IN RE FINANCIAL OVERSIGHT AND MANAGEMENT BOARD

No. 17 BK 3283-LTS (Jointly Administered).

637 B.R. 223 (2022)

IN RE: The FINANCIAL OVERSIGHT AND MANAGEMENT BOARD FOR PUERTO RICO, as Representative of the Commonwealth of Puerto Rico et al., Debtors.

United States District Court, D. Puerto Rico.

Signed January 18, 2022.


Attorney(s) appearing for the Case

O'NEILL & BORGES LLC, By: Hermann D. Bauer , 250 Munoz Rivera Avenue, Suite 800, San Juan, PR 00918-1813, OF COUNSEL FOR, A&S LEGAL STUDIO, PSC, By: Luis F. del Valle-Emmanuelli , 434 Avenida Hostos, San Juan, PR 00918, PROSKAUER ROSE LLP, By: Martin J. Bienenstock , Brian S. Rosen , Jeffrey W. Levitan , Ehud Barak , Timothy W. Mungovan , Joshua A. Esses , Eleven Times Square , New York, NY 10036, Attorneys for the Financial Oversight and Management Board for Puerto Rico, as representative of the Commonwealth of Puerto Rico.

MARINI PIETRANTONI MUÑIZ LLC, By: Luis C. Marini-Biaggi , Carolina Velaz-Rivero , MCS Plaza, Suite 500, 255 Ponce de León Ave., San Juan, Puerto Rico 00917, O'MELVENY & MYERS LLP, By: John J. Rapisardi , Maria J. DiConza , Matthew P. Kremer , 7 Times Square, New York, New York 10036 and Peter Friedman, 1625 Eye Street, NW, Washington, DC 20006, Attorneys for Hon. Pedro R. Pierluisi and the Puerto Rico Fiscal Agency and Financial Advisory Authority.

PETER C. HEIN, By: Peter C. Hein, 101 Central Park W # 14E, New York, NY 10023-4250, Pro Se.

SALDAÑA, CARVAJAL, & VÉLEZRIVÉ, P.S.C., By: José A. Sánchez Girona , 166 Avenida de la Constitución, San Juan, Puerto Rico 00901, DAVID CARRION BARALT, By: David Carrion Baralt , P.O. Box 364463, San Juan, PR 00936-4463 and RUSSELL A. DEL TORO SOSA, By: Russell A. Del Toro Sosa , Cond. Condado Princess, #2 Calle Washington 304, San Juan, Puerto Rico 00907 and JOSE ÁNGEL REY, By: Jose Ángel Rey , P.O. Box 10127, San Juan, PR 00908-1127, Attorneys for PFZ Properties, Inc.

CHARLES A. CUPRILL, P.S.C. LAW OFFICES, By: Charles A. Cuprill-Hernández , 356 Fortaleza Street, Second Floor, San Juan, PR 00901, Counsel for Sucesión Pastor Mandry Mercado.

GODREAU & GONZALEZ LAW, LLC, By: Rafael A. Gonzalez Valiente , PO Box 9024176, San Juan, PR 00902-4176, Counsel for Suiza Dairy.

CASILLAS, SANTIAGO & TORRES LLC, By: Juan J. Casillas Ayala , Israel Fernández Rodríguez , Juan C. Nieves González , Cristina B. Fernández Niggemann , PO Box 195075, San Juan, Puerto Rico 00919-5075, PAUL HASTINGS LLP, By: Luc A. Despins , G. Alexander Bongartz , 200 Park Avenue, New York, New York 10166, Counsel to the Official Committee of Unsecured Creditors.

BENNAZAR, GARCIA & MILIÁN, C.S.P., By: A.J. Bennazar-Zequeira , Héctor M. Mayol Kauffmann , Francisco del Castillo Orozco , Edificio Union Plaza, 1701 Avenida Ponce de León #416, Hato Rey, San Juan, Puerto Rico 00918, JENNER & BLOCK LLP, By: Robert Gordon , Richard Levin , 919 Third Ave, New York, NY 10022-3908 and Catherine Steege , Melissa Root , Landon Raiford , 353 N. Clark Street, Chicago, IL 60654, Counsel for The Official Committee of Retired Employees of Puerto Rico.

