IN RE FINANCIAL OVERSIGHT AND MANAGEMENT BOARD

No. 20-2041.

7 F.4th 31 (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. Union De Trabajadores De La Industria Electrica Y Riego (Utier); Sistema De Retiro De Los Empleados De La Autoridad De Energía Eléctrica (Sreaee), Interested Parties, Appellants, v. The Financial Oversight and Management Board, as representative for the Puerto Rico Electric Power Authority (PREPA), Debtor, Appellee, Puerto Rico Fiscal Agency and Financial Advisory Authority, Movant, Appellee.

United States Court of Appeals, First Circuit.

August 12, 2021.


Attorney(s) appearing for the Case

Jessica E. Méndez Colberg , with whom Rolando Emmanuelli Jiménez and Bufete Emmanuelli, C.S.P. were on brief, for appellants.

Martin J. Bienenstock , with whom Timothy W. Mungovan , John E. Roberts , Mark D. Harris , Ehud Barak , Margaret A. Dale , Daniel Desatnik , Shiloh A. Rainwater , Paul V. Possinger , Joseph S. Hartunian , and Proskauer Rose LLP were on brief, for appellee Financial Oversight and Management Board for Puerto Rico, as representative of the Puerto Rico Electric Power Authority.

Peter Friedman , with whom John J. Rapisardi , Elizabeth L. McKeen , Ashley M. Pavel , and O'Melveny & Myers LLP were on brief, for appellee the Puerto Rico Fiscal Agency and Financial Advisory Authority.

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


The Puerto Rico Electric Power Authority ("PREPA") is one of the largest public power utilities in the United States and is the only electrical energy distributor in Puerto Rico. PREPA has suffered catastrophic failures to provide power to the citizens of Puerto Rico, causing great hardship. In 2016, in response to the government...

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