Estimated Hearing Date: June 7, 2023 at 9:30 a.m. (Atlantic Standard Time) 

Objection Deadline: March 21, 2023 at 4:00 p.m. (Atlantic Standard Time) 

UNITED STATES DISTRICT COURT

DISTRICT OF PUERTO RICO

---------------------------------------------------------------------------

In re: ) PROMESA

) Title III

THE FINANCIAL OVERSIGHT AND )

MANAGEMENT BOARD FOR PUERTO RICO, )

)

No. 17 BK 3283-LTS

 as representative of )

THE COMMONWEALTH OF PUERTO RICO, et al.,

)

) (Jointly Administered)

Debtors. 1

---------------------------------------------------------------------------

In re: ) PROMESA

) Title III

THE FINANCIAL OVERSIGHT AND )

MANAGEMENT BOARD FOR PUERTO RICO, )

)

No. 17 BK 3567-LTS

 as representative of )

THE PUERTO RICO HIGHWAYS AND 

TRANSPORTATION AUTHORITY

Debtor 

)

) 

This Application relates 

only to HTA and shall 

be filed in the Lead 

Case No. 17 BK 3283-

LTS and HTA’s Title 

III Case (Case No. 17 

BK 3567-LTS)

---------------------------------------------------------------------------

1

The Debtors in these Title III Cases, along with each Debtor’s respective Title III case number and the last four (4) 

digits of each Debtor’s federal tax identification number, as applicable, are the (i) Commonwealth of Puerto Rico 

(Bankruptcy Case No. 17 BK 3283-LTS) (Last Four Digits of Federal Tax ID: 3481); (ii) Puerto Rico Sales Tax

Financing Corporation (“COFINA”) (Bankruptcy Case No. 17 BK 3284-LTS) (Last Four Digits of Federal Tax ID:

8474); (iii) Puerto Rico Highways and Transportation Authority (“HTA”) (Bankruptcy Case No. 17 BK 3567-LTS)

(Last Four Digits of Federal Tax ID: 3808); (iv) Employees Retirement System of the Government of the

Commonwealth of Puerto Rico (“ERS”) (Bankruptcy Case No. 17 BK 3566-LTS) (Last Four Digits of Federal Tax 

ID: 9686); and (v) Puerto Rico Electric Power Authority (“PREPA”) (Bankruptcy Case No. 17 BK 4780-LTS) (Last 

Four Digits of Federal Tax ID: 3747) ); (vi) Puerto Rico Public Buildings Authority (“PBA”) (Bankruptcy Case No.

19 BK 5523-LTS) (Last Four Digits of Federal Tax ID: 3801) (Title III case numbers are listed as Bankruptcy Case 

numbers due to software limitations).. 

Case:17-03283-LTS Doc#:23659 Filed:03/01/23 Entered:03/01/23 14:55:47 Desc: Main

Document Page 1 of 77
2

SUMMARY SHEET TO 

FOURTEENTH INTERIM FEE APPLICATION OF 

ALVAREZ & MARSAL NORTH AMERICA, LLC

FOR COMPENSATION FOR SERVICES RENDERED AND REIMBURSEMENT OF 

EXPENSES INCURRED AS ADVISOR TO THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD OF PUERTO RICO AS REPRESENTATIVE OF THE 

PUERTO RICO HIGHWAYS AND TRANSPORTATION AUTHORITY

FROM OCTOBER 1, 2022 THROUGH DECEMBER 6, 2022 

Name of Applicant: Alvarez & Marsal North America, LLC

Retained to Provide Professional Services as: Advisor

Date of Retention: August 2, 2018

Period for which Compensation and 

Reimbursement is Sought:

June 1, 2022 through September 30, 2022

Professional Fees $42,160.00

Less Voluntary Reduction (4,216.00)

Total Amount of Fees Requested: $37,944.00

Amount of Expenses Reimbursement Sought $0.00

Total Amount of Fees and Expense Reimbursement 

Sought as Actual, Reasonable and Necessary $37,944.00 

This is a(n) _____ Monthly ___X___ Interim ______ Final Fee Application

Thirteen Prior Interim Applications Filed in this Matter

 

Monthly Fee Statements Filed Related to Thirteenth Interim Fee Application2

October 1, 2022 through December 6, 2022 

Service Date of 

Monthly Fee 

Statement

Period 

Covered

Total Fees 

Incurred

Voluntary 

Reduction *

Total Billable 

Fees (100%)

Total Fees 

Requested 

(90%)

6% Puerto Rico Tax 

Withholding***

1.5% 

Technical 

Service Fee

Expenses 

Requested 

(100%)

Total Net 

Amount 

Requested Fees Paid (90%)

Expenses 

Paid Holdback (10%)

Fifty-First - 

12/2/2022 

10/1/2022 to 

10/31/2022 $ 25,465.00 $ (2,546.50) $ 22,918.50 $ 20,626.65 $ (1,237.60) $ (309.40) -$ 19,079.65 $ $ 19,079.65 -$ $ 2,291.85

Fifty-Second - 

12/29/2022

11/1/2022 to 

11/30/2022 $ 11,710.00 $ (1,171.00) $ 10,539.00 $ 9,485.10 $ (569.11) $ (142.28) -$ $ 8,773.72 $ 8,773.72 -$ $ 1,053.90

Fifty-Third - 

1/31/2023

12/1/2022 to 

12/6/2022 $ 4,985.00 $ (498.50) $ 4,486.50 $ 4,037.85 $ (242.27) $ (60.57) -$ $ 3,735.01 $ 3,735.01 -$ $ 448.65

Total $ 42,160.00 $ (4,216.00) $ 37,944.00 $ 34,149.60 $ (2,048.98) $ (512.24) -$ 31,588.38 $ $ 31,588.38 -$ $ 3,794.40

*This amount represents 10% reduction of fees incurred per engagement agreement. 

** Payment related to this fee period had not been received at the time of filing this interim fee application.

*** As of 1/31/2022 the Puerto Rico Tax Withholding has been reduced to 6% because of a partial waiver issued by the Government of Puerto Rico Department of Treasury.

2 Please note A&M was retained on August 2, 2018, in the middle of the Fourth Interim Fee Period, and at that time 

submitted its First Interim Fee Application, rather than the fourth interim application. Accordingly, this current 

request represents A&M’s Twelfth Interim Fee Application.

Case:17-03283-LTS Doc#:23659 Filed:03/01/23 Entered:03/01/23 14:55:47 Desc: Main

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3

Compensation by Category

October 1, 2022 through December 6, 2022 

COMPENSATION BY CATEGORY

For the Period From October 1, 2022 through December 6, 2022

TASK CATEGORY

TOTAL 

HOURS

TOTAL FEES 

REQUESTED

Puerto Rico Highways and Transportation Authority - Claims Administration and 

Objections

52.7 36,765.00 $ 

Puerto Rico Highways and Transportation Authority - Fee Applications 7.1 4,085.00 $ 

Puerto Rico Highways and Transportation Authority - Meetings 1.6 1,310.00 $ 

Total 61.4 42,160.00 $ 

Blended Hourly Rate Before Voluntary Reduction $ 686.64

Less 10% voluntary reduction $ (4,216.00)

Total Fourteenth Interim Fee Application With Reduction $ 37,944.00

Twelfth Interim Fee Application Blended Hourly Rate With Reduction $ 617.98

Fees by Professional 

October 1, 2022 through December 6, 2022 

PROFESSIONAL POSITION DEPARTMENT

BILLING 

RATE

TOTAL 

HOURS

TOTAL 

FEES

Jay Herriman Managing Director Claim Management $950 15.1 $14,345.00

Kara Harmon Director Claim Management $700 3.2 2,240.00

Mark Zeiss Director Claim Management $675 22.4 15,120.00

Tyler Potesta Associate Claim Management $575 8.4 4,830.00

Paul Wirtz Consultant Claim Management $550 8.5 4,675.00

Natalie Corbett Para Professional Claim Management $250 3.8 950.00

Subtotal 61.4 42,160.00

Less 10% voluntary reduction -4,216.00

Total $37,944.00

Expenses by Category

October 1, 2022 through December 6, 2022 

-No expenses incurred - 

Case:17-03283-LTS Doc#:23659 Filed:03/01/23 Entered:03/01/23 14:55:47 Desc: Main

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4

Monthly Fee Statements Filed Related to First Interim Fee Application

August 9, 2018 through September 30, 2018

Service 

Date of 

Monthly 

Fee 

Statement

Period 

Covered

Total Fees 

Incurred

Voluntary 

Reduction *

Total Billable 

Fees (100%)

Total Fees 

Requested 

(90%)

7% Puerto 

Rico Tax 

Withholding 

1.5% 

Technical 

Service Fee

Expenses 

Requested 

(100%)

Total Net 

Amount 

Requested

Fees Paid 

(90%)

Expenses 

Paid

Holdback 

(10%)

First - 

10/24/2018

8/9/18 to 

8/31/18 $ 28,295.00 $ (2,829.50) $ 25,465.50 $ 22,918.95 -$ (343.78) $ -$ 22,575.17 $ $ 22,918.95 -$ 2,546.55$ 

Second - 

10/29/2018

9/1/18 to 

9/30/18 $ 69,365.00 $ (6,936.50) $ 62,428.50 $ 56,185.65 -$ (842.78) $ -$ 55,342.87 $ $ 56,185.65 -$ 6,242.85$ 

Total $ 97,660.00 $ (9,766.00) $ 87,894.00 $ 79,104.60 -$ (1,186.57) $ -$ 77,918.03 $ $ 79,104.60 -$ 8,789.40$ 

*This amount represents 10% reduction of fees incurred per engagement agreement.

Monthly Fee Statements Filed Related to Second Interim Fee Application 

October 1, 2018 through January 31, 2019

Service 

Date of 

Monthly 

Fee 

Statement

Period 

Covered

Total Fees 

Incurred

Voluntary 

Reduction *

Total Billable 

Fees (100%)

Total Fees 

Requested 

(90%)

7% Puerto 

Rico Tax 

Withholding 

10% Puerto 

Rico Tax 

Withholding

1.5% 

Technical 

Service Fee

Expenses 

Requested 

(100%)

Total Net 

Amount 

Requested

Fees Paid 

(90%)

Expenses 

Paid

Holdback 

(10%)

Third - 

12/17/2018

10/1/18 

to 

10/31/18 $ 82,240.00 $ (8,224.00) $ 74,016.00 $ 66,614.40 -$ -$ (999.22) $ -$ 65,615.18 $ $ 66,614.40 -$ 7,401.60 $ 

Fourth - 

12/17/2018

11/1/18 

to 

11/30/18 $ 49,740.00 $ (4,974.00) $ 44,766.00 $ 40,289.40 -$ -$ (604.34) $ -$ 39,685.06 $ $ 40,289.40 -$ 4,476.60 $ 

Fifth - 

2/20/2019

12/1/18 

to 

12/31/18 $ 18,215.00 $ (1,821.50) $ 16,393.50 $ 14,754.15 -$ -$ (221.31) $ -$ 14,532.84 $ $ 14,754.15 -$ 1,639.35 $ 

Fifth - 

Puerto Rico - 

2/20/2019

12/1/18 

to 

12/31/18 $ 4,140.00 $ (414.00) $ 3,726.00 $ 3,353.40 -$ -$ $ (50.30) -$ 3,303.10 $ $ 3,353.40 -$ 372.60 $ 

Sixth - 

2/20/2019

1/1/19 to 

1/31/19 $ 44,427.50 $ (4,442.75) $ 39,984.75 $ 35,986.28 -$ (3,598.63) $ $ (539.79) -$ 31,847.86 $ $ 35,986.28 -$ 3,998.47 $ 

Total $ 198,762.50 $ (19,876.25) $ 178,886.25 $ 160,997.63 -$ (3,598.63) $ $ (2,414.96) -$ 154,984.04 $ $ 160,997.63 -$ 17,888.62 $ 

*This amount represents 10% reduction of fees incurred per engagement agreement.

Monthly Fee Statements Filed Related to Third Interim Fee Application

February 1, 2019 through May 31, 2019 

Service 

Date of 

Monthly 

Fee 

Statement

Period 

Covered

Total Fees 

Incurred

Voluntary 

Reduction *

Total Billable 

Fees (100%)

Total Fees 

Requested 

(90%)

10% Puerto 

Rico Tax 

Withholding

1.5% 

Technical 

Service Fee

Expenses 

Requested 

(100%)

Total Net 

Amount 

Requested

Net Fees Paid 

(90%)

Expenses 

Paid

Holdback 

(10%)

Seventh - 

4/29/2019

2/1/19 to 

2/28/19 $ 74,310.00 $ (7,431.00) $ 66,879.00 $ 60,191.10 $ (6,019.11) $ (902.87) -$ 53,269.12 $ $ 53,269.12 -$ 6,687.90 $ 

Eighth - 

5/6/2019

3/1/19 to 

3/31/19 $ 20,485.00 $ (2,048.50) $ 18,436.50 $ 16,592.85 $ (1,659.29) $ (248.89) -$ 14,684.67 $ $ 14,684.67 -$ 1,843.65 $ 

Ninth - 

5/22/2019

4/1/19 to 

4/30/19 $ 15,567.50 $ (1,556.75) $ 14,010.75 $ 12,609.68 $ (1,260.97) $ (189.15) -$ 11,159.56 $ $ 11,159.56 -$ 1,401.08 $ 

Tenth - 

7/1/2019

5/1/19 to 

5/31/19 $ 49,517.50 $ (4,951.75) $ 44,565.75 $ 40,109.18 $ (4,010.92) $ (601.64) -$ 35,496.62 $ Pending Pending $ 4,456.58

Total $ 159,880.00 $ (15,988.00) $ 143,892.00 $ 129,502.80 $ (12,950.28) $ (1,942.54) -$ 114,609.98 $ $ 79,113.36 -$ 14,389.20 $ 

Case:17-03283-LTS Doc#:23659 Filed:03/01/23 Entered:03/01/23 14:55:47 Desc: Main

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5

Monthly Fee Statements Filed Related to Fourth Interim Fee Application

June 1, 2019 through September 30, 2019 

Service Date of 

Monthly Fee 

Statement

Period 

Covered

Total Fees 

Incurred

Voluntary 

Reduction *

Total Billable 

Fees (100%)

Total Fees 

Requested 

(90%)

10% Puerto 

Rico Tax 

Withholding

1.5% 

Technical 

Service Fee

Expenses 

Requested 

(100%)

Total Net 

Amount 

Requested

Fees Paid 

(90%)

Expenses 

Paid

Holdback 

(10%)

Eleventh - 

8/16/2019

6/1/19 to 

6/30/19 $ 39,037.50 $ (14,850.00) $ 24,187.50 $ 21,768.75 $ (2,176.88) $ (326.53) $ - $ 19,265.34 $ 19,265.34 $ - $ 2,418.75

Twelfth - 9/9/2019

7/1/19 to 

7/31/19 $ 25,430.00 $ (2,543.00) $ 22,887.00 $ 20,598.30 $ (2,059.83) $ (308.97) $ - $ 18,229.50 $ 18,229.50 $ - $ 2,288.70

Thirteenth - 

10/15/2019

8/1/19 to 

8/31/19 $ 27,359.20 $ (2,735.92) $ 24,623.28 $ 22,160.95 $ (2,216.10) $ (332.41) $ - $ 19,612.44 $ 19,612.44 $ - $ 2,462.33

Fourteenth - Puerto 

Rico - 10/25/2019

9/1/19 to 

9/30/19 $ 43,845.50 $ (4,384.55) $ 39,460.95 $ 35,514.86 $ (3,551.49) $ (532.72) $ - $ 31,430.65 $ 31,430.65 $ - $ 3,946.10

Total $ 135,672.20 $ (24,513.47) $ 111,158.73 $ 100,042.86 $ (10,004.29) $ (1,500.64) $ - $ 88,537.93 $ 88,537.93 $ - $ 11,115.87

*This amount represents 10% reduction of fees incurred per engagement agreement. Additionally, A&M has reduced their fees by $12,162.50 related to the Claims objection audit further described below.

