Exhibit C

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 1 of 65
Exhibit C

Detailed Description of Hours and Fees by Matter Category

[On following page]

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 2 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 10/4/2017 1 Discussion with D. MacGreevey re: PR key issues and engagement planning 0.5

David MacGreevey 10/4/2017 1 Discussion with S. Martinez re: PR key issues and engagement planning 0.3

David MacGreevey 10/4/2017 1 Discussion with C. Flaton re: PR key issues and engagement planning 0.5

Scott Martinez 10/4/2017 1 Discussion with D. MacGreevey re: PR key issues and engagement planning 0.3

Carol Flaton 10/6/2017 1 Follow-up discussion with D. Praga and M. Westermann regarding PR case status 0.4

Deborah Praga 10/6/2017 1 Follow-up discussion with C. Flaton and M. Westermann regarding PR case status 0.4

Michael Westermann 10/6/2017 1 Follow-up discussion with C. Flaton and M. Westermann regarding PR case status 0.4

Carol Flaton 10/10/2017 1 Discussion with S. Martinez regarding Zolfo work streams 0.7

Scott Martinez 10/10/2017 1 Discussion with C. Flaton regarding Zolfo work streams 0.7

Carol Flaton 10/18/2017 1 Review of revised work streams document 0.2

Michael Westermann 10/18/2017 1 Review and comment on ZC proposed work streams 0.4

Scott Martinez 10/18/2017 1 Updated the list of Zolfo Cooper work streams 0.5

Deborah Praga 10/26/2017 1 Call with M. Cervi regarding case status 0.3

Mark A. Cervi 10/26/2017 1 Call with D. Praga regarding case status 0.3

Carol Flaton 10/27/2017 1 Review of workstreams w/ S. Martinez 0.5

Scott Martinez 10/27/2017 1 Review of workstreams w/ C. Flaton 0.5

Carol Flaton 10/30/2017 1 Emails w/FTI and Goldin re case status 0.2

Carol Flaton 10/30/2017 1 Review of workstreams status w/S. Martinez 0.8

Scott Martinez 10/30/2017 1 Review of workstreams status w/C. Flaton 0.8

Carol Flaton 11/6/2017 1 Meeting w/S. Martinez re status of workstreams 0.5

Scott Martinez 11/6/2017 1 Meeting w/C. Flaton re status of workstreams 0.5

Enrique R. Ubarri 11/9/2017 1 Exchanged several e-mails with S. Martinez re: communications and conduct research re: 

communications.

0.2

Enrique R. Ubarri 11/10/2017 1 Conduct research re: communications and exchange e-mails with S. Martinez re: 

communications.

0.3

Carol Flaton 11/15/2017 1 Meeting w/ S. Martinez to discuss updates on workstreams 0.5

Scott Martinez 11/15/2017 1 Meeting w/ C. Flaton to discuss updates on workstreams 0.5

Carol Flaton 11/16/2017 1 Status update call with S. Martinez and L. Despins (Paul Hastings) 0.5

Scott Martinez 11/16/2017 1 Status update call with C. Flaton and L. Despins (Paul Hastings) 0.5

Carol Flaton 11/17/2017 1 Discuss workstream status w/ S. Martinez 0.5

Scott Martinez 11/17/2017 1 Discuss workstream status w/ C. Flaton 0.5

Carol Flaton 11/20/2017 1 Debrief regarding GDB update call with S. Martinez, R. Bingham, R. Yenumula 0.3

Rahul Yenumula 11/20/2017 1 Debrief regarding GDB update call with S. Martinez, C. Flaton, R. Bingham 0.3

Robert Bingham 11/20/2017 1 Debrief regarding GDB update call with S. Martinez, C. Flaton, R. Yenumula 0.3

Scott Martinez 11/20/2017 1 Debrief regarding GDB update call with C. Flaton, R. Bingham, R. Yenumula 0.3

Carol Flaton 11/27/2017 1 Discussion with S. Martinez regarding various Zolfo work streams 0.5

Carol Flaton 11/27/2017 1 Status update call regarding legislation and other issues with S. Martinez, E. Ubarri 1.1

Enrique R. Ubarri 11/27/2017 1 Status update call regarding legislation and other issues with C. Flaton, S. Martinez 1.1

Scott Martinez 11/27/2017 1 Discussion with C. Flaton regarding various Zolfo work streams 0.5

Scott Martinez 11/27/2017 1 Status update call regarding legislation and other issues with C. Flaton, E. Ubarri 1.1

Carol Flaton 11/30/2017 1 Update on work streams with S. Martinez, M. Westermann and D. Praga 0.3

Michael Westermann 11/30/2017 1 Update on work streams with C. Flaton, S. Martinez and D. Praga 0.3

Rahul Yenumula 11/30/2017 1 Review of GDB proposal w/S. Martinez, R. Bingham, C. Flaton to discuss open 1.0

Scott Martinez 11/30/2017 1 Update on work streams with C. Flaton, M. Westermann and D. Praga 0.3

Scott Martinez 11/30/2017 1 Review of GDB proposal w/C. Flaton, R. Bingham, R. Yenumula to discuss open 

issues/questions

1.0

Deborah Praga 12/1/2017 1 Email correspondence with M. Westermann and S. Martinez 0.3

Scott Martinez 12/8/2017 1 Reviewed and commented on the open project listing 0.2

Carol Flaton 12/12/2017 1 Discussion regarding Zolfo workstreams with S. Martinez 0.5

Scott Martinez 12/12/2017 1 Discussion regarding Zolfo workstreams with C. Flaton 0.5

Enrique R. Ubarri 12/17/2017 1 Exchanged e-mails with C. Flaton re: Mediation memorandum; reviewed mediation 

memorandum.

0.1

Carol Flaton 12/19/2017 1 Follow up internal meeting regarding COFINA issues and next steps with R. Bingham, S. 

Martinez, D. Praga 

0.3

Carol Flaton 12/19/2017 1 Discussion regarding Zolfo workstreams with S. Martinez 0.5

Deborah Praga 12/19/2017 1 Discussion on next steps regarding COFINA workstream with R. Bingham, S. Martinez 0.1

Deborah Praga 12/19/2017 1 Follow up internal meeting regarding COFINA issues and next steps with C. Flaton, R. 

Bingham, S. Martinez

0.3

Robert Bingham 12/19/2017 1 Discussion on next steps regarding COFINA workstream with S. Martinez, D. Praga 0.1

Robert Bingham 12/19/2017 1 Follow up internal meeting regarding COFINA issues and next steps with C. Flaton, S. 

Martinez, D. Praga 

0.3

Robert Bingham 12/19/2017 1 Call with M. Cervi, S. Martinez, D. Praga regarding previous COFINA research 0.4

Scott Martinez 12/19/2017 1 Discussion on next steps regarding COFINA workstream with R. Bingham, D. Praga 0.1

Scott Martinez 12/19/2017 1 Follow up internal meeting regarding COFINA issues and next steps with C. Flaton, R. 

Bingham, D. Praga

0.3

Scott Martinez 12/19/2017 1 Discussion regarding Zolfo workstreams with C. Flaton 0.5

Carol Flaton 12/21/2017 1 Exchanged emails w/ E. Ubarri re revised CFP timing 0.2

Scott Martinez 12/22/2017 1 Discussion regarding rate change letter with A. Bongartz (Paul Hastings) 0.2

Carol Flaton 1/2/2018 1 Call w/ S. Martinez - status of case streams prior to UCC call 0.2

Michael Westermann 1/2/2018 1 Discussion regarding current work streams with S. Martinez 0.5

Page 1 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 3 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Scott Martinez 1/2/2018 1 Call w/ C. Flaton - status of case streams prior to UCC call 0.2

Scott Martinez 1/2/2018 1 Discussion regarding current workstreams with M. Westermann 0.5

Carol Flaton 1/4/2018 1 Discussions regarding Zolfo work streams and topics to address with Committee members at 

in-person meeting with S. Martinez

0.5

Scott Martinez 1/4/2018 1 Discussions regarding Zolfo work streams and topics to address with Committee members at 

in-person meeting with C. Flaton

0.5

Carol Flaton 1/8/2018 1 Discussion regarding Zolfo workstreams, mediation and upcoming Committee meeting with S. 

Martinez

1.0

Scott Martinez 1/8/2018 1 Discussion regarding Zolfo workstreams, mediation and upcoming Committee meeting with C. 

Flaton

1.0

Carol Flaton 1/16/2018 1 Discussion regarding Zolfo workstreams, mediation and upcoming Committee meeting with S. 

Martinez

0.5

Scott Martinez 1/16/2018 1 Discussion regarding Zolfo workstreams, mediation and upcoming Committee meeting with C. 

Flaton

0.5

Carol Flaton 1/25/2018 1 Telephone call with C. Flaton re: fiscal plan matters and court filings 0.7

Enrique R. Ubarri 1/25/2018 1 Telephone call with C. Flaton re: fiscal plan matters and court filings 0.7

Carol Flaton 1/26/2018 1 Discussion regarding work streams with S. Martinez 0.5

Scott Martinez 1/26/2018 1 Prepared a draft budget for February 2018 0.5

Scott Martinez 1/26/2018 1 Discussion regarding work streams with C. Flaton 0.5

Carol Flaton 1/30/2018 1 Status update on various Zolfo work streams with S. Martinez 0.8

Scott Martinez 1/30/2018 1 Status update on various Zolfo work streams with C. Flaton 0.8

Total Matter Category 1 36.4

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 10/1/2017 2 Review of A. Bongartz (PH) 9/30 emails and attachments re scheduling and status 0.8

Carol Flaton 10/2/2017 2 Review of emails 10/2 from A. Bongartz (PH) w/summary items 0.4

David MacGreevey 10/2/2017 2 Review email w attachments from A. Bongartz (PH) re: PR updates 0.6

Deborah Praga 10/2/2017 2 Reviewed email with attachments from A. Bongartz (PH) 0.5

Enrique R. Ubarri 10/2/2017 2 Reviewed certain information about financial conditions of PR after hurricane Maria and sent 

information to C. Flaton, S. Martinez and L. Despins (PH).

0.2

Enrique R. Ubarri 10/2/2017 2 Reviewed e-mail from A. Bongartz (PH) re: certain operational matters, including exhibits. 0.2

Michael Westermann 10/2/2017 2 Review of email from C. Flaton regarding natural disasters effect on economies 0.5

Scott Martinez 10/2/2017 2 Email correspondence with M. Comerford (Paul Hastings) regarding Chapter 9 recoveries 0.1

Scott Martinez 10/2/2017 2 Prepared for meeting with Paul Hastings regarding debt recovery model 0.5

Carol Flaton 10/3/2017 2 Participate in Committee update call with committee members, PH (L. Despins and A. 

Bongartz) and D. Praga, S. Martinez, M. Cervi, E. Ubarri, M. Westermann & M. Delmonte 

1.0

Deborah Praga 10/3/2017 2 Reviewed emails from S. Martinez regarding case update 0.2

Deborah Praga 10/3/2017 2 Participate in Committee update call with committee members, PH (L. Despins and A. 

Bongartz) and C. Flaton, S. Martinez, M. Cervi, E. Ubarri, M. Westermann & M. Delmonte 

1.0

Enrique R. Ubarri 10/3/2017 2 Participate in Committee update call with committee members, PH (L. Despins and A. 

Bongartz) and C. Flaton, S. Martinez, M. Cervi, D. Praga, M. Westermann & M. Delmonte 

1.0

Mark A. Cervi 10/3/2017 2 Participate in Committee update call with committee members, PH (L. Despins and A. 

Bongartz) and C. Flaton, S. Martinez, D. Praga, E. Ubarri, M. Westermann & M. Delmonte 

1.0

Matthew Delmonte 10/3/2017 2 Participate in Committee update call with committee members, PH (L. Despins and A. 

Bongartz) and C. Flaton, S. Martinez, M. Cervi, E. Ubarri, M. Westermann & D. Praga

1.0

Michael Westermann 10/3/2017 2 Participate in Committee update call with committee members, PH (L. Despins and A. 

Bongartz) and C. Flaton, S. Martinez, M. Cervi, E. Ubarri, D. Praga & M. Delmonte 

1.0

Scott Martinez 10/3/2017 2 Email correspondence with committee members regarding the draft healthcare presentation 0.1

Scott Martinez 10/3/2017 2 Participate in Committee update call with committee members, PH (L. Despins and A. 

Bongartz) and C. Flaton, D. Praga, M. Cervi, E. Ubarri, M. Westermann & M. Delmonte 

1.0

Carol Flaton 10/4/2017 2 Reviewed emails re CBA suspension/doc 0.2

Enrique R. Ubarri 10/4/2017 2 Reviewed e-mail from L. Despins (PH) re: certain operational matters. 0.1

Enrique R. Ubarri 10/4/2017 2 Reviewed communication from C. Flaton to UCC. 0.1

Carol Flaton 10/5/2017 2 Call w/L. Despins (PH) re Working Group meeting - next steps and UCC memo 0.5

Deborah Praga 10/5/2017 2 Reviewed email communication from S. Martinez 0.2

Scott Martinez 10/5/2017 2 Reviewed and distributed the summary of the October 4th creditor working group meeting to 

members of the UCC

0.5

Carol Flaton 10/6/2017 2 Call w/UCC member to discuss Working Group meeting memo 0.3

David MacGreevey 10/6/2017 2 Review email w attachment from S. Martinez re: PR creditor working group meeting 0.2

Enrique R. Ubarri 10/9/2017 2 Reviewed e-mail from A. Bongartz (PH) re: certain operational matters. 0.1

Enrique R. Ubarri 10/9/2017 2 Reviewed e-mail from A. Bongartz (PH) re: filings and several operational matters, including 

exhibits.

0.2

Carol Flaton 10/10/2017 2 Emails w/SEIU rep re conf call w/Creditor Working Group 0.3

Carol Flaton 10/10/2017 2 Review of A. Bongartz (PH) email (w/attachments) from 10/9 0.4

Carol Flaton 10/10/2017 2 Review of A. Bongartz (PH) email (w/attachment) from 10/10 (w/Judge Houser memo) 0.5

Carol Flaton 10/10/2017 2 Participate in Committee update call with committee members, PH (L. Despins, A. Bongartz) 

and D. Praga, S. Martinez, E. Ubarri, M. Westermann, M. Cervi & M. Delmonte

0.6

Deborah Praga 10/10/2017 2 Participate in Committee update call with committee members, PH (L. Despins, A. Bongartz) 

and C. Flaton, S. Martinez, E. Ubarri, M. Westermann, M. Cervi & M. Delmonte

0.6

Page 2 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 4 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 10/10/2017 2 Reviewed e-mail from A. Bongartz (PH) re: filings and several operational matters, including 

exhibits.

0.3

Enrique R. Ubarri 10/10/2017 2 Participate in Committee update call with committee members, PH (L. Despins, A. Bongartz) 

and C. Flaton, S. Martinez, D. Praga, M. Westermann, M. Cervi & M. Delmonte

0.6

Mark A. Cervi 10/10/2017 2 Participate in Committee update call with committee members, PH (L. Despins, A. Bongartz) 

and C. Flaton, S. Martinez, E. Ubarri, M. Westermann, D. Praga & M. Delmonte

0.6

Mark A. Cervi 10/10/2017 2 General update and review of A. Bongartz (PH) update email and attachments sent Oct 9. 0.8

Matthew Delmonte 10/10/2017 2 Participate in Committee update call with committee members, PH (L. Despins, A. Bongartz) 

and C. Flaton, S. Martinez, E. Ubarri, M. Westermann, M. Cervi & D. Praga

0.6

Michael Westermann 10/10/2017 2 Participate in Committee update call with committee members, PH (L. Despins, A. Bongartz) 

and C. Flaton, S. Martinez, E. Ubarri, D. Praga, M. Cervi & M. Delmonte

0.6

Scott Martinez 10/10/2017 2 Participate in Committee update call with committee members, PH (L. Despins, A. Bongartz) 

and C. Flaton, D. Praga, E. Ubarri, M. Westermann, M. Cervi & M. Delmonte

0.6

David MacGreevey 10/11/2017 2 Review email w attachments from A. Bongartz (PH) re: PR updates 0.4

Carol Flaton 10/13/2017 2 Update call with S. Martinez, C. Flaton and L. Despins (Paul Hastings) 0.1

Deborah Praga 10/13/2017 2 Update call with S. Martinez, C. Flaton and L. Despins (Paul Hastings) 0.1

Scott Martinez 10/13/2017 2 Update call with S. Martinez, C. Flaton and L. Despins (Paul Hastings) 0.1

Carol Flaton 10/16/2017 2 Review of A. Bongartz (PH) agenda and summary 0.3

Carol Flaton 10/16/2017 2 Emails w/Committee members re comp analysis feedback 0.2

Deborah Praga 10/16/2017 2 Reviewed e-mails with attachments from A. Bongartz (PH) 0.4

Enrique R. Ubarri 10/16/2017 2 Reviewed e-mail from A. Bongartz (PH) re: certain UCC operational matters 0.1

Enrique R. Ubarri 10/16/2017 2 Reviewed e-mail from S. Martinez re: memorandum on Creditors' Working Group meeting 

with AAFAF and FOMB.

0.1

Enrique R. Ubarri 10/16/2017 2 Reviewed e-mail and exhibits to e-mail from A. Bongartz (PH) re: certain UCC operational 

matters

0.2

Mark A. Cervi 10/16/2017 2 Review committee update email from A. Bongartz (PH) and related attachments and general 

case update

0.5

Scott Martinez 10/16/2017 2 Call with A. Bongartz (Paul Hastings) re: summary of creditor working group call to be 

distributed to members of the UCC

0.1

Scott Martinez 10/16/2017 2 Updated the draft document to the UCC summarizing the creditor working group call from 

Oct 13th based on feedback from C. Flaton

0.4

Scott Martinez 10/16/2017 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the members of the UCC 0.5

Scott Martinez 10/16/2017 2 Reviewed and commented on the draft document to the UCC summarizing the creditor 

working group call from Oct 13th

1.1

Carol Flaton 10/17/2017 2 Emails w/S. Millman (AFT) re Committee matter and meeting w/FOMB 0.1

Carol Flaton 10/17/2017 2 Participated in Committee Update Call with Paul Hastings (A. Bongartz, L. Despins), 

committee members, D. Praga, M. Cervi, E. Ubarri, S. Martinez, R. Yenumula, M. 

Westermann and M. Delmonte 

1.2

Deborah Praga 10/17/2017 2 Follow up call with S. Martinez, R. Yenumula, M. Westermann, M. Delmonte re: case status 0.2

Deborah Praga 10/17/2017 2 Participated in Committee Update Call with Paul Hastings (A. Bongartz, L. Despins), 

committee members, C. Flaton, M. Cervi, E. Ubarri, S. Martinez, R. Yenumula, M. 

Westermann and M. Delmonte 

1.2

Enrique R. Ubarri 10/17/2017 2 Sent e-mail to C. Flaton, S. Martinez and L. Despins of Paul Hastings re: emergency 

legislative proposals

0.1

Enrique R. Ubarri 10/17/2017 2 Reviewed press release from Commonwealth government re: emergency legislative proposals 0.1

Enrique R. Ubarri 10/17/2017 2 Participated in Committee Update Call with Paul Hastings (A. Bongartz, L. Despins), 

committee members, C. Flaton, M. Cervi, S. Martinez, R. Yenumula, M. Westermann, M. 

Delmonte and D. Praga

1.2

Mark A. Cervi 10/17/2017 2 Participated in Committee Update Call with Paul Hastings (A. Bongartz, L. Despins), 

committee members, C. Flaton, E. Ubarri, S. Martinez, R. Yenumula, M. Westermann, M. 

Delmonte and D. Praga

1.2

Matthew Delmonte 10/17/2017 2 Follow up call with S. Martinez, R. Yenumula, M. Westermann and D. Praga re: case status 0.2

Matthew Delmonte 10/17/2017 2 Participated in Committee Update Call with Paul Hastings (A. Bongartz, L. Despins), 

committee members, C. Flaton, M. Cervi, E. Ubarri, S. Martinez, R. Yenumula, M. 

Westermann and D. Praga 

1.2

Michael Westermann 10/17/2017 2 Follow up call with S. Martinez, R. Yenumula, M. Delmonte and D. Praga re: case status 0.2

Michael Westermann 10/17/2017 2 Participated in Committee Update Call with Paul Hastings (A. Bongartz, L. Despins), 

committee members, C. Flaton, M. Cervi, E. Ubarri, S. Martinez, R. Yenumula, M. Delmonte 

and D. Praga 

1.2

Rahul Yenumula 10/17/2017 2 Follow up call with S. Martinez, M. Westermann, M. Delmonte and D. Praga re: case status 0.2

Rahul Yenumula 10/17/2017 2 Participated in Committee Update Call with Paul Hastings (A. Bongartz, L. Despins), 

committee members, C. Flaton, M. Cervi, E. Ubarri, S. Martinez, M. Westermann, M. 

Delmonte and D. Praga

1.2

Scott Martinez 10/17/2017 2 Follow up call with R. Yenumula, M. Westermann, M. Delmonte and D. Praga re: case status 0.2

Scott Martinez 10/17/2017 2 Participated in Committee Update Call with Paul Hastings (A. Bongartz, L. Despins), 

committee members, C. Flaton, M. Cervi, E. Ubarri, R. Yenumula, M. Westermann, M. 

Delmonte and D. Praga

1.2

Carol Flaton 10/18/2017 2 Call w/ A. Velazquez (UCC member - SEIU) re work plan 0.3

Carol Flaton 10/18/2017 2 Emails w/F. Santos (PR Hospital Supply )re FOMB meeting and UCC mtg 0.2

Carol Flaton 10/18/2017 2 Review of A. Bongartz (PH) committee email 0.1

Page 3 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 5 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Deborah Praga 10/18/2017 2 Reviewed email from A. Bongartz (PH) with attachments 1.3

Enrique R. Ubarri 10/18/2017 2 Reviewed bond pricing report. 0.3

Enrique R. Ubarri 10/18/2017 2 Reviewed e-mail from A. Bongartz (PH) re: certain UCC operational matters and its 

attachments

0.2

Michael Westermann 10/18/2017 2 Review of email and attachments from Paul Hastings re: case update 1.3

Scott Martinez 10/18/2017 2 Reviewed email and attachments from A. Bongartz (Paul Hastings) that were sent to 

members of the UCC

0.9

Carol Flaton 10/19/2017 2 Review of A. Bongartz (PH) Committee email attachments 0.3

Carol Flaton 10/19/2017 2 Review of A. Bongartz (PH) email & attachments and ACP letter 0.8

David MacGreevey 10/19/2017 2 Review email w attachments from A. Bongartz (PH) re: PR federal aid 0.6

Deborah Praga 10/19/2017 2 Review of email from A. Bongartz (PH) with attachment 0.8

Enrique R. Ubarri 10/19/2017 2 Reviewed e-mail from A. Bongartz (PH) re: Mediation statement; reviewed mediation 

statement.

0.2

Enrique R. Ubarri 10/19/2017 2 Reviewed e-mail from A. Bongartz (PH) re: certain operational matters and supplemental 

filings.

0.2

Mark A. Cervi 10/19/2017 2 Review A. Bongartz (PH) email and attachments 0.2

Michael Westermann 10/19/2017 2 Read UCC mediation statement from Paul Hastings 0.5

Carol Flaton 10/20/2017 2 Emails w/ A. Bongartz (PH) & L. Despins (PH) re Committee mtg on 10/26 0.2

Carol Flaton 10/20/2017 2 Call w/A. Velasquez (SEIU) re: case status 0.5

Carol Flaton 10/20/2017 2 Review of A. Bongartz (PH) committee email and attachments 0.5

David MacGreevey 10/20/2017 2 Review email from A. Bongartz (PH) re: PR FEMA motion & Clawback statements 0.4

Enrique R. Ubarri 10/20/2017 2 Reviewed e-mail from A. Bongartz (PH) re: several operational matters. 0.1

Mark A. Cervi 10/20/2017 2 Review email from A. Bongartz (PH) and attachments 0.8

Michael Westermann 10/20/2017 2 Email to ZC team regarding findings from most recent studies 0.7

Carol Flaton 10/23/2017 2 Emails w/ L. Krueger (Drivetrain) re Committee agenda items and related materials 0.2

Carol Flaton 10/23/2017 2 Emails w/A. Velasquez (SEIU) re comp analysis 0.3

Carol Flaton 10/23/2017 2 Review of A. Bongartz (PH) email and attachments 0.6

David MacGreevey 10/23/2017 2 Review email w attachments from A. Bongartz (PH) re: PR federal funds, Assured motion 0.6

David MacGreevey 10/23/2017 2 Review email w attachments from A. Bongartz (PH) re: objections to PR FEMA motion 0.6

Enrique R. Ubarri 10/23/2017 2 Reviewed e-mail from A. Bongartz (PH) re: certain operational matters. 0.1

Michael Westermann 10/23/2017 2 Review of Paul Hastings email and attachments 0.4

Scott Martinez 10/23/2017 2 Reviewed email and attachments from A. Bongartz (Paul Hastings) that were sent to 

members of the UCC

0.6

Carol Flaton 10/24/2017 2 Reviewed draft PH deck for 10/26 mtg 0.9

Enrique R. Ubarri 10/24/2017 2 Reviewed several e-mails from A. Bongartz of Paul Hastings re: several operational matters, 

including attachments to e-mail.

0.3

Scott Martinez 10/24/2017 2 Reviewed the draft presentation materials regarding impact of hurricanes Katrina and 0.6

Scott Martinez 10/24/2017 2 Call with A. Bongartz (Paul Hastings) re: materials for UCC meeting 0.2

Scott Martinez 10/24/2017 2 Reviewed and commented on Paul Hastings draft materials for the UCC meeting 1.3

Scott Martinez 10/24/2017 2 Prepared talking points for FEMA presentation to members of the UCC 1.1

Scott Martinez 10/24/2017 2 Reviewed email and attachments from A. Bongartz (Paul Hastings) that were sent to 

members of the UCC

1.0

Enrique R. Ubarri 10/25/2017 2 Reviewed draft of amended complaint by UCC 0.2

Enrique R. Ubarri 10/25/2017 2 Reviewed e-mail from A. Bongartz (PH) re: certain operational matters and attachments 0.3

Enrique R. Ubarri 10/25/2017 2 Reviewed ZC presentations for UCC meeting. 0.5

Enrique R. Ubarri 10/25/2017 2 Reviewed PH Presentation for UCC meeting. 1.0

Mark A. Cervi 10/25/2017 2 Review email from A. Bongartz (PH) and review documents ahead of Committee meeting 0.8

Michael Westermann 10/25/2017 2 Reviewed and commented on Paul Hastings update on strategic issues 2.1

Scott Martinez 10/25/2017 2 Call with A. Bongartz (Paul Hastings) regarding comments on presentation materials 0.2

Scott Martinez 10/25/2017 2 Correspondence with L. Despins and A. Bongartz (PH) regarding additional discussion topics 

for UCC meeting

0.3

Scott Martinez 10/25/2017 2 Revised talking points for FEMA presentation to members of the UCC 1.3

Carol Flaton 10/26/2017 2 Call w/M. Richard (AFT) re next steps 0.2

Carol Flaton 10/26/2017 2 Emails w/ J. Bliss (PH) re Hacienda contacts 0.3

Carol Flaton 10/26/2017 2 Follow up discussion w/UCC members - next steps 0.4

Carol Flaton 10/26/2017 2 Reviewed healthcare materials w/ F. Santos (Puerto Rico Hospital Supply) 0.6

Carol Flaton 10/26/2017 2 In person committee meeting with PH (L. Despins, A. Bongartz and partial participation of M. 

Comerford), committee members and C. Flaton, S. Martinez, M. Westermann, D. Praga (E. 

Ubarri and M. Cervi attended telephonically) 

5.5

David MacGreevey 10/26/2017 2 Review email w attachments from S. Martinez re: PR UCC update materials 0.8

Deborah Praga 10/26/2017 2 Preparation for Committee Meeting with S. Martinez, M. Westermann 0.5

Deborah Praga 10/26/2017 2 In person committee meeting with PH (L. Despins, A. Bongartz and partial participation of M. 

Comerford), committee members and C. Flaton, S. Martinez, M. Westermann (M. Cervi and E.

Ubarri attended telephonically)

5.5

Enrique R. Ubarri 10/26/2017 2 Reviewed e-mail from A. Bongartz (PH) re: information for review. 0.1

Enrique R. Ubarri 10/26/2017 2 Reviewed e-mail from J. Worthington (PH) re: certain processes as COFINA agent. 0.1

Enrique R. Ubarri 10/26/2017 2 In person committee meeting with PH (L. Despins, A. Bongartz and partial participation of M. 

Comerford), committee members and C. Flaton, S. Martinez, M. Westermann, D. Praga M. 

Cervi (attended telephonically) 

5.5

Page 4 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 6 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Mark A. Cervi 10/26/2017 2 In person committee meeting with PH (L. Despins, A. Bongartz and partial participation of M. 

Comerford), committee members and C. Flaton, S. Martinez, M. Westermann, D. Praga, E. 

Ubarri (attended telephonically) 

5.5

Michael Westermann 10/26/2017 2 Discussion with S. Martinez and Committee member regarding healthcare materials 0.4

Michael Westermann 10/26/2017 2 Prepared for UCC meeting 0.5

Michael Westermann 10/26/2017 2 Consolidated list of questions and requests from committee meeting 0.5

Michael Westermann 10/26/2017 2 Preparation for Committee Meeting with S. Martinez, D. Praga 0.5

Michael Westermann 10/26/2017 2 In person committee meeting with PH (L. Despins, A. Bongartz and partial participation of M. 

Comerford), committee members and C. Flaton, S. Martinez, D. Praga (M. Cervi and E. Ubarri 

attended telephonically) 

5.5

Scott Martinez 10/26/2017 2 Correspondence with committee member regarding contracts analysis 0.2

Scott Martinez 10/26/2017 2 Discussion with M. Westermann and Committee member regarding healthcare materials 0.4

Scott Martinez 10/26/2017 2 Preparation for Committee Meeting with D. Praga, M. Westermann 0.5

Scott Martinez 10/26/2017 2 In person committee meeting with PH (L. Despins, A. Bongartz and partial participation of M. 

Comerford), committee members and C. Flaton, S. Martinez, M. Westermann, D. Praga (M. 

Cervi and E. Ubarri attended telephonically) 

5.5

Carol Flaton 10/27/2017 2 Emails re billing request from M. Richard (AFT) 0.2

Carol Flaton 10/27/2017 2 Review of draft questions to F. Santos (Puerto Rico Hospital Supply) re healthcare 0.3

David MacGreevey 10/27/2017 2 Review emails among L. Despins (PH) & PR UCC re: PREPA 0.4

David MacGreevey 10/27/2017 2 Review email w attachments from M. Comerford (PH) re: PR key issues 0.6

Enrique R. Ubarri 10/27/2017 2 Reviewed e-mail from L. Despins (PH) re: actions to be taken on PREPA matters for filings to 

be done.

0.1

Enrique R. Ubarri 10/27/2017 2 Reviewed e-mail from M. Comerford of Paul Hastings re: recent developments, including 

memorandum on mediation

0.3

Mark A. Cervi 10/27/2017 2 Review email from L. Despins (PH) regarding PREPA and other topics 0.4

Mark A. Cervi 10/27/2017 2 Review email from M. Comerford (PH) and related attachments 0.7

Michael Westermann 10/27/2017 2 Review of email and attachments from M. Comerford (PH) 0.7

Scott Martinez 10/27/2017 2 Reviewed and distributed to members of the UCC an analysis regarding the Commonwealth's 

pension

0.3

Scott Martinez 10/27/2017 2 Reviewed email and attachments from M. Comerford (Paul Hastings) that were sent to 

members of the UCC

0.5

Scott Martinez 10/27/2017 2 Reviewed emails and attachments from L. Despins (Paul Hastings) that were sent to members 

of the UCC

1.0

Carol Flaton 10/28/2017 2 Review email and attachments from M. Comerford (PH) 10/27 1.2

Carol Flaton 10/28/2017 2 Review of M. Richard (AFT) request 0.2

Carol Flaton 10/29/2017 2 Review of draft motion re Whitefish contract 0.6

Carol Flaton 10/29/2017 2 Reviewed all Emails w/UCC members re FOMB mtg 0.6

Carol Flaton 10/29/2017 2 Review of revised draft motion re Whitefish contract 0.3

Carol Flaton 10/30/2017 2 Emails w/M. Kahn (PH) re Moody's reports 0.2

Carol Flaton 10/30/2017 2 Emails w/UCC regarding role in upcoming FOMB mtg 0.3

Deborah Praga 10/30/2017 2 Reviewed emails from A. Bongartz (PH) 0.2

Enrique R. Ubarri 10/30/2017 2 Reviewed communication from UCC re: statement. 0.2

Enrique R. Ubarri 10/30/2017 2 Reviewed communication from A. Bongartz (PH) re: several operational matters. 0.2

Mark A. Cervi 10/30/2017 2 Review materials sent by A. Bongartz (PH) for committee update 0.5

Scott Martinez 10/30/2017 2 Reviewed email chain between Paul Hastings and members of the UCC regarding strategy 0.4

Scott Martinez 10/30/2017 2 Prepared a list of follow up issues regarding outstanding diligence requests and questions 

raised by members of the UCC

0.5

Carol Flaton 10/31/2017 2 Call to follow-up on committee call with M. Westermann, R. Yenumula and D. Praga 0.1

Carol Flaton 10/31/2017 2 Meeting with S. Martinez, D. Praga, M. Westermann re: preparation for committee meeting 0.2

Carol Flaton 10/31/2017 2 Emails w/ UCC members re FOMB authority 0.3

Carol Flaton 10/31/2017 2 Review of motion re Ambac clawback (HTA) 0.2

Carol Flaton 10/31/2017 2 Review of A. Bongartz (PH) 10/31 email and attachments 0.4

Carol Flaton 10/31/2017 2 participated in UCC call 1.6

Deborah Praga 10/31/2017 2 Call to follow-up on committee call with C. Flaton, M. Westermann and R. Yenumula 0.1

Deborah Praga 10/31/2017 2 Call with D. Barron (Paul Hastings), S. Martinez and M. Westermann regarding FOMB meeting 0.2

Deborah Praga 10/31/2017 2 Meeting with S. Martinez, C. Flaton, M. Westermann re: preparation for committee meeting 0.2

Deborah Praga 10/31/2017 2 Participated in Committee update call with committee members, Paul Hastings (L. Despins, 

A. Bongartz) and C. Flaton, E. Ubarri, S. Martinez, M. Westermann and R. Yenumula 

1.6

Enrique R. Ubarri 10/31/2017 2 Reviewed e-mail from A. Bongartz (PH) re: certain operational matters. 0.1

Enrique R. Ubarri 10/31/2017 2 Reviewed e-mail and attachment from A. Bongartz (PH) re: several operating matters. 0.2

Enrique R. Ubarri 10/31/2017 2 Reviewed e-mail and attachments from A. Bongartz (PH) re: presentations of Oversight Board 

meeting.

0.3

Enrique R. Ubarri 10/31/2017 2 Research re: information requested for PH motion and exchange e-mails with James 

Worthington re: information requested.

0.5

Enrique R. Ubarri 10/31/2017 2 Participated in Committee update call with committee members, Paul Hastings (L. Despins, 

A. Bongartz) and C. Flaton, S. Martinez, M. Westermann, R. Yenumula and D. Praga 

1.6

Enrique R. Ubarri 10/31/2017 2 Attended (videoconference) Federal Oversight Management Board Meeting 3.3

Mark A. Cervi 10/31/2017 2 Review materials sent by A. Bongartz (PH) for committee update 0.7

Michael Westermann 10/31/2017 2 Call to follow-up on committee call with C. Flaton, R. Yenumula and D. Praga 0.1

Michael Westermann 10/31/2017 2 Call with D. Barron (Paul Hastings), S. Martinez and D. Praga regarding FOMB meeting 0.2

Page 5 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 7 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Michael Westermann 10/31/2017 2 Meeting with S. Martinez, D. Praga, C. Flaton re: preparation for committee meeting 0.2

Michael Westermann 10/31/2017 2 Review of A. Bongartz (PH) email and attachments 0.8

Michael Westermann 10/31/2017 2 Prepared comments in preparation for committee call 1.2

Michael Westermann 10/31/2017 2 Participated in Committee update call with committee members, Paul Hastings (L. Despins, 

A. Bongartz) and C. Flaton, E. Ubarri, S. Martinez, R. Yenumula and D. Praga 

1.6

Rahul Yenumula 10/31/2017 2 Call to follow-up on committee call with C. Flaton, M. Westermann and D. Praga 0.1

Rahul Yenumula 10/31/2017 2 Participated in Committee update call with committee members, Paul Hastings (L. Despins, 

A. Bongartz) and C. Flaton, E. Ubarri, S. Martinez, M. Westermann, and D. Praga

1.6

Scott Martinez 10/31/2017 2 Call with D. Barron (Paul Hastings), D. Praga and M. Westermann regarding FOMB meeting 0.2

Scott Martinez 10/31/2017 2 Meeting with D. Praga, C. Flaton, M. Westermann re: preparation for committee meeting 0.2

Scott Martinez 10/31/2017 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the members of the UCC 0.5

Scott Martinez 10/31/2017 2 Participated in Committee update call with committee members, Paul Hastings (L. Despins, 

A. Bongartz) and C. Flaton, E. Ubarri, M. Westermann, R. Yenumula and D. Praga

1.6

Carol Flaton 11/1/2017 2 Review of COFINA draft sent by J. Bliss (PH) 0.4

Carol Flaton 11/1/2017 2 Review of email and attachments from A. Bongartz (PH) from 10/31 0.6

Mark A. Cervi 11/1/2017 2 Review update and attachment sent by A. Bongartz regarding COFINA 0.5

Rahul Yenumula 11/1/2017 2 Discussion with S. Martinez re: Debt Pricing deck 0.4

Scott Martinez 11/1/2017 2 Discussion with R. Yenumula re: Debt Pricing deck 0.4

Scott Martinez 11/1/2017 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the members of the UCC 1.1

Carol Flaton 11/2/2017 2 Review of emails amongst UCC and professionals re Agenda Issues 0.4

Carol Flaton 11/2/2017 2 Review of A. Bongartz email (PH) and attachment re FGIC 0.7

Deborah Praga 11/2/2017 2 Review of communication with committee members 0.2

Deborah Praga 11/2/2017 2 Call to discuss Comps and Hurricane Felipe II with A. Velazquez and J. Schutzius (SEIU), S. 

Martinez, and M. Westermann

0.5

Enrique R. Ubarri 11/2/2017 2 Reviewed several communications from members of the UCC re: several operational matters. 0.1

Enrique R. Ubarri 11/2/2017 2 Reviewed e-mail from A. Bongartz (PH) re: COFINA agent filing. 0.1

Enrique R. Ubarri 11/2/2017 2 Reviewed e-mail from A. Bongartz (PH) re: certain operational matters, including draft of 

Objection to FGIC's Request for 90-Day Stay

0.2

Mark A. Cervi 11/2/2017 2 Review update from A. Bongartz, L. Despins (PH) and committee member responses 0.3

Michael Westermann 11/2/2017 2 Call to discuss Comps and Hurricane Felipe II with A. Velazquez and J. Schutzius (SEIU), S. 

Martinez, and D. Praga

0.5

Scott Martinez 11/2/2017 2 Reviewed email correspondence from L. Despins (Paul Hastings) to the members of the UCC 0.2

Scott Martinez 11/2/2017 2 Call to discuss Comps and Hurricane Felipe II with A. Velazquez and J. Schutzius (SEIU), D. 

Praga, and M. Westermann

0.5

Deborah Praga 11/3/2017 2 Review of emails with attachments from A. Bongartz and L. Despins (PH) 0.9

Enrique R. Ubarri 11/3/2017 2 Reviewed several communications from L. Despins (PH) and members of the UCC re: 

operational matters.

0.1

Enrique R. Ubarri 11/3/2017 2 Reviewed e-mail from A. Bongartz (PH) re: several operational matters. 0.2

Enrique R. Ubarri 11/3/2017 2 Reviewed document prepared by C. Flaton re: creditor meeting. 0.2

Enrique R. Ubarri 11/3/2017 2 Reviewed communication from Paul Hastings re: tasks to be completed. 0.2

Enrique R. Ubarri 11/3/2017 2 Communication with J. Worthington re: discovery matters. 0.5

Mark A. Cervi 11/3/2017 2 Review update from A. Bongartz (PH) and review attachments (creditor working group 

update, Rule 2004 objections, and motion to strike and others)

0.5

Enrique R. Ubarri 11/4/2017 2 Exchanged e-mails with L. Despins (PH) re: certain operational matters. 0.1

Carol Flaton 11/5/2017 2 Review of A. Bongartz (PH) email and attachments from 11/3 1.8

Carol Flaton 11/5/2017 2 Review of Paul Hastings task list 0.3

Carol Flaton 11/6/2017 2 Exchanged emails w/A. Bongartz (PH) re 11/13 and 11/15 hearings 0.1

Carol Flaton 11/6/2017 2 Emails w/ A. Castro (Committee member - PR Hospital Supply) re healthcare questions 0.1

Carol Flaton 11/6/2017 2 Review of 11/6 A. Bongartz (PH) mailing: agenda and attachments 0.2

Carol Flaton 11/6/2017 2 Reviewed A. Bongartz (PH) 11/6 email w/attachments 0.3

Carol Flaton 11/6/2017 2 Emails w/ committee members re UCC response to Sanchez motion 0.3

David MacGreevey 11/6/2017 2 Review email w attachments from A. Bongartz (PH) re: PR updates 0.6

Deborah Praga 11/6/2017 2 Review of email with attachments from A. Bongartz (PH) 1.3

Enrique R. Ubarri 11/6/2017 2 Reviewed e-mail from A. Bongartz (PH) re: Committee operational matter 0.1

Enrique R. Ubarri 11/6/2017 2 Reviewed communication from member of UCC to L. Despins (PH). 0.1

Enrique R. Ubarri 11/6/2017 2 Reviewed e-mail from A. Bongartz (PH): certain operational matters. 0.2

Enrique R. Ubarri 11/6/2017 2 Reviewed bond pricing report. 0.3

Mark A. Cervi 11/6/2017 2 Review email from A. Bongartz (PH) regarding E. Sanchez response 0.1

Michael Westermann 11/6/2017 2 Email to S. Martinez re: Fed reports for macro mediation sessions 0.3

Michael Westermann 11/6/2017 2 Review of email and attachments from A. Bongartz (PH) 0.8

Scott Martinez 11/6/2017 2 Prepared an email to A. Bongartz (Paul Hastings) regarding fiscal plan session 0.1

Scott Martinez 11/6/2017 2 Reviewed, commented and circulated the draft comp analysis presentation to certain 

members of the UCC

0.4

Scott Martinez 11/6/2017 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the members of the UCC 1.0

Carol Flaton 11/7/2017 2 Exchanged emails w/A. Bongartz (PH) re lobbying session in DC 0.2

Carol Flaton 11/7/2017 2 Read emails between Committee members re issued proposed by PH 0.2

Carol Flaton 11/7/2017 2 Participated in Committee Call with M. Westermann, E. Ubarri, M. Cervi, S. Martinez, R. 

Yenumula, D. Praga, Paul Hastings (L. Despins, A. Bongartz) and committee members 

0.6

Carol Flaton 11/7/2017 2 Reviewed email from A. Bongartz (PH) w/attachment 0.8

Deborah Praga 11/7/2017 2 Review of communication with committee members 0.1

Page 6 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 8 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Deborah Praga 11/7/2017 2 Reviewed attachments sent by A. Bongartz (PH) 0.6

Deborah Praga 11/7/2017 2 Participated in Committee Call with C. Flaton, E. Ubarri, M. Cervi, S. Martinez, R. Yenumula, 

M. Westermann, Paul Hastings (L. Despins, A. Bongartz) and committee members 

0.6

Enrique R. Ubarri 11/7/2017 2 Reviewed several communications from members of the UCC and L. Despins (PH) re: several 

operational matters

0.1

Enrique R. Ubarri 11/7/2017 2 Reviewed e-mail from A. Bongartz of Paul Hastings re: certain UCC operational matters, 

including attachments to e-mail.

0.4

Enrique R. Ubarri 11/7/2017 2 Participated in Committee Call with C. Flaton, M. Cervi, S. Martinez, R. Yenumula, M. 

Westermann, D. Praga, Paul Hastings (L. Despins, A. Bongartz) and committee members 

0.6

Enrique R. Ubarri 11/7/2017 2 Attended (video) hearing before the Committee on Natural Resources 3.0

Mark A. Cervi 11/7/2017 2 Review email from A. Bongartz (PH) regarding Whitefish and other updates and review 

attached documents

0.6

Michael Westermann 11/7/2017 2 Participated in Committee Call with C. Flaton, E. Ubarri, M. Cervi, S. Martinez, R. Yenumula, 

D. Praga, Paul Hastings (L. Despins, A. Bongartz) and committee members 

0.6

Michael Westermann 11/7/2017 2 Review of A. Bongartz (PH) emails and attachments 0.7

Scott Martinez 11/7/2017 2 Participated in Committee Call with C. Flaton, E. Ubarri, M. Cervi, R. Yenumula, M. 

Westermann, D. Praga, Paul Hastings (L. Despins, A. Bongartz) and committee members

0.6

Scott Martinez 11/7/2017 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the members of the UCC 0.9

Scott Martinez 11/7/2017 2 Reviewed and commented on the draft macro forecast presentation 1.0

Carol Flaton 11/8/2017 2 Review of A. Bongartz (PH) 11/8 email and attachments 0.3

Enrique R. Ubarri 11/8/2017 2 Reviewed e-mail from A. Bongartz (PH) re: certain operational matters, including 

attachments

0.2

Eric Deichmann 11/8/2017 2 Meeting with S. Martinez, M. Westermann, and L. Krueger (committee member - Drivetrain) 

re: discussion of macro assumptions and preparation for mediation session 

1.3

Michael Westermann 11/8/2017 2 Meeting with S. Martinez, E. Deichmann, and L. Krueger (committee member - Drivetrain) re:

discussion of macro assumptions and preparation for mediation session 

1.3

Scott Martinez 11/8/2017 2 Call with A. Bongartz (Paul Hastings) regarding fiscal plan session 0.1

Scott Martinez 11/8/2017 2 Drafted an email to the members of the UCC regarding the TSA cash flow forecast 0.2

Scott Martinez 11/8/2017 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the members of the UCC 0.8

Scott Martinez 11/8/2017 2 Meeting with M. Westermann, E. Deichmann, and L. Krueger (committee member - 

Drivetrain) re: discussion of macro assumptions and preparation for mediation session 

1.3

Carol Flaton 11/9/2017 2 Review of A. Bongartz (PH) email w/attachments 0.8

Deborah Praga 11/9/2017 2 Review of email with attachments from A. Bongartz (PH) 0.3

Enrique R. Ubarri 11/9/2017 2 Reviewed e-mail from A. Bongartz (PH) re: certain operational matters and summaries from 

meetings.

0.2

Michael Westermann 11/9/2017 2 Review of email and attachments from A. Bongartz (PH) 0.4

Scott Martinez 11/9/2017 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the members of the UCC 0.8

Carol Flaton 11/10/2017 2 Emails w/S. Martinez & J. Worthington (PH) re discovery 0.3

Deborah Praga 11/10/2017 2 Review of email with attachment from A. Bongartz (PH) 0.3

Enrique R. Ubarri 11/10/2017 2 Reviewed e-mail from A. Bongartz of Paul Hastings re: Commonwealth-COFINA Dispute – Outof-Scope Challenges to Claims Asserted by Agents and Permitted Intervenors0.3

Enrique R. Ubarri 11/10/2017 2 Reviewed several e-mails from J. Worthington from Paul Hastings re: discovery requests to 

the COFINA holders.

0.3

Enrique R. Ubarri 11/10/2017 2 Exchanged several e-mails with S. Martinez re: requests from COFINA holders 0.1

Enrique R. Ubarri 11/10/2017 2 Conduct research re: COFINA holders; exchanged e-mails with J. Worthington of Paul 

Hastings re: COFINA holders.

0.1

Enrique R. Ubarri 11/11/2017 2 Reviewed e-mail from A. Bongartz (PH) re: certain operational matters. 0.1

Enrique R. Ubarri 11/11/2017 2 Reviewed e-mail from A. Bongartz of Paul Hastings re: certain UCC operational matters, 

including draft Reply in Support of Motion to Dismiss ACP Adversary Proceeding

0.6

Enrique R. Ubarri 11/12/2017 2 Reviewed e-mail from A. Bongartz of Paul Hastings re: certain UCC operational matters, 

including mark-up draft Reply in Support of Motion to Dismiss ACP Adversary Proceeding

0.4

Carol Flaton 11/13/2017 2 Review of A. Bongartz (PH) email, agenda, attachments 0.7

Deborah Praga 11/13/2017 2 Reviewed email with attachments from A. Bongartz (PH) 0.9

Enrique R. Ubarri 11/13/2017 2 Reviewed e-mail from A. Bongartz of Paul Hastings re: certain UCC operational matters. 0.1

Mark A. Cervi 11/13/2017 2 Reviewed news articles 0.7

Mark A. Cervi 11/13/2017 2 Review past and current update emails from A. Bongartz (PH) and attached documents 0.9

Michael Westermann 11/13/2017 2 Review of email and attachments from A. Bongartz (PH) 0.4

Scott Martinez 11/13/2017 2 Call with A. Bongartz (Paul Hastings) regarding documents and analyses to be provided to the 

UCC

0.2

Scott Martinez 11/13/2017 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the members of the UCC 0.5

Carol Flaton 11/14/2017 2 Emails w/M. Richard (AFT - Committee member) re comp analysis 0.2

Carol Flaton 11/14/2017 2 Reviewed A. Bongartz (PH) emails and certain attachments 0.3

Carol Flaton 11/14/2017 2 Participate in committee meeting with Paul Hastings (L. Despins, A. Bongartz), committee 

members, M. Westermann, S. Martinez, M. Cervi and E. Ubarri

0.7

David MacGreevey 11/14/2017 2 Review email w attachments from A Bongartz re: PR UCC updates 0.5

Deborah Praga 11/14/2017 2 Review of emails with attachments from A. Bongartz (PH) 0.6

Enrique R. Ubarri 11/14/2017 2 Exchanged several e-mails with L. Despins (PH) re: research for motion and research 

requested information.

0.2

Enrique R. Ubarri 11/14/2017 2 Reviewed court order and e-mail from A. Bongartz (PH) re: court determination on Motion to 

Strike filed by Elias Sanchez.

0.2

Page 7 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 9 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 11/14/2017 2 Telephone conversation with L. Despins of Paul Hastings re: information for filing. 0.3

Enrique R. Ubarri 11/14/2017 2 Participate in committee meeting with Paul Hastings (L. Despins, A. Bongartz), committee 

members, M. Westermann, S. Martinez, C. Flaton and M. Cervi

0.7

Mark A. Cervi 11/14/2017 2 Participate in committee meeting with Paul Hastings (L. Despins, A. Bongartz), committee 

members, M. Westermann, S. Martinez, C. Flaton and E. Ubarri

0.7

Michael Westermann 11/14/2017 2 Participate in committee meeting with Paul Hastings (L. Despins, A. Bongartz), committee 

members, M. Cervi, S. Martinez, C. Flaton and E. Ubarri

0.7

Scott Martinez 11/14/2017 2 Participate in committee meeting with Paul Hastings (L. Despins, A. Bongartz), committee 

members, M. Westermann, M. Cervi, C. Flaton and E. Ubarri

0.7

Carol Flaton 11/15/2017 2 Call with C. Flaton and J. Bliss (Paul Hastings) regarding COFINA 0.2

Carol Flaton 11/15/2017 2 Reviewed email from L. Despins (PH) summarizing hearing and other matters 0.3

Deborah Praga 11/15/2017 2 Reviewed communication from J. Bliss (PH) 0.2

Robert Bingham 11/15/2017 2 Call with J. Bliss (PH) concerning COFINA research request 0.1

Scott Martinez 11/15/2017 2 Call with C. Flaton and J. Bliss (Paul Hastings) regarding COFINA 0.2

Scott Martinez 11/15/2017 2 Emails with members of the UCC regarding fiscal plan sessions 0.2

Carol Flaton 11/16/2017 2 Reviewed emails (w/attachments) with J. Bliss (PH) re COFINA 0.1

Carol Flaton 11/16/2017 2 Review A. Bongartz (PH) email w/attachments 0.2

Enrique R. Ubarri 11/16/2017 2 Telephone conversation with L. Despins of Paul Hastings re: mediation structure; research 

mediation structures for resolution of creditor claims; exchanged several e-mails with L. 

Despins (PH) re: research.

0.7

Carol Flaton 11/17/2017 2 Review A. Bongartz (PH) email with attachments 0.4

Enrique R. Ubarri 11/17/2017 2 Reviewed e-mail from A. Bongartz (PH) re: certain operational matters. 0.1

Enrique R. Ubarri 11/17/2017 2 Reviewed communication from Alex Bongartz re: Commonwealth/COFINA dispute. 0.1

Enrique R. Ubarri 11/17/2017 2 Reviewed e-mail from committee member re: PR employment data post-Maria. 0.1

Michael Westermann 11/17/2017 2 Review of email and attachments from A. Bongartz (PH) 1.1

Carol Flaton 11/19/2017 2 Exchanged email w/S. Martinez re Milliman reports 0.1

Carol Flaton 11/19/2017 2 Call w/ L. Despins (PH) to review mediation status 0.2

Carol Flaton 11/20/2017 2 Reviewed healthcare input from A. Castro (PR Hospital Supply - committee member) for final 

deck to Committee

0.2

Carol Flaton 11/20/2017 2 Reviewed email and attachments from A. Bongartz (PH) 0.3

Enrique R. Ubarri 11/20/2017 2 Reviewed e-mail from A. Bongartz (PH) re: certain operational matters. 0.1

Michael Westermann 11/20/2017 2 Discussion with R. Bingham concerning Paul Hastings' data request 0.2

Robert Bingham 11/20/2017 2 Discussion with M. Westermann concerning Paul Hastings' data request 0.2

Robert Bingham 11/20/2017 2 Discussion with J. Bliss (PH) concerning questions on COFINA bonds 0.2

Scott Martinez 11/20/2017 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the members of the UCC 0.5

Deborah Praga 11/21/2017 2 Participated in Committee Call with E. Ubarri, S. Martinez, R. Yenumula, M. Westermann, 

Paul Hastings (L. Despins, A. Bongartz) and committee members 

0.6

Enrique R. Ubarri 11/21/2017 2 Participated in Committee Call with M. Westermann, S. Martinez, R. Yenumula, D. Praga, 

Paul Hastings (L. Despins, A. Bongartz) and committee members 

0.6

Michael Westermann 11/21/2017 2 Participated in Committee Call with E. Ubarri, S. Martinez, R. Yenumula, D. Praga, Paul 

Hastings (L. Despins, A. Bongartz) and committee members 

0.6

Scott Martinez 11/21/2017 2 Prepared for UCC weekly update call 0.4

Scott Martinez 11/21/2017 2 Participated in Committee Call with E. Ubarri, M. Westermann, R. Yenumula, D. Praga, Paul 

Hastings (L. Despins, A. Bongartz) and committee members 

0.6

Enrique R. Ubarri 11/22/2017 2 Reviewed e-mail from A. Bongartz (PH) re: certain operational matters. 0.1

Enrique R. Ubarri 11/22/2017 2 Reviewed certain information related to the Treasury Single Account cashflow presentation; 

exchanged e-mails with C. Flaton re: requested information on the TSA cashflow.

