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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., 

Debtors.1

PROMESA 

Title III 

No. 17 BK 3283-LTS 

(Jointly Administered) 

ASSURED GUARANTY CORP.’S, ASSURED GUARANTY MUNICIPAL CORP.’S AND 

NATIONAL PUBLIC FINANCE GUARANTEE CORPORATION’S INFORMATIVE 

MOTION REGARDING RECENT AUTHORITY SUPPORTING THEIR 

OBJECTIONS TO THE MAGISTRATE JUDGE’S FEBRUARY 26, 2018 ORDER 

 

1 The Debtors in these Title III cases, along with each Debtor’s respective Title III case number listed 

as a bankruptcy case number due to software limitations and the last four (4) digits of each Debtor’s 

federal tax identification number, as applicable, are the (i) Commonwealth of Puerto Rico 

(“Commonwealth”) (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).

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To the Honorable United States District Judge Laura Taylor Swain: 

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

Guarantee Corporation (collectively, “Objectors”) submit this informative motion (“Informative 

Motion”) regarding recent authority supporting their Objections of Assured Guaranty Corp., 

Assured Guaranty Municipal Corp. and National Public Finance Guarantee Corporation to the 

Magistrate Judge’s February 26, 2018 Order (ECF No. 2707) (“Objections” or “Obj.”),1 and 

respectfully state as follows: 

1. On March 12, 2018, the Objectors filed the Objections. In their Objections, the 

Objectors relied on a 2017 decision from the Supreme Court of Puerto Rico, Bhatia-Gautier v. 

Roselló-Nevares, 2017 TSPR 173, 2017 WL 4975587 (P.R. 2017) (“Bhatia-Gautier I”), a 

certified translation of Bhatia-Gautier I was attached to the Objections as Exhibit C (ECF No. 

2707-3). Bhatia-Gautier I is the leading decision from the Supreme Court of Puerto Rico of 

Puerto Rico regarding deliberative process privilege. In that case, the plaintiff, the Honorable 

Eduardo Bhatia-Gautier, in his capacity as Senator and Minority Leader of the Popular 

Democratic Party in the Senate of Puerto Rico (“Plaintiff”), filed a petition for writ of mandamus

seeking to compel defendants Governor Ricardo Rosselló, in his capacity as Governor of the 

Commonwealth, and the Commonwealth (together, “Defendants”) to make public a copy of a 

draft budget that had been provided to the Oversight Board. Id. at 4. In Bhatia-Gautier I, the 

Supreme Court of Puerto Rico remanded the case to the Commonwealth of Puerto Rico Court of 

First Instance, San Juan Part, Superior Court (“Superior Court”). See ECF No. 2707-3 at 34-35. 

2. On March 16, 2018, after the Objections were filed, Judge Lauracelis 

Roques-Arroyo of the Superior Court issued a decision, Bhatia-Gautier v. Roselló-Nevares, Civil 

 

1

 Capitalized terms not defined herein are defined in the Objections. “ECF No.” refers to docket 

entries in Case No. 17 BK 3283-LTS, unless otherwise noted. 

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No. SJ2017CV00271 (P.R. Super. Ct. Mar. 16, 2018) (“Bhatia-Gautier II”), attached hereto as 

Exhibit A. A certified translation of Bhatia-Gautier II is attached hereto as Exhibit B. In 

Bhatia-Gautier II, the Superior Court ordered Defendants to disclose the draft budget to Plaintiff. 

See Ex. B at 24. 

3. By this Informative Motion, the Objectors inform the Court of Bhatia-Gautier II 

and respectfully request that the Court take notice of this recent authority and consider 

Bhatia-Gautier II in resolving the Objections. 

4. The Objectors further inform the Court that they intend to seek leave from the 

Court on or before March 30, 2018 in order to file a reply memorandum to respond to the 

Response 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, filed March 23, 2018 (ECF No. 2798). 

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Dated: New York, New York 

 March 26, 2018 

CASELLAS ALCOVER & BURGOS P.S.C. 

By: /s/ Heriberto Burgos Pérez 

Heriberto Burgos Pérez 

USDC-PR 204809 

Ricardo F. Casellas-Sánchez 

USDC-PR 203114 

Diana Pérez-Seda 

USDC-PR 232014 

P.O. Box 364924 

San Juan, PR 00936-4924 

Telephone: (787) 756-1400 

Facsimile: (787) 756-1401 

Email: hburgos@cabprlaw.com 

 rcasellas@cabprlaw.com 

 dperez@cabprlaw.com 

Attorneys for Assured Guaranty Corp. and 

Assured Guaranty Municipal Corp. 