Monthly Fee Statements Filed Related to Fifth Interim Fee Application

October 1, 2019 through January 31, 2020 

Service Date of 

Monthly Fee 

Statement

Period 

Covered

Total Fees 

Incurred

Voluntary 

Reduction *

Total Billable 

Fees (100%)

Total Fees 

Requested 

(90%)

10% Puerto 

Rico Tax 

Withholding

1.5% 

Technical 

Service Fee

Expenses 

Requested 

(100%)

Total Net 

Amount 

Requested Fees Paid (90%)

Expenses 

Paid

Holdback 

(10%)

Fifteenth - 12/30/19

10/1/19 to 

10/31/19 $ 19,924.90 $ (1,992.49) $ 17,932.41 $ 16,139.17 $ (1,613.92) $ (242.09) -$ 14,283.16 $ $ 14,283.16 -$ 1,793.24 $ 

Sixteenth - 1/15/20

11/1/19 to 

11/30/19 $ 12,925.20 $ (1,292.52) $ 11,632.68 $ 10,469.41 $ (1,046.94) $ (157.04) -$ $ 9,265.43 $ 9,265.43 -$ 1,163.27 $ 

Seventeenth - 2/5/20

12/1/19 to 

12/31/19 $ 6,220.30 $ (622.03) $ 5,598.27 $ 5,038.44 $ (503.84) $ (75.58) -$ $ 4,459.02 $ 4,459.02 -$ $ 559.83

Eighteenth - 2/27/20

1/1/20 to 

1/31/20 $ 19,083.70 $ (1,908.37) $ 17,175.33 $ 15,457.80 ** ** -$ 15,457.80 $ ** -$ 1,717.53 $ 

Total $ 58,154.10 $ (5,815.41) $ 52,338.69 $ 47,104.82 $ (3,164.70) $ (474.71) -$ 43,465.41 $ $ 28,007.62 -$ 5,233.87 $ 

*This amount represents 10% reduction of fees incurred per engagement agreement. 

Monthly Fee Statements Filed Related to Sixth Interim Fee Application

February 1, 2020 through May 31, 2020 

Service Date of 

Monthly Fee 

Statement

Period 

Covered

Total Fees 

Incurred

Voluntary 

Reduction *

Total Billable 

Fees (100%)

Total Fees 

Requested 

(90%)

10% Puerto 

Rico Tax 

Withholding

1.5% 

Technical 

Service Fee

Expenses 

Requested 

(100%)

Total Net 

Amount 

Requested Fees Paid (90%)

Expenses 

Paid

Holdback 

(10%)

Nineteenth - 

4/23/2020

2/1/20 to 

2/29/20 $ 19,971.70 $ (1,997.17) $ 17,974.53 $ 16,177.08 $ (1,617.71) $ (242.66) -$ 14,316.71 $ $ 14,316.71 -$ 1,797.45 $ 

Twentieth - 

5/26/2020

3/1/20 to 

3/31/20 $ 14,929.70 $ (1,492.97) $ 13,436.73 $ 12,093.06 $ (1,209.31) $ (181.40) -$ 10,702.36 $ $ 10,702.36 -$ 1,343.67 $ 

Twenty-first - 

6/15/2020

4/1/20 to 

4/30/20 $ 36,840.80 $ (3,684.08) $ 33,156.72 $ 29,841.05 $ (2,984.10) $ (447.62) -$ 26,409.33 $ $ 26,409.33 -$ 3,315.67 $ 

Twenty-second - 

7/6/2020

5/1/20 to 

5/31/20 $ 15,493.00 $ (1,549.30) $ 13,943.70 $ 12,549.33 $ (1,254.93) $ (188.24) -$ 11,106.16 $ ** -$ 1,394.37 $ 

Total $ 87,235.20 $ (8,723.52) $ 78,511.68 $ 70,660.51 $ (7,066.05) $ (1,059.91) -$ 62,534.55 $ $ 51,428.40 -$ 7,851.17 $ 

*This amount represents 10% reduction of fees incurred per engagement agreement. 

Monthly Fee Statements Filed Related to Seventh Interim Fee Application

June 1, 2020 through September 30, 2020 

Service Date of 

Monthly Fee 

Statement

Period 

Covered

Total Fees 

Incurred

Voluntary 

Reduction *

Total Billable 

Fees (100%)

Total Fees 

Requested (90%)

10% Puerto 

Rico Tax 

Withholding

1.5% 

Technical 

Service Fee

Expenses 

Requested 

(100%)

Total Net 

Amount 

Requested Fees Paid (90%)

Expenses 

Paid

Holdback 

(10%)

Twenty-third - 

7/29/2020

6/1/20 to 

6/30/20 $ 21,199.40 $ (2,119.94) $ 19,079.46 $ 17,171.51 $ (1,717.15) $ (257.57) -$ 15,196.79 $ $ 15,196.79 -$ 1,907.95 $ 

Twenty-fourth - 

8/17/2020

to 

7/31/2020 $ 83,590.30 $ (8,359.03) $ 75,231.27 $ 67,708.14 $ (6,770.81) $ (1,015.62) -$ 59,921.71 $ $ 59,921.71 -$ 7,523.13 $ 

Twenty-fifth - 

9/14/2020

8/1/2020 - 

8/31/2020 $ 15,982.10 $ (1,598.21) $ 14,383.89 $ 12,945.50 $ (1,294.55) $ (194.18) -$ 11,456.77 $ $ 11,456.77 -$ 1,438.39 $ 

Twenty-sixth - 

10/26/2020

9/1/2020 

to $ 19,414.50 $ (1,941.45) $ 17,473.05 $ 15,725.75 $ (1,572.57) $ (235.89) -$ 13,917.28 $ ** -$ 1,747.31 $ 

Total $ 140,186.30 $ (14,018.63) $ 126,167.67 $ 113,550.90 $ (11,355.09) $ (1,703.26) -$ 100,492.55 $ $ 86,575.26 -$ 12,616.77 $ 

Case:17-03283-LTS Doc#:23659 Filed:03/01/23 Entered:03/01/23 14:55:47 Desc: Main

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6

Monthly Fee Statements Filed Related to Eighth Interim Fee Application

October 1, 2020 through January 31, 2021 

Service Date of 

Monthly Fee 

Statement

Period 

Covered

Total Fees 

Incurred

Voluntary 

Reduction *

Total Billable 

Fees (100%)

Total Fees 

Requested 

(90%)

10% Puerto 

Rico Tax 

Withholding

1.5% 

Technical 

Service Fee

Expenses 

Requested 

(100%)

Total Net 

Amount 

Requested

Fees Paid 

(90%)

Expenses 

Paid

Holdback 

(10%)

Twenty-seventh - 

12/29/2020

10/1/2020 - 

10/31/2020 $ 16,886.90 $ (1,688.69) $ 15,198.21 $ 13,678.39 $ (1,367.84) $ (205.18) $ - $ 12,105.37 $ 12,105.37 $ - $ 1,519.82

Twenty-eighth - 

1/19/2021

11/1/2020 - 

11/30/2020 $ 13,503.50 $ (1,350.35) $ 12,153.15 $ 10,937.84 $ (1,093.78) $ (164.07) $ - $ 9,679.98 $ 9,679.98 $ - $ 1,215.32

Twenty-ninth - 

1/25/2021

12/1/2020 - 

12/31/2020 $ 14,061.00 $ (1,406.10) $ 12,654.90 $ 11,389.41 $ (1,138.94) $ (170.84) $ - $ 10,079.63 $ 10,079.63 $ - $ 1,265.49

Thirtieth - 

2/26/2021

1/1/2021 - 

1/31/2021 $ 19,242.50 $ (1,924.25) $ 17,318.25 $ 15,586.43 $ (1,558.64) $ (233.80) $ - $ 13,793.99 ** $ - $ 1,731.83

Total $ 63,693.90 $ (6,369.39) $ 57,324.51 $ 51,592.06 $ (5,159.21) $ (773.88) $ - $ 45,658.97 $ 31,864.99 $ - $ 5,732.45

Monthly Fee Statements Filed Related to Ninth Interim Fee Application

February 1, 2021 through May 31, 2021 

Service Date of 

Monthly Fee 

Statement

Period 

Covered

Total Fees 

Incurred

Voluntary 

Reduction *

Total Billable 

Fees (100% )

Total Fees 

Requested 

(90% )

10% Puerto 

Rico Tax 

Withholding

1.5% 

Technical 

Service Fee

Expenses 

Requested 

(100% )

Total Net 

Amount 

Requested

Fees Paid 

(90% )

Expenses 

Paid

Holdback 

(10% )

Thirty-first - 

4/28/2021

2/1/2021 - 

2/28/2021 $ 22,792.10 $ (2,279.21) $ 20,512.89 $ 18,461.60 $ (1,846.16) $ (276.92) $ - $ 16,338.52 $ 16,338.52 $ - $ 2,051.29

Thirty-second - 

5/7/2021

3/1/2021 - 

3/31/2021 $ 72,306.50 $ (7,230.65) $ 65,075.85 $ 58,568.27 $ (5,856.83) $ (878.52) $ - $ 51,832.91 $ 51,832.91 $ - $ 6,507.59

Thirty-third - 

6/8/2021

4/1/2021- 

4/30/2021 $ 64,555.90 $ (6,455.59) $ 58,100.31 $ 52,290.28 $ (5,229.03) $ (784.35) $ - $ 46,276.90 $ 46,276.90 $ - $ 5,810.03

Thirty-fourth - 

7/7/2021

5/1/2021 - 

5/31/2021 $ 28,165.80 $ (2,816.58) $ 25,349.22 $ 22,814.30 $ (2,281.43) $ (342.21) $ - $ 20,190.65 ** $ - $ 2,534.92

Total $ 187,820.30 $ (18,782.03) $ 169,038.27 $ 152,134.44 $ (15,213.44) $ (2,282.02) $ - $ 134,638.98 $ 114,448.33 $ - $ 16,903.83

Monthly Fee Statements Filed Related to Tenth Interim Fee Application

June 1, 2021 through September 30, 2021 

Service Date of 

Monthly Fee 

Statement

Period 

Covered

Total Fees 

Incurred

Voluntary 

Reduction *

Total Billable 

Fees (100%)

Total Fees 

Requested 

(90%)

10% Puerto 

Rico Tax 

Withholding

1.5% 

Technical 

Service Fee

Expenses 

Requested 

(100%)

Total Net 

Amount 

Requested

Fees Paid 

(90%)

Expenses 

Paid

Holdback 

(10%)

Thirty-fifth - 

8/3/2021

6/1/21 to 

6/30/21 $ 47,803.40 $ (4,780.34) $ 43,023.06 $ 38,720.75 $ (3,872.08) $ (580.81) $ - $ 34,267.87 $ 34,267.87 $ - $ 4,302.31

Thirty-sixth8/10/20217/1/21 to 

7/31/21 $ 41,749.40 $ (4,174.94) $ 37,574.46 $ 33,817.01 $ (3,381.70) $ (507.26) $ - $ 29,928.06 $ 29,928.06 $ - $ 3,757.45

Thirty-seventh - 

9/2/2021

8/1/21 to 

8/31/21 $ 33,101.30 $ (3,310.13) $ 29,791.17 $ 26,812.05 $ (2,681.21) $ (402.18) $ - $ 23,728.67 $ 23,728.67 $ - $ 2,979.12

Thirty-Eighth - 

10/27/2021

9/1/21 to 

9/30/21 $ 33,886.80 $ (3,388.68) $ 30,498.12 $ 27,448.31 $ (2,744.83) $ (411.72) $ - $ 24,291.75 ** $ - $ 3,049.81

Total $ 156,540.90 $ (15,654.09) $ 140,886.81 $ 126,798.13 $ (12,679.81) $ (1,901.97) $ - $ 112,216.34 $ 87,924.59 $ - $ 14,088.68

Monthly Fee Statements Filed Related to Eleventh Interim Fee Application 

October 1, 2021 through January 31, 2022 

Service Date of 

Monthly Fee 

Statement

Period 

Covered

Total Fees 

Incurred

Voluntary 

Reduction *

Total Billable 

Fees (100%)

Total Fees 

Requested 

(90%)

10% Puerto Rico 

Tax 

Withholding***

1.5% 

Technical 

Service Fee

Expenses 

Requested 

(100%)

Total Net 

Amount 

Requested

Fees Paid 

(90%)

Expenses 

Paid Holdback (10%)

Thirty-ninth - 

12/12/2021

10/1/2021 to 

10/31/2021 $ 75,138.00 $ (7,513.80) $ 67,624.20 $ 60,861.78 $ (6,086.18) $ (912.93) $ - $ 53,862.68 $ 53,862.68 $ - $ 6,762.42

Fortieth - 

1/11/2022

11/1/2021 to 

11/30/2021 $ 82,210.00 $ (8,221.00) $ 73,989.00 $ 66,590.10 $ (6,659.01) $ (998.85) $ - $ 58,932.24 $ 58,932.24 $ - $ 7,398.90

Forty-first - 

2/2/2022

12/1/2021 to 

12/31/2021 $ 130,817.00 $ (13,081.70) $ 117,735.30 $ 105,961.77 $ (6,357.71) $ (1,589.43) $ - $ 98,014.64 $ 98,014.64 $ - $ 11,773.53

Forty-second - 

3/7/2022

1/1/2022 to 

1/31/2022 $ 131,268.00 $ (13,126.80) $ 118,141.20 $ 106,327.08 $ (6,379.62) $ (1,594.91) $ - $ 98,352.55 $ 98,352.55 $ - $ 11,814.12

Total $ 419,433.00 $ (41,943.30) $ 377,489.70 $ 339,740.73 $ (25,482.52) $ (5,096.11) $ - $ 309,162.10 $ 309,162.10 $ - $ 37,748.97

*This amount represents 10% reduction of fees incurred per engagement agreement. 

