Opinion
23-2036 23-2049 23-2050 23-2052 23-2053 23-2054 23-2057
11-13-2024
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 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 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 OF THE PUERTO RICO PUBLIC BUILDINGS AUTHORITY, Debtors, v. U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE; ASSURED GUARANTY CORP.; ASSURED GUARANTY MUNICIPAL CORP.; GOLDENTREE ASSET MANAGEMENT LP; SYNCORA GUARANTEE, INC.; ALLIANCE BERNSTEIN L.P.; ARISTEIA CAPITAL, L.L.C.; CAPITAL RESEARCH AND MANAGEMENT COMPANY; COLUMBIA MANAGEMENT INVESTMENT ADVISORS, LLC; DELAWARE MANAGEMENT COMPANY, A SERIES OF MACQUARIE INVESTMENT MANAGEMENT BUSINESS TRUST TO THE FORM 2019; ELLINGTON MANAGEMENT GROUP, L.L.C.; GOLDMAN SACHS ASSET MANAGEMENT L.P.; INVESCO ADVISERS, INC.; MACKAY SHIELDS LLC; MASSACHUSETTS FINANCIAL SERVICES COMPANY; RUSSELL INVESTMENT COMPANY, ON BEHALF OF RUSSELL INVESTMENT COMPANY TAX-EXEMPT HIGH YIELD BOND FUND; SIG STRUCTURED PRODUCTS, LLC; T. ROWE PRICE; TOWER BAY ASSET MANAGEMENT, Defendants-Appellants/Cross-Appellees, THE FINANCIAL OVERSIGHT AND MANAGEMENT BOARD FOR PUERTO RICO, AS REPRESENTATIVE OF THE PUERTO RICO ELECTRIC POWER AUTHORITY; PUERTO RICO FISCAL AGENCY AND FINANCIAL ADVISORY AUTHORITY; THE OFFICIAL COMMITTEE OF UNSECURED CREDITORS OF ALL TITLE III DEBTORS, Plaintiffs-Appellees/Cross-Appellants, CORTLAND CAPITAL MARKET SERVICES LLC, AS ADMINISTRATIVE AGENT; SOLA LTD.; SOLUS OPPORTUNITIES FUND 5 LP; ULTRA MASTER LTD; ULTRA NB LLC; UNION DE TRABAJADORES DE LA INDUSTRIA ELECTRICA Y RIEGO INC. (UTIER); SISTEMA DE RETIRO DE LOS EMPLEADOS DE LA AUTORIDAD DE ENERGIA ELECTICA (SREAEE), Plaintiffs-Appellees, NATIONAL PUBLIC FINANCE GUARANTEE CORPORATION; BLACK ROCK FINANCIAL MANAGEMENT, INC.; FRANKLIN ADVISERS, INC.; NUVEEN ASSET MANAGEMENT, LLC; TACONIC CAPITAL ADVISORS L.P.; WHITEBOX ADVISORS LLC, Defendants-Appellees.
Before Kayatta, Howard, and Rikelman, Circuit Judges
ORDER ON PETITIONS FOR PANEL REHEARING
The petitions of FOMB and the Official Committee of Unsecured Creditors are granted in part. The opinion of this Court issued on June 12, 2024 is withdrawn and replaced with the revised opinion of this date. The judgment of even date is vacated. The petitions are otherwise denied.
By the court:
Anastasia Dubrovsky, Clerk
cc: Hon. Laura Taylor Swain, Ada Garcia-Rivera, Clerk, United States District Court for the District of Puerto Rico, Heriberto J. Burgos-Perez, Matthew D. McGill, Ricardo F. Casellas-Sanchez, Diana Perez-Seda, Howard Robert Hawkins Jr., Mark C. Ellenberg, Casey J. Servais, Jeremy Max Christiansen, Lochlan Francis Shelfer, Thomas J. Curtin, William J. Natbony, Hermann D. Bauer-Alvarez, Timothy W. Mungovan, Michael T. Mervis, Luis Francisco Del-Valle-Emmanuelli, Margaret Antinori Dale, John E. Roberts, Mark David Harris, Martin J. Bienenstock, Ehud Barak, Paul V. Possinger, Jeffrey W. Levitan, Lucas Kowalczyk, Shiloh Rainwater, Daniel Steven Desatnik, Elliot Rainer Stevens, Dietrich L. Snell, Henrique N. Carneiro, Israel Fernandez-Rodriguez, Juan J. Casillas-Ayala, Ricardo Burgos-Vargas, Luc A. Despins, Juan Carlos Nieves-Gonzalez, Georg Alexander Bongartz, Eric D. Stolze, Stephen Blake Kinnaird, Pedro A. Jimenez, Luis C. Marini-Biaggi, Elizabeth Lemond McKeen, Gabriel Luis Olivera Dubon, Peter M. Friedman, Ashley M. Pavel, John J. Rapisardi, Carolina Velaz-Rivero, Nancy A. Mitchell, Maria Jennifer DiConza, Jason Zarrow, Amy R. Wolf, Nayuan Zouairabani-Trinidad, Richard G. Mason, Emil A. Kleinhaus, Angela K. Herring, Nicholas Baker, Sarah E. Phillips, Michael H. Cassel, Victoria M. Rivera-Llorens, Jose Luis Ramirez-Coll, Carolina V. Cabrera-Bou, Sylvia M. Arizmendi-Lopez de Victoria, Rafael Escalera-Rodriguez, Daniel A. Salinas-Serrano, Eric Mark Kay, Carlos R. Rivera-Ortiz, Susheel Kirpalani, Nayda I. Perez-Roman, Iris Jannette Cabrera-Gomez, Eric A. Tulla, Clark T. Whitmore, William Z. Pentelovitch, John T. Duffey, Jason M. Reed, Michael Charles McCarthy, Glenn Kurtz, Lydia Margarita Ramos-Cruz, John K. Cunningham, Thomas Lauria, Eric Perez-Ochoa, Luis A. Oliver-Fraticelli, Jonathan D. Polkes, Robert Berezin, Dora L. Monserrate, Rolando Emmanuelli-Jimenez, Jessica Esther Mendez-Colberg, Zoe Negron Comas, Rafael A. Ortiz-Mendoza, Manuel Fernandez-Bared, Linette Figueroa-Torres, Andrew N. Rosenberg, Karen R. Zeituni, G. Eric Brunstad Jr., Fernando J. Gierbolini-Gonzalez, Richard James Schell-Gonzalez, Stephen D. Zide, David A. Herman, Kevin Michael Gallagher, Laura Appleby, Kyle Hosmer, Andrew N. Ferguson