UNITED STATES DISTRICT COURT 

DISTRICT OF PUERTO RICO 

 PROMESA 

In re Title III 

 

THE FINANCIAL OVERSIGHT AND No. 17 BK 3283-LTS 

MANAGEMENT BOARD FOR PUERTO RICO, 

 (Jointly Administered) 

 

As a representative of 

THE COMMONWEALTH OF PUERTO RICO 

et al., 

 

 Debtors.1 

 

TWELFTH INTERIM FEE APPLICATION OF PJT PARTNERS LP 

AS INVESTMENT BANKER AND FINANCIAL ADVISOR TO THE FINANCIAL 

OVERSIGHT AND MANAGEMENT BOARD OF PUERTO RICO FOR COMPENSATION 

AND REIMBURSEMENT OF OUT-OF-POCKET EXPENSES INCURRED FOR 

THE PERIOD OF OCTOBER 1, 2022 THROUGH NOVEMBER 30, 2022 

SUMMARY SHEET 

Name of Applicant: PJT Partners LP 

Authorized to Provide 

Professional Services to: Financial Oversight and Management Board for Puerto 

Rico Pursuant to PROMESA 

Period for which Compensation 

and Reimbursement is Sought: October 1, 2022 through November 30, 2022 

Amount of Compensation Sought 

as Actual, Reasonable, and Necessary: $2,500,000.00 

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) (Title III case numbers are listed as Bankruptcy Case numbers due to 

software limitations). 

Case:17-03283-LTS Doc#:24200 Filed:05/12/23 Entered:05/12/23 16:19:33 Desc: Main

Document Page 1 of 35
2

Amount of Expense Reimbursement sought 

as actual, Reasonable, and Necessary: $2,880.28 

Amount of Cash Payment Sought: $1,740,380.28 

This is a monthly fee statement x interim fee application final fee application

Case:17-03283-LTS Doc#:24200 Filed:05/12/23 Entered:05/12/23 16:19:33 Desc: Main

Document Page 2 of 35
SUMMARY OF TIME RECORDED DURING THE TWELFTH INTERIM PERIOD 

Name Title Total Hours 

Steven Zelin Partner 12.0 

William Evarts Managing Director 104.0 

Ashim Midha Vice President 94.5 

Angela Weng Analyst 126.5 

Total Hours 337.0 

Prior Interim or Monthly Fee Payments To Date: 

Requested Paid 

Date 

Payment 

Received 

Monthly Fee 

Statement Paid Fees Expenses Fees1 Expenses 

05/29/19 02/01/19 – 02/28/19 $1,250,000.00 $0.00 $782,020.00 $0.00 

06/06/19 03/01/19 – 03/31/19 $1,250,000.00 $0.00 $781,875.00 $0.00 

06/06/19 04/01/19 – 04/30/19 $1,250,000.00 $0.00 $781,875.00 $0.00 

09/20/19 05/01/19 – 05/31/19 $1,250,000.00 $333.16 $781,875.00 $333.16 

10/15/19 06/01/19 – 06/30/19 $1,250,000.00 $0.00 $781,875.00 $0.00 

11/29/19 07/01/19 – 07/31/19 $1,250,000.00 $62.83 $781,875.00 $62.83 

11/29/19 08/01/19 – 08/31/19 $1,250,000.00 $246.44 $781,875.00 $246.44 

11/29/19 09/01/19 – 09/30/19 $1,250,000.00 $6,671.62 $781,875.00 $6,671.62 

05/22/20 10/01/19 – 10/31/19 $1,250,000.00 $6,434.20 $781,875.00 $6,434.20 

05/22/20 11/01/19 – 11/30/19 $1,250,000.00 $0.00 $781,875.00 $0.00 

05/22/20 12/01/19 – 12/31/19 $1,250,000.00 $10,492.86 $781,875.00 $10,492.86 

05/26/20 01/01/20 – 01/31/20 $1,250,000.00 $0.00 $781,875.00 $0.00 

09/17/20 02/01/20 – 02/29/20 $1,250,000.00 $0.00 $781,875.00 $0.00 

09/17/20 03/01/20 – 03/31/20 $1,250,000.00 $0.00 $781,875.00 $0.00 

09/17/20 04/01/20 – 04/30/20 $1,250,000.00 $0.00 $781,875.00 $0.00 

09/17/20 05/01/20 – 05/31/20 $1,250,000.00 $30,021.86 $781,875.00 $30,021.86 

01/26/21 06/01/20 – 06/30/20 $1,250,000.00 $2,426.81 $781,875.00 $2,426.81 

01/26/21 07/01/20 – 07/31/20 $1,250,000.00 $0.00 $781,875.00 $0.00 

01/26/21 08/01/20 – 08/31/20 $1,250,000.00 $0.00 $782,020.00 $0.00 

01/26/21 09/01/20 – 09/30/20 $1,250,000.00 $0.00 $781,875.00 $0.00 

07/19/21 10/01/20 – 10/31/20 $1,250,000.00 $0.00 $781,875.00 $0.00 

07/21/21 11/01/20 – 11/30/20 $1,250,000.00 $0.00 $781,875.00 $0.00 

07/21/21 12/01/20 – 12/31/20 $1,250,000.00 $0.00 $781,875.00 $0.00 

08/26/21 01/01/21 – 01/31/21 $1,250,000.00 $0.00 $781,875.00 $0.00 

01/03/22 02/01/21 – 02/28/21 $1,250,000.00 $2,009.01 $781,875.00 $2,009.01 

01/06/22 03/01/21 – 03/31/21 $1,250,000.00 $1,818.03 $781,875.00 $1,818.03 

01/06/22 04/01/21 – 04/30/21 $1,250,000.00 $0.00 $781,875.00 $0.00 

01/06/22 05/01/21 – 05/31/21 $1,250,000.00 $16.39 $781,875.00 $16.39 

1

 Amount reflects net amount paid to PJT. 

Case:17-03283-LTS Doc#:24200 Filed:05/12/23 Entered:05/12/23 16:19:33 Desc: Main

Document Page 3 of 35
2

Prior Interim or Monthly Fee Payments To Date: 

Requested Paid 

Date 

Payment 

Received 

Monthly Fee 

Statement Paid Fees Expenses Fees2 Expenses 

01/18/22 06/01/21 – 06/30/21 $1,250,000.00 $0.00 $781,875.00 $0.00 

01/18/22 07/01/21 – 07/31/21 $1,250,000.00 $0.00 $781,875.00 $0.00 

01/18/22 08/01/21 – 08/31/21 $1,250,000.00 $0.00 $781,875.00 $0.00 

01/18/22 09/01/21 – 09/30/21 $1,250,000.00 $0.00 $781,875.00 $0.00 

10/26/22 10/01/21 – 10/31/21 $1,250,000.00 $0.00 $781,875.00 $0.00 

10/26/22 11/01/21 – 11/30/21 $1,250,000.00 $0.00 $781,875.00 $0.00 

10/26/22 12/01/21 – 12/31/21 $1,250,000.00 $3,989.43 $781,875.00 $3,989.43 

10/26/22 01/01/22 – 01/31/22 $1,250,000.00 $0.00 $781,875.00 $0.00 

10/26/22 02/01/22 – 02/28/22 $1,250,000.00 $424.87 $781,875.00 $424.87 

10/26/22 03/01/22 – 03/31/22 $1,250,000.00 $228.52 $781,875.00 $228.52 

10/26/22 04/01/22 – 04/30/22 $1,250,000.00 $197.41 $781,875.00 $197.41 

10/26/22 05/01/22 – 05/31/22 $1,250,000.00 $1,302.91 $781,875.00 $1,302.91 

02/16/23 06/01/22 – 06/30/22 $1,250,000.00 $488.80 $781,875.00 $488.80 

02/16/23 07/01/22 – 07/30/22 $1,250,000.00 $988.66 $781,875.00 $988.66 

02/17/23 08/01/22 – 08/31/22 $1,250,000.00 $0.00 $781,875.00 $0.00 

02/17/23 09/01/22 – 09/30/22 $1,250,000.00 $0.00 $781,875.00 $0.00 

Total Fees and Expenses Paid To Date $35,184,810.00 $68,153.82 

2

 Amount reflects net amount paid to PJT. 