** Payment related to this fee period had not been received at the time of filing this interim fee application.

*** As of 1/31/2022 the Puerto Rico Tax Withholding has been reduced to 6% because of a partial waiver issued by the Government of Puerto Rico Department of Treasury.

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7

Monthly Fee Statements Filed Related to Twelfth Interim Fee Application 

February 1, 2022 through May 31, 2022 

 

Service Date of 

Monthly Fee 

Statement

Period 

Covered

Total Fees 

Incurred

Voluntary 

Reduction *

Total Billable 

Fees (100%)

Total Fees 

Requested 

(90%)

6% Puerto Rico 

Tax 

Withholding***

1.5% 

Technical 

Service Fee

Expenses 

Requested 

(100%)

Total Net 

Amount 

Requested

Fees Paid 

(90%)

Expenses 

Paid Holdback (10%)

Forty-Third - 

4/5/2022

2/1/2022 to 

2/28/2022 $ 74,584.50 $ (7,458.45) $ 67,126.05 $ 60,413.45 $ (3,624.81) $ (906.20) $ - $ 55,882.44 $ 55,882.44 $ - $ 6,712.61

Forty-Fourth - 

4/14/2022

3/1/2022 to 

3/31/2022 $ 64,446.50 $ (6,444.65) $ 58,001.85 $ 52,201.67 $ (3,132.10) $ (783.02) $ - $ 48,286.54 $ 48,286.54 $ - $ 5,800.19

Forty-Fifth - 

5/26/2022

4/1/2022 to 

4/30/2022 $ 65,130.00 $ (6,513.00) $ 58,617.00 $ 52,755.30 $ (3,165.32) $ (791.33) $ - $ 48,798.65 $ 48,798.65 $ - $ 5,861.70

Forty-Sixth - Puerto 

Rico - 6/29/2022

5/1/2022 to 

5/31/2022 $ 7,315.00 $ (731.50) $ 6,583.50 $ 5,925.15 $ (355.51) $ (88.88) $ - $ 5,480.76 ** $ - $ 658.35

Forty-Sixth - 

6/29/2022

5/1/2022 to 

5/31/2022 $ 47,725.00 $ (4,772.50) $ 42,952.50 $ 38,657.25 $ (2,319.44) $ (579.86) $ - $ 35,757.96 ** $ - $ 4,295.25

Total $ 259,201.00 $ (25,920.10) $ 233,280.90 $ 209,952.81 $ (12,597.17) $ (3,149.29) $ - $ 194,206.35 $ 152,967.63 $ - $ 23,328.09

Monthly Fee Statements Filed Related to Thirteenth Interim Fee Application 

June 1, 2022 through September 30, 2022 

Service Date of 

Monthly Fee 

Statement

Period 

Covered

Total Fees 

Incurred

Voluntary 

Reduction *

Total Billable 

Fees (100%)

Total Fees 

Requested 

(90%)

6% Puerto Rico 

Tax 

Withholding***

1.5% 

Technical 

Service Fee

Expenses 

Requested 

(100%)

Total Net 

Amount 

Requested

Fees Paid 

(90%)

Expenses 

Paid Holdback (10%)

Forty-Seventh - 

7/25/2022 

6/1/2022 to 

6/30/2022 $ 69,778.30 $ (6,977.83) $ 62,800.47 $ 56,520.42 $ (3,391.23) $ (847.81) $ - $ 52,281.39 $ 52,281.39 $ - $ 6,280.05

Forty-Eighth - 

9/6/2022

7/1/2022 to 

7/31/2022 $ 67,968.50 $ (6,796.85) $ 61,171.65 $ 55,054.49 $ (3,303.27) $ (825.82) $ - $ 50,925.40 $ 50,925.40 $ - $ 6,117.17

Forty-Ninth - 

9/14/2022

8/1/2022 to 

8/31/2022 $ 30,764.00 $ (3,076.40) $ 27,687.60 $ 24,918.84 $ (1,495.13) $ (373.78) $ - $ 23,049.93 $ 23,049.93 $ - $ 2,768.76 o ty N t 

Puerto Rico - 

9/14/2022

8/1/2022 to 

8/31/2022 $ 6,935.00 $ (693.50) $ 6,241.50 $ 5,617.35 $ (337.04) $ (84.26) $ 1,935.89 $ 7,131.94 $ 5,196.05 $ 1,935.89 $ 624.15

Fiftieth- 10/6/2022

9/1/2022 to 

9/30/2022 $ 19,834.60 $ (1,983.46) $ 17,851.14 $ 16,066.03 $ (963.96) $ (240.99) $ - $ 14,861.07 $ 14,861.07 $ - $ 1,785.11

Total $ 195,280.40 $ (19,528.04) $ 175,752.36 $ 158,177.12 $ (9,490.63) $ (2,372.66) $ 1,935.89 $ 148,249.73 $ 146,313.84 $ 1,935.89 $ 17,575.24

Monthly Fee Statements Filed Related to Thirteenth Interim Fee Application3

October 1, 2022 through December 6, 2022 

Service Date of 

Monthly Fee 

Statement

Period 

Covered

Total Fees 

Incurred

Voluntary 

Reduction *

Total Billable 

Fees (100%)

Total Fees 

Requested 

(90%)

6% Puerto Rico Tax 

Withholding***

1.5% 

Technical 

Service Fee

Expenses 

Requested 

(100%)

Total Net 

Amount 

Requested Fees Paid (90%)

Expenses 

Paid Holdback (10%)

Fifty-First - 

12/2/2022 

10/1/2022 to 

10/31/2022 $ 25,465.00 $ (2,546.50) $ 22,918.50 $ 20,626.65 $ (1,237.60) $ (309.40) -$ 19,079.65 $ $ 19,079.65 -$ $ 2,291.85

Fifty-Second - 

12/29/2022

11/1/2022 to 

11/30/2022 $ 11,710.00 $ (1,171.00) $ 10,539.00 $ 9,485.10 $ (569.11) $ (142.28) -$ $ 8,773.72 $ 8,773.72 -$ $ 1,053.90

Fifty-Third - 

1/31/2023

12/1/2022 to 

12/6/2022 $ 4,985.00 $ (498.50) $ 4,486.50 $ 4,037.85 $ (242.27) $ (60.57) -$ $ 3,735.01 $ 3,735.01 -$ $ 448.65

Total $ 42,160.00 $ (4,216.00) $ 37,944.00 $ 34,149.60 $ (2,048.98) $ (512.24) -$ 31,588.38 $ $ 31,588.38 -$ $ 3,794.40

*This amount represents 10% reduction of fees incurred per engagement agreement. 

** Payment related to this fee period had not been received at the time of filing this interim fee application.

*** As of 1/31/2022 the Puerto Rico Tax Withholding has been reduced to 6% because of a partial waiver issued by the Government of Puerto Rico Department of Treasury.

3 Please note A&M was retained on August 2, 2018, in the middle of the Fourth Interim Fee Period, and at that time 

submitted its First Interim Fee Application, rather than the fourth interim application. Accordingly, this current 

request represents A&M’s Twelfth Interim Fee Application.

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Estimated Hearing Date: June 7, 2023 at 9:30 a.m. (Atlantic Standard Time) 

Objection Deadline: March 21, 2023 at 4:00 p.m. (Atlantic Standard Time) 

UNITED STATES DISTRICT COURT

DISTRICT OF PUERTO RICO

---------------------------------------------------------------------------

In re: ) PROMESA

) Title III

THE FINANCIAL OVERSIGHT AND )

MANAGEMENT BOARD FOR PUERTO RICO, )

)

No. 17 BK 3283-LTS

 as representative of )

THE COMMONWEALTH OF PUERTO RICO, et al.,

)

) (Jointly Administered)

Debtors. 4

---------------------------------------------------------------------------

In re: ) PROMESA

) Title III

THE FINANCIAL OVERSIGHT AND )

MANAGEMENT BOARD FOR PUERTO RICO, )

)

No. 17 BK 3567-LTS

as representative of

THE PUERTO RICO HIGHWAYS AND 

TRANSPORTATION AUTHORITY

Debtor 

) This Application relates 

only to HTA and shall 

be filed in the Lead 

Case No. 17 BK 3283-

LTS and HTA’s Title

III Case (Case No. 17 

BK 3567-LTS)

---------------------------------------------------------------------------

4 The Debtors in these Title III Cases, along with each Debtor’s respective Title III case number and the last four (4) 

digits of each Debtor’s federal tax identification number, as applicable, are the (i) Commonwealth of Puerto Rico 

(Bankruptcy Case No. 17 BK 3283-LTS) (Last Four Digits of Federal Tax ID: 3481); (ii) Puerto Rico Sales Tax

Financing Corporation (“COFINA”) (Bankruptcy Case No. 17 BK 3284-LTS) (Last Four Digits of Federal Tax ID: 

8474); (iii) Puerto Rico Highways and Transportation Authority (“HTA”) (Bankruptcy Case No. 17 BK 3567-LTS) 

(Last Four Digits of Federal Tax ID: 3808); (iv) Employees Retirement System of the Government of the 

Commonwealth of Puerto Rico (“ERS”) (Bankruptcy Case No. 17 BK 3566-LTS) (Last Four Digits of Federal Tax

ID: 9686); and (v) Puerto Rico Electric Power Authority (“PREPA”) (Bankruptcy Case No. 17 BK 4780-LTS) (Last

Four Digits of Federal Tax ID: 3747) ); (vi) Puerto Rico Public Buildings Authority (“PBA”) (Bankruptcy Case No. 

19 BK 5523-LTS) (Last Four Digits of Federal Tax ID: 3801) (Title III case numbers are listed as Bankruptcy Case 

numbers due to software limitations). 

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FOURTEENTH INTERIM FEE APPLICATION OF 

ALVAREZ & MARSAL NORTH AMERICA, LLC

FOR COMPENSATION FOR SERVICES RENDERED AND REIMBURSEMENT OF 

EXPENSES INCURRED AS ADVISOR TO THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD OF PUERTO RICO AS REPRESENTATIVE OF THE 

PUERTO RICO HIGHWAYS AND TRANSPORTATION AUTHORITY

FROM OCTOBER 1, 2022 THROUGH DECEMER 6, 2022 

Pursuant to sections 316 and 317 of Title III of the Puerto Rico Oversight, Management 

and Economic Stability Act (“PROMESA”) and Rule 2016 of the Federal Rules of Bankruptcy 

Procedure (collectively the “Bankruptcy Rules”), made applicable herein pursuant to section 310 

of PROMESA, Rule 2016-1 of the Local Rules of Bankruptcy Practice and Procedure of the 

United States Bankruptcy Court for the District of Puerto Rico, adopted by the Court on May 16, 

2013 (the “Local Bankruptcy Rules”) and this Court’s Third Amended Order Setting Procedures 

for Interim and Final Compensation and Reimbursement of Expenses of Professionals, dated 

April 12, 2022 [Docket No. 20546] (the “Third Amended Interim Compensation Order”), 

Alvarez & Marsal North America, LLC (“A&M”), as advisor to the Financial Oversight Board 

of Puerto Rico (the “Oversight Board”) in its role as representative for the Puerto Rico Highways 

and Transportation Authority, (“HTA”), as debtor under Title III of the Puerto Rico Oversight, 

Management and Economic Stability Act of 2016 (“PROMESA”), hereby submits its Fourteenth 

(the “Fourteenth Interim Fee Application”) for the compensation of professional services 

performed by A&M and reimbursement of expenses incurred in connection therewith for the 

period commencing October 1, 2022 through and including December 6, 2022 (the “Fourteenth 

Interim Fee Application Period”).

 By this Fourteenth Interim Fee Application, A&M seeks compensation in the amount of 

$42,160.00 less a discount in the amount of $4,216.00 for a total amount of $37,994.00, all of 

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which represents fees earned outside of Puerto Rico, and reimbursement of actual and necessary

expenses incurred in the amount of $0 for the Fourteenth Interim Fee Application Period.

JURISDICTION

 1. The United States District Court for the District of Puerto Rico (the “Court”) has 

subject matter jurisdiction over this Application pursuant to PROMESA section 306(a).

 2. Venue is proper in this district pursuant to PROMESA section 307(a). 

 3. The statutory predicates for the relief requested herein are PROMESA sections 

316 and 317. 

BACKGROUND 

4. On June 30, 2016, the Oversight Board was established under PROMESA section 

101(b). On August 31, 2016, President Obama appointed the Oversight Board’s seven voting 

members.

 5. Pursuant to PROMESA section 315, “[t]he Oversight Board in a case under this 

subchapter is the representative of the debtor” and “may take any action necessary on behalf of 

the debtor to prosecute the case of the debtor, including filing a petition under section [304] of 

[PROMESA] . . . or otherwise generally submitting filings in relation to the case with the court.” 

48 U.S.C. § 2175. 

 6. On September 30, 2016, the Oversight Board designated the Debtor as a ‘covered

entity” under PROMESA section 101(d), 

 7. On May 21, 2017, the Oversight Board issued a restructuring certification 

pursuant to PROMESA sections 104(j) and 206 and filed a voluntary petition for relief for the 

Debtor pursuant to PROMESA section 304(a), commencing a case under title III thereof (the 

“Debtor’s Title III Case”). Pursuant to PROMESA section 315(b), the Oversight Board is the 

Debtor’s representative in the Debtor’s Title III Case.

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11

 8. Background information regarding the Debtor and the commencement of the 

Debtor’s Title III Case is contained in the Notice of Filing of Statement of Oversight Board in 

Connection with PROMESA Title III Petition [ECF No. 1, Case No. 17 BK 3283-LTS], attached 

to the Commonwealth of Puerto Rico’s Title III petition. 

 9. On August 2, 2018, the Oversight Board retained A&M, at discounted rates, to 

manage and resolve the tens of thousands of claims filed against the Title III entities5. 

 10. On December 2, 2022, A&M served on the Notice Parties (as defined in the 

Interim Compensation Order) its Fifty-First monthly fee statement for the period October 1, 2022 

through October 31, 2022. The Fifty-First monthly fee statement is attached hereto as Exhibit A. 

 11. On December 29, 2022, A&M served on the Notice Parties its Fifty-Second

monthly fee statement for the November 1, 2022 through November 30, 2022. The Fifty-Second 

monthly fee statement is attached hereto as Exhibit B. 

 12. On January 31, 2023, A&M served on the Notice Parties its Fifty-Third monthly 

fee statement for the period December 1, 2022 through December 6, 2022. The Fifty-Third

monthly fee statement is attached hereto as Exhibit C. 