DELGADO & FERNÁNDEZ, LLC, By: Alfredo Fernández-Martínez , PO Box 11750, Fernández Juncos Station, San Juan, Puerto Rico 00910-1750, JONES DAY, By: Bruce Bennett , 555 South Flower Street, Fiftieth Floor, Los Angeles, CA 90071 and Benjamin Rosenblum , 250 Vesey Street, New York, New York 10281 and Matthew E. Papez , 51 Louisiana Ave. N.W., Washington, DC 20001, Counsel for Andalusian Global Designated Activity Company, Crown Managed Accounts for and on behalf of Crown/PW SP, LMA SPC for and on behalf of Map 98 Segregated Portfolio, Mason Capital Master Fund LP, Oaktree-Forrest Multi-Strategy, LLC (Series B), Oaktree Opportunities Fund IX, L.P., Oaktree Opportunities Fund IX (Parallel), L.P., Oaktree Opportunities Fund IX (Parallel 2), L.P., Oaktree Huntington Investment Fund II, L.P., Oaktree Opportunities Fund X, L.P., Oaktree Opportunities Fund X (Parallel), L.P., Oaktree Opportunities Fund X (Parallel 2), L.P., Oaktree Value Opportunities Fund Holdings, L.P., Oceana Master, Fund Ltd., Ocher Rose, L.L.C., Pentwater Merger Arbitrage Master Fund Ltd., PWCM Master Fund Ltd., and Redwood Master Fund, Ltd.

ISABEL FULLANA-FRATICELLI & ASSOCS., P.S.C., By: Isabel M. Fullana , Eduardo J. Capdevila , The Hato Rey Center Bldg., 268 Ave. Ponce de León Ste. 1002, San Juan, Puerto Rico 00918, Counsel to Finca Matilde, Inc.

IVERA, TULLA AND FERRER, LLC, By: Eric A. Tulla , Rivera Tulla & Ferrer Building, 50 Quisqueya Street, San Juan, PR 00917-1212, HOGAN LOVELLS US LLP, By: Robin E. Keller , Ronald J. Silverman , Pieter Van Tol, 390 Madison Avenue, New York, NY 10017, Counsel to the Trustee.

MONSERRATE SIMONET & GIERBOLINI, By: Miguel Simonet Sierra , 101 San Patricio Ave., Suite 1120, Guaynabo, PR 00968, COHEN, WEISS AND SIMON LLP, By: Peter D. DeChiara , Richard M. Seltzer , Marie B. Hahn , 900 Third Avenue, Suite 2100, New York, NY 10022-4869, Counsel to Service Employees International Union.

ALMEIDA AND DAVILA, By: Enrique M. Almeida , PO Box 191757, San Juan, PR 00919-1757, Attorneys for Credit Unions.

ADSUAR MUÑIZ GOYCO, SEDA & PEREZ-OCHOA PSC, By: Eric Pérez-Ochoa , Luis A. Oliver-Fraticelli , PO Box 70294, San Juan, PR 00936, WEIL, GOTSHAL &MANGES LLP, By: Jonathan D. Polkes , Gregory Silbert , Robert S. Berezin , Kelly DiBlasi , Gabriel A. Morgan , 767 Fifth Avenue, New York, NY 10153, Attorneys for National Public Finance Guarantee Corp.

SALDAÑA, CARVAJAL, & VÉLEZRIVÉ, P.S.C., By: José A. Sánchez Girona , 166 Avenida de la Constitución, San Juan, Puerto Rico 00901, Counsel for Mapfre PRAICO Insurance Company.

ANTONETTI MONTALVO & RAMIREZ COLL, By: José L. Ramírez-Coll , Carolina V. Cabrera Bou , P.O. Box 13128, San Juan, PR 00908, Counsel for J.P. Morgan Securities LLC.

McCONNELL VALDÉS LLC, By: Roberto C. Quiñones-Rivera , 270 Muñoz Rivera Avenue, Hato Rey, Puerto Rico 00918, Counsel for Samuel A. Ramirez & Co., Inc., Barclays Capital Inc., RBC Capital Markets, LLC and Raymond James & Associates, Inc.

MORELL, CARTAGENA & DAPENA LLC, By: Ramón E. Dapena , Ivan Lladó , PO Box 13399, San Juan, Puerto Rico 00908, Counsel for Goldman Sachs & Co. LLC and Citigroup Global Markets Inc.

COTO & ASSOCIATES, By: Ramón Coto-Ojeda , MCS Plaza, Suite 800, 255 Ponce de León Avenue, San Juan, Puerto Rico 00917, Counsel to Mesirow Financial, Inc.

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

REXACH & PICÓ, CSP, By: María 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.

SARLAW LLC, By: Sergio A. Ramírez de Arellano , Banco Popular Center, Suite 1022, 209 Munoz Rivera Ave., San Juan, PR 00918-1009, Counsel for Sidley Austin LLP.

