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IN RE FIN. OVER. AND MGMT. BOARD FOR PUERTO RICO

No. 17 BK 3283-LTS (Jointly Administered) No. 17 BK 4780-LTS Adv. Proc. No. 19-00391-LTS.

703 F.Supp.3d 318 (2023)

IN RE: The FINANCIAL OVERSIGHT AND MANAGEMENT BOARD FOR PUERTO RICO, as representative of the Commonwealth of Puerto Rico et al., Debtors. In re: The Financial Oversight and Management Board for Puerto Rico, as representative of Puerto Rico Electric Power Authority, Debtor. The Financial Oversight and Management Board for Puerto Rico, as representative of Puerto Rico Electric Power Authority, Plaintiff/Counterclaim-Defendant, Puerto Rico Fiscal Agency and Financial Advisory Authority, the Official Committee of Unsecured Creditors of All Title III Debtors, Cortland Capital Market Services LLC, Sola Ltd., Solus Opportunities Fund 5 LP, Ultra Master Ltd., Ultra NB LLC, Union De Trabajadores De La Industria Electrica Y Riego Inc., and Sistema De Retiro De Los Empleados De La Autoridad De Energia Electrica, Majority Member Ad Hoc Group, Intervenor-Plaintiffs, v. U.S. Bank National Association, as Trustee, Defendant/Counterclaim-Plaintiff, Assured Guaranty Corp., Assured Guaranty Municipal Corp., National Public Finance Guarantee Corporation, Goldentree Asset Management LP, Syncora Guarantee, Inc., and Prepa Ad Hoc Group, Intervenor-Defendants/Counterclaim-Plaintiffs.

United States District Court, D. Puerto Rico.

Signed November 28, 2023.

Attorney(s) appearing for the Case

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, Ehud Barak, Margaret Dale, Jeffrey W. Levitan, Michael T. Mervis, Daniel S. Desatnik, Elliot R. Stevens, Eleven Times Square, New York, NY 10036, and Paul V. Possinger, 70 West Madison, Suite 3800, Chicago, IL 60602, and Matthew Triggs, Jared M. DuBosar, 2255 Glades Road, Suite 421 Atrium, Boca Raton, FL 33431, Attorneys for the Financial Oversight and Management Board for Puerto Rico as Representative for PREPA.

TORO COLÓN MULLET P.S.C., By: Manuel Fernández-Bared, Linette Figueroa-Torres, Nayda Perez-Roman, P.O. Box 195383, San Juan, PR 00919-5383, KRAMER LEVIN NAFTALIS & FRANKEL LLP, By: Amy Caton, Thomas Moers Mayer, Alice J. Byowitz, Natan M. Hamerman, 1177 Avenue of the Americas, New York, New York 10036, and Gary A. Orseck, Matthew M. Madden, 2000 K Street NW, 4th Floor, Washington DC 20006, Former Counsel for the Former Ad Hoc Group of PREPA Bondholders2.

REICHARD & ESCALERA, LLC, By: Rafael Escalera, Sylvia M. Arizmendi, Carlos R. Rivera-Ortiz, 255 Ponce de León Avenue, MCS Plaza, 10th Floor, San Juan, PR 00917-1913, QUINN EMANUEL URQUHART & SULLIVAN, LLP, By: Susheel Kirpalani, Daniel Salinas, Eric Kay, 51 Madison Avenue, 22nd Floor, New York, New York 10010-1603, Counsel for Syncora Guarantee, Inc.

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, PR 00919, PAUL HASTINGS LLP, By: Luc A. Despins, Nicholas A. Bassett, G. Alexander Bongartz, 200 Park Avenue, New York, New York 10166, Counsel to the Official Committee of Unsecured Creditors.