Case:17-03283-LTS Doc#:24200 Filed:05/12/23 Entered:05/12/23 16:19:33 Desc: Main

Document Page 4 of 35
UNITED STATES DISTRICT COURT 

DISTRICT OF PUERTO RICO 

 PROMESA 

In re Title III 

 

THE FINANCIAL OVERSIGHT AND No. 17 BK 3283-LTS 

MANAGEMENT BOARD FOR PUERTO RICO, 

 (Jointly Administered) 

 

As a representative of 

THE COMMONWEALTH OF PUERTO RICO 

et al., 

 

 Debtors.1 

 

TWELFTH INTERIM FEE APPLICATION OF PJT PARTNERS LP 

AS INVESTMENT BANKER AND FINANCIAL ADVISOR TO THE FINANCIAL 

OVERSIGHT AND MANAGEMENT BOARD OF PUERTO RICO FOR COMPENSATION 

AND REIMBURSEMENT OF OUT-OF-POCKET EXPENSES INCURRED FOR 

THE PERIOD OF OCTOBER 1, 2022 THROUGH NOVEMBER 30, 2022 

PJT Partners LP (“PJT”), investment banker to the Financial Oversight and Management 

Board for Puerto Rico (the “Oversight Board”), hereby submits its twelfth interim fee application 

(the “Twelfth Interim Fee Application”), pursuant to sections 316 and 317 of the Puerto Rico 

Oversight, Management and Economic Stability Act of 2016 (“PROMESA”), section 503(b) of 

title 11, United States Code (the “Bankruptcy Code”) as made applicable to these cases by 

section 301(a) of PROMESA, Rule 2016 of the Federal Rules of Bankruptcy Procedures (the 

“Bankruptcy Rules”), Rule 2016-1 of the Local Bankruptcy Rules for the United States 

1 The Debtors in these Title III cases, along with each Debtor’s respective Title III case number listed as a bankruptcy case 

number due to software limitations 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) 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), (iii) Puerto 

Rico Highways and Transportation Authority (“HTA”) (Bankruptcy Case No. 17-BK-3567 (LTS)) (Last Four Digits 

of Federal Tax ID: 3808), (iv) Puerto Rico Sales Tax Financing Corporation (“COFINA”) (Bankruptcy Case No. 17-

BK-3284 (LTS)) (Last Four Digits of Federal Tax ID: 8474); and (v) Puerto Rico Electric Power Authority 

(“PREPA”) (Bankruptcy Case No. 17-BK-4780) (Last Four Digits of Federal Tax ID: 3747).

Case:17-03283-LTS Doc#:24200 Filed:05/12/23 Entered:05/12/23 16:19:33 Desc: Main

Document Page 5 of 35
2

Bankruptcy Court for the District of Puerto Rico (the “Local Rules”), and the Interim 

Compensation Order (as hereinafter defined) for allowance of compensation for the period of 

October 1, 2022 through November 30, 2022 (the “Twelfth Interim Period”). In support of this 

Twelfth Interim Fee Application, PJT states as follows: 

I. Background 

1. On May 3, 2017, the Oversight Board commenced a title III case for the 

Commonwealth of Puerto Rico by filing a voluntary petition for relief pursuant to section 304 (a) 

of PROMESA (the “Commonwealth Title III Case”). Thereafter, the Oversight Board 

commenced a title III case for each of COFINA, the Employees Retirement System of the 

Government of the Commonwealth of Puerto Rico (“ERS Title III Case”), the Puerto Rico 

Highways and Transportation Authority (“HTA Title III Case”), and the Puerto Rico Electric 

Power Authority (“PREPA Title III Case”) (all such cases, together with the Commonwealth 

Title III Case, the “Title III Cases”).2 By orders dated June 29, 2017 [Docket No. 537] and 

October 6, 2017 [Docket No. 1417], the court approved the joint administration of the Title III 

Cases. 

2. On August 23, 2017, the court entered the Order Setting Procedures for Interim 

Compensation and Reimbursement of Expenses of Professionals [Docket No. 1150]. On 

November 8, 2017, the court entered the First Amended Order Setting Procedures for Interim 

Compensation and Reimbursement of Expenses of Professionals [Docket No. 1715]. On June 6, 

2018, the court entered the Second Amended Order Setting Procedures for Interim 

2 Unless otherwise indicated, references to docket numbers shall be to the docket of the Commonwealth Title III Case. 

Case:17-03283-LTS Doc#:24200 Filed:05/12/23 Entered:05/12/23 16:19:33 Desc: Main

Document Page 6 of 35
3

Compensation and Reimbursement of Expenses of Professionals [Docket No. 3269] (the “Interim 

Compensation Order”). 

II. The PJT Engagement

3. The Oversight Board retained PJT as its investment banker pursuant to the terms 

of the engagement agreement (the “Engagement Agreement”) dated February 2, 2019, effective 

as of February 1, 2019. Pursuant to the Engagement Agreement, PJT was retained to provide the 

following services to the Oversight Board:3

(a) assist in the evaluation of the Specified Entities’ current fiscal situation and 

prospects; 

(b) assist in the development of financial data and presentations to the Oversight 

Board, various creditors and other third parties; 

(c) analyze the financial liquidity and evaluate alternatives to improve such liquidity 

for the Commonwealth and Specified Entities; 

(d) analyze various restructuring scenarios and the potential impact of these scenarios 

on the recoveries of those stakeholders impacted by the Restructuring; 

(e) provide strategic advice with regard to restructuring or refinancing the Specified 

Entities’ Obligations; 

(f) review and evaluate the Specified Entities’ capital structure, debt capacity, and 

alternative capital structures; 

(g) participate in negotiations among the Oversight Board, the Specified Entities, and 

their creditors, suppliers, lessors and other interested parties; 

(h) value securities offered by the Specified Entities in connection with a 

Restructuring; 

(i) provide expert witness testimony concerning any of the subjects encompassed by 

the other investment banking services; and 

(j) provide such other advisory services as are customarily provided in connection 

with the analysis and negotiation of a transaction similar to a potential 

Restructuring as requested and mutually agreed. 

