In re Fin. Oversight & Mgmt. Bd. for P.R.

Decision Date18 January 2022
Docket Number17 BK 3283-LTS (Jointly Administered)
Citation637 B.R. 223
Parties IN RE: The FINANCIAL OVERSIGHT AND MANAGEMENT BOARD FOR PUERTO RICO, as Representative of the Commonwealth of Puerto Rico et al., Debtors.
CourtU.S. District Court — District of Puerto Rico

O'NEILL & BORGES LLC, By: Hermann D. Bauer, 250 Muñoz Rivera Avenue, Suite 800, San Juan, PR 00918-1813, OF COUNSEL FOR, A&S LEGAL STUDIO, PSC, By: Luis F. del Valle-Emmanuelli, 434 Avenida Hostos, San Juan, PR 00918, PROSKAUER ROSE LLP, By: Martin J. Bienenstock, Brian S. Rosen, Jeffrey W. Levitan, Ehud Barak, Timothy W. Mungovan, Joshua A. Esses, Eleven Times Square, New York, NY 10036, Attorneys for the Financial Oversight and Management Board for Puerto Rico, as representative of the Commonwealth of Puerto Rico

MARINI PIETRANTONI MUÑIZ LLC, By: Luis C. Marini-Biaggi, Carolina Velaz-Rivero, MCS Plaza, Suite 500, 255 Ponce de León Ave., San Juan, Puerto Rico 00917, O'MELVENY & MYERS LLP, By: John J. Rapisardi, Maria J. DiConza, Matthew P. Kremer, 7 Times Square, New York, New York 10036 and Peter Friedman, 1625 Eye Street, NW, Washington, DC 20006, Attorneys for Hon. Pedro R. Pierluisi and the Puerto Rico Fiscal Agency and Financial Advisory Authority

PETER C. HEIN, By: Peter C. Hein, 101 Central Park W # 14E, New York, NY 10023-4250, Pro Se

SALDAÑA, CARVAJAL, & VÉLEZ-RIVÉ, P.S.C., By: José A. Sánchez Girona, 166 Avenida de la Constitución, San Juan, Puerto Rico 00901, DAVID CARRION BARALT, By: David Carrion Baralt, P.O. Box 364463, San Juan, PR 00936-4463 and RUSSELL A. DEL TORO SOSA, By: Russell A. Del Toro Sosa, Cond. Condado Princess, #2 Calle Washington 304, San Juan, Puerto Rico 00907 and JOSE ÁNGEL REY, By: Jose Ángel Rey, P.O. Box 10127, San Juan, PR 00908-1127, Attorneys for PFZ Properties, Inc.

CHARLES A. CUPRILL, P.S.C. LAW OFFICES, By: Charles A. Cuprill-Hernández, 356 Fortaleza Street, Second Floor, San Juan, PR 00901, Counsel for Sucesión Pastor Mandry Mercado

GODREAU & GONZALEZ LAW, LLC, By: Rafael A. Gonzalez Valiente, PO Box 9024176, San Juan, PR 00902-4176, Counsel for Suiza Dairy

CASILLAS, SANTIAGO & TORRES LLC, By: Juan J. Casillas Ayala, Israel Fernández Rodríguez, Juan C. Nieves González, Cristina B. Fernández Niggemann, PO Box 195075, San Juan, Puerto Rico 00919-5075, PAUL HASTINGS LLP, By: Luc A. Despins, G. Alexander Bongartz, 200 Park Avenue, New York, New York 10166, Counsel to the Official Committee of Unsecured Creditors

BENNAZAR, GARCÍA & MILIÁN, C.S.P., By: A.J. Bennazar-Zequeira, Héctor M. Mayol Kauffmann, Francisco del Castillo Orozco, Edificio Union Plaza, 1701 Avenida Ponce de León #416, Hato Rey, San Juan, Puerto Rico 00918, JENNER & BLOCK LLP, By: Robert Gordon, Richard Levin, 919 Third Ave, New York, NY 10022-3908 and Catherine Steege, Melissa Root, Landon Raiford, 353 N. Clark Street, Chicago, IL 60654, Counsel for The Official Committee of Retired Employees of Puerto Rico