 14. In accordance with the Interim Compensation Order and as reflected in the 

foregoing summary, A&M has requested an aggregate gross payment of $34,149.60, which

represents payment of ninety percent (90%) of the compensation sought and reimbursement of 

one-hundred percent (100%) of expenses incurred. To date, A&M has received payment of 

$31,588.38 in fees and $0 in incurred expenses with respect to fee statements filed during the 

Fourteenth Interim Compensation Period. The variance between the requested fees and 

payments received relates to: 1) a 1.5% Technical Service Fee tax withholdings totaling $512.24; 

5 Pursuant to A&M’s August 2, 2018 engagement letter with the Oversight Board (a copy of which is 

available on the Oversight Board’s website at: 

https://drive.google.com/file/d/1HuXTVFMQJC4POU_3judw1CCHdSPGhp8q/view (the “Engagement Letter”), it 

shall not provide services or advice on any claims related to the Puerto Rico Electric Power Authority. 

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and 2) a universal withholding tax6 (versus fees incurred on Puerto Rico) effective as of 

December 2018 and as of the time of filing this Application, totaling $2,048.98 for the

Fourteenth Interim Fee Application Period.

REQUESTED FEES AND REIMBURSEMENT OF EXPENSES

 15. All services for which A&M requests compensation were performed for Puerto 

Rico Highways and Transportation Authority (“HTA”). The time detail for the Fourteenth 

Interim Fee Application Period is attached hereto as Exhibit D. This Fourteenth Interim Fee 

Application contains time entries describing the time spent by each professional during the 

Fourteenth Interim Fee Application Period. To the best of A&M’s knowledge, this Fourteenth 

Interim Fee Application substantially complies with the applicable provisions of PROMESA, the 

Bankruptcy Rules, the Local Bankruptcy Rules, and the Second Interim Compensation Order. 

A&M’s time reports are entered and organized by task and by professional performing the 

described service in 1/10 of an hour increments. 

 16. A&M incurred expenses for the Fourteenth Interim Fee Application Period as 

presented here to as Exhibit E. 

 17. The services rendered by A&M during the Fourteenth Interim Fee Application 

can be grouped into the categories set forth below. A&M attempted to place the services 

provided in the category that best relates to such services. However, because certain services 

may relate to one or more categories, services pertaining to one category may in fact be included 

in another category. These services performed are generally described below by category, and as

set forth in the attached time detail attached hereto as Exhibit F. This Exhibit F also identifies 

the professional who rendered services relating to each category, along with the number of hours 

for each individual and the total compensation sought for each category. 

6 Beginning with payments received after 1/31/2022, the withholding tax was reduced to 6% from 10% per a partial 

waiver issued by the Puerto Rico Department of Treasury. 

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SUMMARY OF SERVICES PERFORMED

 18. This Fourteenth Interim Fee Application covers the fees incurred during the 

Fourteenth Interim Fee Application Period with respect to services rendered as advisor to the 

Oversight Board in its role as representative for HTA. A&M believes it is appropriate to be 

compensated for the time spent in connection with these matters, and set forth a narrative 

description of the services rendered for the Debtors and the time expended, organized by project 

task categories as follows: 

A. Puerto Rico Highways and Transportation Authority – Claims Administration and 

Objections

 19. During this period, A&M: 

a. Prepared Claim Reconciliation Worksheets (CRWs) for approximately 30 

accounts payable Claims. The completed CRWs were sent to HTA for further 

review and reconciliation; 

b. Reviewed approximately 14 CRWs completed by HTA related to accounts 

payable Claims. A&M prepared follow up requests to HTA or creditor for 

additional Claim support and/or included the claim on an omnibus objection, 

where appropriate; 

c. Analyzed approximately 25 litigation Claims and support to identify key data 

points related to the case status, type of case and estimated value of the 

asserted liabilities as requested by Proskauer; 

d. Prepared updated analysis of Claim and Plan Class estimates ; 

e. Prepared and filed 11 Omnibus Objections affecting 35 Claims; 

f. Reviewed and organized documents provided by HTA related to litigation 

claims in response to data requests made by the PROMESA board; 

g. Prepared weekly updated Claims waterfall analyses;

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h. Provided regular updates of the Claims reconciliation progress to 

representatives of the Title III entities, AAFAF, the Oversight Board, and their 

respective advisors. 

In conjunction with this category, A&M expended approximately 52.7 hours during the 

Application Period, for a total of $36,765.00, prior to any fee reduction. 

B. Puerto Rico Highways and Transportation Authority – Fee Applications 

 20. During the Fourteenth Interim Fee Application Period, A&M prepared its

Thirteenth Interim Fee Application as required by the Third Amended Interim Compensation 

Order. In conjunction with this category, A&M expended approximately 7.1 hours during the 

Application Period, for a total of $4,085.00, prior to any fee reduction. 

C. Puerto Rico Highways and Transportation Authority – Meetings 

 21. During the Fourteenth Interim Fee Application Period, A&M participated in

several meetings to review the Highway and Transportation Authority claims process. These 

meetings included: 

a. During the Fourteenth Interim Fee Application Period, A&M held meetings 

with other Title III professionals to provide updates on the Claims 

reconciliation process. 

In conjunction with this category, A&M expended approximately 1.6 hours during the 

Application Period, for a total of $1,310.00 prior to any fee reduction. 

D. Discounts Agreed to By A&M and the Oversight Board 

 22. A&M and the Oversight Board in its role as representative for HTA had 

previously agreed to a ten-percent discount of fees based on the Engagement Letter.

CERTIFICATE OF COMPLIANCE AND REQUEST FOR WAIVER

 23. Attached hereto as Exhibit G is a declaration of Jay Herriman, the undersigned 

representative of A&M. To the extent that the Thirteenth Interim Fee Application does not 

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comply in all respects with the requirements of the aforementioned rules, A&M believes that 

such deviations are not material and respectfully requests that any such requirements be waived. 

NOTICE 

 24. Pursuant to the Interim Compensation Order, notice of this Application has been 

filed in HTA’s and the jointly-administered Commonwealth of Puerto Rico’s Title III cases and

served upon: 

(a) the Financial Oversight and Management Board, 40 Washington Square South, 

Office 314A, New York, NY 10012, Attn: Professor Arthur J. Gonzalez, Oversight Board 

Member.

(b) attorneys for the Financial Oversight and Management Board as representative of 

The Commonwealth of Puerto Rico, O’Neill & Borges LLC, 250 Muñoz Rivera Ave., 

suite 800, San Juan, PR 00918-1813, Attn: Hermann D. Bauer, Esq. 

(Hermann.bauer@oneillborges.com; 

(c) attorneys for the Puerto Rico Fiscal Agency and Financial Advisory Authority, 

O’Melveny & Myers LLP, Times Square Tower, 7 Time Square, New York, NY 10036, 

Attn: John J. Rapisardi, Esq. (jrapisardi@omm.com) and Diana M. Perez, Esq.

(dperez@omm.com). 

(d) attorneys for the Puerto Rico Fiscal Agency and Financial Advisory 

Authority, Marini Pietrantoni Muniz LLC, MCS Plaza, Suite 500, 

255 Ponce de León Ave., San Juan P.R. 00917, Attn.: Luis C. 

Marini-Biaggi, Esq. (lmarini@mpmlawpr.com) and Carolina VelazRivero Esq. (cvelaz@mpmlawpr.com); 

(e) the Office of the United States Trustee for the District of Puerto

Rico, Edificio Ochoa, 500 Tanca Street, Suite 301, San Juan, PR

00901 (re: In re: Commonwealth of Puerto Rico); 

(f) attorneys for the Official Committee of Unsecured Creditors, Paul 

Hastings LLP, 200 Park Ave., New York, NY 10166, Attn: Luc A.

Despins, Esq. (lucdespins@paulhastings.com);

(g) attorneys for the Official Committee of Unsecured Creditors,

Casillas, Santiago & Torres LLC, El Caribe Office Building, 53 

Palmeras Street, Ste. 1601, San Juan, PR 00901, Attn: Juan J.

Casillas Ayala, Esq. (jcasillas@cstlawpr.com) and Alberto J.E.

Añeses Negrón, Esq. (aaneses@cstlawpr.com);

(h) attorneys for the Official Committee of Retired Employees, Jenner &

Block LLP, 919 Third Ave., New York, NY 10022, Attn: Robert

Gordon, Esq. (rgordon@jenner.com) and Richard Levin, Esq. 

(rlevin@jenner.com); and Jenner & Block LLP, 353 N. Clark Street, 

Chicago, IL 60654, Attn: Catherine Steege, Esq. (csteege@jenner. 

com) and Melissa Root, Esq. (mroot@jenner.com);

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(i) attorneys for the Official Committee of Retired Employees,

Bennazar, García & Milián, C.S.P., Edificio Union Plaza, PH-A, 416

Ave. Ponce de León, Hato Rey, PR 00918, Attn: A.J. BennazarZequeira, Esq. (ajb@bennazar.org);

(j) the Puerto Rico Department of Treasury, PO Box 9024140, San

Juan, PR 00902-4140, Attn: Reylam Guerra Goderich, Deputy

Assistant of Central Accounting (Reylam.Guerra@hacienda.pr.gov);

Omar E. Rodríguez Pérez, CPA, Assistant Secretary of Central

Accounting (Rodriguez.Omar@hacienda.pr.gov); Angel L. Pantoja

Rodríguez, Deputy Assistant Secretary of Internal Revenue and Tax

Policy (angel.pantoja@hacienda.pr.gov); Francisco Parés Alicea,

Assistant Secretary of Internal Revenue and Tax Policy

(francisco.pares@hacienda.pr.gov); and Francisco Peña Montañez,

CPA, Assistant Secretary of the Treasury (Francisco.Pena@hacienda. pr.gov);

k. attorneys for the Fee Examiner, EDGE Legal Strategies, PSC, 252

Ponce de León Avenue, Citibank Tower, 12th Floor, San Juan, PR

00918, Attn: Eyck O. Lugo (elugo@edgelegalpr.com); and

l. attorneys for the Fee Examiner, Godfrey & Kahn, S.C., One East

Main Street, Suite 500, Madison, WI 53703, Attn: Katherine Stadler

(KStadler@ gklaw.com).

A&M submits that, in light of the foregoing, no other or further notice need be provided. 

WHEREFORE, pursuant to the Third Amended Interim Compensation Order, A&M 

respectfully requests that, for the period October 1, 2022 through December 6, 2022, the Court 

(i) grant A&M interim allowance of compensation in the amount of $42,160.00 for professional

services rendered during the Fourteenth Interim Fee Application Period and $0 in expenses. 

Dated: March 1, 2023 

Marco Island, Florida /s/ Jay Herriman

Jay Herriman

Alvarez & Marsal North America, LLC 

755 W. Big Beaver Road

Suite 650 

Troy, MI 48084 

Telephone: 248.936.0850

Facsimile: 248.936.0801 

jhertzberg@alvarezandmarsal.com

ADVISOR TO THE OVERSIGHT BOARD 

AS REPRESENTATIVE OF THE 

DEBTOR

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EXHIBITS 

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Exhibit A

ALVAREZ & MARSAL NORTH AMERICA, LLC

MONTHLY FEE APPLICATION OF FOR THE PERIOD 

OCOTBER 1, 2022 THROUGH OCTOBER 31, 2022

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UNITED STATES DISTRICT COURT

DISTRICT OF PUERTO RICO

In re: ) PROMESA

) Title III

THE FINANCIAL OVERSIGHT AND )

MANAGEMENT BOARD FOR PUERTO RICO, )

)

No. 17 BK 3567-LTS

)

 as representative of )

THE PUERTO RICO HIGHWAYS AND 

TRANSPORTATION AUTHORITY, et al.,

)

) 

 Debtors. 1

COVER SHEET TO FIFTY-FIRST MONTHLY FEE APPLICATION OF 

ALVAREZ & MARSAL NORTH AMERICA, LLC

FOR PAYMENT OF COMPENSATION RENDERED OUTSIDE OF PUERTO RICO 

AND REIMBURSEMENT OF EXPENSES FOR CONSULTING SERVICES TO THE 

FINANCIAL OVERSIGHT AND MANAGEMENT BOARD OF PUERTO RICO 

FOR THE PERIOD FROM 

OCTOBER 1, 2022 THROUGH OCTOBER 31, 2022 

ALL FEES AND SERVICES IN THIS MONTHLY FEE STATEMENT 

WERE INCURRED OUTSIDE OF PUERTO RICO

Name of Applicant: Alvarez & Marsal North America, LLC (A&M) 

Authorized to Provide Professional 

Services to:

Financial Oversight and Management Board of 

Puerto Rico

Services Rendered to: Puerto Rico Highways & Transportation Authority 

Period for which compensation and 

1 The Debtors in these Title III Cases, along with each Debtor’s respective Title III case number and the last four (4) 

digits of each Debtor’s federal tax identification number, as applicable, are the (i) Commonwealth of Puerto Rico 

(Bankruptcy Case No. 17 BK 3283-LTS) (Last Four Digits of Federal Tax ID: 3481); (ii) Puerto Rico Sales Tax 

Financing Corporation (“COFINA”) (Bankruptcy Case No. 17 BK 3284-LTS) (Last Four Digits of Federal Tax ID: 

8474); (iii) Puerto Rico Highways and Transportation Authority (“HTA”) (Bankruptcy Case No. 17 BK 3567-LTS)

(Last Four Digits of Federal Tax ID: 3808); and (iv) Employees Retirement System of the Government of the 

Commonwealth of Puerto Rico (“ERS”) (Bankruptcy Case No. 17 BK 3566-LTS) (Last Four Digits of Federal Tax

ID: 9686); and (v) Puerto Rico Electric Power Authority (“PREPA”) (Bankruptcy Case No. 17 BK 4780-LTS) (Last 

Four Digits of Federal Tax ID: 3747); (vi) Puerto Rico Public Buildings Authority (“PBA”) (Bankruptcy Case No. 

19 BK 5523-LTS) (Last Four Digits of Federal Tax ID: 3801) (Title III case numbers are listed as Bankruptcy Case 

numbers due to software limitations). 

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2 

reimbursement for fees and services 

outside of Puerto Rico is sought: October 1, 2022 through October 31, 2022 

Amount of Compensation sought as actual, 

reasonable and necessary: $22,918.50 ($25,465.00 incurred less 10% 

voluntary reduction of $2,546.50) 

Amount of Expense Reimbursement sought 

as actual, reasonable and necessary: $ - 0 - 

This is a(n):  Monthly ___ Interim ___ Final application

This is A&M’s Fifty-first monthly fee application filed in these cases and is for services rendered 

outside Puerto Rico.

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Principal Certification

I hereby authorize the submission of this Monthly Fee Statement for October 2022. 

Jaime A. El Koury 

General Counsel to the Financial Oversight and 

Management Board of Puerto Rico 

/s/ Jaime A. El Koury

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On December 2, 2022 Sent to: 

FOMB: 

Financial Oversight and Management Board 

40 Washington Square South 

Office 314A 

New York, NY 10012 

O’Neil & Borges LLC 

250 Muñoz Rivera Ave., Suite 800 

San Juan, PR 00918 

Attn: Hermann D. Bauer, Esq.