0.3

Enrique R. Ubarri 11/22/2017 2 Sent e-mail with S. Martinez, C. Flaton and L. Despins re: PR government structure changes; 

research re: PR government structure changes.

0.3

Michael Westermann 11/22/2017 2 Review email and attachments from A. Bongartz (PH) 0.9

Carol Flaton 11/27/2017 2 Reviewed email from A. Bongartz (PH) (with attachments) 0.7

Deborah Praga 11/27/2017 2 Review of emails with attachments from A. Bongartz (PH) 0.9

Enrique R. Ubarri 11/27/2017 2 Exchanged e-mails with B. Gray of Paul Hastings re: certain COFINA matters. 0.1

Enrique R. Ubarri 11/27/2017 2 Reviewed e-mail from A. Bongartz (PH) re: certain operational matters. 0.1

Enrique R. Ubarri 11/27/2017 2 Reviewed e-mail from A. Bongartz (PH) re: certain operational matters to be discussed during

UCC meeting.

0.1

Michael Westermann 11/27/2017 2 Review of A. Bongartz (PH) emails and attachments 0.8

Scott Martinez 11/27/2017 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the members of the UCC 1.5

Carol Flaton 11/28/2017 2 Participated in Committee Call with PH (L. Despins, A. Bongartz), M. Westermann, S. 

Martinez, E. Ubarri, and D. Praga 

0.6

Deborah Praga 11/28/2017 2 Review of emails with attachments from A. Bongartz (PH) 0.4

Deborah Praga 11/28/2017 2 Participated in Committee Call with PH (L. Despins, A. Bongartz), C. Flaton, S. Martinez, E. 

Ubarri, M. Westermann

0.6

Enrique R. Ubarri 11/28/2017 2 Reviewed e-mail from A. Bongartz (PH) re: certain operational matters to be discussed with 

UCC.

0.1

Enrique R. Ubarri 11/28/2017 2 Participated in Committee Call with PH (L. Despins, A. Bongartz), C. Flaton, S. Martinez, M. 

Westermann, D. Praga

0.6

Michael Westermann 11/28/2017 2 Participated in Committee Call with PH (L. Despins, A. Bongartz), C. Flaton, S. Martinez, E. 

Ubarri, and D. Praga 

0.6

Page 8 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 10 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Scott Martinez 11/28/2017 2 Participated in Committee Call with PH (L. Despins, A. Bongartz), C. Flaton, E. Ubarri, M. 

Westermann, D. Praga

0.6

Carol Flaton 11/29/2017 2 Reviewed of L. Despins (PH) summary email of COFINA email to UCC 0.2

Carol Flaton 11/29/2017 2 Review of A. Bongartz (PH) email w/attachments 0.9

Deborah Praga 11/29/2017 2 Review of emails with attachments from A. Bongartz (PH) 0.9

Enrique R. Ubarri 11/29/2017 2 Reviewed e-mail from A. Bongartz of Paul Hastings re: certain UCC operational matters. 0.2

Enrique R. Ubarri 11/29/2017 2 Telephone conversation with B. Grey of Paul Hastings re: COFINA structure 0.8

Michael Westermann 11/29/2017 2 Review of email from A. Bongartz (PH) and attachments 0.5

Michael Westermann 11/29/2017 2 Email to A. Bongartz (PH) re: overview of creditor mediation session 0.8

Scott Martinez 11/29/2017 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the members of the UCC 0.9

Carol Flaton 11/30/2017 2 Participated in weekly committee call with Paul Hastings (L. Despins, A. Bongartz), 

committee members, M. Westermann, S. Martinez, E. Ubarri and D. Praga 

0.5

Deborah Praga 11/30/2017 2 Participated in weekly committee call with Paul Hastings (L. Despins, A. Bongartz), 

committee members, C. Flaton, S. Martinez, M. Westermann and E. Ubarri

0.5

Enrique R. Ubarri 11/30/2017 2 Reviewed e-mail from L. Despins (PH) re: Settlement Conference with COFINA Agent and her 

advisors

0.2

Enrique R. Ubarri 11/30/2017 2 Telephone conversation with J. Worthington (PH) re: certain COFINA matters. 0.3

Enrique R. Ubarri 11/30/2017 2 Reviewed e-mail from A. Bongartz of Paul Hastings re: certain UCC operational matters and 

draft of Objection to "Scope Motions"

0.4

Enrique R. Ubarri 11/30/2017 2 Participated in weekly committee call with Paul Hastings (L. Despins, A. Bongartz), 

committee members, C. Flaton, S. Martinez, M. Westermann and D. Praga

0.5

Michael Westermann 11/30/2017 2 Participated in weekly committee call with Paul Hastings (L. Despins, A. Bongartz), 

committee members, C. Flaton, S. Martinez, E. Ubarri and D. Praga 

0.5

Scott Martinez 11/30/2017 2 Participated in weekly committee call with Paul Hastings (L. Despins, A. Bongartz), 

committee members, C. Flaton, E. Ubarri, M. Westermann and D. Praga

0.5

Deborah Praga 12/1/2017 2 Review of email from A. Bongartz (PH) 0.1

Enrique R. Ubarri 12/1/2017 2 Reviewed e-mail from A. Bongartz (PH) re: UCC operational matters. 0.1

Enrique R. Ubarri 12/1/2017 2 Reviewed and exchanged e-mail with J. Worthington (PH) re: COFINA matters 0.2

Michael Westermann 12/1/2017 2 Review of email and attachments from A. Bongartz (PH) 0.9

Rahul Yenumula 12/1/2017 2 Discussion with R. Bingham, S. Martinez, J. Grogan & D. Newman from Paul Hastings re: GDB 

Title VI

0.4

Robert Bingham 12/1/2017 2 Discussion with S. Martinez, R. Yenumula, J. Grogan & D. Newman from Paul Hastings re: 

GDB Title VI

0.4

Scott Martinez 12/1/2017 2 Discussion with R. Bingham, R. Yenumula, J. Grogan & D. Newman from Paul Hastings re: 

GDB Title VI

0.4

Carol Flaton 12/3/2017 2 Review of PH proposed budget 0.2

Carol Flaton 12/4/2017 2 Review of 12/4 A. Bongartz (PH) email w/ all attachments (for UCC Call) 2.1

Enrique R. Ubarri 12/4/2017 2 Exchanged e-mail from J. Worthington (PH) re: COFINA matters 0.1

Michael Westermann 12/4/2017 2 Review of email and attachments from A. Bongartz (PH) 0.4

Scott Martinez 12/4/2017 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the members of the UCC 0.7

Carol Flaton 12/5/2017 2 Follow-up discussion after weekly committee meeting with M. Westermann, S. Martinez, and 

D. Praga 

0.3

Carol Flaton 12/5/2017 2 Participated in weekly committee call with Paul Hastings (L. Despins, A. Bongartz, D. 

Barron), D. Praga, S. Martinez, M. Westermann, E. Ubarri

0.6

Carol Flaton 12/5/2017 2 Review of A. Bongartz (PH) email and attachments 1.7

Deborah Praga 12/5/2017 2 Follow-up discussion with C. Flaton, S. Martinez, M. Westermann 0.3

Deborah Praga 12/5/2017 2 Participated in weekly committee call with Paul Hastings (L. Despins, A. Bongartz, D. 

Barron), C. Flaton, S. Martinez, M. Westermann, E. Ubarri

0.6

Enrique R. Ubarri 12/5/2017 2 Reviewed e-mail from A. Bongartz (PH) re: UCC operational matters. 0.1

Enrique R. Ubarri 12/5/2017 2 Reviewed and exchanged several e-mails with J. Worthington (PH) re: certain COFINA 

matters.

0.2

Enrique R. Ubarri 12/5/2017 2 Participated in weekly committee call with Paul Hastings (L. Despins, A. Bongartz, D. 

Barron), C. Flaton, S. Martinez, M. Westermann, E. Ubarri, D. Praga

0.6

Michael Westermann 12/5/2017 2 Follow-up discussion after weekly committee meeting with C. Flaton, S. Martinez, and D. 

Praga 

0.3

Michael Westermann 12/5/2017 2 Review of A. Bongartz's (PH) email and attachments 0.3

Michael Westermann 12/5/2017 2 Participated in weekly committee call with Paul Hastings (L. Despins, A. Bongartz, D. 

Barron), C. Flaton, S. Martinez, E. Ubarri, D. Praga 

0.6

Scott Martinez 12/5/2017 2 Follow-up discussion after weekly committee meeting with C. Flaton, M. Westermann and D. 

Praga

0.3

Scott Martinez 12/5/2017 2 Participated in weekly committee call with Paul Hastings (L. Despins, A. Bongartz, D. 

Barron), C. Flaton, M. Westermann, E. Ubarri, D. Praga

0.6

Enrique R. Ubarri 12/6/2017 2 Exchanged emails with J. Worthington and S. Martinez regarding COFINA research 0.3

Carol Flaton 12/7/2017 2 Call w/L. Krueger (Drivetrain) re 12.6.17 session 0.4

Carol Flaton 12/7/2017 2 Review of A. Bongartz (PH) email and selected attachments 0.4

Deborah Praga 12/7/2017 2 Participated in committee call with Paul Hastings (L. Despins, A. Bongartz), C. Flaton, E. 

Ubarri, S. Martinez, E. Deichmann, M. Westermann

0.8

Enrique R. Ubarri 12/7/2017 2 Reviewed e-mail from A. Bongartz (PH) re: UCC operational matters. 0.1

Enrique R. Ubarri 12/7/2017 2 Reviewed and exchanged e-mails from/with J. Worthington of Paul Hastings re: COFINA 

research.

0.2

Page 9 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 11 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 12/7/2017 2 Exchanged emails with L. Despins (PH), C. Flaton and S. Martinez regarding tax bill impact 

research

0.2

Enrique R. Ubarri 12/7/2017 2 Reviewed e-mail and attachment from A. Bongartz (PH) re: COFINA response 0.3

Enrique R. Ubarri 12/7/2017 2 Participated in committee call with Paul Hastings (L. Despins, A. Bongartz), C. Flaton, S. 

Martinez, E. Deichmann, M. Westermann and D. Praga

0.8

Eric Deichmann 12/7/2017 2 Participated in committee call with Paul Hastings (L. Despins, A. Bongartz), C. Flaton, E. 

Ubarri, S. Martinez, M. Westermann and D. Praga

0.8

Michael Westermann 12/7/2017 2 Participated in committee call with Paul Hastings (L. Despins, A. Bongartz), C. Flaton, E. 

Ubarri, S. Martinez, E. Deichmann and D. Praga 

0.8

Scott Martinez 12/7/2017 2 Prepared for weekly committee call 0.3

Scott Martinez 12/7/2017 2 Participated in committee call with Paul Hastings (L. Despins, A. Bongartz), C. Flaton, E. 

Ubarri, E. Deichmann, M. Westermann and D. Praga

0.8

Carol Flaton 12/8/2017 2 Correspondence w/M. Levinson (committee member's economist) re on–island debt 0.2

Carol Flaton 12/8/2017 2 Meeting with representatives from the AFT with S. Martinez 2.7

Deborah Praga 12/8/2017 2 Review of email with attachments from A. Bongartz (PH) 1.1

Enrique R. Ubarri 12/8/2017 2 Reviewed e-mail from A. Bongartz (PH) re: UCC operational matters. 0.1

Scott Martinez 12/8/2017 2 Correspondence with M. Levinson (Committee member's economist) regarding on island debt 0.3

Scott Martinez 12/8/2017 2 Reviewed and commented on the summary of the economist session 0.5

Scott Martinez 12/8/2017 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the members of the UCC 0.6

Scott Martinez 12/8/2017 2 Meeting with representatives from the AFT with C. Flaton 2.7

Carol Flaton 12/10/2017 2 Review of A. Bongartz (PH) 12/8 email w/attachment 0.9

Carol Flaton 12/11/2017 2 Review/discussion of Guzman letter w/ M. Levinson (committee member's economist) 0.4

Carol Flaton 12/11/2017 2 Review of A. Bongartz (PH) 12.11.17 email to Committee w/all attachments 2.3

Deborah Praga 12/11/2017 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the members of the UCC 0.6

Enrique R. Ubarri 12/11/2017 2 Reviewed e-mail from A. Bongartz (PH) re: UCC operational matters. 0.1

Scott Martinez 12/11/2017 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the members of the UCC 0.7

Carol Flaton 12/12/2017 2 Reviewed emails re insolvency approach (internal ZC) 0.2

Carol Flaton 12/12/2017 2 Participated in weekly committee update call with Paul Hastings (L. Despins, A. Bongartz), D.

Praga, S. Martinez, E. Ubarri, M. Westermann 

0.7

Carol Flaton 12/12/2017 2 Review of A. Bongartz (PH) email w/attachments 0.9

Deborah Praga 12/12/2017 2 Review of email with attachments from A. Bongartz (PH) 0.4

Deborah Praga 12/12/2017 2 Participated in weekly committee update call with Paul Hastings (L. Despins, A. Bongartz), C.

Flaton, S. Martinez, E. Ubarri, M. Westermann 

0.7

Enrique R. Ubarri 12/12/2017 2 Reviewed e-mail from A. Bongartz (PH) re: UCC operational matters. 0.1

Enrique R. Ubarri 12/12/2017 2 Participated in weekly committee update call with Paul Hastings (L. Despins, A. Bongartz), C.

Flaton, S. Martinez, E. Ubarri, M. Westermann and D. Praga

0.7

Michael Westermann 12/12/2017 2 Participated in weekly committee update call with Paul Hastings (L. Despins, A. Bongartz), C.

Flaton, S. Martinez, E. Ubarri, and D. Praga 

0.7

Robert Bingham 12/12/2017 2 Call with J. Bliss (PH) concerning Commonwealth insolvency 0.4

Scott Martinez 12/12/2017 2 Participated in weekly committee update call with Paul Hastings (L. Despins, A. Bongartz), C.

Flaton, E. Ubarri, M. Westermann and D. Praga

0.7

Carol Flaton 12/13/2017 2 COFINA-Commonwealth follow up call with L. Despins (Paul Hastings) and S. Martinez 0.2

Carol Flaton 12/13/2017 2 Reviewed emails between Committee members re joint tax letter language 0.6

Carol Flaton 12/13/2017 2 Review of A. Bongartz (PH) email and attachments 1.1

Enrique R. Ubarri 12/13/2017 2 Reviewed e-mail from A. Bongartz (PR) re: UCC operational matters. 0.1

Enrique R. Ubarri 12/13/2017 2 Reviewed e-mail from A. Bongartz of Paul Hastings re: revised documentation for UCC 

review.

0.1

Enrique R. Ubarri 12/13/2017 2 Reviewed e-mail from A. Bongartz of Paul Hastings re: documentation for UCC review 0.1

Enrique R. Ubarri 12/13/2017 2 Reviewed e-mail from L. Despins (PH) re: document for review 0.1

Michael Westermann 12/13/2017 2 Review of A. Bongartz's (PH) email and attachments 0.5

Scott Martinez 12/13/2017 2 COFINA-Commonwealth follow up call with L. Despins (Paul Hastings) and C. Flaton 0.2

Scott Martinez 12/13/2017 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the members of the UCC 0.6

Carol Flaton 12/14/2017 2 Reviewed A. Bongartz (PH) email w/attachments 0.4

Carol Flaton 12/14/2017 2 Participated in weekly committee call with Paul Hastings (L. Despins and A. Bongartz), S. 

Martinez, E. Ubarri, R. Yenumula, D. Praga

0.5

Deborah Praga 12/14/2017 2 Participated in weekly committee call with Paul Hastings (L. Despins and A. Bongartz), C. 

Flaton, E. Ubarri, R. Yenumula, M. Westermann

0.5

Enrique R. Ubarri 12/14/2017 2 Reviewed e-mail from A. Bongartz (PH) re: documentation for UCC review. 0.1

Enrique R. Ubarri 12/14/2017 2 Reviewed e-mail from A. Bongartz (PH) re: UCC operational matters. 0.1

Enrique R. Ubarri 12/14/2017 2 Participated in weekly committee call with Paul Hastings (L. Despins and A. Bongartz), C. 

Flaton, S. Martinez, R. Yenumula, D. Praga

0.5

Rahul Yenumula 12/14/2017 2 Participated in weekly committee call with Paul Hastings (L. Despins and A. Bongartz), C. 

Flaton, S. Martinez, E. Ubarri, D. Praga

0.5

Rahul Yenumula 12/14/2017 2 Review of revised RSA of GDB 1.1

Scott Martinez 12/14/2017 2 Call with A. Bongartz (Paul Hastings) regarding FY 2019 budget process 0.2

Scott Martinez 12/14/2017 2 Participated in weekly committee call with Paul Hastings (L. Despins and A. Bongartz), C. 

Flaton, E. Ubarri, R. Yenumula, D. Praga

0.5

Deborah Praga 12/15/2017 2 Review of email with attachments from A. Bongartz (PH) 0.5

Enrique R. Ubarri 12/15/2017 2 Sent e-mail to L. Despins (PH), C. Flaton and S. Martinez re: implications of tax reform on PR 0.2

Page 10 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 12 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Mark A. Cervi 12/15/2017 2 Review and respond to email from M. Kahn (PH) regarding municipal bond ratings and 

coordination and discussions with A. Perrella

1.5

Scott Martinez 12/15/2017 2 Review of email with attachments from A. Bongartz (PH) 0.6

Carol Flaton 12/18/2017 2 Review of E. Deichmann economist summary memo 0.1

Carol Flaton 12/18/2017 2 Call w/L. Despins (PH) to discuss case strategy 0.5

Carol Flaton 12/18/2017 2 Review of A. Bongartz (PH) 12/18 email/agenda w/attachments 1.2

Deborah Praga 12/18/2017 2 Reviewed summary of economist meeting circulated to committee 0.3

Deborah Praga 12/18/2017 2 Review of emails between committee members, L. Despins (PH) and S. Martinez regarding 

cash balances

0.8

Deborah Praga 12/18/2017 2 Review of email with attachments from A. Bongartz (PH) 0.9

Enrique R. Ubarri 12/18/2017 2 Reviewed and commented on draft communication prepared by S. Martinez re: working group

call.

0.1

Enrique R. Ubarri 12/18/2017 2 Reviewed e-mail from A. Bongartz of Paul Hastings re: UCC operational matters. 0.2

Enrique R. Ubarri 12/18/2017 2 Reviewed e-mails from L. Despins (PH) and S. Martinez re: Bank Account Balances. 0.2

Enrique R. Ubarri 12/18/2017 2 Exchanged e-mails with L. Despins (PH) re: FOMB investigation on Commonwealth liquidity 0.1

Michael Westermann 12/18/2017 2 Review of S. Martinez email re: economist meeting with creditors 0.3

Michael Westermann 12/18/2017 2 Response to committee member question re: bank accounts balance 0.7

Michael Westermann 12/18/2017 2 Review of A. Bongartz's (PH) email and attachments 0.8

Scott Martinez 12/18/2017 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the members of the UCC 0.7

Scott Martinez 12/18/2017 2 Prepared a summary of the AAFAF call with the creditor working group regarding bank 

accounts and provided it to the UCC

1.3

Carol Flaton 12/19/2017 2 Exchanged emails with M. Cervi, R. Bingham, CF re securitization documentation and PH 

requests

0.3

Carol Flaton 12/19/2017 2 Weekly committee call committee, PH (L. Despins, A. Bongartz), R. Yenumula, S. Martinez, 

E. Ubarri, M. Westermann, R. Yenumula, D. Praga

0.6

Deborah Praga 12/19/2017 2 Call with S. Martinez, R. Bingham, M. Cervi regarding previous COFINA research 0.4

Enrique R. Ubarri 12/19/2017 2 Weekly committee call committee, PH (L. Despins, A. Bongartz), C. Flaton, S. Martinez, M. 

Westermann, R. Yenumula, D. Praga 

0.6

Mark A. Cervi 12/19/2017 2 Call with S. Martinez, R. Bingham, D. Praga regarding previous COFINA research 0.4

Michael Westermann 12/19/2017 2 Weekly committee call committee, PH (L. Despins, A. Bongartz), C. Flaton, S. Martinez, E. 

Ubarri, R. Yenumula, D. Praga 

0.6

Rahul Yenumula 12/19/2017 2 Weekly committee call committee, PH (L. Despins, A. Bongartz), C. Flaton, S. Martinez, E. 

Ubarri, M. Westermann, R. Yenumula, D. Praga

0.6

Robert Bingham 12/19/2017 2 Call with L. Despins (PH), C. Flaton, S. Martinez, D. Praga regarding COFINA next steps 0.1

Scott Martinez 12/19/2017 2 Weekly committee call committee, PH (L. Despins, A. Bongartz), C. Flaton, E. Ubarri, M. 

Westermann, R. Yenumula, D. Praga

0.6

Carol Flaton 12/20/2017 2 Exchanged email w/ J. Grogan (PH) re GDB and discussion with OMM 0.2

Carol Flaton 12/20/2017 2 Reviewed email from M. Heinemann re CWG Call 0.2

Carol Flaton 12/20/2017 2 Review of A. Bongartz (PH) 12/20 email w/attachments (and agenda) 0.8

Enrique R. Ubarri 12/20/2017 2 Reviewed e-mail from A. Bongartz of Paul Hastings re: UCC operational matters. 0.2

Enrique R. Ubarri 12/20/2017 2 Exchanged e-mails with M. Westermann re: COFINA 1.2

Mark A. Cervi 12/20/2017 2 Exchanged emails with M. Kahn (PH) regarding COFINA rating agency reports 0.1

Carol Flaton 12/21/2017 2 Weekly Committee Call with Paul Hastings (L. Despins, A. Bongartz, D. Barron), D. Praga, S. 

Martinez, E. Ubarri, M. Westermann

0.5

Carol Flaton 12/21/2017 2 Review of A. Bongartz (PH) email w/ attachments 0.7

Deborah Praga 12/21/2017 2 Weekly Committee Call with Paul Hastings (L. Despins, A. Bongartz, D. Barron), C. Flaton, S. 

Martinez, E. Ubarri, M. Westermann

0.5

Enrique R. Ubarri 12/21/2017 2 Reviewed e-mail from A. Bongartz of Paul Hastings re: UCC operational matters. 0.1

Enrique R. Ubarri 12/21/2017 2 Reviewed e-mail and document from A. Bongartz of Paul Hastings re: Draft Reply in Response 

to UTIER's Opposition to Motion to Dismiss UTIER Adversary Proceeding

0.4

Enrique R. Ubarri 12/21/2017 2 Attended weekly Committee Call with Paul Hastings (L. Despins, A. Bongartz, D. Barron), C. 

Flaton, S. Martinez, E. Ubarri, M. Westermann, D. Praga

0.5

Michael Westermann 12/21/2017 2 Review A. Bongartz (PH) email and attachments 0.5

Michael Westermann 12/21/2017 2 Weekly Committee Call with Paul Hastings (L. Despins, A. Bongartz, D. Barron), C. Flaton, S. 

Martinez, E. Ubarri, D. Praga 

0.5

Scott Martinez 12/21/2017 2 Reviewed draft letter to UCC regarding rate changes 0.2

Scott Martinez 12/21/2017 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the members of the UCC 0.3

Scott Martinez 12/21/2017 2 Weekly Committee Call with Paul Hastings (L. Despins, A. Bongartz, D. Barron), C. Flaton, E. 

Ubarri, M. Westermann, D. Praga

0.5

Carol Flaton 12/22/2017 2 Reviewed email from A. Bongartz (PH) re revised scope motion 0.4

Enrique R. Ubarri 12/22/2017 2 Reviewed e-mail from A. Bongartz of Paul Hastings re: Ruling on Scope Motions 0.1

Enrique R. Ubarri 12/22/2017 2 Reviewed e-mail from A. Bongartz of Paul Hastings re: UCC operational matters. 0.1

Enrique R. Ubarri 12/22/2017 2 Exchanged e-mail with L. Despins (PH), C. Flaton, and S. Martinez re: proposed recovery 

funding bill.

0.2

Mark A. Cervi 12/22/2017 2 Exchanged emails with M. Kahn (PH) regarding request for ratings data 0.1

Scott Martinez 12/22/2017 2 Updated the draft letter to UCC regarding rate changes to include comments from Paul 

Hastings

0.2

Carol Flaton 12/26/2017 2 Reviewed email from A. Bongartz (PH) re UCC Call 0.1

Enrique R. Ubarri 12/26/2017 2 Reviewed e-mail from A. Bongartz of Paul Hastings re: UCC operational matters. 0.1

Scott Martinez 12/26/2017 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the members of the UCC 0.7

Page 11 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 13 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 12/27/2017 2 Exchanged emails with UCC co-Chairs re propose responding to liquidity RFP request 0.2

Carol Flaton 12/27/2017 2 Email to entire UCC re ZC response to liquidity RFP + related emails 0.6

Carol Flaton 1/1/2018 2 Exchanged emails with to S. Martinez re update to UCC 0.1

Carol Flaton 1/1/2018 2 Exchanged emails with to L. Despins (PH) re latest PR news 0.1

Enrique R. Ubarri 1/1/2018 2 Reviewed e-mail from A. Bongartz (PH) re: UCC operational matters. 0.1

Carol Flaton 1/2/2018 2 Call w/ S. Millman (AFT) re FOMB liquidity RFP 0.3

Carol Flaton 1/2/2018 2 Review of A. Bongartz (PH) attachments to 1.2.18 agenda 1.2

Enrique R. Ubarri 1/2/2018 2 Participated weekly committee call with Paul Hastings (L. Despins, A. Bongartz), S. Martinez, 

M. Westermann

0.7

Michael Westermann 1/2/2018 2 Attended weekly committee call with PH (L. Despins, A. Bongartz), S. Martinez, E. Ubarri 0.7

Scott Martinez 1/2/2018 2 Call with A. Bongartz (Paul Hastings) regarding the Committee call agenda 0.1

Scott Martinez 1/2/2018 2 Attended weekly committee call with PH (L. Despins, A. Bongartz), E. Ubarri, M. Westermann 0.7

Scott Martinez 1/2/2018 2 Prepared for Committee call 1.1

Deborah Praga 1/3/2018 2 Review email with attachments from A. Bongartz (PH) - from 1/1 and 1/3 1.7

Enrique R. Ubarri 1/3/2018 2 Reviewed e-mails from A. Bongartz (PH) re: draft mediation statements and UCC operational 

matters

0.2

Michael Westermann 1/3/2018 2 Review A. Bongartz (PH) email and attachments 0.4

Rahul Yenumula 1/3/2018 2 Discussion regarding debt pricing with S. Martinez 0.5

Carol Flaton 1/4/2018 2 Call w/A. Velasquez (SEIU) re ZC workstreams/team 0.4

Carol Flaton 1/4/2018 2 Participated in Weekly Committee Call with Paul Hastings (L. Despins, A. Bongartz), E. 

Ubarri, S. Martinez, M. Westermann, D. Praga

0.5

Deborah Praga 1/4/2018 2 Weekly Committee Call with Paul Hastings (L. Despins, A. Bongartz), C. Flaton, S. Martinez, 

E. Ubarri, M. Westermann

0.5

Enrique R. Ubarri 1/4/2018 2 Participated in Weekly Committee Call with Paul Hastings (L. Despins, A. Bongartz), C. 

Flaton, S. Martinez, M. Westermann, D. Praga

0.5

Michael Westermann 1/4/2018 2 Weekly Committee Call with Paul Hastings (L. Despins, A. Bongartz), C. Flaton, S. Martinez, 

E. Ubarri, D. Praga 

0.5

Scott Martinez 1/4/2018 2 Weekly Committee Call with Paul Hastings (L. Despins, A. Bongartz), C. Flaton, E. Ubarri, M. 

Westermann, D. Praga

0.5

Scott Martinez 1/4/2018 2 Prepared talking points for weekly committee call 0.8

Enrique R. Ubarri 1/5/2018 2 Exchanged e-mails with J. Worthington of Paul Hastings re: certain COFINA information 

request.

0.1

Carol Flaton 1/6/2018 2 Call regarding federal loans and on-lending with S. Martinez and Paul Hastings (L. Despins 

and A. Bongartz)

0.3

Enrique R. Ubarri 1/6/2018 2 Reviewed e-mail from A. Bongartz (PH) re: several UCC operational matters 0.1

Scott Martinez 1/6/2018 2 Call regarding federal loans and on-lending with C. Flaton and Paul Hastings (L. Despins and 

A. Bongartz)

0.3

Carol Flaton 1/7/2018 2 Review of A. Bongartz (PH) 1/6 email - prep for 1/10/18, including attachments 1.4

Carol Flaton 1/8/2018 2 Emails to A. Velasquez (SEIU) and F. Santos (PR Hospital Supply) re ZC workstreams and team 0.1

Carol Flaton 1/8/2018 2 Call w/ F. Santos (PR Hospital Supply) re ZC workstreams and team 0.2

Enrique R. Ubarri 1/8/2018 2 Exchanged e-mails with J. Worthington of Paul Hastings re: additional COFINA information 

request.

0.1

Enrique R. Ubarri 1/8/2018 2 Reviewed e-mail from A. Bongartz (PH) re: certain UCC operational matters. 0.1

Enrique R. Ubarri 1/8/2018 2 Sent e-mails to C. Flaton, S. Martinez, L. Despins (PH) re: government reorganization and 

additional information on the reorganization.

0.2

Scott Martinez 1/8/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the members of the UCC 1.0

Carol Flaton 1/9/2018 2 Follow on call w/ M. Richard (Committee Member - AFT) 0.2

Carol Flaton 1/9/2018 2 Weekly committee call with Paul Hastings (L. Despins, A. Bongartz), M. Westermann, S. 

Martinez, E. Ubarri, D. Praga 

0.9

Carol Flaton 1/9/2018 2 Review of A. Bongartz (PH) 1/8 email agenda & attachments for 1/9 call 1.1

Deborah Praga 1/9/2018 2 Weekly committee call with Paul Hastings (L. Despins, A. Bongartz), C. Flaton, S. Martinez, 

E. Ubarri, M. Westermann

0.9

Deborah Praga 1/9/2018 2 Reviewed emails with attachments from A. Bongartz (PH) 1.3

Enrique R. Ubarri 1/9/2018 2 Exchanged e-mails with L. Despins and J. Worthington of Paul Hastings re: proposed COFINA 

conversation

0.6

Enrique R. Ubarri 1/9/2018 2 Participated in Weekly committee call with Paul Hastings (L. Despins, A. Bongartz), C. 

Flaton, S. Martinez, M. Westermann, D. Praga

0.9

Michael Westermann 1/9/2018 2 Weekly committee call with Paul Hastings (L. Despins, A. Bongartz), C. Flaton, S. Martinez, 

E. Ubarri, D. Praga 

0.9

Scott Martinez 1/9/2018 2 Call with A. Bongartz (Paul Hastings) regarding document production 0.2

Scott Martinez 1/9/2018 2 Weekly committee call with Paul Hastings (L. Despins, A. Bongartz), C. Flaton, E. Ubarri, M. 

Westermann, D. Praga

0.9

Scott Martinez 1/9/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the members of the UCC 1.0

Carol Flaton 1/10/2018 2 Email w/ L. Despins (PH) and E. Ubarri re delayed Fiscal Plan 0.1

Carol Flaton 1/10/2018 2 Reviewed email from A. Bongartz (PH) re ADR process 0.1

Carol Flaton 1/10/2018 2 Emails re status of GDB w/ S. Martinez and PH (J. Grogan) 0.2

Carol Flaton 1/10/2018 2 Review of A. Bongartz (PH) email and attachment re Judge Swain and scope denial 0.3

Carol Flaton 1/10/2018 2 Review of A. Bongartz (PH) 1/10 email w/attachments - for 1/11 UCC call 1.6

Enrique R. Ubarri 1/10/2018 2 Exchanged communications with COFINA witness. 0.1

Enrique R. Ubarri 1/10/2018 2 Reviewed e-mail from A. Bongartz (PH) re: UCC operational matters. 0.1

Page 12 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 14 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 1/10/2018 2 Telephone conversation with source on excise/SUT matters. 0.4

Michael Westermann 1/10/2018 2 Review of A. Bongartz (PH) email and attachments 0.4

Scott Martinez 1/10/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the members of the UCC 0.6

Carol Flaton 1/11/2018 2 Review of revised 1/18 agenda from A. Bongartz (PH) 0.1

Carol Flaton 1/11/2018 2 Reviewed email from A. Bongartz (PH) re 1/18 agenda 0.2

Carol Flaton 1/11/2018 2 Participated in weekly committee call with Paul Hastings (L. Despins, A. Bongartz), M. 

Westermann, S. Martinez, E. Ubarri and D. Praga 

0.6

Carol Flaton 1/11/2018 2 Discussion regarding proposed in-person meeting agenda with Paul Hastings (L. Despins and 

A. Bongartz), E. Deichmann, S. Martinez

1.3

Deborah Praga 1/11/2018 2 Participated in weekly committee call with Paul Hastings (L. Despins, A. Bongartz), C. Flaton,

S. Martinez, E. Ubarri, M. Westermann 

0.6

Enrique R. Ubarri 1/11/2018 2 Reviewed e-mail from A. Bongartz re: certain UCC operational matters. 0.1

Enrique R. Ubarri 1/11/2018 2 Reviewed e-mail from A. Bongartz re: Judge Swain Order 0.1

Enrique R. Ubarri 1/11/2018 2 Reviewed e-mail from A. Bongartz (PH) re: certain UCC operational matters, including review 

of draft second amended complaint and draft term sheet

0.6

Enrique R. Ubarri 1/11/2018 2 Participated in weekly committee call with Paul Hastings (L. Despins, A. Bongartz), C. Flaton,

S. Martinez, M. Westermann and D. Praga

0.6

Eric Deichmann 1/11/2018 2 Discussion regarding proposed in-person meeting agenda with Paul Hastings (L. Despins and 

A. Bongartz), C. Flaton, S. Martinez

1.3

Michael Westermann 1/11/2018 2 Participated in weekly committee call with Paul Hastings (L. Despins, A. Bongartz), C. Flaton,

S. Martinez, E. Ubarri and D. Praga 

0.6

Scott Martinez 1/11/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the members of the UCC 0.3

Scott Martinez 1/11/2018 2 Participated in weekly committee call with Paul Hastings (L. Despins, A. Bongartz), C. Flaton,

E. Ubarri, M. Westermann and D. Praga

0.6

Scott Martinez 1/11/2018 2 Discussion regarding proposed in-person meeting agenda with Paul Hastings (L. Despins and 

A. Bongartz), C. Flaton, E. Deichmann

1.3

Scott Martinez 1/11/2018 2 Reviewed and commented on draft Zolfo materials for in-person Committee meeting 3.8

Scott Martinez 1/12/2018 2 Reviewed and commented on the revised Zolfo materials for in-person Committee meeting 3.5

Carol Flaton 1/13/2018 2 Reviewed email from A. Bongartz (PH) re Judge Swain decision 0.1

Carol Flaton 1/13/2018 2 Review of A. Bongartz (PH) 1/13 email with updates/case status 1.1

Enrique R. Ubarri 1/13/2018 2 Reviewed e-mail from A. Bongartz (PH) re: Order from Judge Swain, including Order. 0.1

Enrique R. Ubarri 1/13/2018 2 Reviewed e-mail from A. Bongartz (PH) re: certain operational matters, including certain 

attachments to correspondence

0.2

Carol Flaton 1/14/2018 2 Review of A. Bongartz (PH) email w/ attachments re HTA and COFINA mediation 0.6

Rahul Yenumula 1/15/2018 2 Call with R. Bingham, S. Martinez, Paul Hastings (M. Comerford), Greenberg (N. Haynes, N. 

Mitchell, D. Cleary) and Ankura (F. Battle) re: PREPA

1.0

Scott Martinez 1/15/2018 2 Call with A. Bongartz (PH) regarding the Committee in-person meeting 0.2

Scott Martinez 1/15/2018 2 Discussion regarding tax presentation with E. Ubarri and D. Praga 0.4

Scott Martinez 1/15/2018 2 Reviewed and commented on the revised Zolfo materials for in-person Committee meeting 2.4

Deborah Praga 1/16/2018 2 Reviewed email from L. Despins (PH) 0.1

Deborah Praga 1/16/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, M. Comerford), S. 

Martinez, E. Ubarri 

0.3

Deborah Praga 1/16/2018 2 Reviewed PH presentation for committee meeting 0.8

Enrique R. Ubarri 1/16/2018 2 Reviewed e-mail from A. Bongartz (PH) re: UCC operational matters. 0.1

Enrique R. Ubarri 1/16/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, M. Comerford), S. 

Martinez and D. Praga

0.3

Scott Martinez 1/16/2018 2 Reviewed the revised agenda for Thursday's in-person Committee meeting 0.1

Scott Martinez 1/16/2018 2 Call with A. Bongartz (Paul Hastings) regarding in-person Committee meeting 0.2

Scott Martinez 1/16/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, M. Comerford), E. 

Ubarri and D. Praga

0.3

Scott Martinez 1/16/2018 2 Finalized materials for in-person Committee meeting 1.5

Scott Martinez 1/16/2018 2 Developed talking points for the in-person Committee meeting 2.8

Carol Flaton 1/17/2018 2 Various emails w. A. Velasquez (SEIU), L. Despins (PH) re questions on PH and ZC Mtg 

materials

0.6

Carol Flaton 1/17/2018 2 Review of A. Bongartz (PH) 1/17 emails w/attachments 1.4

Carol Flaton 1/17/2018 2 Status update discussion with a new members of the UCC (D. Mack, I. Smith) with E. 

Deichmann, S. Martinez

2.0

Carol Flaton 1/17/2018 2 Reviewed PH documents for 1/18 UCC mtg 1.9

Deborah Praga 1/17/2018 2 Review of email from A. Velazquez (SEIU) regarding Chicago securitization 0.1

Deborah Praga 1/17/2018 2 Reviewed emails with attachments from A. Bongartz (PH) 1.7

Enrique R. Ubarri 1/17/2018 2 Reviewed e-mail from A. Bongartz (PH) re: UCC operational matters. 0.1

Enrique R. Ubarri 1/17/2018 2 Reviewed Paul Hastings presentation for UCC. 1.2

Eric Deichmann 1/17/2018 2 Status update discussion with a new members of the UCC (D. Mack, I. Smith) with C. Flaton, 

S. Martinez

2.0

Scott Martinez 1/17/2018 2 Reviewed email from Committee member regarding questions to be addressed at the inperson Committee meeting0.3

Scott Martinez 1/17/2018 2 Status update discussion with a new members of the UCC (D. Mack and I. Smith) with C. 

Flaton and E. Deichmann

2.0

Carol Flaton 1/18/2018 2 Follow up discussion with a new member of the UCC with E. Deichmann, S. Martinez 1.5

Carol Flaton 1/18/2018 2 UCC Meeting 8.0

Page 13 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 15 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Deborah Praga 1/18/2018 2 Participated in UCC meeting with C. Flaton, S. Martinez, E. Deichmann, E. Ubarri, M. 

Westermann

8.0

Enrique R. Ubarri 1/18/2018 2 Participated in UCC meeting with C. Flaton, S. Martinez, E. Ubarri, M. Westermann and D. 

Praga

7.0

Eric Deichmann 1/18/2018 2 Follow up discussion with a new member of the UCC with C. Flaton, S. Martinez 1.5

Michael Westermann 1/18/2018 2 Participated (telephonically) in UCC meeting with C. Flaton, S. Martinez, E. Deichmann, E. 

Ubarri, and D. Praga 

8.0

Scott Martinez 1/18/2018 2 Follow up discussion with a new member of the UCC with C. Flaton and E. Deichmann 1.5

Scott Martinez 1/18/2018 2 Participated in UCC meeting with C. Flaton, E. Deichmann, E. Ubarri, M. Westermann and D. 

Praga

8.0

Carol Flaton 1/19/2018 2 Emails w/S. Millman (AFT) re pension questions 0.1

Carol Flaton 1/19/2018 2 Review of A. Bongartz (PH) 1/19 email and attachment 0.6

Carol Flaton 1/19/2018 2 Multiple reviews/mark up of FOMB mtg summary and press conference for UCC 0.7

Enrique R. Ubarri 1/19/2018 2 Reviewed e-mail from A. Bongartz (PH) re: certain operational matters. 0.1

Michael Westermann 1/19/2018 2 Typed up notes for presentation to committee 1.4

Scott Martinez 1/19/2018 2 Reviewed, commented on and circulated a summary of the FOMB public meeting to members 

of the UCC

0.5

Carol Flaton 1/20/2018 2 Emails w/ S. Millman (Committee member - AFT) re 2/3 session 0.1

Carol Flaton 1/21/2018 2 Review of A. Bongartz (PH) email (1/21) and attachment 0.5

Carol Flaton 1/21/2018 2 Review of A. Bongartz (PH) email (2nd 1/21) and attachments 0.8

Enrique R. Ubarri 1/21/2018 2 Reviewed e-mail from A. Bongartz (PH) re: UCC operational matters, including attachments 

to said e-mail.

0.5

Enrique R. Ubarri 1/21/2018 2 Reviewed additional e-mail from A. Bongartz (PH) re: certain operational matters, including 

some of the attachments in said e-mail.

0.6

Carol Flaton 1/22/2018 2 Reviewed A. Bongartz (PH) 1/22 email and attachments 0.4

Deborah Praga 1/22/2018 2 Review of article sent by M. Richard (AFT) 0.2

Deborah Praga 1/22/2018 2 Reviewed emails with attachments from A. Bongartz (PH) 0.7

Enrique R. Ubarri 1/22/2018 2 Reviewed e-mail from A. Bongartz (PH) re: certain operational matters. 0.1

Enrique R. Ubarri 1/22/2018 2 Reviewed e-mail from A. Bongartz (PH) re: Motion to be filed in the Commonwealth-COFINA 

Adversary Proceeding; reviewed motion.

0.2

Mark A. Cervi 1/22/2018 2 Review email from A. Perrella and email to M. Kahn (PH) 0.2

Carol Flaton 1/23/2018 2 Review of A. Bongartz (PH) 1/23 email and attachments (Kroma) 0.3

Carol Flaton 1/23/2018 2 Participate in weekly Committee Call with S. Martinez, M. Westermann, E. Ubarri, D. Praga 0.5

Deborah Praga 1/23/2018 2 Review of Kroma letter of agreement 0.2

Deborah Praga 1/23/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, M. Comerford), S. 

Martinez, C. Flaton and E. Ubarri

0.5

Enrique R. Ubarri 1/23/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, M. Comerford), S. 

Martinez, C. Flaton and D. Praga

0.5

Michael Westermann 1/23/2018 2 Participate in weekly Committee Call with S. Martinez, C. Flaton, E. Ubarri, D. Praga 0.5

Scott Martinez 1/23/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the members of the UCC 0.2

Scott Martinez 1/23/2018 2 Participate in weekly Committee Call with C. Flaton, M. Westermann, E. Ubarri, D. Praga 0.5

Carol Flaton 1/24/2018 2 Review of A. Bongartz (PH) (third 1/24) email and attachment re Proof of Claim process 0.2

Carol Flaton 1/24/2018 2 Reviewed article from M. Richard (AFT) 0.2

Carol Flaton 1/24/2018 2 Review of A. Bongartz (PH) (second 1/24) email and attachments 0.2

Carol Flaton 1/24/2018 2 Reviewed email and attachment from A. Bongartz (PH) (1/24) re AMBAC filing 0.8

Carol Flaton 1/24/2018 2 Review of A. Bongartz (PH) (1/24) email and attachments 1.4

Deborah Praga 1/24/2018 2 Reviewed emails with attachments from A. Bongartz (PH) 2.7

Enrique R. Ubarri 1/24/2018 2 Reviewed e-mail from A. Bongartz of Paul Hastings re: certain UCC operational matters. 0.2

Enrique R. Ubarri 1/24/2018 2 Reviewed e-mail and draft motion from A. Bongartz (PH) re: Bar date motion and sent e-mail 

to L. Despins (PH) re: comment on Bar Date motion.

0.2

Scott Martinez 1/24/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the members of the UCC 0.7

Carol Flaton 1/25/2018 2 Reviewed email from A. Bongartz (PH) re FP 0.1

Carol Flaton 1/25/2018 2 Reviewed email from A. Bongartz (PH) w/ attachment 0.6

Carol Flaton 1/25/2018 2 Participated in committee call with Paul Hastings (L. Despins and A. Bongartz) D. Praga, S. 

Martinez, E. Ubarri, E. Deichmann, M. Westermann, R. Yenumula

0.8

Deborah Praga 1/25/2018 2 Reviewed emails with attachments from A. Bongartz (PH) 0.5

Deborah Praga 1/25/2018 2 Participated in committee call with Paul Hastings (L. Despins and A. Bongartz) C. Flaton, S. 

Martinez, E. Ubarri, E. Deichmann, M. Westermann, R. Yenumula

0.8

Enrique R. Ubarri 1/25/2018 2 Participated in committee call with Paul Hastings (L. Despins and A. Bongartz) C. Flaton, S. 

Martinez, E. Deichmann, M. Westermann, R. Yenumula, D. Praga

0.8

Eric Deichmann 1/25/2018 2 Participated in committee call with Paul Hastings (L. Despins and A. Bongartz) C. Flaton, S. 

Martinez, E. Ubarri, M. Westermann, R. Yenumula, D. Praga

0.8

Michael Westermann 1/25/2018 2 Review of A. Bongartz (PH) email and attachments 0.3

Michael Westermann 1/25/2018 2 Participated in committee call with Paul Hastings (L. Despins and A. Bongartz) C. Flaton, S. 

Martinez, E. Ubarri, E. Deichmann, R. Yenumula, D. Praga 

0.8

Rahul Yenumula 1/25/2018 2 Participated in committee call with Paul Hastings (L. Despins and A. Bongartz) C. Flaton, S. 

Martinez, E. Ubarri, E. Deichmann, M. Westermann, D. Praga

0.8

Scott Martinez 1/25/2018 2 Call with A. Bongartz (Paul Hastings) regarding Committee call 0.1

Scott Martinez 1/25/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the members of the UCC 0.5

Page 14 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 16 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Scott Martinez 1/25/2018 2 Participated in committee call with Paul Hastings (L. Despins and A. Bongartz) C. Flaton, E. 

Ubarri, E. Deichmann, M. Westermann, R. Yenumula, D. Praga 

0.8

Carol Flaton 1/26/2018 2 Email to L. Despins (PH) re request to Retiree Committee 0.1

Carol Flaton 1/26/2018 2 Email w/ S. Millman (Committee member - AFT) re 2/3 session 0.1

Carol Flaton 1/26/2018 2 Review of Kroma draft retention documents 0.5

Carol Flaton 1/26/2018 2 Bi-Weekly CWG update call with AAFAF (G. Portela), FOMB (N. Jaresko), M. Westermann, S. 

Martinez 

0.7

Carol Flaton 1/26/2018 2 Review of A. Bongartz (PH) email and attachments 1.2

Enrique R. Ubarri 1/26/2018 2 Reviewed e-mail with attachments from A. Bongartz of Paul Hastings re: certain UCC 

operational matters

0.4

Enrique R. Ubarri 1/26/2018 2 Evaluated draft summary judgment to be filed by the Commonwealth Agent in the COFINACommonwealth dispute prepared by Paul Hastings.1.3

Scott Martinez 1/26/2018 2 Call with A. Bongartz (Paul Hastings) regarding communications to the UCC 0.2

Scott Martinez 1/26/2018 2 Reviewed and commented on the summary of today's CWG call for circulation to the UCC 0.7

Scott Martinez 1/26/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the members of the UCC 1.0

Enrique R. Ubarri 1/27/2018 2 Reviewed e-mail from A. Bongartz re: UCC operational matters, including Motion by PREPA to 

extend deadlines and another attachment to said e-mail; terms sheet for revolving credit 

facility.

0.6

Scott Martinez 1/27/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the members of the UCC 0.4

Carol Flaton 1/29/2018 2 Reviewed email from A. Bongartz (PH) w/attachments 0.2

Deborah Praga 1/29/2018 2 Reviewed email with attachment from A. Bongartz (PH) 0.4

Deborah Praga 1/29/2018 2 Strategy session regarding fiscal plan with S. Martinez, M. Westermann 1.1

Enrique R. Ubarri 1/29/2018 2 Reviewed e-mail from A. Bongartz (PH) re: certain UCC operational matters, including 

presentation of the terms of the PREPA financing.

0.3

Scott Martinez 1/29/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the members of the UCC 0.4

Carol Flaton 1/30/2018 2 Reviewed A. Bongartz (PH) email w/attachments 0.5

Carol Flaton 1/30/2018 2 Participated in committee call with Paul Hastings (L. Despins, A. Bongartz), D. Praga, S. 

Martinez, R. Bingham, E. Ubarri, E. Deichmann, M. Westermann

0.7

Deborah Praga 1/30/2018 2 Review of emails with attachments from A. Bongartz (PH) 0.4

Deborah Praga 1/30/2018 2 Participated in committee call with Paul Hastings (L. Despins, A. Bongartz), C. Flaton, S. 

Martinez, R. Bingham, E. Ubarri, E. Deichmann, M. Westermann

0.7

Enrique R. Ubarri 1/30/2018 2 Reviewed e-mail from A. Bongartz (PH) re: court determinations. 0.1

Enrique R. Ubarri 1/30/2018 2 Participated in committee call with Paul Hastings (L. Despins, A. Bongartz), C. Flaton, S. 

Martinez, R. Bingham, E. Deichmann, M. Westermann, D. Praga

0.7

Michael Westermann 1/30/2018 2 Participated in committee call with Paul Hastings (L. Despins, A. Bongartz), C. Flaton, S. 

Martinez, R. Bingham, E. Ubarri, E. Deichmann, D. Praga 

0.7

Robert Bingham 1/30/2018 2 Participated in committee call with Paul Hastings (L. Despins, A. Bongartz), C. Flaton, S. 

Martinez, E. Ubarri, E. Deichmann, M. Westermann, D. Praga 

0.7

Scott Martinez 1/30/2018 2 Participated in committee call with Paul Hastings (L. Despins, A. Bongartz), C. Flaton, R. 

Bingham, E. Ubarri, E. Deichmann, M. Westermann, D. Praga

0.7

Scott Martinez 1/30/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the members of the UCC 1.0

Carol Flaton 1/31/2018 2 Review of A. Bongartz (Bongartz) email and attachment 1.2

Deborah Praga 1/31/2018 2 Review of emails with attachments from A. Bongartz (PH) 0.4

Enrique R. Ubarri 1/31/2018 2 Reviewed e-mail and certain attachments from A. Bongartz (PH) re: certain operational 

matters

0.2

Total Matter Category 2 436.3

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 10/2/2017 3 Review emails re mediation schedule and participants 0.3

Michael Westermann 10/2/2017 3 Review of answers to creditors questions posted to Intralinks 0.6

Enrique R. Ubarri 10/3/2017 3 Reviewed communication from COFINA agent re: mediation sessions 0.1

Carol Flaton 10/4/2017 3 Attended meeting w/Commonwealth Creditors Group and Mediation Judges 3.1

Carol Flaton 10/5/2017 3 Draft memo for UCC re Working Group meeting 0.9

Michael Westermann 10/5/2017 3 Review of mediation session update email from C. Flaton 0.5

Carol Flaton 10/6/2017 3 Participated in a creditors conference call with counsel to AAFAF and C. Flaton, S. Martinez, 

M. Westermann (Greenberg and O'Melveny) re: FEMA Funds Motion 

0.7

Deborah Praga 10/6/2017 3 Participated in a creditors conference call with counsel to AAFAF and C. Flaton, S. Martinez, 

M. Westermann (Greenberg and O'Melveny) re: FEMA Funds Motion 

0.7

Michael Westermann 10/6/2017 3 Participated in a creditors conference call with counsel to AAFAF and C. Flaton, S. Martinez, 

M. Westermann (Greenberg and O'Melveny) re: FEMA Funds Motion 

0.7

Scott Martinez 10/6/2017 3 Participated in a creditors conference call with counsel to AAFAF and C. Flaton, M. 

