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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) 

STIPULATION AND ORDER SETTING FORTH 

THE PROTOCOL AND SCHEDULE IN RESPONSE TO THE 

COURTS’ ORDER ENTERED ON MAY 22, 2018 (ECF NO. 3121) 

 

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 Magistrate Judge Judith Gail Dein:

Pursuant to the Order of the Honorable United States Magistrate Judge Judith Gail Dein 

entered on May 22, 2018 (ECF No. 3121)2

 (the “May 22nd Order”), (i) Assured Guaranty Corp., 

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

Hoc Group of General Obligation Bondholders (collectively, the “Movants”) and (ii) the 

Financial Oversight and Management Board for Puerto Rico (“FOMB”), and the Commonwealth 

of Puerto Rico (the “Commonwealth”), by and through FOMB as the Commonwealth’s 

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

Economic Stability Act (“PROMESA”),3 the Puerto Rico Fiscal Agency and Financial Advisory 

Authority (“AAFAF” and together with FOMB and the Commonwealth, the “Respondents”, and 

together with the Movants, the “Parties”) respectfully submit the following stipulation and 

proposed order setting forth the protocol and schedule for addressing Movants’ objections to 

assertions of the deliberative process privilege and other privileges in response to the May 22nd 

Order and in connection with the Urgent Renewed Joint Motion by the Ad Hoc Group of General 

Obligation Bondholders, Ambac Assurance Corporation, Assured Guaranty Corp., Assured 

Guaranty Municipal Corp., the Mutual Fund Group, and National Public Finance Guarantee 

Corporation for Order Authorizing Rule 2004 Examination (ECF No. 1870). 

WHEREAS, on May 25, 2018, in response to the May 22nd Order, Movants identified 

via email to Respondents the following exemplar categories of documents to which Movants are 

objecting: (a) Category Nos. 53, 58, 64, 106 and 120 as listed on the supplemental privilege log 

produced by AAFAF on May 21, 2018 (“AAFAF Supplemental Log”) and (b) Category Nos. 26, 

30 and 31 as listed on the supplemental privilege log produced by FOMB on May 21, 2018 

(“FOMB Supplemental Log” and together with the AAFAF Supplemental Log, the 

“Supplemental Logs”). 

 

2

 “ECF No.” refers to docket entries in Case No. 17 BK 3283-LTS, unless otherwise noted. 

3

 PROMESA has been codified in 48 U.S.C. §§ 2101–2241. 

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WHEREAS, the Parties have agreed to the following protocol and schedule (the 

“Protocol”), through their undersigned counsel, subject to approval of the Court, as follows: 

1. On or before June 1, 2018, Movants will send a letter (“Movants’ Letter”) to 

Respondents setting forth specific objections, along with the factual and/or legal basis for such 

objections, to the AAFAF Supplemental Log Category Nos. 53, 58, 64, 106 and 120 and FOMB 

Supplemental Log Category Nos. 26, 30 and 31 (collectively, the “Exemplar Categories”). 

2. Respondents will respond to Movants’ Letter within twenty-one (21) days, 

including submitting any declarations in support (collectively, “Respondents’ Letter”). If 

Respondents seek to rely on declarations, Respondents will make any declarant available for a 

deposition within twenty-one (21) days after Movants have written to Respondents requesting 

such deposition(s). 

3. The Parties will meet and confer regarding the objections and responses set forth 

in the letters within seven (7) days of Movants receiving Respondents’ Letter. 

4. If the Parties are unable to reach agreement on some or all of Movants’ 

objections, following the meet and confer, Movants will notify Respondents in writing that they 

will seek assistance of the Court (the “Notification”). 

5. One (1) day or after the Notification is provided to Respondents, Movants will file 

a brief addressing the remaining objections to the Exemplar Categories (“Opening Brief”). 

6. Fourteen (14) days after the filing of the Opening Brief, Respondents will file a 

brief in support of their positions with regard to the remaining objections (“Response Brief”). 

7. Seven (7) days after the filing of the Response Brief, Movants will file a reply 

brief (“Reply Brief”), with the Court holding a hearing, if necessary, as soon thereafter as 

practicable. 

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8. By agreeing to this Protocol, Movants and Respondents will not be deemed to 

waive any rights, arguments, objections or privileges, as applicable, with respect to the 

Supplemental Logs or the privilege logs produced by AAFAF and FOMB on April 6, 2018 

(collectively, with the Supplemental Logs, the “Logs”), including the categories set forth in the 

Logs. Movants and Respondents reserve all rights, arguments, objections and privileges, as 

applicable, with respect to the Logs, including the categories set forth in the Logs. 

9. Movants’ Letter may assert other objections beyond objecting to withholding 

documents in the Exemplar Categories on the basis of deliberative process privilege, including, 

without limitation, objecting to (a) withholding documents in the Exemplar Categories on the 

basis of attorney client privilege, common interest privilege, executive privilege or any other 

asserted privilege, (b) the descriptions and content of the Exemplar Categories, and (c) the 

manner in which the privilege logs were prepared; provided, however, all such objections must 

be asserted in the Movants’ Letter or otherwise not be subject to the dispute resolution process 

contemplated in paragraphs 1 to 8 of this Protocol. 