Office of United States Trustee:

Office of the United States Trustee for the District of

Puerto Rico 

Edificio Ochoa, 500 Tanca Street, Suite 301

San Juan, PR 00901 

(In re: Commonwealth of Puerto Rico) 

Co-Counsel for the Official Committee of Unsecured

Creditors:

Paul Hastings LLP 

200 Park Avenue

New York, NY 10166 

Attn: Luc A. Despins, Esq.

Casillas, Santiago & Torres, LLC

El Caribe Office Building 

53 Palmeras Street, Ste. 1601 

San Juan, Puerto Rico 00901-2419 

Attn: Juan J. Casillas Ayala, Esq. 

Alberto J. E. Añeses Negrón, Esq. 

Central Accounting 

Co-Counsel for the Fee Examiner:

Godfrey & Kahn, S.C. 

One East Main Street, Suite 500 

Madison, WI 53703 

Attn: Katherine Stadler 

EDGE Legal Strategies, PSC Secretary of the Treasury

252 Ponce de León Avenue 

Citibank Tower, 12th Floor 

San Juan, PR 00918 

Attn: Eyck O. Lugo 

Co-Counsel for AAFAF: 

O’Melveny & Myers, LLP. 

Times Square Tower 

7 Times Square 

New York, NY 10036 

Attn: John J. Rapisardi, Esq.

Diana M. Perez, Esq. 

Marini Pietrantonui Muñiz LLC 

MSC Plaza, Suite 500 

255 Ponce de León Ave

San Juan, PR 00917

Attn: Luis C. Marini-Biaggi, Esq.

Carolina Velaz-Rivero, Esq. 

Co-Counsel for the Official Committee of Retirees: 

Jenner & Block LLP

919 Third Avenue 

New York, NY 10022-3908 

Attn: Robert Gordon, Esq. 

Richard Levin, Esq.

Jenner & Block LLP

353 N. Clark Street

Chicago, IL 60654

Attn: Catherine Steege, Esq.

Melissa Root, Esq. 

Bennazar, Garcia & Milián, C.S.P.

Edifico Union Plaza, PH-A 

416 Avenida Ponce de León 

Hato Rey, PR 00918 

Attn: A. J. Bennazar-Zequeria, Esq.

Puerto Rico Department of Treasury

PO Box 9024140

San Juan, PR 00902-4140 

Attn: Reylam Guerra Goderich, Deputy Assistant of 

General Accounting

Omar E. Rodriguez Pérez, CPA, Assistant 

Secretary of Central Accounting 

Angel L. Pantoja Rodriguez, Deputy Assistant of 

Internal Revenue and Tax Policy

Francisco Parés Alicea, Assistant Secretary of 

Internal Revenue and Tax Policy

Francisco Peña Montañez, CPA, Assistant 

Secretary of the Treasury 

Prosakuer, LLC 

Eleven Times Square 

(Eighth Avenue & 41st Street)

New York, NY 10036-8229 

Martin J. Bienenstock, Esq.

Paul V. Possinger, Esq.

Ehud Barak, Esq.

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Summary of Professional Fees for the Period October 1, 2022 through October 31, 2022 

Puerto Rico Highways & Transportation Authority

TASK CODE

TOTAL 

HOURS

TOTAL FEES 

REQUESTED

Puerto Rico Highways and Transportation Authority - Claims Administration and Objections 33.8 22,900.00

Puerto Rico Highways and Transportation Authority - Fee Applications 4.1 2,565.00

Subtotal 37.9 25,465.00

Less 10% voluntary reduction (2,546.50)

Total $ 22,918.50

PROFESSIONAL POSITION DEPARTMENT

BILLING 

RATE

TOTAL 

HOURS

TOTAL 

FEES

Jay Herriman Managing Director Claim Management $950 6.20 5,890.00

Kara Harmon Director Claim Management $700 1.90 1,330.00

Mark Zeiss Director Claim Management $675 19.40 13,095.00

Paul Wirtz Associate Claim Management $550 8.50 4,675.00

Natalie Corbett Para Professional Claim Management $250 1.90 475.00

Subtotal 37.9 25,465.00

Less 10% voluntary reduction -2,546.50

Total $22,918.50

Summary of Expenses for the Period October 1, 2022 through October 31, 2022 

Puerto Rico Highways & Transportation Authority

- No Expenses Incurred - 

-

A&M requests payment and reimbursement in accordance with the procedures set 

forth in the Interim Compensation Order (i.e., payment of ninety percent (90%) of the 

compensation sought) in the amount of $20,626.65, for services rendered outside of Puerto Rico. 

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EXHIBITS

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Puerto Rico Highways & Transportation Authority

Summary of Time Detail by Task

October 1, 2022 through October 31, 2022

Exhibit A

Task Description Sum of Hours Sum of Fees

Puerto Rico Highways and Transportation Authority - Claims Administration 

and Objections

33.8 $22,900.00

Puerto Rico Highways and Transportation Authority - Fee Applications 4.1 $2,565.00

Total 37.9 $25,465.00

Page 1 of 1

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Puerto Rico Highways Transportation Authority

Summary of Time Detail by Professional

October 1, 2022 through October 31, 2022

Exhibit B

Professional Position Billing Rate Sum of Hours Sum of Fees

Herriman, Jay Managing Director $950.00 6.2 $5,890.00

Harmon, Kara Director $700.00 1.9 $1,330.00

Zeiss, Mark Director $675.00 19.4 $13,095.00

Wirtz, Paul Consultant $550.00 8.5 $4,675.00

Corbett, Natalie Para Professional $250.00 1.9 $475.00

Total 37.9 $25,465.00

Page 1 of 1

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Puerto Rico Highways & Transportation Authority

 Summary of Time Detail by Professional

October 1, 2022 through October 31, 2022

Exhibit C

Puerto Rico Highways and 

Transportation Authority - 

Claims Administration and 

Objections

Advise and assist the Debtors in questions and processes regarding the claims 

reconciliation process: notably, claims planning process, potential claim 

analysis, review of claims filed against the Debtors and other claim related items. 

Professional Position Billing Rate Sum of Hours Sum of Fees

Herriman, Jay Managing Director $950 4.0 $3,800.00

Zeiss, Mark Director $675 19.4 $13,095.00

Harmon, Kara Director $700 1.9 $1,330.00

Wirtz, Paul Consultant $550 8.5 $4,675.00

33.8 $22,900.00

Average Billing Rate $677.51

Page 1 of 2

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Puerto Rico Highways & Transportation Authority

 Summary of Time Detail by Professional

October 1, 2022 through October 31, 2022

Exhibit C

Puerto Rico Highways and 

Transportation Authority - Fee 

Applications

Prepare monthly and interim fee applications in accordance with court 

guidelines.

Professional Position Billing Rate Sum of Hours Sum of Fees

Herriman, Jay Managing Director $950 2.2 $2,090.00

Corbett, Natalie Para Professional $250 1.9 $475.00

4.1 $2,565.00

Average Billing Rate $625.61

Page 2 of 2

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Puerto Rico Highways & Transportation Authority

Time Detail by Activity by Professional

October 1, 2022 through October 31, 2022

Exhibit D

Puerto Rico Highways and Transportation Authority - Claims Administration and 

Objections

Professional Date Hours Activity

10/5/2022 0.90 Prepare draft distribution analysis for HTA based upon current 

claims register

Harmon, Kara

10/6/2022 0.70 Review first draft of claim distribution model with associated 

support

Herriman, Jay

10/10/2022 2.20 Review HTA bondholders per HTA Plan for claims that can be 

expunged on Confirmation and Distribution

Zeiss, Mark

10/12/2022 1.50 Review claims to be expunged once the plan of adjustment 

becomes effective

Herriman, Jay

10/12/2022 1.70 Review remaining HTA bondholder claims for objections for 

bonds not covered by HTA plan

Zeiss, Mark

Zeiss, Mark 10/12/2022 1.40 Finalize list of HTA bondholder claims expunged per HTA Plan

10/18/2022 2.10 Prepare list of HTA construction project claim reconciliation 

workbooks for AAFAF review

Wirtz, Paul

10/18/2022 1.80 Prepare summary of HTA construction project claims for AAFAF 

review

Wirtz, Paul

10/18/2022 2.30 Prepare list of HTA construction project claim reconciliation 

workbooks for AAFAF review

Wirtz, Paul

10/18/2022 2.30 Prepare summary of HTA construction project claims for AAFAF 

review

Wirtz, Paul

10/19/2022 2.60 Prepare report of HTA claimants who have claimed 

Commonwealth bonds in order to expunge per Commonwealth 

plan

Zeiss, Mark

10/20/2022 1.40 Prepare report of HTA claimants who have claimed HTA bonds in 

order to expunge

Zeiss, Mark

10/20/2022 2.30 Revise report of HTA claimants who have claimed 

Commonwealth bonds so that their claims can be expunged per 

the Commonwealth plan

Zeiss, Mark

10/24/2022 2.90 Draft exhibit of claims in the HTA case claiming non-HTA bonds 

that have been expunged per the Commonwealth plan so that 

the HTA claims can be expunged

Zeiss, Mark

10/25/2022 2.60 Draft exhibit of HTA bonds claims that claim bonds that are 

expunged per HTA plan

Zeiss, Mark

Zeiss, Mark 10/26/2022 2.30 Revise exhibit of HTA bonds claims expunged per HTA plan

10/27/2022 1.80 Review draft claims status report in prep of sending to the UCC 

advisors

Herriman, Jay

10/29/2022 0.40 Review analysis of litigation from Proskauer to prepare follow up 

with AAFAF in order to gain additional information from HTA on 

validity of case

Harmon, Kara

Page 1 of 2

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Puerto Rico Highways & Transportation Authority

Time Detail by Activity by Professional

October 1, 2022 through October 31, 2022

Exhibit D

Puerto Rico Highways and Transportation Authority - Claims Administration and 

Objections

Professional Date Hours Activity

Harmon, Kara 10/31/2022 0.60 Prepare analysis of HTA claims numbers for status report

Subtotal 33.8

Puerto Rico Highways and Transportation Authority - Fee Applications

Professional Date Hours Activity

Corbett, Natalie 10/13/2022 1.10 Prepare 13th Interim HWY fee app

Corbett, Natalie 10/14/2022 0.80 Prepare 13th Interim HWY fee app

Herriman, Jay 10/14/2022 1.10 Review thirteenth interim fee application

Herriman, Jay 10/18/2022 1.10 Review final draft of the thirteenth interim fee application

Subtotal 4.1

Grand Total 37.9

Page 2 of 2

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Exhibit B

ALVAREZ & MARSAL NORTH AMERICA, LLC

MONTHLY FEE APPLICATION OF FOR THE PERIOD 

NOVEMBER 1, 2022 THROUGH NOVEMBER 30, 2022

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UNITED STATES DISTRICT COURT

DISTRICT OF PUERTO RICO

In re: ) PROMESA

) Title III

THE FINANCIAL OVERSIGHT AND )

MANAGEMENT BOARD FOR PUERTO RICO, )

)

No. 17 BK 3567-LTS

)

 as representative of )

THE PUERTO RICO HIGHWAYS AND 

TRANSPORTATION AUTHORITY, et al.,

)

) 

 Debtors. 1

COVER SHEET TO FIFTY-SECOND MONTHLY FEE APPLICATION OF 

ALVAREZ & MARSAL NORTH AMERICA, LLC

FOR PAYMENT OF COMPENSATION RENDERED OUTSIDE OF PUERTO RICO 

AND REIMBURSEMENT OF EXPENSES FOR CONSULTING SERVICES TO THE 

FINANCIAL OVERSIGHT AND MANAGEMENT BOARD OF PUERTO RICO 

FOR THE PERIOD FROM 

NOVEMBER 1, 2022 THROUGH NOVEMBER 30, 2022 

ALL FEES AND SERVICES IN THIS MONTHLY FEE STATEMENT 

WERE INCURRED OUTSIDE OF PUERTO RICO

Name of Applicant: Alvarez & Marsal North America, LLC (A&M) 

Authorized to Provide Professional 

Services to:

Financial Oversight and Management Board of 

Puerto Rico

Services Rendered to: Puerto Rico Highways & Transportation Authority 

1 The Debtors in these Title III Cases, along with each Debtor’s respective Title III case number and the last four (4) 

digits of each Debtor’s federal tax identification number, as applicable, are the (i) Commonwealth of Puerto Rico

(Bankruptcy Case No. 17 BK 3283-LTS) (Last Four Digits of Federal Tax ID: 3481); (ii) Puerto Rico Sales Tax 

Financing Corporation (“COFINA”) (Bankruptcy Case No. 17 BK 3284-LTS) (Last Four Digits of Federal Tax ID: 

8474); (iii) Puerto Rico Highways and Transportation Authority (“HTA”) (Bankruptcy Case No. 17 BK 3567-LTS)

(Last Four Digits of Federal Tax ID: 3808); and (iv) Employees Retirement System of the Government of the 

Commonwealth of Puerto Rico (“ERS”) (Bankruptcy Case No. 17 BK 3566-LTS) (Last Four Digits of Federal Tax

ID: 9686); and (v) Puerto Rico Electric Power Authority (“PREPA”) (Bankruptcy Case No. 17 BK 4780-LTS) (Last 

Four Digits of Federal Tax ID: 3747); (vi) Puerto Rico Public Buildings Authority (“PBA”) (Bankruptcy Case No. 

19 BK 5523-LTS) (Last Four Digits of Federal Tax ID: 3801) (Title III case numbers are listed as Bankruptcy Case 

numbers due to software limitations). 

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2 

Period for which compensation and 

reimbursement for fees and services 

outside of Puerto Rico is sought: 

November 1, 2022 through November 30, 2022 

Amount of Compensation sought as actual, 

reasonable and necessary: $10,539.00 ($11,710.00 incurred less 10% 

voluntary reduction of $1,171.00)

Amount of Expense Reimbursement sought 

as actual, reasonable and necessary: $ - 0 - 

This is a(n):  Monthly ___ Interim ___ Final application 

This is A&M’s Fifty-second monthly fee application filed in these cases and is for services 

rendered outside Puerto Rico.

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3 

Principal Certification

I hereby authorize the submission of this Monthly Fee Statement for November 2022. 

Jaime A. El Koury 

General Counsel to the Financial Oversight and 

Management Board of Puerto Rico 

/s/ Jaime A. El Koury

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4 

On December 29, 2022 Sent to: 

FOMB: 

Financial Oversight and Management Board 

40 Washington Square South 

Office 314A 

New York, NY 10012 

O’Neil & Borges LLC 

250 Muñoz Rivera Ave., Suite 800 

San Juan, PR 00918 

Attn: Hermann D. Bauer, Esq.

