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IN RE FINANCIAL OVERSIGHT & MANAGEMENT PUERTO RICO

No. 18-2154.

945 F.3d 3 (2019)

IN RE: the FINANCIAL OVERSIGHT AND MANAGEMENT BOARD FOR PUERTO RICO, as representative for the Commonwealth of Puerto Rico; the Financial Oversight and Management Board for Puerto Rico, as representative for the Puerto Rico Highways and Transportation Authority, Debtors. Hon. Wanda Vázquez-Garced(in her official capacity); the Puerto Rico Fiscal Agency and Financial Advisory Authority, Plaintiffs, Appellants, v. The Financial Oversight and Management Board for Puerto Rico; José B. Carrión, III; Andrew G. Biggs; Carlos M. García; Arthur J. González; José R. González; Ana J. Matosantos; David A. Skeel, Jr.; Natalie A. Jaresko, Defendants, Appellees, Official Committee of Unsecured Creditors, Intervenor, Appellee.

United States Court of Appeals, First Circuit.

December 18, 2019.

Attorney(s) appearing for the Case

Peter Friedman , Washington, DC, with whom John J. Rapisardi , New York, NY, Elizabeth L. McKeen , Newport Beach, CA, O'Melveny & Myers LLP, Luis C. Marini-Biaggi , Carolina Velaz-Rivero , and Marini Pietrantoni Muñiz LLC were on brief, for appellants.

Timothy W. Mungovan , Boston, MA, with whom John E. Roberts , Guy Brenner , Washington, DC, Martin J. Bienenstock , Stephen L. Ratner , Mark D. Harris , Kevin J. Perra , New York, NY, and Proskauer Rose LLP were on brief, for defendants, appellees.

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

The Puerto Rico Oversight, Management, and Economic Security Act ("PROMESA") established a board known as the Financial Oversight and Management Board for Puerto Rico ("the Board").1 Under PROMESA sections 201 and 202 ("Sections 201 and 202"),2 the Board developed...

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