The letter was signed by holders of constitutionally guaranteed general obligation (GO) debt; a group holding junior COFINA debt backed by sales tax revenue; and Assured Guaranty Corp, which insures $3.4 billion of Puerto Rican bonds. Lawyers representing the UBS Family of Funds and the Puerto Rico Family of Funds said on Tuesday that their clients, who hold roughly $652 million in accreted value of COFINA bonds, "strongly share and support many of the objections and concerns" stated in the bondholders' letter to the oversight board. The plan "simply ignores one of the enumerated requirements that Congress imposed" under PROMESA, "namely, that it respect the relative lawful priorities" of debt, the letter said. With Puerto Rico trying to restructure its debt before the May 1 expiration of PROMESA's freeze on litigation, the letter illustrates a wide gulf between both sides.