10. Following a ruling by the Court, the Parties will meet and confer regarding 

Movants’ remaining objections to the Logs in order to submit a stipulation and proposed order 

setting forth a protocol and schedule to address such objections subject to approval by the Court. 

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Dated: New York, New York 

 May 30, 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* 

Adam J. Bookman* 

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 

 adam.bookman@weil.com 

* Admitted pro hac vice

Attorneys for National Public Finance 

Guarantee Corporation

 

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JIMÉNEZ, GRAFFAM & LAUSELL

By: /s/ J. Ramón Rivera Morales 

J. Ramón Rivera Morales 

USDC-PR No. 200701 

Andrés F. Picó Ramírez 

USDC-PR No. 302114 

PO Box 366104 

San Juan, PR 00936-6104 

Telephone: (787) 767-1030 

Facsimile: (787) 751-4068 

Email: rrivera@jgl.com 

 apico@jgl.com 

PAUL, WEISS, RIFKIND, WHARTON & 

GARRISON, LLP

Andrew N. Rosenberg* 

Kyle J. Kimpler* 

Karen R. Zeituni* 

1285 Avenue of the Americas 

New York, NY 10019 

Telephone: (212) 373-3000 

Facsimile: (212) 757-3990 

Email: arosenberg@paulweiss.com 

 kkimpler@paulweiss.com 

 kzeituni@paulweiss.com 

* Admitted pro hac vice 

Attorneys to the Ad Hoc Group of General 

Obligation Bondholders

ROBBINS, RUSSELL, ENGLERT, 

ORSECK, UNTEREINER & SAUBER LLP

By:/s/ Kathryn S. Zecca 

Lawrence S. Robbins* 

Mark T. Stancil* 

Gary A. Orseck* 

Kathryn S. Zecca* 

Ariel N. Lavinbuk* 

Donald Burke* 

1801 K Street, NW 

Washington, D.C. 20006 

Telephone: (202) 775-4500 

Facsimile: (202) 775-4510 

Email: lrobbins@robbinsrussell.com 

 mstancil@robbinsrussell.com 

 gorseck@robbinsrussell.com 

 kzecca@robbinsrussell.com 

 alavinbuk@robbinsrussell.com 

 dburke@robbinsrussell.com 

* Admitted pro hac vice

Attorneys to the Ad Hoc Group of General 

Obligation Bondholders 

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O’NEILL & BORGES LLC 

By: /s/ Hermann D. Bauer 

Hermann D. Bauer 

USDC No. 215205 

250 Muñoz Rivera Ave., Suite 800 

San Juan, PR 00918-1813 

Telephone: (787) 764-8181 

Facsimile: (787) 753-8944 

Email: hermann.bauer@oneillborges.com 

PROSKAUER ROSE LLP 

By: /s/ Gregg M. Mashberg 

Martin J. Bienenstock* 

Stephen L. Ratner* 

Timothy W. Mungovan* 

Paul V. Possinger* 

Gregg M. Mashberg* 

Eleven Times Square 

New York, NY 10036 

Telephone: (212) 969-3000 

Facsimile: (212) 969-2900

Email: mbienenstock@proskauer.com 

 sratner@proskauer.com 

 tmungovan@proskauer.com 

 ppossinger@proskauer.com 

* Admitted pro hac vice 

Attorneys for the Financial Oversight and 

Management Board and as representative of 

the Commonwealth

MARINI PIETRANTONI MUNIZ, LLC 

By: /s/ Luis C. Marini-Biaggi 

Luis C. Marini-Biaggi 

USDC No. 222301 

MCS Plaza, Suite 500 

255 Ponce de León Ave. 

San Juan, PR 00917 

Telephone: (787) 705-2171 

Facsimile: (787) 936-7494 

Email: lmarini@mpmlawpr.com 

O’MELVENY & MYERS LLP 

By: /s/ Elizabeth L. McKeen 

John J. Rapisardi* 

7 Times Square 

New York, NY 10036 

Telephone: (212) 326-2000 

Facsimile: (212) 326-2061 

Email: jrapisardi@omm.com 

Peter Friedman* 

1625 Eye Street, NW 

Washington, DC 20006 

Telephone: (202) 383-5300 

Facsimile: (202) 383-5414 

Email: pfriedman@omm.com 

Elizabeth L. McKeen* 

610 Newport Center Drive, 17th Floor 

Newport Beach, CA 92660 

Telephone: (949) 823-6900 

Facsimile: (949) 823-6994 

Email: emckeen@omm.com 

* Admitted pro hac vice 

Attorneys for the Puerto Rico Fiscal 

Agency and Financial Advisory Authority

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SO ORDERED.           

/ s / Judith Gail Dein               

 Judith Gail Dein 

                     United States Magistrate Judge  

DATED: May 31, 2018 

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