Hearing Date: December 19, 2018 at 9:30 a.m. (AST) 

Proposed Objection Deadline: December 4, 2018 at 4:00 p.m. (AST) 

 

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 

(This court filing relates only to 

Case No. 17 BK 4780-LTS) 

DECLARATION OF ROBERT BEREZIN IN SUPPORT OF 

THE MOTION OF NATIONAL PUBLIC FINANCE GUARANTEE 

CORPORATION, ASSURED GUARANTY CORP., ASSURED GUARANTY 

MUNICIPAL CORP., AND SYNCORA GUARANTEE INC. FOR 

RELIEF FROM THE AUTOMATIC STAY TO ALLOW MOVANTS TO 

ENFORCE THEIR STATUTORY RIGHT TO HAVE A RECEIVER APPOINTED 

 

1 The Debtors in these Title III Cases, along with each Debtor’s respective Title III case number 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) 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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I, Robert Berezin, pursuant to 28 U.S.C. § 1746, declare and state as follows: 

1. I am a member of the bar of the State of New York, I am admitted to 

practice before this Court pro hac vice, and I am a partner with the firm of Weil, Gotshal & Manges 

LLP, attorneys for National Public Finance Guarantee Corporation (“National”). 

2. I submit this declaration in support of the Movant’s Motion for Relief from the 

Automatic Stay to Allow Movants to Enforce Their Statutory Right to Have a Receiver Appointed. 

3. Attached hereto as Exhibit 5 is a true and correct copy of the Kobre & Kim LLP, 

Final Investigative Report: The Financial Oversight & Management Board for Puerto Rico (Aug. 

20, 2018). 

4. Attached hereto as Exhibit 6 is a true and correct copy of Exploring Energy 

Challenges and Opportunities Facing Puerto Rico: Hearing Before H. Subcomm. on Energy and 

Mineral Res., Comm. on Nat. Res. (Jan. 12, 2016) (statement of Lisa J. Donahue, Chief 

Restructuring Officer, PREPA). 

5. Attached hereto as Exhibit 7 is a true and correct copy of Exploring Energy 

Challenges and Opportunities Facing Puerto Rico: Hearing Before H. Subcomm. on Energy and 

Mineral Res., Comm. on Nat. Res. (Hearing Memorandum from Staff) (Jan. 11, 2016). 

6. Attached hereto as Exhibit 8 is a true and correct copy of the FTI Capital Advisors, 

LLC, Accounts Receivable and CILT Report (Nov. 15, 2014). 

7. Attached hereto as Exhibit 9 is a true and correct copy of PREPA’s Monthly Report 

to the Governing Board (June 2018). 

8. Attached hereto as Exhibit 10 is a true and correct copy of the Forbearance 

Agreement, between PREPA, the Ad Hoc Group, and the insurers of bonds (Aug. 14, 2014). 

9. Attached hereto as Exhibit 11 is a true and correct copy of the Amended and 

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Restated Restructuring Support Agreement, Between PREPA and Supporting Creditors, 

December 23, 2015. 

10. Attached hereto as Exhibit 12 is a true and correct copy of PREC's Final Resolution 

and Order, Case No. CEPR-AP-2015-0001 (Jan. 10, 2017) (Dkt. No. 373). 

11. Attached hereto as Exhibit 13 is a true and correct copy of Rosselló Nevares Says 

Energy Reform Will Bring Down Costs, Defends PREPA Board Shakeup, REORG RESEARCH 

(Feb. 14, 2017). 

12. Attached hereto as Exhibit 14 is a true and correct copy of The Departure of 

AlixPartners is Near, EL NUEVO DÍA (Feb. 2, 2017). 

13. Attached hereto as Exhibit 15 is a true and correct copy of Rosselló Pledges to 

Protect ‘Most Vulnerable’ in Pension Reform, REORG RESEARCH (Feb. 15, 2017). 

14. Attached hereto as Exhibit 16 is a true and correct copy of AlixPartners’ HandOver Strategy Presentation to the Governing Board Puerto Rico Electric Power Authority (Feb. 1, 

2017). 

15. Attached hereto as Exhibit 17 is a true and correct copy of the Letter from FOMB 

to Mohammad Yassim, Chief Legal & Regulatory Officer, AAFAF (June 28, 2017). 

16. Attached hereto as Exhibit 18 is a true and correct copy of Mgmt. Crisis at the 

Puerto Rico Electric Power Auth. and Implications for Recovery: Hearing Before H. Comm. on 

Nat. Res., Comm. on Nat. Res., 115 Cong. (July 25, 2018) (Memorandum from Andrew Vecera, 

Majority Committee Staff at 8) (July 23, 2018). 

17. Attached hereto as Exhibit 19 is a true and correct copy of the Letter from PREPA 

Creditors to PREPA re. Joint Request for Additional Information (February 23, 2018). 

18. Attached hereto as Exhibit 20 is a true and correct copy of the PREPA Fiscal Plan 

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(Apr. 28, 2017). 

