ny-1330194

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

Case No. 17-BK-3283 (LTS)

Jointly Administered

SUPPLEMENTAL VERIFIED STATEMENT OF THE PBA FUNDS

PURSUANT TO FEDERAL RULE OF BANKRUPTCY PROCEDURE 2019

Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure (the “Bankruptcy 

Rules”), made applicable to these Title III cases by Section 310 of the Puerto Rico Oversight, 

Management, and Economic Stability Act (“PROMESA”), 48 U.S.C. § 2170, and in accordance 

with the Order Further Amending Case Management Procedures [ECF No. 2839], this

supplemental verified statement (this “Supplemental Statement”) is hereby submitted by an ad 

hoc group of certain unaffiliated funds, accounts, and/or managers of funds or accounts 

(collectively, the “PBA Funds”) holding Revenue Refunding Bonds, Government Facilities 

Revenue Bonds, and Government Facilities Revenue Refunding Bonds issued by the Puerto Rico 

Public Buildings Authority (“PBA”) and guaranteed by the Commonwealth (collectively, the 

“PBA Bonds” and, together with all other bonds issued or guaranteed by the Commonwealth, the 

 

1 The Debtors in these title III cases, along with the last four digits of each Debtor’s federal tax identification 

number, are the (i) Commonwealth of Puerto Rico (the “Commonwealth”) (No. 17-BK-3283-LTS) (3481); 

(ii) Employees Retirement System of the Government of the Commonwealth of Puerto Rico (No. 17-BK-3566-LTS) 

(9686); (iii) Puerto Rico Highways and Transportation Authority (“HTA”) (No. 17-BK-3567-LTS) (3808); 

(iv) Puerto Rico Sales Tax Financing Corporation (“COFINA”) (No. 17-BK-3284-LTS) (8474); and (v) Puerto Rico 

Electric Power Authority (“PREPA”) (No. 17-BK-4780-LTS) (3747).

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“Constitutional Debt”). In support of this Supplemental Statement, the PBA Funds respectfully 

state as follows:

1. On or around July 1, 2017, the PBA Funds retained Morrison & Foerster LLP

(“Morrison & Foerster”). In October 2017 the PBA Funds retained G. Carlo-Altieri Law 

Offices, LLC (“G. Carlo-Altieri”) as Puerto Rico counsel (together with Morrison & Foerster, 

“Counsel”).

2. On November 3, 2017, Counsel to the PBA Funds submitted the Verified 

Statement of the PBA Funds Pursuant to Federal Rule of Bankruptcy Procedure 2019 [ECF 

No. 1614], and on February 15, 2018, Counsel submitted the Supplemental Verified Statement of 

the PBA Funds Pursuant to Federal Rule of Bankruptcy Procedure 2019 [ECF No. 2522]. 

Counsel submits this Supplemental Statement to update the membership in the PBA Funds and 

information regarding the disclosable economic interests currently held by members of the PBA 

Funds in conjunction with the filing of the Statement and Reservation of Rights of the PBA 

Funds Regarding the Joint Urgent Motion of the Commonwealth Agent and COFINA Agent 

Requesting that Court Hold Decision on Motions for Summary Judgment in Abeyance for 60-

Day Period. See Official Comm. of Unsec. Creditors v. Whyte (In re Commonwealth of Puerto 

Rico), Adv. Pro. No. 17-00257-LTS (D.P.R. Jun. 11, 2018) [ECF No. 490].

3. The members of the PBA Funds hold disclosable economic interests or act as 

investment managers or advisors (or are affiliates of entities which act as investment managers or 

advisors) to funds and/or accounts that hold disclosable economic interests in relation to the 

certain of the Debtors. Based upon information provided to Counsel by the members of the PBA 

Funds, attached hereto as Exhibit A is a list of the names, addresses, nature, and amount of 

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disclosable economic interests of each member of the PBA Funds as of June 11, 2018, in 

accordance with Bankruptcy Rule 2019.