DELGADO & FERNÁNDEZ, LLC, By: Alfredo Fernández-Martínez, PO Box 11750, Fernández Juncos Station, San Juan, Puerto Rico 00910-1750, JONES DAY, By: Bruce Bennett, 555 South Flower Street, Fiftieth Floor, Los Angeles, CA 90071 and Benjamin Rosenblum, 250 Vesey Street, New York, New York 10281 and Matthew E. Papez, 51 Louisiana Ave. N.W., Washington, DC 20001, Counsel for Andalusian Global Designated Activity Company, Crown Managed Accounts for and on behalf of Crown/PW SP, LMA SPC for and on behalf of Map 98 Segregated Portfolio, Mason Capital Master Fund LP, Oaktree-Forrest Multi-Strategy, LLC (Series B), Oaktree Opportunities Fund IX, L.P., Oaktree Opportunities Fund IX (Parallel), L.P., Oaktree Opportunities Fund IX (Parallel 2), L.P., Oaktree Huntington Investment Fund II, L.P., Oaktree Opportunities Fund X, L.P., Oaktree Opportunities Fund X (Parallel), L.P., Oaktree Opportunities Fund X (Parallel 2), L.P., Oaktree Value Opportunities Fund Holdings, L.P., Oceana Master Fund Ltd., Ocher Rose, L.L.C., Pentwater Merger Arbitrage Master Fund Ltd., PWCM Master Fund Ltd., and Redwood Master Fund, Ltd.

ISABEL FULLANA-FRATICELLI & ASSOCS., P.S.C., By: Isabel M. Fullana, Eduardo J. Capdevila, The Hato Rey Center Bldg., 268 Ave. Ponce de León Ste. 1002, San Juan, Puerto Rico 00918, Counsel to Finca Matilde, Inc.

IVERA, TULLA AND FERRER, LLC, By: Eric A. Tulla, Rivera Tulla & Ferrer Building, 50 Quisqueya Street, San Juan, PR 00917-1212, HOGAN LOVELLS US LLP, By: Robin E. Keller, Ronald J. Silverman, Pieter Van Tol, 390 Madison Avenue, New York, NY 10017, Counsel to the Trustee

MONSERRATE SIMONET & GIERBOLINI, By: Miguel Simonet Sierra, 101 San Patricio Ave., Suite 1120, Guaynabo, PR 00968, COHEN, WEISS AND SIMON LLP, By: Peter D. DeChiara, Richard M. Seltzer, Marie B. Hahn, 900 Third Avenue, Suite 2100, New York, NY 10022-4869, Counsel to Service Employees International Union

ALMEIDA AND DAVILA, By: Enrique M. Almeida, PO Box 191757, San Juan, PR 00919-1757, Attorneys for Credit Unions

ADSUAR MUÑIZ GOYCO, SEDA & PEREZ-OCHOA PSC, By: Eric Pérez-Ochoa, Luis A. Oliver-Fraticelli, PO Box 70294, San Juan, PR 00936, WEIL, GOTSHAL &MANGES LLP, By: Jonathan D. Polkes, Gregory Silbert, Robert S. Berezin, Kelly DiBlasi, Gabriel A. Morgan, 767 Fifth Avenue, New York, NY 10153, Attorneys for National Public Finance Guarantee Corp.

SALDAÑA, CARVAJAL, & VÉLEZ-RIVÉ, P.S.C., By: José A. Sánchez Girona, 166 Avenida de la Constitución, San Juan, Puerto Rico 00901, Counsel for Mapfre PRAICO Insurance Company

ANTONETTI MONTALVO & RAMIREZ COLL, By: José L. Ramírez-Coll, Carolina V. Cabrera Bou, P.O. Box 13128, San Juan, PR 00908, Counsel for J.P. Morgan Securities LLC

McCONNELL VALDÉS LLC, By: Roberto C. Quiñones-Rivera, 270 Muñoz Rivera Avenue, Hato Rey, Puerto Rico 00918, Counsel for Samuel A. Ramirez & Co., Inc., Barclays Capital Inc., RBC Capital Markets, LLC and Raymond James & Associates, Inc.

MORELL, CARTAGENA & DAPENA LLC, By: Ramón E. Dapena, Iván Lladó, PO Box 13399, San Juan, Puerto Rico 00908, Counsel for Goldman Sachs & Co. LLC and Citigroup Global Markets Inc.