Westermann (Greenberg and O'Melveny) re: FEMA Funds Motion 

0.7

Carol Flaton 10/9/2017 3 Review memo from Judge Houser 0.2

Carol Flaton 10/10/2017 3 Participated in an update call with the Mediation Team and S. Martinez (including lawyers) 1.0

Carol Flaton 10/10/2017 3 Participated in Creditor Working Group Call with Judge Houser and S. Martinez 1.3

Scott Martinez 10/10/2017 3 Participated in an update call with the Mediation Team and C. Flaton (including lawyers) 1.0

Scott Martinez 10/10/2017 3 Participated in Creditor Working Group Call with Judge Houser and C. Flaton 1.3

Carol Flaton 10/11/2017 3 Review of follow up PRASA questions for Greenhill 0.3

Page 15 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 17 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 10/11/2017 3 Participated in a call between the Creditor Working Group and representatives of Creditor 

Participating Parties with S. Martinez

0.9

Carol Flaton 10/11/2017 3 Mtg w/retirees (B. Gordon, R. Levin) re next steps - litigation 2.0

Matthew Delmonte 10/11/2017 3 Prepare diligence questions for Greenhill (Ad Hoc Group) PRASA Senior Revenue Bonds 0.8

Michael Westermann 10/11/2017 3 Added additional questions to list for discussion with PRASA advisors 0.5

Rahul Yenumula 10/11/2017 3 Preparation of questions for the call with Greenberg re: PREPA 2.2

Scott Martinez 10/11/2017 3 Participated in a call between the Creditor Working Group and representatives of Creditor 

Participating Parties with C. Flaton

0.9

Michael Westermann 10/12/2017 3 Updated ZC diligence list to mark off answered/outstanding questions 1.5

Carol Flaton 10/13/2017 3 Call w/S. Martinez and S. Gumbs (FTI) re commonwealth cash flows, pension question 0.2

Carol Flaton 10/13/2017 3 Participated in the Creditor Working Group call with AAFAF, FOMB, other creditor advisors 

and S. Martinez and D. Praga

1.3

Deborah Praga 10/13/2017 3 Participated in the Creditor Working Group call with AAFAF, FOMB, other creditor advisors 

and S. Martinez and C. Flaton 

1.3

Scott Martinez 10/13/2017 3 Call w/S. Martinez and S. Gumbs (FTI) re commonwealth cashflows, pension question 0.2

Scott Martinez 10/13/2017 3 Participated in the Creditor Working Group call with AAFAF, FOMB, other creditor advisors 

and D. Praga and C. Flaton 

1.3

Carol Flaton 10/14/2017 3 Reviewed notes/minutes (update from Creditor Working Group meeting) for UCC 0.3

Carol Flaton 10/16/2017 3 Review and mark up of 10/13 notes for UCC and related federal letters 0.6

Deborah Praga 10/16/2017 3 Revised document to the UCC summarizing creditor working group call from October 13th 1.4

Deborah Praga 10/16/2017 3 Review of answers to diligence questions posted to Intralinks 2.2

Michael Westermann 10/16/2017 3 Consolidated two diligence lists posted to Intralinks 0.9

Michael Westermann 10/16/2017 3 Review of answers to diligence questions posted to Intralinks 3.4

Rahul Yenumula 10/16/2017 3 Revision of questions based on comments from S. Martinez 0.8

Rahul Yenumula 10/16/2017 3 Preparation of updated questions for the discussion with Ankura re: PREPA 1.3

Rahul Yenumula 10/16/2017 3 Review of questions and responses received on PREPA during the mediation session 2.2

Scott Martinez 10/16/2017 3 Reviewed updated PREPA questions for Ankura 0.5

Carol Flaton 10/17/2017 3 Participated in Creditor Working Group call with creditors and S. Martinez 0.7

David MacGreevey 10/17/2017 3 Review email from S. Martinez re: summary of PR working group call 0.2

Michael Westermann 10/17/2017 3 Continued review of answers to Intralinks answers to mediation 1.4

Scott Martinez 10/17/2017 3 Participated in Creditor Working Group call with creditors and C. Flaton 0.7

Carol Flaton 10/18/2017 3 Emails regarding mtg in Washington DC, regarding 10/31 mtg in PR 0.3

Carol Flaton 10/19/2017 3 Review of draft mediation statement 0.3

David MacGreevey 10/19/2017 3 Review draft PR mediation statement 0.2

Carol Flaton 10/23/2017 3 Participated in Creditor Working Group call with creditors, Judge Houser and S. Martinez 0.3

Scott Martinez 10/23/2017 3 Participated in Creditor Working Group call with creditors, Judge Houser and C. Flaton 0.3

Carol Flaton 10/24/2017 3 Attended FEMA mtg w/Creditor Working Group, Judge Houser, N. Jaresko 2.1

Rahul Yenumula 10/26/2017 3 Preparation of summary of the discussion with Ankura and Greenberg on PREPA 1.1

Michael Westermann 10/27/2017 3 Prepared diligence list for update on healthcare deck 1.0

Carol Flaton 10/31/2017 3 Review of questions for Rothschild call 11/1 0.2

Carol Flaton 10/31/2017 3 Review of mediation q&a's from M. Kopacz (re August sessions) 0.7

Carol Flaton 10/31/2017 3 Watched 10/31 FOMB mtg 3.2

Deborah Praga 10/31/2017 3 Watched press portion of FOMB meeting 0.3

Deborah Praga 10/31/2017 3 Meeting with S. Martinez, and M. Westermann re: liquidity and other key issues discussed at 

the FOMB meeting 

1.5

Deborah Praga 10/31/2017 3 Watched FOMB meeting 3.3

Michael Westermann 10/31/2017 3 Created questions list in preparation Rothschild call 0.4

Michael Westermann 10/31/2017 3 Meeting with S. Martinez, D. Praga re: liquidity and other key issues discussed at the FOMB 

meeting 

1.5

Michael Westermann 10/31/2017 3 FOMB meeting and follow up press conference 3.9

Scott Martinez 10/31/2017 3 Listened to the press conference after the Oversight Board meeting 0.3

Scott Martinez 10/31/2017 3 Developed a list of questions to address with Rothschild on tomorrow's call 0.5

Scott Martinez 10/31/2017 3 Reviewed documents posted to the FOMB website regarding liquidity, fiscal plan revisions 

and contract policy review

0.7

Scott Martinez 10/31/2017 3 Meeting with D. Praga, and M. Westermann re: liquidity and other key issues discussed at the 

FOMB meeting

1.5

Scott Martinez 10/31/2017 3 Listened to the Oversight Board meeting 3.3

Carol Flaton 11/1/2017 3 Exchanged emails w/Creditor Working Group members re case status/next steps 0.2

Carol Flaton 11/1/2017 3 Prep for Rothschild call w/S Martinez 0.5

Carol Flaton 11/1/2017 3 Update call with financial advisor to Retiree Committee (S. Gumbs - FTI) and S. Martinez 1.0

Carol Flaton 11/1/2017 3 Update call with D. Mondell (Rothschild), S. Martinez, D. Praga, and M. Westermann 1.0

Deborah Praga 11/1/2017 3 Update call with D. Mondell (Rothschild), S. Martinez, C. Flaton, and M. Westermann 1.0

Michael Westermann 11/1/2017 3 Update call with D. Mondell (Rothschild), S. Martinez, C. Flaton, and D. Praga 1.0

Scott Martinez 11/1/2017 3 Modified data request list and distributed to Rothschild 0.4

Scott Martinez 11/1/2017 3 Prep for Rothschild call w/C. Flaton 0.5

Scott Martinez 11/1/2017 3 Update call with financial advisor to Retiree Committee (S. Gumbs - FTI) and C. Flaton 1.0

Scott Martinez 11/1/2017 3 Update call with D. Mondell (Rothschild), D. Praga, C. Flaton, and M. Westermann 1.0

Carol Flaton 11/2/2017 3 Review and mark of notes from CWG call for distribution to UCC 0.6

Carol Flaton 11/2/2017 3 Participated in Creditor Call with Judge Houser, creditor advisors, S. Martinez, M. 

Westermann, D. Praga

0.6

Page 16 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 18 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 11/2/2017 3 Participate in Creditor Group Mediation Call with M. Westermann, S. Martinez, mediation 

team, N. Jaresko and G. Portela 

0.9

Deborah Praga 11/2/2017 3 Participated in Creditor Call with Judge Houser, creditor advisors, C. Flaton, S. Martinez, M. 

Westermann

0.6

Michael Westermann 11/2/2017 3 Comment on S. Martinez's overview of recent calls 0.3

Michael Westermann 11/2/2017 3 Participated in Creditor Call with Judge Houser, creditor advisors, C. Flaton, S. Martinez, D. 

Praga 

0.6

Michael Westermann 11/2/2017 3 Participate in Creditor Group Mediation Call with C. Flaton, S. Martinez, mediation team, N. 

Jaresko and G. Portela 

0.9

Scott Martinez 11/2/2017 3 Participated in Creditor Call with Judge Houser, creditor advisors, C. Flaton, M. Westermann,

D. Praga

0.6

Scott Martinez 11/2/2017 3 Participate in Creditor Group Mediation Call with C. Flaton, M. Westermann, mediation team,

N. Jaresko and G. Portela 

0.9

Scott Martinez 11/2/2017 3 Prepared and updated the memo to the UCC summarizing the Creditor Working Group call 

with AAFAF and the FOMB

1.8

Carol Flaton 11/3/2017 3 Reviewed emails from Phoenix Advisors 0.2

Michael Westermann 11/6/2017 3 Created macro diligence list for the mediation session 1.1

Michael Westermann 11/6/2017 3 Comment on macro diligence questions 1.1

Scott Martinez 11/6/2017 3 Sent follow up emails to F. Batlle (Ankura) regarding PREPA 0.1

Carol Flaton 11/7/2017 3 Emails w/M. Kopacz (Phoenix) and S. Gumbs (FTI) 0.2

Carol Flaton 11/7/2017 3 Call w/M. Kopacz (Phoenix) re 11/9 mediation 0.8

Deborah Praga 11/7/2017 3 Watched House Committee on Natural Resources Hearing Examining Challenges in Puerto 

Rico's Recovery and Role of the FOMB 

3.2

Michael Westermann 11/7/2017 3 Watched House Committee on Natural Resources Hearing Examining Challenges in Puerto 

Rico's Recovery and Role of the FOMB 

3.2

Scott Martinez 11/7/2017 3 Watched House Committee on Natural Resources Hearing Examining Challenges in Puerto 

Rico's Recovery and Role of the FOMB

3.2

Carol Flaton 11/8/2017 3 Emails w/M. Kopacz (Phoenix) re mediation session 0.2

Carol Flaton 11/8/2017 3 Discussed mediation session prep w/S. Martinez 0.4

Scott Martinez 11/8/2017 3 Discussed mediation session prep w/C. Flaton 0.4

Scott Martinez 11/8/2017 3 Reviewed email and attachments from Phoenix (FA to the mediators) that was circulated to 

the creditor working group

0.4

Carol Flaton 11/9/2017 3 Emails w/M. Kopacz (Phoenix) w/ upcoming creditor sessions 0.2

Carol Flaton 11/9/2017 3 Review of posted CWG session materials 0.4

Carol Flaton 11/9/2017 3 Creditor Working Group Meeting with AAFAF, creditor advisors and Natalie Jaresko, M. 

Westermann, S. Martinez, E. Deichmann and D. Praga re: Fiscal Plans

3.5

Deborah Praga 11/9/2017 3 Follow up discussion regarding fiscal plan session with S. Martinez, C. Flaton, M. 

Westermann, E. Deichmann 

0.5

Deborah Praga 11/9/2017 3 Creditor Working Group Meeting with AAFAF, creditor advisors and Natalie Jaresko, M. 

Westermann, S. Martinez, E. Deichmann and C. Flaton re: Fiscal Plans

3.5

Eric Deichmann 11/9/2017 3 Creditor Working Group Meeting with AAFAF, creditor advisors and Natalie Jaresko, M. 

Westermann, S. Martinez, D. Praga and C. Flaton re: Fiscal Plans

3.5

Michael Westermann 11/9/2017 3 Follow up discussion regarding fiscal plan session with S. Martinez, C. Flaton, D. Praga, E. 

Deichmann 

0.5

Michael Westermann 11/9/2017 3 Creditor Working Group Meeting with AAFAF, creditor advisors and Natalie Jaresko, D. Praga, 

S. Martinez, E. Deichmann and C. Flaton re: Fiscal Plans

3.5

Scott Martinez 11/9/2017 3 Email with M. Kopacz (Phoenix) regarding fiscal plan session 0.1

Scott Martinez 11/9/2017 3 Email with R. Kost (Goldin) regarding follow up from fiscal plan session 0.1

Scott Martinez 11/9/2017 3 Email with F. Battle (Ankura) regarding follow up questions on PREPA insurance policies 0.1

Scott Martinez 11/9/2017 3 Follow up discussion regarding fiscal plan session with D. Praga, C. Flaton, M. Westermann, 

E. Deichmann 

0.5

Scott Martinez 11/9/2017 3 Creditor Working Group Meeting with AAFAF, creditor advisors and Natalie Jaresko, M. 

Westermann, D. Praga, E. Deichmann and C. Flaton re: Fiscal Plans

3.5

Carol Flaton 11/11/2017 3 Emails from Phoenix re mediation mtg 0.2

Carol Flaton 11/12/2017 3 Reviewed mediation materials for following week 0.2

Deborah Praga 11/13/2017 3 Listened to hearings 4.2

Enrique R. Ubarri 11/13/2017 3 Meeting with S. Martinez, E. Deichmann, M. Westermann re: preparation for mediation 

session

1.5

Eric Deichmann 11/13/2017 3 Meeting with S. Martinez, E. Ubarri, M. Westermann re: preparation for mediation session 1.5

Michael Westermann 11/13/2017 3 Meeting with S. Martinez, E. Ubarri, E. Deichmann re: preparation for mediation session 1.5

Michael Westermann 11/13/2017 3 Created comments list for mediation session re: areas of improvement 2.7

Scott Martinez 11/13/2017 3 Meeting with S. Martinez, E. Ubarri, M. Westermann re: preparation for mediation session 1.5

Carol Flaton 11/14/2017 3 Preparation for fiscal plan session with S. Martinez, M. Westermann, E. Deichmann 0.5

Carol Flaton 11/14/2017 3 Participated in the Creditor FA Session on the Revised Fiscal Plan 5.5

Deborah Praga 11/14/2017 3 Watched the Committee Hearing on the Recovery Efforts of PR and the Virgin Islands 2.5

Deborah Praga 11/14/2017 3 Watched House Committee on Natural Resources Hearing - The Need for Transparent 

Financial Accountability in Territories’ Disaster Recovery Efforts 

3.0

Enrique R. Ubarri 11/14/2017 3 Attended (video) Senate Energy and Natural Resources Commission meeting re: Puerto Rico 

recovery

3.3

Enrique R. Ubarri 11/14/2017 3 Participated in the Creditor FA Session on the Revised Fiscal Plan 5.5

Page 17 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 19 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Eric Deichmann 11/14/2017 3 Preparation for fiscal plan session with S. Martinez, C. Flaton, M. Westermann 0.5

Eric Deichmann 11/14/2017 3 Created file of data inputs for discussion with mediators 2.6

Eric Deichmann 11/14/2017 3 Participated in the Creditor FA Session on the Revised Fiscal Plan 5.5

Mark A. Cervi 11/14/2017 3 Watched the Committee Hearing on the Recovery Efforts of PR and the Virgin Islands (partial 

participation)

1.7

Michael Westermann 11/14/2017 3 Preparation for fiscal plan session with S. Martinez, C. Flaton, E. Deichmann 0.5

Michael Westermann 11/14/2017 3 Participated in the Creditor FA Session on the Revised Fiscal Plan 5.5

Rahul Yenumula 11/14/2017 3 Prepared a list of questions for discussion with Ankura / Greenberg 0.6

Rahul Yenumula 11/14/2017 3 Listened to the Committee Hearing on The Recovery Efforts of Puerto Rico and the Virgin 

Islands

2.5

Rahul Yenumula 11/14/2017 3 Listened to the Committee Hearing on "The Need for Transparent Financial Accountability in 

Territories' Disaster Recovery Efforts"

3.0

Scott Martinez 11/14/2017 3 Preparation for fiscal plan session with M. Westermann, C. Flaton and E. Deichmann 0.5

Scott Martinez 11/14/2017 3 Listened to a portion of the House Committee on Natural Resources hearing 1.0

Scott Martinez 11/14/2017 3 Participated in the Creditor FA Session on the Revised Fiscal Plan 5.5

Carol Flaton 11/15/2017 3 Exchanged various emails w/M. Kopacz (Phoenix) and S. Martinez (including delivery of 

questions)

0.4

Carol Flaton 11/15/2017 3 Listened to hearing (re 2004 motion) 0.8

Deborah Praga 11/15/2017 3 Listened to omnibus hearing (partial listen to relevant sections) 3.5

Enrique R. Ubarri 11/15/2017 3 Attended (live and video) House Committee on Natural Resources meeting re: Puerto Rico 

recovery

2.8

Enrique R. Ubarri 11/15/2017 3 Attended (teleconference) Omnibus Title III Hearing in New York District Court 4.4

Michael Westermann 11/15/2017 3 Comment on E. Deichmann's macro questions for mediation 0.6

Michael Westermann 11/15/2017 3 Compare creditor document requests in 2004 motions to ZC diligence list 1.5

Michael Westermann 11/15/2017 3 Listened to omnibus hearing (partial listen to relevant sections) 4.7

Scott Martinez 11/15/2017 3 Reviewed draft list of macro issues and shared with the FA to the mediators 0.8

Scott Martinez 11/15/2017 3 Listened to Commonwealth omnibus hearing 4.8

Deborah Praga 11/16/2017 3 FOMB - Fiscal Plan Listening Session #1: (population, GNP and fiscal multiplier effects posthurricane)6.0

Enrique R. Ubarri 11/16/2017 3 FOMB - Fiscal Plan Listening Session #1: (population, GNP and fiscal multiplier effects posthurricane)5.4

Eric Deichmann 11/16/2017 3 FOMB - Fiscal Plan Listening Session #1: (population, GNP and fiscal multiplier effects posthurricane)3.4

Michael Westermann 11/16/2017 3 FOMB - Fiscal Plan Listening Session #1: (population, GNP and fiscal multiplier effects posthurricane)6.7

Scott Martinez 11/16/2017 3 Listened to a portion of the FOMB - fiscal plan listening session #1: (population, GNP and 

fiscal multiplier effects post-hurricane)

2.2

Carol Flaton 11/17/2017 3 Emails w/mediation judges regarding mediation schedule 0.2

Carol Flaton 11/17/2017 3 Exchanged emails re D. Perez (OMM) request for NDA’s for Milliman reports 0.2

Scott Martinez 11/17/2017 3 Reviewed email and attachments from Phoenix (FA to the mediators) that was circulated to 

the FAs to the creditor working group

0.3

Carol Flaton 11/18/2017 3 Review of draft creditor question statement (mediation related) 0.5

Carol Flaton 11/19/2017 3 Exchanged emails w/Phoenix advisors re mediation 0.2

Carol Flaton 11/19/2017 3 Call w/ M. Heimowitz (advisor to Ambac) re mediation status 0.4

Carol Flaton 11/19/2017 3 Review of revised draft of creditor question memo 1.1

Eric Deichmann 11/19/2017 3 Response to question from mediator re: data requests 0.6

Michael Westermann 11/19/2017 3 Comment on mediation statement from Phoenix 0.9

Scott Martinez 11/19/2017 3 Email correspondence with D. Perez (O'Melveny) regarding Milliman reports 0.2

Scott Martinez 11/19/2017 3 Reviewed and commented on the draft summary of fiscal plan topics outlined in the Phoenix 

memo

1.8

Carol Flaton 11/20/2017 3 Reviewed mediation breach memo from Judge Houser 0.2

Carol Flaton 11/20/2017 3 Exchanged emails w/CWG party re next steps 0.2

Carol Flaton 11/20/2017 3 Review of CWG memo from Phoenix Advisors 0.6

Carol Flaton 11/20/2017 3 GDB status update call with S. Martinez, R. Yenumula, R. Bingham, S. Uhland (O'Melveny), D. 

Mondell (Rothschild) and L. Despins (Paul Hastings)

0.9

Carol Flaton 11/20/2017 3 Participated in CWG call with mediation judges, S. Martinez, and D. Praga 1.1

Deborah Praga 11/20/2017 3 Participated in CWG call with mediation judges, C. Flaton and S. Martinez 1.1

Rahul Yenumula 11/20/2017 3 GDB status update call with S. Martinez, C. Flaton, R. Bingham, S. Uhland (O'Melveny), D. 

Mondell (Rothschild) and L. Despins (Paul Hastings)

0.9

Robert Bingham 11/20/2017 3 GDB status update call with S. Martinez, C. Flaton, R. Yenumula, S. Uhland (O'Melveny), D. 

Mondell (Rothschild) and L. Despins (Paul Hastings)

0.9

Scott Martinez 11/20/2017 3 Email correspondence with D. Perez (O'Melveny) regarding Milliman reports 0.2

Scott Martinez 11/20/2017 3 Reviewed final summary memo based on feedback from CWG Fast 0.5

Scott Martinez 11/20/2017 3 GDB status update call with R. Yenumula, C. Flaton, R. Bingham, S. Uhland (O'Melveny), D. 

Mondell (Rothschild) and L. Despins (Paul Hastings)

0.9

Scott Martinez 11/20/2017 3 Participated in CWG call with mediation judges, C. Flaton, and D. Praga 1.1

Scott Martinez 11/20/2017 3 Reviewed various GDB documents including the RSA and fiscal plan in preparation for a call 

with O'Melveny and Rothschild

2.4

Carol Flaton 11/21/2017 3 Call with S. Martinez, M. Kopacz (Phoenix) regarding mediation issues 0.2

Carol Flaton 11/21/2017 3 Discussion w/S. Martinez re mediation 0.3

Page 18 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 20 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Deborah Praga 11/21/2017 3 Summarized CWG call in preparation for committee call 0.4

Scott Martinez 11/21/2017 3 Call with C. Flaton, M. Kopacz (Phoenix) regarding mediation issues 0.2

Scott Martinez 11/21/2017 3 Discussion w/C. Flaton re mediation 0.3

Carol Flaton 11/22/2017 3 Emails w/CWG to schedule next creditor call 0.2

Carol Flaton 11/27/2017 3 Emails w/Phoenix Advisors re economist mtg 0.2

Carol Flaton 11/27/2017 3 Review of questions submitted to Rothschild 0.2

Scott Martinez 11/27/2017 3 Followed up with Rothschild regarding open requests 0.1

Scott Martinez 11/27/2017 3 Updated tracking analysis regarding open issues to address with the Commonwealth's 

financial advisors

0.5

Carol Flaton 11/28/2017 3 Emails w/CWG members re scheduling 0.2

Carol Flaton 11/28/2017 3 Emails w/Phoenix Advisors re mtg w/Economist 0.2

Carol Flaton 11/29/2017 3 Follow up to creditor working group call with S. Martinez and M. Westermann 0.3

Carol Flaton 11/29/2017 3 Participated in creditor working group call with S. Martinez, E. Ubarri and M. Westermann 0.7

Enrique R. Ubarri 11/29/2017 3 Participated in creditor working group call with C. Flaton, S. Martinez and M. Westermann 0.7

Michael Westermann 11/29/2017 3 Follow up to creditor working group call with C. Flaton, and S. Martinez 0.3

Michael Westermann 11/29/2017 3 Participated in creditor working group call with C. Flaton, E. Ubarri and S. Martinez 0.7

Michael Westermann 11/29/2017 3 Review of data requests and research into certain references contained in 2004 discovery 

motion

1.8

Scott Martinez 11/29/2017 3 Follow up to creditor working group call with C. Flaton and M. Westermann 0.3

Scott Martinez 11/29/2017 3 Call with C. Song (Miller Buckfire) regarding SUT collections 0.3

Scott Martinez 11/29/2017 3 Participated in creditor working group call with C. Flaton, E. Ubarri and M. Westermann 0.7

Carol Flaton 11/30/2017 3 Telephonically attended FOMB 2nd listening session on fiscal measures 2.0

Deborah Praga 11/30/2017 3 Watched FOMB listening public session #2 6.0

Enrique R. Ubarri 11/30/2017 3 Attended Financial Oversight Management Board Listening Session (videoconference) 6.3

Eric Deichmann 11/30/2017 3 Discussion with S. Martinez regarding prep for economist working session 0.4

Michael Westermann 11/30/2017 3 Listened to FOMB second listening session on fiscal measures 4.8

Scott Martinez 11/30/2017 3 Discussion with E. Deichmann regarding prep for economist working session 0.4

Scott Martinez 11/30/2017 3 Listened to FOMB second listening session on fiscal measures 4.8

Scott Martinez 12/1/2017 3 Call with creditor regarding restructuring process and fiscal plan 0.5

Carol Flaton 12/2/2017 3 Review of ZC issues list for GDB for AAFAF 0.2

Carol Flaton 12/2/2017 3 Emails re Santander request 0.1

Carol Flaton 12/3/2017 3 Emails w/M. Kopacz (Phoenix), S. Martinez re agenda for mediation 0.2

Carol Flaton 12/4/2017 3 Exchanged emails w/ PH and OMM re budget requirements 0.2

Carol Flaton 12/4/2017 3 Review of GDB issues list for Ankura and Greenberg Traurig 0.4

Carol Flaton 12/4/2017 3 Telephonically attended FOMB 3rd Listening session on capital investments, labor reform and 

recovery funding (partial participation)

0.9

Carol Flaton 12/4/2017 3 Discussion with R. Bingham, S. Martinez, R. Yenumula, O'Melveny (S. Uhland), Ankura (J. 

Batlle), Paul Hastings (J. Grogan) and Rothschild (D. Mondell)

1.2

Deborah Praga 12/4/2017 3 Discussion re: morning listening session with S. Martinez and M. Westermann 0.5

Deborah Praga 12/4/2017 3 Follow-up discussion with M. Westermann re: listening session 0.8

Deborah Praga 12/4/2017 3 Attended 3rd public listening session with FOMB, AAFAF, M. Westermann and S. Martinez 5.5

Enrique R. Ubarri 12/4/2017 3 Reviewed Mediation Memorandum on Issues and Timeline. 0.2

Enrique R. Ubarri 12/4/2017 3 Attended Financial Oversight Management Board Listening Session (videoconference) 5.3

Michael Westermann 12/4/2017 3 Discussion re: morning listening session with S. Martinez, and D. Praga 0.5

Michael Westermann 12/4/2017 3 Follow-up discussion with D. Praga re: listening session 0.8

Michael Westermann 12/4/2017 3 Attended listening session with D. Praga, and S. Martinez (partial participation) 5.5

Rahul Yenumula 12/4/2017 3 Discussion with C. Flaton, S. Martinez, R. Bingham, O'Melveny (S. Uhland), Ankura (J. Batlle), 

Paul Hastings (J. Grogan) and Rothschild (D. Mondell)

1.2

Robert Bingham 12/4/2017 3 Discussion with C. Flaton, S. Martinez, R. Yenumula, O'Melveny (S. Uhland), Ankura (J. 

Batlle), Paul Hastings (J. Grogan) and Rothschild (D. Mondell)

1.2

Scott Martinez 12/4/2017 3 Reviewed memo from mediation team regarding timing of upcoming mediation sessions 0.2

Scott Martinez 12/4/2017 3 Discussion re: morning listening session with D. Praga, and M. Westermann 0.5

Scott Martinez 12/4/2017 3 Updated the GDB open issues listing and circulated to Rothschild and Ankura 0.5

Scott Martinez 12/4/2017 3 Discussion with C. Flaton, R. Bingham, R. Yenumula, O'Melveny (S. Uhland), Ankura (J. 

Batlle), Paul Hastings (J. Grogan) and Rothschild (D. Mondell)

1.2

Scott Martinez 12/4/2017 3 Attended the FOMB's third listening session on capital investments, labor reform and recovery

funding

4.5

Deborah Praga 12/5/2017 3 Watched video conference of FOMB meeting 3.8

Enrique R. Ubarri 12/5/2017 3 Attended (videoconference) presentation by Commonwealth officials post-FOMB meeting. 0.4

Enrique R. Ubarri 12/5/2017 3 Attended Financial Oversight Management Board Meeting (videoconference) 2.2

Michael Westermann 12/5/2017 3 Follow up discussion regarding FOMB meeting with S. Martinez 0.5

Michael Westermann 12/5/2017 3 Participate in public board meeting 2.6

Scott Martinez 12/5/2017 3 Follow up discussion regarding FOMB meeting with M. Westermann 0.5

Scott Martinez 12/5/2017 3 Listened to the FOMB's public meeting 2.6

Carol Flaton 12/6/2017 3 attended mediation session with creditors, AAFAF and FOMB 8.7

Deborah Praga 12/6/2017 3 Participated in the Creditor Working Group Meeting with AAFAF and Natalie Jaresko re: Fiscal 

Plans with S. Martinez, C. Flaton, E. Ubarri, E. Deichmann, M. Westermann (partial)

5.5

Enrique R. Ubarri 12/6/2017 3 Attended (telephonically) creditor sessions on the Fiscal Plan revisions. (Active until line was 

closed)

6.4

Page 19 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 21 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Eric Deichmann 12/6/2017 3 Participated in the Creditor Working Group Meeting with AAFAF and Natalie Jaresko re: Fiscal 

Plans with S. Martinez, C. Flaton, E. Ubarri, M. Westermann, D. Praga

8.5

Michael Westermann 12/6/2017 3 Participated in the Creditor Working Group Meeting with AAFAF and Natalie Jaresko re: Fiscal 

Plans with S. Martinez, C. Flaton, E. Ubarri, E. Deichmann, D. Praga 

8.5

Scott Martinez 12/6/2017 3 Participated in the Creditor Working Group Meeting with AAFAF and Natalie Jaresko re: Fiscal 

Plans with C. Flaton, E. Ubarri, E. Deichmann, M. Westermann, D. Praga

8.5

Carol Flaton 12/7/2017 3 Exchanged emails w/ CWG members re tax letter 0.3

Eric Deichmann 12/7/2017 3 Follow up discussion regarding economist session with S. Martinez 0.5

Scott Martinez 12/7/2017 3 Follow up discussion regarding economist session with E. Deichmann 0.5

Carol Flaton 12/8/2017 3 Exchanged emails w/OMM re payment process 0.2

Carol Flaton 12/10/2017 3 Review of emails re GDB protocol between PH, ZC, Ankura, OMM, GT 0.3

Carol Flaton 12/13/2017 3 COFINA-Commonwealth Update call with COFINA Agent (B. Whyte), M. Feldman (Willkie), L. 

Despins (Paul Hastings) and S. Martinez

0.3

Scott Martinez 12/13/2017 3 Call with A. Bongartz (Paul Hastings) regarding the letter on tax reform 0.2

Scott Martinez 12/13/2017 3 COFINA-Commonwealth Update call with COFINA Agent (B. Whyte), M. Feldman (Willkie), L. 

Despins (Paul Hastings) and C. Flaton

0.3

Enrique R. Ubarri 12/14/2017 3 Attended (telephonically) renewed Rule 2004 hearing. 1.1

Carol Flaton 12/18/2017 3 Creditor Working Group call with AAFAF regarding cash balances with S. Martinez, E. Ubarri 0.7

Enrique R. Ubarri 12/18/2017 3 Reviewed communication from FOMB on investigation. 0.1

Enrique R. Ubarri 12/18/2017 3 Creditor Working Group call with AAFAF regarding cash balances with C. Flaton and S. 

Martinez.

0.7

Michael Westermann 12/18/2017 3 Created diligence list related to bank account balances 2.8

Scott Martinez 12/18/2017 3 Creditor Working Group call with AAFAF regarding cash balances with C. Flaton, E. Ubarri 0.7

Scott Martinez 12/18/2017 3 Reviewed presentation materials provided by Miller Buckfire regarding SUT 0.7

Carol Flaton 12/19/2017 3 Call regarding COFINA with Miller Buckfire (M. Rodrigue and Christine Song), Paul Hastings (L. 

Despins - partial participation), R. Bingham, S. Martinez, D. Praga 

0.9

Deborah Praga 12/19/2017 3 Call regarding COFINA with Miller Buckfire (M. Rodrigue and Christine Song), Paul Hastings (L. 

Despins - partial participation), C. Flaton, R. Bingham, S. Martinez

0.9

Robert Bingham 12/19/2017 3 Call regarding COFINA with Miller Buckfire (M. Rodrigue and Christine Song), Paul Hastings (L. 

Despins - partial participation), C. Flaton, S. Martinez, D. Praga 

0.9

Scott Martinez 12/19/2017 3 Reviewed additional SUT files provided by C. Song (Miller Buckfire) 0.6

Scott Martinez 12/19/2017 3 Call regarding COFINA with Miller Buckfire (M. Rodrigue and Christine Song), Paul Hastings (L. 

Despins - partial participation), C. Flaton, R. Bingham, D. Praga

0.9

Carol Flaton 12/20/2017 3 Follow up to creditor working group call with S. Martinez, M. Westermann 0.2

Carol Flaton 12/20/2017 3 Review of CW memo of revised timelines 0.2

Carol Flaton 12/20/2017 3 Participated in creditor working group call with M. Westermann, S. Martinez 0.6

Deborah Praga 12/20/2017 3 Listened to omnibus hearing (partial) 1.4

Enrique R. Ubarri 12/20/2017 3 Reviewed Mediation Memorandum 0.2

Enrique R. Ubarri 12/20/2017 3 Attended (teleconference) Omnibus Title III Hearing in New York District Court 1.8

Michael Westermann 12/20/2017 3 Follow up to creditor working group call with C. Flaton, S. Martinez 0.2

Michael Westermann 12/20/2017 3 Participated in creditor working group call with C. Flaton, S. Martinez 0.6

Michael Westermann 12/20/2017 3 Listened to omnibus hearing 1.8

Scott Martinez 12/20/2017 3 Follow up to creditor working group call with C. Flaton, M. Westermann 0.1

Scott Martinez 12/20/2017 3 Participated in creditor working group call with C. Flaton, M. Westermann 0.6

Carol Flaton 12/21/2017 3 Exchanged email w/ J. Gana (CWG) re Call 0.2

Carol Flaton 12/21/2017 3 Discussion with D. Mondell (Rothschild), M. Westermann re: case update 0.8

Michael Westermann 12/21/2017 3 Discussion with D. Mondell (Rothschild), C. Flaton re: case update 0.8

Carol Flaton 12/22/2017 3 Preparation for CWG call 0.1

Carol Flaton 12/22/2017 3 Participated in Creditor Working Group call with AAFAF (G. Portela, C. Sobrino), FOMB (N. 

Jaresko), mediators, D. Praga, S. Martinez, E. Ubarri, M. Westermann

1.0

Deborah Praga 12/22/2017 3 Participated in Creditor Working Group call with AAFAF (G. Portela, C. Sobrino), FOMB (N. 

Jaresko), mediators, C. Flaton, S. Martinez, E. Ubarri, M. Westermann

1.0

Enrique R. Ubarri 12/22/2017 3 Participated (teleconference) in Creditor Working Group call with AAFAF (G. Portela, C. 

Sobrino), FOMB (N. Jaresko), mediators, C. Flaton, S. Martinez, M. Westermann, D. Praga

1.0

Michael Westermann 12/22/2017 3 Participated in Creditor Working Group call with AAFAF (G. Portela, C. Sobrino), FOMB (N. 

Jaresko), mediators, C. Flaton, S. Martinez, E. Ubarri, D. Praga 

1.0

Scott Martinez 12/22/2017 3 Participated in Creditor Working Group call with AAFAF (G. Portela, C. Sobrino), FOMB (N. 

Jaresko), mediators, C. Flaton, E. Ubarri, M. Westermann, D. Praga

1.0

Enrique R. Ubarri 12/27/2017 3 Reviewed due diligence information posted re: mediation questions. 1.0

Carol Flaton 1/2/2018 3 Exchanged emails w/M. Yassin (AAFAF) re billing 0.1

Carol Flaton 1/2/2018 3 Exchanged emails w/N. Jaresko (FOMB) to schedule call 0.1

Carol Flaton 1/2/2018 3 Exchanged emails w/M. Kopacz (Phoenix) re status of questions (liquidity) 0.1

Michael Westermann 1/2/2018 3 Summarized recent creditor working group calls for distribution 2.1

Scott Martinez 1/2/2018 3 Email correspondence with M. Kopacz (Phoenix) regarding bank account diligence questions 0.1

Scott Martinez 1/2/2018 3 Email correspondence with J. Kang (Rothschild) regarding questions on documents posted to 

Intralinks

0.2

Enrique R. Ubarri 1/3/2018 3 Reviewed draft GO and Commonwealth Guaranteed Bonds Mediation Statement 0.9

Michael Westermann 1/3/2018 3 Created summary of creditor questions provided by mediators 0.4

Scott Martinez 1/3/2018 3 Email correspondence with J. Kang (Rothschild) regarding questions on documents posted to 

Intralinks

0.1

Page 20 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 22 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Scott Martinez 1/3/2018 3 Reviewed draft mediation statement regarding GO and Commonwealth guaranteed bonds 1.0

Scott Martinez 1/4/2018 3 Email correspondence with D. Mondell (Rothschild) regarding question raised by a Committee 

member

0.2

Carol Flaton 1/5/2018 3 Exchanged email w/D. Mondell (Rothschild) re police payroll 0.1

Carol Flaton 1/8/2018 3 Emails w/ M. Hindman, L. Despins (PH), OMM, Proskauer re Fiscal Plan release to creditors 0.2

Michael Westermann 1/8/2018 3 Review of mediation answers posted to Intralinks 0.4

Scott Martinez 1/8/2018 3 Reviewed memo from mediation team 0.1

Carol Flaton 1/9/2018 3 Email w/ N. Jaresko (FOMB) re scheduled call 0.1

Michael Westermann 1/9/2018 3 Review of new answers posted to Intralinks for mediation questions 0.7

Carol Flaton 1/10/2018 3 Call w/ N. Jaresko (FOMB) re fiscal plan and status 0.5

Carol Flaton 1/10/2018 3 Call w/ D. Mondell, S. Martinez, M. Westermann to discuss case status 0.5

Carol Flaton 1/10/2018 3 Telephonically attended court hearing re: COFINA and Board constitutionality 3.7

Enrique R. Ubarri 1/10/2018 3 Attended (telephonically) Hearing on clarification or reconsideration of the scope ruling in 

the Commonwealth-COFINA adversary proceeding

0.7

Enrique R. Ubarri 1/10/2018 3 Sent e-mail to C. Flaton on result of call with J. Worthington, J. Bliss and S. Cooper of PH 

and COFINA witness

0.1

Enrique R. Ubarri 1/10/2018 3 Attended (telephonically) Aurelius hearing. 3.4

Michael Westermann 1/10/2018 3 Call with C. Flaton, S. Martinez, and Rothschild (D. Mondell) re: general case catch-up 0.5

Michael Westermann 1/10/2018 3 Listened to court hearing re: Appointments clause (C. Flaton, S. Martinez) 3.3

Scott Martinez 1/10/2018 3 Reviewed draft agenda for in-person UCC meeting 0.3

Scott Martinez 1/10/2018 3 Call with C. Flaton, M. Westermann and Rothschild (D. Mondell) re: general case catch-up 0.5

Carol Flaton 1/12/2018 3 Emails w/ J. Gana (Assured) re schedule for all creditor call 0.2

Carol Flaton 1/12/2018 3 Shared CWG notes/ take away w/ J. Gana (Assured) in prep for creditor call on 1/17 0.4

Carol Flaton 1/12/2018 3 Participated in CWG call 0.7

Michael Westermann 1/12/2018 3 Participated in Creditor Working Group Call 0.7

Scott Martinez 1/12/2018 3 Reviewed and commented on the summary write-up of the creditor working group call 0.5

Scott Martinez 1/12/2018 3 Participated in Creditor Working Group Call 0.7

Carol Flaton 1/13/2018 3 Emails w/ L. Weinberg, D. Mondell (PH), S. Martinez re AAFAF postings 0.2

Scott Martinez 1/15/2018 3 Reviewed document provided by Rothschild and requested additional clarification 0.3

Scott Martinez 1/15/2018 3 Reviewed information provided by Rothschild regarding Intralinks and followed up on 

additional questions

0.5

Carol Flaton 1/16/2018 3 Emails w/S. Uhland (O'Melveny) re past due invoices 0.1

Michael Westermann 1/16/2018 3 Comment on S. Martinez mediation questions 0.4

Carol Flaton 1/17/2018 3 Read mediation memo re next steps on FP review/diligence 0.1

Carol Flaton 1/17/2018 3 Participated in CWG conference call 0.5

Scott Martinez 1/17/2018 3 Correspondence with D. Mondell (Rothschild) regarding diligence requests 0.2

Scott Martinez 1/17/2018 3 Reviewed memos from mediation team 0.2

Carol Flaton 1/19/2018 3 Emails w/ M. Hindman re 2/3 mtg 0.1

Deborah Praga 1/19/2018 3 Watched FOMB meeting 3.5

Enrique R. Ubarri 1/19/2018 3 Research re: assertions on priority by FOMB and exchanged e-mails with C. Flaton and S. 

Martinez on the same

0.6

Enrique R. Ubarri 1/19/2018 3 Prepared notes on presentation of the FOMB after the FOMB hearing and exchanged e-mails 

with M. Westermann, C. Flaton and S. Martinez.

0.6

Enrique R. Ubarri 1/19/2018 3 Attended (videoconference) FOMB meeting regarding the liquidity of Puerto Rico and all of 

its instrumentalities and entities

2.6

Michael Westermann 1/19/2018 3 Watched FOMB meeting 4.8

Scott Martinez 1/19/2018 3 Attended FOMB public meeting and media session regarding Commonwealth bank accounts 3.0

Carol Flaton 1/20/2018 3 Emails w E. Muir (AFTA) re data room access 0.1

Carol Flaton 1/20/2018 3 Emails w/ L. Despins (PH) and M. Bienenstock (Proskauer) re Inter Debtor lending 0.2

Carol Flaton 1/21/2018 3 Emails w/ E. Muir (AFTA) re data room access 0.1

Carol Flaton 1/22/2018 3 Emails w/ J. Gana (Assured) re CWG mtg 0.1

Carol Flaton 1/22/2018 3 Reviewed memo and emails re 2/1 FOMB dinner 0.1

Carol Flaton 1/24/2018 3 Emails w/ M. Hindman re CWG mtg 0.1

Carol Flaton 1/24/2018 3 Meeting to discuss A/P with AAFAF (M. Yassin), O'Melveny (S. Uhland), Paul Hastings (L. 

Despins), Zolfo Cooper S. Martinez 

0.8

Scott Martinez 1/24/2018 3 Meeting to discuss A/P with AAFAF (M. Yassin), O'Melveny (S. Uhland), Paul Hastings (L. 

Despins), C. Flaton

0.8

Carol Flaton 1/25/2018 3 Exchanged emails w/ J. Gana (Assured) re next CWG 0.1

Carol Flaton 1/26/2018 3 Emails w/ L. Despins (PH) and S. Martinez re participating in GO mediation session 0.1

Carol Flaton 1/26/2018 3 Emails w/ J. Gana (Assured re CWG mtg 0.1

Carol Flaton 1/26/2018 3 Call w/ S. Gumbs (FTI) and S. Martinez re pension info request to Retiree Committee 0.3

Carol Flaton 1/26/2018 3 Review and mark up of CWG summary for UCC 0.3

Michael Westermann 1/26/2018 3 Bi-Weekly CWG update call with AAFAF (G. Portela), FOMB (N. Jaresko), C. Flaton, S. 

Martinez 

0.7

Scott Martinez 1/26/2018 3 Discussion regarding pension system with S. Gumbs (FTI), C. Flaton 0.3

Scott Martinez 1/26/2018 3 Reviewed presentation materials posted to Intralinks for the bi-weekly CWG call 0.5

Scott Martinez 1/26/2018 3 Bi-Weekly CWG update call with AAFAF (G. Portela), FOMB (N. Jaresko), C. Flaton, M. 

Westermann

0.7

Carol Flaton 1/29/2018 3 Email w/ Jenner re DIP 0.1

Carol Flaton 1/29/2018 3 Email w/ M. Hindman re FOMB dinner 0.1

Page 21 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 23 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 1/29/2018 3 Email w/ M. Hindman re 2/3 mediation session 0.1

Scott Martinez 1/29/2018 3 Correspondence with D. Mondell (Rothschild) regarding diligence requests 0.2

Carol Flaton 1/30/2018 3 Email w/ M. Hindman re FOMB dinner 0.1

Scott Martinez 1/30/2018 3 Calls with A. Bongartz (Paul Hastings) regarding Committee update call and open issues 0.3

Carol Flaton 1/31/2018 3 Preparation for tomorrow's mediation session with S. Martinez 0.4

Michael Westermann 1/31/2018 3 Review of updated answers to diligence questions posted to Intralinks 0.3

Scott Martinez 1/31/2018 3 Preparation for tomorrow's mediation session with C. Flaton 0.4

Total Matter Category 3 450.4

Name Date

Matter 

Category Narrative Hours 

Scott Martinez 10/31/2017 4 Reviewed October 20th TSA cash report posted by AAFAF 0.7

Michael Westermann 11/6/2017 4 Review of liquidity forecast through 10/20 and diligence questions for such 1.8

Carol Flaton 11/8/2017 4 Review of latest (10/27) TSA report 0.3

Enrique R. Ubarri 11/8/2017 4 Reviewed Treasury Single Account cashflow presentation prepared by AAFAF. 0.2

Michael Westermann 11/8/2017 4 Commented on 10/27 liquidity forecast 0.8

Michael Westermann 11/8/2017 4 Updated liquidity budget versus actuals for week ended 10/27 0.9

Michael Westermann 11/8/2017 4 Updated liquidity budget versus actuals for week ended 10/20 1.5

Michael Westermann 11/8/2017 4 Created tracker for liquidity budget versus actuals 3.1

Scott Martinez 11/8/2017 4 Reviewed the TSA cash flow analysis for the week ended October 27th 0.6

Carol Flaton 11/14/2017 4 Reviewed latest TSA report posted 0.2

Scott Martinez 11/14/2017 4 Reviewed the TSA cash flow analysis for the week ended November 3rd 0.6

Deborah Praga 11/15/2017 4 Reviewed liquidity document posted to AAFAF website 0.6

Deborah Praga 11/15/2017 4 Updated and revised liquidity tracker 2.1

Enrique R. Ubarri 11/15/2017 4 Reviewed Treasury Single Account cashflow presentation prepared by AAFAF. 0.2

Michael Westermann 11/15/2017 4 Review of weekly liquidity summary 1.3

Carol Flaton 11/22/2017 4 Emails w/S. Martinez re latest TSA balances and components 0.2

Deborah Praga 11/22/2017 4 Reviewed liquidity document posted to AAFAF website 0.6

Deborah Praga 11/22/2017 4 Updated liquidity tracker 0.6

Enrique R. Ubarri 11/22/2017 4 Reviewed Treasury Single Account cashflow presentation prepared by AAFAF. 0.2

Michael Westermann 11/22/2017 4 Review of updated liquidity tracker 1.0

Scott Martinez 11/22/2017 4 Reviewed the TSA cash flow analysis for the week ended November 10th 0.8

Deborah Praga 11/27/2017 4 Discussion regarding TSA cash report with S. Martinez 0.3

Scott Martinez 11/27/2017 4 Discussion regarding TSA cash report with D. Praga 0.3

Deborah Praga 11/29/2017 4 Updated liquidity tracker 0.4

Deborah Praga 11/29/2017 4 Review of TSA report as of 11/17 0.6

Enrique R. Ubarri 11/29/2017 4 Reviewed Treasury Single Account cashflow presentation prepared by AAFAF. 0.2

Scott Martinez 11/29/2017 4 Reviewed the TSA cash flow analysis for the week ended November 17th 0.8

Michael Westermann 12/5/2017 4 Analyze Q1 liquidity budget versus actuals 0.8

Michael Westermann 12/5/2017 4 Analyze updated projection of liquidity through calendar 2017 and comparison to previous 

projections

1.9

Scott Martinez 12/6/2017 4 Reviewed the TSA cash flow analysis for the week ended November 24th 0.8

Carol Flaton 12/7/2017 4 Review of TSA filing 0.3

Deborah Praga 12/7/2017 4 Review of TSA liquidity report and updated liquidity tracker 1.2

Enrique R. Ubarri 12/7/2017 4 Reviewed Treasury Single Account cashflow presentation prepared by AAFAF. 0.3

Michael Westermann 12/7/2017 4 Review of TSA cash report through 11/24 and comparison to company presentations 1.1

Deborah Praga 12/12/2017 4 Discussion with S. Martinez regarding liquidity 1.1

Enrique R. Ubarri 12/12/2017 4 Reviewed Treasury Single Account cashflow presentation prepared by AAFAF. 0.2

Scott Martinez 12/12/2017 4 Reviewed the TSA cash flow analysis for the week ended December 1st 0.8

Scott Martinez 12/12/2017 4 Discussion with D. Praga regarding liquidity 1.1

Carol Flaton 12/13/2017 4 Review of latest TSA liquidity report 0.3

Deborah Praga 12/13/2017 4 Discussion with S. Martinez regarding liquidity 0.4

Scott Martinez 12/13/2017 4 Discussion with D. Praga regarding liquidity 0.4

Carol Flaton 12/18/2017 4 Emails w/UCC members re AAFAF liquidity report 0.3

Carol Flaton 12/18/2017 4 Follow up discussion regarding the Commonwealth's bank account presentation with S. 

Martinez

0.4

Deborah Praga 12/18/2017 4 Reviewed prior weeks TSA liquidity report and updated liquidity tracker 1.2

Enrique R. Ubarri 12/18/2017 4 Reviewed the Summary of Bank Account Balances for Puerto Rico Governmental 

Instrumentalities

as of November 30, 2017

0.4

Enrique R. Ubarri 12/18/2017 4 Discussion regarding Commonwealth bank account balances report with S. Martinez and M. 

Westermann

0.5

Michael Westermann 12/18/2017 4 Discussion regarding Commonwealth bank account balances report with S. Martinez, E. Ubarri 0.5

Michael Westermann 12/18/2017 4 Review of bank account balance detail posted by AAFAF 1.8

Scott Martinez 12/18/2017 4 Call with Committee member regarding government bank account report 0.2

Scott Martinez 12/18/2017 4 Follow up discussion regarding the Commonwealth's bank account presentation with C. Flaton 0.4

Scott Martinez 12/18/2017 4 Discussion regarding Commonwealth bank account balances report with E. Ubarri and M. 

Westermann

0.5

Scott Martinez 12/18/2017 4 Reviewed and commented on the draft list of questions to AAFAF regarding the bank account 

report

0.8

Page 22 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 24 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Scott Martinez 12/18/2017 4 Reviewed the summary of Commonwealth bank accounts report 0.9

Scott Martinez 12/18/2017 4 Reviewed, commented and circulated Zolfo's initial observations regarding the 

Commonwealth's bank account analysis

1.1

Michael Westermann 12/19/2017 4 Comment on S. Martinez diligence list for accounts balance 0.4

Michael Westermann 12/19/2017 4 Discussion regarding follow up questions re: bank accounts for AAFAF with S. Martinez 0.5

Scott Martinez 12/19/2017 4 Reviewed and commented on the revised list of questions to AAFAF regarding the bank 

account report

0.5

Scott Martinez 12/19/2017 4 Discussion regarding follow up questions re: bank accounts for AAFAF with M. Westermann 0.5

Scott Martinez 12/19/2017 4 Reviewed the TSA cash flow analysis for the week ended December 8th 0.8

Deborah Praga 12/20/2017 4 Review of TSA liquidity report and updating liquidity tracker 1.2

Enrique R. Ubarri 12/20/2017 4 Reviewed Treasury Single Account cashflow presentation prepared by AAFAF. 0.4

Scott Martinez 12/20/2017 4 Prepared additional questions for the AAFAF regarding the bank account report 0.1

Carol Flaton 12/21/2017 4 Review of ZC liquidity questions for AAFAF 0.5

Michael Westermann 12/21/2017 4 Prepare diligence list and email to S. Martinez re: bank account balance questions 2.5

Scott Martinez 12/21/2017 4 Reviewed updated list of bank account diligence questions for AAFAF 0.3

Carol Flaton 12/28/2017 4 Review of liquidity questions for AAFAF 0.2

Carol Flaton 12/28/2017 4 Reviewed the TSA cash flow analysis for the week ended December 15th 0.4

Enrique R. Ubarri 12/28/2017 4 Reviewed Treasury Single Account cashflow presentation prepared by AAFAF. 0.3

Scott Martinez 12/28/2017 4 Reviewed the TSA cash flow analysis for the week ended December 15th 0.7

Scott Martinez 12/28/2017 4 Reviewed recent Intralinks posting regarding bank accounts 1.0

Scott Martinez 1/2/2018 4 Reviewed Treasury revenue collections for August through November 2017 0.5

Enrique R. Ubarri 1/4/2018 4 Reviewed Treasury Single Account cashflow presentation prepared by AAFAF as of December 

22.

0.2

Michael Westermann 1/4/2018 4 TSA cash flow review 1.0

Scott Martinez 1/4/2018 4 Reviewed the TSA cash flow analysis for the week ended December 22nd 0.6

Carol Flaton 1/10/2018 4 Emails w/ S. Negron (FOMB) and R. Collura re scheduled call w/FOMB re liquidity 0.2

Enrique R. Ubarri 1/10/2018 4 Reviewed Treasury Single Account cashflow presentation prepared by AAFAF as of December 

29.