Office of United States Trustee:

Office of the United States Trustee for the District of

Puerto Rico 

Edificio Ochoa, 500 Tanca Street, Suite 301

San Juan, PR 00901 

(In re: Commonwealth of Puerto Rico) 

Co-Counsel for the Official Committee of Unsecured

Creditors:

Paul Hastings LLP 

200 Park Avenue

New York, NY 10166 

Attn: Luc A. Despins, Esq.

Casillas, Santiago & Torres, LLC

El Caribe Office Building 

53 Palmeras Street, Ste. 1601 

San Juan, Puerto Rico 00901-2419 

Attn: Juan J. Casillas Ayala, Esq. 

Alberto J. E. Añeses Negrón, Esq. 

Central Accounting 

Co-Counsel for the Fee Examiner:

Godfrey & Kahn, S.C. 

One East Main Street, Suite 500 

Madison, WI 53703 

Attn: Katherine Stadler 

EDGE Legal Strategies, PSC Secretary of the Treasury 

252 Ponce de León Avenue 

Citibank Tower, 12th Floor 

San Juan, PR 00918 

Attn: Eyck O. Lugo 

Co-Counsel for AAFAF: 

O’Melveny & Myers, LLP. 

Times Square Tower 

7 Times Square 

New York, NY 10036 

Attn: John J. Rapisardi, Esq.

Diana M. Perez, Esq. 

Marini Pietrantonui Muñiz LLC 

MSC Plaza, Suite 500 

255 Ponce de León Ave

San Juan, PR 00917

Attn: Luis C. Marini-Biaggi, Esq.

Carolina Velaz-Rivero, Esq. 

Co-Counsel for the Official Committee of Retirees: 

Jenner & Block LLP

919 Third Avenue 

New York, NY 10022-3908 

Attn: Robert Gordon, Esq. 

Richard Levin, Esq.

Jenner & Block LLP

353 N. Clark Street

Chicago, IL 60654

Attn: Catherine Steege, Esq.

Melissa Root, Esq. 

Bennazar, Garcia & Milián, C.S.P.

Edifico Union Plaza, PH-A 

416 Avenida Ponce de León 

Hato Rey, PR 00918 

Attn: A. J. Bennazar-Zequeria, Esq.

Puerto Rico Department of Treasury

PO Box 9024140

San Juan, PR 00902-4140 

Attn: Reylam Guerra Goderich, Deputy Assistant of 

General Accounting

Omar E. Rodriguez Pérez, CPA, Assistant 

Secretary of Central Accounting 

Angel L. Pantoja Rodriguez, Deputy Assistant of 

Internal Revenue and Tax Policy

Francisco Parés Alicea, Assistant Secretary of 

Internal Revenue and Tax Policy

Francisco Peña Montañez, CPA, Assistant 

Secretary of the Treasury 

Prosakuer, LLC 

Eleven Times Square 

(Eighth Avenue & 41st Street)

New York, NY 10036-8229 

Martin J. Bienenstock, Esq.

Paul V. Possinger, Esq.

Ehud Barak, Esq.

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Summary of Professional Fees for the Period November 1, 2022 through November 30, 

2022 

Puerto Rico Highways & Transportation Authority

SUMMARY OF TOTAL FEES BY ALL ENTITIES

TASK CODE

TOTAL 

HOURS

TOTAL FEES 

REQUESTED

Puerto Rico Highways and Transportation Authority - Claims Administration and Objections 13.5 9,450.00

Puerto Rico Highways and Transportation Authority - Fee Applications 2.4 950.00

Puerto Rico Highways and Transportation Authority - Meeting 1.6 1,310.00

Subtotal 17.5 11,710.00

Less 10% voluntary reduction (1,171.00)

Total $ 10,539.00

PROFESSIONAL POSITION DEPARTMENT

BILLING 

RATE

TOTAL 

HOURS

TOTAL 

FEES

Jay Herriman Managing Director Claim Management $950 5.50 5,225.00

Kara Harmon Director Claim Management $700 1.30 910.00

Mark Zeiss Director Claim Management $675 0.40 270.00

Tyler Potesta Associate Claim Management $575 8.40 4,830.00

Natalie Corbett Para Professional Claim Management $250 1.90 475.00

Subtotal 17.5 11,710.00

Less 10% voluntary reduction -1,171.00

Total $10,539.00

Summary of Expenses for the Period November 1, 2022 through November 30, 2022 

Puerto Rico Highways & Transportation Authority

- No Expenses Incurred - 

-

A&M requests payment and reimbursement in accordance with the procedures set 

forth in the Interim Compensation Order (i.e., payment of ninety percent (90%) of the 

compensation sought) in the amount of $9,485.10, for services rendered outside of Puerto Rico. 

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EXHIBITS

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Puerto Rico Highways & Transportation Authority

Summary of Time Detail by Task

November 1, 2022 through November 30, 2022

Exhibit A

Task Description Sum of Hours Sum of Fees

Puerto Rico Highways and Transportation Authority - Claims Administration and 

Objections

13.5 $9,450.00

Puerto Rico Highways and Transportation Authority - Fee Applications 2.4 $950.00

Puerto Rico Highways and Transportation Authority - Meeting 1.6 $1,310.00

Total 17.5 $11,710.00

Page 1 of 1

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Puerto Rico Highways Transportation Authority

Summary of Time Detail by Professional

November 1, 2022 through November 30, 2022

Exhibit B

Professional Position Billing Rate Sum of Hours Sum of Fees

Herriman, Jay Managing Director $950.00 5.5 $5,225.00

Harmon, Kara Director $700.00 1.3 $910.00

Zeiss, Mark Director $675.00 0.4 $270.00

Potesta, Tyler Associate $575.00 8.4 $4,830.00

Corbett, Natalie Para Professional $250.00 1.9 $475.00

Total 17.5 $11,710.00

Page 1 of 1

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Puerto Rico Highways & Transportation Authority

 Summary of Time Detail by Professional

November 1, 2022 through November 30, 2022

Exhibit C

Puerto Rico Highways and 

Transportation Authority - 

Claims Administration and 

Objections

Advise and assist the Debtors in questions and processes regarding the claims 

reconciliation process: notably, claims planning process, potential claim analysis, 

review of claims filed against the Debtors and other claim related items. 

Professional Position Billing Rate Sum of Hours Sum of Fees

Herriman, Jay Managing Director $950 4.2 $3,990.00

Harmon, Kara Director $700 0.9 $630.00

Potesta, Tyler Associate $575 8.4 $4,830.00

13.5 $9,450.00

Average Billing Rate $700.00

Page 1 of 3

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Puerto Rico Highways & Transportation Authority

 Summary of Time Detail by Professional

November 1, 2022 through November 30, 2022

Exhibit C

Puerto Rico Highways and 

Transportation Authority - Fee 

Applications

Prepare monthly and interim fee applications in accordance with court guidelines.

Professional Position Billing Rate Sum of Hours Sum of Fees

Herriman, Jay Managing Director $950 0.5 $475.00

Corbett, Natalie Para Professional $250 1.9 $475.00

2.4 $950.00

Average Billing Rate $395.83

Page 2 of 3

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Puerto Rico Highways & Transportation Authority

 Summary of Time Detail by Professional

November 1, 2022 through November 30, 2022

Exhibit C

Puerto Rico Highways and 

Transportation Authority - 

Meeting

Participate in meetings with Debtors' management, Board of Directors and/or 

advisors to present findings or discuss various matters related to the filing, 

reporting and/ or operating the business; excludes meetings with UCC and/or 

other Creditor constituents and their advisors.

Professional Position Billing Rate Sum of Hours Sum of Fees

Herriman, Jay Managing Director $950 0.8 $760.00

Zeiss, Mark Director $675 0.4 $270.00

Harmon, Kara Director $700 0.4 $280.00

1.6 $1,310.00

Average Billing Rate $818.75

Page 3 of 3

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Puerto Rico Highways & Transportation Authority

Time Detail by Activity by Professional

November 1, 2022 through November 30, 2022

Exhibit D

Puerto Rico Highways and Transportation Authority - Claims Administration and 

Objections

Professional Date Hours Activity

11/9/2022 0.90 Prepare updated waterfall analysis for HTA to provide OMM with 

oust anting claims numbers for financial statements

Harmon, Kara

11/11/2022 2.30 Review analysis related to remaining unreconciled construction 

project claims

Herriman, Jay

11/16/2022 2.10 Prepare analysis of litigation claims pertaining to outstanding 

amount owed for construction contracts and services provided.

Potesta, Tyler

11/16/2022 2.40 Analyze supporting claim documentation to determine the basis 

for litigation assertions related to construction projects.

Potesta, Tyler

11/17/2022 1.10 Prepare analysis of litigation claims pertaining to outstanding 

amount owed for construction contracts and services provided.

Potesta, Tyler

11/17/2022 1.40 Analyze supporting claim documentation to determine the basis 

for litigation assertions related to construction projects.

Potesta, Tyler

11/18/2022 1.40 Aggregate information pertaining to the reconciliation of claims 

related to outstanding construction projects.

Potesta, Tyler

11/28/2022 1.90 Review listing of claims to be expunged per plan of adjustment on 

the plan effective date

Herriman, Jay

Subtotal 13.5

Puerto Rico Highways and Transportation Authority - Fee Applications

Professional Date Hours Activity

Herriman, Jay 11/9/2022 0.50 Review / updated 13th interim fee application

Corbett, Natalie 11/22/2022 1.90 Prepare October HWY Fee App

Subtotal 2.4

Puerto Rico Highways and Transportation Authority - Meeting

Professional Date Hours Activity

11/9/2022 0.40 Participate in conference call with J. Herriman and K. Harmon 

related to outstanding HTA claims for reconciliation

Harmon, Kara

11/9/2022 0.40 Participate in conference call with J. Herriman and K. Harmon 

related to outstanding HTA claims for reconciliation

Herriman, Jay

Page 1 of 2

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Puerto Rico Highways & Transportation Authority

Time Detail by Activity by Professional

November 1, 2022 through November 30, 2022

Exhibit D

Puerto Rico Highways and Transportation Authority - Meeting

Professional Date Hours Activity

11/30/2022 0.40 Participate in conference call with M. Zeiss, J. Herriman, L. 

Stafford and J. Esses related to HTA bondholder claims 

expunged per Plan on the HTA effective date

Herriman, Jay

11/30/2022 0.40 Participate in conference call with M. Zeiss, J. Herriman, L. 

Stafford and J. Esses related to HTA bondholder claims 

expunged per Plan on the HTA effective date

Zeiss, Mark

Subtotal 1.6

Grand Total 17.5

Page 2 of 2

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Exhibit C

ALVAREZ & MARSAL NORTH AMERICA, LLC

MONTHLY FEE APPLICATION OF FOR THE PERIOD

DECEMBER 1, 2022 THROUGH DECEMBER 6, 2022

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UNITED STATES DISTRICT COURT

DISTRICT OF PUERTO RICO

In re: ) PROMESA

) Title III

THE FINANCIAL OVERSIGHT AND )

MANAGEMENT BOARD FOR PUERTO RICO, )

)

No. 17 BK 3567-LTS

)

 as representative of )

THE PUERTO RICO HIGHWAYS AND 

TRANSPORTATION AUTHORITY, et al.,

)

) 

 Debtors. 1

COVER SHEET TO FIFTY-THIRD MONTHLY FEE APPLICATION OF 

ALVAREZ & MARSAL NORTH AMERICA, LLC

FOR PAYMENT OF COMPENSATION RENDERED OUTSIDE OF PUERTO RICO 

AND REIMBURSEMENT OF EXPENSES FOR CONSULTING SERVICES TO THE 

FINANCIAL OVERSIGHT AND MANAGEMENT BOARD OF PUERTO RICO 

FOR THE PERIOD FROM 

DECEMBER 1, 2022 THROUGH DECEMBER 6, 2022 

ALL FEES AND SERVICES IN THIS MONTHLY FEE STATEMENT 

WERE INCURRED OUTSIDE OF PUERTO RICO

Name of Applicant: Alvarez & Marsal North America, LLC (A&M) 

Authorized to Provide Professional 

Services to:

Financial Oversight and Management Board of 

Puerto Rico

Services Rendered to: Puerto Rico Highways & Transportation Authority 

1 The Debtors in these Title III Cases, along with each Debtor’s respective Title III case number and the last four (4) 

digits of each Debtor’s federal tax identification number, as applicable, are the (i) Commonwealth of Puerto Rico

(Bankruptcy Case No. 17 BK 3283-LTS) (Last Four Digits of Federal Tax ID: 3481); (ii) Puerto Rico Sales Tax 

Financing Corporation (“COFINA”) (Bankruptcy Case No. 17 BK 3284-LTS) (Last Four Digits of Federal Tax ID: 

8474); (iii) Puerto Rico Highways and Transportation Authority (“HTA”) (Bankruptcy Case No. 17 BK 3567-LTS)

(Last Four Digits of Federal Tax ID: 3808); and (iv) Employees Retirement System of the Government of the 

Commonwealth of Puerto Rico (“ERS”) (Bankruptcy Case No. 17 BK 3566-LTS) (Last Four Digits of Federal Tax

ID: 9686); and (v) Puerto Rico Electric Power Authority (“PREPA”) (Bankruptcy Case No. 17 BK 4780-LTS) (Last 

Four Digits of Federal Tax ID: 3747); (vi) Puerto Rico Public Buildings Authority (“PBA”) (Bankruptcy Case No. 

19 BK 5523-LTS) (Last Four Digits of Federal Tax ID: 3801) (Title III case numbers are listed as Bankruptcy Case 

numbers due to software limitations). 

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2 

Period for which compensation and 

reimbursement for fees and services 

outside of Puerto Rico is sought: 

December 1, 2022 through December 6, 2022 

Amount of Compensation sought as actual, 

reasonable and necessary: $4,486.50 ($4,985.00 incurred less 10% voluntary 

reduction of $498.50)

Amount of Expense Reimbursement sought 

as actual, reasonable and necessary: $ - 0 - 

This is a(n):  Monthly ___ Interim ___ Final application 

This is A&M’s Fifty-third monthly fee application filed in these cases and is for services 

rendered outside Puerto Rico.

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3 

Principal Certification 

I hereby authorize the submission of this Monthly Fee Statement for December 1 - 6, 2022. 

Jaime A. El Koury 

General Counsel to the Financial Oversight and 

Management Board of Puerto Rico 

/s/ Jaime A. El Koury

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4 

On January 31, 2023 Sent to: 

FOMB: 

Financial Oversight and Management Board

40 Washington Square South

Office 314A

New York, NY 10012

O’Neil & Borges LLC

250 Muñoz Rivera Ave., Suite 800 

San Juan, PR 00918 

Attn: Hermann D. Bauer, Esq.