19. Attached hereto as Exhibit 21 is a true and correct copy of the Verified Adversary 

Compl. of the Puerto Rico Energy Commission for Declaratory J. and Request for Injunctive 

Relief, PREC v. The Financial Oversight & Mgmt. Bd. For Puerto Rico (In re: The Financial 

Oversight & Mgmt. Bd. for Puerto Rico), Case No. 18-00021-LTS (D.P.R. Mar. 4, 2018) (Dkt. 

No. 1). 

20. Attached hereto as Exhibit 22 is a true and correct copy of the PREC Mot. for 

Preliminary Injunction, PREC v. The Financial Oversight & Mgmt. Bd. For Puerto Rico (In re: 

The Financial Oversight & Mgmt. Bd. for Puerto Rico), Case No. 18-00021-LTS (D.P.R. Mar. 4, 

2018) (Dkt. No. 3). 

21. Attached hereto as Exhibit 23 is a true and correct copy of the Resolution and Order 

Establishing Calendar for Submission of Information, Case No. CEPR-AP-2018-0002 (June 22, 

2018) (Dkt. No. 7). 

22. Attached hereto as Exhibit 24 is a true and correct copy of PREPA’s Compliance 

Filing for Items Due July 13, 2018, Case No. CEPR-AP-2018-0002, Dkt. No. 8 (July 20, 2018). 

23. Attached hereto as Exhibit 25 is a true and correct copy of PREPA’s Second Motion 

to Extend Due Date of Response to June 22 Order, Item A, Case No. CEPR-AP-2018-0002, Dkt. 

No. 12 (Aug. 31, 2018). 

24. Attached hereto as Exhibit 26 is a true and correct copy of the Feb. 15, 2018 DIP 

Hr’g Tr. 

25. Attached hereto as Exhibit 27 is a true and correct copy of UTIER Chief Calls 

PREPA Emergency Plan a ‘Publicity Campaign’ as Labor Leaders Underline Opposition to 

Privatization Plans, REORG RESEARCH (Feb. 28, 2017). 

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26. Attached hereto as Exhibit 28 is a true and correct copy of the Puerto Rico Electric 

Power Authority: 13-Week Cash Flow Update at 5 (Mar. 14, 2018). 

27. Attached hereto as Exhibit 29 is a true and correct copy of PREPA To Continue the 

Strategic Emergency Operations Plan, Autoridad de Energía Eléctrica (Feb. 23, 2018). 

28. Attached hereto as Exhibit 30 is a true and correct copy of the July 25, 2018 

Omnibus Hr’g Tr. 12:12-15. 

29. Attached hereto as Exhibit 31 is a true and correct copy of the Letter from U.S. 

Congressman Rob Bishop, Chairman, H. Comm. on Natural Resources, et al. to Justo González, 

Interim Exec. Dir., PREPA (Mar. 12, 2018). 

30. Attached hereto as Exhibit 32 is a true and correct copy of Puerto Rico Releases 

Data on Hundreds of Deaths Following Hurricane Maria, NPR (June 13, 2018). 

31. Attached hereto as Exhibit 33 is a true and correct copy of Puerto Rico Energy 

Authority Investigates Dozens of Post-Maria Bribery Cases, PBS News Hour (Jan. 14, 2018). 

32. Attached hereto as Exhibit 34 is a true and correct copy of the Letter from Minority 

Leader Rafael Hernánez Montañez, Government of Puerto Rico, to John Kelly, Acting Inspector 

General, FEMA, et al. (Jan. 14, 2018). 

33. Attached hereto as Exhibit 35 is a true and correct copy of Puerto Rico Power 

Restoration: Why it Is Taking So Long, USA Today (Oct. 30, 2017). 

34. Attached hereto as Exhibit 36 is a true and correct copy of the Letter from U.S. 

Congressman Rob Bishop, Chairman, H. Comm. on Natural Resources, et al. to Ricardo Ramos, 

Exec. Dir., PREPA (Oct. 26, 2017). 

35. Attached hereto as Exhibit 37 is a true and correct copy of PREC's Order 

Identifying and Implementing Temporary Oversight Measures, Case No. CEPR-MI-2017-0008, 

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Dkt. No. 1 (Nov. 17, 2017). 

36. Attached hereto as Exhibit 38 is a true and correct copy of Oversight Hearing on 

the Need for Transparent Financial Accountability in Territories’ Disaster Recovery Efforts: 

Hearing Before H. Comm. on Natural Resources, Comm. on Nat. Res., 115th Cong. 1 (2017) 

(statement of Chairman Rob Bishop at 2). 

37. Attached hereto as Exhibit 39 is a true and correct copy of The Lineman Got $63 

an Hour. The Utility Was Billed $319 an Hour, N.Y. Times (Nov. 12, 2017). 

38. Attached hereto as Exhibit 40 is a true and correct copy of the Tr. of Hearing, Oct. 

25, 2017. 

