Estimated Hearing Date: February 1, 2023 at 9:30 a.m. (Atlantic Standard 

Time) Objection Deadline: December 7, 2022 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#:22885 Filed:11/16/22 Entered:11/16/22 14:41:30 Desc: Main

Document Page 1 of 133
2

SUMMARY SHEET TO 

THIRTEENTH 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 JUNE 1, 2022 THROUGH SEPTEMBER 30, 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 $195,280.40

Less Voluntary Reduction (19,528.04)

Total Amount of Fees Requested: $175,752.36

Amount of Expenses Reimbursement Sought $1,935.89

Total Amount of Fees and Expense Reimbursement 

Sought as Actual, Reasonable and Necessary $177,688.25

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

Twelve Prior Interim Applications Filed in this Matter 

Monthly Fee Statements Filed Related to Thirteenth Interim Fee Application2

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

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 Thirteenth Interim Fee Application. 

Case:17-03283-LTS Doc#:22885 Filed:11/16/22 Entered:11/16/22 14:41:30 Desc: Main

Document Page 2 of 133
3

Compensation by Category

June 1, 2022 through September 30, 2022 

COMPENSATION BY CATEGORY

For the Period From June 1, 2022 through September 30, 2022

TASK CATEGORY

TOTAL 

HOURS

TOTAL FEES 

REQUESTED

Puerto Rico Highways and Transportation Authority - Claims Administration 

and Objections

200.0 148,533.80 $ 

Puerto Rico Highways and Transportation Authority - Fee Applications 16.6 9,485.80 $ 

Puerto Rico Highways and Transportation Authority - Meetings 42.7 37,260.80 $ 

Total 259.3 195,280.40 $ 

Blended Hourly Rate Before Voluntary Reduction $ 753.11

Less 10% voluntary reduction $ (19,528.04)

Total Thirteenth Interim Fee Application With Reduction $ 175,752.36

Thirteenth Interim Fee Application Blended Hourly Rate With Reduction $ 677.80

Fees by Professional 

June 1, 2022 through September 30, 2022 

PROFESSIONAL POSITION DEPARTMENT

BILLING 

RATE

TOTAL 

HOURS

TOTAL 

FEES

Julie Hertzberg Managing Director Claim Management $1,012 29.2 $29,550.40

Jay Herriman Managing Director Claim Management $950 72.5 $68,875.00

Kara Harmon Director Claim Management $700 67.4 47,180.00

Mark Zeiss Director Claim Management $675 3.3 2,227.50

Trevor DiNatale Senior Associate Claim Management $650 25.5 16,575.00

Shah Rushabh Associate Claim Management $575 13.8 7,935.00

Tyler Potesta Associate Claim Management $575 1.3 747.50

Paul Wirtz Consultant Claim Management $550 33.4 18,370.00

Nicole Simoneaux Analyst Claim Management $425 3.4 1,445.00

Natalie Corbett Para Professional Claim Management $250 9.5 2,375.00

Subtotal 259.3 195,280.40

Less 10% voluntary reduction -19,528.04

Total $175,752.36

Case:17-03283-LTS Doc#:22885 Filed:11/16/22 Entered:11/16/22 14:41:30 Desc: Main

Document Page 3 of 133
4

Expenses by Category

June 1, 2022 through September 30, 2022 

$ 537.00

$ 1,034.97

$ 116.17

$ 247.75

$ 1,935.89

Transportation

Total

COMPENSATION BY CATEGORY

For the Period From June 1, 2022 through September 30, 2022

Airfare

Lodging

Meals

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.

Case:17-03283-LTS Doc#:22885 Filed:11/16/22 Entered:11/16/22 14:41:30 Desc: Main

Document Page 4 of 133
5

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 $ 

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.

Case:17-03283-LTS Doc#:22885 Filed:11/16/22 Entered:11/16/22 14:41:30 Desc: Main

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6

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 $ 

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

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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.

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 y 

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

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Estimated Hearing Date: February 1, 2023 at 9:30 a.m. (Atlantic Standard Time) 

Objection Deadline: December 7, 2022 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. 3

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

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)

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

3 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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THIRTEENTH 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 JUNE 1, 2022 THROUGH SEPTEMBER 30, 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 Second Amended Order Setting

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

June 6, 2018 [Docket No. 3269] (the “Second 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 Thirteenth 

interim fee application filed during the Fourteenth interim application period (the “Thirteenth

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 June 1, 

2022 through and including September 30, 2022 (the “Thirteenth Interim Fee Application 

Period”).

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

$195,280.40 less a discount in the amount of $19,528.04 for a total amount of $175,752.36, 

$169,510.86 of which represents fees earned outside of Puerto Rico and $6,241.50 of which 

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represents fees earned inside of Puerto Rico, and reimbursement of actual and necessary 

expenses incurred in the amount of $1,935.89 for the Thirteenth 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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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 entities4. 

10. On July 25, 2022, A&M served on the Notice Parties (as defined in the Interim

Compensation Order) its Forty-Seventh monthly fee statement for the period June 1, 2022 

through June 30, 2022. The Forty-Seventh monthly fee statement is attached hereto as Exhibit A. 

11. On September 6, 2022, A&M served on the Notice Parties its Forty-Eighth

monthly fee statement for the period July 1, 2022 through July 31, 2022. The Forty-Eighth 

monthly fee statement is attached hereto as Exhibit B. 

12. On September 14, 2022, A&M served on the Notice Parties its Forty-Ninth

monthly fee statement for the period August 1, 2022 through August 31, 2022. The Forty-Ninth

monthly fee statement is attached hereto as Exhibit C. 

13. On October 6, 2022, A&M served on the Notice Parties its Fiftieth monthly fee

statement for the period September 1, 2022 through September 30, 2022. The Fiftieth monthly 

fee statement is attached hereto as Exhibit D. 

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

foregoing summary, A&M has requested an aggregate gross payment of $160,113.01, 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 

$146,313.84 in fees and $1,935.89 in incurred expenses with respect to fee statements filed 

4 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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during the Thirteenth Interim Compensation Period. The variance between the requested fees 

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

$2,372.66; and 2) a universal withholding tax5 (versus fees incurred on Puerto Rico) effective as 

of December 2018 and as of the time of filing this Application, totaling $9,490.63 for the

Thirteenth 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 Thirteenth

Interim Fee Application Period is attached hereto as Exhibit E. This Thirteenth Interim Fee 

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

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

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 Thirteenth Interim Fee Application Period as

presented here to as Exhibit F. 

17. The services rendered by A&M during the Thirteenth 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 G. This Exhibit G also identifies the 

5 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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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. 

SUMMARY OF SERVICES PERFORMED

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

Thirteenth 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 20

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

review and reconciliation;

b. Reviewed approximately 13 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. Reviewed approximately 12 settlement files and corresponding payment

details provided by HTA related to eminent domain 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.

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d. Analyzed approximately 400 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;

e. Prepared detailed analysis of Claim and Plan Class estimates for use in the

Disclosure Statement;

f. Prepared detailed analysis of active Claims, by Plan Class, for use in the

solicitation process;

g. Prepared and filed 15 Omnibus Objections affecting 83 Claims;

h. Performed triage of approximately 2 new late filed Claims to categorize for

further reconciliation;

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

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

j. Prepared weekly updated Claims waterfall analyses;

k. Prepared for and attended confirmation hearing;

l. 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 200.0 hours during the 

Application Period, for a total of $148,533.80, prior to any fee reduction. 

B. Puerto Rico Highways and Transportation Authority – Fee Applications

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

Interim Fee Application as required by the Second Amended Interim Compensation Order.

In conjunction with this category, A&M expended approximately 16.6 hours during the 

Application Period, for a total of $9,485.80, prior to any fee reduction. 

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C. Puerto Rico Highways and Transportation Authority – Meetings 

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

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

meetings included: 

a. regular update meetings with Commonwealth representatives, AAFAF, the 

Oversight Board and their advisors to review updated claims summary reports

and strategy for claims resolution; 

b. meetings with the Oversight Board and their advisors to review the status of 

the eminent domain claims and discuss next steps related claims resolution; 

c. meetings with AAFAF to review the status of the claims reconciliation 

process and discuss next steps related to litigation, accounts payable and bond 

claims resolution; 

d. meetings with the Oversight Board and their advisors to discuss Plan classes,

solicitation and the voting process; 

In conjunction with this category, A&M expended approximately 42.7 hours during the 

Application Period, for a total of $37,260.80 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.

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CERTIFICATE OF COMPLIANCE AND REQUEST FOR WAIVER

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

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

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 Petaton 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);

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(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);

(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 Second Amended Interim Compensation Order, A&M 

respectfully requests that, for the period June 1, 2022 through September 30, 2022, the Court (i) 

grant A&M interim allowance of compensation in the amount of $175,752.36 for professional 

services rendered during the Thirteenth Interim Fee Application Period and $1,935.89 in 

expenses. 

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Dated: November 16, 2022

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 

jherriman@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 

JUNE 1, 2022 THROUGH JUNE 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 FORTY-SEVENTH 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 

JUNE 1, 2022 THROUGH JUNE 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 

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: June 1, 2022 through June 30, 2022 

Amount of Compensation sought as actual, 

reasonable and necessary: $62,800.47 ($69,778.30 incurred less 10% 

voluntary reduction of $6,977.83) 

Amount of Expense Reimbursement sought 

as actual, reasonable and necessary: $ - 0 - 

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

This is A&M’s Forty-Seventh 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 June 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 July 25, 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 June 1, 2022 through June 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 69.4 54,498.20

Puerto Rico Highways and Transportation Authority - Fee Applications 7.6 4,186.00

Puerto Rico Highways and Transportation Authority - Meeting 13.1 11,094.10

Subtotal 90.1 69,778.30

Less 10% voluntary reduction (6,977.83)

Total $ 62,800.47

PROFESSIONAL POSITION DEPARTMENT

BILLING 

RATE

TOTAL 

HOURS

TOTAL 

FEES

Julie Hertzberg Managing Director Claim Management $1,012 15.90 $16,090.80

Jay Herriman Managing Director Claim Management $950 22.1 20,995.00

Kara Harmon Director Claim Management $700 29.1 20,370.00

Mark Zeiss Director Claim Management $675 3.0 2,025.00

Trevor DiNatale Senior Associate Claim Management $650 10.7 6,955.00

Tyler Potesta Associate Claim Management $575 1.3 747.50

Nicole Simoneaux Analyst Claim Management $425 3.4 1,445.00

Natalie Corbett Para Professional Claim Management $250 4.6 1,150.00

Subtotal 90.1 69,778.30

Less 10% voluntary reduction -6,977.83

Total $62,800.47

Summary of Expenses for the Period June 1, 2022 through June 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 $56,520.42, for services rendered outside of Puerto Rico. 

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2 

Professional Certification

I hereby certify that no public servant of the Department of Treasury 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 for 

Puerto Rico. The amount of this invoice is reasonable. The services were rendered and the

corresponding payment has not been made. To the best of my 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.

/s/

Julie M. Hertzberg

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

Julie M. Hertzberg

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3 

EXHIBITS

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Puerto Rico Highways & Transportation Authority

Summary of Time Detail by Task

June 1, 2022 through June 30, 2022

Exhibit A

Task Description Sum of Hours Sum of Fees

Puerto Rico Highways and Transportation Authority - Claims Administration and 

Objections

69.4 $54,498.20

Puerto Rico Highways and Transportation Authority - Fee Applications 7.6 $4,186.00

Puerto Rico Highways and Transportation Authority - Meeting 13.1 $11,094.10

Total 90.1 $69,778.30

Page 1 of 1

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Puerto Rico Highways Transportation Authority

Summary of Time Detail by Professional

June 1, 2022 through June 30, 2022

Exhibit B

Professional Position Billing Rate Sum of Hours Sum of Fees

Hertzberg, Julie Managing Director $1,012.00 15.9 $16,090.80

Herriman, Jay Managing Director $950.00 22.1 $20,995.00

Harmon, Kara Director $700.00 29.1 $20,370.00

Zeiss, Mark Director $675.00 3.0 $2,025.00

DiNatale, Trevor Senior Associate $650.00 10.7 $6,955.00

Potesta, Tyler Associate $575.00 1.3 $747.50

Simoneaux, Nicole Analyst $425.00 3.4 $1,445.00

Corbett, Natalie Para Professional $250.00 4.6 $1,150.00

Total 90.1 $69,778.30

Page 1 of 1

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Puerto Rico Highways & Transportation Authority

 Summary of Time Detail by Professional

June 1, 2022 through June 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

Hertzberg, Julie Managing Director $1,012 11.1 $11,233.20

Herriman, Jay Managing Director $950 16.0 $15,200.00

DiNatale, Trevor Senior Associate $650 10.7 $6,955.00

Harmon, Kara Director $700 25.2 $17,640.00

Zeiss, Mark Director $675 3.0 $2,025.00

Simoneaux, Nicole Analyst $425 3.4 $1,445.00

69.4 $54,498.20

Average Billing Rate $785.28

Page 1 of 3

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Puerto Rico Highways & Transportation Authority

 Summary of Time Detail by Professional

June 1, 2022 through June 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

Hertzberg, Julie Managing Director $1,012 3.0 $3,036.00

Corbett, Natalie Para Professional $250 4.6 $1,150.00

7.6 $4,186.00

Average Billing Rate $550.79

Page 2 of 3

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Puerto Rico Highways & Transportation Authority

 Summary of Time Detail by Professional

June 1, 2022 through June 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

Hertzberg, Julie Managing Director $1,012 1.8 $1,821.60

Herriman, Jay Managing Director $950 6.1 $5,795.00

Harmon, Kara Director $700 3.9 $2,730.00

Potesta, Tyler Associate $575 1.3 $747.50

13.1 $11,094.10

Average Billing Rate $846.88

Page 3 of 3

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Puerto Rico Highways & Transportation Authority

