Hearing Date: June 28, 2017 at 9:30 a.m.

 

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.1

Debtors. 

PROMESA 

Title III 

No. 17 BK 3283-LTS 

(Jointly Administered) 

Re: Docket No. 301 

RESERVATION OF RIGHTS OF AMBAC ASSURANCE CORPORATION TO 

MOTION OF DEBTORS PURSUANT TO PROMESA SECTION 301(A) AND 

BANKRUPTCY CODE SECTIONS 105(A), 362(A), 365, AND 922 CONFIRMING (I) 

APPLICATION OF THE AUTOIMATIC STAY TO GOVERNMENT OFFICERS, 

AGENTS, AND REPRESENTATIVES, (II) STAY OF PREPETITION LAWSUITS, AND 

(III) APPLICATION OF CONTRACT PROTECTIONS 

Ambac Assurance Corporation (“Ambac”), a holder and/or insurer of 

approximately $2.7 billion of bonds issued by the Debtors and other Commonwealth 

instrumentalities, hereby submits this reservation of rights (the “Reservation of Rights”) to the 

Motion of Debtors Pursuant to PROMESA Section 301(A) and Bankruptcy Code Sections 105(A), 

362(A), 365, and 922 Confirming (I) Application of the Automatic Stay To Government Officers, 

Agents, and Representatives, (II) Stay of Prepetition Lawsuits, and (III) Application of Contract 

Protections (Dkt. No. 301, the “Stay Motion”). In support of its Reservation of Rights, Ambac 

respectfully submits as follows: 

 

1

 The Debtors in these Title III cases, along with each Debtor’s respective bankruptcy case number and the last four 

digits of each Debtor’s federal tax identification number, as applicable, are the (i) Commonwealth of Puerto Rico (the 

“Commonwealth”) (Case No. 17 BK 3283-LTS) (Tax ID: 3481) and (ii) Puerto Rico Sales Tax Financing Corporation 

(“COFINA”) (Case No. 17 BK 3284) (Tax ID: 8474). 

Case:17-03283-LTS Doc#:370 Filed:06/16/17 Entered:06/16/17 15:42:27 Desc: Main

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RESERVATION OF RIGHTS 

1. Although Ambac had significant concerns regarding the form of order attached to 

the Stay Motion, Ambac has received a draft of a revised order from the Debtors’ counsel, which 

addresses those concerns. Ambac therefore submits this Reservation of Rights to preserve 

Ambac’s right to object to the Stay Motion, solely to extent that the order actually presented to the 

Court does not contain the revisions set forth in the draft revised order circulated by Debtors’ 

counsel. 

Dated: June 16, 2017 

 San Juan, Puerto Rico 

FERRAIUOLI LLC 

By: /s/ Roberto Cámara-Fuertes 

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 & Mc

CLOY LLP 

By: /s/ Dennis F. Dunne 

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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CERTIFICATE OF SERVICE 

I hereby certify that, on this same date, I electronically filed the foregoing with 

the Clerk of the Court using the CM/ECF system, which will send notifications of such filing to 

all CM/ECF participants in this case. 

/s/ Roberto Cámara-Fuertes 

Roberto Cámara-Fuertes (USDC-PR No. 219002) 

221 Ponce de León Avenue, 5th Floor 

San Juan, PR 00917 

Telephone: (787) 766-7000 

Facsimile: (787) 766-7001 

Email: rcamara@ferraiuoli.com 

Case:17-03283-LTS Doc#:370 Filed:06/16/17 Entered:06/16/17 15:42:27 Desc: Main

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