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IN RE FINANCIAL OVERSIGHT AND MGMT. BOARD FOR P.R.

No. 17 BK 3283-LTS (Jointly Administered) No. 17 BK 3567-LTS Adv. Proc. No. 21-00068-LTS.

635 B.R. 216 (2021)

IN RE: The FINANCIAL OVERSIGHT AND MANAGEMENT BOARD FOR PUERTO RICO, as representative of The Commonwealth of Puerto Rico et al., Debtors. In re: The Financial Oversight and Management Board for Puerto Rico, as representative of Puerto Rico Highways and Transportation Authority, Debtor. AmeriNational Community Services, LLC, as Servicer for the GDB Debt Recovery Authority and Cantor-Katz Collateral Monitor LLC, Plaintiffs, v. Ambac Assurance Corporation, Assured Guaranty Corp., Assured Guaranty Municipal Corp., National Public Finance Guarantee Corporation, Financial Guaranty Insurance Company, Peaje Investments LLC, and the Bank of New York Mellon, as Fiscal Agent, Defendants.

United States District Court, D. Puerto Rico.

Signed October 29, 2021.

Attorney(s) appearing for the Case

MCCONNELL, VALDÉS LLC, By: Arturo J. García-Solá , Alejandro J. Cepeda-Diaz , Nayuan Zouairabani , 270 Muñoz Rivera Avenue, Suite 7, Hato Rey, Puerto Rico 00918, PO Box 364225, San Juan, Puerto Rico 00936-4225, Attorneys for AmeriNational Community Services, LLC as servicer for the GDB Debt Recovery Authority.

C. CONDE & ASSOC. LAW OFFICES, By: Carmen D. Conde Torres , Luisa S. Valle Castro , 254 San José Street, Suite 5, San Juan, PR 00901-1523, SCHULTE ROTH & ZABEL LLP, By: Douglas S. Mintz , 901 Fifteenth Street, NW, Suite 800, Washington, DC 20005 and Douglas Koff , Abbey Walsh , Peter J. Amend , 919 Third Avenue, New York, NY 10022, Attorneys for Cantor-Katz Collateral Monitor LLC, as Collateral Monitor for GDB Debt Recovery Authority.

O'NEILL & BORGES LLC, By: Hermann D. Bauer , 250 Muñoz Rivera Avenue, Suite 800, San Juan, PR 00918-1813, PROSKAUER ROSE LLP, By: Martin J. Bienenstock , Brian S. Rosen , Jeffrey W. Levitan , Ehud Barak , Eleven Times Square, New York, NY 10036 and Michael Firestein , Lary Alan Rappaport , 2029 Century Park East, Suite 2400, Los Angeles, CA 90067, Attorneys for the Financial Oversight and Management Board for Puerto Rico, as representative of the Commonwealth of Puerto Rico.

CASELLAS ALCOVER & BURGOS P.S.C., By: Heriberto Burgos Perez , Diana Pérez-Seda , P.O. Box 364924, San Juan, PR 00936-4924, CADWALADER, WICKERSHAM & TAFT LLP, By: Howard R. Hakwins, Jr. , Mark C. Ellenberg , William J. Natbony , Thomas J. Curtin , Casey J. Servais , 200 Liberty Street, New York, NY 10281, Attorneys for Assured Guaranty Corp. and Assured Guaranty Municipal Corp.

SEPULVADO, MALDONADO & COURET, By: Albéniz Couret Fuentes , 304 Ponce de León Ave. Suite 990, San Juan, PR 00918, REED SMITH LLP, By: Luke Sizemore , Jared S. Roach , 225 Fifth Avenue, Suite 1200, Pittsburgh, PA 15222 and Kurt F. Gwynne , 1201 Market Street, Suite 1500, Wilmington, DE 19801, Attorneys for The Bank of New York Mellon, as Fiscal Agent.

FERRAIUOLI LLC, By: Roberto Cámara-Fuertes , Sonia Colón , 221 Ponce de León Avenue, 5th Floor, San Juan, PR 00917, MILBANK LLP, By: Dennis F. Dunne , Atara Miller , Grant R. Mainland , John J. Hughes III , Jonathan Ohring , 55 Hudson Yards, New York, NY 10001, Attorneys for Ambac Assurance Corporation.

ADSUAR MUNIZ GOYCO SEDA & PEREZ-OCHOA PSC, By: Eric Pérez-Ochoa , Luis A. Oliver-Fraticelli , 208 Ponce de Leon Ave., Suite 1600, San Juan, PR 00936, WEIL, GOTSHAL & MANGES LLP, By: Jonathan Polkes , Gregory Silbert , Robert Berezin , Kelly DiBlasi , Gabriel A. Morgan , 767 Fifth Avenue, New York, NY 10153, Counsel for National Public Finance Guarantee Corp.

REXACH & PICÓ, CSP, By: Maria E. Picó , 802 Ave. Fernández Juncos, San Juan PR 00907-4315, BUTLER SNOW LLP, By: Martin A. Sosland , 2911 Turtle Creek Blvd., Suite 1400, Dallas, TX 75219 and James E. Bailey III , Adam M. Langley , 6075 Poplar Ave., Suite 500, Memphis, TN 38119, Counsel for Financial Guaranty Insurance Company.

MONSERRATE SIMONET & GIERBOLINI, LLC, By: Dora L. Monserrate-Peñagarícano , Fernando J. Gierbolini-González , Richard J. Schell , 101 San Patricio Avenue, Maramar Plaza, Suite 1120, Guaynabo, Puerto Rico 00968, DECHERT LLP, By: Allan S. Brilliant , Yehuda Goor, 1095 Avenue of the Americas, New York, New York 10036 and G. Eric Brunstad, Jr. , 90 State House Square, Hartford, Connecticut 06103 and Stuart T. Steinberg , Cira Centre, 2929 Arch Street, Philadelphia, Pennsylvania 19104, Attorneys for Peaje Investments LLC.

MARINI PIETRANTONI MUÑIZ LLC, By: Luis C. Marini-Biaggi , Carolina Velaz-Rivero , 250 Ponce de León Ave., Suite 900, San Juan, PR 00918, O'MELVENY & MYERS LLP, By: John J. Rapisardi , Matthew P. Kremer , 7 Times Square, New York, NY 10036 and Peter Friedman , 1625 Eye Street, NW, Washington, DC 20006, Attorneys for the Puerto Rico Fiscal Agency and Financial Advisory Authority.

PROMESA Title III

OPINION AND ORDER GRANTING DEFENDANTS' MOTION TO DISMISS THE COMPLAINT

Before the Court is the Defendants' Motion to Dismiss the Complaint (Docket Entry No. 44, the "Defendants' Motion"),2 filed by Assured Guaranty Corp., Assured...

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