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 

Case No. 17 BK 3283-LTS

(Jointly Administered)

In re:

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO,

 as representative of

PUERTO RICO ELECTRIC POWER AUTHORITY,

 Debtor.

PROMESA

Title III 

Case No. 17 BK 4780-LTS

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO,

 as representative of

PUERTO RICO ELECTRIC POWER AUTHORITY,

 

1

 The Debtors in the jointly-administered 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 (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) 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); 

(iv) Puerto Rico Highways and Transportation Authority (“HTA”) (Bankruptcy Case No. 17 

BK 3567-LTS) (Last Four Digits of Federal Tax ID: 3808); 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).

Case:17-03283-LTS Doc#:2491-1 Filed:02/13/18 Entered:02/13/18 18:00:03 Desc:

Exhibit A Page 1 of 13
2

 Movant,

v.

AD HOC GROUP OF GENERAL OBLIGATION 

BONDHOLDERS, et al.2

 Respondents,

JOINT STIPULATION AND [PROPOSED] ORDER

REGARDING THE TESTIMONY OF ANDREW WOLFE

WHEREAS, the Puerto Rico Electric Power Authority (“PREPA” or the “Debtor”), by

and through the Financial Oversight and Management Board for Puerto Rico (the “Oversight 

Board”), as the Debtor’s representative pursuant to section 315(b) of the Puerto Rico Oversight, 

Management, and Economic Stability Act, and the Puerto Rico Fiscal Agency and Financial 

Authority (“AAFAF”), (together with PREPA and the Oversight Board, the “Movants”), filed a 

joint urgent motion for entry of an order approving post-petition financing [Docket No. 2298, 

Case No. 17 BK 3283-LTS] (the “Motion”);

WHEREAS, the Movants submitted a declaration of Andrew Wolfe in support of the 

Motion [Docket No. 2298, Exhibit B] (the “Wolfe Declaration”);

WHEREAS, the Ad Hoc Group of PREPA Bondholders, National Public Finance 

Guarantee Corporation, Assured Guaranty Corporation and Assured Guaranty Municipal 

Corporation, Syncora Guarantee Incorporated, U.S. Bank National Association, the Ad Hoc 

 

2

The Respondents include: the Ad Hoc Group of General Obligation Bondholders, U.S. Bank 

National Association in its Capacity as PREPA Bond Trustee, the Ad Hoc Group of PREPA 

Bondholders, National Public Finance Guarantee Corporation, Ambac Assurance Corporation, 

Assured Guaranty Corp., Assured Guaranty Municipal Corp., Syncora Guarantee Inc. Other 

Respondents not a party to this stipulation include: Arc American, Inc., Whitefish Energy 

Holdings, LLC, Scotiabank de Puerto Rico, Solus Alternative Asset Management LP, the 

Official Committee of Unsecured Creditors, and Siemens Transportation Partnership Puerto 

Rico, S.E.

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Exhibit A Page 2 of 13
3

Group of General Obligation Bondholders, and Ambac Assurance Corporation (together, the 

“Objecting Parties”) object to the Motion;

WHEREAS, the Court scheduled an evidentiary hearing (“Hearing”) regarding the 

Motion on February 15, 2018, in the United States District Court for the Southern District of 

New York, Daniel Patrick Moynihan Courthouse, 500 Pearl Street, New York, NY 10007 

[Docket No. 658, Case No. 17 BK 4780-LTS]; and

WHEREAS, the Movants and Objecting Parties enter this Joint Stipulation in an effort to 

streamline the presentation of argument and evidence at the Hearing and avoid the costs and 

burden of deposing Andrew Wolfe and requiring Andrew Wolfe to attend the Hearing.

NOW THEREFORE, IT IS HEREBY STIPULATED, subject to the approval of the 

Court, as follows:

1. If Andrew Wolfe were called upon to testify at the Hearing, he would testify as follows 

(the “Wolfe Testimony”):

a) If PREPA were to cease operating Puerto Rico’s electrical grid for any material 

period of time, the potential consequences to Puerto Rico’s economy would be 

significantly adverse and potentially irreversible.

b) The Government of Puerto Rico’s ability to provide basic services would be 

adversely affected by PREPA ceasing operations.

c) It is my opinion that the cessation of PREPA’s operations for any material period of 

time would lead to further outmigration beyond that which was already created by 

Hurricanes Irma and Maria, and that this further outmigration would result in 

additional reduction of (a) PREPA’s customer base and (b) Government of Puerto 

Rico taxpayers.

d) The Commonwealth and all stakeholders would fare better if PREPA remains 

operable and completes bringing back power for all customers as soon as possible.

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Exhibit A Page 3 of 13
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2. The Objecting Parties will not object to the admission of the Wolfe Testimony into 

evidence solely for purposes of the Motion, and will not introduce evidence or make argument at 

the Hearing in an attempt to contradict the Wolfe Testimony.