COTO & ASSOCIATES, By: Ramón Coto-Ojeda, MCS Plaza, Suite 800, 255 Ponce de León Avenue, San Juan, Puerto Rico 00917, Counsel to Mesirow Financial, Inc.

CASELLAS ALCOVER & BURGOS P.S.C., By: Heriberto Burgos Pérez, Ricardo F. Casellas-Sánchez, Diana Pérez-Seda, P.O. Box 364924, San Juan, PR 00936-4924, CADWALADER, WICKERSHAM & TAFT LLP, By: Howard R. Hawkins, Jr., Mark C. Ellenberg, William J. Natbony, Thomas J. Curtin, Casey J. Servais, 200 Liberty Street, New York, New York 10281, Counsel for Assured Guaranty Corp. and Assured Guaranty Municipal Corp.

REXACH & PICÓ, CSP, By: María E. Picó, 802 Ave. Fernández Juncos, San Juan, PR 00907-4315, BUTLER SNOW LLP, By: Martin A. Sosland, 2911 Turtle Creek Blvd., Suite 1400, Dallas, TX 75219 and James E. Bailey III, Adam M. Langley, 6075 Poplar Ave., Suite 500, Memphis, TN 38119, Counsel for Financial Guaranty Insurance Company

SARLAW LLC, By: Sergio A. Ramírez de Arellano, Banco Popular Center, Suite 1022, 209 Muñoz Rivera Ave., San Juan, PR 00918-1009, Counsel for Sidley Austin LLP

NELSON ROBLES-DIAZ LAW OFFICES, P.S.C., By: Nelson Robles-Díaz, P. O. Box 192302, San Juan, Puerto Rico 00919-2302, Counsel for Santander Securities LLC

BOBONIS, BOBONIS & RODRIGUEZ POVENTUD, By: Enrique G. Figueroa-Llinás, 129 de Diego Ave., San Juan, Puerto Rico 00911-1927, Counsel for Merrill Lynch, Pierce, Fenner & Smith Inc. and Merrill Lynch Capital Services, Inc.

NAVARRO-CABRER LAW OFFICES, By: Nilda M. Navarro-Cabrer, El Centro I, Suite 206, 500 Muñoz Rivera Ave., San Juan, Puerto Rico 00918, Counsel to BMO Capital Markets GKST, Inc.

SALDAÑA, CARVAJAL & VÉLEZ-RIVÉ, P.S.C., By: Luis N. Saldaña-Román, Ángel E. Rotger-Sabat, 166 Avenida de la Constitución, San Juan, Puerto Rico 00901, Counsel for Morgan Stanley & Co. LLC

GOODWIN PROCTER LLP, By: Douglas H. Flaum, Charles A. Brown, Howard S. Steel, Stacy A. Dasaro, The New York Times Building, 620 Eighth Avenue, New York, NY 10018, Counsel for Goldman Sachs & Co. LLC Counsel for Citigroup Global Markets Inc.

CÓRDOVA & DICK, LLC, By: Brian M. Dick Biascoechea, #403 Calle 12 de Octubre Urb. El Vedado, San Juan, PR 00918, Local Counsel to the Ad Hoc Group of FGIC Noteholders

SHEPPARD MULLIN RICHTER & HAMPTON LLP, By: Lawrence A. Larose, 30 Rockefeller Plaza New York, New York 10112, Counsel to the Ad Hoc Group of FGIC Noteholders

FERRAIUOLI LLC, By: Roberto Cámara-Fuertes, Sonia Colón, 221 Ponce de León Avenue, 5th Floor, San Juan, PR 00917, MILBANK LLP, By: Dennis F. Dunne, Atara Miller, Grant R. Mainland, John J. Hughes, III, Jonathan Ohring, 55 Hudson Yards, New York, NY 10001, Attorneys for Ambac Assurance Corporation

MCCONNELL VALDÉS LLC, By: Arturo J. García-Solá, Nayuan Zouairabani, 270 Muñoz Rivera Avenue, Suite 7, Hato Rey, Puerto Rico 00918, P.O. Box 364225, San Juan, PR 00936-4225, Attorneys for AmeriNational Community Services, LLC, as Servicer for the GDB Debt Recovery Authority

SIMPSON THACHER & BARTLETT LLP, By: John K. Youngwood, David Elbaum, 425 Lexington Avenue, New York, NY 10017, Counsel to J.P. Morgan Securities LLC

