Street, Second Floor

San Juan, PR 00901

Tel. (787) 977-0515

Fax: (787) 977-0518

E-mail: ccuprill@cuprill.com

 

Attorney for the Movants

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/s/ Katiuska Bolaños-Lugo 

Katiuska Bolaños-Lugo

USDC No. 231812

kbolanos@cnrd.com

Arturo Díaz-Angueira

USDC No. 117907

adiaz@cnrd.com

CANCIO, NADAL, RIVERA & DIAZ, P.S.C.

P.O. Box 364966

San Juan, PR 00936-4966

Tel: (787) 767-9625

Fax: (787) 764-4430

Attorneys for Puerto Rico Electric Power 

Authority

TCO 363168851v2

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