3. The Objecting Parties do not admit the truth of the Wolfe Testimony and shall not be 

precluded from contesting the Wolfe Testimony in any proceedings other than in connection 

with the Motion. 

4. The Objecting Parties will not depose Andrew Wolfe in connection with the Motion.

5. The Movants will not submit the Wolfe Declaration into evidence, as direct examination 

or otherwise.

6. To avoid inconvenience, and if the Court is amenable, the Parties agree to ask the Court 

to excuse Dr. Wolfe from attending the Hearing.

7. This Joint Stipulation is agreed to and submitted solely for the purposes of this Motion 

and Hearing and shall have not be filed or relied upon by any party in any other proceeding, 

whether in these Title III proceedings or otherwise.

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Exhibit A Page 4 of 13
5

RESPECTFULLY SUBMITTED,

PROSKAUER ROSE LLP

/s/ Martin J. Bienenstock

Martin J. Bienenstock (pro hac vice)

Paul V. Possinger (pro hac vice)

Ehud Barak (pro hac vice)

Maja Zerjal (pro hac vice)

Eleven Times Square

New York, NY 10036

Tel: (212) 969-3000

Fax: (212) 969-2900

Attorneys for the Financial Oversight and

Management Board as representative for the

Debtor

THE PUERTO RICO FISCAL AGENCY

AND FINANCIAL ADVISORY

AUTHORITY, as Fiscal agent for PREPA

By its attorneys,

/s/ Nancy A. Mitchell

Nancy A. Mitchell (admitted pro hac vice)

Greenberg Traurig, LLP

200 Park Avenue

New York, NY 10166

Phone: 212.801.9200

Fax : 212.801.6400

Email: mitchelln@gtlaw.com

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

Phone: 312.456.8400

Fax : 312.456.8435

Email: clearyd@gtlaw.com

fingerk@gtlaw.com

O’NEILL & BORGES LLC

/s/ Hermann D. Bauer

Hermann D. Bauer

USDC No. 215205

250 Muñoz Rivera Ave., Suite 800

San Juan, PR 00918-1813

Tel: (787) 764-8181

Fax: (787) 753-8944

Co-Attorneys for the Financial Oversight and

Management Board as representative for the

Debtor

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Exhibit A Page 5 of 13
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CASELLAS ALCOVER & BURGOS 

P.S.C.

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

CADWALADER, WICKERSHAM & 

TAFT LLP

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

Howard R. Hawkins, Jr.*

Mark C. Ellenberg*

Ellen M. Halstead*

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.halstead@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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Exhibit A Page 6 of 13
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GOLDMAN ANTONETTI & CORDOVA,

LLC

CARLOS A. RODRÍGUEZ-VIDAL

USDC-PR No. 201213

E-mail: crodriguez-vidal@gaclaw.com

SOLYMAR CASTILLO-MORALES

USDC-PR NO. 218310

E-mail: scastillo@gaclaw.com

P.O. Box 70364

San Juan, PR 00936-8364

Tel.: (787) 759-4117

Fax: (787) 767-9177

DEBEVOISE & PLIMPTON LLP

/s/ My Chi To

MY CHI TO*

CRAIG A. BRUENS*

ELIE J. WORENKLEIN*

919 Third Avenue

New York, New York 10022

Tel.: (212) 909-6000

Fax: (212) 909-6836

Email: mcto@debevoise.com

cabruens@debevoise.com

eworenklein@debevoise.com

*admitted pro hac vice

Counsel for Syncora Guarantee Inc.

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Exhibit A Page 7 of 13
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ADSUAR MUÑIZ GOYCO

SEDA & PÉREZ-OCHOA, P.S.C.

208 Ponce de León Avenue, Suite 1600

San Juan, PR 00936

Telephone: 787.756.9000

Facsimile: 787.756.9010

Email epo@amgprlaw.com

loliver@amgprlaw.com

acasellas@amgprlaw.com

larroyo@amgprlaw.com

Eric Pérez-Ochoa

USDC-PR No. 206314

Luis Oliver-Fraticelli

USDC-PR No. 209204

Alexandra Casellas-Cabrera

USDC-PR No. 301010

Lourdes Arroyo Portela

USDC-PR No. 226501

WEIL, GOTSHAL & MANGES LLP

/s/ Marcia Goldstein

MARCIA GOLDSTEIN*

JONATHAN POLKES*

GREGORY SILBERT*

ROBERT BEREZIN**

767 Fifth Avenue

New York, New York 10153

Tel.: (212) 310-8000

Fax: (212) 310-8007

STEPHEN A. YOUNGMAN*

200 Crescent Court, Suite 300

Dallas, Texas 75201-6950

Tel.: (214) 746-7700

Fax: (214) 746-7777

Email: marcia.goldstein@weil.com

jonathan.polkes@weil.com

gregory.silbert@weil.com

 robert.berezin@weil.com

stephen.youngman@weil.com

*admitted pro hac vice

**pro hac vice admission pending

Counsel for National Public Finance

Guarantee Corp.