FRIEDMAN KAPLAN SEILER & ADELMAN LLP, By: Eric Seiler, Anne E. Beaumont, Danielle E. Tepper, 7 Times Square, New York, NY 10036, Counsel for Sidley Austin LLP

SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP, By: Julie E. Cohen, Four Times Square, New York, NY 10018, Counsel for Morgan Stanley & Co. LLC

CROWELL & MORING LLP, By: Daniel L. Zelenko, Sarah M. Gilbert, 590 Madison Avenue, 20th Floor, New York, NY 10022, Counsel for Santander Securities LLC

McGUIREWOODS LLP, By: E. Andrew Southerling, 2001 K Street N.W., Suite 400, Washington, DC 20006-1040 and Aaron G. McCollough, 77 West Wacker Drive, Suite 4100, Chicago, IL 60601-1818, Counsel for BMO Capital Markets GKST, Inc.

C. CONDE & ASSOC. LAW OFFICES, By: Carmen D. Conde Torres, Luisa S. Valle Castro, 254 San José Street, Suite 5, San Juan, PR 00901-1523, Counsel for Santander Securities LLC

SCHULTE ROTH & ZABEL LLP, By: Douglas S. Mintz, 901 Fifteenth Street, NW, Suite 800,...

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4 cases
  • Fin. Oversight & Mgmt. Bd. for P.R. v. Cooperativa de Ahorro y Credito Abraham Rosa (In re Fin. Oversight & Mgmt. Bd. for P.R.)
    • United States
    • U.S. Court of Appeals — First Circuit
    • July 18, 2022
    ...of the Takings Clause" and would therefore compel the Commonwealth to take actions prohibited by law. In re Fin. Oversight & Mgmt. Bd. for P.R., 637 B.R. 223, 292 (D.P.R. 2022). This in turn would violate PROMESA's mandate that a plan be confirmed only if "the debtor is not prohibited by la......
  • Fin. Oversight & Mgmt. Bd. for P.R. v. Federacion de Maestros de P.R., Inc. (In re Fin. Oversight & Mgmt. Bd. for P.R.)
    • United States
    • U.S. Court of Appeals — First Circuit
    • April 26, 2022
    ...P.R., 636 B.R. 1 (D.P.R. 2022), along with findings of fact and conclusions of law supporting that order, see In re Fin. Oversight & Mgmt. Bd. for P.R., 637 B.R. 223 (D.P.R. 2022). This appeal followed.2 II. We review the Title III court's legal conclusions de novo and factual findings for ......
  • The Fin. Oversight & Mgmt. Bd. for P.R. v. Cooperativa De Ahorro Y Credito Abraham Rosa (In re The Fin. Oversight & Mgmt. Bd. for Puerto Rico)
    • United States
    • U.S. Court of Appeals — First Circuit
    • July 18, 2022
    ... ... Rapisardi, Maria J. DiConza, ... and O'Melveny &Meyers LLP were on brief, for ... appellees Governor Pedro R. Pierluisi and the Puerto Rico ... Fiscal Agency and Financial Advisory Authority ...           Ana A ... Nunez Velazquez, Aguadilla, PR, Pro Se ...           ... Charles A. Cuprill-Hernandez, with whom Charles A. Cuprill, ... P.S.C. was on brief, for appellees Oscar Adolfo Mandry ... Aparicio, María del Carmen Amalia Mandry Llombart, ... Selma Verónica Mandry Llombart, María del ... ...
  • The Fin. Oversight & Mgmt. Bd. For P.R. v. Rosa (In re The Fin. Oversight & Mgmt. Bd. for P.R.)
    • United States
    • U.S. Court of Appeals — First Circuit
    • August 22, 2023
    ... ... Rapisardi, Maria J. DiConza, and ... O'Melveny & Myers LLP were on brief, for appellees ... Governor Pedro R. Pierluisi and the Puerto Rico Fiscal Agency ... and Financial Advisory Authority ...           Ana A ... Nunez Velazquez, Aguadilla, PR, Pro Se ...           ... Charles A. Cuprill-Hernandez, for appellees Oscar Adolfo ... Mandry Aparicio, Maria del Carmen Amalia Mandry Llombart, ... Selma Veronica Mandry Llombart, Maria del Carmen Llombart ... Bas, Oscar Adolfo Mandry Bonilla, Gustavo ... ...
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