Hearing Date: November 7, 2018 at 9:30 a.m. (AST) 

Objection Deadline: August 6, 2018 at 4:00 p.m. (AST) 

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. 

PROMESA 

Title III 

No. 17-bk-3283-LTS 

(Jointly Administered) 

NOTICE OF THIRD INTERIM APPLICATION FOR 

ALLOWANCE OF COMPENSATION FOR SERVICES RENDERED AND 

REIMBURSEMENT OF EXPENSES INCURRED BY ANDREW WOLFE AS 

MACROECONOMIC CONSULTANT TO THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD OF PUERTO RICO, AS REPRESENTATIVE OF 

THE DEBTORS, FROM FEBRUARY 1, 2018-MAY 31, 2018 

PLEASE TAKE NOTICE that a hearing will be held before the Honorable Laura Taylor 

Swain in Room 3 of the United States District Court for the District of Puerto Rico, Federal 

Building, Office 150, 150 Carlos Chardón Street, San Juan, Puerto Rico 00918-1767, on 

November 7, 2018 at 9:30 a.m. (AST), or as soon thereafter as counsel may be heard, or at an 

earlier date as ordered by the Court, to consider the third interim application for allowance of 

compensation for services rendered by Andrew Wolfe as macroeconomic consultant to the 

Financial Oversight and Management Board for Puerto Rico, as representative of the Debtors, 

from February 1, 2018-May 31, 2018, in the amount of $100,000, and reimbursement of actual 

and necessary expenses incurred during such period in the amount of $13,157.16, pursuant to 

PROMESA sections 316-17, Rule 2016, and Local Rule 2016-1. 

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PLEASE TAKE FURTHER NOTICE that objections, if any, to the application by any 

party other than the fee examiner must be filed and served, so as to be received by August 6, 2018 

at 4:00 p.m. (AST). 

Dated: July 16, 2018 Respectfully submitted, 

/s/ Andrew Wolfe 

Andrew Wolfe 

Macroeconomic Consultant to Financial 

Oversight and Management Board 

By: /s/ Jeffrey Chubak 

Jeffrey Chubak 

STORCH AMINI PC 

140 East 45th Street, 25th Floor 

New York, New York 10017 

(212) 490-4100 

jchubak@storchamini.com 

Attorneys for Andrew Wolfe

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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. 

PROMESA 

Title III 

No. 17-bk-3283-LTS 

(Jointly Administered) 

SUMMARY SHEET 

THIRD INTERIM APPLICATION FOR 

ALLOWANCE OF COMPENSATION FOR SERVICES RENDERED AND 

REIMBURSEMENT OF EXPENSES INCURRED BY ANDREW WOLFE AS 

MACROECONOMIC CONSULTANT TO THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD OF PUERTO RICO, AS REPRESENTATIVE OF THE 

DEBTORS, FROM FEBRUARY 1, 2018-MAY 31, 2018 

Applicant: Andrew Wolfe 

Authorized to provide services to: The Financial Oversight and Management 

Board for Puerto Rico

Effective date of retention: August 1, 2017 

Compensation period: February 1, 2018-May 31, 2018 

Compensation sought: $100,000 

Expense reimbursement sought: $13,157.16 

Total sought: $113,157.16 

This is a: _ monthly X interim _final application 

 

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SUMMARY OF TIME BILLED DURING COMPENSATION PERIOD 

Name Title Hours 

Recorded 

Hourly Rate Total Fees 

Andrew Wolfe Macroeconomic 

Consultant 

557 N/A1 $100,000

 

1

 Under his agreement, Andrew Wolfe is entitled to $25,000/month, provided he “devote[s] at least half of 

the month’s normal business hours to services for the Board for the term of this Project Assignment,” plus 

reimbursement of expenses. 