Time Detail by Activity by Professional

June 1, 2022 through June 30, 2022

Exhibit D

Puerto Rico Highways and Transportation Authority - Claims Administration and 

Objections

Professional Date Hours Activity

6/1/2022 1.30 Prepare updated HTA deck to highlight current claims 

reconciliation status by claim type

Harmon, Kara

6/2/2022 0.60 Prepare updates to August claim objection tracker for Proskauer 

review

DiNatale, Trevor

6/2/2022 1.10 Review updated presentation related to status of HTA claims - 

unsecured claims pool

Herriman, Jay

6/3/2022 2.30 Prepare updated waterfall analysis to highlight claims progress 

and outstanding claims by claim type

DiNatale, Trevor

6/3/2022 0.80 Prepare updated analysis of HTA takings claims per request from 

AAFAF

Harmon, Kara

6/6/2022 1.10 Review asserted US Government claims filed at HTA to provide 

estimates for amended Plan of adjustment

Harmon, Kara

6/6/2022 1.30 Review updated analysis of governmental claims for 

determination of updated claims value for Plan of Adjustment

Herriman, Jay

6/6/2022 1.50 Review draft analysis of unsecured claims to be used for Plan of 

Adjustment purposes

Hertzberg, Julie

6/7/2022 0.90 Review analysis related to litigation claims subject to convenience 

class

DiNatale, Trevor

6/7/2022 0.40 Prepare updated HTA claims summary deck per comments from 

Proskauer

Harmon, Kara

6/7/2022 1.60 Updated claims estimation status deck in prep of call with 

Proskauer

Herriman, Jay

6/8/2022 0.40 Prepare analysis on GUC estimate variance from last report to 

highlight changes for Proskauer

Harmon, Kara

6/8/2022 0.70 Review reconciliation data provided by AAFAF related to takings 

claims

Herriman, Jay

6/8/2022 1.10 Review analysis of inter-governmental and Federal government 

claims to used for Plan of Adjustment purposes

Hertzberg, Julie

6/8/2022 1.20 Review HTA case status documentation received in Agency 2022 

Outreach in order to record more litigation detail

Simoneaux, Nicole

6/9/2022 1.20 Prepare additional HTA takings claims for August omnibus 

objections per comments from Proskauer

Harmon, Kara

6/9/2022 0.60 Review new judgments for HTA takings claims received from 

AAFAF

Harmon, Kara

6/9/2022 1.30 Review claims estimation status deck in preparation of call with 

Proskauer

Hertzberg, Julie

6/10/2022 2.10 Prepare updated waterfall analysis to highlight claims progress 

and outstanding claims by claim type

DiNatale, Trevor

Page 1 of 5

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Puerto Rico Highways & Transportation Authority

Time Detail by Activity by Professional

June 1, 2022 through June 30, 2022

Exhibit D

Puerto Rico Highways and Transportation Authority - Claims Administration and 

Objections

Professional Date Hours Activity

6/10/2022 0.90 Review claim reconciliation data provided R. Castellanos in prep 

of call with Proskauer and HTA

Herriman, Jay

6/11/2022 1.30 Analyze new judgments provided by AAFAF to determine if we 

can object to asserting takings claims

Harmon, Kara

6/11/2022 0.60 Prepare consolidated analysis of all KEF takings cases per 

request from AAFAF

Harmon, Kara

6/12/2022 2.10 Review analysis of unreconciled eminent domain / inverse 

condemnation claims

Hertzberg, Julie

6/14/2022 1.20 Prepare summary report highlighting fully unliquidated litigation 

claims for Proskauer team review

DiNatale, Trevor

6/14/2022 0.80 Review claims to be included on Omnibus objections for August 

hearing

Hertzberg, Julie

6/15/2022 0.40 Update summary report highlighting next steps in litigation claim 

reconciliation process for Proskauer review

DiNatale, Trevor

6/15/2022 1.20 Review claim reconciliation data provided by AAFAF related to 

short paid invoices

Herriman, Jay

6/16/2022 0.90 Update summary report highlighting litigation cases less than 

$100k for Proskauer team review

DiNatale, Trevor

Herriman, Jay 6/16/2022 1.10 Review materials provided by AAFAF related Takings claims

6/20/2022 2.20 Review HTA case status documentation received in Agency 2022 

Outreach in order to record more litigation detail

Simoneaux, Nicole

6/21/2022 1.10 Review draft Claim solicitation analysis related to plan of 

adjustment

Hertzberg, Julie

Hertzberg, Julie 6/21/2022 2.10 Review HTA Plan of Adjustment

6/22/2022 1.40 Review new information from AAFAF related to takings cases for 

HTA

Harmon, Kara

6/22/2022 0.40 Review settlement agreement for stayed takings case to 

determine next steps for claims resolution

Harmon, Kara

6/22/2022 1.10 Review analysis of claims handled by outside counsel to update 

claim status per review from AAFAF

Harmon, Kara

6/22/2022 0.80 Review support provided by HTA related to satisfied takings 

claims

Herriman, Jay

6/22/2022 1.10 Review support provided by HTA related to Accounts Payable 

claims

Herriman, Jay

6/23/2022 1.10 Prepare analysis of claims summary data for use in plan of 

adjustment process

Herriman, Jay

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Puerto Rico Highways & Transportation Authority

Time Detail by Activity by Professional

June 1, 2022 through June 30, 2022

Exhibit D

Puerto Rico Highways and Transportation Authority - Claims Administration and 

Objections

Professional Date Hours Activity

6/24/2022 1.10 Review bank statements provided by AAFAF to confirm 

payments, by case, were made pursuant to stipulation 

agreements in order to place claims on September omnibus 

objections

Harmon, Kara

6/24/2022 1.90 Revise bondholder reconciliation workbook for HTA master 

bondholder claims and similar

Zeiss, Mark

6/25/2022 2.40 Prepare comments for Kroll related to Plan class reporting for 

HTA solicitation

Harmon, Kara

6/25/2022 2.70 Review HTA Plan class report for solicitation to provide comments 

for Kroll

Harmon, Kara

6/25/2022 1.80 Complete review of HTA plan class report including providing 

comments on updated Plan classes for certain creditors

Harmon, Kara

Zeiss, Mark 6/26/2022 1.10 Revise HTA solicitation claims classes report per comments

6/27/2022 2.20 Prepare updates to HTA solicitation report per comments from S. 

Ma and L. Stafford

Harmon, Kara

Herriman, Jay 6/27/2022 0.20 Review draft materials related to HTA confirmation hearing

Herriman, Jay 6/27/2022 1.30 Review of draft claim solicitation plan class report

6/28/2022 1.90 Prepare updated waterfall analysis to highlight claims progress 

and outstanding claims by claim type

DiNatale, Trevor

6/28/2022 0.40 Prepare updated waterfall analysis to highlight claims progress 

and outstanding claims by claim type

DiNatale, Trevor

6/28/2022 0.60 Prepare updated claims analysis report for HTA discovery 

including updates for comments per discussion with Proskauer

Harmon, Kara

6/28/2022 1.90 Prepare claims analysis report for HTA discovery per request from 

Proskauer

Harmon, Kara

6/28/2022 0.90 Prepare claim reconciliation status summary as requested by 

Proskauer

Herriman, Jay

Herriman, Jay 6/28/2022 1.90 Review final HTA plan class solicitation analysis

6/28/2022 1.10 Review final Claim solicitation analysis related to plan of 

adjustment

Hertzberg, Julie

6/29/2022 0.40 Prepare updated report for HTA including plan classes for 

monthly UCC update

Harmon, Kara

6/29/2022 1.10 Review additional detail related to HTA takings claims received 

from AAFAF

Harmon, Kara

6/29/2022 0.40 Prepare updated report for HTA claims reconciliation to 

incorporate comments from Proskauer

Harmon, Kara

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Puerto Rico Highways & Transportation Authority

Time Detail by Activity by Professional

June 1, 2022 through June 30, 2022

Exhibit D

Puerto Rico Highways and Transportation Authority - Claims Administration and 

Objections

Professional Date Hours Activity

6/29/2022 0.80 Review data provided by AAFAF related to HTA takings claim 

status

Herriman, Jay

Subtotal 69.4

Puerto Rico Highways and Transportation Authority - Fee Applications

Professional Date Hours Activity

Corbett, Natalie 6/22/2022 2.10 Prepare May HWY Fee Apps

Corbett, Natalie 6/23/2022 2.10 Prepare 12th Interim HWY Fee App

Hertzberg, Julie 6/27/2022 1.30 Review draft May Fee Application, notice and declaration

Corbett, Natalie 6/29/2022 0.40 Finalize May HWY 12th Interim Fee App

Hertzberg, Julie 6/29/2022 1.70 Review draft HTA Interim Fee Application

Subtotal 7.6

Puerto Rico Highways and Transportation Authority - Meeting

Professional Date Hours Activity

6/2/2022 0.60 Meeting with J. Herriman and K. Harmon related protective claims 

filed at HTA

Harmon, Kara

6/2/2022 0.60 Meeting with J. Herriman and K. Harmon related protective claims 

filed at HTA

Herriman, Jay

6/6/2022 0.70 Participate in conference call with J. Herriman and K. Harmon 

related to takings claims objections

Harmon, Kara

6/6/2022 0.70 Participate in conference call with J. Herriman and K. Harmon 

related to takings claims objections

Herriman, Jay

6/7/2022 0.60 Participate in meeting with J. Herriman and K. Harmon related to 

HTA claims summary deck for UCC advisors

Harmon, Kara

6/7/2022 0.60 Participate in meeting with J. Herriman and K. Harmon related to 

HTA claims summary deck for UCC advisors

Herriman, Jay

Herriman, Jay 6/9/2022 0.40 Call with L. Stafford re: Construction claims reconciliation

Page 4 of 5

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Puerto Rico Highways & Transportation Authority

Time Detail by Activity by Professional

June 1, 2022 through June 30, 2022

Exhibit D

Puerto Rico Highways and Transportation Authority - Meeting

Professional Date Hours Activity

6/21/2022 0.70 Participate in conference call with K. Harmon, J. Herriman, L. 

Stafford, R. Colon, and G. Bernard related to HTA takings cases, 

union grievances, and ACR initial determinations

Harmon, Kara

6/21/2022 0.70 Participate in conference call with K. Harmon, J. Herriman, L. 

Stafford, R. Colon, and G. Bernard related to HTA takings cases, 

union grievances, and ACR initial determinations

Herriman, Jay

6/23/2022 0.40 Call with J. Herriman and J. Hertzberg re: discuss status of 

unreconciled claims and next steps for resolution of claims

Herriman, Jay

6/23/2022 0.40 Call with J. Herriman and J. Hertzberg re: discuss status of 

unreconciled claims and next steps for resolution of claims

Hertzberg, Julie

6/27/2022 0.80 Participate in conference call with J. Herriman, K. Harmon and T. 

Potesta related to HTA solicitation

Harmon, Kara

6/27/2022 0.80 Participate in conference call with J. Herriman, K. Harmon and T. 

Potesta related to HTA solicitation

Herriman, Jay

6/27/2022 0.80 Participate in conference call with J. Herriman, K. Harmon and T. 

Potesta related to HTA solicitation.

Potesta, Tyler

6/28/2022 0.50 Participate in conference call with J. Herriman, K. Harmon and T. 

Potesta related to HTA claim reconciliation.

Harmon, Kara

6/28/2022 0.50 Participate in conference call with J. Herriman, K. Harmon and T. 

Potesta related to HTA claim reconciliation.

Herriman, Jay

6/28/2022 0.50 Participate in conference call with J. Herriman, K. Harmon and T. 

Potesta related to HTA claim reconciliation.

Potesta, Tyler

6/30/2022 1.40 Call with J. Herriman and J. Hertzberg re: discuss witness list and 

declaration related to confirmation hearing

Herriman, Jay

6/30/2022 1.40 Call with J. Herriman and J. Hertzberg re: discuss witness list and 

declaration related to confirmation hearing

Hertzberg, Julie

Subtotal 13.1

Grand Total 90.1

Page 5 of 5

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Exhibit B

ALVAREZ & MARSAL NORTH AMERICA, LLC

MONTHLY FEE APPLICATION OF FOR THE PERIOD 

JULY 1, 2022 THROUGH JULY 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 FORTY-EIGHTH 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 

JULY 1, 2022 THROUGH JULY 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: July 1, 2022 through July 31, 2022 

Amount of Compensation sought as actual, 

reasonable and necessary: $61,171.65 ($67,968.50 incurred less 10% 

voluntary reduction of $6,796.85)

Amount of Expense Reimbursement sought 

as actual, reasonable and necessary: $ - 0 - 

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

This is A&M’s Forty-Eighth 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 July 2022. 

Jaime A. El Koury 

General Counsel to the Financial Oversight and 

Management Board of Puerto Rico 

/s/ Jaime A. El Koury

Case:17-03283-LTS Doc#:22885 Filed:11/16/22 Entered:11/16/22 14:41:30 Desc: Main

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4 

On September 6, 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 July 1, 2022 through July 31, 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 59.3 47,430.60

Puerto Rico Highways and Transportation Authority - Fee Applications 4.5 3,108.00

Puerto Rico Highways and Transportation Authority - Meeting 20.1 17,429.90

Subtotal 83.9 67,968.50

Less 10% voluntary reduction (6,796.85)

Total $ 61,171.65

PROFESSIONAL POSITION DEPARTMENT

BILLING 

RATE

TOTAL 

HOURS

TOTAL 

FEES

Julie Hertzberg Managing Director Claim Management $1,012 10.50 $10,626.00

Jay Herriman Managing Director Claim Management $950 30.5 28,975.00

Kara Harmon Director Claim Management $700 32.1 22,470.00

Mark Zeiss Director Claim Management $675 0.3 202.50

Trevor DiNatale Senior Associate Claim Management $650 4.6 2,990.00

Paul Wirtz Consultant Claim Management $550 4.1 2,255.00

Natalie Corbett Para Professional Claim Management $250 1.8 450.00

Subtotal 83.9 67,968.50

Less 10% voluntary reduction -6,796.85

Total $61,171.65

Summary of Expenses for the Period July 1, 2022 through July 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 $55,054.49, for services rendered outside of Puerto Rico. 