Office of United States Trustee:

Office of the United States Trustee for the District of

Puerto Rico

Edificio Ochoa, 500 Tanca Street, Suite 301

San Juan, PR 00901

(In re: Commonwealth of Puerto Rico) 

Co-Counsel for the Official Committee of Unsecured

Creditors:

Paul Hastings LLP 

200 Park Avenue

New York, NY 10166

Attn: Luc A. Despins, Esq.

Casillas, Santiago & Torres, LLC

El Caribe Office Building 

53 Palmeras Street, Ste. 1601

San Juan, Puerto Rico 00901-2419

Attn: Juan J. Casillas Ayala, Esq. 

Alberto J. E. Añeses Negrón, Esq. 

Central Accounting

Co-Counsel for the Fee Examiner:

Godfrey & Kahn, S.C.

One East Main Street, Suite 500

Madison, WI 53703

Attn: Katherine Stadler

EDGE Legal Strategies, PSC Secretary of the Treasury 

252 Ponce de León Avenue 

Citibank Tower, 12th Floor 

San Juan, PR 00918

Attn: Eyck O. Lugo

Co-Counsel for AAFAF: 

O’Melveny & Myers, LLP.

Times Square Tower

7 Times Square

New York, NY 10036 

Attn: John J. Rapisardi, Esq.

Diana M. Perez, Esq. 

Marini Pietrantonui Muñiz LLC 

MSC Plaza, Suite 500 

255 Ponce de León Ave

San Juan, PR 00917

Attn: Luis C. Marini-Biaggi, Esq.

Carolina Velaz-Rivero, Esq. 

Co-Counsel for the Official Committee of Retirees: 

Jenner & Block LLP

919 Third Avenue 

New York, NY 10022-3908 

Attn: Robert Gordon, Esq.

Richard Levin, Esq.

Jenner & Block LLP

353 N. Clark Street

Chicago, IL 60654

Attn: Catherine Steege, Esq.

Melissa Root, Esq. 

Bennazar, Garcia & Milián, C.S.P.

Edifico Union Plaza, PH-A 

416 Avenida Ponce de León 

Hato Rey, PR 00918 

Attn: A. J. Bennazar-Zequeria, Esq.

Puerto Rico Department of Treasury

PO Box 9024140

San Juan, PR 00902-4140

Attn: Reylam Guerra Goderich, Deputy Assistant of 

General Accounting

Omar E. Rodriguez Pérez, CPA, Assistant 

Secretary of Central Accounting

Angel L. Pantoja Rodriguez, Deputy Assistant of 

Internal Revenue and Tax Policy

Francisco Parés Alicea, Assistant Secretary of 

Internal Revenue and Tax Policy

Francisco Peña Montañez, CPA, Assistant 

Secretary of the Treasury 

Prosakuer, LLC 

Eleven Times Square 

(Eighth Avenue & 41st Street)

New York, NY 10036-8229

Martin J. Bienenstock, Esq.

Paul V. Possinger, Esq.

Ehud Barak, Esq.

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Summary of Professional Fees for the Period December 1, 2022 through December 6, 2022 

Puerto Rico Highways & Transportation Authority

SUMMARY OF TOTAL FEES BY ALL ENTITIES

TASK CODE

TOTAL 

HOURS

TOTAL FEES 

REQUESTED

Puerto Rico Highways and Transportation Authority - Claims Administration and Objections 5.4 4,415.00

Puerto Rico Highways and Transportation Authority - Fee Applications 0.6 570.00

Subtotal 6.0 4,985.00

Less 10% voluntary reduction (498.50)

Total $ 4,486.50

PROFESSIONAL POSITION DEPARTMENT

BILLING 

RATE

TOTAL 

HOURS

TOTAL 

FEES

Jay Herriman Managing Director Claim Management $950 3.40 3,230.00

Mark Zeiss Director Claim Management $675 2.60 1,755.00

Subtotal 6.0 4,985.00

Less 10% voluntary reduction -498.50

Total $4,486.50

Summary of Expenses for the Period December 1, 2022 through December 6, 2022 

Puerto Rico Highways & Transportation Authority

- No Expenses Incurred - 

-

A&M requests payment and reimbursement in accordance with the procedures set 

forth in the Interim Compensation Order (i.e., payment of ninety percent (90%) of the 

compensation sought) in the amount of $4,037.85, for services rendered outside of Puerto Rico. 

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Alvarez & Marsal North America, LLC (A&M) 

Professional Certification 

Under penalty of absolute nullity, I hereby certify that no public servant of the Financial Oversight and 

Management Board for Puerto Rico, as representative for the Commonwealth of Puerto Rico, the Employees 

Retirement System of Puerto Rico, the Highways and Transportation Authority, the Public Buildings 

Authority of Puerto Rico and the Puerto Rico Sales Tax Financing Corporation is a party to or has any interest 

in the gains or benefits derived from the contract that is the basis of this invoice. The only consideration for 

providing services under the contract is the payment agreed upon with the authorized representatives of the 

Financial Oversight and Management Board. The amount of this invoice is fair and accurate. The services 

were rendered and the corresponding payment has not been made. To the best ofmy knowledge, Alvarez & 

Marsal North America, LLC does not have any debts owed to the Government of Puerto Rico or its 

instrumentalities 

I further certify that, with respect to the fees and services rendered pursuant to this monthly fee 

statement, (i) Alvarez & Marsal North America, LLC was not doing business in Puerto Rico and (ii) the 

services rendered by Alvarez & Marsal North America, LLP were not performed in Puerto Rico. 

&;,Herriman 

Alvarez & Marsal North America, LLC 

755 W. Big Beaver Road 

Suite 650 

Troy, MI 48084 

Telephone: 248.936.0850 

Facsimile: 248.936.0801 

jherriman@alvarezandmarsal.com 

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3

EXHIBITS

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Puerto Rico Highways & Transportation Authority

Summary of Time Detail by Task

December 1, 2022 through December 6, 2022

Exhibit A

Task Description Sum of Hours Sum of Fees

Puerto Rico Highways and Transportation Authority - Claims Administration 

and Objections

5.4 $4,415.00

Puerto Rico Highways and Transportation Authority - Fee Applications 0.6 $570.00

Total 6.0 $4,985.00

Page 1 of 1

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Puerto Rico Highways Transportation Authority

Summary of Time Detail by Professional

December 1, 2022 through December 6, 2022

Exhibit B

Professional Position Billing Rate Sum of Hours Sum of Fees

Herriman, Jay Managing Director $950.00 3.4 $3,230.00

Zeiss, Mark Director $675.00 2.6 $1,755.00

Total 6.0 $4,985.00

Page 1 of 1

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Puerto Rico Highways & Transportation Authority

 Summary of Time Detail by Professional

December 1, 2022 through December 6, 2022

Exhibit C

Puerto Rico Highways and 

Transportation Authority - 

Claims Administration and 

Objections

Advise and assist the Debtors in questions and processes regarding the claims 

reconciliation process: notably, claims planning process, potential claim 

analysis, review of claims filed against the Debtors and other claim related 

items. 

Professional Position Billing Rate Sum of Hours Sum of Fees

Herriman, Jay Managing Director $950 2.8 $2,660.00

Zeiss, Mark Director $675 2.6 $1,755.00

5.4 $4,415.00

Average Billing Rate $817.59

Page 1 of 2

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Puerto Rico Highways & Transportation Authority

 Summary of Time Detail by Professional

December 1, 2022 through December 6, 2022

Exhibit C

Puerto Rico Highways and 

Transportation Authority - Fee 

Applications

Prepare monthly and interim fee applications in accordance with court 

guidelines.

Professional Position Billing Rate Sum of Hours Sum of Fees

Herriman, Jay Managing Director $950 0.6 $570.00

0.6 $570.00

Average Billing Rate $950.00

Page 2 of 2

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Puerto Rico Highways & Transportation Authority

Time Detail by Activity by Professional December 

1, 2022 through December 6, 2022

Exhibit D

Puerto Rico Highways and Transportation Authority - Claims Administration and 

Objections

Professional Date Hours Activity

Herriman, Jay 12/1/2022 1.10 Review claim status report prior to sending to UCC

12/2/2022 0.60 Review information provided by AAFAF related to accounts 

claims reconciliation

Herriman, Jay

12/4/2022 1.30 Draft bondholder Omnibus Objection Exhibit for February hearing 

to reduce and expunge claims

Zeiss, Mark

Zeiss, Mark 12/5/2022 1.30 Review February Omnibus Exhibit Objections to expunge claims

12/6/2022 1.10 Review final list of claims to be expunged by plan of adjustment 

effective date

Herriman, Jay

Subtotal 5.4

Puerto Rico Highways and Transportation Authority - Fee Applications

Professional Date Hours Activity

Herriman, Jay 12/2/2022 0.60 Finalize October monthly fee application

Subtotal 0.6

Grand Total 6.0

Page 1 of 1

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Exhibit D

ALVAREZ & MARSAL NORTH AMERICA, LLC

PROFESSIONAL SERVICES TIME DETAIL FOR THE FOURTEENTH INTERIM 

FEE APPLICATION PERIOD

OCTOBER 1, 2022 THROUGH DECEMBER 6, 2022

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Puerto Rico Highways & Transportation Authority

Time Detail by Activity by Professional

October 1, 2022 through December 6, 2022

Exhibit D

Puerto Rico Highways and Transportaion Authority - Claims Administration and 

Objections

Professional Date Hours Activity

10/5/2022 0.90 Prepare draft distribution analysis for HTA based upon current 

claims register

Harmon, Kara

Herriman, Jay 10/6/2022 0.70 Review first draft of claim distribution model with associated suppor

10/10/2022 2.20 Review HTA bondholders per HTA Plan for claims that can be 

expunged on Confirmation and Distribution

Zeiss, Mark

10/12/2022 1.50 Review claims to be expunged once the plan of adjustment become

effective

Herriman, Jay

Zeiss, Mark 10/12/2022 1.40 Finalize list of HTA bondholder claims expunged per HTA Plan

10/12/2022 1.70 Review remaining HTA bondholder claims for objections for bonds 

not covered by HTA plan

Zeiss, Mark

10/18/2022 1.80 Prepare summary of HTA construction project claims for AAFAF 

review

Wirtz, Paul

10/18/2022 2.10 Prepare list of HTA construction project claim reconciliation 

workbooks for AAFAF review

Wirtz, Paul

10/18/2022 2.30 Prepare list of HTA construction project claim reconciliation 

workbooks for AAFAF review

Wirtz, Paul

10/18/2022 2.30 Prepare summary of HTA construction project claims for AAFAF 

review

Wirtz, Paul

10/19/2022 2.60 Prepare report of HTA claimants who have claimed Commonwealth

bonds in order to expunge per Commonwealth plan

Zeiss, Mark

10/20/2022 2.30 Revise report of HTA claimants who have claimed Commonwealth 

bonds so that their claims can be expunged per the Commonwealth

plan

Zeiss, Mark

10/20/2022 1.40 Prepare report of HTA claimants who have claimed HTA bonds in 

order to expunge

Zeiss, Mark

10/24/2022 2.90 Draft exhibit of claims in the HTA case claiming non-HTA bonds 

that have been expunged per the Commonwealth plan so that the 

HTA claims can be expunged

Zeiss, Mark

10/25/2022 2.60 Draft exhibit of HTA bonds claims that claim bonds that are 

expunged per HTA plan

Zeiss, Mark

Zeiss, Mark 10/26/2022 2.30 Revise exhibit of HTA bonds claims expunged per HTA plan

10/27/2022 1.80 Review draft claims status report in prep of sending to the UCC 

advisors

Herriman, Jay

10/29/2022 0.40 Review analysis of litigation from Proskauer to prepare follow up wi

AAFAF in order to gain additional information from HTA on validity 

of case

Harmon, Kara

Harmon, Kara 10/31/2022 0.60 Prepare analysis of HTA claims numbers for status report

Page 1 of 3

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Puerto Rico Highways & Transportation Authority

Time Detail by Activity by Professional

October 1, 2022 through December 6, 2022

Exhibit D

Puerto Rico Highways and Transportaion Authority - Claims Administration and 

Objections

Professional Date Hours Activity

11/9/2022 0.90 Prepare updated waterfall analysis for HTA to provide OMM with 

oust anting claims numbers for financial statements

Harmon, Kara

11/11/2022 2.30 Review analysis related to remaining unreconciled construction 

project claims

Herriman, Jay

11/16/2022 2.10 Prepare analysis of litigation claims pertaining to outstanding 

amount owed for construction contracts and services provided.

Potesta, Tyler

11/16/2022 2.40 Analyze supporting claim documentation to determine the basis for

litigation assertions related to construction projects.

Potesta, Tyler

11/17/2022 1.10 Prepare analysis of litigation claims pertaining to outstanding 

amount owed for construction contracts and services provided.

Potesta, Tyler

11/17/2022 1.40 Analyze supporting claim documentation to determine the basis for

litigation assertions related to construction projects.

Potesta, Tyler

11/18/2022 1.40 Aggregate information pertaining to the reconciliation of claims 

related to outstanding construction projects.

Potesta, Tyler

11/28/2022 1.90 Review listing of claims to be expunged per plan of adjustment on 

the plan effective date

Herriman, Jay

Herriman, Jay 12/1/2022 1.10 Review claim status report prior to sending to UCC

12/2/2022 0.60 Review information provided by AAFAF related to accounts claims 

reconciliation

Herriman, Jay

12/4/2022 1.30 Draft bondholder Omnibus Objection Exhibit for February hearing to

reduce and expunge claims

Zeiss, Mark

Zeiss, Mark 12/5/2022 1.30 Review February Omnibus Exhibit Objections to expunge claims

12/6/2022 1.10 Review final list of claims to be expunged by plan of adjustment 

effective date

Herriman, Jay

Subtotal 52.7

Puerto Rico Highways and Transportaion Authority - Fee Applications

Professional Date Hours Activity

Corbett, Natalie 10/13/2022 1.10 Prepare 13th Interim HWY fee app

Corbett, Natalie 10/14/2022 0.80 Prepare 13th Interim HWY fee app

Herriman, Jay 10/14/2022 1.10 Review thirteenth interim fee application

Page 2 of 3

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Puerto Rico Highways & Transportation Authority

Time Detail by Activity by Professional

October 1, 2022 through December 6, 2022

Exhibit D

Puerto Rico Highways and Transportaion Authority - Fee Applications

Professional Date Hours Activity

Herriman, Jay 10/18/2022 1.10 Review final draft of the thirteenth interim fee application

Herriman, Jay 11/9/2022 0.50 Review / updated 13th interim fee application

Corbett, Natalie 11/22/2022 1.90 Prepare October HWY Fee App

Herriman, Jay 12/2/2022 0.60 Finalize October monthly fee application

Subtotal 7.1

Puerto Rico Highways and Transportaion Authority - Meeting

Professional Date Hours Activity

11/9/2022 0.40 Participate in conference call with J. Herriman and K. Harmon 

related to outstanding HTA claims for reconciliation

Harmon, Kara

11/9/2022 0.40 Participate in conference call with J. Herriman and K. Harmon 

related to outstanding HTA claims for reconciliation

Herriman, Jay

11/30/2022 0.40 Participate in conference call with M. Zeiss, J. Herriman, L. Stafford

and J. Esses related to HTA bondholder claims expunged per Plan 

on the HTA effective date

Herriman, Jay

11/30/2022 0.40 Participate in conference call with M. Zeiss, J. Herriman, L. Stafford

and J. Esses related to HTA bondholder claims expunged per Plan 

on the HTA effective date

Zeiss, Mark

Subtotal 1.6

Grand Total 61.4

Page 3 of 3

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Exhibit E 

ALVAREZ & MARSAL NORTH AMERICA, LLC

EXPENSE DETAIL FOR THE FOURTEENTH INTERIM FEE APPLICATION PERIOD

OCTOBER 1, 2022 THROUGH DECEMBER 6, 2022 

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-no expenses incurred during the interim periodCase:17-03283-LTS Doc#:23659 Filed:03/01/23 Entered:03/01/23 14:55:47 Desc: Main

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Exhibit F 

ALVAREZ & MARSAL NORTH AMERICA, LLC

SERVICES PERFORMED BY CATEGORY

FOR THE FOURTEENTH INTERIM FEE APPLICATION PERIOD

OCTOBER 1, 2022 THROUGH DECEMBER 6, 2022 

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Puerto Rico Highways & Transportation Authority

 Summary of Time Detail by Professional

October 1, 2022 through December 6, 2022

Exhibit F

Puerto Rico Highways and 

Transportaion Authority - Claims 

Administration and Objections

Advise and assist the Debtors in questions and processes regarding the claims 

reconciliation process: notably, claims planning process, potential claim analysis, 

review of claims filed against the Debtors and other claim related items. 