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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.1

PROMESA 

Title III 

No. 17-bk-3283-LTS 

(Jointly Administered) 

THIRD INTERIM APPLICATION FOR 

ALLOWANCE OF COMPENSATION FOR SERVICES RENDERED AND 

REIMBURSEMENT OF EXPENSES INCURRED BY ANDREW WOLFE AS 

MACROECONOMIC CONSULTANT TO THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD OF PUERTO RICO, AS REPRESENTATIVE OF THE 

DEBTORS, FROM FEBRUARY 1, 2018-MAY 31, 2018 

Andrew Wolfe, macroeconomic consultant to the Financial Oversight and Management 

Board for Puerto Rico (“Oversight Board”), as representative of the Debtors pursuant to 

PROMESA section 315(b), submits his third interim application for allowance of compensation 

for services rendered from February 1, 2018-May 31, 2018 (“Compensation Period”) in the amount 

of $100,000 and reimbursement of actual and necessary expenses incurred during such period in 

the amount of $13,157.16, pursuant to PROMESA sections 316-17, Rule 2016, and Local Rule 

2016-1, and respectfully states: 

 

1

 The Debtors in these Title III Cases, along with the last four digits of their respective Federal Tax ID 

numbers, are: (i) Commonwealth of Puerto Rico (“Commonwealth”) (3481); (ii) Puerto Rico Sales Tax 

Financing Corporation (“COFINA”) (8474); (iii) Puerto Rico Highways and Transportation Authority 

(“HTA”) (3808); (iv) Employees Retirement System of the Government of the Commonwealth of Puerto 

Rico (“ERS”) (9686); and (v) Puerto Rico Electric Power Authority (“PREPA”) (3747). 

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JURISDICTION

1. This Court has subject matter jurisdiction to consider this application, pursuant to 

PROMESA section 306(a). Venue is proper in this district, pursuant to PROMESA section 307(a). 

BACKGROUND

2. The Commonwealth commenced its Title III case on May 3, 2017; COFINA 

commenced its Title III case on May 5, 2017; HTA and ERS commenced their Title III cases on 

May 21, 2017; and PREPA commenced its Title III case on July 2, 2017. Pursuant to PROMESA 

section 315(b), the Oversight Board is the representative of each Debtor in its respective Title III 

case. 

3. The Oversight Board engaged Mr. Wolfe as an independent contractor to provide 

macroeconomic consulting services in these Title III cases by Agreement, effective August 1, 

2017. A copy of that agreement was filed with his second interim fee application. Under the 

agreement, he is entitled to compensation of $25,000/month, provided he “devote[s] at least half 

of the month’s normal business hours to services for the Board for the term of this Project 

Assignment,” plus reimbursement of expenses. 

4. Mr. Wolfe was engaged as a macroeconomic consultant for the purpose of advising 

the Oversight Board on mediation matters concerning the Debtors and consulting on the Debtors’ 

fiscal plan and debt sustainability issues. Prior to his retirement in 2014, Mr. Wolfe was senior 

manager of the Western Hemisphere Department at the International Monetary Fund for 27 years. 

Mr. Wolfe is presently an adjunct professorial lecturer at American University in Washington, 

D.C. He holds a Ph.D. in economics from the University of Wisconsin and a B.S.E. in economics 

and engineering from the University of Pennsylvania. 

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5. Mr. Wolfe filed his first interim fee application, covering the compensation period 

August 1, 2017-September 30, 2017, on January 17, 2018 [ECF No. 2259]. The order on that 

application was entered on April 17, 2018 [ECF No. 2911]. 

6. Mr. Wolfe filed his second interim fee application, covering the period October 1, 

2017-January 31, 2018, on March 16, 2018 [ECF No. 2718]. The hearing on that application was 

deferred to July 25, 2018 [ECF No. 3193, Ex. B]. 

7. Mr. Wolfe served monthly fee statements for each month included in the 

Compensation Period, pursuant to the Interim Compensation Order (defined below). As of the 

date hereof, he has been paid 90% of fees and 100% of expenses incurred for the period ending 

March 31, 2018. 