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3 

EXHIBITS

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Puerto Rico Highways & Transportation Authority

Summary of Time Detail by Task

July 1, 2022 through July 31, 2022

Exhibit A

Task Description Sum of Hours Sum of Fees

Puerto Rico Highways and Transportation Authority - Claims Administration and 

Objections

59.3 $47,430.60

Puerto Rico Highways and Transportation Authority - Fee Applications 4.5 $3,108.00

Puerto Rico Highways and Transportation Authority - Meeting 20.1 $17,429.90

Total 83.9 $67,968.50

Page 1 of 1

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Puerto Rico Highways Transportation Authority

Summary of Time Detail by Professional

July 1, 2022 through July 31, 2022

Exhibit B

Professional Position Billing Rate Sum of Hours Sum of Fees

Hertzberg, Julie Managing Director $1,012.00 10.5 $10,626.00

Herriman, Jay Managing Director $950.00 30.5 $28,975.00

Harmon, Kara Director $700.00 32.1 $22,470.00

Zeiss, Mark Director $675.00 0.3 $202.50

DiNatale, Trevor Senior Associate $650.00 4.6 $2,990.00

Wirtz, Paul Consultant $550.00 4.1 $2,255.00

Corbett, Natalie Para Professional $250.00 1.8 $450.00

Total 83.9 $67,968.50

Page 1 of 1

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Puerto Rico Highways & Transportation Authority

 Summary of Time Detail by Professional

July 1, 2022 through July 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

Hertzberg, Julie Managing Director $1,012 6.3 $6,375.60

Herriman, Jay Managing Director $950 19.2 $18,240.00

DiNatale, Trevor Senior Associate $650 4.6 $2,990.00

Harmon, Kara Director $700 25.1 $17,570.00

Wirtz, Paul Consultant $550 4.1 $2,255.00

59.3 $47,430.60

Average Billing Rate $799.84

Page 1 of 3

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Puerto Rico Highways & Transportation Authority

 Summary of Time Detail by Professional

July 1, 2022 through July 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

Hertzberg, Julie Managing Director $1,012 1.5 $1,518.00

Herriman, Jay Managing Director $950 1.2 $1,140.00

Corbett, Natalie Para Professional $250 1.8 $450.00

4.5 $3,108.00

Average Billing Rate $690.67

Page 2 of 3

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Puerto Rico Highways & Transportation Authority

 Summary of Time Detail by Professional

July 1, 2022 through July 31, 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

Hertzberg, Julie Managing Director $1,012 2.7 $2,732.40

Herriman, Jay Managing Director $950 10.1 $9,595.00

Harmon, Kara Director $700 7.0 $4,900.00

Zeiss, Mark Director $675 0.3 $202.50

20.1 $17,429.90

Average Billing Rate $867.16

Page 3 of 3

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Puerto Rico Highways & Transportation Authority

Time Detail by Activity by Professional

July 1, 2022 through July 31, 2022

Exhibit D

Puerto Rico Highways and Transportation Authority - Claims Administration and 

Objections

Professional Date Hours Activity

7/5/2022 2.80 Review updates regarding HTA takings cases from D. Colon to 

draft claims for objection OR prepare follow up with creditors

Harmon, Kara

7/5/2022 1.80 Review updates regarding HTA takings cases from D. Colon to 

draft claims for objection OR prepare follow up with creditors

Harmon, Kara

7/5/2022 0.30 Review register to confirm takings cases were not filed against 

Commonwealth for escheated funds at the request of Proskauer

Harmon, Kara

7/5/2022 1.10 Review data received from AAFAF related to eminent domain 

claims in prep of objecting to claims

Herriman, Jay

7/6/2022 0.40 Review claims summary to respond to various questions from J. 

Herriman related to HTA Plan class estimates

Harmon, Kara

7/7/2022 2.90 Prepare updated analysis of HTA takings cases and estimated 

liabilities, by claim

Harmon, Kara

7/7/2022 0.40 Review draft analysis of construction project claim with associated 

data provided by HTA

Herriman, Jay

7/7/2022 1.70 Review eminent domain / inverse condemnation claims to update 

plan class estimates

Herriman, Jay

7/7/2022 0.30 Review draft witness disclosure as it relates to the HTA plan of 

adjustment

Herriman, Jay

7/8/2022 0.40 Review analysis from AAFAF related to payments on takings 

cases to prepare claims for no liability objection

Harmon, Kara

7/8/2022 0.40 Review data received from AAFAF related to eminent domain 

claims in prep of objecting to claims

Herriman, Jay

7/8/2022 0.20 Review draft witness disclosure for J. Herriman as it relates to the 

HTA confirmation hearing

Hertzberg, Julie

7/11/2022 1.10 Review analysis of construction related accounts payable claim 

provided by outside counsel

Hertzberg, Julie

7/12/2022 1.20 Review updated documents from AAFAF related to HTA eminent 

domain litigation to prepare updated master workbook for cases

Harmon, Kara

7/12/2022 0.30 Prepare follow up with AAFAF related to high value litigation 

claims per conference call with Proskauer

Harmon, Kara

7/12/2022 0.80 Prepare updated master tracker of eminent domain claims per 

discussions with Proskauer

Harmon, Kara

7/12/2022 1.20 Review support provided by AAFAF related takings claims to be 

included on Omnibus objections

Herriman, Jay

7/13/2022 0.80 Review comments from AAFAF related to takings claims to 

prepare follow up with HTA for additional details on payments

Harmon, Kara

7/13/2022 0.80 Review updated summary of outstanding takings claims with 

associated estimated liabilities

Herriman, Jay

Page 1 of 6

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Puerto Rico Highways & Transportation Authority

Time Detail by Activity by Professional

July 1, 2022 through July 31, 2022

Exhibit D

Puerto Rico Highways and Transportation Authority - Claims Administration and 

Objections

Professional Date Hours Activity

7/14/2022 1.90 Analyze updated documents related to takings cases from AAFAF 

to prepare updated estimates for disclosure statement

Harmon, Kara

7/14/2022 0.50 Review materials provided by G. Bernard related to satisfied 

takings claims

Herriman, Jay

7/19/2022 1.30 Analyze updated documents related to takings cases from AAFAF 

to prepare updated estimates for disclosure statement

Harmon, Kara

DiNatale, Trevor 7/20/2022 0.90 Perform QC of claims identified for upcoming omnibus objections

7/20/2022 1.30 Review updated analysis related to unsecured claims estimated 

for use in plan of adjustment

Herriman, Jay

7/20/2022 1.10 Review unresolved litigation claims to determine if appropriate for 

objection

Herriman, Jay

Herriman, Jay 7/20/2022 0.80 Review updated data related to imminent domain claims

7/20/2022 1.90 Analyze AP claims marked for upcoming no liability objection in 

order to determine accuracy

Wirtz, Paul

7/20/2022 2.20 Analyze AP claims marked for upcoming modify objection in order 

to determine accuracy

Wirtz, Paul

7/21/2022 1.70 Analyze updated documents related to takings cases from AAFAF 

to prepare updated estimates for disclosure statement

Harmon, Kara

7/22/2022 0.90 Prepare updated analysis of HTA takings cases and estimated 

liabilities, by claim

Harmon, Kara

7/22/2022 1.30 Review updated eminent domain and inverse condemnation 

analysis related to plan of adjustment declaration

Herriman, Jay

7/22/2022 1.20 Review analysis of estimated general unsecured claims estimate 

for use in plan of adjustment

Hertzberg, Julie

7/22/2022 1.50 Review takings claims (eminent domain and inverse 

condemnation) analysis used for the Plan of Adjustment

Hertzberg, Julie

7/25/2022 1.80 Prepare updated waterfall analysis to highlight claims progress 

and outstanding claims by claim type

DiNatale, Trevor

7/25/2022 0.40 Review claim filed by USDA and corresponding information 

received from HTA in order to respond to inquire from Proskauer

Harmon, Kara

7/26/2022 1.60 Research and respond to email from B. Rosen re: bond claim 

plan objection

Herriman, Jay

7/27/2022 0.80 Review updates to takings claims provided by O'Neill to determine 

if claims are appropriate for objection

Herriman, Jay

Herriman, Jay 7/27/2022 1.20 Review draft declaration related to plan of adjustment

7/28/2022 1.90 Prepare updated waterfall analysis to highlight claims progress 

and outstanding claims by claim type

DiNatale, Trevor

Page 2 of 6

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Puerto Rico Highways & Transportation Authority

Time Detail by Activity by Professional

July 1, 2022 through July 31, 2022

Exhibit D

Puerto Rico Highways and Transportation Authority - Claims Administration and 

Objections

Professional Date Hours Activity

7/28/2022 2.30 Prepare declaration waterfall analysis for HTA to track claim 

counts listed in document

Harmon, Kara

7/28/2022 1.80 Review HTA declaration to prepare analysis of claims in order to 

verify numbers contained in the document

Harmon, Kara

7/28/2022 0.60 Review notes from O'Neill related to HTA takings claims to 

prepare update to master tracker re: disclosure statement 

numbers

Harmon, Kara

7/28/2022 0.60 Prepare comments for Proskauer related to HTA declaration and 

analysis of claims

Harmon, Kara

7/28/2022 1.90 Review claims waterfall in support of declaration for confirmation 

hearing

Herriman, Jay

7/28/2022 1.70 Review claims waterfall analysis in prep of call with J. Herriman to 

discuss declaration for confirmation hearing

Hertzberg, Julie

7/29/2022 0.50 Review HTA waterfall analysis from T. DiNatale to compare to 

HTA declaration

Harmon, Kara

7/29/2022 0.60 Prepare analysis of payments made related to ongoing takings 

case with Finca Matilde

Harmon, Kara

Harmon, Kara 7/29/2022 0.40 Prepare analysis of federal government claims filed against HTA

7/29/2022 0.40 Review payment files to determine how much has been paid for 

certain HTA takings cases

Harmon, Kara

7/29/2022 0.70 Review updated takings claims summary in prep of call with 

Proskauer

Herriman, Jay

7/29/2022 0.80 Review support related to several takings claims as it relates to 

plan objections filed by creditors

Herriman, Jay

Hertzberg, Julie 7/29/2022 0.60 Review claims to be included on September Omnibus objections

7/30/2022 1.30 Review fully unliquidated litigation claims to determine if sufficient 

data has been provided to liquidate claim

Herriman, Jay

Subtotal 59.3

Puerto Rico Highways and Transportation Authority - Fee Applications

Professional Date Hours Activity

Herriman, Jay 7/1/2022 1.20 Complete 12 the interim fee application

Hertzberg, Julie 7/1/2022 0.60 Review filing version of 12th Interim fee application

Page 3 of 6

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Puerto Rico Highways & Transportation Authority

Time Detail by Activity by Professional

July 1, 2022 through July 31, 2022

Exhibit D

Puerto Rico Highways and Transportation Authority - Fee Applications

Professional Date Hours Activity

Corbett, Natalie 7/21/2022 1.80 Prepare June HWY Fee App

7/25/2022 0.90 Review June Fee Application prior sending to PROMESA board 

for approval

Hertzberg, Julie

Subtotal 4.5

Puerto Rico Highways and Transportation Authority - Meeting

Professional Date Hours Activity

7/6/2022 0.40 Call with Proskauer team to discuss declaration in support of the 

HTA plan of adjustment

Herriman, Jay

7/7/2022 0.40 Participate in conference call with J. Herriman and K. Harmon 

related to HTA takings cases and estimated liabilities

Harmon, Kara

7/7/2022 0.40 Participate in conference call with J. Herriman and K. Harmon 

related to HTA takings cases and estimated liabilities

Herriman, Jay

7/8/2022 0.30 Participate in discussion with M. Zeiss and K. Harmon related to 

late filed HTA bond claims

Harmon, Kara

7/8/2022 0.30 Call with Proskauer team related to status of breach of contract 

claim

Herriman, Jay

7/8/2022 0.30 Participate in discussion with M. Zeiss and K. Harmon related to 

late filed HTA bond claims

Zeiss, Mark

7/9/2022 0.30 Call with J. Herriman and J. Hertzberg re: Witness disclosure 

related to HTA Confirmation hearing

Herriman, Jay

7/9/2022 0.30 Call with J. Herriman and J. Hertzberg re: Witness disclosure 

related to HTA Confirmation hearing

Hertzberg, Julie

7/12/2022 0.20 Participate in conference call with J. Herriman and K. Harmon 

related to HTA confirmation hearing

Harmon, Kara

7/12/2022 0.90 Participate in conference calls with B. Rosen, J. Levitan, J. Sosa, 

J. Esses, K. Harmon and J. Herriman related to HTA Eminent 

Domain claims

Harmon, Kara

7/12/2022 0.20 Participate in conference call with J. Herriman and K. Harmon 

related to HTA confirmation hearing

Herriman, Jay

7/12/2022 0.90 Participate in conference calls with B. Rosen, J. Levitan, J. Sosa, 

J. Esses, K. Harmon and J. Herriman related to HTA Eminent 

Domain claims

Herriman, Jay

Page 4 of 6

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Puerto Rico Highways & Transportation Authority

Time Detail by Activity by Professional

July 1, 2022 through July 31, 2022

Exhibit D

Puerto Rico Highways and Transportation Authority - Meeting

Professional Date Hours Activity

7/13/2022 1.10 Call with J. Herriman and J. Hertzberg re: discuss HTA 

confirmation hearing and associated estimates used in the plan

Herriman, Jay

7/13/2022 1.10 Call with J. Herriman and J. Hertzberg re: discuss HTA 

confirmation hearing and associated estimates used in the plan

Hertzberg, Julie

7/19/2022 0.60 Participate in conference call with J. Herriman, K. Harmon, J. 

Levitan, J. Sosa, J. Esses, C. Garcia-Benitez related to HTA 

takings cases

Harmon, Kara

7/19/2022 0.60 Participate in conference call with J. Herriman, K. Harmon, J. 

Levitan, J. Sosa, J. Esses, C. Garcia-Benitez related to HTA 

takings cases

Herriman, Jay

7/22/2022 0.70 Participate in meeting with J. Herriman and K. Harmon related to 

HTA takings cases and declaration

Harmon, Kara

7/22/2022 0.50 Participate in conference call with J. Herriman, K. Harmon, B. 

Rosen, J. Levitan, C Benitez, and G. Maranda related to HTA 

takings cases and estimated liabilities per discussions with 

opposing counsel

Harmon, Kara

7/22/2022 0.50 Participate in conference call with J. Herriman, K. Harmon, B. 

