IN THE UNITED STATES DISTRICT COURT 

FOR THE DISTRICT OF PUERTO RICO 

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In re: 

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO 

 as representative of 

THE COMMONWEALTH OF PUERTO RICO, et al.,

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 Debtors. 

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PROMESA 

Title III 

Case No. 17-BK-3283 (LTS) 

(Jointly Administered) 

NOTICE OF ZOLFO COOPER, LLC, AS FINANCIAL ADVISOR TO THE OFFICIAL 

COMMITTEE OF UNSECURED CREDITORS, OF RATE INCREASES 

EFFECTIVE JANUARY 1, 2023 

Zolfo Cooper, LLC2 (“Zolfo Cooper”), financial advisor to the Official Committee of 

Unsecured Creditors of all title III Debtors (other than COFINA and PBA) (the “Committee”) 

hereby submits this notice in accordance with the Court’s Order Imposing Additional Presumptive 

Standards: Rate Increases and the Retention of Expert Witnesses or Other Sub-Retained 

 

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); (v) Puerto Rico Electric Power Authority (“PREPA”) (Bankruptcy Case No. 17 BK 4780 LTS) 

(Last Four Digits of Federal Tax ID: 3747) (Title III case numbers are listed as Bankruptcy Case numbers due to 

software limitations); and (vi) Puerto Rico Public Buildings Authority (“PBA”) (Bankruptcy Case No. 19-BK5233) (Last Four Digits of Federal Tax ID: 3801). 

2

 On November 1, 2018, AlixPartners, LLP (“AlixPartners”), a global consulting firm headquartered in New York, 

acquired all of the membership interests of ZC Holdings, LLC and its subsidiaries, including Zolfo Cooper. Zolfo 

Cooper will continue to provide services to the Committee on this matter as Zolfo Cooper, operating as a 

subsidiary of AlixPartners at AlixPartners standard hourly rates. 

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Professionals [Dkt. No. 7678] (“Additional Presumptive Standards Order”), and respectfully 

states as follows: 

As of January 1, 2023, the hourly rates of Zolfo Cooper, LLC professionals working on 

matters in this Title III case will increase generally, reflecting firm-wide annual rate increases 

and/or increases in individual professionals’ seniority. 

The hourly rate increases for professionals expected to be most active in this case are as 

follows: 

 Rate(a) 

Professional Title 2022 2023 % Increase 

Joff Mitchell Managing Director $1,335 $1,400 4.9% 

Scott Martinez Director $945 $1,020 7.9% 

Eric Deichmann Director $840 $950 13.1% 

Michael Westermann Director $840 $950 13.1% 

Elizabeth Kardos Partner $750 $800 6.7% 

Rahul Yenumula Senior Vice President $700 $735 5.0% 

Deborah Praga Senior Vice President $655 $655 0.0% 

Kaitlyn Sundt/McClarren Senior Vice President $550 $585 6.4% 

Heather Saydah Senior Vice President $510 $550 7.8% 

Laura Verry Senior Vice President $530 $540 1.9% 

Brooke Filler Vice President $485 $510 5.2% 

(a) The foregoing hourly rates do not take into account the 20% end of case reduction to which Zolfo Cooper has agreed pursuant to its 

retention order. 

As set forth in the certification of Scott Martinez, attached hereto as Exhibit A, the 

Committee has authorized the rate increases detailed herein, both with respect to the January 1, 

2023 effective date and on a timekeeper-by-timekeeper basis. 

 

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WHEREFORE, Zolfo Cooper respectfully requests that the Court take notice of the 

foregoing. 

Dated: December 22, 2022 Respectfully submitted, 

 Zolfo Cooper, LLC 

 By: /s/ Scott Martinez

 Scott Martinez 

 909 Third Avenue, 30th Floor 

 New York, NY 10022 

 smartinez@alixpartners.com 

 212-490-2500 (telephone) 

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EXHIBIT A

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IN THE UNITED STATES DISTRICT COURT 

FOR THE DISTRICT OF PUERTO RICO 

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

In re: 

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO 

 as representative of 

THE COMMONWEALTH OF PUERTO RICO, et al.,

1

 Debtors. 