3 Capitalized terms used but not defined herein shall have the meanings provided thereto in the Engagement Agreement. 

Case:17-03283-LTS Doc#:24200 Filed:05/12/23 Entered:05/12/23 16:19:33 Desc: Main

Document Page 7 of 35
4

4. Pursuant to the Engagement Agreement, the Oversight Board agreed to pay PJT 

as follows in consideration for the services rendered: 

(a) A fixed monthly advisory fee (the “Monthly Fee”) in the amount of $1,250,000 

per month payable in cash monthly in arrears (upon the submission of monthly 

invoices) commencing on February 1, 2019; and 

(b) Reimbursement of all reasonable out-of-pocket expenses incurred during this 

engagement, including, but not limited to, travel and lodging, direct identifiable 

data processing, document production, publishing services and communication 

charges, courier services, working meals, reasonable fees and expenses of PJT 

Partners’ counsel (without the requirement that the retention of such counsel be 

approved by the court in any Title III case) and other necessary expenditures, 

payable upon rendition of invoices setting forth in reasonable detail the nature and 

amount of such expenses. 

III. Services Provided by PJT during the Twelfth Interim Period

5. The nature of the work performed by PJT during the Twelfth Interim Period 

included the following: 

(a) preparing analysis and materials for presentation to the Oversight Board’s 

members and executives, including introductory materials for new Oversight 

Board executives; 

(b) preparing materials regarding distributions of consideration to various creditors 

related to Plan of Adjustment, involving discussions with various creditors; 

advisors and creditor principals; 

(c) preparing materials regarding distributions of consideration to various creditors 

related to Plan of Adjustment, involving discussions with various creditors; 

advisors and creditor principals; 

(d) participating in working group calls with Oversight Board advisors regarding 

multiple case matters; 

(e) facilitating ongoing diligence by various creditor constituencies and their 

advisors, including preparing various analyses, preparing presentation materials, 

and hosting diligence meetings with various creditor constituencies and their 

advisors; 

(f) attending Oversight Board public meeting; 

(g) assisting counsel in reviewing and preparing various legal filings and associated 

exhibits; 

(h) conducting diligence and analysis of the assets and fiscal plan of the 

Case:17-03283-LTS Doc#:24200 Filed:05/12/23 Entered:05/12/23 16:19:33 Desc: Main

Document Page 8 of 35
5

Commonwealth and various other entities; 

(i) conducting analysis related to any potential claims of the Commonwealth; and 

(j) participating in meetings with creditors, representatives of creditors, government 

officials, advisors to the government; and other parties in interest regarding 

various other case matters. 

IV. The PJT Team

6. The investment banking services set forth above were performed primarily by 

Steven Zelin, Partner; William Evarts; Managing Director; Ashim Midha, Vice President; 

Angela Weng, Analyst; and other PJT professionals as needed. 

V. PJT’s Request for Compensation and Reimbursement of Out-of-Pocket Expenses

7. For the Twelfth Interim Period, PJT seeks (a) allowance of Monthly Fees in the 

amount of $2,500,000.00, and (b) the reimbursement of out-of-pocket expenses incurred in the 

amount of $2,880.28. Although every effort has been made to include all expenses incurred 

during the Twelfth Interim Period, some expenses may not be included in this Twelfth Interim 

Fee Application due to delays resulting from the accounting and processing of such expenses. 

Accordingly, PJT reserves the right to make further application to the Court for allowance of 

such expenses incurred during the Twelfth Interim Period but not included herein. 

8. Invoices detailing the fees earned by PJT during the Twelfth Interim Period are 

attached hereto as Appendix A. A summary of all fees earned during the Twelfth Interim Period 

is outlined below: 

Twelfth Interim Period 

Monthly 

Fees 

Government 

Contribution Fee 

Withholding 

Taxes 

Out-ofPocket 

Expenses Total 

October 1 – 31, 2022 $1,250,000.00 ($18,750.00) ($362,500.00) $2,880.28 $871.630.28 

November 1 – 30, 2022 1,250,000.00 (18,750.00) (362,500.00) - 868,750.00 

Total $2,500,000.00 ($37,500.00) ($725,000.00) $2,880.28 $1,740,380.28 

9. The amount of fees sought in this Twelfth Interim Fee Application and PJT’s 

compensation practices are consistent with market practices both in and out of a bankruptcy 

context. PJT has never billed its clients based on the number of hours expended by its 

Case:17-03283-LTS Doc#:24200 Filed:05/12/23 Entered:05/12/23 16:19:33 Desc: Main

Document Page 9 of 35
6

professionals. Accordingly, PJT does not have hourly rates for its professionals and PJT's 

professionals generally do not maintain detailed time records of the work performed for its 

clients. PJT has, however, maintained contemporaneous time records in one-half hour 

increments. Time records with respect to the 337.0 hours expended by PJT professionals in 

providing investment banking services to the Oversight Board during the Twelfth Interim Period 

are provided in Appendix B. 

10. A summary of the total amount of hours expended by PJT professionals during 

the Twelfth Interim Period is provided below: 

Hours Expended By Professional 

Professional Title October 2022 November 2022 Total 

Steven Zelin Partner 7.0 5.0 12.0

William Evarts Managing Director 45.5 58.5 104.0

Ashim Midha Vice President 39.0 55.5 94.5

Angela Weng Analyst 59.5 67.0 126.5 

Total Hours 151.0 186.0 337.0 

11. Out-of-pocket expenses incurred by PJT are charged to a client if out-of-pocket 

expenses are incurred for the client or are otherwise necessary in connection with services 

rendered for such particular client. PJT does not factor general overhead expenses into any 

disbursements charged to its clients in connection with chapter 11 cases. PJT has followed its 

general internal policies with respect to out-of-pocket expenses billed as set forth below, with 

any exceptions specifically explained. 

(a) All cross-country airfare charges are based upon coach class rates; 

(b) With respect to local travel, PJT’s general policy enables employees to travel by 

taxi or, in certain circumstances, private car service to and from meetings while 

rendering services to a client on a client related matter, for which the client is 

charged. Further, and primarily for safety reasons, employees are permitted to 

charge to a client the cost of transportation home if an employee is required to 

work past 9:00 p.m., and to charge a client the cost of transportation for work on 

weekends and holidays on client-specific matters. 

(c) PJT’s general policy permits its professionals to charge in-office dinner meals 3 

hours beyond their regularly scheduled workday if an employee is required to 

provide services to the client during such dinnertime, and to charge in-office 

Case:17-03283-LTS Doc#:24200 Filed:05/12/23 Entered:05/12/23 16:19:33 Desc: Main

Document Page 10 of 35
7

meals on the weekend if an employee is required to provide services to a client on 

the weekend. 

(d) The External Research category of expenses includes charges from outside 

computer/electronic service companies that supply, for a fee, research and/or 

financial documents to PJT. The services provided by these companies primarily 

consist of the retrieval of financial documents from regulatory agencies and/or the 

retrieval of research that would not otherwise be available to PJT. The Internal 

Research category of expenses are the charges for time spent by PJT research 

staff in operating the computer/electronic terminals related to these 

computer/electronic service companies. 

(e) The Publishing Services category of expenses includes charges for the production 

of text-based publications such as research reports and presentations, and printing 

and binding services. 

VI. Requested Relief

WHEREFORE, pursuant to Sections 316 and 317 of PROMESA, the Interim 

Compensation Order and the Engagement Agreement, PJT respectfully requests that the Court: 

(a) allow (i) PJT’s Monthly Fees in the amount of $2,500,000.00, and (ii) the 

reimbursement of PJT’s out-of-pocket expenses in the amount of $2,880.28 in respect 

of the Twelfth Interim Period; 

(b) authorize and direct the Debtors to pay PJT’s allowed Monthly Fees that remain 

unpaid, including all holdbacks, earned or incurred during the Twelfth Interim 

Period; 

and 

(c) grant such other and further relief as this Court deems just and proper. 