Rosen, J. Levitan, C Benitez, and G. Maranda related to HTA 

takings cases and estimated liabilities per discussions with 

opposing counsel

Herriman, Jay

7/22/2022 0.70 Participate in meeting with J. Herriman and K. Harmon related to 

HTA takings cases and declaration

Herriman, Jay

7/28/2022 0.50 Participate in conference call with K. Harmon and J. Herriman 

related to HTA declaration draft

Harmon, Kara

7/28/2022 0.70 Participate in conference call with J. Herriman and K. Harmon 

related to HTA claims waterfalls and current active claims

Harmon, Kara

7/28/2022 0.60 Conference call with J. Herriman and K. Harmon related to notes 

for HTA declaration

Harmon, Kara

7/28/2022 0.60 Conference call with J. Herriman and K. Harmon related to notes 

for HTA declaration

Herriman, Jay

7/28/2022 0.50 Participate in conference call with K. Harmon and J. Herriman 

related to HTA declaration draft

Herriman, Jay

7/28/2022 0.70 Participate in conference call with J. Herriman and K. Harmon 

related to HTA claims waterfalls and current active claims

Herriman, Jay

7/29/2022 0.60 Participate in meeting with J. Herriman and K. Harmon related to 

unresolved HTA takings cases and comments from HTA related 

to just compensation

Harmon, Kara

7/29/2022 0.40 Participate in conference call with J. Herriman, K. Harmon, J. 

Sosa, J. Levitan, and M. Palmer related to HTA declaration and 

takings claim estimates

Harmon, Kara

Page 5 of 6

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Puerto Rico Highways & Transportation Authority

Time Detail by Activity by Professional

July 1, 2022 through July 31, 2022

Exhibit D

Puerto Rico Highways and Transportation Authority - Meeting

Professional Date Hours Activity

7/29/2022 0.60 Participate in conference call with J. Herriman and K. Harmon to 

review final comments to HTA declaration

Harmon, Kara

7/29/2022 0.60 Participate in meeting with J. Herriman and K. Harmon related to 

unresolved HTA takings cases and comments from HTA related 

to just compensation

Herriman, Jay

7/29/2022 0.40 Participate in conference call with J. Herriman, K. Harmon, J. 

Sosa, J. Levitan, and M. Palmer related to HTA declaration and 

takings claim estimates

Herriman, Jay

7/29/2022 1.30 Call with J. Herriman and J. Hertzberg re: review of draft 

declaration in prep of HTA confirmation hearing

Herriman, Jay

7/29/2022 0.60 Participate in conference call with J. Herriman and K. Harmon to 

review final comments to HTA declaration

Herriman, Jay

7/29/2022 1.30 Call with J. Herriman and J. Hertzberg re: review of draft 

declaration in prep of HTA confirmation hearing

Hertzberg, Julie

Subtotal 20.1

Grand Total 83.9

Page 6 of 6

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Exhibit C

ALVAREZ & MARSAL NORTH AMERICA, LLC

MONTHLY FEE APPLICATION OF FOR THE PERIOD

AUGUST 1, 2022 THROUGH AUGUST 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 FORTY-NINTH 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 

AUGUST 1, 2022 THROUGH AUGUST 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: August 1, 2022 through August 31, 2022 

Amount of Compensation sought as actual, 

reasonable and necessary: $27,687.60 ($30,764.00 incurred less 10% 

voluntary reduction of $3,076.40)

Amount of Expense Reimbursement sought 

as actual, reasonable and necessary: $ - 0 - 

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

This is A&M’s Forty-Ninth 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 August 2022. 

Jaime A. El Koury 

General Counsel to the Financial Oversight and 

Management Board of Puerto Rico 

/s/ Jaime A. El Koury

Case:17-03283-LTS Doc#:22885 Filed:11/16/22 Entered:11/16/22 14:41:30 Desc: Main

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4 

On September 14, 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 August 1, 2022 through August 31, 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 40.7 25,720.00

Puerto Rico Highways and Transportation Authority - Fee Applications 2.2 1,007.20

Puerto Rico Highways and Transportation Authority - Meeting 4.5 4,036.80

Subtotal 47.4 30,764.00

Less 10% voluntary reduction (3,076.40)

Total $ 27,687.60

PROFESSIONAL POSITION DEPARTMENT

BILLING 

RATE

TOTAL 

HOURS

TOTAL 

FEES

Julie Hertzberg Managing Director Claim Management $1,012 2.0 $2,024.00

Jay Herriman Managing Director Claim Management $950 6.0 5,700.00

Kara Harmon Director Claim Management $700 4.2 2,940.00

Trevor DiNatale Senior Associate Claim Management $650 10.2 6,630.00

Rushabh Shah Associate Claim Management $575 8.0 4,600.00

Paul Wirtz Consultant Claim Management $550 15.4 8,470.00

Natalie Corbett Para Professional Claim Management $250 1.6 400.00

Subtotal 47.4 30,764.00

Less 10% voluntary reduction -3,076.40

Total $27,687.60

Summary of Expenses for the Period August 1, 2022 through August 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 $24,918.84, for services rendered outside of Puerto Rico. 

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3

EXHIBITS

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Puerto Rico Highways & Transportation Authority

Summary of Time Detail by Task

August 1, 2022 through August 31, 2022

Exhibit A

Task Description Sum of Hours Sum of Fees

Puerto Rico Highways and Transportation Authority - Claims Administration and 

Objections

40.7 $25,720.00

Puerto Rico Highways and Transportation Authority - Fee Applications 2.2 $1,007.20

Puerto Rico Highways and Transportation Authority - Meeting 4.5 $4,036.80

Total 47.4 $30,764.00

Page 1 of 1

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Puerto Rico Highways Transportation Authority

Summary of Time Detail by Professional

August 1, 2022 through August 31, 2022

Exhibit B

Professional Position Billing Rate Sum of Hours Sum of Fees

Hertzberg, Julie Managing Director $1,012.00 2.0 $2,024.00

Herriman, Jay Managing Director $950.00 6.0 $5,700.00

Harmon, Kara Director $700.00 4.2 $2,940.00

DiNatale, Trevor Senior Associate $650.00 10.2 $6,630.00

Rushabh, Shah Associate $575.00 8.0 $4,600.00

Wirtz, Paul Consultant $550.00 15.4 $8,470.00

Corbett, Natalie Para Professional $250.00 1.6 $400.00

Total 47.4 $30,764.00

Page 1 of 1

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Puerto Rico Highways & Transportation Authority

 Summary of Time Detail by Professional

August 1, 2022 through August 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 4.2 $3,990.00

DiNatale, Trevor Senior Associate $650 10.2 $6,630.00

Harmon, Kara Director $700 2.9 $2,030.00

Wirtz, Paul Consultant $550 15.4 $8,470.00

Rushabh, Shah Associate $575 8.0 $4,600.00

40.7 $25,720.00

Average Billing Rate $631.94

Page 1 of 3

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Puerto Rico Highways & Transportation Authority

 Summary of Time Detail by Professional

August 1, 2022 through August 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

Hertzberg, Julie Managing Director $1,012 0.6 $607.20

Corbett, Natalie Para Professional $250 1.6 $400.00

2.2 $1,007.20

Average Billing Rate $457.82

Page 2 of 3

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Puerto Rico Highways & Transportation Authority

 Summary of Time Detail by Professional

August 1, 2022 through August 31, 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

Hertzberg, Julie Managing Director $1,012 1.4 $1,416.80

Herriman, Jay Managing Director $950 1.8 $1,710.00

Harmon, Kara Director $700 1.3 $910.00

4.5 $4,036.80

Average Billing Rate $897.07

Page 3 of 3

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Puerto Rico Highways & Transportation Authority

Time Detail by Activity by Professional

August 1, 2022 through August 31, 2022

Exhibit D

Puerto Rico Highways and Transportation Authority - Claims Administration and 

Objections

Professional Date Hours Activity

8/1/2022 0.60 Review stipulation and judgment sent by AAFAF related to 

takings claim

Herriman, Jay

DiNatale, Trevor 8/2/2022 0.80 Perform review of objection exhibit drafts prior to upcoming filing

DiNatale, Trevor 8/2/2022 0.40 Review objection drafts from Proskauer prior to upcoming filing

8/2/2022 0.60 Review updated information provided by AAFAF related to claims 

filed by the US Federal government

Herriman, Jay

8/3/2022 0.90 Perform review of updated objection exhibit drafts prior to 

upcoming filing

DiNatale, Trevor

8/3/2022 0.40 Review judgment from AAFAF related to HTA takings case to 

determine next steps for claims reconciliation

Harmon, Kara

8/4/2022 0.40 Prepare status report for upcoming omnibus hearing highlighting 

claim reconciliation process

DiNatale, Trevor

8/5/2022 0.60 Review judgment translations received from Proskauer to follow 

up with AAFAF on outstanding items for claims resolution

Harmon, Kara

8/8/2022 2.60 Review claim reconciliation workbooks returned by HTA in order 

to properly draft claim declaration sheets

Wirtz, Paul

8/9/2022 2.40 Review claim reconciliation workbooks returned by HTA in order 

to properly draft claim declaration sheets

Wirtz, Paul

8/11/2022 2.40 Prepare updated waterfall analysis to highlight claims progress 

and outstanding claims by claim type

DiNatale, Trevor

Herriman, Jay 8/12/2022 0.90 Review updated claim waterfall reports and associated support

8/12/2022 1.20 Review claims estimation motion and plan in prep of confirmation 

hearing

Herriman, Jay

8/16/2022 0.80 Review support documents provided by the Highway and 

Transportation Authority for outstanding claims.

Rushabh, Shah

8/16/2022 1.90 Quality check the objection support for claims relating to HTA 

drafted for objection.

Rushabh, Shah

8/16/2022 1.40 Prepare claims for objection based on reconciliation of claims 

utilizing support provided by the Highway and Transportation 

Authority.

Rushabh, Shah

8/16/2022 0.30 Prepare reconciliation workbooks for claims requiring certification 

from the agency to file an objection.

Rushabh, Shah

8/16/2022 2.10 Review historical files provided by HTA as part of the FOMB 

reach out in order to determine next steps on AP claim 

reconciliation

Wirtz, Paul

8/16/2022 1.90 Review historical files provided by HTA as part of the FOMB 

reach out in order to determine next steps on AP claim 

reconciliation

Wirtz, Paul

Page 1 of 3

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Puerto Rico Highways & Transportation Authority

Time Detail by Activity by Professional

August 1, 2022 through August 31, 2022

Exhibit D

Puerto Rico Highways and Transportation Authority - Claims Administration and 

Objections

Professional Date Hours Activity

8/17/2022 1.40 Reconcile outstanding claims asserted against HTA by analyzing 

support documents provided as part of the FOMB reach out.

Rushabh, Shah

8/17/2022 0.60 Review and update declaration documents needed to file AP 

claims for objections based on discussion with Proskauer.

Rushabh, Shah

8/17/2022 2.20 Draft claim declaration letters based upon information received 

from HTA as part of the FOMB reach out.

Wirtz, Paul

8/21/2022 0.60 Review comments from Proskauer related to settled takings 

cases to prepare claims for inclusion on November omnibus 

objections

Harmon, Kara

8/21/2022 1.30 Review HTA takings claim documentation from AAFAF to prepare 

follow up on outstanding payments to be made

Harmon, Kara

8/21/2022 2.30 Draft claim declaration letters based upon received historical AP 

information from HTA as part of the FOMB reach out.

Wirtz, Paul

8/23/2022 2.10 Prepare updated waterfall analysis to highlight claims progress 

and outstanding claims by claim type

DiNatale, Trevor

8/23/2022 0.40 Review data related to takings claims for inclusion on Omnibus 

objections

Herriman, Jay

8/24/2022 2.60 Prepare summary UCC report highlighting updates in claim 

reconciliation process

DiNatale, Trevor

8/24/2022 0.90 Prepare documents highlighting changes to the agency objection 

declaration documents for review by the Highway and 

Transportation Authority.

Rushabh, Shah

8/24/2022 1.90 Prepare HTA declaration and corresponding support materials for 

AAFAF review

Wirtz, Paul

8/25/2022 0.70 Prepare documents highlighting changes to the agency objection 

declaration documents for review by the Highway and 

Transportation Authority.

Rushabh, Shah

8/26/2022 0.60 Finalize claim summary report highlighting updates to claim 

reconciliation process

DiNatale, Trevor

8/26/2022 0.50 Review draft claims reconciliation status report to be provided to 

the UCC per plan of adjustment

Herriman, Jay

Subtotal 40.7

Puerto Rico Highways and Transportation Authority - Fee Applications

Professional Date Hours Activity

Page 2 of 3

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Puerto Rico Highways & Transportation Authority

Time Detail by Activity by Professional

August 1, 2022 through August 31, 2022

Exhibit D

Puerto Rico Highways and Transportation Authority - Fee Applications

Professional Date Hours Activity

Corbett, Natalie 8/22/2022 1.60 Prepare July HWY Fee App

Hertzberg, Julie 8/23/2022 0.60 Review July Fee Statement

Subtotal 2.2

Puerto Rico Highways and Transportation Authority - Meeting

Professional Date Hours Activity

8/5/2022 0.40 Participate in meeting with J. Herriman and K. Harmon related to 

HTA Plan declaration

Harmon, Kara

8/5/2022 0.40 Participate in meeting with J. Herriman and K. Harmon related to 

HTA Plan declaration

Herriman, Jay

8/7/2022 1.40 Call with J. Herriman and J. Hertzberg re: review declaration and 

associated materials in prep of confirmation hearing

Herriman, Jay

8/7/2022 1.40 Call with J. Herriman and J. Hertzberg re: review declaration and 

associated materials in prep of confirmation hearing

Hertzberg, Julie

8/16/2022 0.40 Participate in conference call with J. Herriman and K. Harmon 

related to takings case reconciliation and Plan estimates

Harmon, Kara

8/17/2022 0.50 Participate in conference call with J. Herriman and K. Harmon 

related to HTA confirmation hearing

Harmon, Kara

Subtotal 4.5

Grand Total 47.4

Page 3 of 3

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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 FORTY-NINTH MONTHLY FEE APPLICATION OF 

ALVAREZ & MARSAL NORTH AMERICA, LLC

FOR PAYMENT OF COMPENSATION RENDERED INSIDE OF PUERTO RICO AND 

REIMBURSEMENT OF EXPENSES FOR CONSULTING SERVICES TO THE 

FINANCIAL OVERSIGHT AND MANAGEMENT BOARD OF PUERTO RICO 

FOR THE PERIOD FROM 

AUGUST 1, 2022 THROUGH AUGUST 31, 2022 

ALL FEES AND SERVICES IN THIS MONTHLY FEE STATEMENT 

WERE INCURRED INSIDE 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: August 1, 2022 through August 31, 2022 

Amount of Compensation sought as actual, 

reasonable and necessary: $6,241.50 ($6,935.00 incurred less 10% voluntary 

reduction of $693.50)

Amount of Expense Reimbursement sought 

as actual, reasonable and necessary: $1,935.89 

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

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

rendered inside Puerto Rico.