NELSON ROBLES-DIAZ LAW OFFICES, P.S.C., By: Nelson Robles-Díaz , P. O. Box 192302, San Juan, Puerto Rico 00919-2302, Counsel for Santander Securities LLC.

BOBONIS, BOBONIS & RODRIGUEZ POVENTUD, By: Enrique G. Figueroa-Llinás , 129 de Diego Ave., San Juan, Puerto Rico 00911-1927, Counsel for Merrill Lynch, Pierce, Fenner & Smith Inc. and Merrill Lynch Capital Services, Inc.

NAVARRO-CABRER LAW OFFICES, By: Nilda M. Navarro-Cabrer , El Centro I, Suite 206, 500 Muñoz Rivera Ave., San Juan, Puerto Rico 00918, Counsel to BMO Capital Markets GKST, Inc.

SALDAÑA, CARVAJAL & VÉLEZRIVÉ, P.S.C., By: Luis N. Saldaña-Román , Ángel E. Rotger-Sabat , 166 Avenida de la Constitución, San Juan, Puerto Rico 00901, Counsel for Morgan Stanley & Co. LLC.

GOODWIN PROCTER LLP, By: Douglas H. Flaum , Charles A. Brown , Howard S. Steel , Stacy A. Dasaro , The New York Times Building, 620 Eighth Avenue, New York, NY 10018, Counsel for Goldman Sachs & Co. LLC Counsel for Citigroup Global Markets Inc.

CÓRDOVA & DICK, LLC, By: Brian M. Dick Biascoechea , #403 Calle 12 de Octubre Urb. El Vedado, San Juan, PR 00918, Local Counsel to the Ad Hoc Group of FGIC Noteholders.

SHEPPARD MULLIN RICHTER & HAMPTON LLP, By: Lawrence A. Larose , 30 Rockefeller Plaza New York, New York 10112, Counsel to the Ad Hoc Group of FGIC Noteholders.

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.

McCONNELL VALDÉS LLC, By: Arturo J. García-Solá , Nayuan Zouairabani , 270 Muñoz Rivera Avenue, Suite 7, Hato Rey, Puerto Rico 00918, P.O. Box 364225, San Juan, PR 00936-4225, Attorneys for AmeriNational Community Services, LLC, as Servicer for the GDB Debt Recovery Authority.

SIMPSON THACHER & BARTLETT LLP, By: John K. Youngwood , David Elbaum , 425 Lexington Avenue, New York, NY 10017, Counsel to J.P. Morgan Securities LLC.

FRIEDMAN KAPLAN SEILER & ADELMAN LLP, By: Eric Seiler , Anne E. Beaumont , Danielle E. Tepper , 7 Times Square, New York, NY 10036, Counsel for Sidley Austin LLP.

SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP, By: Julie E. Cohen , Four Times Square, New York, NY 10018, Counsel for Morgan Stanley & Co. LLC.

CROWELL & MORING LLP, By: Daniel L. Zelenko , Sarah M. Gilbert , 590 Madison Avenue, 20th Floor, New York, NY 10022, Counsel for Santander Securities LLC.

McGUIREWOODS LLP, By: E. Andrew Southerling , 2001 K Street N.W., Suite 400, Washington, DC 20006-1040 and Aaron G. McCollough , 77 West Wacker Drive, Suite 4100, Chicago, IL 60601-1818, Counsel for BMO Capital Markets GKST, Inc.

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, Counsel for Santander Securities LLC.

SCHULTE ROTH & ZABEL LLP, By: Douglas S. Mintz , 901 Fifteenth Street, NW, Suite 800, Washington, DC 20005 and Douglas Koff , Adam C. Harris , Taleah Jennings , Abbey Walsh , Peter J. Amend , 919 Third Avenue, New York, NY 10022, Attorneys for Cantor-Katz Collateral Monitor LLC, as Collateral Monitor for the GDB Debt Recovery Authority.

G. CARLO-ALTIERI LAW OFFICES, LLC, By: Gerardo A. Carlo-Altieri , 254 Calle San José, Third Floor, San Juan, PR 00901, EPSTEIN BECKER & GREEN, P.C., By: Wendy G. Marcari , 875 Third Avenue, New York, NY 10022, Attorneys for Vaquería Tres Monjitas, Inc.

KAYSER & REDFERN, LLP, By: Leo Kayser III , 515 Madison Avenue, New York, NY 10022, Counsel for Samuel A. Ramirez & Co., Inc.

CHAPMAN AND CUTLER LLP, By: James M. Heiser , 111 West Monroe Street, Chicago, IL 60603-4080, Counsel to Mesirow Financial, Inc.