Dated: May 12, 2023 PJT PARTNERS LP 

 By: /s/ Steven Zelin 

 Steven Zelin 

 Partner 

280 Park Avenue 

New York, NY 10017 

(212) 364-7800 

 

Case:17-03283-LTS Doc#:24200 Filed:05/12/23 Entered:05/12/23 16:19:33 Desc: Main

Document Page 11 of 35
UNITED STATES DISTRICT COURT 

DISTRICT OF PUERTO RICO 

 PROMESA 

In re Title III 

 

THE FINANCIAL OVERSIGHT AND No. 17 BK 3283-LTS 

MANAGEMENT BOARD FOR PUERTO RICO, 

 (Jointly Administered) 

 

As a representative of 

THE COMMONWEALTH OF PUERTO RICO 

et al., 

 

 Debtors.1 

 

CERTIFICATION FOR FEES AND OUT-OF-POCKET EXPENSES 

FOR PROFESSIONALS IN RESPECT OF TWELFTH INTERIM FEE APPLICATION 

OF PJT PARTNERS LP FOR ALLOWANCE OF COMPENSATION AND 

REIMBURSEMENT OF OUT-OF-POCKET EXPENSES INCURRED 

Steven Zelin, being duly sworn, deposes and says: 

1. I am a partner with the applicant firm, PJT Partners LP (“PJT”). 

2. In accordance with sections 316 and 317 of the Puerto Rico Oversight, 

Management and Economic Stability Act of 2016, Rule 2016-1 of the Local Bankruptcy Rules 

for the United States Bankruptcy Court for the District of Puerto Rico (the “Local Rules”), the 

Office of the United States Trustee guidelines (the “UST Guidelines”), and the Second Amended

Order Setting Procedures for Interim Compensation and Reimbursement of Expenses of 

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) (Title III case numbers are listed as Bankruptcy Case numbers due to 

software limitations). 

Case:17-03283-LTS Doc#:24200 Filed:05/12/23 Entered:05/12/23 16:19:33 Desc: Main

Document Page 12 of 35
2

Professionals [Docket No. 3269] (the “Interim Compensation Order”), this certification is made 

with respect to PJT’s twelfth interim fee application dated May 12, 2023 (the “Twelfth Interim 

Fee Application”), for allowance of compensation and reimbursement of out-of-pocket expenses 

incurred during the period of October 1, 2022 through November 30, 2022. 

3. In respect of Local Rule 2016-1(a)(4), I certify that: 

a. I have read the Twelfth Interim Fee Application; 

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

inquiry, the fees sought conforms with the Bankruptcy Code, the Federal 

Rules of Bankruptcy Procedure, the United States Trustee Guidelines, and the 

Local Rules; and 

c. The fees and out-of-pocket expenses sought are customarily charged by PJT 

and generally accepted by PJT’s clients. 

By: /s/ Steven Zelin 

Steven Zelin 

Partner 

Case:17-03283-LTS Doc#:24200 Filed:05/12/23 Entered:05/12/23 16:19:33 Desc: Main

Document Page 13 of 35
APPENDIX A

Case:17-03283-LTS Doc#:24200 Filed:05/12/23 Entered:05/12/23 16:19:33 Desc: Main

Document Page 14 of 35
April 20, 2023

Jaime El Koury

General Counsel

Financial Oversight and Management Board for Puerto Rico

P.O. Box 192018

San Juan, PR 00919

Monthly Fee for the period of October 1, 2022 through October 31, 2022: $ 1,250,000.00

Out-of-pocket expenses processed through December 23, 2022:(1)

Airfare $ 1,410.00

Ground Transportation 558.79

Communications 7.99

Meals 116.72

Lodging 2,880.28 786.78

Total Amount Due $ 1,252,880.28

Invoice No. 10023080

(1) Expenses incurred, but not yet processed due to timing differences will be billed at a later date. PJT Partners LP

Finance Department - 17th Floor

280 Park Avenue

New York, NY 10017

(212) 364-7800

PJTUSInvoicing@pjtpartners.com

Case:17-03283-LTS Doc#:24200 Filed:05/12/23 Entered:05/12/23 16:19:33 Desc: Main

Document Page 15 of 35
GL Detail Total

Dec-22 Expenses

Airfare $ 1,410.00 $ 1,410.00

Ground Transportation 558.79 558.79 

Communications 7.99 7.99 

Employee Meals 116.72 116.72 

Lodging 786.78 786.78 

Total $ 2,880.28 $ 2,880.28

Airfare $ 1,410.00

Ground Transportation 558.79 

Communications 7.99 

Meals 116.72 

Lodging 786.78 

Total Expenses 2,880.28 $ 

Financial Oversight and Management Board for Puerto Rico

Summary of Expenses

Case:17-03283-LTS Doc#:24200 Filed:05/12/23 Entered:05/12/23 16:19:33 Desc: Main

Document Page 16 of 35
Airfare

Evarts (travel agency booking fee for flight to San Juan, PR from Newark, NJ on 08/15/22) 07/25/22 55.00 

Evarts (travel agency booking fee for flight to Queens, NY from San Juan, PR on 08/17/22) 07/25/22 55.00 

Evarts (one-way coach class flight to San Juan, PR from Newark, NJ) 08/15/22 650.00 

Evarts (one-way coach class flight to Queens, NY from San Juan, PR) 08/17/22 650.00 

Subtotal - Airfare $ 1,410.00

Ground Transportation

Evarts (car service to Newark Airport in Newark, NJ from home) 08/15/22 280.73 

Evarts (taxi to client meeting from hotel in San Juan, PR) 08/16/22 14.67 

Evarts (taxi to hotel from client meeting in San Juan, PR) 08/16/22 17.76 

Evarts (taxi to client meeting from hotel in San Juan, PR) 08/17/22 22.91 

Evarts (taxi home from JFK Airport in Queens, NY) 08/17/22 222.72 

Subtotal - Ground Transportation 558.79 

Communications

Evarts (wi-fi access while traveling) 08/15/22 2.99 

Evarts (wi-fi access while traveling) 08/17/22 5.00 

Subtotal - Communications 7.99 

Employee Meals

Evarts (working dinner meal at Newark Airport in Newark, NJ) 08/15/22 64.85 

Evarts (working dinner meal at hotel in San Juan, PR) 08/16/22 51.87 

Subtotal - Employee Meals 116.72 

Lodging

Evarts (2 day hotel stay in San Juan, PR) 08/15/22 - 08/17/22 786.78 

Subtotal - Lodging 786.78 

Total Expenses 2,880.28 $ 

Financial Oversight and Management Board for Puerto Rico

Detail of Expenses Processed

Through December 23, 2022

Invoice No. 10023080

Page 3 of 3

Case:17-03283-LTS Doc#:24200 Filed:05/12/23 Entered:05/12/23 16:19:33 Desc: Main

Document Page 17 of 35
April 20, 2023

Jaime El Koury

General Counsel

Financial Oversight and Management Board for Puerto Rico

P.O. Box 192018

San Juan, PR 00919

Monthly Fee for the period of November 1, 2022 through November 30, 2022: $ 1,250,000.00

Total Amount Due $ 1,250,000.00

Invoice No. 10023081

(1) Expenses incurred, but not yet processed due to timing differences will be billed at a later date. PJT Partners LP