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3 

Principal Certification

I hereby authorize the submission of this Monthly Fee Statement for August 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 September 14, 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 August 1, 2022 through August 31, 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 2.7 2,565.00

Puerto Rico Highways and Transportation Authority - Meeting 4.6 4,370.00

Subtotal 7.3 6,935.00

Less 10% voluntary reduction (693.50)

Total $ 6,241.50

PROFESSIONAL POSITION DEPARTMENT

BILLING 

RATE

TOTAL 

HOURS

TOTAL 

FEES

Jay Herriman Managing Director Claim Management $950 7.3 6,935.00

Subtotal 7.3 6,935.00

Less 10% voluntary reduction -693.50

Total $6,241.50

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

Puerto Rico Highways & Transportation Authority

EXPENSE CATEGORY AMOUNT

Airfare 537.00

Lodging 1,034.97

Meals 116.17

Transportation 247.75

Total $1,935.89

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 $7,553.24 ($5,617.35 in fees and $1,935.89 in expenses), 

for services rendered inside of Puerto Rico. 

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EXHIBITS

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Puerto Rico Highways & Transportation Authority

Summary of Time Detail by Task

August 1, 2022 through August 31, 2022

Exhibit A

Task Description Sum of Hours Sum of Fees

Puerto Rico Highways and Transportation Authority - Claims Administration and 

Objections

2.7 $2,565.00

Puerto Rico Highways and Transportation Authority - Meeting 4.6 $4,370.00

Total 7.3 $6,935.00

Page 1 of 1

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Puerto Rico Highways Transportation Authority

Summary of Time Detail by Professional

August 1, 2022 through August 31, 2022

Exhibit B

Professional Position Billing Rate Sum of Hours Sum of Fees

Herriman, Jay Managing Director $950.00 7.3 $6,935.00

Total 7.3 $6,935.00

Page 1 of 1

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Puerto Rico Highways & Transportation Authority

 Summary of Time Detail by Professional

August 1, 2022 through August 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 2.7 $2,565.00

2.7 $2,565.00

Average Billing Rate $950.00

Page 1 of 2

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Puerto Rico Highways & Transportation Authority

 Summary of Time Detail by Professional

August 1, 2022 through August 31, 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 4.6 $4,370.00

4.6 $4,370.00

Average Billing Rate $950.00

Page 2 of 2

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Puerto Rico Highways & Transportation Authority

Time Detail by Activity by Professional

August 1, 2022 through August 31, 2022

Exhibit D

Puerto Rico Highways and Transportation Authority - Claims Administration and 

Objections

Professional Date Hours Activity

8/16/2022 2.70 Review claims estimation declaration and supporting claims 

waterfall in prep of confirmation hearing

Herriman, Jay

Subtotal 2.7

Puerto Rico Highways and Transportation Authority - Meeting

Professional Date Hours Activity

8/16/2022 0.40 Participate in conference call with J. Herriman and K. Harmon 

related to takings case reconciliation and Plan estimates

Herriman, Jay

8/16/2022 0.30 Meet with Proskauer team to go over HTA claims estimation 

declaration in prep of confirmation hearing

Herriman, Jay

8/17/2022 0.50 Participate in conference call with J. Herriman and K. Harmon 

related to HTA confirmation hearing

Herriman, Jay

Herriman, Jay 8/17/2022 3.40 Attend Confirmation Hearing

Subtotal 4.6

Grand Total 7.3

Page 1 of 1

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Puerto Rico Highway Transportation Authority

Summary of Expense Detail by Category

August 1, 2022 through August 31, 2022

Exhibit E

Expense Category Sum of Expenses

Airfare $537.00

Lodging $1,034.97

Meals $116.17

Transportation $247.75

Total $1,935.89

Page 1 of 1

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Puerto Rico Highway Transportation Authority

Expense Detail by Category

August 1, 2022 through August 31, 2022

Exhibit F

Airfare

Professional/Service Date Expense Expense Description

Herriman, Jay 8/15/2022 $537.00 Airfare: Roundtrip to San Juan for HTA Confirmation Hearing

Expense Category Total $537.00

Lodging

Professional/Service Date Expense Expense Description

8/15/2022 $1,034.97 Hotel: Hotel in Puerto Rico - 3 Nights (8/15-8/17) for HTA 

Confirmation Hearing

Herriman, Jay

Expense Category Total $1,034.97

Meals

Professional/Service Date Expense Expense Description

Herriman, Jay 8/15/2022 $34.89 Individual Meals: Dinner

Herriman, Jay 8/17/2022 $44.45 Individual Meals: Dinner

Herriman, Jay 8/18/2022 $36.83 Individual Meals: Breakfast

Expense Category Total $116.17

Transportation

Professional/Service Date Expense Expense Description

Herriman, Jay 8/15/2022 $100.00 Taxi: Home to Airport

Herriman, Jay 8/16/2022 $9.99 Taxi: Hotel to O'Neill Office

Herriman, Jay 8/17/2022 $11.83 Taxi: O'Neill Office to Hotel

Herriman, Jay 8/17/2022 $13.59 Taxi: Hotel to O'Neill Office

Herriman, Jay 8/18/2022 $12.34 Taxi: Hotel to Airport

Herriman, Jay 8/18/2022 $100.00 Taxi: Airport to Home

Expense Category Total $247.75

Page 1 of 2

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Puerto Rico Highway Transportation Authority

Expense Detail by Category

August 1, 2022 through August 31, 2022

Exhibit F

Grand Total $1,935.89

Page 2 of 2

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Exhibit D

ALVAREZ & MARSAL NORTH AMERICA, LLC

MONTHLY FEE APPLICATION OF FOR THE PERIOD

SEPTEMBER 1, 2022 THROUGH SEPTEMBER 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 FIFTIETH 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 

SEPTEMBER 1, 2022 THROUGH SEPTEMBER 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 

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: September 1, 2022 through September 30, 2022 

Amount of Compensation sought as actual, 

reasonable and necessary: 

$17,851.14 ($19,834.60 incurred less 10% 

voluntary reduction of $1,983.46)

Amount of Expense Reimbursement sought 

as actual, reasonable and necessary: $ - 0 - 

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

This is A&M’s Fiftieth 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 September 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 October 6, 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 September 1, 2022 through September 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 

 27.9 18,320.00 

Puerto Rico Highways and Transportation Authority - Fee Applications 2.3 1,184.60 

Puerto Rico Highways and Transportation Authority - Meeting 0.4 330.00 

Subtotal 30.6 19,834.60 

Less 10% voluntary reduction (1,983.46)

Total $ 17,851.14 

PROFESSIONAL POSITION DEPARTMENT 

BILLING 

RATE 

TOTAL 

HOURS

TOTAL 

FEES 

Julie Hertzberg Managing Director Claim Management $1,012 0.80 $809.60

Jay Herriman Managing Director Claim Management $950 6.60 6,270.00

Kara Harmon Director Claim Management $700 2.00 1,400.00

Paul Wirtz Associate Claim Management $550 13.90 7,645.00

Rushabh Shah Associate Claim Management $575 5.80 3,335.00

Natalie Corbett Para Professional Claim Management $250 1.50 375.00

Subtotal 30.6 19,834.60

Less 10% voluntary reduction -1,983.46

Total $17,851.14

Summary of Expenses for the Period September 1, 2022 through September 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 $16,066.03, 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

September 1, 2022 through September 30, 2022

Exhibit A

Task Description Sum of Hours Sum of Fees

Puerto Rico Highways and Transportation Authority - Claims Administration 

and Objections

27.9 $18,320.00

Puerto Rico Highways and Transportation Authority - Fee Applications 2.3 $1,184.60

Puerto Rico Highways and Transportation Authority - Meeting 0.4 $330.00

Total 30.6 $19,834.60

Page 1 of 1

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Puerto Rico Highways & Transportation Authority 

Summary of Time Detail by Professional 

September 1, 2022 through September 30, 2022

Exhibit B

Professional Position Billing Rate Sum of Hours Sum of Fees

Hertzberg, Julie Managing Director $1,012.00 0.8 $809.60

Herriman, Jay Managing Director $950.00 6.6 $6,270.00

Harmon, Kara Director $700.00 2.0 $1,400.00

Rushabh, Shah Associate $575.00 5.8 $3,335.00

Wirtz, Paul Associate $550.00 13.9 $7,645.00

Corbett, Natalie Para Professional $250.00 1.5 $375.00

Total 30.6 $19,834.60

Page 1 of 1

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Puerto Rico Highways & Transportation Authority

 Summary of Time Detail by Professional

September 1, 2022 through September 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 6.4 $6,080.00

Harmon, Kara Director $700 1.8 $1,260.00

Wirtz, Paul Associate $550 13.9 $7,645.00

Rushabh, Shah Associate $575 5.8 $3,335.00

27.9 $18,320.00

Average Billing Rate $656.63

Page 1 of 3

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Puerto Rico Highways & Transportation Authority

 Summary of Time Detail by Professional

September 1, 2022 through September 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

Hertzberg, Julie Managing Director $1,012 0.8 $809.60

Corbett, Natalie Para Professional $250 1.5 $375.00

2.3 $1,184.60

Average Billing Rate $515.04

Page 2 of 3

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Puerto Rico Highways & Transportation Authority

 Summary of Time Detail by Professional

September 1, 2022 through September 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 0.2 $190.00

Harmon, Kara Director $700 0.2 $140.00

0.4 $330.00

Average Billing Rate $825.00

Page 3 of 3

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Puerto Rico Highways & Transportation Authority

Time Detail by Activity by Professional

September 1, 2022 through September 30, 2022

Exhibit D

Puerto Rico Highways and Transportation Authority - Claims Administration and 

Objections

Professional Date Hours Activity

9/1/2022 0.60 Review stipulation and judgment sent by AAFAF related to 

takings claim

Harmon, Kara

9/6/2022 0.40 Review declaration related to non certified invoices to be 

included on Omnibus objection

Herriman, Jay

9/6/2022 0.30 Review AP claims marked for upcoming modify objection in order 

to ensure accurate payment details.

Rushabh, Shah

9/7/2022 0.40 Update the claim objection declarations drafts based on 

adjustments provided by HTA.

Rushabh, Shah

9/8/2022 1.80 Review returned declaration from HTA in order to determine 

accuracy

Wirtz, Paul

9/9/2022 1.20 Review claims to be included in next round of Omnibus 

objections for hearing in November

Herriman, Jay

9/10/2022 1.10 Prepare objection language for claims requiring a declaration to 

file an objection for claims asserted against HTA.

Rushabh, Shah

9/10/2022 0.60 Quality check reconciliation details by reviewing payment 

documents provided by HTA for the claims drafted for the next 

round of objections.

Rushabh, Shah

9/13/2022 2.20 Prepare the objection exhibits by updating the objection language 

and reconciliation details for claims drafted for objection.

Rushabh, Shah

9/13/2022 1.90 Review AP claim declarations signed by HTA in order to 

determine accuracy

Wirtz, Paul

9/13/2022 2.30 Review AP claim declarations signed by HTA in order to 

determine accuracy

Wirtz, Paul

Herriman, Jay 9/14/2022 0.60 Review claims to be included on November Omnibus objections

Herriman, Jay 9/14/2022 1.10 Review accounts payable claims related to construction projects

9/15/2022 0.20 Review declarations provided by various agencies to be included 

with claim modification objections

Herriman, Jay

9/19/2022 0.70 Review Proof of Claim and Mailing Responses to determine if 

claims can be drafted for a deficient objection.

Rushabh, Shah

9/20/2022 0.60 Review analysis of HTA takings claims from AAFAF to determine 

case status and next steps

Harmon, Kara

9/20/2022 1.10 Review analysis of claims asserting eminent domain or inverse 

condemnation liabilities

Herriman, Jay

9/20/2022 1.80 Review HTA AP claims asserting construction projects in order to 

capture project numbers and properly categorize

Wirtz, Paul

9/20/2022 2.10 Review HTA AP claims asserting construction projects in order to 

capture project numbers and properly categorize

Wirtz, Paul

Page 1 of 3

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Puerto Rico Highways & Transportation Authority

Time Detail by Activity by Professional

September 1, 2022 through September 30, 2022

Exhibit D

Puerto Rico Highways and Transportation Authority - Claims Administration and 

Objections

Professional Date Hours Activity

Wirtz, Paul 9/20/2022 1.40 Prepare summary of HTA construction projects for AAFAF review

Wirtz, Paul 9/20/2022 2.60 Prepare summary of HTA construction projects for AAFAF review

9/21/2022 0.20 Prepare language summarizing the objection details for claims 

marked for a deficient objection.

Rushabh, Shah

9/21/2022 0.30 Review reconciliation summaries provided by the agencies to 

draft objection language for claims drafted for a no liability 

objection.