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

x 

: 

: 

: 

: 

: 

: 

: 

: 

: 

: 

: 

: 

x 

PROMESA 

Title III 

Case No. 17-BK-3283 (LTS) 

(Jointly Administered) 

VERIFIED CERTIFICATION OF SCOTT MARTINEZ IN SUPPORT OF THE NOTICE 

OF ZOLFO COOPER, LLC, AS FINANCIAL ADVISOR TO THE OFFICIAL 

COMMITTEE OF UNSECURED CREDITORS OF RATE INCREASES 

EFFECTIVE JANUARY 1, 2023 

I, Scott Martinez, hereby certify the following: 

1. I am an authorized representative of Zolfo Cooper, LLC2

 (“Zolfo Cooper”), which 

has a place of business at 909 Third Avenue, Floor 30, New York, New York 10022. 

2. I am authorized to submit this certification in support of the Notice of Zolfo Cooper, 

 

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); (v) Puerto Rico Electric Power Authority (“PREPA”) (Bankruptcy Case 

No. 17 BK 4780 LTS) (Last Four Digits of Federal Tax ID: 3747) (Title III case numbers are listed as 

Bankruptcy Case numbers due to software limitations); and (vi) Puerto Rico Public Buildings Authority 

(“PBA”) (Bankruptcy Case No. 19-BK-5233) (Last Four Digits of Federal Tax ID: 3801).

2

 On November 1, 2018, AlixPartners, LLP (“AlixPartners”), a global consulting firm headquartered in New 

York, acquired all of the membership interests of ZC Holdings, LLC and its subsidiaries, including Zolfo 

Cooper. Zolfo Cooper will continue to provide services to the Committee on this matter as Zolfo Cooper, 

operating as a subsidiary of AlixPartners at AlixPartners standard hourly rates. 

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LLC, as Financial Advisor to the Official Committee of Unsecured Creditors, of Rate Increases 

effective January 1, 2023 (the “Notice”), filed contemporaneously herewith. Except as otherwise 

noted, I have personal knowledge of the matters set forth herein. 

3. In accordance with the Order Imposing Additional Presumptive Standards: Rate 

Increases and the Retention of Expert Witnesses or Other Sub-Retained Professionals [Dkt. No. 

7678] (“Additional Presumptive Standards Order”), the Committee has authorized the rate 

increases identified in the Notice, both with respect to the January 1, 2023 effective date and on a 

timekeeper-by-timekeeper basis. 

4. Zolfo Cooper 2022 and 2023 hourly rate schedules for professionals are as follows: 

January 1, 2022 January 1, 2023 

Title Hourly Rate* Title Hourly Rate* 

Managing Director $1,060 –$1,335 Managing Director $1,140 – $1,400 

Partner N/A Partner $1,115 

Director $840 –$990 Director $880 – $1,070 

Senior Vice President $700 –$795 Senior Vice 

President 

$735 – $860 

Vice President $510 –$685 Vice President $585 – $725 

Consultant $190 –$505 Consultant $215 – $565 

Paraprofessional $320 –$340 Paraprofessional $360 – $380 

* The foregoing hourly rates do not take into account the 20% end of case reduction to which Zolfo Cooper has agreed pursuant to its retention 

order 

5. On an annual basis, Zolfo Cooper evaluates the hourly rates charged by its billing 

professionals to determine whether those rates should be increased based on a timekeeper’s 

developing skill, experience, professional advancement, and academic or professional level of 

certification. Zolfo Cooper’s hourly rate increases are consistent with changes in market hourly 

rates. The 2023 rates charged by the billing professionals working on these Title III cases were 

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set through this process, and are consistent both in amount and timing, with rates for Zolfo Cooper 

timekeepers not working on these Title III cases. 

I certify under penalty of perjury that the foregoing is true and correct to the best of my 

knowledge, information, and belief formed after reasonable inquiry. 

Dated: December 22, 2022 

 /s/ Scott Martinez

 Scott Martinez 

 Zolfo Cooper, LLC 

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