Finance Department - 17th Floor

280 Park Avenue

New York, NY 10017

(212) 364-7800

PJTUSInvoicing@pjtpartners.com

Case:17-03283-LTS Doc#:24200 Filed:05/12/23 Entered:05/12/23 16:19:33 Desc: Main

Document Page 18 of 35
APPENDIX B 

Case:17-03283-LTS Doc#:24200 Filed:05/12/23 Entered:05/12/23 16:19:33 Desc: Main

Document Page 19 of 35
PJT PARTNERS LP

SUMMARY OF HOURS FOR THE PERIOD OF

OCTOBER 1, 2022 THROUGH OCTOBER 31, 2022

Professional Title Hours

Steven Zelin 7.0

William Evarts 45.5

Ashim Midha 39.0Angela Weng Analyst 59.5

Total 151.0

Partner

Managing Director

Vice President

Case:17-03283-LTS Doc#:24200 Filed:05/12/23 Entered:05/12/23 16:19:33 Desc: 

Document Page 20 of 35
PJT PARTNERS LP

HOURLY DETAILS FOR THE PERIOD OF

OCTOBER 1, 2022 THROUGH OCTOBER 31, 2022

Professional Date Hours Explanation 

Steven Zelin 10/03/22 0.5 FOMB Advisor Call Steven Zelin 10/06/22 0.5 FOMB Advisor Call Steven Zelin 10/07/22 0.5 Review of Board Materials Steven Zelin 10/10/22 0.5 FOMB Advisor Call Steven Zelin 10/13/22 0.5 FOMB Advisor Call Steven Zelin 10/13/22 1.0 FOMB Strategy Session Steven Zelin 10/14/22 1.5 FOMB Public Board Meeting Steven Zelin 10/17/22 0.5 FOMB Advisor Call Steven Zelin 10/20/22 0.5 FOMB Advisor Call Steven Zelin 10/24/22 0.5 FOMB Advisor Call Steven Zelin 10/26/22 0.5 FOMB Advisor Call 

7.0

Page 2 of 8

Case:17-03283-LTS Doc#:24200 Filed:05/12/23 Entered:05/12/23 16:19:33 Desc: 

Document Page 21 of 35
PJT PARTNERS LP

HOURLY DETAILS FOR THE PERIOD OF

OCTOBER 1, 2022 THROUGH OCTOBER 31, 2022

Professional Date Hours Explanation 

William Evarts 10/02/22 0.5 Call with AAFAF advisor William Evarts 10/02/22 0.5 Call with FOMB Counsel William Evarts 10/03/22 0.5 Call with FOMB Counsel William Evarts 10/03/22 1.0 Email Correspondence re HTA Closing Conditions William Evarts 10/03/22 0.5 FOMB Advisor Call William Evarts 10/06/22 0.5 FOMB Advisor Call William Evarts 10/06/22 1.0 Review of Materials re ERS William Evarts 10/07/22 0.5 Review of Board Materials William Evarts 10/10/22 0.5 Email Correspondence with Counsel re Bond Claims William Evarts 10/10/22 0.5 FOMB Advisor Call William Evarts 10/11/22 0.5 Email Correspondence with Counsel re Bond Claims William Evarts 10/11/22 1.5 Review of Analysis re PFC QM Claims William Evarts 10/12/22 1.0 Correspondence re Claims Distributions William Evarts 10/12/22 1.0 Review of HTA claims analysis correspondence William Evarts 10/12/22 2.5 Review of Public Release Materials William Evarts 10/13/22 0.5 Call with AAFAF Advisor re HTA William Evarts 10/13/22 0.5 Emails with FOMB Advisors re HTA Closing William Evarts 10/13/22 0.5 FOMB Advisor Call William Evarts 10/13/22 2.0 FOMB Strategy Session William Evarts 10/13/22 1.0 Review of Analysis re PFC QM Claims William Evarts 10/14/22 2.0 FOMB Public Board Meeting William Evarts 10/14/22 1.5 Review of PFC Solicitation Statement William Evarts 10/14/22 2.0 Review of PRIDCO Restructuring Materials William Evarts 10/17/22 0.5 FOMB Advisor Call William Evarts 10/17/22 1.0 Internal Discussions regarding Distribution Mechanics William Evarts 10/17/22 0.5 Review of PFC Solicitation Statement Changes William Evarts 10/18/22 0.5 New FOMB Executive Onboarding Preparations William Evarts 10/19/22 0.5 Internal Discussions regarding Distribution Mechanics William Evarts 10/19/22 3.0 Review of Metropistas Materials William Evarts 10/20/22 0.5 Call with AAFAF Advisor re Various Matters William Evarts 10/20/22 1.0 Calls and Emails with FOMB Counsel William Evarts 10/20/22 0.5 FOMB Advisor Call William Evarts 10/21/22 1.0 Call with AAFAF and Subsequent Email Correspondence William Evarts 10/24/22 0.5 Email Correspondence re PRIDCO Restructuring William Evarts 10/24/22 0.5 FOMB Advisor Call William Evarts 10/25/22 1.0 Review of Analysis re PFC QM Claims William Evarts 10/25/22 2.0 Review of PRIDCO Restructuring Materials William Evarts 10/26/22 1.0 Review of Email Correspondence re ERS Portfolio 

Page 3 of 8

Case:17-03283-LTS Doc#:24200 Filed:05/12/23 Entered:05/12/23 16:19:33 Desc: 

Document Page 22 of 35
PJT PARTNERS LP

HOURLY DETAILS FOR THE PERIOD OF

OCTOBER 1, 2022 THROUGH OCTOBER 31, 2022

Professional Date Hours Explanation 

William Evarts 10/26/22 0.5 FOMB Advisor Call William Evarts 10/27/22 0.5 Call with FOMB Advisor re ERS Portfolio William Evarts 10/27/22 1.0 Internal Discussion re ERS Portfolio William Evarts 10/27/22 1.5 Research re HTA Payments William Evarts 10/27/22 1.5 Review of PRIDCO Restructuring Materials William Evarts 10/28/22 2.5 Review of Complaint and Calls with Counsel William Evarts 10/29/22 0.5 Email Correspondence re ERS Portfolio William Evarts 10/30/22 0.5 Email Correspondence re ERS Portfolio William Evarts 10/31/22 0.5 FOMB Advisor Call 

45.5

Page 4 of 8

Case:17-03283-LTS Doc#:24200 Filed:05/12/23 Entered:05/12/23 16:19:33 Desc: 