Rushabh, Shah

Harmon, Kara 9/30/2022 0.60 Prepare monthly claims waterfalls report for UCC advisors

9/30/2022 1.80 Review claims summary report prepared at the request of the 

UCC

Herriman, Jay

Subtotal 27.9

Puerto Rico Highways and Transportation Authority - Fee Applications

Professional Date Hours Activity

Corbett, Natalie 9/12/2022 0.60 Prepare August HWY Fee App

Corbett, Natalie 9/13/2022 0.90 Meeting with P. Wirtz re: preparation of HWY fee app

Hertzberg, Julie 9/13/2022 0.80 Review August Fee Application for HWY

Subtotal 2.3

Puerto Rico Highways and Transportation Authority - Meeting

Professional Date Hours Activity

9/28/2022 0.20 Participate in conference call with J. Herriman and K. Harmon to 

discuss HTA plan classes for UCC monthly reporting

Harmon, Kara

9/28/2022 0.20 Participate in conference call with J. Herriman and K. Harmon to 

discuss HTA plan classes for UCC monthly reporting

Herriman, Jay

Subtotal 0.4

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Puerto Rico Highways & Transportation Authority

Time Detail by Activity by Professional

September 1, 2022 through September 30, 2022

Exhibit D

Grand Total 30.6

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Exhibit E

ALVAREZ & MARSAL NORTH AMERICA, LLC

PROFESSIONAL SERVICES TIME DETAIL FOR THE THIRTEENTH INTERIM 

FEE APPLICATION PERIOD

JUNE 1, 2022 THROUGH SEPTEMBER 30, 2022

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Puerto Rico Highways & Transportation Authority

Time Detail by Activity by Professional

June 1, 2022 through September 30, 2022

Exhibit E

Puerto Rico Highways and Transportaion Authority - Claims Administration and 

Objections

Professional Date Hours Activity

6/1/2022 1.30 Prepare updated HTA deck to highlight current claims 

reconciliation status by claim type

Harmon, Kara

6/2/2022 0.60 Prepare updates to August claim objection tracker for Proskauer 

review

DiNatale, Trevor

6/2/2022 1.10 Review updated presentation related to status of HTA claims - 

unsecured claims pool

Herriman, Jay

6/3/2022 2.30 Prepare updated waterfall analysis to highlight claims progress 

and outstanding claims by claim type

DiNatale, Trevor

6/3/2022 0.80 Prepare updated analysis of HTA takings claims per request from 

AAFAF

Harmon, Kara

6/6/2022 1.10 Review asserted US Government claims filed at HTA to provide 

estimates for amended Plan of adjustment

Harmon, Kara

6/6/2022 1.30 Review updated analysis of governmental claims for 

determination of updated claims value for Plan of Adjustment

Herriman, Jay

6/6/2022 1.50 Review draft analysis of unsecured claims to be used for Plan of 

Adjustment purposes

Hertzberg, Julie

6/7/2022 0.90 Review analysis related to litigation claims subject to convenience 

class

DiNatale, Trevor

6/7/2022 0.40 Prepare updated HTA claims summary deck per comments from 

Proskauer

Harmon, Kara

6/7/2022 1.60 Updated claims estimation status deck in prep of call with 

Proskauer

Herriman, Jay

6/8/2022 0.40 Prepare analysis on GUC estimate variance from last report to 

highlight changes for Proskauer

Harmon, Kara

6/8/2022 0.70 Review reconciliation data provided by AAFAF related to takings 

claims

Herriman, Jay

6/8/2022 1.10 Review analysis of inter-governmental and Federal government 

claims to used for Plan of Adjustment purposes

Hertzberg, Julie

6/8/2022 1.20 Review HTA case status documentation received in Agency 2022 

Outreach in order to record more litigation detail

Simoneaux, Nicole

6/9/2022 0.60 Review new judgments for HTA takings claims received from 

AAFAF

Harmon, Kara

6/9/2022 1.20 Prepare additional HTA takings claims for August omnibus 

objections per comments from Proskauer

Harmon, Kara

6/9/2022 1.30 Review claims estimation status deck in preparation of call with 

Proskauer

Hertzberg, Julie

6/10/2022 2.10 Prepare updated waterfall analysis to highlight claims progress 

and outstanding claims by claim type

DiNatale, Trevor

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Puerto Rico Highways & Transportation Authority

Time Detail by Activity by Professional

June 1, 2022 through September 30, 2022

Exhibit E

Puerto Rico Highways and Transportaion Authority - Claims Administration and 

Objections

Professional Date Hours Activity

6/10/2022 0.90 Review claim reconciliation data provided R. Castellanos in prep 

of call with Proskauer and HTA

Herriman, Jay

6/11/2022 1.30 Analyze new judgments provided by AAFAF to determine if we 

can object to asserting takings claims

Harmon, Kara

6/11/2022 0.60 Prepare consolidated analysis of all KEF takings cases per 

request from AAFAF

Harmon, Kara

6/12/2022 2.10 Review analysis of unreconciled eminent domain / inverse 

condemnation claims

Hertzberg, Julie

6/14/2022 1.20 Prepare summary report highlighting fully unliquidated litigation 

claims for Proskauer team review

DiNatale, Trevor

6/14/2022 0.80 Review claims to be included on Omnibus objections for August 

hearing

Hertzberg, Julie

6/15/2022 0.40 Update summary report highlighting next steps in litigation claim 

reconciliation process for Proskauer review

DiNatale, Trevor

6/15/2022 1.20 Review claim reconciliation data provided by AAFAF related to 

short paid invoices

Herriman, Jay

6/16/2022 0.90 Update summary report highlighting litigation cases less than 

$100k for Proskauer team review

DiNatale, Trevor

Herriman, Jay 6/16/2022 1.10 Review materials provided by AAFAF related Takings claims

6/20/2022 2.20 Review HTA case status documentation received in Agency 2022 

Outreach in order to record more litigation detail

Simoneaux, Nicole

Hertzberg, Julie 6/21/2022 2.10 Review HTA Plan of Adjustment

6/21/2022 1.10 Review draft Claim solicitation analysis related to plan of 

adjustment

Hertzberg, Julie

6/22/2022 1.40 Review new information from AAFAF related to takings cases for 

HTA

Harmon, Kara

6/22/2022 0.40 Review settlement agreement for stayed takings case to 

determine next steps for claims resolution

Harmon, Kara

6/22/2022 1.10 Review analysis of claims handled by outside counsel to update 

claim status per review from AAFAF

Harmon, Kara

6/22/2022 1.10 Review support provided by HTA related to Accounts Payable 

claims

Herriman, Jay

6/22/2022 0.80 Review support provided by HTA related to satisfied takings 

claims

Herriman, Jay

6/23/2022 1.10 Prepare analysis of claims summary data for use in plan of 

adjustment process

Herriman, Jay

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Puerto Rico Highways & Transportation Authority

Time Detail by Activity by Professional

June 1, 2022 through September 30, 2022

Exhibit E

Puerto Rico Highways and Transportaion Authority - Claims Administration and 

Objections

Professional Date Hours Activity

6/24/2022 1.10 Review bank statements provided by AAFAF to confirm 

payments, by case, were made pursuant to stipulation 

agreements in order to place claims on September omnibus 

objections

Harmon, Kara

6/24/2022 1.90 Revise bondholder reconciliation workbook for HTA master 

bondholder claims and similar

Zeiss, Mark

6/25/2022 2.70 Review HTA Plan class report for solicitation to provide comments 

for Kroll

Harmon, Kara

6/25/2022 2.40 Prepare comments for Kroll related to Plan class reporting for 

HTA solicitation

Harmon, Kara

6/25/2022 1.80 Complete review of HTA plan class report including providing 

comments on updated Plan classes for certain creditors

Harmon, Kara

Zeiss, Mark 6/26/2022 1.10 Revise HTA solicitation claims classes report per comments

6/27/2022 2.20 Prepare updates to HTA solicitation report per comments from S. 

Ma and L. Stafford

Harmon, Kara

Herriman, Jay 6/27/2022 1.30 Review of draft claim solicitation plan class report

Herriman, Jay 6/27/2022 0.20 Review draft materials related to HTA confirmation hearing

6/28/2022 1.90 Prepare updated waterfall analysis to highlight claims progress 

and outstanding claims by claim type

DiNatale, Trevor

6/28/2022 0.40 Prepare updated waterfall analysis to highlight claims progress 

and outstanding claims by claim type

DiNatale, Trevor

6/28/2022 1.90 Prepare claims analysis report for HTA discovery per request 

from Proskauer

Harmon, Kara

6/28/2022 0.60 Prepare updated claims analysis report for HTA discovery 

including updates for comments per discussion with Proskauer

Harmon, Kara

Herriman, Jay 6/28/2022 1.90 Review final HTA plan class solicitation analysis

6/28/2022 0.90 Prepare claim reconciliation status summary as requested by 

Proskauer

Herriman, Jay

6/28/2022 1.10 Review final Claim solicitation analysis related to plan of 

adjustment

Hertzberg, Julie

6/29/2022 0.40 Prepare updated report for HTA claims reconciliation to 

incorporate comments from Proskauer

Harmon, Kara

6/29/2022 0.40 Prepare updated report for HTA including plan classes for 

monthly UCC update

Harmon, Kara

6/29/2022 1.10 Review additional detail related to HTA takings claims received 

from AAFAF

Harmon, Kara

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Puerto Rico Highways & Transportation Authority

Time Detail by Activity by Professional

June 1, 2022 through September 30, 2022

Exhibit E

Puerto Rico Highways and Transportaion Authority - Claims Administration and 

Objections

Professional Date Hours Activity

6/29/2022 0.80 Review data provided by AAFAF related to HTA takings claim 

status

Herriman, Jay

7/5/2022 1.80 Review updates regarding HTA takings cases from D. Colon to 

draft claims for objection OR prepare follow up with creditors

Harmon, Kara

7/5/2022 0.30 Review register to confirm takings cases were not filed against 

Commonwealth for escheated funds at the request of Proskauer

Harmon, Kara

7/5/2022 2.80 Review updates regarding HTA takings cases from D. Colon to 

draft claims for objection OR prepare follow up with creditors

Harmon, Kara

7/5/2022 1.10 Review data received from AAFAF related to eminent domain 

claims in prep of objecting to claims

Herriman, Jay

7/6/2022 0.40 Review claims summary to respond to various questions from J. 

Herriman related to HTA Plan class estimates

Harmon, Kara

7/7/2022 2.90 Prepare updated analysis of HTA takings cases and estimated 

liabilities, by claim

Harmon, Kara

7/7/2022 1.70 Review eminent domain / inverse condemnation claims to update 

plan class estimates

Herriman, Jay

7/7/2022 0.30 Review draft witness disclosure as it relates to the HTA plan of 

adjustment

Herriman, Jay

7/7/2022 0.40 Review draft analysis of construction project claim with associated 

data provided by HTA

Herriman, Jay

7/8/2022 0.40 Review analysis from AAFAF related to payments on takings 

cases to prepare claims for no liability objection

Harmon, Kara

7/8/2022 0.40 Review data received from AAFAF related to eminent domain 

claims in prep of objecting to claims

Herriman, Jay

7/8/2022 0.20 Review draft witness disclosure for J. Herriman as it relates to the 

HTA confirmation hearing

Hertzberg, Julie

7/11/2022 1.10 Review analysis of construction related accounts payable claim 

provided by outside counsel

Hertzberg, Julie

7/12/2022 1.20 Review updated documents from AAFAF related to HTA eminent 

domain litigation to prepare updated master workbook for cases

Harmon, Kara

7/12/2022 0.30 Prepare follow up with AAFAF related to high value litigation 

claims per conference call with Proskauer

Harmon, Kara

7/12/2022 0.80 Prepare updated master tracker of eminent domain claims per 

discussions with Proskauer

Harmon, Kara

7/12/2022 1.20 Review support provided by AAFAF related takings claims to be 

included on Omnibus objections

Herriman, Jay

7/13/2022 0.80 Review comments from AAFAF related to takings claims to 

prepare follow up with HTA for additional details on payments

Harmon, Kara

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Puerto Rico Highways & Transportation Authority

Time Detail by Activity by Professional

June 1, 2022 through September 30, 2022

Exhibit E

Puerto Rico Highways and Transportaion Authority - Claims Administration and 

Objections

Professional Date Hours Activity

7/13/2022 0.80 Review updated summary of outstanding takings claims with 

associated estimated liabilities

Herriman, Jay

7/14/2022 1.90 Analyze updated documents related to takings cases from AAFAF 

to prepare updated estimates for disclosure statement

Harmon, Kara

7/14/2022 0.50 Review materials provided by G. Bernard related to satisfied 

takings claims

Herriman, Jay

7/19/2022 1.30 Analyze updated documents related to takings cases from AAFAF 

to prepare updated estimates for disclosure statement

Harmon, Kara

DiNatale, Trevor 7/20/2022 0.90 Perform QC of claims identified for upcoming omnibus objections

7/20/2022 1.30 Review updated analysis related to unsecured claims estimated 

for use in plan of adjustment

Herriman, Jay

7/20/2022 1.10 Review unresolved litigation claims to determine if appropriate for 

objection

Herriman, Jay

Herriman, Jay 7/20/2022 0.80 Review updated data related to imminent domain claims

7/20/2022 2.20 Analyze AP claims marked for upcoming modify objection in order 

to determine accuracy

Wirtz, Paul

7/20/2022 1.90 Analyze AP claims marked for upcoming no liability objection in 

order to determine accuracy

Wirtz, Paul

7/21/2022 1.70 Analyze updated documents related to takings cases from AAFAF 

to prepare updated estimates for disclosure statement

Harmon, Kara

7/22/2022 0.90 Prepare updated analysis of HTA takings cases and estimated 

liabilities, by claim

Harmon, Kara

7/22/2022 1.30 Review updated eminent domain and inverse condemnation 

analysis related to plan of adjustment declaration

Herriman, Jay

7/22/2022 1.20 Review analysis of estimated general unsecured claims estimate 

for use in plan of adjustment

Hertzberg, Julie

7/22/2022 1.50 Review takings claims (eminent domain and inverse 

condemnation) analysis used for the Plan of Adjustment

Hertzberg, Julie

7/25/2022 1.80 Prepare updated waterfall analysis to highlight claims progress 

and outstanding claims by claim type

DiNatale, Trevor

7/25/2022 0.40 Review claim filed by USDA and corresponding information 

received from HTA in order to respond to inquire from Proskauer

Harmon, Kara

7/26/2022 1.60 Research and respond to email from B. Rosen re: bond claim 

plan objection

Herriman, Jay

7/27/2022 0.80 Review updates to takings claims provided by O'Neill to determine 

if claims are appropriate for objection

Herriman, Jay

Herriman, Jay 7/27/2022 1.20 Review draft declaration related to plan of adjustment