CADWALADER, WICKERSHAM & TAFT 

LLP 

By: /s/ Howard R. Hawkins, Jr. 

Howard R. Hawkins, Jr.* 

Mark C. Ellenberg* 

Ellen V. Holloman* 

Ellen M. Halstead* 

Gillian Groarke Burns* 

Thomas J. Curtin* 

Casey J. Servais* 

200 Liberty Street 

New York, NY 10281 

Telephone: (212) 504-6000 

Facsimile: (212) 406-6666 

Email: howard.hawkins@cwt.com 

mark.ellenberg@cwt.com 

ellen.holloman@cwt.com 

ellen.halstead@cwt.com 

gillian.burns@cwt.com 

thomas.curtin@cwt.com 

casey.servais@cwt.com 

* Admitted pro hac vice

Attorneys for Assured Guaranty Corp. and 

Assured Guaranty Municipal Corp. 

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ADSUDAR MUñOZ GOYCO SEDA & 

PÉREZ-OCHOA, PSC, P.S.C. 

By: /s/ Eric Pérez-Ochoa 

Eric Pérez-Ochoa 

USDC-PR No. 206,314 

Luis A. Oliver-Fraticelli 

USDC-PR NO. 209,204 

208 Ponce de Leon Ave., Suite 1600 

San Juan, PR 00936 

Telephone: (787) 756-9000 

Facsimile: (787) 756-9010 

Email: epo@amgprlaw.com 

 loliver@amgprlaw.com 

Attorneys for National Public Finance 

Guarantee Corporation

WEIL, GOTSHAL & MANGES LLP 

By: /s/ Jared R. Friedmann 

Marcia Goldstein* 

Jonathan Polkes* 

Gregory Silbert* 

Jared R. Friedmann* 

767 Fifth Avenue 

New York, New York 10153 

Telephone: (212) 310-8000 

Facsimile: (212) 310-8007 

Email: marcia.goldstein@weil.com 

 jonathan.polkes@weil.com 

 gregory.silbert@weil.com 

 jared.friedmann@weil.com 

* Admitted pro hac vice

Attorneys for National Public Finance 

Guarantee Corporation

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CERTIFICATE OF SERVICE 

I hereby certify that I filed this document electronically with the Clerk of the Court using 

the CM/ECF System, which will send notification of such filing to all parties of record in the 

captioned case. Further, I directed that the following counsel of record be served by U.S. Mail: 

Office of the United States Trustee for Region 21

Edificio Ochoa 

500 Tanca Street, Suite 301 

San Juan, PR 00901-1922 

Gerardo J. Portela Franco 

Puerto Rico Fiscal Agency and Financial 

Advisory Authority (AAFAF) 

De Diego Ave. Stop 22 

San Juan, Puerto Rico 00907 

John J. Rapisardi, Esq. 

O’Melveny & Myers LLP 

7 Times Square 

New York, New York 10036 

Andrés W. López, Esq. 

Law Offices of Andrés W. López 

902 Fernández Juncos Ave. 

San Juan, PR 00907 

Martin J. Bienenstock, Esq. 

Proskauer Rose LLP 

Eleven Times Square 

New York, New York 10036-8299 

Hermann D. Bauer, Esq. 

O’Neill & Borges LLC 

250 Muñoz Rivera Ave., Suite 800 

San Juan, PR 00918-1813 

Nancy A. Mitchell, Esq. 

Greenberg Traurig LLP 

200 Park Avenue 

New York, New York 10166 

Arturo Diaz-Angueira, Esq. 

Cancio, Nadal, Rivera & Diaz, P.S.C. 

403 Muñoz Rivera Ave. 

San Juan (Hato Rey), PR 00918-3345 

Luc A. Despins, Esq. 

Paul Hastings LLP 

200 Park Avenue 

New York, New York 10166 

Juan. J. Casillas Ayala 

Casillas, Santiago & Torres LLC 

El Caribe Office Building 

53 Palmeras Street, Suite 1601 

San Juan, PR 00901-2419 

Robert Gordon, Esq. 

Jenner & Block LLP 

919 Third Avenue 

New York, New York 10022 

A.J. Bennazar-Zequeira 

Bennazar, Garcia & Milian, C.S.P. 

Edificio Union Plaza PH-A piso 18 Avenida 

Ponce de Leon #416 

Hato Rey, PR 00918 

At New York, New York, this 26th day of March, 2018. 

By: /s/ Howard R. Hawkins, Jr. 

Howard R. Hawkins, Jr.* 

* Admitted pro hac vice

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