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  5. 989 F.3d 170 (2021)
 

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

Nos. 20-1930, 20-1931.

989 F.3d 170 (2021)

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; The Financial Oversight and Management Board for Puerto Rico, as Representative for The Puerto Rico Electric Power Authority (Prepa); The Financial Oversight and Management Board for Puerto Rico, as Representative for The Puerto Rico Sales Tax Financing Corporation, a/k/a Cofina; The Financial Oversight and Management Board for Puerto Rico, as Representative for The Employees Retirement System of the Government of the Commonwealth of Puerto Rico; The Financial Oversight and Management Board for Puerto Rico, as Representative for The Puerto Rico Public Buildings Authority, Debtors. Assured Guaranty Corporation; Assured Guaranty Municipal Corporation; Ambac Assurance Corporation; The Financial Guaranty Insurance Company; National Public Finance Guarantee Corporation, Movants, Appellants, v. 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, Appellees, v. Puerto Rico Fiscal Agency and Financial Advisory Authority, Respondent, Appellee, Official Committee of Unsecured Creditors; Amerinational Community Services, LLC, as Servicer for the GDB Debt Recovery Authority; Cantor-Katz Collateral Monitor LLC, as Collateral Monitor for the GDB Debt Recovery Authority, Interested Parties, Appellees. Assured Guaranty Corporation; Assured Guaranty Municipal Corporation; Ambac Assurance Corporation; Financial Guaranty Insurance Company; U.S. Bank Trust National Association, as successor Trustee, Movants, Appellants, v. Financial Oversight and Management Board for Puerto Rico, as Representative for The Commonwealth of Puerto Rico, Debtor, Appellee, v. Puerto Rico Fiscal Agency and Financial Advisory Authority, Respondent, Appellee, Bacardi International Limited; Bacardi Corporation; Destileria Serralles, Inc.; Official Committee of Unsecured Creditors, Interested Parties, Appellees.

United States Court of Appeals, First Circuit.

March 3, 2021.

Attorney(s) appearing for the Case

Neal Kumar Katyal , with whom Sean Marotta , Mitchell P. Reich , Reedy C. Swanson , Washington, DC, Nathaniel A.G. Zelinsky , and Hogan Lovells US LLP were on brief, for appellants Assured Guaranty Corp., Assured Guaranty Municipal Corp., Ambac Assurance Corporation, National Public Finance Guarantee Corporation, and Financial Guaranty Insurance Company.

Atara Miller , with whom Dennis F. Dunne , Grant R. Mainland , John J. Hughes, III , Jonathan Ohring , Milbank LLP, New York, NY, Roberto Cámara-Fuertes , and Ferraiuoli LLC were on brief, for appellant Ambac Assurance Corporation.

Mark C. Ellenberg , Washington, DC, Howard R. Hawkins, Jr. , William J. Natbony , Thomas J. Curtin , Casey H. Servais , New York, NY, Cadwalder, Wickersham & Taft, Heriberto Burgos Pérez , Ricardo F. Casella-Sánchez , Diana Pérez-Seda , San Juan, PR, and Casellas Alcover & Burgos P.S.C. on brief, for appellants Assured Guaranty Corp. and Assured Guaranty Municipal Corp.

Gregory Silbert and Weil, Gotshal & Manges LLP, New York, NY, on brief for appellant National Public Finance Guarantee Corp.

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

Ronald J. Silverman , Los Angeles, CA, Michael C. Hefter , New York, NY, Hogan Lovells US LLP, Eric A. Tulla , Iris J. Cabrera-Gómez , and Rivera, Tulla and Ferrer, LLC, San Juan, PR, on brief for appellant U.S. Bank Trust National Association.

Michael T. Mervis and Martin J. Bienenstock , New York, NY, with whom Timothy W. Mungovan , John E. Roberts , Elliot R. Stevens , Boston, MA, Adam L. Deming , Michael A. Firestein , Lary Alan Rappaport , Los Angeles, CA, Jeffrey W. Levitan , Mark D. Harris , Margaret A. Dale , Ehud Barak , David A. Munkittrick , Daniel D. Desatnik , New York, NY, and Proskauer Rose LLP were on brief, for appellee Financial Oversight and Management Board for Puerto Rico.

Arturo J. García-Solá , with whom Alejandro José Cepeda-Díaz , Nayuan Zouairabani , and McConnell Valdes LLC, Hato Rey, PR, were on brief, for interested party AmeriNational Community Services, LLC.

Elizabeth L. McKeen , with whom Ashley M. Pavel , Newport Beach, CA, John J. Rapisardi , New York, NY, Peter Friedman , Washington, DC, and O'Melveny & Myers LLP were on brief, for appellee Puerto Rico Fiscal Agency and Financial Advisory Authority.

Luc A. Despins , with whom Paul Hastings LLP, New York, NY, was on brief, for interested party Official Committee of Unsecured Creditors.

Douglas S. Mintz , with whom Douglas I. Koff , Abbey Walsh , New York, NY, Schulte, Roth & Zabel, Robert M. Loeb , Washington, DC, Sarah H. Sloan , Peter Amend , New York, NY, and Orrick, Herrington & Sutcliffe LLP were on brief, for interested party Cantor-Katz Collateral Monitor LLC.

Laura E. Appleby , Kyle R. Hosmer , Faegre Drinker Biddle & Reath LLP, and Kevin Carroll , New York, NY, on brief for amicus curiae Securities Industry and Financial Markets Association.

Before Lynch, Lipez, and Thompson, Circuit Judges.

These companion cases from the Puerto Rico Oversight, Management, and Economic Stability Act ("PROMESA") Title III court in Puerto Rico involve bonds issued by the Puerto Rico Highways and Transportation Authority ("HTA") and the Puerto Rico Infrastructure and Financing Authority ("PRIFA"). Appellants Ambac Assurance Corporation...

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