IN RE: PUERTO RICO PUBLIC FINANCE CORPORATION, Debtor.
The Financial Oversight and Management Board for Puerto Rico, as administrative supervisor for Puerto Rico Public Finance Corporation, Petitioner, Appellee,
v.
Amerinational Community Services, LLC, as servicer for GDB Debt Recovery Authority; Cantor-Katz Collateral Monitor LLC, as collateral monitor for DRA Bondholders, Objectors, Appellants,
Invesco Advisers, Inc.; Yusif Mafuz-Blanco; Puerto Rico Fiscal Agency and Financial Advisory Authority; U.S. Bank Trust National Association, as Trustee under the Trust Agreement between PFC and U.S. Bank dated as of June 1, 2004; U.S. Bank National Association, as Trustee under the Trust Agreement between PFC and U.S. Bank dated as of June 1, 2004, Respondents, Appellees,
FIR Tree Capital Management, LP, Creditor, Appellee,
GDB Debt Recovery Authority, Interested Party, Appellee.
United States Court of Appeals, First Circuit.https://leagle.com/images/logo.png
July 17, 2024.
July 17, 2024.
Attorney(s) appearing for the Case
Nayuan Zouairabani-Trinidad, with whom Arturo J. García-Solá and McConnell Valdés LLC were on brief, for appellant AmeriNational Community Services, LLC.
Benjamin S. Kaminetzky, with whom Brian M. Resnick, Marc J. Tobak, Stephanie Massman, Tess Liegeois, Davis Polk & Wardwell LLP, Carmen D. Conde Torres, William J. Alemañy-Mendez, and C. Conde & Associates were on brief, for appellant Cantor-Katz Collateral Monitor LLC.
Matthew P. Kremer, with whom Peter Friedman and O'Melveny & Myers LLP were on brief, for appellee Puerto Rico Fiscal Agency and Financial Advisory Authority.
Pieter H.B. Van Tol, III, with whom Ronald J. Silverman, Sara M. Posner, Katherine B. Wellington, Hogan Lovells US LLP, Eric A. Tulla, and Rivera, Tulla and Ferrer, LLC were on brief, for appellees U.S. Bank Trust National Association and U.S. Bank National Association.
Andrew D. Behlmann, with whom Michael Papandrea, Lowenstein Sandler LLP, Nayda I. Pérez-Román, and Toro Colón Mullet P.S.C., were on brief, for appellee Fir Tree Capital Management, LP.
Brian S. Rosen and Proskauer Rose LLP on brief for appellee Financial Oversight and Management Board for Puerto Rico.
Manuel Fernández-Bared, Linette Figueroa-Torres, Toro Colón Mullet P.S.C., Douglas Buckley, and Kramer Levin Naftalis & Frankel LLP on brief for appellee Invesco Advisers, Inc.
Before Montecalvo, Lipez, and Rikelman, Circuit Judges.
RIKELMAN, Circuit Judge.
This appeal stems from the restructuring of Puerto Rico's public debts under Title VI of the Puerto Rico Oversight, Management, and Economic Stability Act ("PROMESA"). Although the specific debt restructuring transaction at the heart of this appeal is complex, the legal issue before us is straightforward: Do the preliminary...
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