IN RE FINANCIAL OVERSIGHT & MANAGEMENT BD. FOR PR

No. 17-2079.

899 F.3d 13 (2018)

IN RE: The FINANCIAL OVERSIGHT AND MANAGEMENT BOARD FOR PUERTO RICO, as representative of Puerto Rico Electric Power Authority (PREPA), Debtor. The Financial Oversight and Management Board for Puerto Rico, as representative of Puerto Rico Electric Power Authority (PREPA), Debtor, Appellee, Financial Oversight and Management Board for Puerto Rico; Puerto Rico Fiscal Agency and Financial Advisory Authority, Objectors, Appellees, v. Ad Hoc Group of PREPA Bondholders; Assured Guaranty Corporation; Assured Guaranty Municipal Corporation; National Public Finance Guarantee Corporation; Syncora Guarantee, Inc., Movants, Appellants.

United States Court of Appeals, First Circuit.

August 8, 2018.


Attorney(s) appearing for the Case

Martin J. Bienenstock , New York, NY, with whom Timothy W. Mungovan , Boston, MA, Stephen L. Ratner , Mark D. Harris , Chantel L. Febus , and Proskauer Rose LLP, New York, NY, were on brief, for appellee Financial Oversight and Management Board for Puerto Rico as representative of Puerto Rico Electric Power Authority.

Thomas Moers Mayer , with whom Amy Caton , Gregory A. Horowitz , Alice J. Byowitz , Douglas Buckley , Kramer Levin Naftalis & Frankel LLP, New York, NY, Manuel Fernández-Bared , Linette Figueroa-Torres , Nayda Pérez-Román , and Toro Colón Mullet P.S.C., San Juan, PR, were on brief, for appellants Ad Hoc Group of PREPA Bondholders.

Heriberto Burgos Pérez , Ricardo F. Casellas-Sánchez , Diana Pérez-Seda , Casellas Alcover & Burgos P.S.C., San Juan, PR, Howard R. Hawkins , New York, NY, Mark C. Ellenberg , Washington, DC, Ellen Halstead , and Cadwalader, Wickersham & Taft LLP, New York, NY, on brief for appellants Assured Guaranty Corp. and Assured Guaranty Municipal Corp.

Gregory Silbert , Marcia Goldstein , Jonathan Polkes , Kelly DiBlasi , Gabriel A. Morgan , Weil, Gotshal & Manges LLP, New York, NY, Eric Pérez-Ochoa , San Juan, PR; Alexandra Casellas-Cabrera Lourdes ; Arroyo Portela , and Adsuar Muñiz Goyco Seda & Pérez-Ochoa, P.S.C., San Juan, PR, on brief for appellant National Public Finance Guarantee Corp.

Carlos A. Rodríguez-Vidal , Solymar Castillo-Morales , Goldman Antonetti & Cordova, LLC, San Juan, PR, My Chi To , Elie J. Worenklein , and Debevoise & Plimpton LLP, New York, NY, on brief for appellant Syncora Guarantee, Inc.

Before Howard, Chief Judge, Kayatta, Circuit Judge, and Torresen, Chief U.S. District Judge.


We consider again the application of PROMESA,1 a statute Congress enacted to address Puerto Rico's financial crisis. In this instance, holders of revenue bonds issued by the Puerto Rico Electric Power Authority, known as PREPA, sought relief from a stay of actions against PREPA to petition another...

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