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Puerto Rico Highways & Transportation Authority

Time Detail by Activity by Professional

June 1, 2022 through September 30, 2022

Exhibit E

Puerto Rico Highways and Transportaion Authority - Claims Administration and 

Objections

Professional Date Hours Activity

7/28/2022 1.90 Prepare updated waterfall analysis to highlight claims progress 

and outstanding claims by claim type

DiNatale, Trevor

7/28/2022 0.60 Prepare comments for Proskauer related to HTA declaration and 

analysis of claims

Harmon, Kara

7/28/2022 2.30 Prepare declaration waterfall analysis for HTA to track claim 

counts listed in document

Harmon, Kara

7/28/2022 0.60 Review notes from O'Neill related to HTA takings claims to 

prepare update to master tracker re: disclosure statement 

numbers

Harmon, Kara

7/28/2022 1.80 Review HTA declaration to prepare analysis of claims in order to 

verify numbers contained in the document

Harmon, Kara

7/28/2022 1.90 Review claims waterfall in support of declaration for confirmation 

hearing

Herriman, Jay

7/28/2022 1.70 Review claims waterfall analysis in prep of call with J. Herriman to 

discuss declaration for confirmation hearing

Hertzberg, Julie

7/29/2022 0.40 Review payment files to determine how much has been paid for 

certain HTA takings cases

Harmon, Kara

7/29/2022 0.50 Review HTA waterfall analysis from T. DiNatale to compare to 

HTA declaration

Harmon, Kara

7/29/2022 0.60 Prepare analysis of payments made related to ongoing takings 

case with Finca Matilde

Harmon, Kara

Harmon, Kara 7/29/2022 0.40 Prepare analysis of federal government claims filed against HTA

7/29/2022 0.80 Review support related to several takings claims as it relates to 

plan objections filed by creditors

Herriman, Jay

7/29/2022 0.70 Review updated takings claims summary in prep of call with 

Proskauer

Herriman, Jay

Hertzberg, Julie 7/29/2022 0.60 Review claims to be included on September Omnibus objections

7/30/2022 1.30 Review fully unliquidated litigation claims to determine if sufficient 

data has been provided to liquidate claim

Herriman, Jay

8/1/2022 0.60 Review stipulation and judgment sent by AAFAF related to 

takings claim

Herriman, Jay

DiNatale, Trevor 8/2/2022 0.40 Review objection drafts from Proskauer prior to upcoming filing

DiNatale, Trevor 8/2/2022 0.80 Perform review of objection exhibit drafts prior to upcoming filing

8/2/2022 0.60 Review updated information provided by AAFAF related to claims 

filed by the US Federal government

Herriman, Jay

8/3/2022 0.90 Perform review of updated objection exhibit drafts prior to 

upcoming filing

DiNatale, Trevor

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Puerto Rico Highways & Transportation Authority

Time Detail by Activity by Professional

June 1, 2022 through September 30, 2022

Exhibit E

Puerto Rico Highways and Transportaion Authority - Claims Administration and 

Objections

Professional Date Hours Activity

8/3/2022 0.40 Review judgment from AAFAF related to HTA takings case to 

determine next steps for claims reconciliation

Harmon, Kara

8/4/2022 0.40 Prepare status report for upcoming omnibus hearing highlighting 

claim reconciliation process

DiNatale, Trevor

8/5/2022 0.60 Review judgment translations received from Proskauer to follow 

up with AAFAF on outstanding items for claims resolution

Harmon, Kara

8/8/2022 2.60 Review claim reconciliation workbooks returned by HTA in order 

to properly draft claim declaration sheets

Wirtz, Paul

8/9/2022 2.40 Review claim reconciliation workbooks returned by HTA in order 

to properly draft claim declaration sheets

Wirtz, Paul

8/11/2022 2.40 Prepare updated waterfall analysis to highlight claims progress 

and outstanding claims by claim type

DiNatale, Trevor

Herriman, Jay 8/12/2022 0.90 Review updated claim waterfall reports and associated support

8/12/2022 1.20 Review claims estimation motion and plan in prep of confirmation 

hearing

Herriman, Jay

8/16/2022 2.70 Review claims estimation declaration and supporting claims 

waterfall in prep of confirmation hearing

Herriman, Jay

8/16/2022 1.40 Prepare claims for objection based on reconciliation of claims 

utilizing support provided by the Highway and Transportation 

Authority.

Rushabh, Shah

8/16/2022 0.80 Review support documents provided by the Highway and 

Transportation Authority for outstanding claims.

Rushabh, Shah

8/16/2022 0.30 Prepare reconciliation workbooks for claims requiring certification 

from the agency to file an objection.

Rushabh, Shah

8/16/2022 1.90 Quality check the objection support for claims relating to HTA 

drafted for objection.

Rushabh, Shah

8/16/2022 2.10 Review historical files provided by HTA as part of the FOMB 

reach out in order to determine next steps on AP claim 

reconciliation

Wirtz, Paul

8/16/2022 1.90 Review historical files provided by HTA as part of the FOMB 

reach out in order to determine next steps on AP claim 

reconciliation

Wirtz, Paul

8/17/2022 0.60 Review and update declaration documents needed to file AP 

claims for objections based on discussion with Proskauer.

Rushabh, Shah

8/17/2022 1.40 Reconcile outstanding claims asserted against HTA by analyzing 

support documents provided as part of the FOMB reach out.

Rushabh, Shah

8/17/2022 2.20 Draft claim declaration letters based upon information received 

from HTA as part of the FOMB reach out.

Wirtz, Paul

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Puerto Rico Highways & Transportation Authority

Time Detail by Activity by Professional

June 1, 2022 through September 30, 2022

Exhibit E

Puerto Rico Highways and Transportaion Authority - Claims Administration and 

Objections

Professional Date Hours Activity

8/21/2022 0.60 Review comments from Proskauer related to settled takings 

cases to prepare claims for inclusion on November omnibus 

objections

Harmon, Kara

8/21/2022 1.30 Review HTA takings claim documentation from AAFAF to prepare 

follow up on outstanding payments to be made

Harmon, Kara

8/21/2022 2.30 Draft claim declaration letters based upon received historical AP 

information from HTA as part of the FOMB reach out.

Wirtz, Paul

8/23/2022 2.10 Prepare updated waterfall analysis to highlight claims progress 

and outstanding claims by claim type

DiNatale, Trevor

8/23/2022 0.40 Review data related to takings claims for inclusion on Omnibus 

objections

Herriman, Jay

8/24/2022 2.60 Prepare summary UCC report highlighting updates in claim 

reconciliation process

DiNatale, Trevor

8/24/2022 0.90 Prepare documents highlighting changes to the agency objection 

declaration documents for review by the Highway and 

Transportation Authority.

Rushabh, Shah

8/24/2022 1.90 Prepare HTA declaration and corresponding support materials for 

AAFAF review

Wirtz, Paul

8/25/2022 0.70 Prepare documents highlighting changes to the agency objection 

declaration documents for review by the Highway and 

Transportation Authority.

Rushabh, Shah

8/26/2022 0.60 Finalize claim summary report highlighting updates to claim 

reconciliation process

DiNatale, Trevor

8/26/2022 0.50 Review draft claims reconciliation status report to be provided to 

the UCC per plan of adjustment

Herriman, Jay

9/1/2022 0.60 Review stipulation and judgment sent by AAFAF related to 

takings claim

Harmon, Kara

9/6/2022 0.40 Review declaration related to non certified invoices to be included 

on Omnibus objection

Herriman, Jay

9/6/2022 0.30 Review AP claims marked for upcoming modify objection in order 

to ensure accurate payment details.

Rushabh, Shah

9/7/2022 0.40 Update the claim objection declarations drafts based on 

adjustments provided by HTA.

Rushabh, Shah

9/8/2022 1.80 Review returned declaration from HTA in order to determine 

accuracy

Wirtz, Paul

9/9/2022 1.20 Review claims to be included in next round of Omnibus objections 

for hearing in November

Herriman, Jay

9/10/2022 1.10 Prepare objection language for claims requiring a declaration to 

file an objection for claims asserted against HTA.

Rushabh, Shah

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Puerto Rico Highways & Transportation Authority

Time Detail by Activity by Professional

June 1, 2022 through September 30, 2022

Exhibit E

Puerto Rico Highways and Transportaion Authority - Claims Administration and 

Objections

Professional Date Hours Activity

9/10/2022 0.60 Quality check reconciliation details by reviewing payment 

documents provided by HTA for the claims drafted for the next 

round of objections.

Rushabh, Shah

9/13/2022 2.20 Prepare the objection exhibits by updating the objection language 

and reconciliation details for claims drafted for objection.

Rushabh, Shah

9/13/2022 2.30 Review AP claim declarations signed by HTA in order to 

determine accuracy

Wirtz, Paul

9/13/2022 1.90 Review AP claim declarations signed by HTA in order to 

determine accuracy

Wirtz, Paul

Herriman, Jay 9/14/2022 1.10 Review accounts payable claims related to construction projects

Herriman, Jay 9/14/2022 0.60 Review claims to be included on November Omnibus objections

9/15/2022 0.20 Review declarations provided by various agencies to be included 

with claim modification objections

Herriman, Jay

9/19/2022 0.70 Review Proof of Claim and Mailing Responses to determine if 

claims can be drafted for a deficient objection.

Rushabh, Shah

9/20/2022 0.60 Review analysis of HTA takings claims from AAFAF to determine 

case status and next steps

Harmon, Kara

9/20/2022 1.10 Review analysis of claims asserting eminent domain or inverse 

condemnation liabilities

Herriman, Jay

Wirtz, Paul 9/20/2022 1.40 Prepare summary of HTA construction projects for AAFAF review

9/20/2022 2.10 Review HTA AP claims asserting construction projects in order to 

capture project numbers and properly categorize

Wirtz, Paul

Wirtz, Paul 9/20/2022 2.60 Prepare summary of HTA construction projects for AAFAF review

9/20/2022 1.80 Review HTA AP claims asserting construction projects in order to 

capture project numbers and properly categorize

Wirtz, Paul

9/21/2022 0.20 Prepare language summarizing the objection details for claims 

marked for a deficient objection.

Rushabh, Shah

9/21/2022 0.30 Review reconciliation summaries provided by the agencies to 

draft objection language for claims drafted for a no liability 

objection.

Rushabh, Shah

Harmon, Kara 9/30/2022 0.60 Prepare monthly claims waterfalls report for UCC advisors

Herriman, Jay 9/30/2022 1.80 Review claims summary report prepared at the request of the UCC

Subtotal 200.0

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Puerto Rico Highways & Transportation Authority

Time Detail by Activity by Professional

June 1, 2022 through September 30, 2022

Exhibit E

Puerto Rico Highways and Transportaion Authority - Fee Applications

Professional Date Hours Activity

Corbett, Natalie 6/22/2022 2.10 Prepare May HWY Fee Apps

Corbett, Natalie 6/23/2022 2.10 Prepare 12th Interim HWY Fee App

Hertzberg, Julie 6/27/2022 1.30 Review draft May Fee Application, notice and declaration

Corbett, Natalie 6/29/2022 0.40 Finalize May HWY 12th Interim Fee App

Hertzberg, Julie 6/29/2022 1.70 Review draft HTA Interim Fee Application

Herriman, Jay 7/1/2022 1.20 Complete 12 the interim fee application

Hertzberg, Julie 7/1/2022 0.60 Review filing version of 12th Interim fee application

Corbett, Natalie 7/21/2022 1.80 Prepare June HWY Fee App

7/25/2022 0.90 Review June Fee Application prior sending to PROMESA board 

for approval

Hertzberg, Julie

Corbett, Natalie 8/22/2022 1.60 Prepare July HWY Fee App

Hertzberg, Julie 8/23/2022 0.60 Review July Fee Statement

Corbett, Natalie 9/12/2022 0.60 Prepare August HWY Fee App

Corbett, Natalie 9/13/2022 0.90 Meeting with P. Wirtz re: preparation of HWY fee app

Hertzberg, Julie 9/13/2022 0.80 Review August Fee Application for HWY

Subtotal 16.6

Puerto Rico Highways and Transportaion Authority - Meeting

Professional Date Hours Activity

6/2/2022 0.60 Meeting with J. Herriman and K. Harmon related protective claims 

filed at HTA

Harmon, Kara

6/2/2022 0.60 Meeting with J. Herriman and K. Harmon related protective claims 

filed at HTA

Herriman, Jay

6/6/2022 0.70 Participate in conference call with J. Herriman and K. Harmon 

related to takings claims objections

Harmon, Kara

6/6/2022 0.70 Participate in conference call with J. Herriman and K. Harmon 

related to takings claims objections

Herriman, Jay

6/7/2022 0.60 Participate in meeting with J. Herriman and K. Harmon related to 

HTA claims summary deck for UCC advisors

Harmon, Kara

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Puerto Rico Highways & Transportation Authority

Time Detail by Activity by Professional

June 1, 2022 through September 30, 2022

Exhibit E

Puerto Rico Highways and Transportaion Authority - Meeting

Professional Date Hours Activity

6/7/2022 0.60 Participate in meeting with J. Herriman and K. Harmon related to 

HTA claims summary deck for UCC advisors

Herriman, Jay

Herriman, Jay 6/9/2022 0.40 Call with L. Stafford re: Construction claims reconciliation

6/21/2022 0.70 Participate in conference call with K. Harmon, J. Herriman, L. 

Stafford, R. Colon, and G. Bernard related to HTA takings cases, 

union grievances, and ACR initial determinations

Harmon, Kara

6/21/2022 0.70 Participate in conference call with K. Harmon, J. Herriman, L. 

Stafford, R. Colon, and G. Bernard related to HTA takings cases, 

union grievances, and ACR initial determinations

Herriman, Jay

6/23/2022 0.40 Call with J. Herriman and J. Hertzberg re: discuss status of 

unreconciled claims and next steps for resolution of claims

Herriman, Jay

6/23/2022 0.40 Call with J. Herriman and J. Hertzberg re: discuss status of 

unreconciled claims and next steps for resolution of claims

Hertzberg, Julie

6/27/2022 0.80 Participate in conference call with J. Herriman, K. Harmon and T. 