MARINI PIETRANTONI MUÑIZ LLC, By: Luis C. Marini-Biaggi, Carolina Velaz-Rivero, 250 Ponce de León Ave., Suite 900, San Juan, Puerto Rico 00918, O'MELVENY & MYERS LLP, By: John J. Rapisardi, Maria J. DiConza, Gabriel L. Olivera, 7 Times Square, New York, NY 10036, and Peter Friedman, 1625 Eye Street, NW, Washington, DC 20006, and Elizabeth L. McKeen, Ashley M. Pavel, 610 Newport Center Drive, 17th Floor, Newport Beach, CA 92660, Attorneys for the Puerto Rico Fiscal Agency and Financial Advisory Authority.

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, Casey J. Servais, William J. Natbony, Thomas J. Curtin, 200 Liberty Street, New York, New York 10281, Counsel for Assured Guaranty Corp. and Assured Guaranty Municipal Corp.

RIVERA, TULLA AND FERRER, LLC, By: Eric A. Tulla, Rivera Tulla & Ferrer Building, 50 Quisqueya Street, San Juan, PR 00917-1212, MASLON LLP, By: Clark T. Whitmore, Michael C. McCarthy, John Duffey, Jason M. Reed, 90 South Seventh Street, Suite 3300, Minneapolis, MN 55402, Attorneys for U.S. Bank National Association, in its Capacity as the PREPA Bond Trustee.

McCONNELL VALDÉS LLC, By: Nayuan Zouairabani, 270 Muñoz Rivera Avenue, Suite 7, Hato Rey, Puerto Rico 00918, WACHTELL, LIPTON, ROSEN & KATZ, By: Richard G. Mason, Amy R. Wolf, Emil A. Kleinhaus, Angela K. Herring, Michael H. Cassel, 51 West 52nd Street, New York, New York 10019, Attorneys for Cortland Capital Market Services LLC, as Administrative Agent.

MONSERRATE SIMONET & GIERBOLINI, LLC, By: Dora L. Monserrate-Peñagarícano, Fernando J. Gierbolini-González, Richard J. Schell, 101 San Patricio Ave., Suite 1120, Guaynabo, PR 00968, DECHERT LLP, By: G. Eric Brunstad, Jr., Stephen D. Zide, David A. Herman, 1095 Avenue of the Americas, New York, NY 10036, Phone: (212) 698-3500, Counsel for the PREPA Ad Hoc Group.

SIMPSON THACHER & BARTLETT LLP, By: Bryce L. Friedman, Nicholas Baker, Sarah Phillips, 425 Lexington Avenue, New York, New York 10017, Attorneys for Cortland Capital Market Services LLC, SOLA LTD, Solus Opportunities Fund 5 LP, Ultra Master LTD, and Ultra NB LLC.

TORO COLÓN MULLET P.S.C., By: Manuel Fernández-Bared, Linette Figueroa-Torres, P.O. Box 195383, San Juan, PR 00919-5383, PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP, By: Andrew N. Rosenberg, Karen R. Zeituni, 1285 Avenue of the Americas New York, New York 10019, Counsel for the Majority Member Ad Hoc Group.

RAMOS CRUZ LEGAL, By: Lydia M. Ramos Cruz, 1509 López Landrón Street, American Airlines Building, PH, San Juan, Puerto Rico 00911, WHITE & CASE LLP, By: Glenn M. Kurtz, Claudine Columbres, Isaac Glassman, Thomas E. MacWright, 1221 Avenue of the Americas, New York, New York 10036, and Thomas E. Lauria, John K. Cunningham, Keith Wofford, Michael C. Shepherd, Jesse L. Green, 200 S. Biscayne Blvd. Suite 4900, Miami, FL 33131, Counsel for GoldenTree Asset Management LP.

PROMESA

Title III

OPINION AND ORDER GRANTING THE FINANCIAL OVERSIGHT AND MANAGEMENT BOARD FOR PUERTO RICO'S MOTION TO DISMISS COUNTS III THROUGH VII OF THE DEFENDANT'S AND INTERVENOR-DEFENDANTS' COUNTERCLAIM COMPLAINT

Before the Court is a motion to dismiss...

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