Document Page 23 of 35
PJT PARTNERS LP

HOURLY DETAILS FOR THE PERIOD OF

OCTOBER 1, 2022 THROUGH OCTOBER 31, 2022

Professional Date Hours Explanation 

Ashim Midha 10/02/22 0.5 Call with FOMB Counsel Ashim Midha 10/03/22 0.5 Call with FOMB Counsel Ashim Midha 10/03/22 0.5 FOMB Advisor Call Ashim Midha 10/06/22 0.5 FOMB Advisor Call Ashim Midha 10/06/22 1.0 Review of Materials re ERS Ashim Midha 10/07/22 0.5 Review of Board Materials Ashim Midha 10/10/22 0.5 FOMB Advisor Call Ashim Midha 10/11/22 1.5 Review of Analysis re PFC QM Claims Ashim Midha 10/12/22 3.0 Review of HTA Distributions re Emergence Ashim Midha 10/12/22 2.5 Review of Public Release Materials Ashim Midha 10/13/22 0.5 Call with AAFAF Advisor re HTA Ashim Midha 10/13/22 0.5 FOMB Advisor Call Ashim Midha 10/13/22 2.0 FOMB Strategy Session Ashim Midha 10/13/22 1.0 Review of Analysis re PFC QM Claims Ashim Midha 10/14/22 2.5 FOMB Public Board Meeting Ashim Midha 10/14/22 1.0 Review of PFC Solicitation Statement Ashim Midha 10/14/22 1.5 Review of PRIDCO Restructuring Materials Ashim Midha 10/17/22 0.5 FOMB Advisor Call Ashim Midha 10/17/22 1.0 Internal Discussions regarding Distribution Mechanics Ashim Midha 10/17/22 0.5 Review of PFC Solicitation Statement Changes Ashim Midha 10/19/22 0.5 Internal Discussions regarding Distribution Mechanics Ashim Midha 10/19/22 1.0 Review of Metropistas Materials Ashim Midha 10/20/22 0.5 Call with AAFAF Advisor re Various Matters Ashim Midha 10/20/22 0.5 FOMB Advisor Call Ashim Midha 10/22/22 1.0 Review of Materials re: HTA Filing Motion Ashim Midha 10/24/22 0.5 FOMB Advisor Call Ashim Midha 10/24/22 0.5 Review of Correspondence re PRIDCO Restructuring Ashim Midha 10/25/22 1.5 Review of Analysis re PFC QM Claims Ashim Midha 10/25/22 2.0 Review of PRIDCO Restructuring Materials Ashim Midha 10/26/22 0.5 Review of Email Correspondence re ERS Portfolio Ashim Midha 10/26/22 0.5 FOMB Advisor Call Ashim Midha 10/26/22 1.0 Review of Materials re: HTA Filing Motion Ashim Midha 10/27/22 0.5 Call with FOMB Advisor re ERS Portfolio Ashim Midha 10/27/22 2.0 Internal Discussion re ERS Portfolio Ashim Midha 10/27/22 2.0 Research re HTA Payments Ashim Midha 10/27/22 1.0 Review of PRIDCO Restructuring Materials Ashim Midha 10/29/22 0.5 Email Correspondence re ERS Portfolio Ashim Midha 10/30/22 0.5 Email Correspondence re ERS Portfolio 

Page 5 of 8

Case:17-03283-LTS Doc#:24200 Filed:05/12/23 Entered:05/12/23 16:19:33 Desc: 

Document Page 24 of 35
PJT PARTNERS LP

HOURLY DETAILS FOR THE PERIOD OF

OCTOBER 1, 2022 THROUGH OCTOBER 31, 2022

Professional Date Hours Explanation 

Ashim Midha 10/31/22 0.5 FOMB Advisor Call 

39.0

Page 6 of 8

Case:17-03283-LTS Doc#:24200 Filed:05/12/23 Entered:05/12/23 16:19:33 Desc: 

Document Page 25 of 35
PJT PARTNERS LP

HOURLY DETAILS FOR THE PERIOD OF

OCTOBER 1, 2022 THROUGH OCTOBER 31, 2022

Professional Date Hours Explanation 

Angela Weng 10/02/22 0.5 Call with FOMB Counsel Angela Weng 10/03/22 0.5 Call with FOMB Counsel Angela Weng 10/03/22 0.5 FOMB Advisor Call Angela Weng 10/06/22 0.5 FOMB Advisor Call Angela Weng 10/06/22 1.0 Review of Materials re ERS Angela Weng 10/07/22 0.5 Review of Board Materials Angela Weng 10/10/22 0.5 FOMB Advisor Call Angela Weng 10/11/22 4.0 Preparation of Analysis re PFC QM Claims Angela Weng 10/12/22 6.0 Preparation of HTA Distributions re Emergence Angela Weng 10/12/22 2.5 Review of Public Release Materials Angela Weng 10/13/22 0.5 Call with AAFAF Advisor re HTA Angela Weng 10/13/22 0.5 FOMB Advisor Call Angela Weng 10/13/22 2.0 FOMB Strategy Session Angela Weng 10/13/22 1.0 Preparation of Analysis re PFC QM Claims Angela Weng 10/13/22 1.0 Review of Analysis re PFC QM Claims Angela Weng 10/14/22 2.5 FOMB Public Board Meeting Angela Weng 10/14/22 1.0 Review of PFC Solicitation Statement Angela Weng 10/14/22 1.5 Review of PRIDCO Restructuring Materials Angela Weng 10/17/22 0.5 FOMB Advisor Call Angela Weng 10/17/22 1.0 Internal Discussions regarding Distribution Mechanics Angela Weng 10/17/22 0.5 Review of PFC Solicitation Statement Changes Angela Weng 10/18/22 1.0 Call with FOMB Advisor re Distribution Mechanics Angela Weng 10/18/22 3.0 New FOMB Executive Onboarding Preparations Angela Weng 10/18/22 3.5 Preparation of Fee Distributions Angela Weng 10/19/22 0.5 Internal Discussions regarding Distribution Mechanics Angela Weng 10/19/22 1.0 Review of Metropistas Materials Angela Weng 10/20/22 0.5 Call with AAFAF Advisor re Various Matters Angela Weng 10/20/22 0.5 FOMB Advisor Call Angela Weng 10/22/22 2.0 Preparation of Materials re: HTA Filing Motion Angela Weng 10/24/22 0.5 FOMB Advisor Call Angela Weng 10/24/22 0.5 Review of Correspondence re PRIDCO Restructuring Angela Weng 10/25/22 3.0 Preparation of Analysis re PFC QM Claims Angela Weng 10/25/22 1.5 Review of PRIDCO Restructuring Materials Angela Weng 10/26/22 0.5 FOMB Advisor Call Angela Weng 10/26/22 2.0 Preparation of Materials re: HTA Filing Motion Angela Weng 10/27/22 0.5 Call with FOMB Advisor re ERS Portfolio Angela Weng 10/27/22 2.0 Internal Discussion re ERS Portfolio Angela Weng 10/27/22 4.0 Research re HTA Payments 

Page 7 of 8

Case:17-03283-LTS Doc#:24200 Filed:05/12/23 Entered:05/12/23 16:19:33 Desc: 

Document Page 26 of 35
PJT PARTNERS LP

HOURLY DETAILS FOR THE PERIOD OF

OCTOBER 1, 2022 THROUGH OCTOBER 31, 2022

Professional Date Hours Explanation 

Angela Weng 10/27/22 0.5 Email Correspondence re HTA Payments Angela Weng 10/27/22 1.5 Review of PRIDCO Restructuring Materials Angela Weng 10/31/22 2.0 Review and Preparation of Responses to CVI Diligence Questions Angela Weng 10/31/22 0.5 FOMB Advisor Call 

59.5

Page 8 of 8

Case:17-03283-LTS Doc#:24200 Filed:05/12/23 Entered:05/12/23 16:19:33 Desc: 

Document Page 27 of 35
PJT PARTNERS LP

SUMMARY OF HOURS FOR THE PERIOD OF

NOVEMBER 1, 2022 THROUGH NOVEMBER 30, 2022

Professional Title Hours

Steven Zelin 5.0

William Evarts 58.5

Ashim Midha 55.5Angela Weng Analyst 67.0

Total 186.0

Partner

Managing Director

Vice President

Case:17-03283-LTS Doc#:24200 Filed:05/12/23 Entered:05/12/23 16:19:33 Desc: 