0.2

Michael Westermann 1/10/2018 4 Review of TSA cash flow 0.8

Scott Martinez 1/10/2018 4 Reviewed the TSA cash flow analysis for the week ended December 29th 0.8

Carol Flaton 1/11/2018 4 Review of draft liquidity materials for 1/188 0.4

Carol Flaton 1/12/2018 4 Reviewed AAFAF latest TSA report 0.5

Michael Westermann 1/12/2018 4 Created liquidity update slides for upcoming in-person meeting 2.5

Carol Flaton 1/17/2018 4 Emails w/E. Ubarri and R. Collura re FOMB liquidity advisor 0.2

Deborah Praga 1/17/2018 4 Reviewed email from S. Martinez regarding liquidity 0.2

Enrique R. Ubarri 1/17/2018 4 Reviewed Treasury Single Account cashflow presentation prepared by AAFAF as of January 5. 0.2

Enrique R. Ubarri 1/17/2018 4 Reviewed the Creditor bi-weekly cash flow report as of December 29, 2017 0.2

Scott Martinez 1/17/2018 4 Reviewed the TSA cash flow analysis for the week ended January 5th 0.5

Enrique R. Ubarri 1/19/2018 4 Reviewed presentation from AAFAF re: bank accounts. 0.5

Scott Martinez 1/19/2018 4 Reviewed AAFAF's summary report of bank account balances as of December 31 2017 1.1

Deborah Praga 1/22/2018 4 Discussion regarding Commonwealth liquidity and debt with S. Martinez 0.5

Scott Martinez 1/22/2018 4 Discussion regarding Commonwealth liquidity and debt with D. Praga 0.5

Carol Flaton 1/24/2018 4 Emails w/ E. Ubarri regarding TSA balance 0.1

Deborah Praga 1/24/2018 4 Updated liquidity tracker 0.5

Deborah Praga 1/24/2018 4 Review of latest liquidity posting 1.2

Enrique R. Ubarri 1/24/2018 4 Reviewed Treasury Single Account cashflow presentation prepared by AAFAF as of January 0.3

Scott Martinez 1/24/2018 4 Reviewed the TSA cash flow analysis for the week ended January 12th 1.0

Scott Martinez 1/27/2018 4 Reviewed Commonwealth's TSA forecast for FY 2018 that was posted to Intralinks 0.7

Enrique R. Ubarri 1/29/2018 4 Examined the TSA FY 2018 Liquidity Plan Forecast Based on FY 2018 Approved Budget 0.2

Robert Bingham 1/29/2018 4 Preparation of follow-up questions related to DIP term sheet 0.3

Robert Bingham 1/29/2018 4 Reviewed DIP term sheet 0.9

Enrique R. Ubarri 1/31/2018 4 Reviewed Treasury Single Account cashflow presentation prepared by AAFAF as of January 0.3

Scott Martinez 1/31/2018 4 Reviewed general funds net revenues analysis as of December 2018 0.4

Scott Martinez 1/31/2018 4 Reviewed the TSA cash flow analysis for the week ended January 19th 1.0

Total Matter Category 4 69.4

Name Date

Matter 

Category Narrative Hours 

Deborah Praga 10/2/2017 5 Revised comps presentation based on M. Cervi's comments 3.2

Mark A. Cervi 10/2/2017 5 Review latest draft of Comp slides and email comments to D. Praga 1.8

Michael Westermann 10/2/2017 5 Changes to economic effects of natural disasters deck 2.7

Rahul Yenumula 10/2/2017 5 Finalization of presentation on summary of documents in the data room 0.8

Deborah Praga 10/3/2017 5 Revised comps presentation based on S. Martinez's comments 1.6

Deborah Praga 10/3/2017 5 Updated FEMA deck based on requests made in October 3rd FOMB letter 1.7

Deborah Praga 10/4/2017 5 Review of comps presentation 0.9

Michael Westermann 10/4/2017 5 Comment on Market Pricing Summary deck 1.1

Rahul Yenumula 10/4/2017 5 Review of material related to Compensation In Lieu of Taxes mechanism 1.3

Carol Flaton 10/10/2017 5 Internal call re: Federal aid funds and Commonwealth restructuring proposals with D. Praga, 

S. Martinez, E. Ubarri, M. Westermann & M. Delmonte

0.6

Page 23 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 25 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Deborah Praga 10/10/2017 5 Internal call re: Federal aid funds and Commonwealth restructuring proposals with C. Flaton, 

S. Martinez, E. Ubarri, M. Westermann & M. Delmonte

0.6

Deborah Praga 10/10/2017 5 Updated FEMA deck for information in Rossello October 7th letter 1.7

Enrique R. Ubarri 10/10/2017 5 Internal call re: Federal aid funds and Commonwealth restructuring proposals with C. Flaton, 

S. Martinez, D. Praga, M. Westermann & M. Delmonte

0.6

Matthew Delmonte 10/10/2017 5 Internal call re: Federal aid funds and Commonwealth restructuring proposals with C. Flaton, 

S. Martinez, E. Ubarri, D. Praga, M. Westermann 

0.6

Michael Westermann 10/10/2017 5 Internal call re: Federal aid funds and Commonwealth restructuring proposals with C. Flaton, 

S. Martinez, E. Ubarri, D. Praga & M. Delmonte

0.6

Scott Martinez 10/10/2017 5 Internal call re: Federal aid funds and Commonwealth restructuring proposals with C. Flaton, 

D. Praga, E. Ubarri, M. Westermann & M. Delmonte

0.6

Deborah Praga 10/11/2017 5 Updating FEMA deck to reflect data in FEMA aid document on Intralinks 1.1

Deborah Praga 10/13/2017 5 Updating FEMA deck to reflect new information 4.3

Enrique R. Ubarri 10/13/2017 5 Analysis of MCO Agreement and preparation of Memorandum on First Medical. 2.5

Enrique R. Ubarri 10/15/2017 5 Analysis of MCO Agreement and preparation of Memorandum on First Medical. 2.0

Enrique R. Ubarri 10/15/2017 5 Analysis of MCO Agreement and preparation of Memorandum on MMM. 4.0

Deborah Praga 10/16/2017 5 Revised FEMA deck based on comments from S. Martinez 2.1

Deborah Praga 10/17/2017 5 Revised FEMA deck based on new information 1.3

Deborah Praga 10/17/2017 5 Updating FEMA summary deck 1.8

Michael Westermann 10/17/2017 5 ASES cash flow excel document review and comparison versus Fiscal Plan 3.0

Michael Westermann 10/18/2017 5 Sensitized ASES cash flow to show downside assumptions 1.2

Carol Flaton 10/19/2017 5 Re-Review of FEMA/Fed deck for Committee 0.5

Carol Flaton 10/19/2017 5 Review of precedent natural disasters statistics deck 0.2

Deborah Praga 10/19/2017 5 Created new slides for FEMA deck 3.8

Michael Westermann 10/19/2017 5 Comments on FEMA deck 0.2

Michael Westermann 10/19/2017 5 Comments on FEMA deck 2.7

Michael Westermann 10/19/2017 5 Noted fiscal plan assumptions for ASES and ASEM and compared to potential federal funding 1.5

Carol Flaton 10/20/2017 5 Emails w/S. Martinez & D. Praga re FEMA monies 0.3

Deborah Praga 10/20/2017 5 Call with E. Ubarri regarding FEMA funding 0.2

Deborah Praga 10/20/2017 5 Created new slides for FEMA deck 4.3

Enrique R. Ubarri 10/20/2017 5 Call with D. Praga regarding FEMA funding. 0.2

Deborah Praga 10/22/2017 5 Revisions to FEMA deck 3.2

Carol Flaton 10/23/2017 5 Cursory review of filed HTA financials 0.4

Deborah Praga 10/23/2017 5 Revisions to FEMA deck 2.7

Enrique R. Ubarri 10/23/2017 5 Reviewed draft presentation on proposed funding for Puerto Rico and conduct research on 

certain matters on the presentation.

1.0

Michael Westermann 10/23/2017 5 Began statistics tracker spreadsheet 1.0

Rahul Yenumula 10/23/2017 5 Revision of deck on data room documents on PREPA based on comments from R. Bingham 1.3

Carol Flaton 10/24/2017 5 Review of FEMA guidelines and ZC materials in prep for mtg (while in transit) (also Reviewed 

Emails from M. Richard (AFT) and from E. Ubarri re case status/press)

3.9

Deborah Praga 10/24/2017 5 Revisions to FEMA deck 1.9

Deborah Praga 10/24/2017 5 Correspondence with C. Flaton via email re: case status 0.3

Michael Westermann 10/24/2017 5 Commented on FEMA deck 1.4

Michael Westermann 10/24/2017 5 Created sheet detailing top 20 contracts over last 10 years 2.6

Rahul Yenumula 10/24/2017 5 Preparation of presentation on Whitefish and Cobra contracts signed by PREPA 4.1

Carol Flaton 10/25/2017 5 Discussion with S. Martinez and D. Praga regarding FEMA presentation 0.5

Carol Flaton 10/25/2017 5 Review of PH materials distributed for 10/26 UCC mtg 0.9

Carol Flaton 10/25/2017 5 Review of ZC materials for distribution to UCC for 10/26 mtg 1.3

Deborah Praga 10/25/2017 5 Discussion with S. Martinez and C. Flaton regarding FEMA presentation 0.5

Deborah Praga 10/25/2017 5 Finalizing FEMA aid presentation 2.1

Deborah Praga 10/25/2017 5 Working session with S. Martinez regarding FEMA presentation for UCC 6.1

Michael Westermann 10/25/2017 5 Updated PR recovery efforts slide 0.5

Michael Westermann 10/25/2017 5 Reviewed FEMA E&Y deck 0.6

Michael Westermann 10/25/2017 5 Prepared comments for Natural Disaster presentation 1.8

Michael Westermann 10/25/2017 5 Created slide for PR recovery efforts for UCC meeting 2.5

Michael Westermann 10/25/2017 5 Review and comment and research related to ZC FEMA funding deck 2.9

Rahul Yenumula 10/25/2017 5 Revision of deck on contractors engaged by PREPA based on comments from R. Bingham 1.2

Rahul Yenumula 10/25/2017 5 Updating of list of contracts based on new information 1.2

Rahul Yenumula 10/25/2017 5 Preparation of notes based on contracts signed by PREPA with Whitefish and Cobra 

Acquisitions

1.4

Rahul Yenumula 10/25/2017 5 Revision of deck on contractors engaged by PREPA based on comments from R. Bingham 2.3

Scott Martinez 10/25/2017 5 Discussion with C. Flaton and D. Praga regarding FEMA presentation 0.5

Scott Martinez 10/25/2017 5 Working session with D. Praga regarding FEMA presentation for UCC 6.1

Carol Flaton 10/26/2017 5 Prep for UCC mtg 0.5

Michael Westermann 10/26/2017 5 Meeting with S. Martinez regarding economic impact of hurricane San Felipe 0.3

Rahul Yenumula 10/26/2017 5 Revision of summary of the discussion based on comments from R. Bingham 0.6

Rahul Yenumula 10/26/2017 5 Updating of list of contracts based on new information 0.9

Scott Martinez 10/26/2017 5 Meeting with M. Westermann regarding economic impact of hurricane San Felipe 0.3

Matthew Delmonte 10/27/2017 5 Meeting with S. Martinez and M. Westermann re: PRASA review 0.5

Michael Westermann 10/27/2017 5 Meeting with S. Martinez, and M. Delmonte re: PRASA review 0.5

Page 24 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 26 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Scott Martinez 10/27/2017 5 Meeting with M. Delmonte, and M. Westermann re: PRASA review 0.5

Deborah Praga 10/30/2017 5 Revised comps presentation 1.2

Rahul Yenumula 10/30/2017 5 Updated the debt pricing deck based on the updated model 2.9

David MacGreevey 10/31/2017 5 Review PR fiscal plan update process and liquidity update 0.6

Deborah Praga 10/31/2017 5 Review of liquidity documents posted on FOMB website 1.8

Deborah Praga 11/1/2017 5 Discussion with S. Martinez regarding comps analysis 0.3

Deborah Praga 11/1/2017 5 Revision to comps presentation 0.3

Deborah Praga 11/1/2017 5 Created new slides for comps presentation 1.1

Rahul Yenumula 11/1/2017 5 Preparation of a deck on regulations related to P3 in Puerto Rico 4.1

Deborah Praga 11/2/2017 5 Revision to comps presentation 0.9

Eric Deichmann 11/2/2017 5 Call with S. Martinez, and M. Westermann re: Stata and Macro assumptions 0.9

Eric Deichmann 11/2/2017 5 Preparation of data room Stata File for use 2.5

Eric Deichmann 11/2/2017 5 Initial review of data room documentation for economic growth analysis 2.7

Michael Westermann 11/2/2017 5 Consolidated macro economic files posted to Intralinks 0.2

Michael Westermann 11/2/2017 5 Email to E. Deichmann re: overview of Stata and macroeconomic assumptions 0.6

Michael Westermann 11/2/2017 5 Call with E. Deichmann, S. Martinez re: Stata and Macro assumptions 0.9

Michael Westermann 11/2/2017 5 Created summary of research regarding Hurricane San Felipe 1.2

Rahul Yenumula 11/2/2017 5 Preparation of slides on proposals currently available to P3 Authority 3.1

Rahul Yenumula 11/2/2017 5 Finalization of the deck on regulations related to P3 in Puerto Rico 3.2

Scott Martinez 11/2/2017 5 Call with E. Deichmann, M. Westermann re: Stata and Macro assumptions 0.9

Scott Martinez 11/2/2017 5 Reviewed macroeconomic files as it relates to the Commonwealth's fiscal plan drivers 1.3

Eric Deichmann 11/3/2017 5 Preparation of data room Stata File for use, conversion to .do file & additional 2.2

Eric Deichmann 11/3/2017 5 Identification of time series data used 3.7

Eric Deichmann 11/3/2017 5 Review of baseline RGNP and inflation outputs & regression statistics 1.5

Mark A. Cervi 11/3/2017 5 Call with S. Martinez regarding comp analysis and fiscal plan revision 0.6

Rahul Yenumula 11/3/2017 5 Review of articles related to PREPA's current status of recovery 1.9

Scott Martinez 11/3/2017 5 Call with M. Cervi regarding comp analysis and fiscal plan revision 0.6

Scott Martinez 11/3/2017 5 Reviewed macroeconomic reports to prep for Nov 9th session with AAFAF regarding the 

Commonwealth's revised fiscal plan

1.7

Carol Flaton 11/6/2017 5 Cursory review of latest draft of ZC comp analysis 0.3

Carol Flaton 11/6/2017 5 Meeting re: Stata model inputs with E. Deichmann, S. Martinez, M. Westermann, D. Praga 0.7

Deborah Praga 11/6/2017 5 Call with M. Cervi to discuss changes to comps analysis 0.3

Deborah Praga 11/6/2017 5 Correspondence with S. Martinez regarding comps presentation 0.3

Deborah Praga 11/6/2017 5 Meeting re: Stata inputs with S. Martinez, E. Deichmann, M. Westermann 0.4

Deborah Praga 11/6/2017 5 Meeting re: Stata model inputs with C. Flaton, E. Deichmann, S. Martinez, M. Westermann 0.7

Eric Deichmann 11/6/2017 5 Meeting re: Stata inputs with D. Praga, S. Martinez, M. Westermann 0.4

Eric Deichmann 11/6/2017 5 Discussion with S. Martinez and M. Westermann regarding the macro assumptions 0.5

Eric Deichmann 11/6/2017 5 Meeting re: Stata model inputs with C. Flaton, S. Martinez, M. Westermann, D. Praga 0.7

Eric Deichmann 11/6/2017 5 Compiling diligence questions re: Stata materials 1.5

Eric Deichmann 11/6/2017 5 Testing alternative model specifications 2.2

Eric Deichmann 11/6/2017 5 Comparison of macroeconomic forecast notes 2.9

Mark A. Cervi 11/6/2017 5 Call with D. Praga to discuss changes to comps analysis 0.3

Michael Westermann 11/6/2017 5 Email to S. Martinez re: sensitivity tables 0.4

Michael Westermann 11/6/2017 5 Meeting re: Stata inputs with S. Martinez, E. Deichmann, D. Praga 0.4

Michael Westermann 11/6/2017 5 Discussion with S. Martinez and E. Deichmann regarding the macro assumptions 0.5

Michael Westermann 11/6/2017 5 Meeting re: Stata model inputs with C. Flaton, E. Deichmann, S. Martinez, D. Praga 0.7

Michael Westermann 11/6/2017 5 Created sensitivity table for changes in GNP to current fiscal plan 2.8

Scott Martinez 11/6/2017 5 Meeting re: Stata inputs with D. Praga, E. Deichmann, M. Westermann 0.4

Scott Martinez 11/6/2017 5 Reviewed and commented on the draft list of macro questions for the fiscal plan session 0.5

Scott Martinez 11/6/2017 5 Discussion with E. Deichmann and M. Westermann regarding the macro assumptions 0.5

Scott Martinez 11/6/2017 5 Meeting re: Stata model inputs with C. Flaton, E. Deichmann, M. Westermann, D. Praga 0.7

Eric Deichmann 11/7/2017 5 Preparation of discussion materials on economic model 8.7

Michael Westermann 11/7/2017 5 Sensitized ASES file for population declines / change in demographics 2.4

Rahul Yenumula 11/7/2017 5 Researched the Insurance Company - Multinational Insurance Company 2.2

Carol Flaton 11/8/2017 5 Review of stata model results 1.3

Eric Deichmann 11/8/2017 5 Attempt to identify specific time series inputs relied upon by the Commonwealth – population 1.7

Eric Deichmann 11/8/2017 5 Meeting with M. Westermann, S. Martinez re: Macro presentation 1.5

Eric Deichmann 11/8/2017 5 Comparisons of provided population data to various UN estimates 1.8

Eric Deichmann 11/8/2017 5 Review of literature on Hodrick-Prescott filter 2.0

Michael Westermann 11/8/2017 5 Meeting with E. Deichmann, S. Martinez re: Macro presentation 1.5

Rahul Yenumula 11/8/2017 5 Prepared a summary of insurance documents available in the folder 0.6

Rahul Yenumula 11/8/2017 5 Finalized vetting the debt pricing model 3.2

Rahul Yenumula 11/8/2017 5 Revised the debt pricing deck to reflect the changes in the debt pricing model 3.4

Scott Martinez 11/8/2017 5 Meeting with E. Deichmann, M. Westermann re: Macro presentation 1.5

Carol Flaton 11/9/2017 5 Follow up discussion regarding fiscal plan session with S. Martinez, D. Praga, M. Westermann, 

E. Deichmann 

0.5

Enrique R. Ubarri 11/9/2017 5 Reviewed Fiscal Plan Revision Presentation. 0.3

Eric Deichmann 11/9/2017 5 Follow up discussion regarding fiscal plan session with S. Martinez, C. Flaton, M. 

Westermann, D. Praga

0.5

Rahul Yenumula 11/9/2017 5 Studied the effect of short-term termination of sales tax to small business on bond prices 2.1

Page 25 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 27 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Rahul Yenumula 11/9/2017 5 Review of Title V of PROMESA 2.4

Eric Deichmann 11/10/2017 5 Hurricane-related migration and growth literature - IDB, NBER, IMF 3.8

Eric Deichmann 11/10/2017 5 Output gap recalculation 2.5

Eric Deichmann 11/10/2017 5 Identification of RGNP data issues - BEA recommendations from 2011 1.1

Michael Westermann 11/10/2017 5 Created summary of tax bill and email to S. Martinez 1.3

Michael Westermann 11/10/2017 5 Created summary of potential Senate corporate tax bill 2.4

Rahul Yenumula 11/10/2017 5 Review of Critical Projects under Title V of PROMESA 1.3

Rahul Yenumula 11/10/2017 5 Preparation of slides on process for awarding Critical Project Status under Title V of 3.1

Enrique R. Ubarri 11/11/2017 5 Reviewed e-mail from M. Kopacz (Phoenix) re: Financial Advisor sessions. 0.1

Enrique R. Ubarri 11/11/2017 5 Sent e-mail to S. Martinez re: certain issues to be discussed in FA Sessions. 0.1

Carol Flaton 11/13/2017 5 Discussion w/S. Martinez re fiscal plan sessions 0.4

Carol Flaton 11/13/2017 5 Final review of comp analysis for distribution to Committee 0.6

Eric Deichmann 11/13/2017 5 Collection of PR population estimates from UN and insertion into Stata model 2.6

Eric Deichmann 11/13/2017 5 Testing real GNP per capita-based models vs. real GNP-based models 2.7

Michael Westermann 11/13/2017 5 Review of fiscal plan line-items for starting values which need updating in new Fiscal Plan 1.8

Rahul Yenumula 11/13/2017 5 Updated the debt pricing deck to reflect the bond prices as of 11/10/17 3.4

Scott Martinez 11/13/2017 5 Discussion w/C. Flaton re fiscal plan sessions 0.4

Eric Deichmann 11/15/2017 5 Discussion with S. Martinez and M. Westermann regarding fiscal plan macro assumptions 0.8

Eric Deichmann 11/15/2017 5 Comparison of per capita results based on World Bank vs. UN population data sets 1.4

Eric Deichmann 11/15/2017 5 Comparison of 9/13 macro presentation to Macroeconomic Road Map note 1.8

Eric Deichmann 11/15/2017 5 Edited/updated/added alternative data sets to file of data inputs for discussion with 

mediators

2.5

Eric Deichmann 11/15/2017 5 Comparison of results incorporating JP/BLS labor force data 2.7

Michael Westermann 11/15/2017 5 Discussion with S. Martinez and E. Deichmann regarding fiscal plan macro assumptions 0.8

Rahul Yenumula 11/15/2017 5 Revision of list of questions based on comments from R. Bingham 0.5

Scott Martinez 11/15/2017 5 Discussion with M. Westermann and E. Deichmann regarding fiscal plan macro assumptions 0.8

Rahul Yenumula 11/16/2017 5 Preliminary research on URS Corporation - Consulting Engineer for PREPA 1.1

Michael Westermann 11/17/2017 5 Updated statistics tracker for recent announcements 1.5

Eric Deichmann 11/20/2017 5 Research on precedents in GDP-linked bonds 3.4

Rahul Yenumula 11/20/2017 5 Review of deck on bond prices of GO, COFINA, PREPA, PRASA etc. 2.1

Rahul Yenumula 11/20/2017 5 Preparation of deck on Consulting Engineer for PREPA 2.3

Rahul Yenumula 11/21/2017 5 Research on URS Corporation - Consulting Engineer for PREPA 1.6

Rahul Yenumula 11/21/2017 5 Finalized the deck on Consulting Engineer for PREPA 1.8

Rahul Yenumula 11/21/2017 5 Revision of deck on Consulting Engineer based on comments from R. Bingham 2.8

Rahul Yenumula 11/22/2017 5 Finalized the deck on Consulting Engineer for PREPA based on comments from R. Bingham 3.6

Eric Deichmann 11/27/2017 5 Data collection – GDP-linked warrant terms and pricing 1.4

Michael Westermann 11/27/2017 5 Discussion with S. Martinez regarding healthcare 0.3

Rahul Yenumula 11/27/2017 5 Updated the model on debt pricing 1.8

Scott Martinez 11/27/2017 5 Discussion with M. Westermann regarding healthcare 0.3

Enrique R. Ubarri 11/28/2017 5 Reviewed communication from FOMB to Governor Rossello re: austerity measures. 0.1

Eric Deichmann 11/28/2017 5 Prepared summary slides on historical contingent notes 2.6

Scott Martinez 11/28/2017 5 Correspondence with J. Grogan (Paul Hastings) regarding GDB 0.2

Rahul Yenumula 11/29/2017 5 Review of GDB RSA 1.9

Rahul Yenumula 11/29/2017 5 Review of GDB Fiscal Plan 2.3

Enrique R. Ubarri 11/30/2017 5 Reviewed Creditor's Financial Advisors input to Revised Fiscal Plan memorandum 0.5

Eric Deichmann 11/30/2017 5 Completion of draft summary deck on historical contingent notes 2.2

Rahul Yenumula 11/30/2017 5 Revision of deck on Consulting Engineer based on comments from R. Bingham 1.8

Rahul Yenumula 11/30/2017 5 Review of other documents related to GDB RSA 2.4

Scott Martinez 11/30/2017 5 Reviewed and commented on the draft issues related to the GDB RSA 0.7

Michael Westermann 12/1/2017 5 Review of and updated statistics tracker for the latest economic index study 1.2

Rahul Yenumula 12/1/2017 5 Revision of the deck on Consulting Engineer's report based on the comments from R. Bingham 2.3

Scott Martinez 12/1/2017 5 Reviewed materials posted from the FOMB's second listening session 1.0

Carol Flaton 12/2/2017 5 Emails w. J. Spina/OMM re budget 0.2

Rahul Yenumula 12/4/2017 5 Follow-up discussion with R. Bingham and S. Martinez re: GDB Title VI 0.4

Rahul Yenumula 12/4/2017 5 Debt pricing - updating the excel 2.4

Rahul Yenumula 12/4/2017 5 Debt pricing - updating the presentation 4.3

Robert Bingham 12/4/2017 5 Follow-up discussion with S. Martinez and R. Yenumula re: GDB Title VI 0.4

Scott Martinez 12/4/2017 5 Follow-up discussion with R. Bingham and R. Yenumula re: GDB Title VI 0.4

Carol Flaton 12/5/2017 5 Meeting with E. Deichmann and S. Martinez - prep for economist meeting 0.5

Eric Deichmann 12/5/2017 5 Updates to Contingency Notes Analysis deck 0.2

Eric Deichmann 12/5/2017 5 Meeting with C. Flaton and S. Martinez - prep for economist meeting 0.5

Eric Deichmann 12/5/2017 5 Analysis of GDP decline comparables 1.6

Michael Westermann 12/5/2017 5 Created summary of federal tax law effects on Puerto Rico per committee member request 2.8

Rahul Yenumula 12/5/2017 5 Revision of the debt pricing deck and excel 4.6

Scott Martinez 12/5/2017 5 Meeting with C. Flaton and E. Deichmann - prep for economist meeting 0.5

Eric Deichmann 12/6/2017 5 Prepared analysis for economist meeting 2.1

Rahul Yenumula 12/6/2017 5 Research on MSRB and BVAL prices on Bloomberg 1.7

Rahul Yenumula 12/6/2017 5 Updating the debt pricing excel with MSRB prices and vetting the excel 4.2

Carol Flaton 12/7/2017 5 Review and mark up of draft notes from economist mtg. 0.2

Eric Deichmann 12/7/2017 5 Analyzed bilingualism data 1.1

Page 26 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 28 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Eric Deichmann 12/7/2017 5 Prepared summary of economist meeting 0.7

Eric Deichmann 12/7/2017 5 Review of macro baseline materials prior to economist meeting 1.4

Eric Deichmann 12/7/2017 5 Economist meeting with A. Wolf, etc., in DC 2.5

Michael Westermann 12/8/2017 5 Review and summarize of previous economists insights into PR future posted to data site 2.5

Enrique R. Ubarri 12/12/2017 5 Telephone conversation with S. Martinez and R. Bingham re: budgets and issuances of the 

Commonwealth of Puerto Rico. Research re: debt and payment capacity.

0.8

Rahul Yenumula 12/12/2017 5 Debt pricing - updating the excel with MSRB prices 2.2

Rahul Yenumula 12/12/2017 5 Comparison of BVAL values with MSRB prices 2.3

Rahul Yenumula 12/12/2017 5 Debt pricing - updating the deck with MSRB prices 4.1

Eric Deichmann 12/13/2017 5 Updates to Contingency Notes Analysis deck 0.5

Rahul Yenumula 12/13/2017 5 Discussion with S. Martinez, R. Bingham, J. Grogan (PH) re: GDB RSA 0.2

Rahul Yenumula 12/13/2017 5 Follow-up discussion re: GDB RSA with R. Bingham & S. Martinez 0.3

Robert Bingham 12/13/2017 5 Discussion with S. Martinez, R. Yenumula, J. Grogan (PH) re: GDB RSA 0.2

Robert Bingham 12/13/2017 5 Follow-up discussion re: GDB RSA with S. Martinez & R. Yenumula 0.3

Scott Martinez 12/13/2017 5 Discussion with R. Bingham, R. Yenumula, J. Grogan (PH) re: GDB RSA 0.2

Scott Martinez 12/13/2017 5 Follow-up discussion re: GDB RSA with R. Bingham & R. Yenumula 0.3

Deborah Praga 12/14/2017 5 Discussion regarding COFINA research with S. Martinez 0.6

Deborah Praga 12/14/2017 5 Discussion with S. Martinez regarding revised fiscal plan 0.9

Deborah Praga 12/14/2017 5 Review of A. Wolfe Peaje deposition transcript 2.2

Eric Deichmann 12/14/2017 5 Review of A. Wolfe Peaje deposition transcript 2.1

Scott Martinez 12/14/2017 5 Discussion with D. Praga regarding revised fiscal plan 0.9

Deborah Praga 12/15/2017 5 Review and analysis of new documents posted to Intralinks site 1.6

Enrique R. Ubarri 12/15/2017 5 Reviewed baseline of proposed Fiscal Plan as analyzed by Initiative for Policy Dialogue 

Columbia Business School 

0.3

Rahul Yenumula 12/15/2017 5 Review of Navigant Report on PREPA 2.2

Michael Westermann 12/18/2017 5 Compared bank account balances to budget for agencies 1.4

Rahul Yenumula 12/18/2017 5 Review of Joint Objection filed by PREPA bondholders on the Motion filed by PROMESA 

oversight board and the Puerto Rico Fiscal Agency and Financial Advisory Authority with 

respect to insurance proceeds for damages caused by Hurricane Maria

1.2

Michael Westermann 12/19/2017 5 Created PowerPoint for difference between SUT and excise tax 2.5

Anthony Perrella 12/20/2017 5 Compiled ratings reports from different agencies for precedent Finance Authority 1.0

Anthony Perrella 12/20/2017 5 Compiled ratings reports from different agencies for precedent Tax Revenue Bonds 2.0

Rahul Yenumula 12/20/2017 5 Review of material related to PREPA Consulting Engineer 1.1

Enrique R. Ubarri 12/22/2017 5 Reviewed communication from FOMB re: 2019 budgeting process. 0.1

Michael Westermann 1/2/2018 5 Analyze and comment on bank account balances posted to Intralinks and comparison to 

previous balances posted

1.7

Rahul Yenumula 1/3/2018 5 Updated the model with the latest Bloomberg data 2.2

Rahul Yenumula 1/3/2018 5 Revised the debt pricing model to extend the time period of the data 2.4

Rahul Yenumula 1/3/2018 5 Verified the information with data available on EMMA website 3.1

Rahul Yenumula 1/4/2018 5 Revised the debt pricing deck to extend the time period of the charts used in the deck 1.1

Rahul Yenumula 1/4/2018 5 Made revisions to the model based on the due-diligence 1.2

Rahul Yenumula 1/4/2018 5 Verified the information obtained from Bloomberg with data available on EMMA website 1.6

Rahul Yenumula 1/4/2018 5 Revised the debt pricing deck based on updated debt pricing model 2.6

Carol Flaton 1/5/2018 5 Exchanged emails w/ S. Martinez re AAFAF postings 0.2

Enrique R. Ubarri 1/5/2018 5 Research re: excise taxes and COFINA analyses. 2.5

Rahul Yenumula 1/5/2018 5 Revised the debt pricing deck based on the comments from S. Martinez 1.9

Enrique R. Ubarri 1/8/2018 5 Reviewed replies to the Creditor Mediation Session presented by AAFAF 0.4

Enrique R. Ubarri 1/8/2018 5 Meeting with S. Martinez, R. Bingham, M. Westermann, and D. Praga regarding COFINA 

analyses

1.0

Enrique R. Ubarri 1/8/2018 5 Preparation of report re: SUT analyses. 1.1

Enrique R. Ubarri 1/8/2018 5 Emailed C. Flaton regarding certain issues related to filings 0.3

Rahul Yenumula 1/8/2018 5 Updated the list of questions based on FEMA Flast Report and Reorg Research Articles 1.6

Carol Flaton 1/9/2018 5 Email to and comp analysis discussion w/A. Carr and A. Velasquez (SEIU) 0.4

Enrique R. Ubarri 1/9/2018 5 Sent e-mail to C. Flaton re: responsive filings from AAFAF and FOMB. 0.2

Enrique R. Ubarri 1/9/2018 5 Research and analysis re: excise taxes and COFINA analyses 0.9

Michael Westermann 1/9/2018 5 Compared municipal appropriations posted to Intralinks to CW fiscal plan 0.8

Enrique R. Ubarri 1/10/2018 5 Reviewed and analyzed study on SUT. 2.5

Enrique R. Ubarri 1/11/2018 5 Completed the review and analysis of SUT study and sent e-mail to S. Martinez, M. 

Westermann, R. Bingham and D. Praga regarding the same

3.5

Eric Deichmann 1/11/2018 5 Preparation of Contingent Notes discussion deck for in-person meeting 6.8

Michael Westermann 1/11/2018 5 Spread latest CW budget to actuals and updated slides for upcoming meeting 0.9

Carol Flaton 1/12/2018 5 Review and mark up of draft tax analysis for 1/18 mtg 0.7

Eric Deichmann 1/12/2018 5 Preparation of Contingent Notes discussion deck for in-person meeting 5.3

Enrique R. Ubarri 1/15/2018 5 Exchanged several communications with D. Praga and S. Martinez re: PR Tax matters 0.3

Enrique R. Ubarri 1/15/2018 5 Reviewed draft presentation for UCC 1.1

Eric Deichmann 1/15/2018 5 Discussion regarding contingent bonds with S. Martinez 0.4

Eric Deichmann 1/15/2018 5 Edits to consumption tax deck for in-person meeting 1.6

Eric Deichmann 1/15/2018 5 Preparation of Contingent Notes discussion deck for in-person meeting 3.8

Rahul Yenumula 1/15/2018 5 Verified the information with data available on EMMA website 2.3

Carol Flaton 1/16/2018 5 Final review of all ZC UCC materials form 1/18 mtg 0.3

Page 27 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 29 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Deborah Praga 1/16/2018 5 Revised tax presentation 1.8

Eric Deichmann 1/16/2018 5 Preparation of Contingent Notes discussion deck for in-person meeting - final edits 2.6

Deborah Praga 1/17/2018 5 Revised tax presentation 0.8

Michael Westermann 1/17/2018 5 Review and prepare for healthcare related presentation at the in-person UCC meeting 2.7

Eric Deichmann 1/18/2018 5 Participated in UCC meeting with C. Flaton, S. Martinez, E. Ubarri, M. Westermann and D. 

Praga

8.0

Eric Deichmann 1/22/2018 5 Discussion regarding Stiglitz report with S. Martinez 0.5

Scott Martinez 1/22/2018 5 Discussion regarding Stiglitz report with E. Deichmann 0.5

Rahul Yenumula 1/24/2018 5 Prepared a deck on Critical Projects that were opened for public comment 3.6

Carol Flaton 1/25/2018 5 Initial review of CW Fiscal Plan 3.1

Deborah Praga 1/25/2018 5 Prepared summary of PRASA fiscal plan presentation in preparation for committee call 0.8

Deborah Praga 1/25/2018 5 Review of PRASA fiscal plan presentation 1.5

Deborah Praga 1/25/2018 5 Reviewed Commonwealth fiscal plan presentation 3.6

Enrique R. Ubarri 1/25/2018 5 Commonwealth Fiscal Plan Review 1.7

Eric Deichmann 1/25/2018 5 Discussion with S. Martinez -- economic assumptions in New Fiscal Plan 0.8

Eric Deichmann 1/25/2018 5 Review of New Fiscal Plan macro forecast & DSA and initial comparisons to prior plan 3.5

Michael Westermann 1/25/2018 5 Read new fiscal plan 1.1

Michael Westermann 1/25/2018 5 Preliminary comparison of current revenues versus previous version 1.9

Michael Westermann 1/25/2018 5 Preliminary comparison of current expenses versus previous version 2.7

Michael Westermann 1/25/2018 5 Preliminary comparison of current measures versus previous version 2.9

Scott Martinez 1/25/2018 5 Discussion with E. Deichmann -- economic assumptions in New Fiscal Plan 0.8

Scott Martinez 1/25/2018 5 Reviewed the revised draft PRASA fiscal plan 1.5

Scott Martinez 1/25/2018 5 Reviewed the revised draft Commonwealth fiscal plan 4.4

Carol Flaton 1/26/2018 5 Review of article summarizing FP 0.1

Deborah Praga 1/26/2018 5 Reviewed Commonwealth fiscal plan presentation relative to certified fiscal plan 2.1

Deborah Praga 1/26/2018 5 Review of fiscal plan model posted to Intralinks 1.9

Enrique R. Ubarri 1/26/2018 5 Evaluated Fiscal Plan presentation for the Commonwealth of Puerto Rico; researched certain 

information in fiscal plan.

3.2

Michael Westermann 1/26/2018 5 Created a PowerPoint highlighting differences between current and previous FPs 0.5

Michael Westermann 1/26/2018 5 Added slides to the PowerPoint regarding general fund expenses 2.8

Michael Westermann 1/26/2018 5 Diligence regarding every line-item in the general fund and comparison to previous fiscal 3.0

Rahul Yenumula 1/26/2018 5 Revision of the deck on Critical Projects based on comments from R. Bingham 2.2

Scott Martinez 1/26/2018 5 Reviewed the revised draft Commonwealth fiscal plan 1.0

Scott Martinez 1/27/2018 5 Prepared an analysis comparing the summary tab from the Commonwealth's certified fiscal 

plan to the current draft fiscal plan

2.1

Scott Martinez 1/27/2018 5 Reviewed Commonwealth fiscal plan model that was posted to Intralinks 2.6

Carol Flaton 1/28/2018 5 Review of preliminary FP comparison document 1.2

Carol Flaton 1/28/2018 5 Reviewed detailed FP model 1.4

Deborah Praga 1/28/2018 5 Reviewed fiscal plan comparison sent by S. Martinez 0.9

Eric Deichmann 1/28/2018 5 Identification of questions about New Fiscal Plan content for AAFAF and Creditor Working 

Group discussions

1.5

Michael Westermann 1/28/2018 5 Diligence regarding every line-item for non - general fund and comparison to previous fiscal 

plan

2.0

Michael Westermann 1/28/2018 5 Added slides to the PowerPoint regarding non - general fund expenses 2.2

Carol Flaton 1/29/2018 5 Continued review of CW FP 1.3

Deborah Praga 1/29/2018 5 Meeting to discuss Fiscal Plan strategy with S. Martinez, E. Deichmann, M. Westermann 1.8

Deborah Praga 1/29/2018 5 Analysis of fiscal plan draft relative to certified fiscal plan 4.4

Eric Deichmann 1/29/2018 5 Meeting to discuss Fiscal Plan strategy with S. Martinez, M. Westermann, D. Praga 1.8

Michael Westermann 1/29/2018 5 Strategy session regarding fiscal plan with S. Martinez, D. Praga 1.1

Michael Westermann 1/29/2018 5 Meeting to discuss Fiscal Plan strategy with S. Martinez, E. Deichmann, D. Praga 1.8

Michael Westermann 1/29/2018 5 Comparison of non-general fund revenues to fiscal plan 2.8

Michael Westermann 1/29/2018 5 Comparison of general fund revenues to previous fiscal plan 3.0

Rahul Yenumula 1/29/2018 5 Prepared questions based on the review of the DIP motion 0.6

Scott Martinez 1/29/2018 5 Strategy session regarding fiscal plan with M. Westermann, D. Praga 1.1

Scott Martinez 1/29/2018 5 Meeting to discuss Fiscal Plan strategy with E. Deichmann, M. Westermann, D. Praga 1.8

Scott Martinez 1/29/2018 5 Reviewed the Commonwealth fiscal plan model 2.2

Carol Flaton 1/30/2018 5 Emails w/L. Despins (PH), J. Gana (Assured) re FP session 0.1

Carol Flaton 1/30/2018 5 Email w/ E. Ubarri re proposed tax reform 0.1

Carol Flaton 1/30/2018 5 Email w/ L. Despins (PH) re FOMB steps on DIP 0.1

Carol Flaton 1/30/2018 5 Review of article explaining underlying population data for FP 0.3

Carol Flaton 1/30/2018 5 Discussion regarding observations to the Commonwealth's fiscal plan with D. Praga, S. 

Martinez, E. Deichmann, M. Westermann

0.6

Carol Flaton 1/30/2018 5 Further review of draft FP 1.3

Deborah Praga 1/30/2018 5 Discussion regarding observations to the Commonwealth's fiscal plan with C. Flaton, S. 

Martinez, E. Deichmann, M. Westermann

0.6

Deborah Praga 1/30/2018 5 Review and analysis of measures in CW fiscal plan 1.2

Deborah Praga 1/30/2018 5 Review and analysis of every revenue line item of CW fiscal plan 1.8

Deborah Praga 1/30/2018 5 Review and analysis of expense line items in CW fiscal plan 2.6

Enrique R. Ubarri 1/30/2018 5 Evaluated motion filed by GO Bondholder, AMBAC, Assured, Mutual Fund Group, NPFGC as 

reply in support of production of fiscal plan materials.

0.2

Page 28 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 30 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 1/30/2018 5 Discussion regarding the Commonwealth fiscal plan with S. Martinez and E. Ubarri 0.7

Eric Deichmann 1/30/2018 5 Discussion regarding observations to the Commonwealth's fiscal plan with C. Flaton, S. 

Martinez, M. Westermann, D. Praga 

0.6

Eric Deichmann 1/30/2018 5 Participated in committee call with Paul Hastings (L. Despins, A. Bongartz), C. Flaton, S. 

Martinez, R. Bingham, E. Ubarri, M. Westermann, D. Praga

0.7

Eric Deichmann 1/30/2018 5 Creation of presentation of macro and DSA issues for creditors 6.6

Michael Westermann 1/30/2018 5 Discussion regarding observations to the Commonwealth's fiscal plan with C. Flaton, S. 

Martinez, E. Deichmann, D. Praga 

0.6

Michael Westermann 1/30/2018 5 Created slide with comparisons for measures 1.6

Michael Westermann 1/30/2018 5 Comparison of measures between current and previous fiscal plan 3.1

Scott Martinez 1/30/2018 5 Discussion regarding observations to the Commonwealth's fiscal plan with C. Flaton, E. 

Deichmann, M. Westermann, D. Praga

0.6

Scott Martinez 1/30/2018 5 Discussion regarding the Commonwealth fiscal plan with E. Ubarri 0.7

Scott Martinez 1/30/2018 5 Reviewed the Commonwealth fiscal plan model 2.5

Carol Flaton 1/31/2018 5 Review and mark of DIP slide 0.2

Carol Flaton 1/31/2018 5 Discussion regarding key issues to raise at the creditor session regarding the Commonwealth 

fiscal plan with E. Deichmann, S. Martinez, M. Westermann

0.6

Carol Flaton 1/31/2018 5 Continued review of CW FP 0.9

Deborah Praga 1/31/2018 5 Review and analysis of measures in CW fiscal plan 1.7

Deborah Praga 1/31/2018 5 Review and analysis of expense line items in CW fiscal plan 2.3

Deborah Praga 1/31/2018 5 Review and analysis of every revenue line item of CW fiscal plan 3.8

Enrique R. Ubarri 1/31/2018 5 Evaluated Fiscal Plan presentation and backup information for Puerto Rico 2.1

Enrique R. Ubarri 1/31/2018 5 Prepared Memorandum on issues related to the fiscal plan presentation for the 

Commonwealth of Puerto Rico

1.1

Enrique R. Ubarri 1/31/2018 5 Sent e-mail to S. Martinez re: memorandum on issues on the Fiscal Plan. 0.2

Eric Deichmann 1/31/2018 5 Discussion regarding key issues to raise at the creditor session regarding the Commonwealth 

fiscal plan with C. Flaton, S. Martinez, M. Westermann

0.6

Eric Deichmann 1/31/2018 5 Discussion regarding macro observations in the Commonwealth fiscal plan with S. Martinez 0.7

Eric Deichmann 1/31/2018 5 Creation of presentation of macro and DSA issues for creditors 5.8

Michael Westermann 1/31/2018 5 Discussion regarding key issues to raise at the creditor session regarding the Commonwealth 

fiscal plan with C. Flaton, S. Martinez, E. Deichmann

0.6

Michael Westermann 1/31/2018 5 Review of and comparison to fiscal plan based on E. Ubarri comments 0.8

Scott Martinez 1/31/2018 5 Discussion regarding key issues to raise at the creditor session regarding the Commonwealth 

fiscal plan with C. Flaton, E. Deichmann, M. Westermann

0.6

Scott Martinez 1/31/2018 5 Discussion regarding macro observations in the Commonwealth fiscal plan with E. Deichmann 0.7

Scott Martinez 1/31/2018 5 Reviewed the draft presentation on macro assumptions in the Commonwealth's fiscal plan 1.0

Scott Martinez 1/31/2018 5 Reviewed the Commonwealth fiscal plan model 1.1

Total Matter Category 5 578.6

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 10/1/2017 6 Review of news articles from L. Despins (PH) 0.3

Carol Flaton 10/2/2017 6 Review of historical GO/COFINA settlement proposals 0.4

Deborah Praga 10/2/2017 6 Researched emigration rules/trends in sovereign comps 0.8

Enrique R. Ubarri 10/2/2017 6 Reviewed release from FOMB re: assistance to PR after Hurricane Maria 0.1

Michael Westermann 10/2/2017 6 Research precedent recoveries for different creditor classes 0.9

Scott Martinez 10/2/2017 6 Reviewed recoveries from precedent chapter 9 cases 0.6

Scott Martinez 10/2/2017 6 Reviewed articles on status of recovery from hurricane Maria and economic impact on Puerto 

Rico

0.7

Carol Flaton 10/3/2017 6 Reviewed PR news articles 0.4

Carol Flaton 10/3/2017 6 Review Miller Buckfire materials (COFINA/CW proposals) 0.6

Carol Flaton 10/3/2017 6 Review of CHIP legislation (bill) proposed to congress 0.8

Deborah Praga 10/3/2017 6 Researched programs mentioned in the October 3rd FOMB letter 0.5

Enrique R. Ubarri 10/3/2017 6 Reviewed filing from Aurelius in response to filings of FOMB 0.1

Enrique R. Ubarri 10/3/2017 6 Reviewed Motion filed by US in the UTIER Case 0.1

Enrique R. Ubarri 10/3/2017 6 Reviewed Order from Judge Swain in Aurelius and UTIER cases 0.1

Enrique R. Ubarri 10/3/2017 6 Reviewed proposed funding for disaster relief in Puerto Rico. 0.1

Enrique R. Ubarri 10/3/2017 6 Reviewed order in Assured companies case. 0.1

Enrique R. Ubarri 10/3/2017 6 Reviewed Order in UTIER and Aurelius cases 0.1

Enrique R. Ubarri 10/3/2017 6 Reviewed filings from FOMB in Aurelius case. 0.2

Enrique R. Ubarri 10/3/2017 6 Reviewed communication from FOMB to Congress re: funds assistance for Puerto Rico 0.2

Enrique R. Ubarri 10/3/2017 6 Reviewed suspension of Collective Bargaining Agreements Executive Order of the 

Commonwealth.

0.2

Enrique R. Ubarri 10/3/2017 6 Exchanged e-mails with L. Despins (PH) re: Executive Order. 0.1

Enrique R. Ubarri 10/3/2017 6 Reviewed Congressional Memorandum on Health Benefits 0.6

Enrique R. Ubarri 10/3/2017 6 Research re: health funding from Congress post-Hurricane Maria; reviewed proposed 

legislation and other documents on proposed health benefits. Sent e-mails to C. Flaton, S. 

Martinez, and M. Westermann re: proposed health benefits.

1.0

Michael Westermann 10/3/2017 6 Comment on comps deck 1.1

Michael Westermann 10/3/2017 6 Review of new healthcare bill including increase to PR Medicaid amount 2.2

Page 29 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 31 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Scott Martinez 10/3/2017 6 Reviewed articles and reports regarding status of recovery efforts for Puerto Rico's 

infrastructure

0.5

Scott Martinez 10/3/2017 6 Reviewed the draft CHIPs bill regarding Medicaid funding for Puerto Rico 0.8

Scott Martinez 10/3/2017 6 Reviewed and commented on the current draft comp analysis presentation 1.2

Carol Flaton 10/4/2017 6 Reviewed articles re Sobrino speech and Senator Bishop's remarks 0.3

Carol Flaton 10/4/2017 6 Review FOMB letter to Congress 0.4

David MacGreevey 10/4/2017 6 Review PR oversight board letter to Congress 0.2

David MacGreevey 10/4/2017 6 Review email w attachment from S. Martinez re: PR debt pricing report 0.3

Deborah Praga 10/4/2017 6 Review of documents posted on Intralinks 0.4

Deborah Praga 10/4/2017 6 Review of PR news articles on Reorg Research and Caribbean Business 0.7

Enrique R. Ubarri 10/4/2017 6 Reviewed and research certain information proposed by US government re: PR debt. 0.2

Enrique R. Ubarri 10/4/2017 6 Research and review certain proposals from Congress for PR assistance. 0.2

Enrique R. Ubarri 10/4/2017 6 Research and review of disaster and health benefits for PR 0.2

Michael Westermann 10/4/2017 6 Review of news articles related to PR requests for additional federal funds 1.4

Scott Martinez 10/4/2017 6 Reviewed and distributed the draft comp analysis presentation to members of the UCC 0.5

Scott Martinez 10/4/2017 6 Reviewed articles regarding status of Puerto Rico debt and fiscal plan 1.0

Carol Flaton 10/5/2017 6 Reviewed PR news articles 0.4

Deborah Praga 10/5/2017 6 Research on aid historically provided after hurricanes 1.6

Deborah Praga 10/5/2017 6 Review of PR news articles on Reorg Research and Caribbean Business 0.9

Matthew Delmonte 10/5/2017 6 Review and monitor PR debt market prices 0.8

Michael Westermann 10/5/2017 6 Review updated baseline log posted to Intralinks 0.9

Carol Flaton 10/6/2017 6 Review of draft PH memo (305) 0.2

Deborah Praga 10/6/2017 6 Review of PR news articles on Reorg Research 0.4

Enrique R. Ubarri 10/6/2017 6 Reviewed communication from Bonistas del Patio 0.1

Matthew Delmonte 10/6/2017 6 Work on historical PR debt prices model pre 2014 - Presentation 2.8

Michael Westermann 10/6/2017 6 Review of news articles related to liquidity situation and possible tax alternatives 0.8

Michael Westermann 10/6/2017 6 Researched tax alternatives and PR historical attempts to change tax collections 2.7

Rahul Yenumula 10/6/2017 6 Review of news articles on PREPA's grid restoration status 1.2

Carol Flaton 10/9/2017 6 Review of Rossello letter to Trump regarding aid requests 0.2

Enrique R. Ubarri 10/9/2017 6 Reviewed PR government request for funding. 0.1

Enrique R. Ubarri 10/9/2017 6 Research re: power generation in PR after Hurricane Maria 0.1

Enrique R. Ubarri 10/9/2017 6 Reviewed filing from AFAAF re: proposed engagements by COFINA agent. 0.2

Enrique R. Ubarri 10/9/2017 6 Reviewed filing from Assured Companies withdrawing claim. 0.2

Enrique R. Ubarri 10/9/2017 6 Reviewed several filings re: UCC's intervention related supplemental briefings from FOMB, GO

Bondholder Group, AMBAC, Assured, FGIC, National

0.2

Enrique R. Ubarri 10/9/2017 6 Reviewed PRASA additional due diligence restructuring documents 0.5

Carol Flaton 10/10/2017 6 Review articles/status of healthcare request to Congress 0.2

Carol Flaton 10/10/2017 6 Reviewed news article on PREPA 0.3

Deborah Praga 10/10/2017 6 Review of PR news articles 0.4

Enrique R. Ubarri 10/10/2017 6 Reviewed filing from Bank of New York replying to objection of AFAAF. 0.1

Enrique R. Ubarri 10/10/2017 6 Reviewed filing from COFINA agent re: application 0.2

Enrique R. Ubarri 10/10/2017 6 Reviewed filing from COFINA Agent as reply to certain objections. 0.2

Enrique R. Ubarri 10/10/2017 6 Research re: Federal aid funds and Commonwealth restructuring proposals 0.5

Matthew Delmonte 10/10/2017 6 Review PRASA historical restructuring proposals 4.8

Michael Westermann 10/10/2017 6 Review of PRASA original fiscal plan 2.8

Scott Martinez 10/10/2017 6 Reviewed articles regarding federal aid for Puerto Rico 0.5

Scott Martinez 10/10/2017 6 Reviewed PRASA debt restructuring proposals uploaded to EMMA on October 9, 2017 1.8

Carol Flaton 10/11/2017 6 Read various news articles of Federal relief programs/status 0.4

Carol Flaton 10/11/2017 6 Review of cleansed PRASA materials 0.8

Deborah Praga 10/11/2017 6 Reviewing FEMA aid document on Intralinks 0.9

Enrique R. Ubarri 10/11/2017 6 Reviewed Order in the Aurelius et al proceeding 0.1

Enrique R. Ubarri 10/11/2017 6 Reviewed filing from COFINA Senior Bondholders with respect to COFINA Agent's motion 0.1

Enrique R. Ubarri 10/11/2017 6 Research re: Commonwealth request for liquidity 0.2

Enrique R. Ubarri 10/11/2017 6 Research disaster relief funding for Puerto Rico 0.5

Enrique R. Ubarri 10/11/2017 6 Research re: proposal on change to the tax collection system for Puerto Rico during 

emergency period

0.3

Enrique R. Ubarri 10/11/2017 6 Exchanged e-mails with L. Despins (PH) and S. Martinez re: tax collection change proposal. 0.3

Michael Westermann 10/11/2017 6 Read news article related to update on PRASA infrastructure and outsourcing 0.3

Michael Westermann 10/11/2017 6 Review of updated HTA toll revenue complaint 0.3

Michael Westermann 10/11/2017 6 Review of legislation for PR relief loans 1.5

Michael Westermann 10/11/2017 6 Reviewed updated PRASA business plan 1.8

Michael Westermann 10/11/2017 6 Review FEMA agreement posted to Intralinks 1.9

Michael Westermann 10/11/2017 6 Analyzed and commented on restructuring proposals for PRASA pre-hurricane 2.5

Scott Martinez 10/11/2017 6 Reviewed Oversight Board letter to the Treasury Secretary regarding federal liquidity facility 0.2

Scott Martinez 10/11/2017 6 Reviewed and commented on additional questions related to PRASA 0.3

Scott Martinez 10/11/2017 6 Reviewed articles on status of healthcare in Puerto Rico 0.3

Scott Martinez 10/11/2017 6 Reviewed articles on status of Puerto Rico's economy 0.4

Scott Martinez 10/11/2017 6 Prepared an initial list of questions related to PRASA 0.5

Scott Martinez 10/11/2017 6 Reviewed agreement posted to the Intralinks site between FEMA and Puerto Rico 0.9

Carol Flaton 10/12/2017 6 Review of news articles on federal relief monies requested 0.1

Page 30 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 32 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 10/12/2017 6 Review of recent postings in data room (from August mediation sessions) 0.2

Carol Flaton 10/12/2017 6 Review of press re FEMA and PREPA 0.8

Carol Flaton 10/12/2017 6 Meeting with D. Praga, M. Delmonte and M. Westermann to discuss documents uploaded to 

the data room and general case issues 

1.1

Deborah Praga 10/12/2017 6 Meeting with C. Flaton, M. Delmonte and M. Westermann to discuss documents uploaded to 

the data room and general case issues 

1.1

Deborah Praga 10/12/2017 6 Reviewing budget-related documents posted to the dataroom against previous budget 2.4

Deborah Praga 10/12/2017 6 Reviewing documents posted to dataroom 4.8

Enrique R. Ubarri 10/12/2017 6 Reviewed disaster bill resolution granting funds to PR 0.4

Enrique R. Ubarri 10/12/2017 6 Reviewed stipulation by and between FOMB, AFAAF and COFINA senior parties. 0.8

Matthew Delmonte 10/12/2017 6 Partial participation in internal meeting with C. Flaton, D. Praga, M. Westermann, regarding 

PRASA restructuring proposals (partial participation)

0.9

Michael Westermann 10/12/2017 6 Meeting with C. Flaton, M. Delmonte and D. Praga to discuss documents uploaded to the data 

room and general case issues 

1.1

Michael Westermann 10/12/2017 6 Review of PRASA deck and recent debt trading levels 1.5

Michael Westermann 10/12/2017 6 Research and comments on amount of pensions due to active commonwealth members 1.8

Michael Westermann 10/12/2017 6 Reviewed updated fiscal plan retiree tab provided 1.8

Michael Westermann 10/12/2017 6 Review of answers to creditor questions put on Intralinks 2.9

Scott Martinez 10/12/2017 6 Reviewed actuarial reports and operating reports related to ERS, TRS and JRS 1.1

Scott Martinez 10/12/2017 6 Reviewed additional files posted to the Intralinks website 3.3

Carol Flaton 10/13/2017 6 Mtg w/S. Martinez re pension analysis for Paul Hastings 0.5

Deborah Praga 10/13/2017 6 Researched historical government aid in natural disasters 0.8

Deborah Praga 10/13/2017 6 Read hurricane-related news articles 0.9

Scott Martinez 10/13/2017 6 Mtg w/C. Flaton re pension analysis for Paul Hastings 0.5

Scott Martinez 10/13/2017 6 Reviewed emergency disaster relief legislation 0.9

Scott Martinez 10/13/2017 6 Reviewed additional files posted to the Intralinks website 1.6

Scott Martinez 10/13/2017 6 Reviewed and commented on the draft pension analysis 2.2

Carol Flaton 10/14/2017 6 Reviewed various news articles and related emails w/E. Ubarri 0.6

Enrique R. Ubarri 10/15/2017 6 Reviewed filing from FOMB and AFAAF re: relief funds. 0.4

Carol Flaton 10/16/2017 6 Review of FOMB motion re FEMA monies 0.5

Carol Flaton 10/16/2017 6 Reviewed articles on P3 proposals for PREPA; related emails w/M. Comerford (PH) 0.6

Carol Flaton 10/16/2017 6 Review of news articles regarding recovery efforts 0.3

Deborah Praga 10/16/2017 6 Reviewed news articles for specified entries. 0.8

Deborah Praga 10/16/2017 6 Review of articles related to fiscal plan updates and federal assistance receipts 0.8

Deborah Praga 10/16/2017 6 Research on FEMA aid in precedent natural disasters 1.2

Deborah Praga 10/16/2017 6 Review on opinion pieces related to potential measures for Puerto Rico 1.1

Enrique R. Ubarri 10/16/2017 6 Reviewed letter from FOMB to US Senate re: disaster recovery assistance. 0.1

Enrique R. Ubarri 10/16/2017 6 Reviewed notice to COFINA holders. 0.1

Michael Westermann 10/16/2017 6 Review articles related to potential tax breaks proposed by the House for PR 0.2

Michael Westermann 10/16/2017 6 Review of articles related to fiscal plan updates and federal assistance receipts 1.1

Michael Westermann 10/16/2017 6 Review of backup files related to PREPA posted to Intralinks 2.7

Rahul Yenumula 10/16/2017 6 Review of news articles re: PREPA's appointment of Whitefish 1.2

Robert Bingham 10/16/2017 6 Review of COFINA offering documents to extract information requested by Paul Hastings 1.2

Scott Martinez 10/16/2017 6 Reviewed AAFAF and FOMB motion re: disaster relief funds 0.4

Scott Martinez 10/16/2017 6 Reviewed and commented on the draft presentation summarizing FEMA aid 2.8

Deborah Praga 10/17/2017 6 Researching FEMA procedures and hurricane-related news 0.7

Deborah Praga 10/17/2017 6 Reviewed Bishop letters to FEMA administrator and FBI Director, as well as sources cited 2.1

Michael Westermann 10/17/2017 6 Participate in Reorg PR update presentation 1.0

Michael Westermann 10/17/2017 6 Review of governor announcement re: consolidation of government 1.4

Rahul Yenumula 10/17/2017 6 Research on contractors engaged by PREPA for restoration of the electric grid 1.9

Scott Martinez 10/17/2017 6 Reviewed and commented on the revised draft presentation summarizing FEMA aid 2.1

Scott Martinez 10/17/2017 6 Reviewed additional FEMA documents to assess funding for Puerto Rico 2.3

Carol Flaton 10/18/2017 6 Read press articles on emergency relief funds 0.3

Deborah Praga 10/18/2017 6 Reviewed articles related to PREPA 0.6

Deborah Praga 10/18/2017 6 Review of PR news articles 0.6

Enrique R. Ubarri 10/18/2017 6 Reviewed proposed Emergency Legislation and send e-mail to C. Flaton, S. Martinez and L. 

