IN RE FINANCIAL OVERSIGHT & MANAGEMENT BD. FOR PR

Attorney(s) appearing for the Case

Mark C. Ellenberg , Washington, DC, with whom Howard R. Hawkins, Jr. , Lary Stromfeld , Ellen V. Holloman , Gillian Groarke Burns , Thomas J. Curtin , Casey Servais , New York, NY, Cadwalader, Wickersham & Taft LLP, Heriberto Burgos-Pérez , Ricardo F. Casellas-Sánchez , Hato Rey, PR, Diana Pérez-Seda , and Casellas Alcover & Burgos, San Juan, PR, were on brief, for appellants Assured Guaranty Corp. and Assured Guaranty Municipal Corp.

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

María E. Picó , Rexach & Picó, CSP, Martin A. Sosland , Dallas, TX, Jason W. Callen , Nashville, TN, and Butler Snow LLP on brief, for appellant Financial Guaranty Insurance Company.

Mark D. Harris , New York, NY, with whom Timothy W. Mungovan , Boston, MA, Martin J. Bienenstock , Stephen J. Ratner , Jeffrey W. Levitan , New York, NY, Michael A. Firestein , Lary Alan Rappaport , Los Angeles, CA, Proskauer Rose LLP, Hermann D. Bauer , and O'Neill & Borges LLC, San Juan, PR, were on brief, for appellees The Financial Oversight and Management Board for Puerto Rico, for itself and as representative for the Commonwealth of Puerto Rico and the Puerto Rico Highways and Transportation Authority, and Natalie A. Jaresko.

Luis Marini , Marini Pietrantoni Muñiz, LLC, John J. Rapisardi , New York, NY, Peter Friedman , Washington, DC, Elizabeth L. McKeen , Newport Beach, CA, and O'Melveny & Myers LLP on brief, for appellees the Puerto Rico Fiscal Agency and Financial Advisory Authority and Gerardo Portela-Franco.

Luc A. Despins , New York, NY, with whom William K. Whitner , Atlanta, GA, James B. Worthington , New York, NY, James T. Grogan III , Paul Hastings LLP, Juan J. Casillas-Ayala , Diana M. Battle-Barasorda , Alberto J.E. Añeses-Negrón , Ericka C. Montull-Novoa , and Casillas, Santiago & Torres LLC, San Juan, PR, were on brief, for Official Committee of Unsecured Creditors.

Laura E. Appleby , with whom Steven Wilamowsky , New York, NY, Aaron Krieger , Chicago, IL, Chapman and Cutler LLP and Kevin Carroll , New York, NY, as amicus curiae for The Securities Industry and Financial Markets Association.

Vincent J. Marriott III , Philadelphia, PA, with whom Chantelle D. McClamb , Wilmington, DE, and Ballard Spahr LLP, as amicus curiae for The National Federation of Municipal Analysts.

Before Howard, Chief Judge, Torruella, and Thompson, Circuit Judges.