Expert witness In re: The Financial Oversight and Management Board for Puerto Rico (FOMB), as representative of Puerto Rico Electric Power Authority (PREPA), Debtor, a USD 8.5 billion Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) Title III bankruptcy confirmation matter in the U.S. District Court for the District of Puerto Rico. Expert testimony addressed FOMB’s proposed Plan of Adjustment with respect to the proposed Legacy Charge to service New Bonds issued to creditors of PREPA, the government-owned utility on the island. Among Dr. George’s opinions were that (i) the Legacy Charge provides PREPA’s creditors with reasonable recoveries on their claims, given PREPA’s need to continue operations, as well as the burden on ratepayers and the Puerto Rico economy of increased rates; (ii) the methodology used to determine the Legacy Charge is appropriate; and (iii) the Legacy Charge is consistent with principles of just and reasonable rates. He testified at trial March 8, 11, and 15, 2024. An additional confirmation trial is expected at a future date.
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