ORRICK, HERRINGTON & SUTCLIFFE LLP, By: Robert Stern , Tiffany Row , Columbia Center, 1152 15th Street, N.W., Washington, DC 20005-1706, Counsel for RBC Capital Markets, LLC.

ARTHUR SAMODOVITZ, By: Arthur Samodovitz, 140 Lasa Dr. Apt 204, St. Augustine, FL 32084, Pro Se.

PRESTIGE LEGAL SERVICES, LLC, By: Jośe Luis Barrios-Ramos , 278 Ave. César González , San Juan, Puerto Rico 00918, Counsel to Asociacion de Maestros de Puerto Rico and Asociacion de Maestros de Puerto Rico —Local Sindical.

MERCEDES FIGUEROA Y MORGADE, By: Mercedes Figueroa y Morgade , 3415 Alejandrino Ave., Apt. 703, Guaynabo, PR 00969-4856, Counsel for Amador.

G. CARLO-ALTIERI LAW OFFICES, LLC, By: Gerardo A. Carlo-Altieri , 254 Calle San José, Third Floor, San Juan, PR 00901, MORRISON & FOERSTER LLP, By: James M. Peck , Gary S. Lee , James A. Newton , Andrew R. Kissner , 250 West 55th Street, New York, New York 10019, Counsel for the Ad Hoc Group of Constitutional Debtholders.

REICHARD & ESCALERA, By: Rafael Escalera , Sylvia M. Arizrnendi , Carlos R. Rivera-Ortiz , 255 Ponce de León Avenue, MCS Plaza, 10th Floor, San Juan, Puerto Rico 00917-1913, QUINN EMANUEL URQUHART & SULLIVAN, LLP, By: Susheel Kirpalani , Daniel Salinas , Eric Kay , Zachary Russell , 51 Madison Avenue, 22nd Floor, New York, New York 10010-1603, Co-Counsel for the Lawful Constitutional Debt Coalition.

JIMÉNEZ, GRAFFAM & LAUSELL, By: J. Ramón Rivera Morales , Andrés F. Pico Ramírez , P.O. Box 366104, San Juan, PR 00936, WILLKIE FARR & GALLAGHER LLP, By: Mark T. Stancil , 1875 K Street, N.W., Washington, DC 20006, PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP, By: Andrew N. Rosenberg , Karen R. Zeituni , 1285 Avenue of the Americas, New York, NY 10019, ROBBINS, RUSSELL, ENGLERT, ORSECK UNTEREINER & SAUBER LLP, By: Lawrence S. Robbins , Gary A. Orseck , Donald Burke , 2000 K Street, N.W., 4th Floor, Washington, DC 20006, Co-Counsel for the Ad Hoc Group of General Obligation Bondholders.

FUENTES LAW OFFICES, LLC, By: Alexis Fuentes-Hernández , P.O. Box 9022726, San Juan, PR 00902-2726, Counsel for Maruz Real Estate Corp.

IVONNE GONZALEZ-MORALES, By: Ivonne Gonzalez-Morales , PO BOX 9021828, San Juan, PR 00902-1828, Counsel for Group Wage Creditors.

MENDOZA LAW OFFICES, By: Enrique J. Mendoza Méndez , P.O. Box 9282, San Juan, PR 00908-0282, Counsel to Asociacion de Jubilados de la Judicatura de Puerto Rico.

CARLOS A. QUILICHINI PAZ, By: Carlos A. Quilichini Paz , Jessica M. Quilichini Ortiz , Post Office Box 9020895, San Juan, PR 00902, Attorneys for Cooperativa de Ahorro y Crédito Vegabajeña.

DLA PIPER (PUERTO RICO) LLC, By: Mariana Muniz Lara , Calle de la Tanca #500, Suite 401, San Juan, PR 00901-1969, Counsel to Quest Diagnostics of Puerto Rico, Inc.

BEATRIZ HERNÁNDEZ TORO LAW, By: Beatriz Hernández Toro , PO Box 190291, San Juan, PR 00919-0291, Attorneys for Community Health Foundation of P.R.

CORREA-ACEVEDO & ABESADA LAW OFFICES, PSC, By: Sergio Criado , Roberto Abesada-Agüet , Centro Internacional de Mercadeo, Torre II, # 90 Carr. 165, Suite 407, Guaynabo, PR 00968, MORGAN, LEWIS & BOCKIUS LLP, By: Kurt A. Mayr , David L. Lawton , David K. Shim , One State Street, Hartford, CT 06103-3178, Co-Counsel for the QTCB Noteholder Group.