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Exhibit A Page 8 of 13
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FERRAIUOLI LLC

Roberto Cámara-Fuertes (USDC-PR No. 

219002)

Sonia Colón (USDC-PR No. 213809)

221 Ponce de León Avenue, 5th Floor

San Juan, PR 00917

Telephone: (787) 766-7000

Facsimile: (787) 766-7001

Email: rcamara@ferraiuoli.com

scolon@ferraiuoli.com

MILBANK, TWEED, HADLEY & 

McCLOY LLP

/s/ Grant R. Mainland

Dennis F. Dunne

Andrew M. Leblanc

Atara Miller

Grant R. Mainland

(admitted pro hac vice)

28 Liberty Street

New York, NY 10005

Telephone: (212) 530-5770

Facsimile: (212) 822-5770

Email: ddunne@milbank.com

aleblanc@milbank.com

amiller@milbank.com

gmainland@milbank.com

Attorneys for Ambac Assurance Corporation

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Exhibit A Page 9 of 13
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JIMÉNEZ, GRAFFAM & LAUSELL

J. Ramón Rivera Morales

USDC-PR Bar No. 200701

Andrés F. Picó Ramírez

USDC-PR Bar No. 302114

P.O. Box 366104

San Juan, PR 00936

Telephone: (787) 767-1030

Facsimile: (787) 751-4068

Email: rrivera@jgl.com

ROBBINS, RUSSELL, ENGLERT, 

ORSECK,

UNTEREINER & SAUBER LLP

/s/ Mark T. Stancil

Lawrence S. Robbins (admitted pro hac vice)

Gary A. Orseck (admitted pro hac vice)

Kathryn S. Zecca (admitted pro hac vice)

Mark T. Stancil (admitted pro hac vice)

Ariel N. Lavinbuk (admitted pro hac vice)

Donald Burke (admitted pro hac vice)

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

Washington, DC 20006

Telephone: (202) 775-4500

Facsimile: (202) 775-4510

Email: mstancil@robbinsrussell.com

PAUL,WEISS, RIFKIND,WHARTON

& GARRISON LLP

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)

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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Exhibit A Page 10 of 13
11

RIVERA, TULLA AND FERRER, LLC

Eric A. Tulla

USDC-DPR No. 118313

Email: etulla@ riveratulla.com

Iris J. Cabrera-Gómez

USDC-DPR No. 221101

Email: icabrera@riveratulla.com

Rivera Tulla & Ferrer Building

San Juan, PR 00917-1212

Tel: (787)753-0438

Fax: (787)767-5784

MASLON LLP

/s/ Clark T. Whitmore

Clark T. Whitmore (admitted pro hac vice)

Jason M. Reed (admitted pro hac vice)

90 South Seventh Street, Suite 3300

Minneapolis, MN 55402

Telephone: 612-672-8200

Facsimile: 612-672-8397

E-Mail: clark.whitmore@maslon.com

jason.reed@maslon.com

ATTORNEYS FOR U.S. BANK NATIONAL ASSOCIATION, IN ITS CAPACITY AS PREPA 

BOND TRUSTEE

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Exhibit A Page 11 of 13
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TORO COLÓN MULLET P.S.C.

/s/ Manuel Fernández-Bared

MANUEL FERNÁNDEZ-BARED

Email: mfb@tcm.law

/s/ Linette Figueroa-Torres

LINETTE FIGUEROA-TORRES

Email: lft@tcm.law

/s/ Nayda Pérez-Román

NAYDA PÉREZ-ROMÁN

Email: nperez@tcm.law

P.O. Box 195383

San Juan, PR 00919-5383

Tel.: (787) 751-8999

Fax: (787) 763-7760

KRAMER LEVIN NAFTALIS & 

FRANKEL LLP

/s/ Gregory A. Horowitz

AMY CATON*

GREGORY A. HOROWITZ*

THOMAS MOERS MAYER*

ALICE J. BYOWITZ*

DOUGLAS BUCKLEY*

1177 Avenue of the Americas

New York, New York 10036

Tel.: (212) 715-9100

Fax: (212) 715-8000

Email: acaton@kramerlevin.com

ghorowitz@kramerlevin.com

tmayer@kramerlevin.com

abyowitz@kramerlevin.com

dbuckley@kramerlevin.com

*admitted pro hac vice

Counsel to the Ad Hoc Group of PREPA Bondholders

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Exhibit A Page 12 of 13
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SO ORDERED, this __ day of ______, 2018

____________________________________

HONORABLE LAURA TAYLOR SWAIN 

UNITED STATES DISTRICT JUDGE

Case:17-03283-LTS Doc#:2491-1 Filed:02/13/18 Entered:02/13/18 18:00:03 Desc:

Exhibit A Page 13 of 13