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.

Debtor. 

____________________________________________ 

In re: 

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO 

as representative of 

THE EMPLOYEES RETIREMENT SYSTEM OF THE 

GOVERNMENT OF THE COMMONWEALTH OF 

PUERTO RICO, 

Debtor. 

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PROMESA 

Title III 

Case No. 3:17-bk-03283 (LTS) 

PROMESA 

Title III 

Case No. 3:17-cv-01685 (LTS) 

Case No. 3:17-bk-03566 (LTS) 

 

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THE OFFICIAL COMMITTEE OF RETIRED EMPLOYEES OF THE 

COMMONWEALTH OF PUERTO RICO’S JOINDER TO THE OBJECTION OF THE 

FINANCIAL OVERSIGHT AND MANAGEMENT BOARD FOR PUERTO RICO TO 

THE URGENT MOTION TO SET SUPPLEMENTAL BRIEFING AND DISCOVERY 

SCHEDULE WITH RESPECT TO MOTION OF CERTAIN SECURED CREDITORS 

OF THE EMPLOYEES RETIREMENT SYSTEM OF THE GOVERNMENT OF THE 

COMMONWEALTH OF PUERTO RICO 

FOR RELIEF FROM THE AUTOMATIC STAY 

 

Case:17-03283-LTS Doc#:3740 Filed:08/03/18 Entered:08/03/18 22:38:57 Desc: Main

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The Official Committee of Retired Employees of the Commonwealth of Puerto Rico (the 

“Retiree Committee”) joins the objection (the “Objection”) filed by the Financial Oversight and 

Management Board for Puerto Rico (the “Oversight Board”), as representative of the 

Commonwealth of Puerto Rico and the Employees Retirement System of the Government of the 

Commonwealth of Puerto Rico (“ERS”) to the urgent motion filed by the ERS Bondholders1

[Docket No. 3738 in Case No. 17-bk-3283 and Docket No. 308 in Case No. 17-bk-3566] (the 

“Urgent Motion”) for entry of an order setting a schedule concerning the Motion of Certain 

Secured Creditors of the Employees Retirement System of the Government of the Commonwealth 

of Puerto Rico for Relief from the Automatic Stay [Docket No. 3418 in Case No. 17-bk-03283 and 

Docket No. 289 in Case No. 17-bk-03566] (the “Adequate Protection Motion”). In support of its 

Joinder, the Retiree Committee states as follows: 

JOINDER 

1. On July 10, 2018, the Retiree Committee filed its objection to the Adequate 

Protection Motion [Docket No. 3468 in Case No. 17-bk-03283 and Docket No. 293 in Case No. 

17-bk-03566]. In its objection, the Retiree Committee argued that the ERS Bondholders’ Adequate 

Protection Motion should be denied because, inter alia, they failed to demonstrate that the value 

 1

 The full list of ERS Bondholders includes Altair Global Credit Opportunities Fund (A), LLC, Andalusian Global Designated Activity Company, Glendon Opportunities Fund, L.P., Mason Capital Management, LLC, Nokota Capital Master Fund, L.P., Oaktree-Forrest Multi- Strategy, LLC (Series B), Oaktree Opportunities Fund IX, L.P., Oaktree Opportunities Fund IX (Parallel 2), 

L.P., Oaktree Value Opportunities Fund, L.P., Ocher Rose, L.L.C., SV Credit, L.P., Puerto Rico 

AAA Portfolio Bond Fund, Inc., Puerto Rico AAA Portfolio Bond Fund II, Inc., Puerto Rico AAA 

Portfolio Target Maturity Fund, Inc., Puerto Rico Fixed Income Fund, Inc., Puerto Rico Fixed 

Income Fund II, Inc., Puerto Rico Fixed Income Fund III, Inc., Puerto Rico Fixed Income Fund 

IV, Inc., Puerto Rico Fixed Income Fund V, Inc., Puerto Rico GNMA & U.S. Government Target Maturity Fund, Inc., Puerto Rico Investors Bond Fund I, Puerto Rico Investors Tax-Free Fund, 

Inc., Puerto Rico Investors Tax-Free Fund, Inc. II, Puerto Rico Investors Tax-Free Fund III, Inc., 

Puerto Rico Investors Tax-Free Fund IV, Inc., Puerto Rico Investors Tax-Free Fund V, Inc., Puerto 

Rico Investors Tax- Free Fund VI, Inc., Puerto Rico Mortgage-Backed & U.S. Government Securities Fund, Inc., Tax-Free Puerto Rico Fund, Inc., Tax-Free Puerto Rico Fund II, Inc., and 

Tax-Free Puerto Rico Target Maturity Fund, Inc. 

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of their purported collateral was declining or eroding as a result of the automatic stay or ERS’s use 

of the purported collateral. 

2. The Retiree Committee joins in the Oversight Board’s Objection to the Urgent 

Motion and submits that this Court should deny the Urgent Motion in its entirety. To the extent 

the Court does not do so, however, the Retiree Committee concurs with the schedule set forth by 

the Oversight Board in its Objection and requests that the Retiree Committee be included in any 

scheduling order entered by this Court. As it has done in other matters, the Retiree Committee will 

coordinate its participation with the Oversight Board to avoid any duplication of effort. 

August 3, 2018 

JENNER & BLOCK LLP 

By: 

/s/ Robert Gordon 

Robert Gordon (admitted pro hac vice) 

Richard Levin (admitted pro hac vice) 

919 Third Ave 

New York, NY 10022-3908 

rgordon@jenner.com 

rlevin@jenner.com 

212-891-1600 (telephone) 

212-891-1699 (facsimile) 

Catherine Steege (admitted pro hac vice) 

Melissa Root (admitted pro hac vice) 

353 N. Clark Street 

Chicago, IL 60654 

csteege@jenner.com 

mroot@jenner.com

312-222-9350 (telephone) 

312-239-5199 (facsimile) 

Respectfully submitted, 

BENNAZAR, GARCÍA & MILIÁN, C.S.P. 

By: 

/s/ A.J. Bennazar-Zequeira 

A.J. Bennazar-Zequeira 

Héctor M. Mayol Kauffmann 

Edificio Union Plaza, 

1701 Avenida Ponce de León #416 

Hato Rey, San Juan 

Puerto Rico 00918 

ajb@bennazar.org 

hector.mayol@bennazar.com 

787-754-9191 (telephone) 

787-764-3101 (facsimile) 

Counsel for The Official Committee of Retired 

Employees of Puerto Rico

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