Despins of Paul Hastings re: certain sections of the Emergency Legislation

1.3

Enrique R. Ubarri 10/18/2017 6 Reviewed filing from Ad Hoc GO Bondholder Group as opposition to FOMB and Commonwealth 

Motion to Dismiss

1.7

Rahul Yenumula 10/18/2017 6 Research on appointment of Weston Solutions to install 2x25 MW generators 1.1

Rahul Yenumula 10/18/2017 6 Review of news articles re: PREPA 0.7

Scott Martinez 10/18/2017 6 Reviewed and commented on the revised draft presentation summarizing FEMA aid 0.5

Carol Flaton 10/19/2017 6 Review of draft FEMA/Fed monies for Committee 0.7

Carol Flaton 10/19/2017 6 Review of Trump press conference in PR regarding hurricane response 0.3

Deborah Praga 10/19/2017 6 Revised FEMA deck based on team comments 1.4

Deborah Praga 10/19/2017 6 Review of PR news articles 0.7

Deborah Praga 10/19/2017 6 Watched Trump press conference with Governor Rosello regarding aid 0.6

Enrique R. Ubarri 10/19/2017 6 Research re: disaster recovery efforts and issuance of new debt for recovery; exchanged emails with C. Flaton re: new debt for recovery.

0.8

Enrique R. Ubarri 10/19/2017 6 Reviewed Order from Judge Swain re: COFINA Agent's Authorization request 0.2

Page 31 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 33 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 10/19/2017 6 Reviewed filing from AMBAC Assurance Corporation re: disaster recovery funds motion. 0.2

Enrique R. Ubarri 10/19/2017 6 Reviewed filing from NPFGC re: disaster recovery funds motion. 0.1

Enrique R. Ubarri 10/19/2017 6 Reviewed filing from the ad hoc GO Bondholder group re: disaster recovery funds. 0.3

Enrique R. Ubarri 10/19/2017 6 Reviewed Order from Judge Dein re: Rule 2004 motions. 0.1

Michael Westermann 10/19/2017 6 Watch president Trump meeting with Rosello regarding aid response 0.6

Michael Westermann 10/19/2017 6 Review and comment on climate impact lab study re: effects of disasters 3.3

Rahul Yenumula 10/19/2017 6 Review of news articles re: PREPA 0.9

Carol Flaton 10/20/2017 6 Review of various press articles from E. Ubarri re PR/Maria implications 0.4

Deborah Praga 10/20/2017 6 Research on PREPA and USACE contracts 0.7

Deborah Praga 10/20/2017 6 Researching aid available to HTA 0.6

Deborah Praga 10/20/2017 6 Research on federal aid available in disaster situations 2.3

Enrique R. Ubarri 10/20/2017 6 Reviewed statement from Retirees re: disaster recovery funds. 0.1

Enrique R. Ubarri 10/20/2017 6 Reviewed motion filed by American Federation of State, County and Municipal Employees, 

AFL-CIO re: Pending litigation.

0.1

Enrique R. Ubarri 10/20/2017 6 Reviewed statement on proposed scheduling order. 0.1

Enrique R. Ubarri 10/20/2017 6 Reviewed documentation from FOMB re: subpoenas for investigation. 0.2

Enrique R. Ubarri 10/20/2017 6 Reviewed extension of GDB RSA agreement 0.2

Michael Westermann 10/20/2017 6 Review of CIGI report re: population trends and comments on fiscal plan 1.4

Michael Westermann 10/20/2017 6 Review and comment on Hunter College report re: population declines 2.1

Michael Westermann 10/20/2017 6 Third party research regarding PR demographics 2.3

Rahul Yenumula 10/20/2017 6 Research on FEMA funding for contracts awarded to PREPA 1.4

Enrique R. Ubarri 10/22/2017 6 Research re: Federal funding disbursed to Puerto Rico; sent e-mail to D. Praga re: federal 

funding disbursed to Puerto Rico.

0.2

Enrique R. Ubarri 10/22/2017 6 Sent e-mail to D. Praga re: federal funding disbursed to Puerto Rico. 0.1

Enrique R. Ubarri 10/22/2017 6 Reviewed matter re: appointment of a recovery CEO for PR 0.1

Carol Flaton 10/23/2017 6 Review of debt pricing deck for Committee distribution 0.3

Deborah Praga 10/23/2017 6 Research on government contracts 0.9

Deborah Praga 10/23/2017 6 Review of FEMA related news articles 1.9

Enrique R. Ubarri 10/23/2017 6 Reviewed debt pricing presentation. 0.3

Enrique R. Ubarri 10/23/2017 6 Research on government contracts; telephone conversation with S. Martinez re: government 

contracts. 

0.2

Enrique R. Ubarri 10/23/2017 6 Reviewed research on government contracts and exchanged e-mails with S. Martinez re: 

review of contracts.

0.2

Enrique R. Ubarri 10/23/2017 6 Reviewed filing from FOMB and AAFAF re: treatment of disaster recovery funds. 0.4

Enrique R. Ubarri 10/23/2017 6 Research re: Federal funding provided to Puerto Rico and proposals in Congress; reviewed 

article on federal funding approved for Puerto Rico; sent e-mail to D. Praga re: federal 

funding disbursed to Puerto Rico.

0.5

Enrique R. Ubarri 10/23/2017 6 Reviewed article on federal funding approved for Puerto Rico send e-mail to D. Praga re: 

federal funding disbursed to Puerto Rico.

0.5

Michael Westermann 10/23/2017 6 Research energy data and historical amounts 0.7

Michael Westermann 10/23/2017 6 Review of disaster relief bill being proposed in Congress 1.1

Michael Westermann 10/23/2017 6 Research into airline passenger data 1.5

Michael Westermann 10/23/2017 6 Pulled cement sales, retail sales, economic indicators, and other key data and graphed such 3.2

Scott Martinez 10/23/2017 6 Reviewed comments from member of the UCC regarding the draft comp analysis 0.3

Scott Martinez 10/23/2017 6 Reviewed articles regarding the status of hurricane recovery efforts in Puerto Rico 0.5

Scott Martinez 10/23/2017 6 Watched the Oct 19 press conference between President Trump and Gov. Rossello re: 

hurricane response

0.6

Scott Martinez 10/23/2017 6 Reviewed draft analysis summarizing government contracts awarded 1.0

Scott Martinez 10/23/2017 6 Reviewed HTA's 2015 audited financials 1.5

Scott Martinez 10/23/2017 6 Reviewed and commented on the updated draft FEMA aid presentation 3.1

Deborah Praga 10/24/2017 6 Reviewed PR news articles 1.3

Deborah Praga 10/24/2017 6 Researched CDL program cancelations in precedent natural disasters 1.1

Deborah Praga 10/24/2017 6 Researched PREPA contracts and USACE contract treatment 1.6

Enrique R. Ubarri 10/24/2017 6 Reviewed agenda for hearing. 0.1

Enrique R. Ubarri 10/24/2017 6 Reviewed filing from FGIC to stay case. 0.1

Michael Westermann 10/24/2017 6 Researched CDLs and other FEMA support 0.9

Rahul Yenumula 10/24/2017 6 Review of Whitefish and Cobra Acquisitions contracts signed by PREPA 2.4

Scott Martinez 10/24/2017 6 Reviewed and commented on the updated draft FEMA aid presentation 2.9

Scott Martinez 10/24/2017 6 Researched articles and reports regarding FEMA aid available to Puerto Rico 1.0

Scott Martinez 10/24/2017 6 Reviewed articles regarding the status of school openings in Puerto Rico 0.2

Scott Martinez 10/24/2017 6 Reviewed FGIC motion to stay litigation 0.2

Scott Martinez 10/24/2017 6 Analyzed and reviewed the draft $36.5 billion federal disaster relief bill 0.7

Carol Flaton 10/25/2017 6 Review of revised COFINA/Commonwealth complaint 0.8

Deborah Praga 10/25/2017 6 Reviewing PR news 0.6

Deborah Praga 10/25/2017 6 Research on legislation passed for relief for PR 0.9

Rahul Yenumula 10/25/2017 6 Review of news articles re: new contracts signed by PREPA 0.9

Scott Martinez 10/25/2017 6 Reviewed the EY FEMA presentation materials and referenced documents 2.0

Deborah Praga 10/26/2017 6 Review of PR news articles 0.5

Deborah Praga 10/26/2017 6 Researching issues raised by A. Velazquez's (SEIU) comps comments 3.1

Enrique R. Ubarri 10/26/2017 6 Reviewed minutes of proceedings in Title III hearing. 0.1

Page 32 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 34 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 10/26/2017 6 Research re: Recovery Act and Reorganization Act presented by the governor and send e-mail

to C. Flaton re: projects presented by the governor.

0.2

Michael Westermann 10/26/2017 6 Research re: Hurricane San Felipe and effect on PR 2.6

Rahul Yenumula 10/26/2017 6 Review of news articles re: appointment of Noel Zamot as Transformation Officer for PREPA 0.8

Rahul Yenumula 10/26/2017 6 Review of news articles re: additional details on contractors engaged by PREPA 1.2

Scott Martinez 10/26/2017 6 Reviewed article regarding water crisis in Puerto Rico 0.2

Scott Martinez 10/26/2017 6 Reviewed articles regarding PREPA transformation officer 0.5

Carol Flaton 10/27/2017 6 Review draft motion re CTO 0.8

David MacGreevey 10/27/2017 6 Review PR UCC Whitefish motion 0.5

Deborah Praga 10/27/2017 6 Reviewed PR news articles 0.6

Enrique R. Ubarri 10/27/2017 6 Reviewed Order on disaster relief funding. 0.1

Enrique R. Ubarri 10/27/2017 6 Reviewed Order from Judge Dein re: Assured Guaranty Case and intervention from UCC 0.2

Enrique R. Ubarri 10/27/2017 6 Reviewed Order from Judge Dein re: interventions in Municipality of San Juan case against 

GDB.

0.2

Enrique R. Ubarri 10/27/2017 6 Research re: information for COFINA agent information requests. 0.5

Michael Westermann 10/27/2017 6 Reviewed study on San Felipe effect on island 2.2

Scott Martinez 10/27/2017 6 Reviewed and commented on the draft follow up questions regarding healthcare in Puerto 

Rico

0.2

Scott Martinez 10/27/2017 6 Reviewed articles regarding the appointment of N. Zamot as PREPA's transformation officer 0.5

Enrique R. Ubarri 10/29/2017 6 Review Executive Order and research re: certain matters related to the Executive Order 0.3

Enrique R. Ubarri 10/29/2017 6 Send e-mail to C. Flaton re: Executive Order. 0.1

Enrique R. Ubarri 10/29/2017 6 Research re: information on FEMA disaster recovery procedures 0.5

Anthony Perrella 10/30/2017 6 Spoke with Moody's representative re: methodology report 0.5

Anthony Perrella 10/30/2017 6 Searched for specific rating's methodology report from Moody's re: special tax bonds 1.5

Deborah Praga 10/30/2017 6 Review of Independent Investigator's First Interim Report 0.4

Deborah Praga 10/30/2017 6 Reviewed PR news articles related to recovery efforts 0.4

Deborah Praga 10/30/2017 6 Reviewed the draft 2004 motion seeking discovery regarding the Whitefish contract 0.8

Deborah Praga 10/30/2017 6 Reviewed PR news articles related to PREPA contracts and estimates 1.1

Deborah Praga 10/30/2017 6 Researched education statistics for U.S. states 1.2

Enrique R. Ubarri 10/30/2017 6 Reviewed Municipality of Caguas filing. 0.1

Enrique R. Ubarri 10/30/2017 6 Reviewed report prepared by independent investigator. 0.4

Enrique R. Ubarri 10/30/2017 6 Reviewed and summarized MCO Agreement with MMM. 2.2

Mark A. Cervi 10/30/2017 6 Assist with effort to locate data requested by M. Kahn (PH) 0.6

Michael Westermann 10/30/2017 6 Reviewed initial report from independent investigator 0.3

Michael Westermann 10/30/2017 6 Reviewed articles related to implementation of PREPA receiver / contract cancellation 0.6

Michael Westermann 10/30/2017 6 Review of articles related to contracts and debt investigation 0.6

Michael Westermann 10/30/2017 6 Completed follow up research re: follow up questions brought up in UCC meeting 1.0

Michael Westermann 10/30/2017 6 Searched for lobbying reports 1.3

Michael Westermann 10/30/2017 6 Research re: FEMA fund reimbursement and audit procedure and data 1.5

Michael Westermann 10/30/2017 6 Research re: questions raised in the UCC meeting by committee members 2.7

Rahul Yenumula 10/30/2017 6 Discussion with S. Martinez regarding P3s 0.4

Rahul Yenumula 10/30/2017 6 Research on P3 proposals received by the Commonwealth as of now 1.3

Scott Martinez 10/30/2017 6 Discussion with R. Yenumula regarding P3s 0.4

Scott Martinez 10/30/2017 6 Reviewed the initial report of Kobre & Kim (independent investigator to the FOMB) 0.5

Scott Martinez 10/30/2017 6 Reviewed articles regarding the Whitefish contract with PREPA 0.5

Carol Flaton 10/31/2017 6 Review of debt pricing presentation for UCC 0.2

Carol Flaton 10/31/2017 6 Review of Kobe & Kim report 0.4

Deborah Praga 10/31/2017 6 Research employment statistics of states 0.3

Enrique R. Ubarri 10/31/2017 6 Reviewed TSA Report from AAFAF 0.2

Enrique R. Ubarri 10/31/2017 6 Reviewed debt pricing presentation. 0.3

Enrique R. Ubarri 10/31/2017 6 Reviewed joint filing from the COFINA agent and Commonwealth agent. 0.3

Rahul Yenumula 10/31/2017 6 Reviewed articles re: PREPA's whitefish contract 0.8

Rahul Yenumula 10/31/2017 6 Gathered information re: P3 proposals and related laws and regulations 1.7

Scott Martinez 10/31/2017 6 Reviewed articles regarding announcement of receiver of PREPA's purchasing and supplies 

division

0.2

Scott Martinez 10/31/2017 6 Reviewed articles regarding reactions to Oversight Board meeting 0.2

Deborah Praga 11/1/2017 6 Research for comps presentation 2.5

Enrique R. Ubarri 11/1/2017 6 Reviewed Retiree Committee's objection to request for stay presented by FGIC. 0.1

Enrique R. Ubarri 11/1/2017 6 Reviewed AAFAF's objection to request for stay presented by FGIC. 0.1

Enrique R. Ubarri 11/1/2017 6 Reviewed scheduling Order issued by Judge Swain. 0.1

Enrique R. Ubarri 11/1/2017 6 Reviewed FOMB objection to request for stay presented by FGIC. 0.2

Michael Westermann 11/1/2017 6 Researched communication firms retained in other disasters scenarios 2.5

Michael Westermann 11/1/2017 6 Review of posted mediation session questions and answers 3.0

Scott Martinez 11/1/2017 6 Discussion with D. Praga regarding comps analysis 0.3

Scott Martinez 11/1/2017 6 Reviewed articles regarding FEMA funds, status of power restoration 0.4

Deborah Praga 11/2/2017 6 Review of news articles 0.8

Deborah Praga 11/2/2017 6 Research regarding comps 1.1

Enrique R. Ubarri 11/2/2017 6 Reviewed filing from PRASA with MSRB 0.1

Enrique R. Ubarri 11/2/2017 6 Reviewed filing challenging the new Central Recovery and Reconstruction Office. 0.4

Page 33 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 35 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 11/2/2017 6 Reviewed Answer, Defenses and Counterclaims filed by the COFINA Agent in Commonwealth 

adversary proceeding.

1.6

Eric Deichmann 11/2/2017 6 Review of news articles 0.8

Michael Westermann 11/2/2017 6 Reviewed the macro roadmap and stata data file 1.4

Michael Westermann 11/2/2017 6 Research Stata data to match to historical values 2.5

Scott Martinez 11/2/2017 6 Reviewed articles regarding additional federal aid available for Puerto Rico 0.6

Carol Flaton 11/3/2017 6 Read news article on power generation 0.2

Deborah Praga 11/3/2017 6 Review of news articles regarding recovery 0.6

Enrique R. Ubarri 11/3/2017 6 Reviewed Motion for Leave to File Supplemental Brief (2004 Objection) filed by FOMB and PR 

government.

0.2

Enrique R. Ubarri 11/3/2017 6 Status report of 2004 investigation prepared by AAFAF, Santander, FOMB, and Retiree 

Committee.

0.2

Michael Westermann 11/3/2017 6 Research re: inflation after natural disasters 0.5

Michael Westermann 11/3/2017 6 Research re Stafford 428 and recent administration matching funds increase 1.2

Michael Westermann 11/3/2017 6 Research re: Keynesian multiplier after a disaster 1.9

Michael Westermann 11/3/2017 6 Review of Stata document and projections 3.0

Scott Martinez 11/3/2017 6 Reviewed articles regarding Medicaid funding for Puerto Rico 0.5

Enrique R. Ubarri 11/4/2017 6 Reviewed motion filed by ad hoc group of GO re: Aurelius motion. 0.1

Enrique R. Ubarri 11/4/2017 6 Reviewed status report filed NPGC, AMBAC, Assured, Mutual Fund Group, and GO Group re: 

2004 investigation.

0.1

Enrique R. Ubarri 11/4/2017 6 Reviewed motion filed by COFINA senior bondholders re: Aurelius complaint 0.5

Enrique R. Ubarri 11/4/2017 6 Reviewed motion filed by the FOMB re: Aurelius motion for relief of Automatic Stay 0.6

Enrique R. Ubarri 11/4/2017 6 Reviewed motion filed by Retired Employees Committee re: Aurelius motion for relief of Stay 0.8

Enrique R. Ubarri 11/4/2017 6 Reviewed motion filed by AAFAF re: Aurelius complaint. 1.0

Enrique R. Ubarri 11/4/2017 6 Reviewed opposition of FOMB to motion to dismiss of Title III filed by Aurelius 1.0

Carol Flaton 11/6/2017 6 Viewed 60 min news report of PR status 0.4

Deborah Praga 11/6/2017 6 Review of documents posted to data room 1.8

Enrique R. Ubarri 11/6/2017 6 Reviewed Congressional Memorandum re: challenges to PR Recovery and actions of FOMB 0.2

Enrique R. Ubarri 11/6/2017 6 Reviewed motion filed by UCC re: 2004 report. 0.3

Enrique R. Ubarri 11/6/2017 6 Research on PR recovery 0.3

Enrique R. Ubarri 11/6/2017 6 Reviewed Motion filed by AFSCME re: Aurelius Motion to Dismiss 0.4

Enrique R. Ubarri 11/6/2017 6 Reviewed motion filed by Retired Employees Committee re: Aurelius motion for dismiss of 

Title III

0.8

Michael Westermann 11/6/2017 6 Review natural resources memo re: agenda for the 11/7 hearing 0.2

Scott Martinez 11/6/2017 6 Reviewed House Natural Resources Committee memo 0.3

Scott Martinez 11/6/2017 6 Researched communications firms 0.5

Deborah Praga 11/7/2017 6 Read written testimony by Noel Zamot 0.5

Deborah Praga 11/7/2017 6 Read written testimony by N. Jaresko 0.7

Deborah Praga 11/7/2017 6 Review of news articles 0.5

Enrique R. Ubarri 11/7/2017 6 Reviewed reply to objections filed by FGIC re: 90-day stay for litigation. 0.2

Enrique R. Ubarri 11/7/2017 6 Reviewed filing from Bank of New York for partial summary judgment re: COFINA 

interpleader

0.6

Enrique R. Ubarri 11/7/2017 6 Reviewed Motion for Summary Judgment filed by Assured re: COFINA 0.8

Enrique R. Ubarri 11/7/2017 6 Reviewed Mutual Funds Group and PR Funds Motion for Summary Judgment re: COFINA 0.9

Enrique R. Ubarri 11/7/2017 6 Reviewed filing from COFINA senior bondholders coalition and Whitebox re: motion for 

summary judgment.

1.0

Enrique R. Ubarri 11/7/2017 6 Reviewed AMBAC and NPFGC Motion for Summary Judgment re: COFINA 1.0

Michael Westermann 11/7/2017 6 Reviewed N. Zamot written testimony to House Committee on Natural Resources 0.4

Michael Westermann 11/7/2017 6 Review of news articles related to discovery motions, and CTO 0.6

Michael Westermann 11/7/2017 6 Read written testimony by N. Jaresko 0.8

Rahul Yenumula 11/7/2017 6 Reviewed news articles 0.6

Scott Martinez 11/7/2017 6 Reviewed N. Zamot written testimony to House Committee on Natural Resources 0.3

Scott Martinez 11/7/2017 6 Reviewed N. Jaresko written testimony to House Committee on Natural Resources 0.5

Scott Martinez 11/7/2017 6 Reviewed news articles related to the Commonwealth's Title III 0.6

Deborah Praga 11/8/2017 6 Reviewing news articles 0.8

Enrique R. Ubarri 11/8/2017 6 Reviewed notice of intervention filed by NPFGC in COFINA dispute. 0.1

Enrique R. Ubarri 11/8/2017 6 Reviewed notice of intervention filed by ad hoc group of GO bondholders in COFINA dispute. 0.1

Enrique R. Ubarri 11/8/2017 6 Reviewed notice of intervention filed by Ambac in Commonwealth/COFINA dispute. 0.1

Enrique R. Ubarri 11/8/2017 6 Reviewed notice of intervention filed by COFINA senior bondholders re: 

Commonwealth/COFINA dispute

0.1

Enrique R. Ubarri 11/8/2017 6 Reviewed notice of intervention filed by Mutual Funds and Puerto Rico funds group re: 

Commonwealth/COFINA dispute

0.1

Enrique R. Ubarri 11/8/2017 6 Reviewed notice of intervention filed by AAFAF in the Commonwealth/COFINA dispute. 0.2

Enrique R. Ubarri 11/8/2017 6 Reviewed motion to intervene of the ad hoc Group of GO bondholders re: COFINA dispute. 0.7

Enrique R. Ubarri 11/8/2017 6 Reviewed filing from Mutual Fund and Puerto Rico Funds Group in COFINA dispute 0.7

Enrique R. Ubarri 11/8/2017 6 Reviewed answer in intervention filed by the ad hoc group of GO bondholders to amended 

counterclaim of the appointed agent of COFINA.

1.0

Enrique R. Ubarri 11/8/2017 6 Reviewed filing from AMBAC re: Commonwealth/COFINA dispute 1.8

Enrique R. Ubarri 11/8/2017 6 Reviewed answer in intervention filed by the COFINA senior bondholders coalition to 

amended counterclaim of the appointed agent of COFINA.

2.3

Page 34 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 36 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Michael Westermann 11/8/2017 6 Review of macro assumptions presentation 0.4

Scott Martinez 11/8/2017 6 Read letter from Senator Gutiérrez to the Oversight Board chairman 0.2

Scott Martinez 11/8/2017 6 Reviewed articles related to the suspension of the SUT 0.4

David MacGreevey 11/9/2017 6 Review PR F'18 CF report 0.4

Deborah Praga 11/9/2017 6 Reviewed documents posted to data room 2.7

Enrique R. Ubarri 11/9/2017 6 Reviewed PR Funds notice of intervention re: Commonwealth/COFINA dispute 0.1

Enrique R. Ubarri 11/9/2017 6 Reviewed QTCB Noteholder Group notice of intervention re: Commonwealth/COFINA dispute 0.1

Enrique R. Ubarri 11/9/2017 6 Reviewed ERS Secured Creditors filing in support of joinder to Rule 2004 motions 0.1

Enrique R. Ubarri 11/9/2017 6 Reviewed notice of intervention filed by Assured re: Commonwealth/COFINA dispute 0.2

Enrique R. Ubarri 11/9/2017 6 Reviewed AMBAC's reply in support of entry of order authorizing Rule 2004 discovery. 0.2

Enrique R. Ubarri 11/9/2017 6 Reviewed filing from AMBAC requesting leave to file surreply to respond to the UCC 0.2

Enrique R. Ubarri 11/9/2017 6 Research re: changes to the US Tax Code and impact to PR 0.2

Enrique R. Ubarri 11/9/2017 6 Reviewed NPFGC reply to FOMB and AFFAF objections to 2004 discovery 0.3

Enrique R. Ubarri 11/9/2017 6 Reviewed filing from the ad hoc group of GO bondholders, Assured, and mutual fund group 

for order authorizing rule 2004 examination

0.4

Eric Deichmann 11/9/2017 6 Review of macroeconomic and demographic studies and articles posted to data room 4.7

Michael Westermann 11/9/2017 6 Research re: historical Medicaid population and demographic changes 1.5

Michael Westermann 11/9/2017 6 Research re: inflation in the fiscal plan versus historical 2.2

Michael Westermann 11/9/2017 6 Review of documents posted to data room 2.4

Scott Martinez 11/9/2017 6 Researched communications firms and circulated the list to Paul Hastings 0.5

Scott Martinez 11/9/2017 6 Reviewed news articles regarding Commonwealth Title III 0.5

Scott Martinez 11/9/2017 6 Reviewed articles and reports posted to the Intralinks data room regarding macro and 

demographic outlooks

2.8

Carol Flaton 11/10/2017 6 Review of draft reply motion to dismiss ACP 0.6

Deborah Praga 11/10/2017 6 Reviewed news articles 0.6

Michael Westermann 11/10/2017 6 Commented on articles posted to data site and material findings in each article 1.9

Michael Westermann 11/10/2017 6 Researched House new tax bill and effect on PR 3.9

Enrique R. Ubarri 11/11/2017 6 Reviewed Order from Judge Swain re: Assured's surreply. 0.1

Enrique R. Ubarri 11/11/2017 6 Reviewed amended adversary complaint presented by APRUM. 1.0

Carol Flaton 11/12/2017 6 Reviewed latest draft of ACP filing 0.2

Carol Flaton 11/13/2017 6 Review of memo for PR congressional hearing at the House 0.4

Enrique R. Ubarri 11/13/2017 6 Reviewed Commonwealth of Puerto Rico request for aid from US Administration. 0.3

Enrique R. Ubarri 11/13/2017 6 Reviewed memorandum from Committee on Natural Resources re: Puerto Rico hearing; 

exchanged e-mails with C. Flaton re: Committee memorandum.

0.3

Enrique R. Ubarri 11/13/2017 6 Reviewed reply of the Official Committee of Retirees in support of motion to dismiss in the 

ACP adversary proceeding.

0.5

Enrique R. Ubarri 11/13/2017 6 Reviewed memorandum in support of motion to dismiss filed by FOMB in ACP adversary 

proceeding.

0.8

Michael Westermann 11/13/2017 6 Review of PR request for additional federal funding 0.5

Michael Westermann 11/13/2017 6 Review of updated Senate proposals and effects on PR taxes 2.9

Scott Martinez 11/13/2017 6 Reviewed letter from Gov. Rossello to President Trump regarding additional federal aid 

request

0.4

Scott Martinez 11/13/2017 6 Reviewed articles related to Puerto Rico's recovery from hurricane Maria 0.4

Scott Martinez 11/13/2017 6 Reviewed documents in preparation for fiscal plan sessions with the creditor group FAs 2.0

Deborah Praga 11/14/2017 6 Review news articles 0.6

Deborah Praga 11/14/2017 6 Review of Rossello and other written testimonies presented to the senate 1.3

Enrique R. Ubarri 11/14/2017 6 Reviewed filing from QTCB noteholder Group to dismiss or strike claim in 

Commonwealth/COFINA dispute.

0.3

Enrique R. Ubarri 11/14/2017 6 Reviewed filing from AMBAC re: motion to strike the Commonwealth's Agent Constitutional 

and Avoidance of Claims in Commonwealth/COFINA dispute

0.4

Enrique R. Ubarri 11/14/2017 6 Reviewed filing from the ad hoc group of GO bondholders to dismiss certain causes of action 

in Commonwealth/COFINA dispute

0.5

Enrique R. Ubarri 11/14/2017 6 Reviewed AAFAF's filing to enforce the stipulation and order in Commonwealth/COFINA 

dispute.

0.6

Enrique R. Ubarri 11/14/2017 6 Reviewed filing from FOMB re: scope of COFINA/Commonwealth dispute. 0.7

Michael Westermann 11/14/2017 6 Review of Rosello statement to US senate 0.3

Michael Westermann 11/14/2017 6 Research AES bonds and ratings 0.6

Michael Westermann 11/14/2017 6 Review of other written testimonies presented to the senate 1.2

Robert Bingham 11/14/2017 6 Discussion about COFINA settlement proposal summary with D. Praga 0.2

Robert Bingham 11/14/2017 6 Review of COFINA documents in preparation of meeting with D. Praga 0.4

Scott Martinez 11/14/2017 6 Reviewed news articles related to the Senate hearings with Governor Rossello 0.5

Deborah Praga 11/15/2017 6 Reviewed articles sent by E. Ubarri regarding COFINA structure and discussions prior to 

issuance

0.4

Deborah Praga 11/15/2017 6 Research related to COFINA structure and discussions prior to issuance 2.7

Enrique R. Ubarri 11/15/2017 6 Reviewed Executive Order creating the Central Recovery and Reconstruction Office 0.2

Enrique R. Ubarri 11/15/2017 6 Research COFINA structure; exchanged several e-mails with R. Bingham, D. Praga, S. 

Martinez re: research.

0.9

Scott Martinez 11/15/2017 6 Reviewed articles regarding reactions with respect to cash availability 0.4

Deborah Praga 11/16/2017 6 Research related to COFINA structure and discussions prior to issuance 2.1

Michael Westermann 11/16/2017 6 Research into House tax bill approved 2.2

Page 35 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 37 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Scott Martinez 11/16/2017 6 Reviewed news articles 0.4

Carol Flaton 11/17/2017 6 Reviewed of PR Labor stats press release (press article) 0.2

Deborah Praga 11/17/2017 6 Reviewed news articles 0.6

Deborah Praga 11/17/2017 6 Research related to COFINA structure and discussions prior to issuance 3.1

Enrique R. Ubarri 11/17/2017 6 Reviewed Order from Judge Swain re: Title III Motion to Stay. 0.1

Enrique R. Ubarri 11/17/2017 6 Reviewed Resolution on Central Recovery and Reconstruction Office litigation 0.3

Enrique R. Ubarri 11/17/2017 6 Reviewed draft of Answer and Defenses of the Commonwealth Agent to AMBAC Assurance 

Corporation's Counterclaims

1.1

Enrique R. Ubarri 11/17/2017 6 Reviewed draft of Answer and Defenses of the Commonwealth Agent to COFINA Senior 

Bondholders Counterclaims

1.9

Michael Westermann 11/17/2017 6 Review of testimony by Gov. Rossello 0.5

Michael Westermann 11/17/2017 6 Research re: timing of long term funding from federal government 0.9

Michael Westermann 11/17/2017 6 Research re: healthcare market in PR post-Maria 1.8

Michael Westermann 11/17/2017 6 Review update on House tax bills and effect on PR 2.9

Carol Flaton 11/18/2017 6 Review of GDB documents (RSA, etc.) 1.2

Carol Flaton 11/19/2017 6 Review of OMM GDB summary document 0.6

Carol Flaton 11/20/2017 6 Review and approval of final healthcare deck to be shared w/Committee 0.6

Deborah Praga 11/20/2017 6 Research regarding key dates discussed in debt pricing presentation 0.4

Deborah Praga 11/20/2017 6 Review of reorg research articles 0.8

Deborah Praga 11/20/2017 6 Review of studies related to post precedent natural disaster economic rebounds 1.3

Enrique R. Ubarri 11/20/2017 6 Reviewed Notification from Judge Houser re: Mediation. 0.1

Enrique R. Ubarri 11/20/2017 6 Reviewed Order from Judges Swain and Dein re: mediation activities. 0.1

Enrique R. Ubarri 11/20/2017 6 Research re: government payment of Christmas Bonuses; exchanged e-mails with S. Martinez 

re: government payment.

0.1

Enrique R. Ubarri 11/20/2017 6 Reviewed debt pricing presentation 0.3

Enrique R. Ubarri 11/20/2017 6 Review of Reply Brief in Support of Motion to Lift Stay filed by Aurelius 0.4

Enrique R. Ubarri 11/20/2017 6 Reviewed complaint filed by Atlantic Medical Center et al 0.5

Enrique R. Ubarri 11/20/2017 6 Reply in Support of Objection and Motion of Aurelius to Dismiss Title III 0.8

Michael Westermann 11/20/2017 6 Review of articles related to mediation disclosures 0.5

Michael Westermann 11/20/2017 6 Updated healthcare deck for post-Maria update 2.7

Robert Bingham 11/20/2017 6 Review of prior GDB settlement proposals to prepare for call with O'Melveny & Rothschild 0.7

Scott Martinez 11/20/2017 6 Reviewed and commented on the Zolfo healthcare presentation 0.5

Scott Martinez 11/20/2017 6 Reviewed new articles regarding Whitefish and government Christmas bonuses 0.5

Deborah Praga 11/21/2017 6 Reviewed news articles 0.6

Deborah Praga 11/21/2017 6 Research into previous restructuring proposals 1.6

Michael Westermann 11/21/2017 6 Research into and modeling of previous GO proposals 2.8

Michael Westermann 11/21/2017 6 Research into and modeling of previous COFINA/Other proposals 2.9

Michael Westermann 11/21/2017 6 Research into and modeling of previous Commonwealth proposals 3.3

Carol Flaton 11/22/2017 6 Reviewed articles re changes to AAFAF executives 0.1

Deborah Praga 11/22/2017 6 Reviewed news articles 0.4

Enrique R. Ubarri 11/22/2017 6 Reviewed Response of the COFINA Agent to the Notice of Intervention filed by the Retiree 

Committee

0.1

Enrique R. Ubarri 11/22/2017 6 Reviewed Order from Judge Swain re: Surreply to be filed by GO bondholders. 0.1

Enrique R. Ubarri 11/22/2017 6 Reviewed opposition filed by the FOMB to request from GO Bondholders to file Surreply. 0.1

Enrique R. Ubarri 11/22/2017 6 Reviewed GO Bondholders reply in support of their motion to file surreply and motion to 

strike in the ACP Master case.

0.1

Enrique R. Ubarri 11/22/2017 6 Reviewed Motion filed by GO Bondholders for Leave to File a Surreply in ACP Master case. 0.2

Enrique R. Ubarri 11/22/2017 6 Reviewed Answer and Defenses of the COFINA Agent in the GO Complaint. 0.3

Michael Westermann 11/22/2017 6 Research into updated corporate tax schedule and effect on PR 1.3

Carol Flaton 11/24/2017 6 Review of post-Katrina reports (schools) from creditor advisor Lamont Financial Services 1.2

Deborah Praga 11/27/2017 6 Review of news articles 0.6

Deborah Praga 11/27/2017 6 Review of dockets, articles and liquidity reports for mention of payment of professional fees 2.1

Enrique R. Ubarri 11/27/2017 6 Research re: Central Recovery and Reconstruction Office 0.2

Michael Westermann 11/27/2017 6 Research on precedent growth bonds 5.3

Michael Westermann 11/27/2017 6 Additional research on precedent growth bonds 3.0

Scott Martinez 11/27/2017 6 Reviewed articles regarding healthcare professionals leaving Puerto Rico 0.3

Scott Martinez 11/27/2017 6 Reviewed FOMB press release regarding public listening sessions 0.3

Scott Martinez 11/27/2017 6 Reviewed news articles regarding recovery efforts 0.7

Carol Flaton 11/28/2017 6 Reviewed FOMB letter re holiday bonuses 0.2

Deborah Praga 11/28/2017 6 Review of news articles 0.4

Enrique R. Ubarri 11/28/2017 6 Reviewed filing re: challenge to the creation of the Central Recovery and Reconstruction 

Office via executive order.

0.2

Michael Westermann 11/28/2017 6 Review of senate tax bill and PR lobbying efforts 1.1

Michael Westermann 11/28/2017 6 Research re: GDP-linked bonds 1.8

Michael Westermann 11/28/2017 6 Read slides presented at listening session 1.9

Scott Martinez 11/28/2017 6 Reviewed news articles regarding recovery efforts 0.5

Scott Martinez 11/28/2017 6 Reviewed news articles 0.6

Scott Martinez 11/28/2017 6 Reviewed articles regarding Sen. Sanders proposed bill 0.6

Carol Flaton 11/29/2017 6 Review of press article forwarded by Committee member 0.2

Deborah Praga 11/29/2017 6 Review of news articles 0.7

Page 36 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 38 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Deborah Praga 11/29/2017 6 Research regarding BNY notices to holders of COFINA bonds 1.7

Enrique R. Ubarri 11/29/2017 6 Reviewed Judge Dein's order re: hearing on 2004 motion 0.2

Enrique R. Ubarri 11/29/2017 6 Reviewed renewed 2004 motion filed by General Obligation Bondholders, Ambac, Assured, 

the Mutual Fund Group, and NPFGC.

0.5

Enrique R. Ubarri 11/29/2017 6 Reviewed renewed 2004 motion filed by Ambac. 0.5

Enrique R. Ubarri 11/29/2017 6 Reviewed ACP's Sur-reply to the Commonwealth's reply.in the Commonwealth's filing of a 

motion to dismiss to the adversary complaint.

0.5

Enrique R. Ubarri 11/29/2017 6 Research re: SUT 1.0

Michael Westermann 11/29/2017 6 Research into municipal markets reaction to tax reform and potential effect on PR yields and 

email to S. Martinez 

1.2

Robert Bingham 11/29/2017 6 Review COFINA documents to update understanding in preparation for 11/29 meeting 1.3

Scott Martinez 11/29/2017 6 Reviewed articles regarding proposed treatment of disaster loans for the USVI and potential 

impact for Puerto Rico

0.6

Carol Flaton 11/30/2017 6 Reviewed draft of latest questions/open items for GDB RSA/Fiscal Plan 0.4

Michael Westermann 11/30/2017 6 Review articles re: territory CDL financing and effect on PR 0.3

Michael Westermann 11/30/2017 6 Research re: Brady bonds and potential PR structure 2.4

Rahul Yenumula 11/30/2017 6 Review of news articles 0.9

Robert Bingham 11/30/2017 6 Review prior GDP proposals in preparation for 11/30/17 meeting 0.4

Robert Bingham 11/30/2017 6 Preparation of open items list in preparation for call with PH on GDB 0.6

Deborah Praga 12/1/2017 6 Review of news articles 0.4

Enrique R. Ubarri 12/1/2017 6 Reviewed economic activity index issued by the Government Development Bank. 0.2

Michael Westermann 12/1/2017 6 Research into education system reforms post-precedent natural disasters 1.2

Michael Westermann 12/1/2017 6 Reviewed IMF and other studies re: Brady bonds 3.0

Carol Flaton 12/2/2017 6 Review of materials presented at FOMB 2nd listening session 0.8

Carol Flaton 12/2/2017 6 Review of PMI report 0.2

Carol Flaton 12/4/2017 6 Review of Davis Polk filed complaint re GDB 0.9

Deborah Praga 12/4/2017 6 Review of news articles 0.5

Enrique R. Ubarri 12/4/2017 6 Reviewed and commented on communication from PR Government to FOMB re: Christmas 

Bonus and Fiscal Plan.

0.1

Enrique R. Ubarri 12/4/2017 6 Reviewed and summarized amended complaint filed by Municipality of San Juan against GDB 

RSA.

1.2

Mark A. Cervi 12/4/2017 6 Review and research related to S&P and Fitch ratings report to support COFINA work 0.6

Michael Westermann 12/4/2017 6 Research re: Law 7 and effect on economy 0.7

Michael Westermann 12/4/2017 6 Research into economic initiatives and development based on Reorg article 1.5

Scott Martinez 12/4/2017 6 Reviewed news articles related to the Commonwealth's Title III case 0.8

Carol Flaton 12/5/2017 6 Review of Fitch rating report (audio) 0.2

Deborah Praga 12/5/2017 6 Review of news articles 0.8

Deborah Praga 12/5/2017 6 Review of documents posted to FOMB website 0.9

Enrique R. Ubarri 12/5/2017 6 Reviewed opposition filed by NPFGC re: scope of COFINA dispute. 0.1

Enrique R. Ubarri 12/5/2017 6 Reviewed Mutual Funds Group filing on objections to certain scope motions. 0.1

Enrique R. Ubarri 12/5/2017 6 Reviewed filing presented by AMBAC objecting the scope of the Commonwealth-COFINA 

dispute.

0.2

Enrique R. Ubarri 12/5/2017 6 Reviewed Omnibus Opposition filed by the COFINA Agent to Motions Challenging the Scope of 

Authority.

0.7

Enrique R. Ubarri 12/5/2017 6 Reviewed opposition filed by COFINA Senior Bondholders re: scope of COFINA dispute and 

summarized for C. Flaton

1.1

Enrique R. Ubarri 12/6/2017 6 Reviewed filing from Official Committee of Retired Employees re: 2004 Motion filed by 

monolines, GO Bondholders and Mutual Fund Group.

0.1

Enrique R. Ubarri 12/6/2017 6 Reviewed motions filed by QTCB Noteholder Group and ERS Bondholder Group in support of 

2004 Motion.

0.2

Enrique R. Ubarri 12/6/2017 6 Research re: COFINA financial information 0.4

Enrique R. Ubarri 12/6/2017 6 Reviewed objections filed by the FOMB, AAFAF and the Commonwealth of Puerto Rico to the 

renewed 2004 examination motions.

0.7

Mark A. Cervi 12/6/2017 6 COFINA related research per request from counsel 0.4

Scott Martinez 12/6/2017 6 Reviewed articles regarding proposed treatment of Puerto Rico in the federal tax reform 

proposals

0.3

Scott Martinez 12/6/2017 6 Reviewed the US memo in support of the constitutionality of PROMESA 0.4

Carol Flaton 12/7/2017 6 Review of IIEP report (from M. Levinson - committee member's economist) 1.9

Carol Flaton 12/7/2017 6 Review of BBB November 2017 report to Congress 2.4

Deborah Praga 12/7/2017 6 Reviewed PR news articles 0.9

Deborah Praga 12/7/2017 6 Review of documents posted to Intralinks 1.5

Enrique R. Ubarri 12/7/2017 6 Research re: tax bill and impact to Puerto Rico 0.3

Enrique R. Ubarri 12/7/2017 6 Reviewed and summarized filing from the United States re: Aurelius appointments case. 1.0

Michael Westermann 12/7/2017 6 Review articles re: appointments clause and rule 2004 discovery motions 0.8

Michael Westermann 12/7/2017 6 Research dividend/manufacturing and other taxes and comparison to PR 2.9

Michael Westermann 12/7/2017 6 Research into austerity and effect on GNP 3.0

Carol Flaton 12/8/2017 6 Review of COFINA Trustee report 0.1

Carol Flaton 12/8/2017 6 Review of omnibus reply re “scope” issues 0.3

Deborah Praga 12/8/2017 6 Reviewed PR news articles related to Title III 0.9

Page 37 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 39 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Deborah Praga 12/8/2017 6 Reviewed articles regarding proposed treatment of Puerto Rico in the federal tax reform 

proposals

0.5

Enrique R. Ubarri 12/8/2017 6 Reviewed issuance from COFINA Trustee on funding in Trustee accounts. 0.1

Enrique R. Ubarri 12/8/2017 6 Reviewed Order from Judge Dein re: UPR Teachers case. 0.1

Enrique R. Ubarri 12/8/2017 6 Reviewed response from BNYM and COFINA to Summary Judgment 0.9

Enrique R. Ubarri 12/8/2017 6 Reviewed filing from FOMB to dismiss complaint filed by UPR professors. 0.9

Michael Westermann 12/8/2017 6 Review articles related to tax proposals from the resident commissioner 0.3

Michael Westermann 12/8/2017 6 Summarized key tax issues described at mediation session 2.7

Michael Westermann 12/8/2017 6 Review and summarize permitting process and IT infrastructure files posted to data site 2.7

Scott Martinez 12/8/2017 6 Reviewed articles regarding proposed treatment of Puerto Rico in the federal tax reform 

proposals

0.5

Scott Martinez 12/8/2017 6 Reviewed news articles related to the Commonwealth's Title III case 0.5

Deborah Praga 12/11/2017 6 Review PR news articles 0.8

Deborah Praga 12/11/2017 6 Reviewed various documents posted to Intralinks 1.6

Enrique R. Ubarri 12/11/2017 6 Reviewed COFINA Senior Parties filing in partial opposition to the motions for summary 

judgment filed by the Mutual Fund Group and Puerto Rico Funds, Assured Guaranty and Bank 

of New York Mellon.

0.9

Enrique R. Ubarri 12/11/2017 6 Reviewed and summarized Assured Guaranty opposition filing to the Joint Motion for 

Summary Judgment filed by the COFINA Senior Bondholders’ Coalition, Whitebox parties and 

Pandora Select Partners; to Ambac and NPFGC’s Motion for Summary Judgment; and BNYM.

1.2

Enrique R. Ubarri 12/11/2017 6 Reviewed and provided analysis of Mutual Funds and PR Funds opposition for Motions for 

Summary Judgment.

2.1

Michael Westermann 12/11/2017 6 Research into precedent CDL proposals 0.5

Michael Westermann 12/11/2017 6 Review articles re: legislative proposals for municipal recovery fund and other recent 1.5

Michael Westermann 12/11/2017 6 Review and summarize articles posted to Intralinks related to various PR initiatives 2.5

Michael Westermann 12/11/2017 6 Research other states budget initiatives and implementation goals 3.2

Enrique R. Ubarri 12/12/2017 6 Reviewed filing from AMBAC re: scope motions. 0.1

Enrique R. Ubarri 12/12/2017 6 Reviewed GO bondholders, mutual fund group, Assured, NPFGC and Ambac joint reply in 

support of the joint Rule 2004 motion 

0.2

Enrique R. Ubarri 12/12/2017 6 Reviewed QTCB omnibus reply to the scope motions. 0.3

Enrique R. Ubarri 12/12/2017 6 Reviewed filing from the GO Group of Bondholders re: scope motions. 0.3

Enrique R. Ubarri 12/12/2017 6 Reviewed Reply Brief in Support of Renewed 2004 Joint Motion filed by GO Bondholders, 

AMBAC, Assured, Mutual Fund Group, and NPFGC

0.3

Enrique R. Ubarri 12/12/2017 6 Reviewed Debt Pricing Presentation. 0.3

Enrique R. Ubarri 12/12/2017 6 Reviewed AAFAF's reply to enforce the stipulations in the scope motions. 0.4

Enrique R. Ubarri 12/12/2017 6 Reviewed AMBAC's reply in support to its motion for rule 2004 Order. 0.4

Enrique R. Ubarri 12/12/2017 6 Reviewed filing from FOMB, Commonwealth and COFINA re: scope motion. 0.5

Mark A. Cervi 12/12/2017 6 Solvency related research and document review 0.7

Michael Westermann 12/12/2017 6 Read articles related to SUT reimbursement 0.2

Michael Westermann 12/12/2017 6 Review of economist paper re: debt service potential 0.6

Michael Westermann 12/12/2017 6 Review updated 2004 motion 1.1

Michael Westermann 12/12/2017 6 Review of additional diligence answers posted to Intralinks 2.0

Robert Bingham 12/12/2017 6 Reading related to establishing municipal insolvency 0.2

Scott Martinez 12/12/2017 6 Reviewed articles regarding Title III cases 0.6

Deborah Praga 12/13/2017 6 Reviewed Oversight Board letter to Governor Rossello re: 2019 budget review process 0.2

Enrique R. Ubarri 12/13/2017 6 Reviewed letter from FOMB Outlining FY19 Budget Review Schedule, Guiding Principles 0.1

Michael Westermann 12/13/2017 6 Review of budget scheduling letter 0.1

Michael Westermann 12/13/2017 6 Comment on creditors letter to congress 0.3

Michael Westermann 12/13/2017 6 Research re: previous municipal bankruptcy solvency analysis 2.5

Michael Westermann 12/13/2017 6 Research re: precedent solvency cases 3.0

Robert Bingham 12/13/2017 6 Reading of court cases related to testimony on Commonwealth insolvency 1.7

Scott Martinez 12/13/2017 6 Reviewed 2019 statements filed by bondholders 0.1

Scott Martinez 12/13/2017 6 Reviewed Oversight Board letter to Governor Rossello re: 2019 budget review process 0.2

Scott Martinez 12/13/2017 6 Cursory review of additional diligence responses posted on Intralinks 0.8

Carol Flaton 12/14/2017 6 Reviewed news articles related to the Commonwealth's Title III case 0.5

Deborah Praga 12/14/2017 6 Review of PR news articles 0.5

Scott Martinez 12/14/2017 6 Reviewed the revised joint letter to the Senate and House regarding tax reform 0.1

Scott Martinez 12/14/2017 6 Reviewed a summary of the Rule 2004 hearing 0.2

Deborah Praga 12/15/2017 6 Reviewed PR news articles 0.5

Enrique R. Ubarri 12/15/2017 6 Reviewed motions filed by Voya. 0.1

Enrique R. Ubarri 12/15/2017 6 Reviewed Order from Judge Swain re: COFINA/Commonwealth scope motions. 0.1

Enrique R. Ubarri 12/15/2017 6 Research re: implications of tax reform on PR 0.3

Michael Westermann 12/15/2017 6 Review and analysis of new materials posted to Intralinks site 2.8

Scott Martinez 12/15/2017 6 Reviewed PR news articles 0.5

Carol Flaton 12/16/2017 6 Review of Navigant report on rebuilding 1.2

Mark A. Cervi 12/16/2017 6 Reviewed ratings reports and searched for additional information as requested by M. Kahn 

(PH)

1.3

Carol Flaton 12/18/2017 6 Final review of comparable contingent note analysis 0.3

Carol Flaton 12/18/2017 6 Review of Miller Buckfire COFINA analysis 0.6

Carol Flaton 12/18/2017 6 Reviewed Chicago reports (Moody's/Fitch/NP draft opinion) 0.9

Page 38 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 40 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Deborah Praga 12/18/2017 6 Reviewed articles related to CDL financing 0.8

Deborah Praga 12/18/2017 6 Reviewed reorg news articles 0.9

Deborah Praga 12/18/2017 6 Review of documents posted to Intralinks 0.9

Enrique R. Ubarri 12/18/2017 6 Reviewed Order from Judge Dein re: 2004 investigation. 0.1

Mark A. Cervi 12/18/2017 6 Reviewed update on Commonwealth liquidity and associated emails from counsel and 

committee members

0.4

Mark A. Cervi 12/18/2017 6 Conducted further research on muni bond issuances and ratings reports 1.0

Michael Westermann 12/18/2017 6 Review articles related to CDL financing 0.2

Michael Westermann 12/18/2017 6 Review revised 2004 discovery order and items detailed in discovery letter 0.5

Scott Martinez 12/18/2017 6 Reviewed articles regarding CDLs for Puerto Rico, PREPA and PRASA 0.2

Scott Martinez 12/18/2017 6 Reviewed articles regarding federal tax reform impact on Puerto Rico 0.5

Carol Flaton 12/19/2017 6 Review of KBRA report 0.2

Carol Flaton 12/19/2017 6 Review of 2015 CATIC report 1.4

Deborah Praga 12/19/2017 6 Reviewed SUT collection detail from C. Song (Miller Buckfire) 0.4

Deborah Praga 12/19/2017 6 Review of ZC contingency notes analysis 1.0

Deborah Praga 12/19/2017 6 Review of news articles 0.8

Deborah Praga 12/19/2017 6 Reviewed the CATIC report (tax related) 1.5

Mark A. Cervi 12/19/2017 6 Review update of Muni bond market data 0.2

Mark A. Cervi 12/19/2017 6 Research and correspondence related to COFINA bonds and review of similar issuances 2.2

Michael Westermann 12/19/2017 6 Review articles re: investment zones and effect on CFCs of recent tax reform and effect on 

PR

2.0

Michael Westermann 12/19/2017 6 Continued research into previous excise tax 2.0

Robert Bingham 12/19/2017 6 Review of Miller Buckfire presentation 0.6

Scott Martinez 12/19/2017 6 Reviewed Oversight Board RFP for liquidity forensic analysis team 0.2

Scott Martinez 12/19/2017 6 Reviewed articles regarding tax reform impact for Puerto Rico 0.5

Scott Martinez 12/19/2017 6 Watched a documentary regarding Puerto Rico bond issuances 0.5

Scott Martinez 12/19/2017 6 Reviewed KBRA rating report for Chicago series 2017 issuances 1.1

Carol Flaton 12/20/2017 6 Review of S&P ratings report 0.2

Enrique R. Ubarri 12/20/2017 6 Reviewed Informative Motion re: Disclosure of Cash Balances 0.1

Eric Deichmann 12/20/2017 6 Discussion regarding sovereign securitizations with S. Martinez 0.4

Eric Deichmann 12/20/2017 6 Review of literature on sovereign securitizations / capital structure tradeoffs 2.9

Mark A. Cervi 12/20/2017 6 Review of COFINA rating agency reports 1.1

Michael Westermann 12/20/2017 6 Read Rossello letter to congress 0.2

Michael Westermann 12/20/2017 6 Research re: PROMESA reporting requirements and comments to diligence list 1.7

Michael Westermann 12/20/2017 6 Research into previous port tax initiatives 1.8

Michael Westermann 12/20/2017 6 Research into remittance and other technical issues with excise and SUT 2.9

Scott Martinez 12/20/2017 6 Discussion regarding sovereign securitizations with E. Deichmann 0.4

Scott Martinez 12/20/2017 6 Reviewed articles regarding summary of the omnibus court hearing 0.2

Scott Martinez 12/20/2017 6 Reviewed articles regarding extension to file fiscal plans 0.2

Carol Flaton 12/21/2017 6 Review of UTIER response 0.2

Deborah Praga 12/21/2017 6 Review of PR news articles 0.4

Enrique R. Ubarri 12/21/2017 6 Reviewed Order from Judge Swain re: Scope of COFINA and Commonwealth Agent’s Authority 

under Stipulation and (B) Dismissing, without prejudice, certain Claims that exceed the scope

of the dispute

0.3

Enrique R. Ubarri 12/21/2017 6 Reviewed adversary complaint filed by Corporación de Servicios Integrales de Salud. 0.4

Mark A. Cervi 12/21/2017 6 Review of muni bond market info update sent by A. Perrella 0.3

Rahul Yenumula 12/21/2017 6 Review of Reorg Research articles on PREPA and Puerto Rico 1.4

Scott Martinez 12/21/2017 6 Reviewed articles regarding disaster relief bills and impact for Puerto Rico 0.2

Scott Martinez 12/21/2017 6 Reviewed court order regarding Commonwealth-COFINA dispute 0.5

Anthony Perrella 12/22/2017 6 Compiled ratings reports from different agencies for precedent Sales Tax Bonds 0.9

Anthony Perrella 12/22/2017 6 Compiled ratings reports from different agencies for precedent Tax Revenue Bonds 1.5

Enrique R. Ubarri 12/22/2017 6 Reviewed the joint status report filed by FOMB, AAFAF, and the proponents of the new Rule 

2004 motion outlining disagreement of parties.