Document Page 28 of 35
PJT PARTNERS LP

HOURLY DETAILS FOR THE PERIOD OF

NOVEMBER 1, 2022 THROUGH NOVEMBER 30, 2022

Professional Date Hours Explanation Steven Zelin 11/03/22 0.5 FOMB Advisor Call Steven Zelin 11/07/22 0.5 FOMB Advisor Call Steven Zelin 11/10/22 0.5 FOMB Advisor Call Steven Zelin 11/14/22 0.5 FOMB Advisor Call Steven Zelin 11/16/22 0.5 Internal Discussions re ERS Allocations Steven Zelin 11/17/22 2.0 FOMB Board Strategy Session Steven Zelin 11/21/22 0.5 FOMB Advisor Call 

5.0

Page 2 of 8

Case:17-03283-LTS Doc#:24200 Filed:05/12/23 Entered:05/12/23 16:19:33 Desc: 

Document Page 29 of 35
PJT PARTNERS LP

HOURLY DETAILS FOR THE PERIOD OF

NOVEMBER 1, 2022 THROUGH NOVEMBER 30, 2022

Professional Date Hours Explanation William Evarts 11/01/22 1.0 Review and Preparation of Responses to CVI Diligence Questions William Evarts 11/01/22 1.5 Review of ERS PE Portfolio Transfer Documents William Evarts 11/02/22 1.5 Preparation of Onboarding Materials for New FOMB Executive William Evarts 11/03/22 0.5 FOMB Advisor Call William Evarts 11/03/22 1.0 Questions from FOMB Counsel re PFC QM William Evarts 11/03/22 1.5 Review of Metropistas Proposal William Evarts 11/07/22 0.5 FOMB Advisor Call William Evarts 11/07/22 1.0 Review of ERS PE Portfolio Distributions William Evarts 11/07/22 0.5 Review of Updated ERS PE Portfolio Distributions William Evarts 11/08/22 2.0 Review and Preparation of Board Onboarding Materials William Evarts 11/08/22 1.0 Review of PRIDCO Correspondence with AFAAF / Creditors William Evarts 11/09/22 0.5 Advisor Call re PRIDCO William Evarts 11/09/22 0.5 Review of Court Order re Effective Date William Evarts 11/10/22 1.0 Advisor Call re PRIDCO William Evarts 11/10/22 0.5 FOMB Advisor Call William Evarts 11/10/22 0.5 Internal Meeting re Board Onboarding Materials William Evarts 11/10/22 2.0 Review of Debt Management Policy / Reporting Agreements William Evarts 11/11/22 1.0 Call with Counsel and Review of Emails re PRIDCO William Evarts 11/11/22 1.5 Review and Comment on Revised Debt Management Policy William Evarts 11/11/22 1.0 Review of Letter from PRIDCO Creditors William Evarts 11/13/22 0.5 Review of Email Correspondence re HTA Distributions William Evarts 11/14/22 1.0 Email Correspondence re ERS Distributions William Evarts 11/14/22 0.5 FOMB Advisor Call William Evarts 11/14/22 1.0 Internal Meeting re Claims Reconciliation and Fee Allocations William Evarts 11/15/22 0.5 Call re Claims Reconciliation re HTA Distributions William Evarts 11/15/22 2.0 Calls re Acceleration Price Analysis William Evarts 11/15/22 1.0 Calls with AAFAF Advisors re Closing Mechanics William Evarts 11/15/22 1.0 Internal Meeting re Claims Reconciliation and Fee Allocations William Evarts 11/15/22 1.5 Review of Materials re ERS PE Portfolio Distributions William Evarts 11/16/22 0.5 Advisor Call re PRIDCO William Evarts 11/16/22 0.5 Review and Preparation of Allocations to UBS Retail Accounts William Evarts 11/16/22 0.5 Call with ERS Creditor Advisor William Evarts 11/16/22 1.0 Internal Discussions re ERS Allocations William Evarts 11/16/22 1.5 Internal Meeting re Claims Reconciliation and Fee Allocations William Evarts 11/17/22 2.5 FOMB Board Strategy Session William Evarts 11/17/22 1.5 Internal Discussions re HTA Allocations William Evarts 11/17/22 2.5 Review of Materials and Emails re HTA Distributions William Evarts 11/18/22 1.0 Review of Materials re HTA Distributions William Evarts 11/21/22 0.5 FOMB Advisor Call William Evarts 11/21/22 1.5 Internal Meeting re HTA Distributions 

Page 3 of 8

Case:17-03283-LTS Doc#:24200 Filed:05/12/23 Entered:05/12/23 16:19:33 Desc: 

Document Page 30 of 35
PJT PARTNERS LP

HOURLY DETAILS FOR THE PERIOD OF

NOVEMBER 1, 2022 THROUGH NOVEMBER 30, 2022

Professional Date Hours Explanation William Evarts 11/22/22 3.0 Calls re HTA Distributions William Evarts 11/22/22 2.0 Email Correspondence and Preparation of Materials re HTA Distributions William Evarts 11/25/22 2.0 Email Correspondence and Preparation of Materials re HTA Distributions William Evarts 11/28/22 1.5 Calls re Acceleration Price Analysis William Evarts 11/28/22 0.5 FOMB Advisor Call William Evarts 11/28/22 2.0 Review of Materials re HTA Distributions William Evarts 11/29/22 2.0 Email Correspondence and Preparation of Materials re HTA Distributions William Evarts 11/30/22 2.5 Email Correspondence and Preparation of Materials re HTA Distributions 

58.5

Page 4 of 8

Case:17-03283-LTS Doc#:24200 Filed:05/12/23 Entered:05/12/23 16:19:33 Desc: 