4. As of the date of this Supplemental Statement, Counsel represents only the PBA 

Funds in connection with these Title III cases and does not represent or purport to represent any 

entity or entities other than the PBA Funds in connection with these Title III cases. 2

5. Nothing contained in this Supplemental Statement (or Exhibit A hereto) should be 

construed as a limitation upon, or waiver of, any rights of any member of the PBA Funds to 

assert, file, and/or amend any claim or proof of claim filed in accordance with applicable law and 

any orders entered in these cases.

6. Counsel reserves the right to amend this Supplemental Statement as necessary in 

accordance with the requirements set forth in Bankruptcy Rule 2019.

[Signature page follows]

 

2 G. Carlo-Altieri has been retained by: (a) a provider of utility services to the Commonwealth and/or its related 

instrumentalities and public corporations; (b) a corporation and its related entities holding potential litigation and 

trade claims against HTA and the Commonwealth and/or its related instrumentalities and public corporations; and 

(c) a corporation holding potential trade claims against PREPA. Although G. Carlo-Altieri has advised these clients 

with respect to the Commonwealth’s restructuring generally, and has prepared and filed proofs of claim on behalf of 

certain of these entities, G. Carlo-Altieri has not otherwise represented or taken a position before the Court in these 

Title III cases on behalf of any entities other than the PBA Funds.

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Dated: June 13, 2018

By: Gerardo A. Carlo 

Gerardo A. Carlo

USDC PR No. 112009

Telephone: (787) 247-6680

gacarlo@carlo-altierilaw.com 

By: Kendra Loomis 

Kendra Loomis

USDC PR No. 227408

Telephone: (787) 370-0255

loomislegal@gmail.com

G. CARLO-ALTIERI LAW OFFICES, LLC

254 San Jose St., Third Floor

San Juan, Puerto Rico 00901

Telephone: (787) 247-6680

Facsimile: (787) 919-0527

-andBy: Gary S. Lee 

Gary S. Lee

MORRISON & FOERSTER LLP

Gary S. Lee (admitted pro hac vice)

James M. Peck (admitted pro hac vice)

250 West 55th Street

New York, New York 10019

Telephone: (212) 468-8000

Facsimile: (212) 468-7900

JPeck@mofo.com

GLee@mofo.com

Counsel for the PBA Funds

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Exhibit A

Names, Addresses and Disclosable Economic Interests of the PBA Funds1

Name of Creditor2 Address Nature and Amount of Disclosable 

Economic Interest

Candlewood Investment Group, LP

777 Third Avenue

Suite 19B

New York, NY 10017

COFINA Bonds

$0

Constitutional Debt

$55,834,000

Fir Tree Partners

55 West 46th Street

29th Floor

New York, NY 10036

COFINA Bonds

$1,160,000

Constitutional Debt

$655,213,000

First Pacific Advisors, LLC

11601 Wilshire Boulevard

Suite 1200

Los Angeles, CA 90025

COFINA Bonds

$0

Constitutional Debt

$199,540,000

Inglesea Capital LLC

7800 SW 57th Avenue

Unit 308

South Miami, FL 33143

COFINA Bonds

$0

Constitutional Debt

$17,480,000

 

1 To the best of Counsel’s knowledge, the information included herein is accurate as of June 11, 2018. The amounts 

set forth herein include only outstanding principal and do not include any other amounts that may be due and owing 

under the applicable debt documents and laws, including but not limited to any overdue or compounded interest. 

Capital appreciation bonds are reported at their accreted value as of June 11, 2018.

2 Each entity on this Exhibit A holds disclosable economic interests or acts as investment manager or advisor (or is 

an affiliate of entities which act as investment manager or advisors) to funds and/or accounts that hold disclosable 

economic interests in relation to the Debtors.

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Name of Creditor2 Address Nature and Amount of Disclosable 

Economic Interest

Silver Point Capital, L.P. Two Greenwich Plaza

Greenwich, CT 06830

COFINA Bonds

$281,692,127

Constitutional Debt

$166,772,000

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