39. Attached hereto as Exhibit 41 is a true and correct copy of Puerto Rico, Whitefish 

Defend Controversial Power Contract, Reuters (Oct. 24, 2017). 

40. Attached hereto as Exhibit 42 is a true and correct copy of Puerto Rico Governor 

Asks DOJ To Investigate Island's Public Power Utility, NPR (Jan. 11, 2018). 

41. Attached hereto as Exhibit 43 is a true and correct copy of Management Crisis at 

the Puerto Rico Electric Power Authority and Implications for Recovery: Hearing Before H. 

Comm. on Natural Resources, Comm. on Nat. Res., 115 Cong. (July 25, 2018) (testimony of David 

Svanda, Principal, Svanda Consulting). 

42. Attached hereto as Exhibit 44 is a true and correct copy of the Recent Circuit 

Breaker Fire Overview (Apr. 18, 2018). 

43. Attached hereto as Exhibit 45 is a true and correct copy of An excavator impacted 

line 50700 and caused the blackout, El NUEVO DÍA (Apr. 18, 2018), available (in Spanish). 

44. Attached hereto as Exhibit 46 is a true and correct copy of Puerto Rico Power 

Utility CEO Resigns After Less Than Four Months on Job, Wall St. J. (July 11, 2018). 

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45. Attached hereto as Exhibit 47 is a true and correct copy of Puerto Rico Power 

Utility board Quits, Leaving Leadership Void, Reuters (July 12, 2018). 

46. Attached hereto as Exhibit 48 is a true and correct copy of the Letter from Ernesto 

Sgroi, Chair, PREPA Governing Board, et al. to Hon. Ricardo Rosselló Nevares, Governor of 

Puerto Rico (July 12, 2018). 

47. Attached hereto as Exhibit 49 is a true and correct copy of the Letter from U.S. 

Congressman Rob Bishop, Chairman, H. Comm. on Natural Resources to Governor Ricardo 

Rosselló (July 19, 2018). 

48. Attached hereto as Exhibit 50 is a true and correct copy of Puerto Rico Governor 

Names New PREPA CEO, Board Members, Utility Dive (July 19, 2018). 

49. Attached hereto as Exhibit 51 is a true and correct copy of the Resolutions Adopted 

at the Seventh Public Meeting of the Financial Oversight and Management Board for Puerto Rico 

Held on April 28, 2017 in New York, New York (Resolution #2) (Apr. 28, 2017). 

50. Attached hereto as Exhibit 52 is a true and correct copy of the PREPA Fiscal Plan 

(August 1, 2018). 

51. Attached hereto as Exhibit 53 is a true and correct copy of Management Crisis at 

the Puerto Rico Electric Power Authority and Implications for Recovery: Hearing Before H. 

Comm. on Natural Resources, Comm. on Nat. Res., 115 Cong. (July 25, 2018) (written statement 

of Governor Rosselló at 2). 

52. Attached hereto as Exhibit 54 is a true and correct copy of the Jan. 22, 2018 

Message of Governor Rosselló. 

53. Attached hereto as Exhibit 55 is a true and correct copy of the Press Release, La 

Fortaleza, Oficina del Goberador, Governor Rosselló announces appointment of new executive 

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director for the Puerto Rico Electric Power Authority (July 19, 2018). 

54. Attached hereto as Exhibit 56 is a true and correct copy of the Letter from Citigroup 

Global Markets Inc. and Rothschild & Co. re: The Potential Transformation of the Puerto Rico 

Electric Sector at 4 (June 4, 2018). 

55. Attached hereto as Exhibit 57 is a true and correct copy of Jenniffer González 

Drafts Bill to Depoliticize PREPA, El Nuevo Día (July 27, 2018). 

56. Attached hereto as Exhibit 58 is a true and correct copy of José Ortiz: "We have to 

move fast," El Nuevo Día (Aug. 1, 2018). 

57. Attached hereto as Exhibit 59 is a true and copy of the Proof of Claim No. 18449 

(Case No. 17-4780-LTS). 

58. Attached hereto as Exhibit 60 is a true and copy of the Proof of Claim No. 29020 

(Case No. 17-4780-LTS). 

59. Attached hereto as Exhibit 61 is a true and copy of the Proof of Claim No. 32829 

(Case No. 17-4780-LTS). 

60. Attached hereto as Exhibit 62 is a true and copy of the Proof of Claim No. 31087 

(Case No. 17-4780-LTS). 

61. Attached hereto as Exhibit 63 is a true and copy of the Proof of Claim No. 22078 

(Case No. 17-4780-LTS). 

62. Attached hereto as Exhibit 64 is a true and copy of the Proof of Claim No. 23396 

(Case No. 17-4780-LTS). 

63. Attached hereto as Exhibit 65 is a true and copy of the Proof of Claim No. 49143 

(Case No. 17-4780-LTS). 

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I declare under penalty of perjury that the foregoing facts are true and correct. 

Date: October 3, 2018 

 New York, New York /s/ Robert Berezin 

 Robert Berezin 

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