0.2

Enrique R. Ubarri 12/22/2017 6 Research proposed project for PR recovery funding 0.3

Enrique R. Ubarri 12/22/2017 6 Reviewed filing from FOMB as reply to the US government filing in support of PROMESA in 

Aurelius case

0.5

Rahul Yenumula 12/22/2017 6 Review of Reorg Research articles on PREPA and Puerto Rico 1.2

Enrique R. Ubarri 12/26/2017 6 Reviewed reply from Aurelius to Memorandum filed by the US in support of its Motion to 

Dismiss Title III

0.5

Scott Martinez 12/26/2017 6 Reviewed article regarding education reform in Puerto Rico 0.2

Scott Martinez 12/26/2017 6 Reviewed articles regarding tax reform in Puerto Rico 0.4

Carol Flaton 12/27/2017 6 Read article re teacher communities from M. Richard (AFT) 0.1

Enrique R. Ubarri 12/27/2017 6 Reviewed due diligence information posted re: accounts payable. 0.2

Carol Flaton 12/28/2017 6 Exchanged emails w/E. Ubarri and S. Martinez regarding CW account information posted to 

Intralinks

0.1

Carol Flaton 12/28/2017 6 Review of CW account information posted in Intralinks 0.2

Enrique R. Ubarri 12/28/2017 6 Sent e-mail to C. Flaton, S. Martinez and L. Despins (PH) re: account information. 0.1

Scott Martinez 12/28/2017 6 Reviewed articles regarding impact of federal tax cuts and impact to Puerto Rico 0.3

Page 39 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 41 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 12/29/2017 6 Reviewed and summarized second adversary complaint filed by Corporación de Servicios 

Integrales de Salud del Area de Barranquitas, Comerío, Corozal, Naranjito and Orocovis 

against the Commonwealth (refile)

0.4

Carol Flaton 1/1/2018 6 Exchanged emails with to E. Ubarri re Rossello announcement 0.1

Carol Flaton 1/2/2018 6 Review of GO statement (filed 1/3) 0.4

Enrique R. Ubarri 1/2/2018 6 Reviewed tax collections from August to November 2017 0.2

Enrique R. Ubarri 1/2/2018 6 Reviewed sur-reply filed by Aurelius in the appointments case. 0.4

Michael Westermann 1/2/2018 6 Review proposed changes to IVU and other taxes 1.0

Scott Martinez 1/2/2018 6 Reviewed Puerto Rico manufacturing statistics 0.4

Scott Martinez 1/2/2018 6 Reviewed recent documents posted to the Intralinks website 2.1

Deborah Praga 1/3/2018 6 Review reports related to CDL financing 0.6

Michael Westermann 1/3/2018 6 Download and review recently posted Intralinks files 2.8

Scott Martinez 1/3/2018 6 Reviewed reports regarding federal disaster funds 0.5

Scott Martinez 1/3/2018 6 Reviewed report on federal tax cuts and jobs act and its impact on Puerto Rico 0.6

Anthony Perrella 1/4/2018 6 Searched through ratings agencies for specific ratings reports on comparable bonds 3.0

Carol Flaton 1/4/2018 6 Reviewed Fee Examiner memo 0.2

Enrique R. Ubarri 1/4/2018 6 Reviewed UCC filing for clarification of the Commonwealth/COFINA dispute Order 1.5

Scott Martinez 1/4/2018 6 Reviewed news articles regarding police overtime issues and impact on public safety 0.3

Scott Martinez 1/4/2018 6 Reviewed reports regarding CDL's and revised timing related to those loans 0.4

Deborah Praga 1/5/2018 6 Research regarding GO bond yields in Illinois 1.1

Scott Martinez 1/5/2018 6 Reviewed expense documents posted to the Intralinks website 0.8

Enrique R. Ubarri 1/8/2018 6 Joint Report filed by AMBAC, FOMB and the Commonwealth re: Rule 2004 motion. 0.1

Enrique R. Ubarri 1/8/2018 6 Reviewed brief filed by ad hoc Group of GOs, AMBAC, Assured, the Mutual Fund Group and 

NPFGC in support of production of fiscal plan materials

0.1

Enrique R. Ubarri 1/8/2018 6 Reviewed filing from the COFINA Agent objecting to the Commonwealth Agent's Motion for 

Clarification to assist PH in matters related to COFINA

0.3

Enrique R. Ubarri 1/8/2018 6 Reviewed issuances re: government reorganization 0.3

Enrique R. Ubarri 1/8/2018 6 Research re: excise taxes and COFINA analyses 0.9

Enrique R. Ubarri 1/8/2018 6 Reviewed filings in Support of Motion for Summary Judgment in COFINA case from BNYM, PR 

Funds, COFINA Senior Bondholders and Whitebox, Assured and Ambac

2.3

Michael Westermann 1/8/2018 6 Download all recent files posted to Intralinks 0.3

Michael Westermann 1/8/2018 6 Review and analysis of critical infrastructure proposals 1.1

Robert Bingham 1/8/2018 6 Meeting with S. Martinez, M. Westermann, E. Ubarri and D. Praga regarding COFINA analyses 1.0

Scott Martinez 1/8/2018 6 Reviewed articles regarding Puerto Rico government reorganization 0.3

Scott Martinez 1/8/2018 6 Reviewed documents posted to the Intralinks site regarding mediation questions 0.7

Deborah Praga 1/9/2018 6 Reviewed reports regarding sales and use tax 1.0

Enrique R. Ubarri 1/9/2018 6 Reviewed: Joinder from NPFGC to joinder for clarification, response from GO to 

Commonwealth Agent's motion for clarification, objection of COFINA senior bondholders to 

Commonwealth Agent's motion for clarification, and debtor's statement to motion of 

clarification to assist PH with COFINA related matters.

0.7

Enrique R. Ubarri 1/9/2018 6 Reviewed Motion to Dismiss filings from AAFAF and FOMB re: Municipality of San Juan 1.7

Mark A. Cervi 1/9/2018 6 Review production related to COFINA 0.4

Rahul Yenumula 1/9/2018 6 Reviewed report sent by E. Ubarri 1.4

Scott Martinez 1/9/2018 6 Reviewed Ambac 2004 status report 0.2

Scott Martinez 1/9/2018 6 Reviewed GO 2004 status report 0.2

Scott Martinez 1/9/2018 6 Read articles regarding the status of CDL's for Puerto Rico 0.3

Scott Martinez 1/9/2018 6 Reviewed COFINA 2008 audited financial statements 0.5

Deborah Praga 1/10/2018 6 Reviewed reports related to Commonwealth-COFINA dispute and CDLs 0.5

Michael Westermann 1/10/2018 6 Research re: CDL's and CW funding mechanisms to component units 0.4

Michael Westermann 1/10/2018 6 Review of renewed discovery motion for fiscal plan materials 1.2

Scott Martinez 1/10/2018 6 Reviewed articles regarding extension to file fiscal plans 0.3

Carol Flaton 1/11/2018 6 Review of second amended complaint for scope 0.6

Michael Westermann 1/11/2018 6 Review Reorg articles re: municipal recovery fund 0.3

Michael Westermann 1/11/2018 6 Research re: Medicaid funding and congressional approval for disaster bill 1.1

Scott Martinez 1/11/2018 6 Reviewed article regarding Medicaid funding for Puerto Rico 0.3

Deborah Praga 1/12/2018 6 Reviewed documents posted to Intralinks 2.3

Enrique R. Ubarri 1/12/2018 6 Reviewed objections from the COFINA Agent and Senior Bondholders objecting and joinders 

from NPFGC and AMBAC to the Commonwealth Agent's Motion seeking leave to file second 

amended complaint in matters related to COFINA

0.4

Michael Westermann 1/12/2018 6 Review of recent articles related to fiscal plan delay and Medicaid funding 0.5

Scott Martinez 1/12/2018 6 Reviewed documents posted to the Intralinks site regarding ASES 0.5

Scott Martinez 1/12/2018 6 Reviewed documents posted to the Intralinks site regarding cash flow results 1.8

Deborah Praga 1/15/2018 6 Researched different tax structures 1.3

Deborah Praga 1/15/2018 6 Reviewed tax documents and studies sent by E. Ubarri 2.9

Enrique R. Ubarri 1/15/2018 6 Research re: certain tax information to be included with presentation. 1.2

Scott Martinez 1/15/2018 6 Researched additional data points regarding tax presentation materials for UCC members 1.4

Carol Flaton 1/16/2018 6 Review of Guzman/Steglitz letters and related RR report 1.2

Carol Flaton 1/16/2018 6 Review of economic analysis provided by M. Richard (SEIU) at in person meeting 1.6

Carol Flaton 1/16/2018 6 Review of short form and long form BBB- request for Federal Assistance for Disaster Recovery 1.8

Deborah Praga 1/16/2018 6 Reviewed report regarding debt sustainability 0.7

Page 40 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 42 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Deborah Praga 1/16/2018 6 Reviewed tax related documents sent by S. Martinez 0.9

Scott Martinez 1/16/2018 6 Reviewed a report regarding an economists view of debt sustainability for Puerto Rico 0.2

Carol Flaton 1/17/2018 6 Review of Tax Reform (Grant Thornton et al) proposals from Listening Session 1.6

Deborah Praga 1/17/2018 6 Research in response to query from A. Velazquez (SEIU) 0.2

Deborah Praga 1/17/2018 6 Reviewed reports related to COFINA bonds 0.5

Scott Martinez 1/17/2018 6 Reviewed FOMB press release regarding liquidity hearing 0.1

Scott Martinez 1/17/2018 6 Reviewed articles regarding CDLs for Puerto Rico 0.4

Scott Martinez 1/17/2018 6 Reviewed tax presentation from FOMB public session 1.0

Deborah Praga 1/18/2018 6 Reviewed documents posted to Intralinks 1.5

Anthony Perrella 1/19/2018 6 Searched through ratings agencies for specific ratings reports on comparable bonds 0.5

Carol Flaton 1/19/2018 6 Review of revised Bank statement (12/31 balances) 0.2

Carol Flaton 1/19/2018 6 Read news report of Chicago bond postponement (related to COFINA) 0.2

Carol Flaton 1/19/2018 6 Review of final version of FOMB mtg summary for distribution to UCC 0.2

Robert Bingham 1/19/2018 6 Review and comment on other municipal securitization presentation 1.0

Carol Flaton 1/22/2018 6 Read Stieglitz open letter re PR FP and debt 0.4

Deborah Praga 1/22/2018 6 Review articles related to fiscal plan 0.4

Deborah Praga 1/22/2018 6 Review of articles related to Chicago securitization 0.6

Deborah Praga 1/22/2018 6 Researched any loans extended by the Commonwealth 0.6

Enrique R. Ubarri 1/22/2018 6 Research re: inter-debtor lending by the Commonwealth of Puerto Rico and exchanged emails with D. Praga re: the same0.3

Mark A. Cervi 1/22/2018 6 Research related to sales tax bonds 0.4

Michael Westermann 1/22/2018 6 Review of NY Fed article regarding Maria effects on PR economy 0.6

Michael Westermann 1/22/2018 6 Reviewed STIP projections, by capex project, posted to data site 1.0

Michael Westermann 1/22/2018 6 Review of federal OMB circular posted to Intralinks in preparation for mediation session 2.2

Scott Martinez 1/22/2018 6 Reviewed report regarding federal disaster funds for Puerto Rico and impact on economy 0.2

Scott Martinez 1/22/2018 6 Reviewed Stiglitz analysis of Puerto Rico's debt relief needs to restore debt sustainability 1.3

Deborah Praga 1/23/2018 6 Review of articles related to Commonwealth-COFINA dispute 0.3

Enrique R. Ubarri 1/23/2018 6 Reviewed motion filed by AAFAF and FOMB re: production of information related to fiscal 

plan.

0.3

Deborah Praga 1/24/2018 6 Review of reports related to Commonwealth-COFINA dispute and revised fiscal plan 0.8

Enrique R. Ubarri 1/24/2018 6 Reviewed filing from AMBAC seeking leave and amendment of counterclaim in the 

Commonwealth-COFINA dispute and reviewed AMBAC's Urgent Motion to Expedite. 

0.5

Enrique R. Ubarri 1/24/2018 6 Sent e-mail to C. Flaton re: analysis of filings 0.2

Enrique R. Ubarri 1/24/2018 6 Reviewed scheduling order; COFINA Agent's statement re: scheduling order; Mutual Funds 

limited objection; Senior Bondholders Limited Objection; AMBAC's objection; limited reply 

from AAFAF; re: deadline amendments in Commonwealth-COFINA dispute.

0.8

Michael Westermann 1/24/2018 6 Review of FOMB letter to congress 0.1

Michael Westermann 1/24/2018 6 Review updated discovery motion docket 0.6

Michael Westermann 1/24/2018 6 Review of PR SIB Trust Fund history and collateral 2.1

Scott Martinez 1/24/2018 6 Reviewed articles regarding proposed legislation to address municipality fiscal issues 0.3

Deborah Praga 1/25/2018 6 Reviewed article regarding Chicago sales tax securitization delay 0.3

Deborah Praga 1/25/2018 6 Reviewed articles related to Judge Swain's decisions 0.4

Enrique R. Ubarri 1/25/2018 6 Reviewed Order from Judge Swain in Commonwealth-COFINA dispute. 0.1

Enrique R. Ubarri 1/25/2018 6 Reviewed Order from Judge Swain re: AMBAC's motions. 0.1

Carol Flaton 1/26/2018 6 Review of Sanders/Warren/Gillibrand proposal for PR 0.2

Enrique R. Ubarri 1/26/2018 6 Reviewed motions filed by COFINA agent; GO Bondholders re: extension of deadlines; 0.2

Enrique R. Ubarri 1/26/2018 6 Analyzed the Creditor Group Bi-Weekly Update, January 26, 2018 0.2

Enrique R. Ubarri 1/26/2018 6 Reviewed filing from ICSE as reply to motion filed by AAFAF. 0.2

Enrique R. Ubarri 1/26/2018 6 Reviewed proposed Territorial Relief Act draft bill proposed in Congress for the restructuring 

of Puerto Rico debt

0.2

Enrique R. Ubarri 1/26/2018 6 Sent e-mail to C. Flaton, S. Martinez and L. Despins (PH) re: restructuring bill and 

restructuring process set forth in bill.

0.1

Scott Martinez 1/26/2018 6 Reviewed proposed territorial relief act proposed by Senators Warren, Sanders and Gillibrand 0.2

Carol Flaton 1/29/2018 6 Read article re Baupost investments in PR 0.1

Carol Flaton 1/29/2018 6 Read article forwarded by M. Richard (Committee member - AFT) 0.2

Deborah Praga 1/29/2018 6 Review of articles related to Commonwealth-COFINA dispute 0.7

Enrique R. Ubarri 1/29/2018 6 Examined and assessed certain proposed legislation that would impact SUT collections on the 

Commonwealth

0.6

Enrique R. Ubarri 1/29/2018 6 Prepared memorandum with analysis of the proposed legislation for distribution to S. 

Martinez and C. Flaton 

0.8

Scott Martinez 1/29/2018 6 Reviewed summary of tax legislation regarding SUT 0.3

Scott Martinez 1/29/2018 6 Reviewed documents posted to the Intralinks site 0.3

Scott Martinez 1/29/2018 6 Reviewed small business survey report as prepared by the Federal Bank of New York 0.6

Carol Flaton 1/30/2018 6 Review of DIP references (interest rate and terms) 0.2

Deborah Praga 1/30/2018 6 Review of articles related to CDLs 0.5

Deborah Praga 1/30/2018 6 Review of documents posted to Intralinks 1.2

Enrique R. Ubarri 1/30/2018 6 Assessed the Order issued by Judge Swain re: GO Bondholder complaint. 0.4

Michael Westermann 1/30/2018 6 Review of GO bondholder court ruling 0.4

Michael Westermann 1/30/2018 6 Research re: previous DIP loan offers 2.2

Scott Martinez 1/30/2018 6 Reviewed reports regarding the hurricane Maria's impact on population in Puerto Rico 0.4

Page 41 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 43 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Scott Martinez 1/30/2018 6 Reviewed additional documents uploaded to Intralinks 0.5

Deborah Praga 1/31/2018 6 Review of reports related to structural reports 0.8

Michael Westermann 1/31/2018 6 Research and email to S. Martinez regarding opportunity zones and potential for PR inclusion 2.3

Scott Martinez 1/31/2018 6 Reviewed article on delays in private insurance claims processed 0.1

Scott Martinez 1/31/2018 6 Reviewed a report regarding the impact on healthcare in Puerto Rico as a result of the 

population decline

0.3

Scott Martinez 1/31/2018 6 Reviewed additional documents uploaded to Intralinks 0.5

Total Matter Category 6 629.8

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 10/31/2017 7 Review and translation of PPP projects. 1.8

Michael Westermann 12/1/2017 7 Analysis of tax asset sales in muni bankruptcy 0.3

Total Matter Category 7 2.1

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 10/10/2017 8 Research re: insurance policies of assets of the Commonwealth of Puerto Rico; valuation of 

insurance policies

0.5

Enrique R. Ubarri 11/10/2017 8 Exchanged several e-mails with R. Yenumula re: critical projects; research re: critical 

projects.

1.2

Michael Westermann 12/15/2017 8 Research into new pension file provided to the creditors 1.2

Total Matter Category 8 2.9

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 10/2/2017 9 Review latest draft of debt trading prices 0.2

Carol Flaton 10/2/2017 9 Debrief of meeting with L. Despins and J. Bliss (Paul Hastings) re: debt recovery scenarios 

with S. Martinez, R. Bingham, and M. Delmonte 

0.3

Carol Flaton 10/2/2017 9 Meeting with L. Despins and J. Bliss (Paul Hastings), S. Martinez, R. Bingham and M. 

Delmonte regarding debt recovery scenarios

1.0

Matthew Delmonte 10/2/2017 9 Debrief of meeting with L. Despins and J. Bliss (Paul Hastings) re: debt recovery scenarios 

with S. Martinez, C. Flaton, and R. Bingham

0.3

Matthew Delmonte 10/2/2017 9 Discussion with R. Bingham re: PR debt recovery model 0.3

Matthew Delmonte 10/2/2017 9 Discussion with S. Martinez & R. Bingham - re: PR debt recovery model 0.3

Matthew Delmonte 10/2/2017 9 Meeting with L. Despins and J. Bliss (Paul Hastings), C. Flaton, R. Bingham and S. Martinez 

regarding debt recovery scenarios

1.0

Matthew Delmonte 10/2/2017 9 Work on PR illustrative recovery model 7.2

Robert Bingham 10/2/2017 9 Debrief of meeting with L. Despins and J. Bliss (Paul Hastings) re: debt recovery scenarios 

with S. Martinez, C. Flaton, and M. Delmonte 

0.3

Robert Bingham 10/2/2017 9 Discussion with M. Delmonte re: PR debt recovery model 0.3

Robert Bingham 10/2/2017 9 Discussion with S. Martinez & M. Delmonte - re: PR debt recovery model 0.3

Robert Bingham 10/2/2017 9 Review and comment on updated recovery model, including testing calculations 0.5

Robert Bingham 10/2/2017 9 Continued review and comment on updated recovery model, including testing calculations 0.7

Robert Bingham 10/2/2017 9 Meeting with L. Despins and J. Bliss (Paul Hastings), C. Flaton, S. Martinez and M. Delmonte 

regarding debt recovery scenarios

1.0

Scott Martinez 10/2/2017 9 Debrief of meeting with L. Despins and J. Bliss (Paul Hastings) re: debt recovery scenarios 

with R. Bingham, C. Flaton, and M. Delmonte 

0.3

Scott Martinez 10/2/2017 9 Discussion with R. Bingham & M. Delmonte - re: PR debt recovery model 0.3

Scott Martinez 10/2/2017 9 Meeting with L. Despins and J. Bliss (Paul Hastings), C. Flaton, R. Bingham and M. Delmonte 

regarding debt recovery scenarios

1.0

Matthew Delmonte 10/3/2017 9 Work on PR illustrative recovery model presentation 7.6

Robert Bingham 10/3/2017 9 Review and comment on updated recovery model and related presentation 0.4

Scott Martinez 10/3/2017 9 Reviewed and commented on the draft recovery presentation 0.6

Matthew Delmonte 10/4/2017 9 Update PR Debt market pricing model 1.6

Matthew Delmonte 10/4/2017 9 Update PR debt market pricing presentation 2.8

Michael Westermann 10/4/2017 9 Review of updated GO/other debt pricing following Trump comments 1.4

Robert Bingham 10/4/2017 9 Review and comment on recovery model presentation 0.2

Robert Bingham 10/4/2017 9 Continued review and comment on recovery model presentation 0.9

Robert Bingham 10/4/2017 9 Discussions with S. Martinez concerning recovery analysis 0.8

Scott Martinez 10/4/2017 9 Reviewed and commented on the draft debt recovery presentation 0.5

Scott Martinez 10/4/2017 9 Compared debt pricing from various articles to Zolfo's presentation 0.5

Scott Martinez 10/4/2017 9 Discussions with R. Bingham concerning recovery analysis 0.8

Scott Martinez 10/4/2017 9 Updated and distributed the draft debt recovery presentation to Paul Hastings 0.8

Scott Martinez 10/4/2017 9 Reviewed, commented and circulated the draft historical debt pricing presentation to the 0.7

Matthew Delmonte 10/5/2017 9 Work on historical PR debt prices model pre 2014 2.5

Matthew Delmonte 10/6/2017 9 Continued work on historical PR debt prices model pre 2014 3.2

Matthew Delmonte 10/11/2017 9 Update PR debt pricing model 0.4

Matthew Delmonte 10/11/2017 9 Monitor and analyzed market debt prices 0.8

Scott Martinez 10/11/2017 9 Reviewed Puerto Rico debt trading prices as of today 0.5

Page 42 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 44 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Matthew Delmonte 10/12/2017 9 Partial participation in internal meeting regarding debt pricing presentation 0.6

Matthew Delmonte 10/12/2017 9 Update PR debt pricing model 0.6

Matthew Delmonte 10/13/2017 9 Update PR debt pricing model 0.3

Matthew Delmonte 10/16/2017 9 Work on PR debt pricing presentation 5.0

Robert Bingham 10/16/2017 9 Discussion with S. Martinez regarding COFINA issuance question from Paul Hastings 0.3

Scott Martinez 10/16/2017 9 Discussion with R. Bingham regarding COFINA issuance question from Paul Hastings 0.3

Scott Martinez 10/16/2017 9 Reviewed EMMA filing regarding COFINA funds held at BNY Mellon 0.3

David MacGreevey 10/17/2017 9 Review updated PR debt pricing report 0.2

Matthew Delmonte 10/17/2017 9 Work on PR debt pricing presentation 2.8

Scott Martinez 10/17/2017 9 Reviewed and commented on the debt pricing presentation and circulated to UCC members 0.6

Matthew Delmonte 10/23/2017 9 Update PR debt pricing model 1.1

Matthew Delmonte 10/23/2017 9 Work on PR debt pricing presentation 2.6

Scott Martinez 10/23/2017 9 Reviewed and commented on the debt pricing presentation and circulated to UCC members 0.5

Carol Flaton 10/26/2017 9 Review of pension summary for distribution to UCC 0.2

Deborah Praga 10/27/2017 9 Meeting with S. Martinez, R. Yenumula, M. Delmonte and M. Westermann re: Debt Pricing 

analysis 

0.6

Matthew Delmonte 10/27/2017 9 Meeting with S. Martinez, D. Praga, R. Yenumula, and M. Westermann re: Debt Pricing 

analysis 

0.6

Matthew Delmonte 10/27/2017 9 Meeting with S. Martinez, R. Yenumula, and M. Westermann re: Debt Capacity Analysis 1.2

Michael Westermann 10/27/2017 9 Meeting with S. Martinez, D. Praga, R. Yenumula, and M. Delmonte re: Debt Pricing analysis 0.6

Michael Westermann 10/27/2017 9 Review of debt pricing spreadsheet 0.8

Michael Westermann 10/27/2017 9 Meeting with S. Martinez, M. Delmonte, R. Yenumula re: Debt Capacity Analysis 1.2

Michael Westermann 10/27/2017 9 Reviewed offering documents to see where debt capacity analysis was pulled from 2.1

Rahul Yenumula 10/27/2017 9 Meeting with S. Martinez, D. Praga, M. Delmonte, and M. Westermann re: Debt Pricing 

analysis

0.6

Rahul Yenumula 10/27/2017 9 Meeting with S. Martinez, M. Delmonte, and M. Westermann re: Debt Capacity Analysis 1.2

Rahul Yenumula 10/27/2017 9 Review of debt pricing model and deck 3.4

Scott Martinez 10/27/2017 9 Meeting with M. Delmonte, D. Praga, R. Yenumula, and M. Westermann re: Debt Pricing 

analysis

0.6

Scott Martinez 10/27/2017 9 Meeting with M. Delmonte, R. Yenumula, and M. Westermann re: Debt Capacity Analysis 1.2

Deborah Praga 10/30/2017 9 Discussion with S. Martinez regarding debt recovery analysis 0.5

Deborah Praga 10/30/2017 9 Review of debt pricing changes in the last week 0.8

Rahul Yenumula 10/30/2017 9 Updated the model on debt pricing to reflect prices as of 10/27 0.8

Rahul Yenumula 10/30/2017 9 Revision of the debt pricing deck based on comments from S. Martinez and M. Delmonte 1.3

Rahul Yenumula 10/30/2017 9 Discussion with S. Martinez regarding debt pricing model 0.9

Rahul Yenumula 10/30/2017 9 Verification of debt prices with Bloomberg 1.5

Scott Martinez 10/30/2017 9 Discussion with D. Praga regarding debt recovery analysis 0.5

Scott Martinez 10/30/2017 9 Discussion with R. Yenumula regarding debt pricing model 0.9

Scott Martinez 10/30/2017 9 Reviewed and commented on the debt pricing presentation 1.1

Rahul Yenumula 10/31/2017 9 Discussion with S. Martinez re: Debt Pricing deck 0.4

Rahul Yenumula 10/31/2017 9 Updated the model on debt pricing 1.8

Rahul Yenumula 10/31/2017 9 Updated the deck on debt pricing based on updated model 2.2

Scott Martinez 10/31/2017 9 Discussion with R. Yenumula re: Debt Pricing deck 0.4

Scott Martinez 10/31/2017 9 Reviewed and circulated the debt pricing presentation to UCC members 0.5

Michael Westermann 11/1/2017 9 Created spreadsheet detailing accrued insured amounts of COFINA bonds 1.4

Rahul Yenumula 11/1/2017 9 Discussion with R. Bingham re: Debt Pricing 0.2

Robert Bingham 11/1/2017 9 Discussion with R. Yenumula re: Debt Pricing 0.2

Carol Flaton 11/6/2017 9 Review of debt pricing output and related emails w/L. Despins (PH) 0.1

Deborah Praga 11/6/2017 9 Revision to debt pricing presentation 0.4

Deborah Praga 11/6/2017 9 Review of debt pricing presentation 1.2

Rahul Yenumula 11/6/2017 9 Discussion with S. Martinez regarding debt pricing presentation 0.5

Rahul Yenumula 11/6/2017 9 Revision of debt pricing deck based on comments from S. Martinez 0.6

Rahul Yenumula 11/6/2017 9 Updated the debt pricing model to reflect the bond prices as of 11/03/17 1.4

Rahul Yenumula 11/6/2017 9 Continued to update the debt pricing deck to reflect the bond prices as of 11/03/17 3.4

Scott Martinez 11/6/2017 9 Discussion with R. Yenumula regarding debt pricing presentation 0.5

Scott Martinez 11/6/2017 9 Reviewed, commented and circulated the draft historical debt pricing presentation to the 1.0

Deborah Praga 11/7/2017 9 Reviewing debt issuance docs 1.8

Rahul Yenumula 11/7/2017 9 Vetted the debt pricing model 2.4

Deborah Praga 11/8/2017 9 Discussion with R. Yenumula re: Debt Pricing 0.2

Deborah Praga 11/8/2017 9 Revising debt pricing model 1.4

Deborah Praga 11/8/2017 9 Reviewing debt pricing model 1.4

Deborah Praga 11/8/2017 9 Reviewing debt issuance docs 5.4

Rahul Yenumula 11/8/2017 9 Discussion with D. Praga re: Debt Pricing 0.2

Rahul Yenumula 11/8/2017 9 Discussion with S. Martinez re: Debt Pricing 0.2

Scott Martinez 11/8/2017 9 Discussion with R. Yenumula re: Debt Pricing 0.2

Deborah Praga 11/9/2017 9 Revising debt pricing model 0.4

Deborah Praga 11/9/2017 9 Reviewing debt pricing model 0.8

Deborah Praga 11/9/2017 9 Reviewing debt issuance docs 0.9

Carol Flaton 11/13/2017 9 Review of debt pricing deck 0.2

Deborah Praga 11/13/2017 9 Reviewed debt pricing deck 0.9

Page 43 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 45 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 11/13/2017 9 Reviewed debt pricing presentation 0.3

Rahul Yenumula 11/13/2017 9 Discussion with S. Martinez regarding the debt pricing deck 0.2

Rahul Yenumula 11/13/2017 9 Revision of debt pricing deck based on comments from S. Martinez 0.4

Rahul Yenumula 11/13/2017 9 Updated the debt pricing model to reflect the bond prices as of 11/10/17 1.2

Scott Martinez 11/13/2017 9 Discussion with R. Yenumula regarding the debt pricing deck 0.2

Scott Martinez 11/13/2017 9 Reviewed, commented and circulated the draft historical debt pricing presentation to the 0.6

Deborah Praga 11/15/2017 9 Meeting re approach to J. Bliss (PH) COFINA research request with S. Martinez, R. Bingham, 

E. Ubarri

0.6

Enrique R. Ubarri 11/15/2017 9 Meeting re approach to J. Bliss (PH) COFINA research request with S. Martinez, D. Praga, R. 

Bingham

0.6

Robert Bingham 11/15/2017 9 Meeting re approach to J. Bliss (PH) COFINA research request with S. Martinez, D. Praga, E. 

Ubarri

0.6

Scott Martinez 11/15/2017 9 Meeting re approach to J. Bliss (PH) COFINA research request with R. Bingham, D. Praga, E. 

Ubarri

0.6

Carol Flaton 11/20/2017 9 Review of weekly debt pricing deck 0.2

Deborah Praga 11/20/2017 9 Email correspondence with S. Martinez regarding debt pricing document 0.2

Deborah Praga 11/20/2017 9 Discussions regarding debt pricing presentation with R. Yenumula 0.4

Deborah Praga 11/20/2017 9 Bloomberg research for debt pricing presentation 0.4

Deborah Praga 11/20/2017 9 Revised debt pricing presentation based on comments from S. Martinez 0.8

Deborah Praga 11/20/2017 9 Prepared debt pricing presentation for the week ended November 17, 2017 5.0

Michael Westermann 11/20/2017 9 Review of data related to COFINA and GO bond pricing with R. Bingham 0.4

Michael Westermann 11/20/2017 9 Created Cofina/GO interest rate summary for response 2.1

Rahul Yenumula 11/20/2017 9 Discussions regarding debt pricing presentation with D. Praga 0.4

Rahul Yenumula 11/20/2017 9 Updated bond prices of GDB bonds 1.8

Robert Bingham 11/20/2017 9 Review of data related to COFINA and GO bond pricing with M. Westermann 0.4

Scott Martinez 11/20/2017 9 Reviewed current pricing of GDB bonds 0.2

Scott Martinez 11/20/2017 9 Reviewed, commented and circulated the draft historical debt pricing presentation to the 0.5

Eric Deichmann 11/27/2017 9 Discussion with S. Martinez regarding debt 0.3

Rahul Yenumula 11/27/2017 9 Discussion with S. Martinez re: Bond Prices Update 0.3

Scott Martinez 11/27/2017 9 Discussion with E. Deichmann regarding debt 0.3

Scott Martinez 11/27/2017 9 Discussion with R. Yenumula re: Bond Prices Update 0.3

Scott Martinez 11/27/2017 9 Reviewed equity research reports on Puerto Rico's debt 0.5

Carol Flaton 11/28/2017 9 Emails w/S. Martinez, L. Despins (PH) re COFINA matters 0.1

Carol Flaton 11/28/2017 9 Meeting with S. Martinez, E. Deichmann, and M. Westermann re: contingent notes 1.3

Eric Deichmann 11/28/2017 9 Meeting with S. Martinez, C. Flaton, M. Westermann re: contingent notes 1.3

Michael Westermann 11/28/2017 9 Meeting with S. Martinez, C. Flaton, and E. Deichmann re: contingent notes 1.3

Scott Martinez 11/28/2017 9 Meeting with C. Flaton, E. Deichmann, and M. Westermann re: contingent notes 1.3

Scott Martinez 11/28/2017 9 Reviewed COFINA files in preparation for meeting with COFINA agent 2.1

Carol Flaton 11/29/2017 9 Meeting w/S. Martinez, B. Bingham to Review COFINA structure and issues 0.9

Deborah Praga 11/29/2017 9 Review of COFINA bank statements 2.3

Enrique R. Ubarri 11/29/2017 9 Call with S. Martinez regarding SUT 0.5

Robert Bingham 11/29/2017 9 Meeting w/S. Martinez, C. Flaton to Review COFINA structure and issues 0.9

Scott Martinez 11/29/2017 9 Reviewed analyses regarding SUT collections 0.5

Scott Martinez 11/29/2017 9 Call with E. Ubarri regarding SUT 0.5

Scott Martinez 11/29/2017 9 Meeting w/C. Flaton, B. Bingham to Review COFINA structure and issues 0.9

Scott Martinez 11/30/2017 9 Correspondence with J. Bliss (Paul Hastings) regarding SUT 0.2

Robert Bingham 12/1/2017 9 Call regarding debt limit charts with S. Martinez 0.2

Scott Martinez 12/1/2017 9 Call regarding debt limit charts with R. Bingham 0.2

Scott Martinez 12/1/2017 9 Reviewed debt limit charts in various motions as requested by Paul Hastings 1.4

Carol Flaton 12/4/2017 9 Review of rating agency reports and emails w/PH (M. Kahn, J. Bliss) re securitization 0.7

Enrique R. Ubarri 12/5/2017 9 Call with S. Martinez regarding SUT 0.4

Mark A. Cervi 12/5/2017 9 Fitch related research regarding COFINA 1.0

Rahul Yenumula 12/5/2017 9 Discussion regarding the debt pricing presentation with S. Martinez 0.5

Scott Martinez 12/5/2017 9 Call with E. Ubarri regarding SUT 0.4

Scott Martinez 12/5/2017 9 Discussion regarding the debt pricing presentation with R. Yenumula 0.5

Scott Martinez 12/5/2017 9 Reviewed and commented on the debt pricing presentation 0.7

Mark A. Cervi 12/6/2017 9 Exchanged emails regarding approaches to analyzing Commonwealth insolvency with R. 

Bingham

0.4

Scott Martinez 12/6/2017 9 Email correspondence with J. Worthington (Paul Hastings) regarding COFINA 0.3

Robert Bingham 12/8/2017 9 Call regarding SUT with J. Bliss (Paul Hastings), S. Martinez 0.3

Scott Martinez 12/8/2017 9 Call regarding SUT with J. Bliss (Paul Hastings), R. Bingham 0.3

Scott Martinez 12/8/2017 9 Call regarding debt limit calculation with A. Bongartz (Paul Hastings), S. Maza (Paul Hastings) 0.3

Scott Martinez 12/8/2017 9 Reviewed the COFINA Trustee's notice to bondholders regarding funds held by BONY 0.3

Scott Martinez 12/8/2017 9 Reviewed documents related to the debt limit calculation and provided them to Paul Hastings 0.6

Deborah Praga 12/11/2017 9 Reviewed and commented on the draft debt pricing model presentation 0.8

Rahul Yenumula 12/11/2017 9 Discussions regarding the debt pricing presentation with S. Martinez 0.6

Rahul Yenumula 12/11/2017 9 Debt pricing - updating the excel 2.6

Rahul Yenumula 12/11/2017 9 Debt pricing - updating the deck 5.1

Scott Martinez 12/11/2017 9 Discussions regarding the debt pricing presentation with R. Yenumula 0.6

Scott Martinez 12/11/2017 9 Reviewed and commented on the draft debt pricing model presentation 1.0

Page 44 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 46 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 12/12/2017 9 Review of debt pricing report (COFINA and GO only) 0.4

Scott Martinez 12/12/2017 9 Updated the debt pricing presentation for the GO and Cofina issuances 0.5

Scott Martinez 12/14/2017 9 Discussion regarding COFINA research with D. Praga 0.6

Carol Flaton 12/19/2017 9 Call with L. Despins (PH), S. Martinez, R. Bingham, D. Praga regarding COFINA next steps 0.1

Deborah Praga 12/19/2017 9 Call with L. Despins (PH), C. Flaton, S. Martinez, R. Bingham regarding COFINA next steps 0.1

Deborah Praga 12/19/2017 9 Exchanged emails with M. Cervi, R. Bingham, S. Martinez and C. Flaton regarding COFINA 0.3

Deborah Praga 12/19/2017 9 Bloomberg research on comparable GO bonds 2.8

Scott Martinez 12/19/2017 9 Call with L. Despins (PH), C. Flaton, R. Bingham, D. Praga regarding COFINA next steps 0.1

Scott Martinez 12/19/2017 9 Email exchanges with Zolfo team members regarding Chicago securitization 0.2

Scott Martinez 12/19/2017 9 Call with M. Cervi, R. Bingham, D. Praga regarding previous COFINA research 0.4

Deborah Praga 12/20/2017 9 Bloomberg research on comparable GO bonds 2.7

Enrique R. Ubarri 12/20/2017 9 Reviewed and commented on presentation on certain COFINA matters and researched excise 

tax and SUT.

1.1

Mark A. Cervi 12/20/2017 9 Call with A. Perrella regarding COFINA rating agency reports 0.3

Deborah Praga 12/21/2017 9 Bloomberg research on comparable GO bond yields 2.8

Anthony Perrella 12/22/2017 9 Coordinated with M. Cervi regarding COFINA ratings data 0.1

Deborah Praga 12/22/2017 9 Bloomberg research on comparable GO bond yields 3.5

Mark A. Cervi 12/22/2017 9 Coordinated with A. Perrella regarding COFINA ratings data 0.1

Michael Westermann 1/2/2018 9 Updated debt pricing analysis and investigate prices related to insured COFINA bonds 2.5

Scott Martinez 1/2/2018 9 Reviewed recent Puerto Rico debt trading prices 1.0

Deborah Praga 1/3/2018 9 Discussion regarding debt issuances with S. Martinez 0.5

Deborah Praga 1/3/2018 9 Researching Illinois GO bond yields 2.1

Enrique R. Ubarri 1/3/2018 9 Discussion regarding SUT with S. Martinez and M. Westermann 0.8

Michael Westermann 1/3/2018 9 Discussion regarding SUT with S. Martinez and E. Ubarri 0.8

Scott Martinez 1/3/2018 9 Discussion regarding debt pricing with R. Yenumula 0.5

Scott Martinez 1/3/2018 9 Discussion regarding debt issuances with D. Praga 0.5

Scott Martinez 1/3/2018 9 Discussion regarding SUT with M. Westermann and E. Ubarri 0.8

Deborah Praga 1/4/2018 9 Researching Illinois GO bond yields 2.8

Deborah Praga 1/5/2018 9 Researching Illinois GO bond yields 2.7

Deborah Praga 1/5/2018 9 Analyzing comparable GO bond yields 1.7

Rahul Yenumula 1/5/2018 9 Discussion on debt pricing with S. Martinez 0.3

Scott Martinez 1/5/2018 9 Discussion on debt pricing with R. Yenumula 0.3

Scott Martinez 1/5/2018 9 Reviewed and commented on the revised debt pricing presentation 2.0

Carol Flaton 1/6/2018 9 Calls w/J. Bliss (PH) re Cofina matters 0.6

Deborah Praga 1/8/2018 9 Discussion with S. Martinez regarding debt analysis 0.3

Deborah Praga 1/8/2018 9 Graphed GO bond yields 0.4

Deborah Praga 1/8/2018 9 Meeting with S. Martinez, R. Bingham, M. Westermann, E. Ubarri regarding COFINA analyses 1.0

Deborah Praga 1/8/2018 9 Additional analysis of GO bond yields 2.6

Deborah Praga 1/8/2018 9 Researching Illinois GO bond yields 3.7

Michael Westermann 1/8/2018 9 Email to S. Martinez re: Excise tax key points 0.4

Michael Westermann 1/8/2018 9 Meeting with S. Martinez, R. Bingham, E. Ubarri and D. Praga regarding COFINA analyses 1.0

Scott Martinez 1/8/2018 9 Discussion with D. Praga regarding debt analysis 0.3

Scott Martinez 1/8/2018 9 Reviewed the draft analysis regarding debt issuance yields 0.8

Scott Martinez 1/8/2018 9 Meeting with R. Bingham, M. Westermann, E. Ubarri and D. Praga regarding COFINA analyses 1.0

Carol Flaton 1/9/2018 9 Exchanged emails w/ J. Bliss (PH) re call w/ PR securitization expert 0.2

Carol Flaton 1/9/2018 9 Review of A. Bongartz (PH) 1/9 email w/attachments - status of Cofina litigation, gov’t Reorg 

and SUT

1.8

Deborah Praga 1/9/2018 9 Additional analysis of GO bond yields 1.4

Deborah Praga 1/10/2018 9 Additional analysis of GO bond yields 1.7

Deborah Praga 1/10/2018 9 Additional research regarding Illinois GO bond yields 1.7

Deborah Praga 1/11/2018 9 Prepared slide on GO bond yield analysis for in-person UCC meeting 1.2

Michael Westermann 1/11/2018 9 Updated slides for SUT versus excise tax PowerPoint 2.4

Scott Martinez 1/11/2018 9 Reviewed and commented on the draft debt pricing analysis 0.7

Carol Flaton 1/12/2018 9 Reviewed revised debt pricing deck - to share with I. Smith and D. Mack (Drivetrain) 0.6

Carol Flaton 1/12/2018 9 Telephone conversation with E. Ubarri re: COFINA matters. 0.2

Carol Flaton 1/12/2018 9 Review and mark up of draft contingent note analysis presentation - for 1/18 mtg 0.8

Deborah Praga 1/12/2018 9 Meeting with R. Bingham regarding Chicago GO bond yields 0.1

Deborah Praga 1/12/2018 9 Revised slide on GO bond yield analysis for in-person UCC meeting 0.9

Deborah Praga 1/12/2018 9 Created additional slides for in-person UCC meeting per comments from C. Flaton 3.7

Enrique R. Ubarri 1/12/2018 9 Telephone conversation with C. Flaton re: COFINA matters. 0.2

Michael Westermann 1/12/2018 9 Review CPA association research re: SUT and updated slide deck for such 2.1

Robert Bingham 1/12/2018 9 Meeting with D. Praga regarding Chicago GO bond yields 0.1

Deborah Praga 1/15/2018 9 Discussion regarding tax presentation with S. Martinez, E. Ubarri 0.4

Deborah Praga 1/15/2018 9 Revised tax presentation 2.2

Enrique R. Ubarri 1/15/2018 9 Discussion regarding tax presentation with S. Martinez and D. Praga 0.4

Rahul Yenumula 1/15/2018 9 Updated the debt pricing model with the latest information from Bloomberg 1.7

Scott Martinez 1/15/2018 9 Discussion regarding contingent bonds with E. Deichmann 0.4

Eric Deichmann 1/16/2018 9 Stiglitz et al debt sustainability analysis review 1.7

Rahul Yenumula 1/16/2018 9 Review of the debt pricing deck 1.1

Rahul Yenumula 1/16/2018 9 Finalized the debt pricing deck 3.2

Page 45 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 47 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Scott Martinez 1/16/2018 9 Reviewed the updated debt pricing presentation and underlying model 1.2

Deborah Praga 1/18/2018 9 Prepared talking points for in person UCC meeting 0.5

Michael Westermann 1/19/2018 9 Review of completed Stiglitz report re PR economy and debt sustainability 1.8

Robert Bingham 1/22/2018 9 Discussion regarding other municipal securitizations with R. Bingham 0.3

Scott Martinez 1/22/2018 9 Discussion regarding other municipal securitizations with R. Bingham 0.3

Carol Flaton 1/25/2018 9 Exchanged email w/ M. Cervi re COFINA topics 0.1

Carol Flaton 1/25/2018 9 Emails w/ S. Martinez, J. Bliss, J. Worthington (PH) re COFINA topics 0.2

Michael Westermann 1/25/2018 9 Review of latest Chicago pricing for secured bonds 0.4

Carol Flaton 1/29/2018 9 Reviewed E. Ubarri memo re SUT legislation 0.3

Rahul Yenumula 1/29/2018 9 Corrections to the debt pricing model based on the review 1.5

Rahul Yenumula 1/29/2018 9 Review of the debt pricing model for inconsistencies 1.8

Rahul Yenumula 1/29/2018 9 Updated the debt pricing model with the latest information from Bloomberg 2.6

Scott Martinez 1/29/2018 9 Reviewed updated debt pricing model 0.6

Rahul Yenumula 1/30/2018 9 Revised the debt pricing deck based on comments from S. Martinez 0.8

Rahul Yenumula 1/30/2018 9 Prepared an updated debt pricing deck based on the revised model 3.8

Carol Flaton 1/31/2018 9 review of debt pricing deck 0.4

Enrique R. Ubarri 1/31/2018 9 Analyzed debt pricing presentation 0.2

Enrique R. Ubarri 1/31/2018 9 Assessed the Debt Sustainability Analysis. 0.2

Michael Westermann 1/31/2018 9 Analysis of debt sustainability analysis posted to Intralinks and comparison to fiscal plan cash 

flow

2.6

Rahul Yenumula 1/31/2018 9 Revision of Capacity Charge model based on comments from S. Martinez 1.3

Scott Martinez 1/31/2018 9 Reviewed recent Puerto Rico debt trading prices presentation and circulated to members of 

the Committee

0.5

Total Matter Category 9 265.6

Name Date

Matter 

Category Narrative Hours 

Scott Martinez 11/1/2017 10 Reviewed listing of proposed P3 projects 0.4

Rahul Yenumula 11/2/2017 10 Discussion with S. Martinez regarding P3 projects 0.4

Scott Martinez 11/2/2017 10 Discussion with R. Yenumula regarding P3 projects 0.4

Rahul Yenumula 11/3/2017 10 Discussion with S. Martinez regarding P3 projects 0.4

Rahul Yenumula 11/3/2017 10 Revision of P3 deck based on comments from S. Martinez 2.3

Scott Martinez 11/3/2017 10 Discussion with R. Yenumula regarding P3 projects 0.4

Rahul Yenumula 11/15/2017 10 Revision of deck on P3 projects in Puerto Rico 1.7

Carol Flaton 1/22/2018 10 Emails w/ S. Martinez and R. Yenumula re P3 project review 0.1

Total Matter Category 10 6.1

Name Date

Matter 

Category Narrative Hours 

Matthew Delmonte 10/4/2017 11 Work on PR illustrative recovery model presentation - add introduction slide 1.2

Matthew Delmonte 10/10/2017 11 Discussion with S. Martinez and M. Westermann regarding PRASA debt restructuring proposals 0.7

Matthew Delmonte 10/10/2017 11 Discussion with S. Martinez and M. Westermann regarding PRASA restructuring proposals 1.1

Michael Westermann 10/10/2017 11 Discussion with S. Martinez and M. Delmonte regarding PRASA debt restructuring proposals 0.7

Michael Westermann 10/10/2017 11 Discussion with S. Martinez and M. Delmonte regarding PRASA restructuring proposals 1.1

Scott Martinez 10/10/2017 11 Discussion with M. Delmonte and M. Westermann regarding PRASA debt restructuring 

proposals

0.7

Scott Martinez 10/10/2017 11 Discussion with M. Westermann and M. Delmonte regarding PRASA restructuring proposals 1.1

Deborah Praga 11/7/2017 11 Revised restructuring proposal summary 0.6

Deborah Praga 11/10/2017 11 Prepared summary of restructuring proposals 2.8

Deborah Praga 11/10/2017 11 Review of all previous restructuring proposals 4.2

Deborah Praga 11/14/2017 11 Discussion about COFINA settlement proposal summary with R. Bingham 0.2

Michael Westermann 11/20/2017 11 Created spreadsheet with key COFINA vs GO factors 2.8

Michael Westermann 11/22/2017 11 Created spreadsheet highlighting various proposals and key terms and changes 2.8

Michael Westermann 11/28/2017 11 Review of Bonistas and Coops previous restructuring proposals 1.6

Carol Flaton 11/29/2017 11 Follow up discussion with S. Martinez, L. Despins (Paul Hastings) regarding COFINA 0.6

Deborah Praga 11/29/2017 11 Discussion with R. Bingham and S. Martinez regarding SUT 0.6

Deborah Praga 11/29/2017 11 Analysis of SUT receipts and COFINA bank balances 4.1

Michael Westermann 11/29/2017 11 Prepared slide deck with overviews of previous restructuring proposals 3.3

Robert Bingham 11/29/2017 11 Discussion with D. Praga and S. Martinez regarding SUT 0.6

Scott Martinez 11/29/2017 11 Follow up discussion with C. Flaton, L. Despins (Paul Hastings) regarding COFINA 0.6

Scott Martinez 11/29/2017 11 Discussion with R. Bingham and D. Praga regarding SUT 0.6

Carol Flaton 11/30/2017 11 Review of GDB proposal w/S. Martinez, R. Bingham, R. Yenumula to discuss open 

issues/questions

1.0

Robert Bingham 11/30/2017 11 Review of GDB proposal w/S. Martinez, C. Flaton, R. Yenumula to discuss open 

issues/questions

1.0

Michael Westermann 12/1/2017 11 Comment on contingency notes analysis 1.8

Deborah Praga 12/4/2017 11 Began COFINA SUT waterfall analysis 1.4

Total Matter Category 11 37.2

Page 46 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 48 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 10/27/2017 12 Conference call with B. Gray and J. Worthington of Paul Hastings and S. Martinez re: matters 

related to COFINA agent.

0.3

Scott Martinez 10/27/2017 12 Call with J. Worthington, B. Gray and S. Cooper (Paul Hastings) and E. Ubarri regarding 

Commonwealth-COFINA discovery

0.3

Scott Martinez 10/30/2017 12 Reviewed L. Despins (Paul Hastings) email to members of the UCC and the attached draft 

UCC reply in support of motion to dismiss Ambac's complaint

0.8

Mark A. Cervi 11/1/2017 12 Partial participation in call with B. Bingham, S. Martinez, and M. Westermann on COFINA 

Answer Draft

0.2

Michael Westermann 11/1/2017 12 Participated in call with S. Martinez, R. Bingham and J. Bliss (Paul Hastings) regarding 

COFINA dispute

0.2

Michael Westermann 11/1/2017 12 Participated in work session with S. Martinez and R. Bingham addressing answer and defenses 

to COFINA Agent's amended counter claims (M. Cervi partial participation)

1.1

Robert Bingham 11/1/2017 12 Participated in call with S. Martinez, M. Westermann and J. Bliss (Paul Hastings) regarding 

COFINA dispute

0.2

Robert Bingham 11/1/2017 12 Review of Paul Hastings draft pleading on COFINA dispute to identify issues and data needed 

to comment

0.9

Robert Bingham 11/1/2017 12 Participated in work session with S. Martinez and M. Westermann addressing answer and 

defenses to COFINA Agent's amended counter claims (M. Cervi partial participation)

1.1

Scott Martinez 11/1/2017 12 Participated in call with M. Westermann, R. Bingham and J. Bliss (Paul Hastings) regarding 

COFINA dispute

0.2

Scott Martinez 11/1/2017 12 Participated in call with R. Bingham, M. Westermann and J. Bliss (Paul Hastings) regarding 

COFINA dispute

0.2

Scott Martinez 11/1/2017 12 Participated in work session with R. Bingham and M. Westermann addressing answer and 

defenses to COFINA Agent's amended counter claims (M. Cervi partial participation)

1.1

Scott Martinez 11/10/2017 12 Reviewed documents regarding a question raised by J. Worthington (Paul Hastings) related to 

discovery requests

1.0

Scott Martinez 11/17/2017 12 Reviewed draft answers and defenses of the Commonwealth Agent to Ambac's counterclaims 1.0

Scott Martinez 11/17/2017 12 Reviewed draft answers and defenses of the Commonwealth Agent to the COFINA seniors 

counterclaims

2.1

Carol Flaton 11/29/2017 12 Meeting with S. Martinez, L. Despins (Paul Hastings), B. Whyte (COFINA agent) and M. 