Potesta related to HTA solicitation

Harmon, Kara

6/27/2022 0.80 Participate in conference call with J. Herriman, K. Harmon and T. 

Potesta related to HTA solicitation

Herriman, Jay

6/27/2022 0.80 Participate in conference call with J. Herriman, K. Harmon and T. 

Potesta related to HTA solicitation.

Potesta, Tyler

6/28/2022 0.50 Participate in conference call with J. Herriman, K. Harmon and T. 

Potesta related to HTA claim reconciliation.

Harmon, Kara

6/28/2022 0.50 Participate in conference call with J. Herriman, K. Harmon and T. 

Potesta related to HTA claim reconciliation.

Herriman, Jay

6/28/2022 0.50 Participate in conference call with J. Herriman, K. Harmon and T. 

Potesta related to HTA claim reconciliation.

Potesta, Tyler

6/30/2022 1.40 Call with J. Herriman and J. Hertzberg re: discuss witness list and 

declaration related to confirmation hearing

Herriman, Jay

6/30/2022 1.40 Call with J. Herriman and J. Hertzberg re: discuss witness list and 

declaration related to confirmation hearing

Hertzberg, Julie

7/6/2022 0.40 Call with Proskauer team to discuss declaration in support of the 

HTA plan of adjustment

Herriman, Jay

7/7/2022 0.40 Participate in conference call with J. Herriman and K. Harmon 

related to HTA takings cases and estimated liabilities

Harmon, Kara

7/7/2022 0.40 Participate in conference call with J. Herriman and K. Harmon 

related to HTA takings cases and estimated liabilities

Herriman, Jay

7/8/2022 0.30 Participate in discussion with M. Zeiss and K. Harmon related to 

late filed HTA bond claims

Harmon, Kara

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Puerto Rico Highways & Transportation Authority

Time Detail by Activity by Professional

June 1, 2022 through September 30, 2022

Exhibit E

Puerto Rico Highways and Transportaion Authority - Meeting

Professional Date Hours Activity

7/8/2022 0.30 Call with Proskauer team related to status of breach of contract 

claim

Herriman, Jay

7/8/2022 0.30 Participate in discussion with M. Zeiss and K. Harmon related to 

late filed HTA bond claims

Zeiss, Mark

7/9/2022 0.30 Call with J. Herriman and J. Hertzberg re: Witness disclosure 

related to HTA Confirmation hearing

Herriman, Jay

7/9/2022 0.30 Call with J. Herriman and J. Hertzberg re: Witness disclosure 

related to HTA Confirmation hearing

Hertzberg, Julie

7/12/2022 0.20 Participate in conference call with J. Herriman and K. Harmon 

related to HTA confirmation hearing

Harmon, Kara

7/12/2022 0.90 Participate in conference calls with B. Rosen, J. Levitan, J. Sosa, 

J. Esses, K. Harmon and J. Herriman related to HTA Eminent 

Domain claims

Harmon, Kara

7/12/2022 0.90 Participate in conference calls with B. Rosen, J. Levitan, J. Sosa, 

J. Esses, K. Harmon and J. Herriman related to HTA Eminent 

Domain claims

Herriman, Jay

7/12/2022 0.20 Participate in conference call with J. Herriman and K. Harmon 

related to HTA confirmation hearing

Herriman, Jay

7/13/2022 1.10 Call with J. Herriman and J. Hertzberg re: discuss HTA 

confirmation hearing and associated estimates used in the plan

Herriman, Jay

7/13/2022 1.10 Call with J. Herriman and J. Hertzberg re: discuss HTA 

confirmation hearing and associated estimates used in the plan

Hertzberg, Julie

7/19/2022 0.60 Participate in conference call with J. Herriman, K. Harmon, J. 

Levitan, J. Sosa, J. Esses, C. Garcia-Benitez related to HTA 

takings cases

Harmon, Kara

7/19/2022 0.60 Participate in conference call with J. Herriman, K. Harmon, J. 

Levitan, J. Sosa, J. Esses, C. Garcia-Benitez related to HTA 

takings cases

Herriman, Jay

7/22/2022 0.70 Participate in meeting with J. Herriman and K. Harmon related to 

HTA takings cases and declaration

Harmon, Kara

7/22/2022 0.50 Participate in conference call with J. Herriman, K. Harmon, B. 

Rosen, J. Levitan, C Benitez, and G. Maranda related to HTA 

takings cases and estimated liabilities per discussions with 

opposing counsel

Harmon, Kara

7/22/2022 0.50 Participate in conference call with J. Herriman, K. Harmon, B. 

Rosen, J. Levitan, C Benitez, and G. Maranda related to HTA 

takings cases and estimated liabilities per discussions with 

opposing counsel

Herriman, Jay

7/22/2022 0.70 Participate in meeting with J. Herriman and K. Harmon related to 

HTA takings cases and declaration

Herriman, Jay

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Puerto Rico Highways & Transportation Authority

Time Detail by Activity by Professional

June 1, 2022 through September 30, 2022

Exhibit E

Puerto Rico Highways and Transportaion Authority - Meeting

Professional Date Hours Activity

7/28/2022 0.70 Participate in conference call with J. Herriman and K. Harmon 

related to HTA claims waterfalls and current active claims

Harmon, Kara

7/28/2022 0.60 Conference call with J. Herriman and K. Harmon related to notes 

for HTA declaration

Harmon, Kara

7/28/2022 0.50 Participate in conference call with K. Harmon and J. Herriman 

related to HTA declaration draft

Harmon, Kara

7/28/2022 0.60 Conference call with J. Herriman and K. Harmon related to notes 

for HTA declaration

Herriman, Jay

7/28/2022 0.70 Participate in conference call with J. Herriman and K. Harmon 

related to HTA claims waterfalls and current active claims

Herriman, Jay

7/28/2022 0.50 Participate in conference call with K. Harmon and J. Herriman 

related to HTA declaration draft

Herriman, Jay

7/29/2022 0.60 Participate in meeting with J. Herriman and K. Harmon related to 

unresolved HTA takings cases and comments from HTA related 

to just compensation

Harmon, Kara

7/29/2022 0.60 Participate in conference call with J. Herriman and K. Harmon to 

review final comments to HTA declaration

Harmon, Kara

7/29/2022 0.40 Participate in conference call with J. Herriman, K. Harmon, J. 

Sosa, J. Levitan, and M. Palmer related to HTA declaration and 

takings claim estimates

Harmon, Kara

7/29/2022 0.60 Participate in meeting with J. Herriman and K. Harmon related to 

unresolved HTA takings cases and comments from HTA related 

to just compensation

Herriman, Jay

7/29/2022 0.40 Participate in conference call with J. Herriman, K. Harmon, J. 

Sosa, J. Levitan, and M. Palmer related to HTA declaration and 

takings claim estimates

Herriman, Jay

7/29/2022 0.60 Participate in conference call with J. Herriman and K. Harmon to 

review final comments to HTA declaration

Herriman, Jay

7/29/2022 1.30 Call with J. Herriman and J. Hertzberg re: review of draft 

declaration in prep of HTA confirmation hearing

Herriman, Jay

7/29/2022 1.30 Call with J. Herriman and J. Hertzberg re: review of draft 

declaration in prep of HTA confirmation hearing

Hertzberg, Julie

8/5/2022 0.40 Participate in meeting with J. Herriman and K. Harmon related to 

HTA Plan declaration

Harmon, Kara

8/5/2022 0.40 Participate in meeting with J. Herriman and K. Harmon related to 

HTA Plan declaration

Herriman, Jay

8/7/2022 1.40 Call with J. Herriman and J. Hertzberg re: review declaration and 

associated materials in prep of confirmation hearing

Herriman, Jay

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Puerto Rico Highways & Transportation Authority

Time Detail by Activity by Professional

June 1, 2022 through September 30, 2022

Exhibit E

Puerto Rico Highways and Transportaion Authority - Meeting

Professional Date Hours Activity

8/7/2022 1.40 Call with J. Herriman and J. Hertzberg re: review declaration and 

associated materials in prep of confirmation hearing

Hertzberg, Julie

8/16/2022 0.40 Participate in conference call with J. Herriman and K. Harmon 

related to takings case reconciliation and Plan estimates

Harmon, Kara

8/16/2022 0.30 Meet with Proskauer team to go over HTA claims estimation 

declaration in prep of confirmation hearing

Herriman, Jay

8/16/2022 0.40 Participate in conference call with J. Herriman and K. Harmon 

related to takings case reconciliation and Plan estimates

Herriman, Jay

8/17/2022 0.50 Participate in conference call with J. Herriman and K. Harmon 

related to HTA confirmation hearing

Harmon, Kara

Herriman, Jay 8/17/2022 3.40 Attend Confirmation Hearing

8/17/2022 0.50 Participate in conference call with J. Herriman and K. Harmon 

related to HTA confirmation hearing

Herriman, Jay

9/28/2022 0.20 Participate in conference call with J. Herriman and K. Harmon to 

discuss HTA plan classes for UCC monthly reporting

Harmon, Kara

9/28/2022 0.20 Participate in conference call with J. Herriman and K. Harmon to 

discuss HTA plan classes for UCC monthly reporting

Herriman, Jay

Subtotal 42.7

Grand Total 259.3

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Exhibit F

ALVAREZ & MARSAL NORTH AMERICA, LLC

EXPENSE DETAIL FOR THE THIRTEENTH INTERIM FEE APPLICATION PERIOD

JUNE 1, 2022 THROUGH SEPTEMBER 30, 2022

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Puerto Rico Highways Transportation Authority

Expense Detail by Category

June 1, 2022 through September 30, 2022

Exhibit F

Airfare

Professional/Service Date Expense Expense Description

Herriman, Jay 8/15/2022 $537.00 Airfare: Roundtrip to San Juan for HTA Confirmation Hearing

Expense Category Total $537.00

Lodging

Professional/Service Date Expense Expense Description

8/15/2022 $1,034.97 Hotel: Hotel in Puerto Rico - 3 Nights (8/15-8/17) for HTA 

Confirmation Hearing

Herriman, Jay

Expense Category Total $1,034.97

Meals

Professional/Service Date Expense Expense Description

Herriman, Jay 8/15/2022 $34.89 Individual Meals: Dinner

Herriman, Jay 8/17/2022 $44.45 Individual Meals: Dinner

Herriman, Jay 8/18/2022 $36.83 Individual Meals: Breakfast

Expense Category Total $116.17

Transportation

Professional/Service Date Expense Expense Description

Herriman, Jay 8/15/2022 $100.00 Taxi: Home to Airport

Herriman, Jay 8/16/2022 $9.99 Taxi: Hotel to O'Neill Office

Herriman, Jay 8/17/2022 $11.83 Taxi: O'Neill Office to Hotel

Herriman, Jay 8/17/2022 $13.59 Taxi: Hotel to O'Neill Office

Herriman, Jay 8/18/2022 $12.34 Taxi: Hotel to Airport

Herriman, Jay 8/18/2022 $100.00 Taxi: Airport to Home

Expense Category Total $247.75

Page 1 of 2

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Puerto Rico Highways Transportation Authority

Expense Detail by Category

June 1, 2022 through September 30, 2022

Exhibit F

Grand Total $1,935.89

Page 2 of 2

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Exhibit G

ALVAREZ & MARSAL NORTH AMERICA, LLC

SERVICES PERFORMED BY CATEGORY

FOR THE THIRTEENTH INTERIM FEE APPLICATION PERIOD

JUNE 1, 2022 THROUGH SEPTEMBER 30, 2022

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Puerto Rico Highways & Transportation Authority

 Summary of Time Detail by Professional

June 1, 2022 through September, 2022

Exhibit G

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

Hertzberg, Julie Managing Director $1,012 17.4 $17,608.80

Herriman, Jay Managing Director $950 48.5 $46,075.00

DiNatale, Trevor Senior Associate $650 25.5 $16,575.00

Harmon, Kara Director $700 55.0 $38,500.00

Zeiss, Mark Director $675 3.0 $2,025.00

Wirtz, Paul Consultant $550 33.4 $18,370.00

Rushabh, Shah Associate $575 13.8 $7,935.00

Simoneaux, Nicole Analyst $425 3.4 $1,445.00

200.0 $148,533.80

Average Billing Rate $742.67

Page 1 of 3

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Puerto Rico Highways & Transportation Authority

 Summary of Time Detail by Professional

June 1, 2022 through September, 2022

Exhibit G

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

Hertzberg, Julie Managing Director $1,012 5.9 $5,970.80

Herriman, Jay Managing Director $950 1.2 $1,140.00

Corbett, Natalie Para Professional $250 9.5 $2,375.00

16.6 $9,485.80

Average Billing Rate $571.43

Page 2 of 3

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Puerto Rico Highways & Transportation Authority

 Summary of Time Detail by Professional

June 1, 2022 through September, 2022

Exhibit G

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 

other Creditor constituents and their advisors.

Professional Position Billing Rate Sum of Hours Sum of Fees

Hertzberg, Julie Managing Director $1,012 5.9 $5,970.80

Herriman, Jay Managing Director $950 22.8 $21,660.00

Harmon, Kara Director $700 12.4 $8,680.00

Zeiss, Mark Director $675 0.3 $202.50

Potesta, Tyler Associate $575 1.3 $747.50

42.7 $37,260.80

Average Billing Rate $872.62

Page 3 of 3

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Exhibit H

DECLARATION OF JAY HERRIMAN IN SUPPORT OF THE THIRTEENTH 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 THIRTEENTH 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

JUNE 1, 2022 THROUGH SEPTEMBER 30, 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 thirteenth interim application for

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

respect to the Debtor’s Title III case, dated November 16, 2022 (the “Application”),

3

for the 

period from June 1, 2022 through and including September 30, 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: November 16, 2022 

/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 THIRTEENTH 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

JUNE 1, 2022 THROUGH SEPTEMBER 30, 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 June 1, 

2022 through and including September 30, 2022 in the amount of $195,280.40, $188,345.40 of 

which represents fees earned outside of Puerto Rico and $6,935.00 of which represents fees 

earned inside 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 $195,280.40, $188,345.40 of

which represents fees earned outside of Puerto Rico and $6,935.00 of which represents

fees earned inside 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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