AURELIUS INVESTMENT, LLC v. PUERTO RICO

Nos. 18-1671, 18-1746, 18-1787.

915 F.3d 838 (2019)

AURELIUS INVESTMENT, LLC, et al., Appellants, v. Commonwealth of PUERTO RICO, et al., Appellees. Assured Guaranty Corporation, et al., Appellants, v. Financial Oversight and Management Board, et al., Appellees. Unión de Trabajadores de la Industria Eléctrica y Riego (Utier), Appellant, v. Puerto Rico Electric Power Authority, et al., Appellees.

United States Court of Appeals, First Circuit.

February 15, 2019.


Attorney(s) appearing for the Case

Theodore B. Olson , with whom Matthew D. McGill , Helgi C. Walker , Lucas C. Townsend , Lochlan F. Shelfer , Jeremy M. Christiansen , and Gibson, Dunn & Crutcher LLP, Washington, DC, were on brief, for appellants Aurelius Investment, LLC and Assured Guaranty Corporation.

Rolando Emmanuelli-Jiménez , with whom Jessica E. Méndez-Colberg , Yasmín Colón-Colón , and Bufete Emmanuelli, C.S.P., were on brief, for appellant UTIER.

Donald B. Verrilli, Jr. , with whom Ginger D. Anders , Chad I. Golder , Sarah G. Boyce , Rachel G. Miller-Ziegler , Munger, Tolles & Olson LLP, Washington, DC, Martin J. Bienenstock , Stephen L. Ratner , New York, NY, Timothy W. Mungovan , Boston, MA, Mark D. Harris , Chantel L. Febus , Proskauer Rose LLP, New York, NY, Hermann D. Bauer , Ubaldo M. Fernández , and O'Neill & Borges LLC, San Juan, PR, were on brief, for appellee The Financial Oversight and Management Board for Puerto Rico.

Walter Dellinger , Peter Friedman , John J. Rapisardi , William J. Sushon , and O'Melveny & Myers LLP, on brief, for The Puerto Rico Fiscal Agency and Financial Advisory Authority.

Jeffrey B. Wall , with whom Laura E. Myron , Attorney, Appellate Staff, Civil Division, U.S. Department of Justice, Joseph H. Hunt , Assistant Attorney General, Thomas G. Ward , Deputy Assistant Attorney General, Mark R. Freeman , Michael S. Raab , and Michael Shih , Attorneys, Appellate Staff, Civil Division, were on brief, for appellee the United States.

José A. Hernández-Mayoral , with whom Rafael Hernández-Colón , Caparra Heights, PR, and Héctor Ferrer-Ríos , San Juan, PR, were on brief, as amicus curiae, for the Popular Democratic Party of Puerto Rico and its President.

Jorge Martínez-Luciano , San Juan, PR, with whom Emil Rodríguez-Escudero , Ponce, PR, M.L. & R.E. Law Firm, Aníbal Acevedo-Vilá , and Law Office Aníbal Acevedo-Vilá, Guaynabo, PR, were on brief, as amici curiae.

Luc A. Despins , and Paul Hastings LLP, New York, NY, on brief, for The Official Committee of Unsecured Creditors of All Puerto Rico Title III Debtors.

Ian Heath Gershengorn , Lindsay C. Harrison , William K. Dreher , Washington, DC, Catherine Steege , Melissa Root , Chicago, IL, Robert Gordon , Richard Levin , A.J. Bennazar-Zequeira , and Bennazar, García, & Milián, C.S.P., Hato Rey, PR, on brief, for The Official Committee of Retired Employees of the Commonwealth of Puerto Rico.

Charles J. Cooper , Michael W. Kirk , Howard C. Nielson, Jr. , John D. Ohlendorf , Haley N. Proctor , Cooper & Kirk, PLLC, Washington, DC, Rafael Escalera , Carlos R. Rivera-Ortiz , Sylvia M. Arizmendi-López de Victoria , and Reichard & Escalera, San Juan, PR, on brief, for Creditors-Appellees the Cofina Senior Bondholders' Coalition.

Manuel A. Rodríguez-Banchs , Rio Piedras , PR, and Matthew S. Blumin , on brief, for appellee American Federal of State, County & Municipal Employees.

Before Torruella, Thompson, and Kayatta, Circuit Judges.


The matter before us arises from the restructuring of Puerto Rico's public debt under the 2016 Puerto Rico Oversight, Management, and Economic Stability Act ("PROMESA"). This time, however, we are not tasked with delving into the intricacies of bankruptcy proceedings. Instead, we are required to square off with a single...

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