U.S. DEPARTMENT OF JUSTICE, By: David A. Hubbert , Ward W. Benson , Post Office Box 227, Washington, DC 20044, The United States of America, on behalf of the Internal Revenue Service.

CHARLES A. CUPRILL, P.S.C. LAW OFFICES, By: Charles A. Cuprill Hernández , 356 Fortaleza Street, Second Floor, San Juan, PR 00901, Counsel for Med Centro, Inc., formerly Consejo de Salud de la Comunidad de la Playa de Ponce, Inc.

FUENTES LAW OFFICES, LLC, By: Alexis Fuentes-Hernández , P.O. Box 9022726, San Juan, PR 00902-2726, Counsel for Lortu-Ta LTD, Inc.; La Cuarterola, Inc.; Juaza, Inc.; and The Conjugal Partnership Composed of Juan Zalduondo Viera And Magdalena Machicote Ramery, Counsel for Sucn. De Frank Torres Ortiz & Aurea Rodriguez Composed by Frank E. Torres Rodriguez & Eva Torres Rodríguez.

CARLOS FERNANDEZ-NADAL, By: Carlos Fernandez-Nadal , 818 Hostos Ave. Ste. B, Ponce, PR 00716, Counsel for Jorge Rafael Eduardo Collazo Quinones.

BUFETE FERNANDEZ & ALCARAZ CSP, By: Ignacio Fernández De Lahongrais , Capital Center Sur, Suite 202, Avenida Arterial Hostos #239, San Juan, PR 00918-1475, BUFETE DÍAZ-FERRER, By: Marvin Díaz Ferrer , Cond. Vick Center Ste. C-202, 867 Ave. Muñoz Rivera, San Juan, PR 00925 Counsel for Miriam E. Lima Colón, Betzaida Feliciano Concepción and Angel L. Méndez González.

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, Counsel to The Bank of New York Mellon.

ANTONETTI MONTALVO & RAMIREZ COLL, By: José L. Ramírez-Coll , Carolina V. Cabrera Bou , P.O. Box 13128, San Juan, PR 00908, Counsel to University of Puerto Rico Retirement System Trust.

ANTONIO MARTIN CERVERA, By: Antonio Martin Cervera, H-22 Yagrumo, Caparra Hills, Guaynabo, PR 00968, Pro Se.

MARIA TERESITA MARTIN, By: Maria Teresita Martin, H-22 Yagrumo, Caparra Hills, Guaynabo, PR 00968, Pro Se.

WANDA I. ORTIZ SANTIAGO, By: Wanda I. Ortiz Santiago, Urb. Las Leandras, JJ-5 Calle 21, Humacao, PR 00791, Pro Se.

NANCY I. NEGRON-LÓPEZ, By: Nancy I. Negron-López, HC 3 Box 34941, San Sebastián, PR 00685, Pro Se.

YASHEI ROSARIO, By: Yashei Rosario, HC 2 Box 12914, Vieques, PR 00765, Pro Se.

ANA A. NUÑEZ VELÁQUEZ, By: Ana A. Nunez Veláquez, 19 Res. Veillanueva Apto 170, Aguadilla, PR 00603, Pro Se.

EDGARDO MÁRQUEZ LIZARDI, By: Edgardo Márquez Lizardi, Cond. El Monte Sur, 190 Ave. Hostos Apt. 9399, San Juan, PR 00918, Pro Se.

MIGUEL LUNA DE JESUS, By: Miguel Luna De Jesus, Villa Del Monte 1, Calle Monte Alto, Toa Alta, PR 00953, Pro Se.

ISMAEL L. PURCELL SOLER, By: Ismael L. Purcell, Urb. Jacaranda, 35271 Calle Clavelina, Ponce, PR 00730, Pro Se.

MILDRED BATISTA DE LEON, By: Mildred Batista De Leon, PO Box 1259, Saint Just, PR 00978, Pro Se.

JAVIER ALEJANDRINO OSORIO, By: Javier Alejandrino Osorio, PO Box 1259, Saint Just, PR 00978, Pro Se.

NILSA CANDELARIO, By: Nilsa Candelario, 405 Ave. Esmeralda Ste. 2-559, Guaynabo, PR 00969, Pro Se.


PROMESA

Title III

FINDINGS OF FACT AND CONCLUSIONS OF LAW IN CONNECTION WITH CONFIRMATION OF THE MODIFIED EIGHTH AMENDED TITLE III JOINT PLAN OF ADJUSTMENT OF THE COMMONWEALTH OF PUERTO RICO, THE EMPLOYEES RETIREMENT SYSTEM OF THE GOVERNMENT OF THE COMMONWEALTH OF...

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