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  5. 649 B.R. 381 (2023)
 

IN RE FIN. OVERSIGHT & MGMT. BOARD FOR PUERTO RICO

No. 17 BK 3283-LTS (Jointly Administered) No. 17 BK 4780-LTS Adv. Proc. No. 19-00391-LTS.

649 B.R. 381 (2023)

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 Electric Power Authority, Debtor. In re: the Financial Oversight and Management Board for Puerto Rico, as representative of Puerto Rico Power Electric Authority, Plaintiff/Counterclaim-Defendant, Puerto Rico Fiscal Agency and Financial Advisory Authority, the Official Committee of Unsecured Creditors of All Title III Debtors, Cortland Capital Market Services, Sola Ltd., Solus Opportunities Fund 5 LP, Ultra Master LTD, Ultra NB LLC, Union de Trabajadores de la Industria Electrica y Riego Inc., and Sistema de Retiro de los Empleados de la Autoridad de Energia Electica, Intervenor-Plaintiffs, v. U.S. Bank National Association, as Trustee, Defendant/Counterclaim-Plaintiff, The Ad Hoc Group of PREPA Bondholders, Assured Guaranty Corp., Assured Guaranty Municipal Corp., National Public Finance Guarantee Corporation, and Syncora Guarantee, Inc., Intervenor-Defendants/Counterclaim-Plaintiffs.

United States District Court, D. Puerto Rico.

Signed March 22, 2023.

Attorney(s) appearing for the Case

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 , Margaret Dale , Paul V. Possinger , Ehud Barak , Daniel S. Desatnik , Elliot R. Stevens , Eleven Times Square , New York, NY 10036, Co-Attorneys for the Financial Oversight and Management Board as Representative for PREPA.

TORO COLÓN MULLET P.S.C., By: Manuel Fernández-Bared , Linette Figueroa-Torres , Nayda Perez-Roman , P.O. Box 195383, San Juan, PR 00919-5383, KRAMER LEVIN NAFTALIS & FRANKEL LLP, By: Amy Caton , Thomas Moers Mayer , Gary A. Orseck , Matthew M. Madden , Alice J. Byowitz , 1177 Avenue of the Americas, New York, New York 10036, Counsel for the Ad Hoc Group of PREPA Bondholders.

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 , Casey J. Servais , William J. Natbony , Thomas J. Curtin , 200 Liberty Street, New York, New York 10281, Counsel for Assured Guaranty Corp. and Assured Guaranty Municipal Corp.

ADSUAR MUÑIZ GOYCO, SEDA & PÉREZ-OCHOA, P.S.C., By: Eric Pérez-Ochoa , Luis Oliver-Fraticelli , Alexandra Casellas-Cabrera , P.O. BOX 70294, San Juan, PR 00936, WEIL, GOTSHAL & MANGES LLP, By: Matthew S. Barr , Jonathan Polkes , Gregory Silbert , Robert Berezin , 767 Fifth Avenue, New York, New York 10153 and Gabriel A. Morgan , 700 Louisiana Street, Suite 1700, Houston, TX 77002, Attorneys for National Public Finance Guarantee Corporation.

REICHARD & ESCALERA, LLC, By: Rafael Escalera , Sylvia M. Arizmendi , Carlos R. Rivera-Ortiz , 255 Ponce de León Avenue, MCS Plaza, 10th Floor, San Juan, PR 00917-1913, QUINN EMANUEL URQUHART & SULLIVAN, LLP, By: Susheel Kirpalani , Daniel Salinas , Eric Kay , 51 Madison Avenue, 22nd Floor, New York, New York 10010-1603, Counsel for Syncora Guarantee, Inc.

RIVERA, TULLA AND FERRER, LLC, By: Eric A. Tulla , Rivera Tulla & Ferrer Building, 50 Quisqueya Street, San Juan, PR 00917-1212, MASLON LLP, By: Clark T. Whitmore , Michael C. McCarthy , John Duffey , Jason M. Reed , 90 South Seventh Street, Suite 3300, Minneapolis, MN 55402, Attorneys for U.S. Bank National Association, in its Capacity as Trustee.

PAUL HASTINGS LLP, By: Luc A. Despins , Nicholas A. Bassett , G. Alexander Bongartz , 200 Park Avenue, New York, New York 10166, 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, Counsel to the Official Committee of Unsecured Creditors.

MARINI PIETRANTONI MUÑIZ LLC, By: Luis C. Marini-Biaggi , Carolina Velaz-Rivero , 250 Ponce de León Ave., Suite 900, San Juan, Puerto Rico 00918, O'MELVENY & MYERS LLP, By: John J. Rapisardi , Maria J. DiConza , Gabriel L. Olivera , 7 Times Square, New York, NY 10036 and Peter Friedman, 1625 Eye Street, NW, Washington, DC 20006 and Elizabeth L. McKeen , Ashley M. Pavel , 610 Newport Center Drive, 17th Floor, Newport Beach, CA 92660, Attorneys for the Puerto Rico Fiscal Agency and Financial Advisory Authority.

MCCONNELL VALDÉS LLC, By: Nayuan Zouairabani , 270 Muñoz Rivera Avenue, Suite 7, Hato Rey, Puerto Rico 00918, Attorneys for Cortland Capital Market Services LLC, as Administrative Agent and SOLA LTD, Solus Opportunities Fund 5 LP, Ultra Master TLD and Ultra NB LLC.

WACHTELL, LIPTON, ROSEN & KATZ, By: Richard G. Mason , Amy R. Wolf , Emil A. Kleinhaus , Angela K. Herring , Michael H. Cassel , 51 West 52nd Street, New York, New York 10019, Attorneys for Cortland Capital Market Services LLC, as Administrative Agent.

ORTIZ MENDOZA & FARINACCI FERNÓS, LLC, By: Rafael A. Ortiz-Mendoza , Edificio Banco Cooperativo Plaza, 623 Ponce de Leon Ave., Suite 701-B, San Juan, PR 00917-4820, Co-counsel to SREAEE.

BUFETE EMMANUELLI, C.S.P., By: Rolando Emmanuelli-Jiménez , Jessica E. Méndez-Colberg , Zoé C. Negrón-Comas , P.O. Box 10779, Ponce, Puerto Rico 00732, Counsel UTIER Co-counsel to SREAEE.

PROMESA

Title III

OPINION AND ORDER GRANTING IN PART AND DENYING IN PART THE FINANCIAL OVERSIGHT AND MANAGEMENT BOARD FOR PUERTO RICO'S MOTION FOR SUMMARY JUDGMENT AND THE DEFENDANT'S AND INTERVENOR-DEFENDANTS' CROSS-MOTION FOR SUMMARY JUDGMENT

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