Feldman (Willkie Farr) regarding COFINA

1.0

Scott Martinez 11/29/2017 12 Meeting with C. Flaton, L. Despins (Paul Hastings), B. Whyte (COFINA agent) and M. Feldman 

(Willkie Farr) regarding COFINA

1.0

Scott Martinez 11/30/2017 12 Reviewed email from J. Worthington (Paul Hastings) regarding discovery issues 0.1

Scott Martinez 11/30/2017 12 Reviewed draft objection to scope regarding claims of Commonwealth Agent 0.7

Scott Martinez 12/7/2017 12 Email correspondence with J. Worthington (Paul Hastings) regarding discovery 0.2

Carol Flaton 12/12/2017 12 Call with R. Bingham, S. Martinez, M. Westermann, and L. Despins (PH) re: Solvency Analysis 0.2

Carol Flaton 12/12/2017 12 Discussion regarding insolvency with R. Bingham and S. Martinez 0.5

Mark A. Cervi 12/12/2017 12 Call to discuss approaches to analyzing Commonwealth insolvency with R. Bingham 0.4

Michael Westermann 12/12/2017 12 Follow up call with S. Martinez regarding solvency analysis 0.1

Michael Westermann 12/12/2017 12 Call with C. Flaton, S. Martinez, R. Bingham, and L. Despins (PH) re: Solvency Analysis 0.2

Robert Bingham 12/12/2017 12 Call with C. Flaton, S. Martinez, M. Westermann, and L. Despins (PH) re: Solvency Analysis 0.2

Robert Bingham 12/12/2017 12 Call to discuss approaches to analyzing Commonwealth insolvency with M. Cervi 0.4

Robert Bingham 12/12/2017 12 Discussion regarding insolvency with C. Flaton and S. Martinez 0.5

Scott Martinez 12/12/2017 12 Follow up call with M. Westermann regarding solvency analysis 0.1

Scott Martinez 12/12/2017 12 Call with C. Flaton, R. Bingham, M. Westermann, and L. Despins (PH) re: Solvency Analysis 0.2

Scott Martinez 12/12/2017 12 Discussion regarding insolvency with C. Flaton and R. Bingham 0.5

Scott Martinez 12/12/2017 12 Reviewed documents related to solvency analysis 1.7

Michael Westermann 12/13/2017 12 Added history of defaults to solvency timeline 0.7

Michael Westermann 12/13/2017 12 Created timeline of solvency related events for PR 1.5

Michael Westermann 12/14/2017 12 Continued creating of timeline of past events for PR solvency review 3.0

Scott Martinez 1/3/2018 12 Reviewed draft motion regarding the COFINA litigation scope order 0.6

Scott Martinez 1/9/2018 12 Reviewed the draft bar date motion and bar date order 0.7

Scott Martinez 1/10/2018 12 Email correspondence with A. Bongartz (Paul Hastings) regarding 2004 requests 0.2

Scott Martinez 1/11/2018 12 Reviewed the draft second amended complaint in the Commonwealth v COFINA dispute 0.5

Scott Martinez 1/12/2018 12 Reviewed COFINA agent and COFINA seniors objections to the UCC's motion for leave 0.6

Scott Martinez 1/24/2018 12 Reviewed the Committee's draft statement regarding the bar date motion 0.4

Scott Martinez 1/25/2018 12 Call with J. Worthington (Paul Hastings) regarding Commonwealth-COFINA dispute 0.2

Scott Martinez 1/25/2018 12 Reviewed draft expert report in Commonwealth-COFINA dispute 0.6

Enrique R. Ubarri 1/31/2018 12 Telephone conversation with D. Barron of Paul Hastings re: proof of claims process. 0.4

Total Matter Category 12 28.1

Name Date

Matter 

Category Narrative Hours 

Michael Westermann 1/10/2018 13 Listened to court hearing re: CW - COFINA dispute 0.4

Scott Martinez 1/10/2018 13 Listened to court hearing re: CW - COFINA dispute 0.4

Scott Martinez 1/10/2018 13 Listened to court hearing re: Appointments clause 3.3

Total Matter Category 13 4.1

Page 47 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 49 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 1/10/2018 14 Telephone conference call with J. Worthington, J. Bliss and S. Cooper of Paul Hastings and 

COFINA witness

1.2

Mark A. Cervi 1/25/2018 14 Call with S. Martinez regarding Expert Report 0.2

Mark A. Cervi 1/25/2018 14 Review and comment on draft expert report of Michael Malloy 1.6

Total Matter Category 14 3.0

Name Date

Matter 

Category Narrative Hours 

Paul Fabsik 10/2/2017 17 Prepare first interim fee application with regards to September time. 2.0

Paul Fabsik 10/3/2017 17 Prepare first interim fee application with regards to September time. 1.0

Deborah Praga 10/4/2017 17 Reviewed August fee statement 0.7

Deborah Praga 10/4/2017 17 Preparing September fee statement 1.3

Laurie Verry 10/4/2017 17 Prepared professional fees and expenses for the September fee application 0.4

Laurie Verry 10/5/2017 17 Prepared professional fees and expenses for the September fee application 0.3

Rahul Yenumula 10/5/2017 17 Preparation of time entries for the period September 15, 2017 to September 30, 2017 0.9

Deborah Praga 10/6/2017 17 Gathered and reviewed team member time for September 2017 1.0

Deborah Praga 10/10/2017 17 Preparing September fee statement 4.2

Deborah Praga 10/11/2017 17 Preparing September fee statement 2.1

Deborah Praga 10/12/2017 17 Preparing September fee statement 0.7

Paul Fabsik 10/12/2017 17 Prepare first interim fee application with regards to September time. 3.9

Deborah Praga 10/13/2017 17 Preparing September fee statement 1.1

Laurie Verry 10/13/2017 17 Prepared professional fees and expenses for the September fee application 1.1

Carol Flaton 10/16/2017 17 Review of September invoice 0.5

Laurie Verry 10/16/2017 17 Revisions to professional fees and expenses for September 0.4

Scott Martinez 10/16/2017 17 Reviewed and commented on Zolfo Cooper's draft September invoice 1.0

Deborah Praga 10/17/2017 17 Call with A. Bongartz (PH) regarding September fee statement 0.1

Deborah Praga 10/17/2017 17 Revising September fee statement 0.8

Deborah Praga 10/18/2017 17 Reviewed motion and order appointing fee examiner 0.6

Deborah Praga 10/18/2017 17 Prepared September fee statement 3.3

Paul Fabsik 10/18/2017 17 Prepare first interim fee application with regards to September time. 2.1

Scott Martinez 10/18/2017 17 Reviewed the motion and order appointing a fee examiner 0.5

Paul Fabsik 10/19/2017 17 Prepare first interim fee application with regards to September time. 2.5

Laurie Verry 10/20/2017 17 Prepared professional fees and expenses for September fee application 0.6

Laurie Verry 10/20/2017 17 Prepared professional fees and expenses for August fee application 0.4

Laurie Verry 10/20/2017 17 Began to prepare updated schedule 1 relationship disclosure report 1.1

Deborah Praga 10/24/2017 17 Reviewed September invoice 1.3

Laurie Verry 10/24/2017 17 Finalized professional fees and expenses for September fee statement 1.2

Laurie Verry 10/25/2017 17 Preparing ZC's schedule 1 relationship disclosure report in connection with additional 

relationships provided by counsel

3.7

Carol Flaton 10/26/2017 17 Review of September invoice and distribution to fee subcommittee 0.2

Laurie Verry 10/26/2017 17 Preparing ZC's schedule 1 relationship disclosure report in connection with additional 

relationships provided by counsel

3.1

Deborah Praga 10/27/2017 17 Preparing October 2017 fee statement 3.6

Laurie Verry 10/27/2017 17 Preparing ZC's schedule 1 relationship disclosure report in connection with additional 

relationships provided by counsel

1.8

Laurie Verry 10/27/2017 17 Prepared professional fees and expenses for October 2017 fee statement 0.2

Scott Martinez 10/27/2017 17 Prepared an analysis of Zolfo Cooper time billed for September (per request of the 

compensation subcommittee)

0.2

Deborah Praga 10/30/2017 17 Preparing October fee statement 2.1

Laurie Verry 10/30/2017 17 Preparing ZC's schedule 1 relationship disclosure report in connection with additional 

relationships provided by counsel

0.8

Paul Fabsik 10/30/2017 17 Prepare first interim fee application with regards to October time. 3.9

Scott Martinez 10/30/2017 17 Call with B. Williamson (fee examiner) regarding submission of fee statements 0.1

Scott Martinez 10/30/2017 17 Call with A. Bongartz (Paul Hastings) regarding monthly fee statements 0.2

Scott Martinez 10/30/2017 17 Reviewed and circulated Zolfo monthly fee statements for June through August to the fee 

examiner (B. Williamson)

0.5

Scott Martinez 10/30/2017 17 Reviewed interim compensation order 0.5

Laurie Verry 10/31/2017 17 Drafted supplemental affidavit of additional relationship disclosures 0.3

Laurie Verry 10/31/2017 17 Finalized draft of ZC's schedule 1 relationship disclosure report in connection with additional 

relationships provided by counsel

1.1

Paul Fabsik 10/31/2017 17 Prepare first interim fee application with regards to October time. 4.1

Scott Martinez 11/1/2017 17 Reviewed the motion of the fee examiner requesting an amendment to the compensation 

order

0.4

Deborah Praga 11/2/2017 17 Preparing fee statement for October 2017 0.7

Deborah Praga 11/3/2017 17 Review of fee objection statement letters for August and July 0.9

Deborah Praga 11/3/2017 17 Preparing fee statement for October 2017 2.6

Elizabeth Kardos 11/3/2017 17 Reviewed and revised rule 2014 disclosure 0.5

Page 48 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 50 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Laurie Verry 11/3/2017 17 Follow up on and circulate supplemental declaration of additional relationship disclosures 0.2

Scott Martinez 11/3/2017 17 Prepared draft monthly fee objection letters for Zolfo's July and August invoices 1.0

Carol Flaton 11/6/2017 17 Reviewed and executed additional relationship filing 0.1

Carol Flaton 11/6/2017 17 Review of letters required for fee statement submission 0.1

Deborah Praga 11/6/2017 17 Preparing fee statement for October 2017 0.7

Laurie Verry 11/6/2017 17 Finalized no objection letters regarding July and August fee statements 0.4

Laurie Verry 11/6/2017 17 Finalized supplemental declaration of additional relationship disclosures 0.6

Deborah Praga 11/7/2017 17 Preparing fee statement for October 2017 0.6

Laurie Verry 11/7/2017 17 Prepared professional fees and expenses for October fee application 0.3

Rahul Yenumula 11/7/2017 17 Reviewed fee statement for October 2017 0.4

Carol Flaton 11/10/2017 17 Review of draft ZC invoice 0.3

Deborah Praga 11/10/2017 17 Prepared fee statement for October 2017 0.7

Laurie Verry 11/10/2017 17 Prepared professional fees and expenses for October fee application 0.7

Deborah Praga 11/13/2017 17 Review of October 2017 invoice 0.8

Deborah Praga 11/13/2017 17 Prepared fee statement for October 2017 1.3

Paul Fabsik 11/13/2017 17 Assist with preparation of interim fee application re: October time 2.3

Scott Martinez 11/13/2017 17 Reviewed draft Zolfo Cooper October invoice 0.5

Paul Fabsik 11/14/2017 17 Assist with preparation of interim fee application re: October time 5.1

Deborah Praga 11/17/2017 17 Prepared fee statement for November 2017 0.4

Laurie Verry 11/17/2017 17 Prepared draft supplemental affidavit regarding January 1, 2018 rate increases 0.5

Deborah Praga 11/20/2017 17 Call with A. Bongartz (PH) regarding October fee statement 0.1

Deborah Praga 11/20/2017 17 Revised October fee statement 0.3

Scott Martinez 11/20/2017 17 Reviewed and finalized Zolfo's October time descriptions 0.5

Carol Flaton 11/21/2017 17 Emails w/ZC team re October invoice 0.2

Deborah Praga 11/21/2017 17 Communication with P. Fabsik regarding October fee statement 0.3

Deborah Praga 11/21/2017 17 Prepared fee statement for November 2017 3.0

Elizabeth Kardos 11/21/2017 17 Reviewed emails regarding payment issues 0.3

Laurie Verry 11/21/2017 17 Prepared professional fees and expenses for October fee application 1.6

Scott Martinez 11/21/2017 17 Reviewed and finalized Zolfo's October invoice 0.5

Deborah Praga 11/22/2017 17 Prepared fee statement for November 2017 1.7

Carol Flaton 11/28/2017 17 Review of final ZC September/October invoices 0.1

Deborah Praga 11/28/2017 17 Preparing fee statement for November 2017 0.9

Carol Flaton 11/29/2017 17 Reviewed and exchanged various emails w/OMM, PH re PH and ZC invoices 0.3

Scott Martinez 11/29/2017 17 Email correspondence with C. Flaton and L. Despins (Paul Hastings) regarding unpaid monthly 

fee statements

0.2

Scott Martinez 11/29/2017 17 Prepared a summary of key information related to Zolfo Cooper's monthly fee statements for 

June/July and August 2017

0.3

Deborah Praga 11/30/2017 17 Discussion with S. Martinez regarding fee statements 0.2

Deborah Praga 11/30/2017 17 Preparing fee statement for November 2017 3.7

Laurie Verry 11/30/2017 17 Prepared professional fees and expenses for September and October fee applications 0.8

Scott Martinez 11/30/2017 17 Discussion with D. Praga regarding fee statements 0.2

Deborah Praga 12/1/2017 17 Preparation of November 2017 fee statement 2.7

Laura Verry 12/1/2017 17 Follow up on September and October fee applications 0.1

Laura Verry 12/1/2017 17 Prepared professional fees and expenses for November fee application 0.4

Deborah Praga 12/4/2017 17 Preparation of November 2017 fee statement 1.3

Laura Verry 12/4/2017 17 Follow up on October fee application 0.1

Paul Fabsik 12/4/2017 17 Prepared interim fee statement re: October time. 6.9

Laura Verry 12/5/2017 17 Prepared professional fees and expenses for September and October fee application 0.3

Paul Fabsik 12/5/2017 17 Prepared data for interim fee application 6.6

Paul Fabsik 12/6/2017 17 Prepared data for interim fee application 4.1

Deborah Praga 12/7/2017 17 Review of summaries prepared by P. Fabsik in preparation for fee app preparation 1.8

Deborah Praga 12/7/2017 17 Preparation of November 2017 fee statement 5.3

Laura Verry 12/7/2017 17 Telephone call with S. Martinez regarding ZC's first interim fee application 0.2

Scott Martinez 12/7/2017 17 Telephone call with L. Verry regarding ZC's first interim fee application 0.2

Deborah Praga 12/8/2017 17 Preparation of November 2017 fee statement 3.3

Deborah Praga 12/8/2017 17 Preparation of Zolfo's interim fee application 2.7

Laura Verry 12/8/2017 17 Prepared professional fees and expenses for November fee application 0.7

Deborah Praga 12/11/2017 17 Discussion regarding Zolfo's first interim fee application with S. Martinez 0.5

Deborah Praga 12/11/2017 17 Follow up discussions regarding the interim fee application with S. Martinez 0.5

Deborah Praga 12/11/2017 17 Compiled necessary documents and files to prepare Zolfo's interim fee application 0.8

Deborah Praga 12/11/2017 17 Prepared fee statement for November 2017 0.8

Deborah Praga 12/11/2017 17 Reviewed Paul Hastings' fee application draft 2.1

Scott Martinez 12/11/2017 17 Prepared the draft monthly fee objection statement for September 0.4

Scott Martinez 12/11/2017 17 Prepared the draft monthly fee objection statement for October 0.4

Scott Martinez 12/11/2017 17 Discussion regarding Zolfo's first interim fee application with D. Praga 0.5

Scott Martinez 12/11/2017 17 Follow up discussions regarding the interim fee application with D. Praga 0.5

Scott Martinez 12/11/2017 17 Reviewed the interim compensation motion and order 0.8

Deborah Praga 12/12/2017 17 Preparing schedules for Zolfo's interim fee application 1.6

Deborah Praga 12/12/2017 17 Review of various documents related to fee application preparation 2.4

Deborah Praga 12/12/2017 17 Revised various iterations of Zolfo's interim fee application 3.7

Page 49 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 51 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Deborah Praga 12/12/2017 17 Prepared draft of Zolfo's interim fee application 3.9

Laura Verry 12/12/2017 17 Prepared professional fees and expenses for November fee application 0.6

Michael Westermann 12/12/2017 17 Comment on quarterly fee application 2.0

Scott Martinez 12/12/2017 17 Reviewed and commented on Zolfo's draft interim fee application 2.8

Carol Flaton 12/13/2017 17 Review of first draft fee app 0.6

Deborah Praga 12/13/2017 17 Revised various iterations of Zolfo's interim fee application 3.9

Deborah Praga 12/13/2017 17 Discussion with S. Martinez regarding November fee statement 0.5

Deborah Praga 12/13/2017 17 Reviewed expense schedules for Zolfo's interim fee application 1.9

Deborah Praga 12/13/2017 17 Prepared draft of Zolfo's interim fee application 4.4

Michael Westermann 12/13/2017 17 Review updated fee app 1.7

Scott Martinez 12/13/2017 17 Discussion with D. Praga regarding November fee statement 0.5

Scott Martinez 12/13/2017 17 Reviewed and commented on Zolfo's draft interim fee application 5.4

Carol Flaton 12/14/2017 17 Reviewed PH fee statement 0.1

Carol Flaton 12/14/2017 17 Reviewed revised fee statement (for filing 12.15) 0.3

Deborah Praga 12/14/2017 17 Discussion with S. Martinez and M. Westermann re fee app comments 0.5

Deborah Praga 12/14/2017 17 Reviewed various iterations of comments on Zolfo's interim fee application 2.7

Deborah Praga 12/14/2017 17 Revised various iterations of Zolfo's interim fee application 6.6

Elizabeth Kardos 12/14/2017 17 Reviewed and revised fee app and tel calls re same 2.0

Laura Verry 12/14/2017 17 Review first interim fee application 0.7

Laura Verry 12/14/2017 17 Draft interim fee application declaration and order 1.2

Michael Westermann 12/14/2017 17 Discussion with S. Martinez, D. Praga re: Fee App comments 0.5

Scott Martinez 12/14/2017 17 Call with A. Bongartz (Paul Hastings) regarding Zolfo's draft interim fee application 0.2

Scott Martinez 12/14/2017 17 Reviewed and commented on Zolfo's draft interim compensation order 0.4

Scott Martinez 12/14/2017 17 Reviewed and commented on Zolfo's draft declaration for the first interim fee application 0.4

Scott Martinez 12/14/2017 17 Discussion with D. Praga, M. Westermann re: Fee App comments 0.5

Scott Martinez 12/14/2017 17 Reviewed and commented on the various iterations of the Zolfo draft interim fee application 5.4

Deborah Praga 12/15/2017 17 Calls with A. Bongartz (Paul Hastings) and S. Martinez regarding Zolfo's interim fee 0.4

Deborah Praga 12/15/2017 17 Call with A. Bongartz (PH), S. Martinez, E. Kardos regarding first interim fee application 0.4

Deborah Praga 12/15/2017 17 Reviewed various iterations of comments on Zolfo's interim fee application 1.2

Deborah Praga 12/15/2017 17 Revisions to fee application 1.9

Elizabeth Kardos 12/15/2017 17 Call with A. Bongartz (PH), S. Martinez, D. Praga regarding first interim fee application 0.4

Elizabeth Kardos 12/15/2017 17 Reviewed revised and finalized fee application 2.6

Scott Martinez 12/15/2017 17 Calls with A. Bongartz (Paul Hastings) and D. Praga regarding Zolfo's interim fee application 0.4

Scott Martinez 12/15/2017 17 Call with A. Bongartz (PH), E. Kardos, D. Praga regarding first interim fee application 0.4

Scott Martinez 12/15/2017 17 Prepared the draft fee app notice of hearing 0.5

Scott Martinez 12/15/2017 17 Reviewed and commented on the various iterations of the Zolfo draft interim fee application 4.7

Carol Flaton 12/16/2017 17 Review of Fee Examiner memo 0.4

Elizabeth Kardos 12/16/2017 17 Addressed issues re fee examiner memo 0.3

Scott Martinez 12/16/2017 17 Reviewed the fee examiner memo to Title III professionals 0.5

Carol Flaton 12/18/2017 17 ZC internal prep Call to discuss topics/questions for Call with Fee examiner 0.6

Deborah Praga 12/18/2017 17 Discussion regarding fee examiner memo with S. Martinez, L. Verry 0.6

Deborah Praga 12/18/2017 17 Reviewed and commented on objection letters for September and October 2017 0.9

Deborah Praga 12/18/2017 17 Preparing fee statement for December 2017 1.2

Laura Verry 12/18/2017 17 Provided rate information to S. Martinez for the 2018 budget 0.2

Laura Verry 12/18/2017 17 Finalized the September and October letters of no objection to our fee statements 0.2

Laura Verry 12/18/2017 17 Discussion regarding fee examiner memo with S. Martinez, D. Praga 0.6

Rahul Yenumula 12/18/2017 17 Preparation of December fee statement 1.3

Scott Martinez 12/18/2017 17 Discussion regarding fee examiner memo with D. Praga, L. Verry 0.6

Deborah Praga 12/19/2017 17 Call with A. Bongartz (PH) regarding fee statement 0.1

Deborah Praga 12/19/2017 17 Review of November 2017 draft invoice 0.6

Elizabeth Kardos 12/19/2017 17 Prepared for fee examiner call with S. Martinez 0.2

Elizabeth Kardos 12/19/2017 17 Email communication re fee examiner issues 0.6

Elizabeth Kardos 12/19/2017 17 Reviewed memo and fee app requirements 1.0

Scott Martinez 12/19/2017 17 Preparation for call with fee examiner with E. Kardos 0.2

Deborah Praga 12/20/2017 17 Call with the K. Stadler (fee examiner office) regarding guidelines memo with E. Kardos and 

S. Martinez

0.6

Deborah Praga 12/20/2017 17 Review of expenses against fee examiner memo 0.9

Elizabeth Kardos 12/20/2017 17 Prepared for call with fee examiner 0.4

Elizabeth Kardos 12/20/2017 17 Call with the K. Stadler (fee examiner office) regarding guidelines memo with S. Martinez 

and D. Praga

0.6

Laura Verry 12/20/2017 17 Collected receipts as required by fee examiner 1.1

Scott Martinez 12/20/2017 17 Follow up call regarding fee examiner requests with E. Kardos 0.3

Scott Martinez 12/20/2017 17 Call with the K. Stadler (fee examiner office) regarding guidelines memo with E. Kardos and 

D. Praga

0.6

Carol Flaton 12/21/2017 17 Review of November invoice for submission to Fee subcommittee 0.2

Deborah Praga 12/21/2017 17 Review of expenses against fee examiner memo 1.8

Elizabeth Kardos 12/21/2017 17 Revised rate change letter 0.2

Elizabeth Kardos 12/21/2017 17 Continued to prepare response to RFP, including emails to C. Flaton re same 0.3

Elizabeth Kardos 12/21/2017 17 Analysis of meal reimbursement and emails with S. Martinez re same 0.3

Page 50 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 52 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Elizabeth Kardos 12/21/2017 17 Email communication with fee examiner and S. Martinez re billing and fee application 

requirements

0.4

Elizabeth Kardos 12/21/2017 17 Revised rate change letter and email to S. Martinez re process around same 0.4

Elizabeth Kardos 12/21/2017 17 Reviewed and revised letter on rate adjustments 0.5

Laura Verry 12/21/2017 17 Drafted and revised letter to Committee regarding 2018 rate changes 0.6

Sheila Valenti 12/21/2017 17 Provided expense information per fee examiner request 1.9

Elizabeth Kardos 12/22/2017 17 Additional emails re meal cap issues with S. Martinez 0.5

Elizabeth Kardos 12/22/2017 17 Continued to revise rate change letter 0.8

Laura Verry 12/22/2017 17 Discussion with S. Martinez regarding meal caps 0.2

Laura Verry 12/22/2017 17 Review Paul Hastings proposed revisions to rate change letter to Committee regarding 2018 

rates

0.2

Scott Martinez 12/22/2017 17 Email correspondence with the fee examiner regarding clarification of expense caps 0.1

Scott Martinez 12/22/2017 17 Discussion regarding meal caps with L. Verry 0.2

Elizabeth Kardos 12/26/2017 17 Continued to revise rate change letter and emails re same 0.2

Laura Verry 12/26/2017 17 Revise ZC rate change letter to Committee regarding 2018 rates 0.2

Elizabeth Kardos 12/27/2017 17 Analyzed and considered issues around PR payment 0.4

Laura Verry 12/27/2017 17 Case administration re June - July fee statements 0.2

Laura Verry 12/27/2017 17 Communication regarding June - July fee statement payments 0.2

Laura Verry 12/27/2017 17 Finalize letter to Committee regarding rate changes for 2018 0.2

Deborah Praga 1/3/2018 17 Review of documents sent by L. Verry 0.1

Carol Flaton 1/4/2018 17 Reviewed emails w/ E. Kardos, S. Martinez re FE memo 0.2

Deborah Praga 1/4/2018 17 Review of emails between S. Martinez and E. Kardos regarding fee applications 0.3

Deborah Praga 1/4/2018 17 Review of packet to be sent to fee examiner 0.4

Deborah Praga 1/4/2018 17 Preparation of December 2017 fee statement 0.5

Elizabeth Kardos 1/4/2018 17 Email to ZC team re fee examiner memo and next steps 0.1

Elizabeth Kardos 1/4/2018 17 Reviewed expense information to send to fee examiner and email to S. Martinez re same 0.2

Elizabeth Kardos 1/4/2018 17 Reviewed fee examiner memo 0.5

Scott Martinez 1/4/2018 17 Reviewed memo from the fee examiner 0.2

Deborah Praga 1/8/2018 17 Call with E. Kardos, S. Martinez, L. Verry, L. Bonito regarding fee applications 0.5

Elizabeth Kardos 1/8/2018 17 Call with S. Martinez, D. Praga, L. Verry and L. Bonito re fee app guidelines 0.5

Laura Verry 1/8/2018 17 Reviewed fee examiner's memos regarding fee applications 0.2

Laura Verry 1/8/2018 17 Call with E. Kardos, S. Martinez, D. Praga and L. Bonito re memos from fee examiner re fee 

applications

0.5

Lisa Marie Bonito 1/8/2018 17 Call with E. Kardos, S. Martinez, L. Verry and D. Praga regarding fee applications 0.5

Scott Martinez 1/8/2018 17 Call with E. Kardos, L. Verry, L. Bonito and D. Praga regarding fee applications 0.5

Deborah Praga 1/9/2018 17 Conference call with L. Bonito re: Puerto Rico billing and fee statements 0.1

Deborah Praga 1/9/2018 17 Prepared materials to share with L. Bonito for training purposes 1.4

Deborah Praga 1/9/2018 17 Prepared fee statement for December 2017 1.9

Laura Verry 1/9/2018 17 Prepared professional fees and expenses for December fee statement 0.4

Lisa Marie Bonito 1/9/2018 17 Review First Amended Interim Compensation Order for important dates and deadlines. 

Update status chart re: same.

0.3

Deborah Praga 1/10/2018 17 Prepared fee statement for December 2017 1.6

Laura Verry 1/10/2018 17 Reviewed November fee statement 0.2

Lisa Marie Bonito 1/10/2018 17 Draft letter re: service of the November 2017 monthly fee statement 0.4

Deborah Praga 1/11/2018 17 Prepared fee statement for December 2017 1.7

Carol Flaton 1/12/2018 17 Review of draft December invoice 0.1

Laura Verry 1/12/2018 17 Prepared professional fees and expenses for December fee application 1.1

Deborah Praga 1/15/2018 17 Meeting with L. Bonito, L. Verry regarding Puerto Rico fee application process 0.5

Laura Verry 1/15/2018 17 Meeting with L. Bonito, L. Verry and D. Praga regarding Puerto Rico fee application process 0.5

Lisa Marie Bonito 1/15/2018 17 Meeting with L. Verry and D. Praga regarding Puerto Rico fee application process 0.5

Carol Flaton 1/16/2018 17 Review of ZC December draft invoice 0.1

Deborah Praga 1/16/2018 17 Revised December 2017 invoice 0.4

Deborah Praga 1/16/2018 17 Reviewed December 2017 invoice 0.5

Elizabeth Kardos 1/16/2018 17 Reviewed Zolfo budget 0.3

Scott Martinez 1/16/2018 17 Reviewed and commented on the draft Zolfo December invoice 0.3

Deborah Praga 1/17/2018 17 Call with L. Bonito regarding fee app template 0.2

Deborah Praga 1/17/2018 17 Created fee app template for L. Bonito 1.8

Deborah Praga 1/22/2018 17 Reviewed no objection letter 0.4

Deborah Praga 1/23/2018 17 Correspondence with L. Bonito regarding no objection letter 0.2

Deborah Praga 1/23/2018 17 Reviewed no objection letter 0.7

Deborah Praga 1/23/2018 17 Preparing January 2018 fee statement 3.1

Laura Verry 1/23/2018 17 Finalized professional fees and expenses for the December fee application 0.4

Lisa Marie Bonito 1/23/2018 17 Preparation of No Objection letter for November 2017 0.8

Deborah Praga 1/24/2018 17 Preparing January 2018 fee statement 1.3

Lisa Marie Bonito 1/24/2018 17 Begin draft letter to All Parties re: service of the December 2017 monthly fee statement 0.3

Deborah Praga 1/25/2018 17 Call with A. Bongartz (PH) regarding fee statement 0.1

Deborah Praga 1/25/2018 17 Revised December fee statement 0.7

Laura Verry 1/25/2018 17 Reviewed December fee statement 0.2

Deborah Praga 1/29/2018 17 Preparation of December 2017 fee statement 1.1

Page 51 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 53 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Laura Verry 1/29/2018 17 Finalized and returned stipulation re disclosure agreement re fee examiner 0.3

Scott Martinez 1/29/2018 17 Reviewed stipulated disclosure agreement and protective order from the fee examiner 0.3

Scott Martinez 1/30/2018 17 Reviewed Zolfo's December fee statement 0.3

Elizabeth Kardos 1/31/2018 17 Emails with J Mitchell, C Flaton, S Martinez re budget issues 0.2

Scott Martinez 1/31/2018 17 Updated the draft February budget 0.3

Total Matter Category 17 269.9

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 10/25/2017 18 Return trip from E&Y/FEMA mtg in Washington DC 2.9

Eric Deichmann 12/7/2017 18 Travel to economist meeting in DC 3.5

Eric Deichmann 12/7/2017 18 Return travel from economist meeting 3.5

Carol Flaton 1/17/2018 18 Commute from SJU to San Juan hotel 0.8

Carol Flaton 1/17/2018 18 Commute from NYC office to JFK (subway) 1.3

Carol Flaton 1/17/2018 18 Flight JFK to San Juan 3.8

Eric Deichmann 1/17/2018 18 Travel to San Juan from New York 5.5

Scott Martinez 1/17/2018 18 Travel from New York to San Juan 6.5

Carol Flaton 1/18/2018 18 JFK to Home 0.7

Carol Flaton 1/18/2018 18 Home to JFK 0.9

Carol Flaton 1/18/2018 18 Flight from SJU to JFK 4.0

Eric Deichmann 1/18/2018 18 Return travel from UCC meeting in PR 6.5

Scott Martinez 1/19/2018 18 Travel from SJU to Hartford 6.5

Total Matter Category 18 46.4

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 10/2/2017 19 Emails from M. Comerford (PH) re PREPA and GT status discussions 0.3

Enrique R. Ubarri 10/2/2017 19 Exchanged communications with R. Yenumula re: certain PREPA compensation matters. 0.1

Carol Flaton 10/3/2017 19 Discussion with R. Bingham, S. Martinez, R. Yenumula, N. Haynes and D. Cleary (Greenberg 

Traurig) and M. Comerford (Paul Hastings) re: PREPA update 

0.5

Rahul Yenumula 10/3/2017 19 Discussion with C. Flaton, S. Martinez, R. Bingham, N. Haynes and D. Cleary (Greenberg 

Traurig) and M. Comerford (Paul Hastings) re: PREPA update 

0.5

Robert Bingham 10/3/2017 19 Discussion with C. Flaton, S. Martinez, R. Yenumula, N. Haynes and D. Cleary (Greenberg 

Traurig) and M. Comerford (Paul Hastings) re: PREPA update 

0.5

Scott Martinez 10/3/2017 19 Call with M. Comerford (Paul Hastings) re: debrief of call with Greenberg Traurig 0.2

Scott Martinez 10/3/2017 19 Discussion with C. Flaton, R. Bingham, R. Yenumula, N. Haynes and D. Cleary (Greenberg 

Traurig) and M. Comerford (Paul Hastings) re: PREPA update 

0.5

Scott Martinez 10/6/2017 19 Reviewed article regarding PREPA power restoration contract awarded 0.3

Enrique R. Ubarri 10/9/2017 19 Reviewed filings re: UCC's intervention related supplemental briefings from Assured, Ad Hoc 

Group of PREPA Bondholders, National Public Finance, Syncora and UTIER

0.3

Enrique R. Ubarri 10/9/2017 19 Research re: PREPA power restoration. 0.4

Enrique R. Ubarri 10/10/2017 19 Call with S. Martinez regarding PREPA power restoration 0.6

Matthew Delmonte 10/10/2017 19 Call with S. Martinez, M. Westermann and M. Comerford (Paul Hastings) re: PRASA 

restructuring proposals

0.4

Michael Westermann 10/10/2017 19 Call with M. Delmonte, S. Martinez and M. Comerford (Paul Hastings) re: PRASA restructuring 

proposals

0.4

Rahul Yenumula 10/10/2017 19 Research on Whitefish Energy Holdings, a company hired by PREPA for restoration of grid 1.4

Scott Martinez 10/10/2017 19 Call with M. Delmonte, M. Westermann and M. Comerford (Paul Hastings) re: PRASA 

restructuring proposals

0.4

Scott Martinez 10/10/2017 19 Call with E. Ubarri regarding PREPA power restoration 0.6

Scott Martinez 10/10/2017 19 Reviewed articles regarding PREPA power restoration 0.6

Carol Flaton 10/11/2017 19 Discussion with S. Martinez regarding PRASA settlement proposals 0.4

Scott Martinez 10/11/2017 19 Discussion with C. Flaton regarding PRASA settlement proposals 0.4

Scott Martinez 10/11/2017 19 Reviewed and commented on additional questions related to PREPA 0.4

Carol Flaton 10/12/2017 19 Call with S. Martinez, R. Bingham and R. Yenumula, M. Comerford (Paul Hastings) re: PREPA 0.3

Carol Flaton 10/12/2017 19 Call with S. Martinez, R. Bingham and R. Yenumula, M. Comerford (Paul Hastings) and N. 

Haynes (Greenberg Traurig) re: PREPA Update

0.5

Rahul Yenumula 10/12/2017 19 Call with S. Martinez, C. Flaton and R. Bingham, M. Comerford (Paul Hastings) re: PREPA 0.3

Rahul Yenumula 10/12/2017 19 Call with S. Martinez, C. Flaton and R. Bingham, M. Comerford (Paul Hastings) and N. Haynes 

(Greenberg Traurig) re: PREPA Update

0.5

Robert Bingham 10/12/2017 19 Call with S. Martinez, C. Flaton and R. Yenumula, M. Comerford (Paul Hastings) re: PREPA 0.3

Robert Bingham 10/12/2017 19 Call with S. Martinez, C. Flaton and R. Yenumula, M. Comerford (Paul Hastings) and N. 

Haynes (Greenberg Traurig) re: PREPA Update

0.5

Scott Martinez 10/12/2017 19 Call with R. Bingham, C. Flaton and R. Yenumula, M. Comerford (Paul Hastings) re: PREPA 0.3

Scott Martinez 10/12/2017 19 Call with R. Bingham, C. Flaton and R. Yenumula, M. Comerford (Paul Hastings) and N. 

Haynes (Greenberg Traurig) re: PREPA Update

0.5

Enrique R. Ubarri 10/13/2017 19 Reviewed PREPA ad hoc bondholder group and monoline dismissal of complaint 0.1

Enrique R. Ubarri 10/15/2017 19 Research re: PREPA recovery; sent e-mail to C. Flaton, R. Bingham, R. Yenumula, S. Martinez 

re: PREPA recovery and exchanged e-mails with C. Flaton re: PREPA recovery.

0.3

Rahul Yenumula 10/16/2017 19 Discussion with S. Martinez regarding PREPA 0.3

Page 52 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 54 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Robert Bingham 10/16/2017 19 Review and extract information from documents posted on Intralinks related to PREPA 1.7

Scott Martinez 10/16/2017 19 Discussion with R. Yenumula regarding PREPA 0.3

Scott Martinez 10/16/2017 19 Reviewed articles on PREPA and timing to get electricity fully restored to Puerto Rico 0.5

Carol Flaton 10/17/2017 19 Emails w/E. Ubarri re PREPA and Whitefish contract 0.1

Rahul Yenumula 10/17/2017 19 Preparation of list of contractors engaged by PREPA 1.5

Scott Martinez 10/17/2017 19 Reviewed articles regarding to PREPA's power restoration and contracts awarded 0.9

Carol Flaton 10/18/2017 19 Reviewed summary of PREPA contract 0.2

Michael Westermann 10/18/2017 19 Review of news articles related to upcoming House meeting and use of FEMA funds, Liquidity 

and PREPA

0.6

Rahul Yenumula 10/18/2017 19 Discussion with S. Martinez regarding contracts awarded by PREPA 0.3

Rahul Yenumula 10/18/2017 19 Updated the list of contractors engaged by PREPA 1.1

Scott Martinez 10/18/2017 19 Discussion with R. Yenumula regarding contracts awarded by PREPA 0.3

Scott Martinez 10/18/2017 19 Reviewed articles regarding PREPA power restoration and repairs 0.5

Rahul Yenumula 10/19/2017 19 Discussion with R. Bingham re: PREPA data room 0.3

Rahul Yenumula 10/19/2017 19 Revision of deck on data room documents on PREPA 3.4

Robert Bingham 10/19/2017 19 Discussion with R. Yenumula re: PREPA data room 0.3

Robert Bingham 10/19/2017 19 Review and identify comments on R. Yenumula presentation of recent additions to PREPA 

data room

0.8

Deborah Praga 10/20/2017 19 Call with E. Ubarri regarding FEMA funding for PREPA repairs. 0.2

Enrique R. Ubarri 10/20/2017 19 Call with D. Praga regarding FEMA funding for PREPA repairs. 0.2

Enrique R. Ubarri 10/23/2017 19 Research re: PREPA recovery measures and new grid and send e-mail to C. Flaton, S. 

Martinez, R. Yenumula, and R. Bingham re: proposals for PREPA.

0.1

Carol Flaton 10/24/2017 19 Reviewed articles/emails re Whitefish contract 0.4

Enrique R. Ubarri 10/24/2017 19 Research re: PREPA recovery engagements and send several e-mails to S. Martinez, R. 

Bingham, R. Yenumula, and C. Flaton re: recovery engagements.

0.5

Scott Martinez 10/24/2017 19 Reviewed articles regarding the PREPA contract awarded to Whitefish 0.5

Carol Flaton 10/25/2017 19 Review of Whitefish contract rates 0.2

Carol Flaton 10/25/2017 19 Review of Cobra & Whitefish overall contracts 0.8

Enrique R. Ubarri 10/25/2017 19 Telephone conversation with R. Bingham re: PREPA contractors hired for recovery. 0.4

Enrique R. Ubarri 10/25/2017 19 Research re: PREPA engagements and recovery. 0.5

Rahul Yenumula 10/25/2017 19 Discussion with S. Martinez and R. Bingham re: PREPA 0.2

Rahul Yenumula 10/25/2017 19 Discussion with R. Bingham re: PREPA's contract with Whitefish 0.3

Robert Bingham 10/25/2017 19 Prepare summary of PREPA contract information from E. Ubarri conversation 0.2

Robert Bingham 10/25/2017 19 Discussion with S. Martinez regarding PREPA 0.2

Robert Bingham 10/25/2017 19 Discussion with S. Martinez and R. Yenumula re: PREPA 0.2

Robert Bingham 10/25/2017 19 Discussion with R. Yenumula re: PREPA's contract with Whitefish 0.3

Robert Bingham 10/25/2017 19 Discussion of PREPA contractors with E. Ubarri 0.4

Robert Bingham 10/25/2017 19 Read and analyze recent reorg research articles related to PREPA 0.5

Robert Bingham 10/25/2017 19 Review of PREPA deck in preparation for meeting with R. Yenumula 0.5

Scott Martinez 10/25/2017 19 Email correspondence with M. Comerford (Paul Hastings) regarding PREPA 0.1

Scott Martinez 10/25/2017 19 Discussion with R. Bingham regarding PREPA 0.2

Scott Martinez 10/25/2017 19 Discussion with R. Yenumula and R. Bingham re: PREPA 0.2

Scott Martinez 10/25/2017 19 Reviewed articles regarding PREPA contracts 0.6

Carol Flaton 10/26/2017 19 Review of notes of GT, Ankura, ZC call re PREPA 0.2

Enrique R. Ubarri 10/26/2017 19 Research re: issues related to appointment of CTO at PREPA and send e-mail to L. Despins, C.

Flaton, S. Martinez, R. Bingham and R. Yenumula.

0.1

Enrique R. Ubarri 10/26/2017 19 Research re: current state of repairs of PREPA. 0.1

Enrique R. Ubarri 10/26/2017 19 Research re: PREPA recovery engagements 0.1

Enrique R. Ubarri 10/26/2017 19 Sent e-mail to C. Flaton re: PREPA recover engagements. 0.1

Enrique R. Ubarri 10/26/2017 19 Reviewed filing from FOMB re: appointment of CTO and send e-mail to C. Flaton, S. Martinez,

R. Bingham and R. Yenumula re: filing

0.8

Rahul Yenumula 10/26/2017 19 Discussion with R. Bingham re: call with Ankura (F. Batlle) and Greenberg (N. Haynes and N. 

Mitchell) on PREPA 

0.2

Rahul Yenumula 10/26/2017 19 Discussion with M. Comerford (PH), R. Bingham, Ankura (F. Batlle) and Greenberg (N. Haynes 

and N. Mitchell)

0.7

Robert Bingham 10/26/2017 19 Discussion with R. Yenumula re: call with Ankura (F. Batlle) and Greenberg (N. Haynes and N.

Mitchell) on PREPA 

0.2

Robert Bingham 10/26/2017 19 Status update with S. Martinez meeting regarding PREPA 0.3

Robert Bingham 10/26/2017 19 Follow-up conversation with M. Comerford (PH) concerning PREPA call 0.3

Robert Bingham 10/26/2017 19 Discussion with M. Comerford (PH), R. Yenumula, Ankura (F. Batlle) and Greenberg (N. 

Haynes and N. Mitchell)

0.7

Scott Martinez 10/26/2017 19 Status update with R. Bingham meeting regarding PREPA 0.3

Scott Martinez 10/26/2017 19 Reviewed summary of PREPA update with Ankura (F. Batlle) and Greenberg (N. Haynes and N.

Mitchell)

0.4

Enrique R. Ubarri 10/27/2017 19 Reviewed e-mail from L. Despins (PH) re: actions to be taken on PREPA matters 0.1

Enrique R. Ubarri 10/27/2017 19 Research and reviewed re: PREPA's position on appointment of CTO; Order from Judge Swain 

on filing presented by FOMB on CTO; appointment of contractor

0.3

Enrique R. Ubarri 10/27/2017 19 Reviewed Order from Judge Dein re: UTIER case and intervention from UCC 0.3

Enrique R. Ubarri 10/28/2017 19 Research re: engagement of provider by PREPA and send e-mail to C. Flaton, S. Martinez, R. 

Yenumula, and R. Bingham re: information found thru research.

0.2

Page 53 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 55 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 10/29/2017 19 Research re: initial proposal and engagement of provider by PREPA and send e-mail to C. 

Flaton, S. Martinez, R. Yenumula, and R. Bingham re: information found thru research.

0.2

Enrique R. Ubarri 10/29/2017 19 Review proposed 2004 Motion for engagement of provider for recovery efforts of PREPA 0.4

Enrique R. Ubarri 10/29/2017 19 Conduct research re: certain information to be included in motion 0.4

Enrique R. Ubarri 10/29/2017 19 Sent e-mail to L. Despins of Paul Hastings and C. Flaton re: recommendations for motion. 0.2

Enrique R. Ubarri 10/29/2017 19 Research re: governor determination on provider for disaster recovery. 0.2

Carol Flaton 10/30/2017 19 Telephone conversation with E. Ubarri re: PREPA disaster recovery 0.6

Enrique R. Ubarri 10/30/2017 19 Reviewed summarized proposals presented for PREPA disaster recovery. 0.1

Enrique R. Ubarri 10/30/2017 19 Telephone conversation with S. Martinez discussion regarding PREPA 0.5

Enrique R. Ubarri 10/30/2017 19 Telephone conversation with C. Flaton re: PREPA disaster recovery 0.6

Scott Martinez 10/30/2017 19 Telephone conversation with E. Ubarri discussion regarding PREPA 0.5

Scott Martinez 10/30/2017 19 Reviewed the draft 2004 motion seeking discovery regarding the Whitefish contract 0.9

Carol Flaton 10/31/2017 19 Review of motion re Whitefish contract 0.4

Enrique R. Ubarri 10/31/2017 19 Reviewed filing from individual defendants re: dismissal of UTIER complaint. 0.5

Enrique R. Ubarri 10/31/2017 19 Reviewed filing from AAFAF and FOMB re: Dismissal of UTIER complaint. 0.9

Scott Martinez 10/31/2017 19 Email correspondence with M. Comerford (Paul Hastings) regarding PREPA 0.5

Rahul Yenumula 11/1/2017 19 Researched and developed materials related to alternative power sources for PREPA 1.3

Robert Bingham 11/1/2017 19 Discussion with S. Martinez regarding PREPA 0.6

Scott Martinez 11/1/2017 19 Reviewed news articles regarding PREPA, Whitefish and FEMA reimbursement 0.3

Scott Martinez 11/1/2017 19 Discussion with R. Bingham regarding PREPA 0.6

Deborah Praga 11/3/2017 19 Review articles and objections re PREPA CTO 1.6

Enrique R. Ubarri 11/3/2017 19 Reviewed Order from Judge Dein re: 2004 Motion filed by UCC 0.1

Enrique R. Ubarri 11/3/2017 19 Reviewed motion to strike re: 2004 investigation. 0.2

Enrique R. Ubarri 11/3/2017 19 Reviewed filing from PREPA ad hoc group re: appointment of CTO 0.5

Enrique R. Ubarri 11/3/2017 19 Reviewed filings re: appointment of CTO. 2.3

Michael Westermann 11/3/2017 19 Review articles and objections re PREPA CTO 1.5

Rahul Yenumula 11/3/2017 19 Discussion with S. Martinez regarding PREPA 0.3

Scott Martinez 11/3/2017 19 Discussion with R. Yenumula regarding PREPA 0.3

Scott Martinez 11/3/2017 19 Reviewed PREPA insurance file from the data room 0.5

Enrique R. Ubarri 11/4/2017 19 Telephone conversation with L. Despins of Paul Hastings re: research on PREPA recovery and 

research on PREPA recovery.

1.0

Carol Flaton 11/5/2017 19 Review of RR article on PREPA condition and attached PA Consultants filing 0.4

Carol Flaton 11/6/2017 19 Emails w/E. Ubarri re PREPA hearing and R. Ramos status 0.3

Enrique R. Ubarri 11/6/2017 19 Reviewed information re: PREPA recovery efforts; sent e-mail to C. Flaton, L. Despins (PH) 

and S. Martinez re: information.

0.1

Enrique R. Ubarri 11/6/2017 19 Reviewed Assured and Syncora motion on appointment of CTO 0.2

Enrique R. Ubarri 11/6/2017 19 Reviewed Motion to Dismiss filed by FOMB on UTIER adversary complaint. 0.3

Enrique R. Ubarri 11/6/2017 19 Reviewed filing from contractor re: filing from UCC 0.3

Enrique R. Ubarri 11/6/2017 19 Reviewed AAFAF motion to intervene in UTIER claim 0.4

Scott Martinez 11/6/2017 19 Reviewed articles regarding PREPA 0.6

Enrique R. Ubarri 11/7/2017 19 Reviewed filing from AMBAC re: 2004 motion filed by the UCC 0.1

Enrique R. Ubarri 11/7/2017 19 Reviewed filing from ad hoc group of PREPA bondholders. 0.1

Enrique R. Ubarri 11/7/2017 19 Discussion with R. Bingham, R. Yenumula and S. Martinez re: PREPA Insurance Documents 0.3

Enrique R. Ubarri 11/7/2017 19 Reviewed several insurance documents re: PREPA coverage. 0.4

Rahul Yenumula 11/7/2017 19 Discussion with R. Bingham and S. Martinez re: PREPA Insurance Documents 0.2

Rahul Yenumula 11/7/2017 19 Discussion with R. Bingham, S. Martinez and M. Comerford (Paul Hastings) re: PREPA 

Insurance Documents

0.2

Rahul Yenumula 11/7/2017 19 Discussion with E. Ubarri, R. Bingham, and S. Martinez re: PREPA Insurance Documents 0.3

Robert Bingham 11/7/2017 19 Discussion with R. Yenumula and S. Martinez re: PREPA Insurance Documents 0.2

Robert Bingham 11/7/2017 19 Discussion with R. Yenumula, S. Martinez and M. Comerford (Paul Hastings) re: PREPA 

Insurance Documents

0.2

Robert Bingham 11/7/2017 19 Discussion with E. Ubarri, R. Yenumula and S. Martinez re: PREPA Insurance Documents 0.3

Robert Bingham 11/7/2017 19 Discussion with S. Martinez regarding PREPA insurance policies 0.3

Robert Bingham 11/7/2017 19 Review and extract information related to PREPA insurance policies 2.7

Scott Martinez 11/7/2017 19 Discussion with R. Yenumula and R. Bingham re: PREPA Insurance Documents 0.2

Scott Martinez 11/7/2017 19 Discussion with R. Yenumula, R. Yenumula and M. Comerford (Paul Hastings) re: PREPA 

Insurance Documents

0.2

Scott Martinez 11/7/2017 19 Discussion with E. Ubarri, R. Bingham and R. Yenumula re: PREPA Insurance Documents 0.3

Scott Martinez 11/7/2017 19 Discussion with R. Bingham regarding PREPA insurance policies 0.3

Scott Martinez 11/7/2017 19 Reviewed various PREPA insurance policies 1.2

Enrique R. Ubarri 11/8/2017 19 Research re: PREPA insurers and review insurance schedule prepared by Zolfo Cooper. 0.6

Robert Bingham 11/8/2017 19 Prepare summary of potential PREPA insurance issues for 11/9/17 call 0.5

Robert Bingham 11/8/2017 19 Discussion with S. Martinez regarding PREPA insurance contracts 0.5

Robert Bingham 11/8/2017 19 Review of financial statements of Multinational Insurance Company 0.7

Robert Bingham 11/8/2017 19 Review and extract information related to PREPA insurance policies 1.9

Robert Bingham 11/8/2017 19 Prepare summary of PREPA property/casualty insurance stack 2.2

Scott Martinez 11/8/2017 19 Reviewed articles related to PREPA 0.3

Scott Martinez 11/8/2017 19 Reviewed PREPA insurance analysis prepared by Zolfo 0.4

Scott Martinez 11/8/2017 19 Discussion with R. Bingham regarding PREPA insurance contracts 0.5

Scott Martinez 11/8/2017 19 Reviewed the Oversight Board's response regarding the appointment of a CTO at PREPA 0.7

Page 54 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 56 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 11/9/2017 19 Reviewed notice of consent of PREPA to the 2004 motion filed by the UCC 0.1

Enrique R. Ubarri 11/9/2017 19 Reviewed e-mail from R. Bingham re: insurance issues. 0.1

Enrique R. Ubarri 11/9/2017 19 Reviewed reply to objection to the motion to strike filed by the UCC filed by counsel to Mr. 

Elias Sanchez.

0.2

Enrique R. Ubarri 11/9/2017 19 Discussion with R. Bingham, R. Yenumula, S. Martinez & M. Comerford (PH) re: PREPA 

Property Insurance 

0.3

Enrique R. Ubarri 11/9/2017 19 Reviewed PREPA insurance documents 0.5

Enrique R. Ubarri 11/9/2017 19 Reviewed reply from FOMB to responses of the FOMB's motion to appoint the CTO 0.7

Rahul Yenumula 11/9/2017 19 Discussion with E. Ubarri, R. Bingham, S. Martinez & M. Comerford (PH) re: PREPA Property 

Insurance 

0.3

Robert Bingham 11/9/2017 19 Preparation of list of questions of PREPA financial advisors related to property/casualty 

insurance

0.2

Robert Bingham 11/9/2017 19 Discussion with E. Ubarri, R. Yenumula, S. Martinez & M. Comerford (PH) re: PREPA Property 

Insurance 

0.3

Robert Bingham 11/9/2017 19 Further review of Multinational Insurance Company financials in preparation for call with 

Paul Hastings

0.4

Scott Martinez 11/9/2017 19 Reviewed news articles regarding PREPA power outage 0.2

Scott Martinez 11/9/2017 19 Discussion with E. Ubarri, R. Yenumula, R. Bingham & M. Comerford (PH) re: PREPA Property 

Insurance 

0.3

Enrique R. Ubarri 11/10/2017 19 Reviewed informative motion filed by UCC re: Whitefish contract. 0.1

Enrique R. Ubarri 11/10/2017 19 Reviewed FOMB objection to AAFAF's motion to intervene in UTIER case. 0.1

Enrique R. Ubarri 11/10/2017 19 Reviewed limited objection to intervention of AAFAF filed by UTIER 0.2

Enrique R. Ubarri 11/10/2017 19 Reviewed opposition filed by UTIER to the AFSCME's motion to intervene. 0.2

Enrique R. Ubarri 11/11/2017 19 Reviewed Order from Judge Dein re: UCC's Whitefish discovery 0.1

Enrique R. Ubarri 11/11/2017 19 Reviewed Motion to Remand and Lift the Stay filed by Instituto de Competividad y 

Sostenibilidad Economica de Puerto Rico

0.8

Carol Flaton 11/12/2017 19 Read article on Whitefish contract 0.2

Enrique R. Ubarri 11/12/2017 19 Reviewed AAFAF's sur-reply in opposition to appointment of CTO for PREPA 0.6

Enrique R. Ubarri 11/13/2017 19 Reviewed Order issued by Judge Dein re: UCC Whitefish request. 0.1

Enrique R. Ubarri 11/13/2017 19 Reviewed Whitefish stipulation. 0.1

Enrique R. Ubarri 11/13/2017 19 Attended (teleconference) hearing before Judge Swain re: appointment of N. Zamot as Chief 

Transformation Officer of PREPA.