Professional Position Billing Rate Sum of Hours Sum of Fees

Herriman, Jay Managing Director $950 11.0 $10,450.00

Harmon, Kara Director $700 2.8 $1,960.00

Zeiss, Mark Director $675 22.0 $14,850.00

Wirtz, Paul Consultant $550 8.5 $4,675.00

Potesta, Tyler Associate $575 8.4 $4,830.00

52.7 $36,765.00

Average Billing Rate $697.63

Page 1 of 3

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Puerto Rico Highways & Transportation Authority

 Summary of Time Detail by Professional

October 1, 2022 through December 6, 2022

Exhibit F

Puerto Rico Highways and 

Transportaion Authority - Fee 

Applications

Prepare monthly and interim fee applications in accordance with court guidelines.

Professional Position Billing Rate Sum of Hours Sum of Fees

Herriman, Jay Managing Director $950 3.3 $3,135.00

Corbett, Natalie Para Professional $250 3.8 $950.00

7.1 $4,085.00

Average Billing Rate $575.35

Page 2 of 3

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Puerto Rico Highways & Transportation Authority

 Summary of Time Detail by Professional

October 1, 2022 through December 6, 2022

Exhibit F

Puerto Rico Highways and 

Transportaion Authority - 

Meeting

Participate in meetings with Debtors' management, Board of Directors and/or 

advisors to present findings or discuss various matters related to the filing, 

reporting and/ or operating the business; excludes meetings with UCC and/or othe

Creditor constituents and their advisors.

Professional Position Billing Rate Sum of Hours Sum of Fees

Herriman, Jay Managing Director $950 0.8 $760.00

Harmon, Kara Director $700 0.4 $280.00

Zeiss, Mark Director $675 0.4 $270.00

1.6 $1,310.00

Average Billing Rate $818.75

Page 3 of 3

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Exhibit G

DECLARATION OF JAY HERRIMAN IN SUPPORT OF THE FOURTEENTH INTERIM FEE

APPLICATION OF ALVAREZ AND MARSAL NORTH AMERICA, LLC FOR SERVICES RENDERED

AND REIMBURSEMENT OF EXPENSES INCURRED AS ADVISOR TO THE FINANCIAL

OVERSIGHT AND MANAGEMENT BOARD OF PUERTO RICO AS REPRESENTATIVE OF THE

THE PUERTO RICO HIGHWAYS AND TRANSPORTATION AUTHORITY

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UNITED STATES DISTRICT COURT

DISTRICT OF PUERTO RICO

---------------------------------------------------------------------------

In re: ) PROMESA

) Title III

THE FINANCIAL OVERSIGHT AND )

MANAGEMENT BOARD FOR PUERTO RICO, )

)

No. 17 BK 3283-LTS

 as representative of )

THE COMMONWEALTH OF PUERTO RICO, et al.,

)

) (Jointly Administered)

Debtors. 1

---------------------------------------------------------------------------

In re: ) PROMESA

) Title III

THE FINANCIAL OVERSIGHT AND )

MANAGEMENT BOARD FOR PUERTO RICO, )

)

No. 17 BK 3567-LTS

 as representative of )

THE PUERTO RICO HIGHWAYS AND 

TRANSPORTATION AUTHORITY

Debtor

)

)

This Application relates 

only to HTA and shall be 

filed in the Lead Case No. 

17 BK 3283-LTS and 

HTA’s Title III Case 

(Case No. 17 BK 3567-

LTS)

---------------------------------------------------------------------------

1 The Debtors in these Title III Cases, along with each Debtor’s respective Title III case number and the last four (4) 

digits of each Debtor’s federal tax identification number, as applicable, are the (i) Commonwealth of Puerto Rico 

(Bankruptcy Case No. 17 BK 3283-LTS) (Last Four Digits of Federal Tax ID: 3481); (ii) Puerto Rico Sales Tax 

Financing Corporation (“COFINA”) (Bankruptcy Case No. 17 BK 3284-LTS) (Last Four Digits of Federal Tax ID: 

8474); (iii) Puerto Rico Highways and Transportation Authority (“HTA”) (Bankruptcy Case No. 17 BK 3567-LTS) 

(Last Four Digits of Federal Tax ID: 3808); and (iv) Employees Retirement System of the Government of the 

Commonwealth of Puerto Rico (“ERS”) (Bankruptcy Case No. 17 BK 3566-LTS) (Last Four Digits of Federal Tax 

ID: 9686); and (v) Puerto Rico Electric Power Authority (“PREPA”) (Bankruptcy Case No. 17 BK 4780-LTS) (Last 

Four Digits of Federal Tax ID: 3747); (vi) Puerto Rico Public Buildings Authority (“PBA”) (Bankruptcy Case No. 

19 BK 5523-LTS) (Last Four Digits of Federal Tax ID: 3801) (Title III case numbers are listed as Bankruptcy Case 

numbers due to software limitations). 

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CERTIFICATION UNDER GUIDELINES FOR FEES AND DISBURSEMENTS IN 

RESPECT OF FOURTEENTH INTERIM FEE APPLICATION OF ALVAREZ AND 

MARSAL NORTH AMERICA, LLC FOR COMPENSATION FOR SERVICES 

RENDERED AND REIMBURSEMENT OF EXPENSES INCURRED AS ADVISOR TO 

THE FINANCIAL OVERSIGHT AND MANAGEMENT BOARD OF PUERTO RICO AS 

REPRESENTATIVE OF THE PUERTO RICO HIGHWAYS AND TRANSPORTATION 

AUTHORITY, FOR THE PERIOD

OCTOBER 1, 2022 THROUGH DECEMBER 6, 2022 

Pursuant to the United States Trustee Guidelines for Reviewing Applications for 

Compensation and Reimbursement of Expenses Filed under 11 U.S.C. § 330 in Larger Chapter

11 Cases issued by the Executive Office for the United States Trustee, 28 CFR Part 58, 

Appendix A (the “Guidelines”), together with the Local Rule 2016-1, the undersigned, a Partner

and Managing Director of the firm Alvarez and Marsal North America, LLC (“A&M”), advisors 

for the Financial Oversight and Management Board for Puerto Rico (the “Oversight Board”) as 

representative of the Puerto Rico Highways and Transportation Authority (the “Debtor”),

pursuant to section 315(b) of the Puerto Rico Oversight, Management, and Economic Stability 

Act (“PROMESA”),2hereby certifies with respect to A&M’s fourteenth interim application for

allowance of compensation for services rendered and reimbursement of expenses incurred with 

respect to the Debtor’s Title III case, dated March 1, 2023 (the “Application”),3for the period 

from October 1, 2022 through and including December 6, 2022 (the “Compensation Period”) as 

follows: 

1. I am the professional designated by A&M in respect of compliance with the Guidelines

and Local Rule 2016-1.

2 PROMESA has been codified in 48 U.S.C. §§ 2101-2241. 3 Capitalized terms used but not defined herein have the meanings given to them in the Application.

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2. I make this certification in support of the Application for interim compensation and

reimbursement of expenses incurred during the Compensation Period in Accordance with

the Guidelines and Local Rule 2016-1.

3. In respect of the Guidelines and Local Rule 2016-1, I certify that:

a. I have read the Application;

b. to the best of my knowledge, information, and belief formed after reasonable

inquiry, the fees and disbursements sought fall within the Guidelines;

c. except to the extent that fees or disbursements are prohibited by the Guidelines,

the fees and disbursements sought are billed at rates in accordance with practices

customarily employed by A&M and generally accepted by A&M’s clients; and

d. in providing a reimbursable service, A&M does not make a profit on that service,

whether the service is performed by A&M in house or through a third party.

4. I certify that A&M has previously provided monthly statements of A&M’s fees and

disbursements by filing and serving monthly statements in accordance with the Interim

Compensation Order (as defined in the Application), except that completing reasonable

and necessary internal accounting and review procedures may have, at times, precluded

filing fee statements within the time periods specified in the Interim Compensation

Order.

Dated: March 1, 2023 

/s/__Jay Herriman___________________________ 

Jay Herriman

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PROPOSED ORDER

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UNITED STATES DISTRICT COURT

DISTRICT OF PUERTO RICO

In re: ) PROMESA

) Title III

THE FINANCIAL OVERSIGHT AND )

MANAGEMENT BOARD FOR PUERTO RICO, )

)

No. 17 BK 3283-LTS

 as representative of )

THE COMMONWEALTH OF PUERTO RICO, et al.,

)

) (Jointly Administered)

Debtors. 1

---------------------------------------------------------------------------

In re: ) PROMESA

) Title III

THE FINANCIAL OVERSIGHT AND MANAGEMENT 

BOARD FOR PUERTO RICO

) No. 17 BK 3567-LTS

 as representative of

)

THE PUERTO RICO HIGHWAYS AND 

TRANSPORTATION AUTHORITY

Debtor

)

) 

)

---------------------------------------------------------------------------

ORDER APPROVING FOURTEENTH INTERIM FEE APPLICATION OF 

ALVAREZ & MARSAL NORTH AMERICA, LLC FOR COMPENSATION FOR 

SERVICES RENDERED AND REIMBURSEMENT OF EXPENSES INCURRED AS 

ADVISORS FOR THE FINANCIAL OVERSIGHT AND MANAGEMENT BOARD OF

PUERTO RICO, AS REPRESENTATIVE OF THE PUERTO RICO HIGHWAYS AND 

TRANSPORTATION AUTHORITY, FOR THE PERIOD

OCTOBER 1, 2022 THROUGH DECEMBER 6, 2022 

Upon the application (the “Application”)2 of Alvarez and Marsal North America, LLC

(“A&M”) as advisors for the Financial Oversight and Management Board for Puerto Rico (the 

1 The Debtors in these Title III Cases, along with each Debtor’s respective Title III case number and the last four (4) 

digits of each Debtor’s federal tax identification number, as applicable, are the (i) Commonwealth of Puerto Rico 

(Bankruptcy Case No. 17 BK 3283-LTS) (Last Four Digits of Federal Tax ID: 3481); (ii) Puerto Rico Sales Tax 

Financing Corporation (“COFINA”) (Bankruptcy Case No. 17 BK 3284-LTS) (Last Four Digits of Federal Tax ID: 

8474); (iii) Puerto Rico Highways and Transportation Authority (“HTA”) (Bankruptcy Case No. 17 BK 3567-LTS)

(Last Four Digits of Federal Tax ID: 3808); and (iv) Employees Retirement System of the Government of the 

Commonwealth of Puerto Rico (“ERS”) (Bankruptcy Case No. 17 BK 3566-LTS) (Last Four Digits of Federal Tax

ID: 9686); and (v) Puerto Rico Electric Power Authority (“PREPA”) (Bankruptcy Case No. 17 BK 4780-LTS) (Last 

Four Digits of Federal Tax ID: 3747); (vi) Puerto Rico Public Buildings Authority (“PBA”) (Bankruptcy Case No. 

19 BK 5523-LTS) (Last Four Digits of Federal Tax ID: 3801) (Title III case numbers are listed as Bankruptcy Case 

numbers due to software limitations). 

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2

“Oversight Board”) acting as representative of the Puerto Rico Highways and Transportation 

Authority (the “Debtor”) under section 315(b) of the Puerto Rico Oversight, Management, and 

Economic Stability Act (“PROMESA”),3 seeking, pursuant to (a) PROMESA sections 316 and 

317, (b) Rule 2016 of the Federal Rules of Bankruptcy Procedure, (c) Local Rule 2016-1, (d) the 

United States Trustee Guidelines for Reviewing Applications for Compensation and 

Reimbursement of Expenses Filed under 11 U.S.C. § 330 in Larger Chapter 11 Cases issued by 

the Executive Office for the United States Trustee, 28 CFR Part 58, Appendix A, and (e) this 

Court’s Second Amended Order Setting Procedures for Interim Compensation and 

Reimbursement of Expenses of Professionals [ECF No. 3269], an allowance of interim 

compensation for professional services rendered by A&M for the period commencing October 1, 

2022 through and including December 6, 2022 in the amount of $37,944.00, all of which 

represents fees earned outside of Puerto Rico; this Court having determined that the legal and 

factual bases set forth in the Application establish just cause for the relief granted herein; and 

after due deliberation and sufficient cause appearing therefore, it is hereby ORDERED that:

1. The Application is APPROVED as set forth herein.

2. Compensation to A&M for professional services rendered during the Compensation 

Period is allowed on an interim basis in the amount of $37,994.00, all of which represents 

fees earned outside of Puerto Rico,

3. The Debtor is authorized to pay A&M all fees allowed pursuant to this order, including

those that were previously held back pursuant to the Interim Compensation Order, less 

any amounts previously paid for such fees and expenses under the terms of the Interim 

Compensation Order.

2

 Capitalized terms not defined in this order will have the meanings ascribed to them in the Application. 3

 PROMESA has been codified in 48 U.S.C. §§ 2101-2241.

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3

4. The Debtor is authorized to take all actions necessary to effectuate the relief granted 

pursuant to this order in accordance with the Application.

Dated: ________________________, 2023 _________________________________

San Juan, Puerto Rico Honorable Laura Taylor Swain

United States District Judge

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