Document Page 31 of 35
PJT PARTNERS LP

HOURLY DETAILS FOR THE PERIOD OF

NOVEMBER 1, 2022 THROUGH NOVEMBER 30, 2022

Professional Date Hours Explanation Ashim Midha 11/01/22 1.0 Review and Preparation of Responses to CVI Diligence Questions Ashim Midha 11/01/22 1.5 Review of ERS PE Portfolio Transfer Documents Ashim Midha 11/02/22 2.0 Review and Preparation of Onboarding Materials for New FOMB Executive Ashim Midha 11/03/22 0.5 FOMB Advisor Call Ashim Midha 11/03/22 2.0 Review of Metropistas Proposal Ashim Midha 11/07/22 0.5 FOMB Advisor Call Ashim Midha 11/07/22 1.0 Review of ERS PE Portfolio Distributions Ashim Midha 11/07/22 0.5 Review of Updated ERS PE Portfolio Distributions Ashim Midha 11/08/22 3.0 Review and Preparation of Board Onboarding Materials Ashim Midha 11/08/22 1.0 Review of PRIDCO Correspondence with AFAAF / Creditors Ashim Midha 11/09/22 0.5 Advisor Call re PRIDCO Ashim Midha 11/09/22 1.0 Review of Court Order re Effective Date Ashim Midha 11/10/22 1.0 Advisor Call re PRIDCO Ashim Midha 11/10/22 0.5 FOMB Advisor Call Ashim Midha 11/10/22 0.5 Internal Meeting re Board Onboarding Materials Ashim Midha 11/10/22 2.0 Review of Debt Management Policy / Reporting Agreements Ashim Midha 11/11/22 1.0 Review of Letter from PRIDCO Creditors Ashim Midha 11/13/22 0.5 Review of Email Correspondence re HTA Distributions Ashim Midha 11/14/22 0.5 FOMB Advisor Call Ashim Midha 11/14/22 1.0 Internal Call re Fee Allocations Ashim Midha 11/14/22 1.0 Internal Meeting re Claims Reconciliation and Fee Allocations Ashim Midha 11/15/22 0.5 Call re Claims Reconciliation re HTA Distributions Ashim Midha 11/15/22 2.0 Calls re Acceleration Price Analysis Ashim Midha 11/15/22 1.0 Calls with AAFAF Advisors re Closing Mechanics Ashim Midha 11/15/22 1.0 Internal Meeting re Claims Reconciliation and Fee Allocations Ashim Midha 11/15/22 1.5 Review of Materials re ERS PE Portfolio Distributions Ashim Midha 11/16/22 0.5 Advisor Call re PRIDCO Ashim Midha 11/16/22 0.5 Review and Preparation of Allocations to UBS Retail Accounts Ashim Midha 11/16/22 0.5 Call with ERS Creditor Advisor Ashim Midha 11/16/22 1.0 Internal Discussions re ERS Allocations Ashim Midha 11/16/22 1.5 Internal Meeting re Claims Reconciliation and Fee Allocations Ashim Midha 11/16/22 1.0 Preparation and Review of Materials re ERS Allocations Ashim Midha 11/17/22 3.0 FOMB Board Strategy Session Ashim Midha 11/17/22 1.5 Internal Discussions re HTA Allocations Ashim Midha 11/17/22 2.0 Review of Materials re HTA Distributions Ashim Midha 11/18/22 1.0 Review of Materials re HTA Distributions Ashim Midha 11/21/22 0.5 FOMB Advisor Call Ashim Midha 11/21/22 1.5 Internal Meeting re HTA Distributions Ashim Midha 11/22/22 3.0 Calls re HTA Distributions Ashim Midha 11/22/22 2.0 Email Correspondence and Preparation of Materials re HTA Distributions 

Page 5 of 8

Case:17-03283-LTS Doc#:24200 Filed:05/12/23 Entered:05/12/23 16:19:33 Desc: 

Document Page 32 of 35
PJT PARTNERS LP

HOURLY DETAILS FOR THE PERIOD OF

NOVEMBER 1, 2022 THROUGH NOVEMBER 30, 2022

Professional Date Hours Explanation Ashim Midha 11/25/22 3.0 Email Correspondence and Preparation of Materials re HTA Distributions Ashim Midha 11/28/22 0.5 FOMB Advisor Call Ashim Midha 11/28/22 2.0 Review of Materials re HTA Distributions Ashim Midha 11/29/22 2.0 Email Correspondence and Preparation of Materials re HTA Distributions 

55.5

Page 6 of 8

Case:17-03283-LTS Doc#:24200 Filed:05/12/23 Entered:05/12/23 16:19:33 Desc: 

Document Page 33 of 35
PJT PARTNERS LP

HOURLY DETAILS FOR THE PERIOD OF

NOVEMBER 1, 2022 THROUGH NOVEMBER 30, 2022

Professional Date Hours Explanation Angela Weng 11/01/22 1.5 Review and Preparation of Responses to CVI Diligence Questions Angela Weng 11/02/22 0.5 Email Correspondence re Holdings Angela Weng 11/02/22 2.0 Review and Preparation of Onboarding Materials for New FOMB Executive Angela Weng 11/03/22 0.5 FOMB Advisor Call Angela Weng 11/03/22 1.0 Review of Correspondence re PFC QM Angela Weng 11/07/22 0.5 FOMB Advisor Call Angela Weng 11/07/22 3.0 Preparation of ERS PE Portfolio Distributions Angela Weng 11/08/22 6.0 Preparation of Board Onboarding Materials 

Angela Weng 11/09/22 0.5 Advisor Call re PRIDCO Angela Weng 11/10/22 1.0 Advisor Call re PRIDCO Angela Weng 11/10/22 0.5 FOMB Advisor Call Angela Weng 11/10/22 0.5 Internal Meeting re Board Onboarding Materials 

Angela Weng 11/11/22 1.5 Review of Letter from PRIDCO Creditors Angela Weng 11/13/22 0.5 Review of Email Correspondence re HTA Distributions Angela Weng 11/14/22 0.5 FOMB Advisor Call Angela Weng 11/14/22 1.0 Internal Call re Fee Allocations Angela Weng 11/14/22 1.0 Internal Meeting re Claims Reconciliation and Fee Allocations Angela Weng 11/14/22 4.0 Preparation of Materials re Fee Allocations Angela Weng 11/14/22 1.0 Review of Correspondence re ERS Distributions Angela Weng 11/15/22 0.5 Call re Claims Reconciliation re HTA Distributions Angela Weng 11/15/22 0.5 Call with FOMB Advisor re Acceleration Price Analysis Angela Weng 11/15/22 1.0 Calls re Acceleration Price Analysis Angela Weng 11/15/22 1.0 Calls with AAFAF Advisors re Closing Mechanics Angela Weng 11/15/22 1.0 Internal Meeting re Claims Reconciliation and Fee Allocations Angela Weng 11/15/22 3.5 Preparation of Materials re Acceleration Price Angela Weng 11/15/22 1.5 Review of Materials re ERS PE Portfolio Distributions Angela Weng 11/16/22 0.5 Advisor Call re PRIDCO Angela Weng 11/16/22 0.5 Call with ERS Creditor Advisor Angela Weng 11/16/22 1.0 Internal Discussions re ERS Allocations Angela Weng 11/16/22 1.5 Internal Meeting re Claims Reconciliation and Fee Allocations Angela Weng 11/16/22 2.0 Preparation of Analysis re Allocations to UBS Retail Accounts Angela Weng 11/16/22 1.5 Preparation of Materials re ERS Allocations 

Angela Weng 11/17/22 2.5 FOMB Board Strategy Session Angela Weng 11/17/22 1.5 Internal Discussions re HTA Allocations Angela Weng 11/17/22 4.0 Preparation of Materials re HTA Distributions Angela Weng 11/21/22 0.5 FOMB Advisor Call Angela Weng 11/21/22 1.5 Internal Meeting re HTA Distributions Angela Weng 11/22/22 2.0 Calls re HTA Distributions Angela Weng 11/22/22 2.0 Email Correspondence and Preparation of Materials re HTA Distributions Angela Weng 11/25/22 4.5 Email Correspondence and Preparation of Materials re HTA Distributions 

Page 7 of 8

Case:17-03283-LTS Doc#:24200 Filed:05/12/23 Entered:05/12/23 16:19:33 Desc: 

Document Page 34 of 35
PJT PARTNERS LP

HOURLY DETAILS FOR THE PERIOD OF

NOVEMBER 1, 2022 THROUGH NOVEMBER 30, 2022

Professional Date Hours Explanation Angela Weng 11/28/22 0.5 FOMB Advisor Call Angela Weng 11/28/22 4.0 Preparation of Materials re HTA Distributions Angela Weng 11/29/22 1.0 Review of Correspondence re HTA Distributions 

67.0

Page 8 of 8

Case:17-03283-LTS Doc#:24200 Filed:05/12/23 Entered:05/12/23 16:19:33 Desc: 

Document Page 35 of 35