2.3

Michael Westermann 11/13/2017 19 Review of CTO ruling 0.3

Scott Martinez 11/13/2017 19 Listened to hearing regarding FOMB's motion to confirm appointment of a CTO for PREPA 2.6

Enrique R. Ubarri 11/14/2017 19 Reviewed Memorandum from Committee on Natural Resources re: PREPA production. 0.1

Rahul Yenumula 11/14/2017 19 Discussion with S. Martinez re: PREPA questions 0.2

Scott Martinez 11/14/2017 19 Discussion with R. Yenumula re: PREPA questions 0.2

Enrique R. Ubarri 11/15/2017 19 Reviewed reply from AFSCME in UTIER case. 0.1

Enrique R. Ubarri 11/15/2017 19 Reviewed AAFAF's Motion to Intervene in UTIER case 0.2

Rahul Yenumula 11/15/2017 19 Meeting to review PREPA - Questions for Ankura / Greenberg with R. Bingham 0.3

Robert Bingham 11/15/2017 19 Update PREPA insurance analysis based upon additional information received 0.1

Robert Bingham 11/15/2017 19 Meeting to review PREPA - Questions for Ankura / Greenberg with R. Yenumula 0.3

Carol Flaton 11/16/2017 19 Review of PREPA creditor request/materials 0.3

Enrique R. Ubarri 11/16/2017 19 Telephone conversation with R. Yenumula re: contractors of PREPA; 0.4

Enrique R. Ubarri 11/16/2017 19 Research re: PREPA contractors; exchanged e-mails with R. Yenumula re: PREPA contractor. 0.6

Rahul Yenumula 11/16/2017 19 Follow-up discussion with S. Martinez & R. Bingham re: PREPA Status Update after the call 

with Ankura/Greenberg

0.4

Rahul Yenumula 11/16/2017 19 Telephone conversation with E. Ubarri re: contractors of PREPA; 0.4

Rahul Yenumula 11/16/2017 19 Discussion with S. Martinez & R. Bingham, N. Haynes, N. Mitchell (Greenberg), F. Batlle 

(Ankura) and M. Comerford, A. Tenzer (Paul Hastings) re: PREPA status update

0.6

Rahul Yenumula 11/16/2017 19 Reviewed news articles related to PREPA 1.0

Robert Bingham 11/16/2017 19 Follow-up discussion with S. Martinez & R. Yenumula re: PREPA Status Update after the call 

with Ankura/Greenberg

0.4

Robert Bingham 11/16/2017 19 Discussion with S. Martinez & R. Yenumula, N. Haynes, N. Mitchell (Greenberg), F. Batlle 

(Ankura) and M. Comerford, A. Tenzer (Paul Hastings) re: PREPA status update

0.6

Scott Martinez 11/16/2017 19 Reviewed draft list of questions for call with Ankura and Greenberg regarding PREPA 0.4

Scott Martinez 11/16/2017 19 Follow-up discussion with R. Yenumula & R. Bingham re: PREPA Status Update after the call 

with Ankura/Greenberg

0.4

Scott Martinez 11/16/2017 19 Discussion with R. Bingham & R. Yenumula, N. Haynes, N. Mitchell (Greenberg), F. Batlle 

(Ankura) and M. Comerford, A. Tenzer (Paul Hastings) re: PREPA status update

0.6

Enrique R. Ubarri 11/17/2017 19 Reviewed Order from Judge Swain re: CTO appointment. 0.3

Enrique R. Ubarri 11/21/2017 19 Reviewed Reservation of Rights filed by AFSCME re: UTIER's adversary complaint. 0.1

Enrique R. Ubarri 11/21/2017 19 Reviewed Motion to Dismiss filed by FOMB re: UTIER's adversary complaint. 0.2

Enrique R. Ubarri 11/22/2017 19 Reviewed Order issued by Judge Dein allowing AAFAF to intervene in UTIER case. 0.1

Enrique R. Ubarri 11/22/2017 19 Reviewed joinder filed by the AFSCME in support of the Motion to Dismiss filed by the FOMB 

in UTIER case.

0.4

Enrique R. Ubarri 11/22/2017 19 Reviewed AAFAF's brief in support of Motion to Dismiss filed by FOMB in UTIER case 0.9

Enrique R. Ubarri 11/22/2017 19 Exchanged several e-mails with S. Martinez and A. Bongartz of Paul Hastings re: 

Transformation Advisory Council. Research re: Transformation Advisory Council.

1.3

Scott Martinez 11/22/2017 19 Call with A. Bongartz (Paul Hastings) regarding Commonwealth liquidity 0.2

Page 55 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 57 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Deborah Praga 11/27/2017 19 Review of articles re: upcoming listening sessions and PREPA contracting 0.6

Enrique R. Ubarri 11/27/2017 19 Reviewed notice from US Bank as trustee to PREPA bonds in connection with the submission 

of insurance claims or requests for federal assistance

0.2

Enrique R. Ubarri 11/27/2017 19 Reviewed Order issued by Energy Commission on recovery contracting 0.4

Michael Westermann 11/27/2017 19 Review of articles re: upcoming listening sessions and PREPA contracting 0.6

Robert Bingham 11/27/2017 19 Discussion regarding PREPA with S. Martinez 0.4

Scott Martinez 11/27/2017 19 Followed up with Ankura regarding open PREPA requests 0.1

Scott Martinez 11/27/2017 19 Reviewed PREPA bond trustee notice to beneficial holders 0.3

Scott Martinez 11/27/2017 19 Discussion regarding PREPA with R. Bingham 0.4

Enrique R. Ubarri 11/28/2017 19 Research Transformation Advisory Council. Sent e-mail to S. Martinez and A. Bongartz (PH) 

re: Transformation Advisory Council.

0.1

Robert Bingham 11/29/2017 19 Review and comment on presentation on PREPA Engineer's report 0.5

Robert Bingham 11/29/2017 19 Read and extract information from PREPA Engineer's report 2.2

Carol Flaton 11/30/2017 19 Reviewed emails re PREPA Insurance 0.2

Scott Martinez 11/30/2017 19 Reviewed articles regarding Palo Seco plant 0.2

Rahul Yenumula 12/1/2017 19 Discussion with R. Bingham, S. Martinez, M. Comerford & A. Tenzer from Paul Hastings, N. 

Haynes, D. Cleary & N. Mitchell from Greenberg and E. Barak from Proskauer re: PREPA 

Insurance Policies

0.5

Robert Bingham 12/1/2017 19 Discussion with S. Martinez, R. Yenumula, M. Comerford & A. Tenzer from Paul Hastings, N. 

Haynes, D. Cleary & N. Mitchell from Greenberg and E. Barak from Proskauer re: PREPA 

Insurance Policies

0.5

Scott Martinez 12/1/2017 19 Discussion with R. Bingham, R. Yenumula, M. Comerford & A. Tenzer from Paul Hastings, N. 

Haynes, D. Cleary & N. Mitchell from Greenberg and E. Barak from Proskauer re: PREPA 

Insurance Policies

0.5

Enrique R. Ubarri 12/4/2017 19 Reviewed filing from AFSCME in the UTIER adversary filing against FOMB 0.2

Enrique R. Ubarri 12/4/2017 19 Reviewed and summarized filing from UTIER re: FOMB Motion to Dismiss. 1.5

Robert Bingham 12/4/2017 19 Review and comment on R. Yenumula presentation of PREPA Engineer's report 0.7

Enrique R. Ubarri 12/6/2017 19 Reviewed Order from Judge Swain to remand and lift the stay filed by Instituto de 

Competividad y Sostenibilidad Economica de Puerto Rico

0.1

Rahul Yenumula 12/8/2017 19 Discussion with S. Martinez re: PREPA's Insurance Policies 0.2

Rahul Yenumula 12/8/2017 19 Discussion with R. Bingham & S. Martinez re: PREPA Insurance Policies 0.3

Rahul Yenumula 12/8/2017 19 Preparation of diligence questions on PREPA 1.3

Robert Bingham 12/8/2017 19 Discussion with S. Martinez & R. Yenumula re: PREPA Insurance Policies 0.3

Scott Martinez 12/8/2017 19 Discussion with R. Yenumula re: PREPA's Insurance Policies 0.2

Scott Martinez 12/8/2017 19 Discussion with R. Bingham & R. Yenumula re: PREPA Insurance Policies 0.3

Scott Martinez 12/8/2017 19 Reviewed, commented and circulated questions to PREPA's financial advisor 0.5

Scott Martinez 12/8/2017 19 Reviewed and commented on the draft summary presentation regarding PREPA's consulting 

engineer

0.7

Carol Flaton 12/12/2017 19 Review of ZC engineering report (prepa) 0.7

Enrique R. Ubarri 12/12/2017 19 Reviewed Order issued by Judge Swain in the UTIER Case. 0.1

Enrique R. Ubarri 12/12/2017 19 Research re: members of Transformation Advisory Council 0.1

Enrique R. Ubarri 12/12/2017 19 Exchanged emails with A. Bongartz (PH), C. Flaton, R. Bingham and S. Martinez re 

membership of Transformation Advisory Council

0.1

Enrique R. Ubarri 12/12/2017 19 Reviewed revised complaint filed by the UTIER. 1.8

Scott Martinez 12/12/2017 19 Reviewed articles regarding the PREPA Transformation Advisory Counsel 0.3

Deborah Praga 12/13/2017 19 Reviewed Oversight Board letter to Governor Rossello re: PREPA 0.2

Enrique R. Ubarri 12/13/2017 19 Reviewed letter from FOMB outlining principles of Fiscal Plan for PREPA 0.1

Scott Martinez 12/13/2017 19 Reviewed Oversight Board letter to Governor Rossello re: PREPA 0.2

Enrique R. Ubarri 12/14/2017 19 Reviewed motion filed by FOMB and AAFAF re: claims against insurance proceeds 0.4

Rahul Yenumula 12/14/2017 19 Discussion with R. Bingham, S. Martinez, N. Haynes, N. Mitchell from Greenberg and M. 

Comerford from Paul Hastings re: PREPA

0.6

Robert Bingham 12/14/2017 19 Discussion with S. Martinez, R. Yenumula, N. Haynes, N. Mitchell from Greenberg and M. 

Comerford from Paul Hastings re: PREPA

0.6

Scott Martinez 12/14/2017 19 Prepared for PREPA call with Greenberg 0.4

Scott Martinez 12/14/2017 19 Discussion with R. Bingham, R. Yenumula, N. Haynes, N. Mitchell from Greenberg and M. 

Comerford from Paul Hastings re: PREPA

0.6

Enrique R. Ubarri 12/15/2017 19 Reviewed Navigant Report for PREPA reconstruction and prepared summary for C. Flaton 1.9

Robert Bingham 12/15/2017 19 Call with M. Comerford re: PREPA engineer's report 0.1

Enrique R. Ubarri 12/18/2017 19 Reviewed Reply from the FOMB and AAFAF in support for its motion of the insurance 

proceeds. 

0.2

Enrique R. Ubarri 12/18/2017 19 Reviewed objection filed by the PREPA Bondholders, NPFGC, Assured, Syncora, US Bank, to 

the motion filed by the FOMB and AAFAF for order concerning insurance proceeds.

0.4

Enrique R. Ubarri 12/19/2017 19 Reviewed Notice of Filing of a Second Revised Proposed Order to the Motion from the FOMB 

and AAFAF for use of Insurance Proceeds.

0.2

Rahul Yenumula 12/20/2017 19 Discussion with M. Comerford from Paul Hastings and R. Bingham re: PREPA Consulting 

Engineer

0.4

Robert Bingham 12/20/2017 19 Discussion with M. Comerford from Paul Hastings and R. Yenumula re: PREPA Consulting 

Engineer

0.4

Enrique R. Ubarri 12/21/2017 19 Reviewed Mediation Memorandum on PREPA creditor matter 0.1

Page 56 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 58 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 12/22/2017 19 Reviewed filing from FOMB as reply in support of PREPA, FOMB Motion to Dismiss in UTIER 

case.

0.3

Enrique R. Ubarri 12/26/2017 19 Reviewed AFSCME's Memorandum in reply to the Omnibus Opposition to PREPA's Motion to 

Dismiss submitted by UTIER

0.4

Enrique R. Ubarri 12/26/2017 19 Reviewed UTIER reply in opposition to Memorandum filed by the United States in support of 

its Motion to Dismiss Title III

0.5

Enrique R. Ubarri 12/26/2017 19 Reviewed AAFAF's response to UTIER's opposition to the Motion to Dismiss presented by PREPA

and FOMB of UTIER's adversary complaint.

0.5

Carol Flaton 1/2/2018 19 Exchanged emails w/ S. Martinez re questions for Prepa call 0.2

Enrique R. Ubarri 1/2/2018 19 Reviewed disclosure from US Bank re: payment of interest on bonds. 0.1

Robert Bingham 1/2/2018 19 Discussion regarding PREPA with S. Martinez 0.3

Scott Martinez 1/2/2018 19 Reviewed EMMA notice regarding interest payments on PREPA insured bonds 0.1

Scott Martinez 1/2/2018 19 Circulated an email to the members of the Creditors Committee regarding PREPA questions 0.1

Scott Martinez 1/2/2018 19 Discussion regarding PREPA with R. Bingham 0.3

Scott Martinez 1/2/2018 19 Prepared a draft list of questions for this week's PREPA call 0.6

Carol Flaton 1/3/2018 19 Exchanged emails w/ N. Mitchell (Greenberg), PH (A. Bongartz, L. Despins), UCC members re 

PREPA materials and questions

0.3

Enrique R. Ubarri 1/3/2018 19 Reviewed PREPA cash flows. 0.2

Michael Westermann 1/3/2018 19 Review of PREPA cash flows and comparison to CW liquidity 1.8

Rahul Yenumula 1/3/2018 19 Discussion regarding PREPA with S. Martinez 0.4

Scott Martinez 1/3/2018 19 Finalized list of questions for call with PREPA 0.2

Scott Martinez 1/3/2018 19 Call with M. Comerford (Paul Hastings) regarding PREPA 0.2

Scott Martinez 1/3/2018 19 Discussion regarding PREPA with R. Yenumula 0.4

Scott Martinez 1/3/2018 19 Reviewed the PREPA 13-week cash flow forecast 0.5

Carol Flaton 1/4/2018 19 Discussions regarding PREPA with S. Martinez 0.2

Carol Flaton 1/4/2018 19 Review of PREPA 13 week cashflow 0.4

Carol Flaton 1/4/2018 19 Review of PREPA deck provided to creditors 0.4

Carol Flaton 1/4/2018 19 Review of PREPA monthly reports 0.7

Carol Flaton 1/4/2018 19 Participated in the PREPA Mediation Call with E. Ubarri, R. Bingham, S. Martinez & R. 

Yenumula

1.6

Enrique R. Ubarri 1/4/2018 19 Reviewed e-mail from M. Comerford re: PREPA Creditor update call. 0.1

Enrique R. Ubarri 1/4/2018 19 Reviewed PREPA Monthly Report for the month of August. 0.4

Enrique R. Ubarri 1/4/2018 19 Reviewed the PREPA Creditor Presentation for the Management Update Meeting. 0.6

Enrique R. Ubarri 1/4/2018 19 Participated in the PREPA Mediation Call with C. Flaton, R. Bingham, S. Martinez & R. 

Yenumula

1.6

Rahul Yenumula 1/4/2018 19 Participated in the PREPA Mediation Call with C. Flaton, R. Bingham, E. Ubarri, S. Martinez & 

R. Yenumula

1.6

Robert Bingham 1/4/2018 19 Participated in the PREPA Mediation Call with C. Flaton, E. Ubarri, S. Martinez & R. Yenumula 1.6

Scott Martinez 1/4/2018 19 Discussions regarding PREPA with C. Flaton 0.2

Scott Martinez 1/4/2018 19 Formulated additional questions for PREPA call 0.6

Scott Martinez 1/4/2018 19 Participated in the PREPA Mediation Call with C. Flaton, R. Bingham, E. Ubarri, & R. 

Yenumula

1.6

Scott Martinez 1/4/2018 19 Reviewed presentation materials provided for PREPA call 2.1

Rahul Yenumula 1/5/2018 19 Consolidating the list of questions on PREPA and updating the list 1.4

Enrique R. Ubarri 1/8/2018 19 Reviewed issuance from FOMB re: Critical Energy Projects 0.1

Enrique R. Ubarri 1/8/2018 19 Sent e-mail to C. Flaton re: proposed critical energy projects and filings 0.2

Rahul Yenumula 1/8/2018 19 Reviewed Reorg Research Articles on PREPA and Puerto Rico 1.2

Scott Martinez 1/8/2018 19 Reviewed FEMA flash report regarding PREPA 0.4

Scott Martinez 1/8/2018 19 Reviewed articles regarding critical energy projects 0.4

Carol Flaton 1/9/2018 19 Exchanged emails w/ N. Mitchell (Greenberg), M. Comerford re PREPA FEMA flash reports 0.3

Michael Westermann 1/11/2018 19 Spread PREPA 13 week cash flow and updated slides for upcoming meeting 1.5

Rahul Yenumula 1/11/2018 19 Revision of list of questions on PREPA 0.9

Rahul Yenumula 1/11/2018 19 Review of Reorg Research Articles - Governor Rossello's Plan and PREPA Warehouse materials 1.1

Scott Martinez 1/11/2018 19 Reviewed article regarding materials inventory issues at PREPA 0.2

Scott Martinez 1/11/2018 19 Reviewed articles and press release regarding the Commonwealth's proposal to fund PREPA 

and PRASA

0.5

Michael Westermann 1/12/2018 19 Review emergency legislation to fund PREPA / PRASA 1.0

Scott Martinez 1/12/2018 19 Reviewed the draft legislation regarding loans from the Commonwealth to PREPA and PRASA 0.4

Rahul Yenumula 1/15/2018 19 Follow up discussion with R. Bingham & R. Bingham re: PREPA 0.3

Rahul Yenumula 1/15/2018 19 Review of PREPA's motion to assume leases 2.3

Robert Bingham 1/15/2018 19 Follow up discussion with S. Martinez & R. Yenumula re: PREPA 0.3

Robert Bingham 1/15/2018 19 Review and comment on PREPA lease assumption motion 0.4

Robert Bingham 1/15/2018 19 Call with R. Bingham, S. Martinez, Paul Hastings (M. Comerford), Greenberg (N. Haynes, N. 

Mitchell, D. Cleary) and Ankura (F. Battle) re: PREPA

1.0

Scott Martinez 1/15/2018 19 Follow up discussion with R. Bingham & R. Yenumula re: PREPA 0.3

Scott Martinez 1/15/2018 19 Prepared for call with Greenberg and Ankura regarding PREPA 0.6

Scott Martinez 1/15/2018 19 Reviewed the draft PREPA motion to assume five leases and developed a list of follow up 

questions 

0.7

Scott Martinez 1/15/2018 19 Call with R. Bingham, R. Yenumula, Paul Hastings (M. Comerford), Greenberg (N. Haynes, N. 

Mitchell, D. Cleary) and Ankura (F. Battle) re: PREPA

1.0

Page 57 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 59 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 1/16/2018 19 Reviewed mediation memo re PREPA 0.1

Enrique R. Ubarri 1/16/2018 19 Call regarding PREPA warehouse materials with M. Comerford (Paul Hastings) and S. Martinez 0.5

Enrique R. Ubarri 1/16/2018 19 Reviewed Motion to Dismiss filed by the FOMB, the Commonwealth, and PREPA to Amended 

Adversary Complaint filed by the UTIER

1.0

Rahul Yenumula 1/16/2018 19 Reviewed news articles related to PREPA 0.6

Robert Bingham 1/16/2018 19 Update list of outstanding PREPA questions/open items 0.7

Scott Martinez 1/16/2018 19 Reviewed memo from mediation team regarding PREPA 0.1

Scott Martinez 1/16/2018 19 Updated PREPA follow up questions and circulated to counsel for distribution 0.3

Scott Martinez 1/16/2018 19 Reviewed articles regarding the status of PREPA recovery work 0.3

Scott Martinez 1/16/2018 19 Call regarding PREPA warehouse materials with M. Comerford (Paul Hastings) and E. Ubarri 0.5

Carol Flaton 1/17/2018 19 Review of updated PREPA 13 week CF 0.6

Enrique R. Ubarri 1/17/2018 19 Reviewed 2004 Motion Stipulation filed by PREPA Bondholders, NPFGC, Assured, Syncora, and 

U.S. Bank.

0.2

Enrique R. Ubarri 1/17/2018 19 Reviewed motion filed by PREPA re: assumption of leases. 0.2

Rahul Yenumula 1/17/2018 19 Performed cash flow variance analysis for PREPA 1.2

Rahul Yenumula 1/17/2018 19 Analysis on the master lease list of PREPA 1.8

Robert Bingham 1/17/2018 19 Review and analyze recent additions to data room related PREPA in preparation for Friday's 

call with advisors to PREPA

0.9

Scott Martinez 1/17/2018 19 Reviewed PREPA files posted to Intralinks 0.8

Rahul Yenumula 1/18/2018 19 Finalized the cash flow variance analysis for PREPA 1.4

Carol Flaton 1/19/2018 19 Email w/M. Comerford (PH) re PREPA CF 0.1

Carol Flaton 1/19/2018 19 Review of PREPA CF and master lease summary from R. Yenumula 0.3

Enrique R. Ubarri 1/19/2018 19 Reviewed motion filed by PREPA re: remand Virol adversary proceeding and exchanged emails with C. Flaton re: the same0.4

Rahul Yenumula 1/19/2018 19 Participated in Bi-Weekly PREPA call on the reporting package with R. Bingham 1.1

Rahul Yenumula 1/19/2018 19 Prepared notes based on the Bi-Weekly PREPA call 1.3

Robert Bingham 1/19/2018 19 Preparation of follow-up questions related to PREPA reports 0.2

Robert Bingham 1/19/2018 19 Review and analysis of advance materials in preparation for bi-weekly PREPA call 0.7

Robert Bingham 1/19/2018 19 Participated in Bi-Weekly PREPA call on the reporting package with R. Yenumula 1.1

Carol Flaton 1/22/2018 19 Read announcement of PREPA privatization 0.1

Deborah Praga 1/22/2018 19 Reviewed email from E. Ubarri regarding PREPA LOCs 0.1

Enrique R. Ubarri 1/22/2018 19 Research re: proposed sale of PREPA assets 0.3

Enrique R. Ubarri 1/22/2018 19 Exchanged several e-mails with C. Flaton, S. Martinez and L. Despins of Paul Hastings re: 

proposed sale of PREPA.

0.2

Rahul Yenumula 1/22/2018 19 Discussion regarding PREPA with S. Martinez 0.5

Scott Martinez 1/22/2018 19 Discussion regarding PREPA with R. Yenumula 0.5

Scott Martinez 1/22/2018 19 Reviewed articles regarding Gov. Rossello's plans to privatize PREPA 0.6

Carol Flaton 1/23/2018 19 Exchanged emails w/ E. Ubarri re PREPA 0.1

Enrique R. Ubarri 1/23/2018 19 Exchanged e-mails with C. Flaton, S. Martinez and L. Despins re: operational determination 

in PREPA

0.1

Scott Martinez 1/23/2018 19 Reviewed articles regarding reactions to PREPA privatization 0.3

Scott Martinez 1/23/2018 19 Reviewed draft legislation to issue emergency loans to PREPA and PRASA 0.4

Carol Flaton 1/24/2018 19 Emails w/ M. Comerford (PH) re PREPA 0.1

Deborah Praga 1/25/2018 19 Reviewed PREPA fiscal plan presentation 0.8

Rahul Yenumula 1/25/2018 19 Discussion with S. Martinez re: PREPA revised fiscal plan 0.3

Rahul Yenumula 1/25/2018 19 Discussion with R. Bingham re: Critical Projects 0.4

Rahul Yenumula 1/25/2018 19 Discussion with S. Martinez and R. Bingham re: PREPA revised fiscal plan 0.9

Rahul Yenumula 1/25/2018 19 Detailed review of PREPA's Fiscal Plan 4.6

Robert Bingham 1/25/2018 19 Discussion with R. Yenumula re: Critical Projects 0.4

Robert Bingham 1/25/2018 19 Discussion with R. Yenumula and S. Martinez re: PREPA revised fiscal plan 0.9

Robert Bingham 1/25/2018 19 Read and extract information from revised Commonwealth fiscal plan as it might impact 

PREPA

1.2

Robert Bingham 1/25/2018 19 Read and extract information from Revised PREPA fiscal plan 2.1

Scott Martinez 1/25/2018 19 Discussion with R. Yenumula re: PREPA revised fiscal plan 0.3

Scott Martinez 1/25/2018 19 Discussion with R. Yenumula and R. Bingham re: PREPA revised fiscal plan 0.9

Scott Martinez 1/25/2018 19 Reviewed the revised draft PREPA fiscal plan 2.2

Robert Bingham 1/26/2018 19 Read and extract information from Revised PREPA fiscal plan 0.8

Robert Bingham 1/26/2018 19 Read and extract information from revised Commonwealth fiscal plan as it might impact 

PREPA

1.3

Carol Flaton 1/27/2018 19 Calls w/L. Despins re PREPA DIP 0.2

Scott Martinez 1/27/2018 19 Reviewed an article on PREPA DIP financing 0.2

Carol Flaton 1/28/2018 19 Reviewed email from A. Bongartz (PH) re PREPA DIP 0.1

Carol Flaton 1/28/2018 19 Review of PREPA DIP term sheet 0.6

Carol Flaton 1/28/2018 19 Review of A. Bongartz (PH) email and attachment re DIP to PREPA 0.6

Carol Flaton 1/28/2018 19 Review of PREPA draft FP 1.2

Enrique R. Ubarri 1/28/2018 19 Reviewed e-mails from A. Bongartz and L. Despins of Paul Hastings re: certain operational 

matters, including PREPA financing

0.1

Enrique R. Ubarri 1/28/2018 19 Assessed and reviewed post-petition financing motion presented by the FOMB for PREPA and 

sent e-mail to C. Flaton and S. Martinez on motion.

2.2

Scott Martinez 1/28/2018 19 Reviewed PREPA's post petition secured financing motion 2.5

Page 58 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 60 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 1/29/2018 19 Read email from L. Despins (PH) re DIP 0.1

Carol Flaton 1/29/2018 19 Emails w/ M. Comerford (PH) re PREPA questions/answers 0.1

Carol Flaton 1/29/2018 19 Discussion regarding the PREPA DIP proposal with S. Martinez and R. Bingham 1.2

Enrique R. Ubarri 1/29/2018 19 Assessed due diligence documents filed re: Joint Resolutions documents posted in Intralinks 

and reviewed previous disclosures

0.4

Enrique R. Ubarri 1/29/2018 19 Exchanged e-mails with S. Martinez re: documents posted to Intralinks. 0.2

Enrique R. Ubarri 1/29/2018 19 Reviewed PREPA Fiscal Plan. 1.2

Rahul Yenumula 1/29/2018 19 Reviewed the DIP motion filed by PREPA 1.9

Robert Bingham 1/29/2018 19 Call regarding PREPA DIP with S. Martinez, M. Comerford (Paul Hastings) 0.2

Robert Bingham 1/29/2018 19 Discussion regarding PREPA DIP proposal with S. Martinez 0.5

Robert Bingham 1/29/2018 19 Read 1974 PREPA Trust Agreement to understand definitions carried into DIP agreement 0.8

Robert Bingham 1/29/2018 19 Discussion regarding the PREPA DIP proposal with S. Martinez and C. Flaton 1.2

Robert Bingham 1/29/2018 19 Read and extract relevant information for DIP motion and related declarations 1.7

Scott Martinez 1/29/2018 19 Call regarding PREPA DIP with R. Bingham, M. Comerford (Paul Hastings) 0.2

Scott Martinez 1/29/2018 19 Discussion regarding PREPA DIP proposal with R. Bingham 0.5

Scott Martinez 1/29/2018 19 Discussion regarding the PREPA DIP proposal with C. Flaton and R. Bingham 1.2

Carol Flaton 1/30/2018 19 Reviewed PH memo re proposed PREPA DIP 0.6

Enrique R. Ubarri 1/30/2018 19 Discussion regarding PREPA post petition financing with S. Martinez, R. Bingham, E. Ubarri 0.6

Rahul Yenumula 1/30/2018 19 Discussion with S. Martinez re: PREPA 0.4

Rahul Yenumula 1/30/2018 19 Discussion with R. Bingham re: PREPA Capacity Charges 0.5

Rahul Yenumula 1/30/2018 19 Computed the capacity charge for 2 of the power plants that supply electricity to PREPA 2.9

Robert Bingham 1/30/2018 19 Discussion with R. Yenumula re: PREPA Capacity Charges 0.5

Robert Bingham 1/30/2018 19 Discussion regarding PREPA post petition financing with S. Martinez, R. Bingham, E. Ubarri - 

0.6 hours

0.6

Scott Martinez 1/30/2018 19 Discussion with R. Yenumula re: PREPA 0.4

Scott Martinez 1/30/2018 19 Reviewed recent DIP loan interest rates in regards to the PREPA DIP 0.5

Scott Martinez 1/30/2018 19 Discussion regarding PREPA post petition financing with R. Bingham, E. Ubarri 0.6

Carol Flaton 1/31/2018 19 Reviewed email from L. Despins (PH) to UCC re DIP 0.1

Carol Flaton 1/31/2018 19 Email w/ S. Martinez and M. Hindman re PREPA mtg in PR 0.1

Carol Flaton 1/31/2018 19 Review of PREPA FP 0.7

Enrique R. Ubarri 1/31/2018 19 Evaluated and assessed the PREPA fiscal plan 1.3

Enrique R. Ubarri 1/31/2018 19 Research and summarized certain matters on the fiscal plan 1.3

Michael Westermann 1/31/2018 19 Created slide deck for previous DIP proposals 1.4

Michael Westermann 1/31/2018 19 Updated slide deck regarding previous DIP and other financing offers based on comments 1.5

Rahul Yenumula 1/31/2018 19 Discussion with S. Martinez re: PREPA 0.3

Rahul Yenumula 1/31/2018 19 Prepared questions on PREPA's Fiscal Plan 2.6

Scott Martinez 1/31/2018 19 Reviewed agenda for FOMB session regarding Puerto Rico's energy sector 0.1

Scott Martinez 1/31/2018 19 Discussion with R. Yenumula re: PREPA 0.3

Scott Martinez 1/31/2018 19 Reviewed internal DIP comparable analysis re: PREPA 0.4

Scott Martinez 1/31/2018 19 Reviewed capacity charge analysis for PREPA 0.5

Total Matter Category 19 233.4

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 10/9/2017 20 Reviewed filings re: UCC's intervention related supplemental briefings from Ambac, Assured, 

FGIC, and National

0.4

Enrique R. Ubarri 10/11/2017 20 Reviewed Order from Judge Swain re: request filed by Siemens. 0.1

Enrique R. Ubarri 10/11/2017 20 Reviewed amended complaint from Peaje Investments. 2.1

Enrique R. Ubarri 10/19/2017 20 Reviewed Supplemental Mediation Statement. 0.4

Michael Westermann 10/19/2017 20 Email correspondence with A. Bongartz (PH) re HTA mediation session 0.8

Enrique R. Ubarri 10/20/2017 20 Research re: disaster recovery funding for HTA; e-mail to D. Praga re: disaster recovery 

funding for HTA.

0.5

Enrique R. Ubarri 10/23/2017 20 Reviewed financial statements of HTA for 2015 1.1

Michael Westermann 10/23/2017 20 Review of recent articles related to disaster relief/HTA etc. 0.3

Enrique R. Ubarri 10/24/2017 20 Reviewed financial statements of HTA for 2015 1.3

Michael Westermann 10/24/2017 20 Read complete HTA audited financial statement 4.1

Michael Westermann 10/25/2017 20 Prepared comments on HTA presentation 2.3

Enrique R. Ubarri 10/27/2017 20 Reviewed Order from Judge Dein re: Assured Guaranty Companies, FGIC, NPFGC and 

intervention from UCC.

0.2

Enrique R. Ubarri 10/27/2017 20 Reviewed Order from Judge Dein re: AMBAC Assurance Corporation and intervention from 

UCC

0.3

Enrique R. Ubarri 10/27/2017 20 Reviewed filing from AAFAF and FOMB re: Dismissal of Monoline insurer lawsuit 1.2

Michael Westermann 10/30/2017 20 Comment re: HTA intervention motion 1.2

Enrique R. Ubarri 10/31/2017 20 Reviewed filing from UCC in support of Motion to Dismiss. 0.2

Enrique R. Ubarri 11/1/2017 20 Reviewed filing from individual defendants requesting dismissal of AMBAC adversary 

complaint in HTA case

0.1

Enrique R. Ubarri 11/1/2017 20 Reviewed filing from FOMB requesting dismissal of AMBAC adversary complaint in HTA case. 1.4

Enrique R. Ubarri 11/4/2017 20 Reviewed motion filed by GDB re: Rule 2004 motion. 0.1

Enrique R. Ubarri 11/9/2017 20 Reviewed AMBAC's reply in support of urgent motion for leave to file a surreply 0.1

Page 59 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 61 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 11/9/2017 20 Reviewed filing from Assured, NPFGC, and the Financial Guaranty Insurance Company re 

motion filed by UCC in PRHTA case.

0.4

Enrique R. Ubarri 11/10/2017 20 Reviewed Order from Judge Swain re: AMBAC's surreply. 0.1

Enrique R. Ubarri 11/20/2017 20 Reviewed FOMB, Commonwealth and HTA answer to Peaje Investments Complaint 1.0

Enrique R. Ubarri 11/20/2017 20 Reviewed AAFAF answer to Peaje Investment Complaint 1.0

Enrique R. Ubarri 11/20/2017 20 Reviewed Rossello answer to Peaje Investment Complaint 1.0

Enrique R. Ubarri 11/21/2017 20 Attended (teleconference) Assured adversary proceeding 1.4

Enrique R. Ubarri 11/21/2017 20 Attended (teleconference) Ambac adversary proceeding 1.5

Michael Westermann 11/21/2017 20 Listened to (partial) HTA court hearing 1.1

Enrique R. Ubarri 11/29/2017 20 Reviewed Assured/NPFG/FGIC supplemental brief in opposition of FOMB Motion to Dismiss 0.1

Enrique R. Ubarri 11/29/2017 20 Reviewed AMBAC's supplemental memorandum re: issues requested by Court in during the 

Omnibus Hearing.

0.2

Enrique R. Ubarri 11/29/2017 20 Reviewed FOMB Supplemental Brief in Support of its Motion to Dismiss Assured, NPFG. FGIC 

complaint.

0.2

Enrique R. Ubarri 12/1/2017 20 Reviewed and summarized the filing from FOMB to strike part of the supplemental 

memorandum in opposition to the defendant's motion to dismiss.

0.2

Enrique R. Ubarri 12/11/2017 20 Reviewed Order from Judge Swain re: motion to strike. 0.1

Enrique R. Ubarri 12/26/2017 20 Reviewed HTA Creditor List and Exhibits. 0.3

Enrique R. Ubarri 1/2/2018 20 Reviewed Order from US Courts of Appeals in Peaje Investments case 0.1

Enrique R. Ubarri 1/3/2018 20 Reviewed draft Supplemental Mediation Statement re: PRHTA Toll Revenues 0.1

Enrique R. Ubarri 1/3/2018 20 Reviewed the Supplemental Mediation Statement on the PRHTA toll revenues submitted by 

the FOMB.

0.3

Michael Westermann 1/3/2018 20 Review and comment on HTA mediation statement 1.6

Michael Westermann 1/4/2018 20 Review of Ambac HTA complaint 1.9

Michael Westermann 1/4/2018 20 Research re: HTA deck for upcoming mediation 3.5

Scott Martinez 1/4/2018 20 Call with A. Bongartz (Paul Hastings) regarding HTA 0.1

Scott Martinez 1/4/2018 20 Reviewed documents related to HTA in preparation of the upcoming mediation session 0.5

Michael Westermann 1/5/2018 20 Follow up discussion with S. Martinez re: HTA Mediation 0.2

Michael Westermann 1/5/2018 20 Email to Paul Hastings (Z. Zwillinger) re HTA presentation 0.2

Michael Westermann 1/5/2018 20 Discussion with S. Martinez and Paul Hastings (Z. Zwillinger) re: HTA mediation 0.6

Michael Westermann 1/5/2018 20 Research re: HTA claw back receipts 1.2

Michael Westermann 1/5/2018 20 Created shorter version of HTA deck based on PH request 2.9

Michael Westermann 1/5/2018 20 Continued updating HTA slide deck 3.1

Scott Martinez 1/5/2018 20 Follow up discussion with M. Westermann re: HTA Mediation 0.2

Scott Martinez 1/5/2018 20 Discussion with M. Westermann and Paul Hastings (Z. Zwillinger) re: HTA mediation 0.6

Scott Martinez 1/5/2018 20 Reviewed and commented on the various drafts of the HTA economic deck for HTA mediation 1.3

Scott Martinez 1/5/2018 20 Reviewed documents related to HTA in preparation of the upcoming mediation session 1.9

Carol Flaton 1/8/2018 20 Emails to attending committee members re HTA session 0.1

Carol Flaton 1/8/2018 20 Emails w/ Z. Zwillinger (PH), S. Martinez, M. Westermann re HTA 0.2

Carol Flaton 1/8/2018 20 Review of revised “long version” HTA presentation for mediation 0.9

Carol Flaton 1/8/2018 20 Review of HTA mediation prep memo and back up materials 1.2

Enrique R. Ubarri 1/8/2018 20 Reviewed FOMB Mediation Statement on issues re: tolls 0.3

Michael Westermann 1/8/2018 20 Call with S. Martinez and A. Bongartz (PH) re: HTA mediation session and general case update 0.2

Michael Westermann 1/8/2018 20 Read PH and FOMB HTA mediation statements 0.8

Michael Westermann 1/8/2018 20 Reviewed the HTA fiscal plan in preparation for mediation 1.0

Michael Westermann 1/8/2018 20 Review of budget versus actuals file for period through Oct 2017 1.9

Michael Westermann 1/8/2018 20 Updated HTA mediation deck per PH and others comments 2.5

Scott Martinez 1/8/2018 20 Call with M. Westermann and A. Bongartz (PH) re: HTA mediation session and general case 

update

0.2

Scott Martinez 1/8/2018 20 Reviewed documents related to HTA in preparation of the upcoming mediation session 1.7

Carol Flaton 1/9/2018 20 Pre-Meeting with M. Westermann, S. Martinez, Paul Hastings (L. Despins, Z. Zwillinger) and 

committee re: HTA mediation session 

0.5

Carol Flaton 1/9/2018 20 Meeting with M. Westermann, S. Martinez, Paul Hastings (L. Despins, Z. Zwillinger) and 

committee re: HTA mediation session 

2.5

Michael Westermann 1/9/2018 20 Debrief session following HTA mediation with S. Martinez 0.4

Michael Westermann 1/9/2018 20 Pre-Meeting with C. Flaton, S. Martinez, Paul Hastings (L. Despins, Z. Zwillinger) and 

committee re: HTA mediation session 

0.5

Michael Westermann 1/9/2018 20 Meeting with C. Flaton, S. Martinez, Paul Hastings (L. Despins, Z. Zwillinger) and committee 

re: HTA mediation session 

2.5

Scott Martinez 1/9/2018 20 Debrief session following HTA mediation with M. Westermann 0.4

Scott Martinez 1/9/2018 20 Pre-Meeting with C. Flaton, M. Westermann, Paul Hastings (L. Despins, Z. Zwillinger) and 

committee re: HTA mediation session

0.5

Scott Martinez 1/9/2018 20 Prepared for HTA mediation session 1.2

Scott Martinez 1/9/2018 20 Meeting with C. Flaton, M. Westermann, Paul Hastings (L. Despins, Z. Zwillinger) and 

committee re: HTA mediation session

2.5

Michael Westermann 1/11/2018 20 Call with S. Martinez and Paul Hastings (Z. Zwillinger) regarding HTA 0.2

Michael Westermann 1/11/2018 20 Prepared analysis for HTA claw-back funds in response to Z. Zwillinger (PH) request for 

mediation follow-up

1.9

Scott Martinez 1/11/2018 20 Call with M. Westermann and Paul Hastings (Z. Zwillinger) regarding HTA 0.2

Page 60 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 62 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Michael Westermann 1/14/2018 20 Review of GDB website for debt issuances and information contained in such indentures in 

response to C. Flaton email

0.4

Michael Westermann 1/15/2018 20 Extracted toll road map in response to diligence request 0.2

Michael Westermann 1/15/2018 20 Research into automatic tolls versus staffing levels at toll roads 1.0

Michael Westermann 1/15/2018 20 Created summary of debt issuances for HTA broken out by issuance 1.3

Scott Martinez 1/15/2018 20 Reviewed documents related to HTA as part of the mediation process 1.3

Carol Flaton 1/16/2018 20 Reviewed/marked additional question for HTA mediation (and related emails w/ S. Martinez, 

M. Westermann, A. Bongartz (PH))

0.3

Michael Westermann 1/16/2018 20 Research into current P3 partner for HTA 0.8

Scott Martinez 1/16/2018 20 Reviewed materials related to HTA and developed additional information requests for 

mediation session

1.1

Carol Flaton 1/17/2018 20 Emails w/M. Hindman re HTA questions 0.1

Carol Flaton 1/17/2018 20 Read HTA road map memo from M. Hindman 0.4

Enrique R. Ubarri 1/17/2018 20 Assessed HTA liquidity variance. 0.1

Enrique R. Ubarri 1/17/2018 20 Reviewed 2004 Motion filed by NPFGC to review the Status of State Infrastructure Bank Trust 

Fund, Accounts at the Government Development Bank.

0.4

Michael Westermann 1/18/2018 20 Reviewed HTA mediation answers 0.3

Michael Westermann 1/18/2018 20 Tied all HTA mediation answers to the files referenced, and noted what the files contained 

or if access was not properly provided

3.4

Enrique R. Ubarri 1/19/2018 20 Reviewed and analyzed HTA financial statements. 2.5

Michael Westermann 1/19/2018 20 Created HTA primer for upcoming mediation 1.2

Carol Flaton 1/22/2018 20 Internal HTA Meeting with M. Westermann, S. Martinez 1.5

Enrique R. Ubarri 1/22/2018 20 Reviewed and analyzed HTA financial statements. 2.5

Michael Westermann 1/22/2018 20 Discussion regarding HTA documents posted to Intralinks with S. Martinez 0.5

Michael Westermann 1/22/2018 20 Internal HTA Meeting with C. Flaton, S. Martinez 1.5

Michael Westermann 1/22/2018 20 Updated HTA mediation overview sheet for recently updated files in Intralinks 2.4

Scott Martinez 1/22/2018 20 Email and phone conversations with mediation team regarding HTA materials 0.3

Scott Martinez 1/22/2018 20 Discussion regarding HTA documents posted to Intralinks with M. Westermann 0.5

Scott Martinez 1/22/2018 20 Internal HTA Meeting with C. Flaton, M. Westermann 1.5

Scott Martinez 1/22/2018 20 Reviewed HTA documents in the electronic data room 2.4

Carol Flaton 1/23/2018 20 Review of ZC HTA summary - long form 0.3

Carol Flaton 1/23/2018 20 Participated in HTA mediation breakout session with mediation judges, S. Martinez, M. 

Westermann and Paul Hastings (L. Despins, Z. Zwillinger)

0.5

Carol Flaton 1/23/2018 20 Additional preparation for private session with mediators with M. Westermann, S. Martinez 

and Paul Hastings (L. Despins, Z. Zwillinger) 

0.8

Carol Flaton 1/23/2018 20 Follow up discussion of mediation session and preparation for private session with mediators 

with M. Westermann, S. Martinez and Paul Hastings (L. Despins, Z. Zwillinger) 

2.0

Carol Flaton 1/23/2018 20 Participated in HTA mediation session with S. Martinez, M. Westermann and Paul Hastings (L. 

Despins, Z. Zwillinger) 

4.0

Enrique R. Ubarri 1/23/2018 20 Reviewed and analyzed HTA financial statements. 2.5

Michael Westermann 1/23/2018 20 Preparation for HTA mediation session with S. Martinez 0.5

Michael Westermann 1/23/2018 20 Participated in HTA mediation breakout session with mediation judges, S. Martinez, C. 

Flaton, and Paul Hastings (L. Despins, Z. Zwillinger) 

0.5

Michael Westermann 1/23/2018 20 Additional preparation for private session with mediators with C. Flaton, S. Martinez and Paul

Hastings (L. Despins, Z. Zwillinger) 

0.8

Michael Westermann 1/23/2018 20 Updated HTA primer for additional information received 1.0

Michael Westermann 1/23/2018 20 Follow up discussion of mediation session and preparation for private session with mediators 

with C. Flaton, S. Martinez and Paul Hastings (L. Despins, Z. Zwillinger) 

2.0

Michael Westermann 1/23/2018 20 Participated in HTA mediation session with S. Martinez, C. Flaton and Paul Hastings (L. 

Despins, Z. Zwillinger) 

4.0

Scott Martinez 1/23/2018 20 Preparation for HTA mediation session with M. Westermann 0.5

Scott Martinez 1/23/2018 20 Participated in HTA mediation breakout session with mediation judges, C. Flaton, M. 

Westermann and Paul Hastings (L. Despins, Z. Zwillinger)

0.5

Scott Martinez 1/23/2018 20 Additional preparation for private session with mediators with C. Flaton, M. Westermann and 

Paul Hastings (L. Despins, Z. Zwillinger)

0.8

Scott Martinez 1/23/2018 20 Follow up discussion of mediation session and preparation for private session with mediators 

with C. Flaton, M. Westermann and Paul Hastings (L. Despins, Z. Zwillinger)

2.0

Scott Martinez 1/23/2018 20 Participated in HTA mediation session with C. Flaton, M. Westermann and Paul Hastings (L. 

Despins, Z. Zwillinger)

4.0

Carol Flaton 1/24/2018 20 Reviewed email from L. Despins (PH) to UCC re HTA mediation 0.2

Carol Flaton 1/24/2018 20 Mediation session debrief with S. Martinez 0.5

Carol Flaton 1/24/2018 20 Participate in HTA mediation session with M. Westermann, S. Martinez, and Paul Hastings (L. 

Despins, Z. Zwillinger) 

2.0

Enrique R. Ubarri 1/24/2018 20 Reviewed and analyzed HTA financial statements. 1.5

Michael Westermann 1/24/2018 20 Preparation for HTA mediation session with S. Martinez 0.5

Michael Westermann 1/24/2018 20 Preliminary calculation of expenses by assets for HTA 1.5

Michael Westermann 1/24/2018 20 Participate in HTA mediation session with C. Flaton, S. Martinez, and Paul Hastings (L. 

Despins, Z. Zwillinger) 

2.0

Michael Westermann 1/24/2018 20 Broke out income by assets/highways for HTA 2.4

Scott Martinez 1/24/2018 20 Preparation for HTA mediation session with M. Westermann 0.5

Page 61 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 63 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Scott Martinez 1/24/2018 20 Mediation session debrief with C. Flaton 0.5

Scott Martinez 1/24/2018 20 Reviewed National's 2004 motion regarding HTA 1.0

Scott Martinez 1/24/2018 20 Reviewed HTA documents in the electronic data room 1.1

Scott Martinez 1/24/2018 20 Participate in HTA mediation session with C. Flaton, M. Westermann and Paul Hastings (L. 

Despins, Z. Zwillinger)

2.0

Enrique R. Ubarri 1/25/2018 20 Reviewed e-mail from A. Bongartz (PH) re: certain operational matters, including HTA 

mediation memorandum.

0.2

Carol Flaton 1/29/2018 20 Email to S. Martinez re HTA data 0.1

Michael Westermann 1/29/2018 20 Updated HTA mediation questions and requests list based on recently received information 1.9

Carol Flaton 1/30/2018 20 Email w/ M. Hindman re additional HTA questions 0.1

Enrique R. Ubarri 1/30/2018 20 Evaluated opinion from Judge Swain re: dismissal of monoline insurers' litigation. 0.7

Michael Westermann 1/30/2018 20 Review of HTA court ruling and effect on cash flows to HTA 1.5

Scott Martinez 1/30/2018 20 Correspondence with the mediation team regarding HTA diligence requests 0.1

Total Matter Category 20 146.3

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 10/13/2017 21 Research and reviewed Judicial Pension System actuarial reports 0.5

Scott Martinez 10/13/2017 21 Updated the pension analysis based on feedback from C. Flaton 0.7

Enrique R. Ubarri 10/23/2017 21 Reviewed amended complaint filed by Altair et al. 0.8

Enrique R. Ubarri 10/27/2017 21 Telephone conversation with S. Martinez re: actuarial valuations of pensions. 0.5

Scott Martinez 10/27/2017 21 Telephone conversation with E. Ubarri re: actuarial valuations of pensions. 0.5

Enrique R. Ubarri 10/30/2017 21 Reviewed amended adversary complaint filed by Altair et al. 0.6

Enrique R. Ubarri 10/31/2017 21 Reviewed draft letter to US Trustee from Paul Hastings. 0.2

Enrique R. Ubarri 11/2/2017 21 Reviewed Order from Judge Dein re: Motion to Compel. 0.1

Enrique R. Ubarri 11/2/2017 21 Reviewed Motion to Compel filed by Altair et al 0.6

Enrique R. Ubarri 11/2/2017 21 Reviewed Reply Memorandum in Support of Altair's Motion to Compel 0.7

Enrique R. Ubarri 11/2/2017 21 Reviewed ERS Opposition to Motion to Compel 1.6

Enrique R. Ubarri 11/6/2017 21 Reviewed filing by ERS bondholders in support of summary judgment 1.0

Enrique R. Ubarri 11/6/2017 21 Reviewed filing by ERS of the Government of Puerto Rico in support of its motion for 

summary judgment

1.0

Enrique R. Ubarri 11/8/2017 21 Reviewed Order from Judge Dein re: limited intervention from ERS Committee in ERS 

Bondholder claim.

0.2

Enrique R. Ubarri 11/15/2017 21 Reviewed AMBAC Surreply in Response to UCC Brief in Support of the Commonwealth's Motion 

to Dismiss.

0.3

Enrique R. Ubarri 11/16/2017 21 Reviewed motion of Retiree Committee to Intervene. 0.1

Enrique R. Ubarri 11/16/2017 21 Reviewed opposition filed by the ERS to the ERS Bondholders motion for summary judgment. 1.0

Enrique R. Ubarri 11/16/2017 21 Reviewed ERS Bondholders opposition to Summary Judgment filed by the ERS. 1.0

Enrique R. Ubarri 11/17/2017 21 Reviewed Reply in Support of Altair's Motion to Compel. 0.4

Enrique R. Ubarri 11/20/2017 21 Reviewed AAFAF's joinder and supplemental memorandum of law in support of the Motion to 

Dismiss Altair Complaint.

0.6

Enrique R. Ubarri 11/20/2017 21 Reviewed joinder of Retiree Committee to FOMB Motion to Dismiss Altair Complaint 0.8

Enrique R. Ubarri 11/20/2017 21 Reviewed Motion to Dismiss filed by Commonwealth and ERS thru the FOMB to Altair et al 

Complaint

0.9

Enrique R. Ubarri 11/22/2017 21 Reviewed Joint Stipulation and Order issued by Judge Dein in the ERS Bondholder case. 0.1

Enrique R. Ubarri 11/24/2017 21 Reviewed Reply from the ERS in support of it motion for summary judgment. 0.6

Enrique R. Ubarri 11/24/2017 21 Reviewed ERS Bondholders Reply in Support to its Motion for Summary Judgment 0.6

Enrique R. Ubarri 11/24/2017 21 Reviewed Reply of the ERS Committee to the Motion for Summary Judgment filed by ERS 0.4

Enrique R. Ubarri 11/29/2017 21 Reviewed PR Funds Motion conditioning Automatic Stay 0.5

Enrique R. Ubarri 12/11/2017 21 Reviewed and summarized filing from the United States in the DC Federal Claims Court re: 

Altair Global case.

1.0

Enrique R. Ubarri 12/13/2017 21 Attended (telephonically) hearing on Motions for Summary Judgment in ERS Adversary 

Proceeding.

1.9

Enrique R. Ubarri 12/14/2017 21 Reviewed filing from ERS Bondholders re: Brief in Opposition to the ERS’s Motion for 

Summary Judgment

0.1

Enrique R. Ubarri 12/15/2017 21 Reviewed motion filed by ERS on the motion filed by ERS Bondholders re: notice of errata 

and correction.

0.1

Enrique R. Ubarri 12/15/2017 21 Reviewed response from BNYM to PR Funds motion limiting the automatic stay. 0.1

Enrique R. Ubarri 12/15/2017 21 Reviewed Retiree Committee joinder to motion filed by the ERS re: limitation of automatic 

stay.

0.1

Enrique R. Ubarri 12/15/2017 21 Reviewed ERS Opposition to the PR Funds conditioning of the Automatic Stay 0.3

Enrique R. Ubarri 12/18/2017 21 Reviewed Altair et al opposition to ERS motion to strike. 0.2

Enrique R. Ubarri 12/21/2017 21 Reviewed and summarized the Employees Retirement System bondholders opposition to the 

Motion of Dismiss filed by the Commonwealth and FOMB.

2.2

Enrique R. Ubarri 12/22/2017 21 Reviewed Response from ERS to ERS Bondholders arguments in Notice of Errata and 

Correction

0.1

Enrique R. Ubarri 12/28/2017 21 Reviewed Order from Judge Swain re: PR Funds proposed order on motion seeking ERS 

Bondholder interim protections.

0.1

Enrique R. Ubarri 12/28/2017 21 Reviewed Joint Motion filed by PR Funds and ERS re: revised proposed order on the funds 

proposed motion seeking ERS Bondholder interim protection.

0.2

Page 62 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 64 of 65
EXHIBIT C: ZC Entries by Matter Category

Interim Period October 1, 2017 through January 31, 2018

Name Date

Matter 

Category Narrative Hours 

Rahul Yenumula 1/16/2018 21 Review of PREPA documents on Intralinks 0.6

Enrique R. Ubarri 1/25/2018 21 Reviewed Retiree Committee, AAFAF, FOMB's motions as replies to ERS Bondholders' Motion 

to Dismiss.

1.9

Enrique R. Ubarri 1/28/2018 21 Reviewed e-mail from A. Bongartz (PH) re: ERS Mediation -- Retiree Committee's Draft 

Mediation Statement

0.1

Scott Martinez 1/28/2018 21 Reviewed the Retiree Committee's draft ERS mediation statement 0.5

Carol Flaton 1/29/2018 21 Reviewed Retiree mediation statement re ERS 0.4

Enrique R. Ubarri 1/29/2018 21 Reviewed the ERS Bondholders opposition to the U.S. motion to dismiss filed by the ERS 

Bondholders.

1.1

Total Matter Category 21 27.3

Total Hours 3,273.3

Page 63 of 63

Case:17-03283-LTS Doc#:2739-5 Filed:03/19/18 Entered:03/19/18 18:40:36 Desc:

Exhibit C Page 65 of 65