BASIS FOR RELIEF REQUESTED 

8. PROMESA section 316(a) provides that this Court “may award to a professional 

person employed by ... the Oversight Board (in the Oversight Board’s sole discretion) ... (1) 

reasonable compensation for actual, necessary services rendered by the professional, or attorney 

and by any paraprofessional employed by any such person; and (2) reimbursement for actual, 

necessary expenses.” 

9. Pursuant to subdivision (c): 

In determining the amount of reasonable compensation to be 

awarded to a professional person, the court shall consider the nature, 

the extent, and the value of such services, taking into account all 

relevant factors, including— 

(1) the time spent on such services; 

(2) the rates charged for such services; 

(3) whether the services were necessary to the administration of, or 

beneficial at the time at which the service was rendered toward the 

completion of, a case under this chapter; 

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(4) whether the services were performed within a reasonable 

amount of time commensurate with the complexity, importance, and 

nature of the problem, issue, or task addressed; 

(5) with respect to a professional person, whether the person is 

board certified or otherwise has demonstrated skill and experience 

in the restructuring field; and 

(6) whether the compensation is reasonable based on the customary 

compensation charged by comparably skilled practitioners in cases 

other than cases under this title or title 11, United States Code. 

10. PROMESA section 317 and the Second Amended Interim Compensation Order, 

entered June 6, 2018 [ECF No. 3269] (“Interim Compensation Order”) permit professionals to 

apply for allowance of compensation and reimbursement of expenses on an interim basis. 

11. Each factor set forth in section 316(c) supports allowance of the compensation 

sought herein on an interim basis. 

(a) Time spent on services rendered. Mr. Wolfe expended 557 hours rendering 

services on behalf of the Oversight Board during the Compensation Period. Time detail for the 

Compensation Period is annexed hereto as Exhibit 1. 

(b) Rates charged. As set forth in the Wolfe Certification (defined below), 

the compensation sought is billed at rates no less favorable than those customarily employed by 

him. 

(c) Whether Services were necessary or beneficial. The services rendered were 

necessary to the administration of these Title III cases, and beneficial when rendered. The 

Oversight Board hired Mr. Wolfe for the purpose of providing these services and has approved 

this application. 

(d) Timeliness of services rendered. The services rendered were performed 

within a reasonable amount of time, given their complexity and importance to these Title III cases. 

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(e) Professional certifications; Restructuring Experience. As noted above, in 

addition to holding a Ph.D. in economics, Mr. Wolfe has decades of experience at the IMF, and 

the macroeconomic expertise sought by the Oversight Board and necessary to the success of these 

cases. 

12. During the Compensation Period, Mr. Wolfe incurred reasonable and necessary 

expenses in connection with his engagement. A detailed itemization is annexed hereto as Exhibit 

2. Mr. Wolfe has endeavored to minimize expenses incurred in connection with this engagement, 

and submits that those expenses for which reimbursement is sought are reasonable and justified by 

the circumstances to effectively serve the needs of the Oversight Board. 

13. The certification required by Local Rule 2016-1(a)(4) and Rule 2016 is annexed 

hereto as Exhibit 3 (“Wolfe Certification”). 

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WHEREFORE, Mr. Wolfe requests an order allowing interim compensation for services 

rendered during the Compensation Period in the amount of $100,000 and reimbursement of actual 

and necessary expenses incurred during such period in the amount of $13,157.16, directing 

payment of the foregoing amounts less that portion already paid under the Interim Compensation 

Order, and granting such other and further relief as this Court deems just and proper. 

Dated: July 16, 2018 Respectfully submitted, 

/s/ Andrew Wolfe 

Andrew Wolfe 

Macroeconomic Consultant to Financial 

Oversight and Management Board 

By: /s/ Jeffrey Chubak 

Jeffrey Chubak 

STORCH AMINI PC 

140 East 45th Street, 25th Floor 

New York, New York 10017 

(212) 490-4100 

jchubak@storchamini.com 

Attorneys for Andrew Wolfe

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