Estimated Hearing Date: March 13, 2019 at 9:30 a.m. (Atlantic Standard Time) 

Objection Deadline: December 6, 2018 at 4:00 p.m. (Atlantic Standard Time) 

UNITED STATES DISTRICT COURT 

DISTRICT OF PUERTO RICO 

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

In re: ) PROMESA 

 ) Title III 

THE FINANCIAL OVERSIGHT AND )

MANAGEMENT BOARD FOR PUERTO RICO, ) 

)

No. 17 BK 3283-LTS 

 as representative of )

 

THE COMMONWEALTH OF PUERTO RICO, et al.,

) 

) (Jointly Administered)

Debtors. 1 

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

In re: ) PROMESA 

) Title III 

THE FINANCIAL OVERSIGHT AND )

MANAGEMENT BOARD FOR PUERTO RICO, ) 

)

No. 17 BK 3566-LTS 

 as representative of )

 

THE EMPLOYEE RETIREMENT SYSTEM OF THE 

GOVERNMENT OF THE COMMONWEALTH OF PUERTO 

RICO(56 

Debtor.

) 

) 

This Application relates 

only to ERS and shall 

be filed in the Lead 

Case No. 17 BK 3283-

LTS and ERS’s Title III 

Case (Case No. 17 BK 

3566-LTS) 

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

 

1

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

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

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

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

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

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

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

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

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

limitations).. 

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2

SUMMARY SHEET TO 

FIRST INTERIM FEE APPLICATION OF 

ALVAREZ & MARSAL NORTH AMERICA, LLC 

FOR COMPENSATION FOR SERVICES RENDERED AND REIMBURSEMENT OF 

EXPENSES INCURRED AS ADVISOR TO THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD OF PUERTO RICO AS REPRESENTATIVE OF THE 

EMPLOYEE RETIREMENT SYSTEM OF THE GOVERNMENT OF THE 

COMMONWEALTH OF PUERTO RICO 

FROM AUGUST 9, 2018 THROUGH SEPTEMBER 30, 2018 

Name of Applicant: Alvarez & Marsal North America, LLC

Retained to Provide Professional Services as: Advisor

Date of Retention: August 2, 2018

Period for which Compensation and 

Reimbursement is Sought:

August 9, 2018 through September 30, 2018

Professional Fees $160,652.50

Less Voluntary Reduction * (19,699.90)

Total Amount of Fees Requested: $140,952.60

Amount of Expenses Reimbursement Sought $0.00

Total Amount of Fees and Expense 

Reimbursement Sought as Actual, Reasonable and 

Necessary $140,952.60

* Additional courtesy discount of $3,634.65 applied beyond 10% agreed upon in engagement letter

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

No Prior Interim Applications Filed in this Matter 

Monthly Fee Statements Filed Related to First Interim Fee Application 

August 9, 2018 through September 30, 2018 

Service 

Date of 

Monthly 

Fee 

Statement

Period 

Covered

Total Fees 

Incurred

Voluntary 

Reduction *

Total Billable 

Fees (100%)

Total Fees 

Requested 

(90%)

7% Puerto 

Rico Tax 

Withholding 

Expenses 

Requested 

(100%)

Total Net 

Amount 

Requested

Fees Paid 

(90%)

Expenses 

Paid

Holdback 

(10%)

First - 

10/24/2018

8/9/18 to 

8/31/18 $ (7,673.15) 40,385.00 $ 32,711.85 $ 29,440.67 $ -$ $ 29,440.67 - $ Pending Pending 3,271.18 $ 

Second - 

10/29/2018

9/1/18 to 

9/30/18 $ 120,267.50 $ (12,026.75) $ 108,240.75 $ 97,416.68 -$ $ 97,416.68 - $ Pending Pending 10,824.07 $ 

Total $ 160,652.50 $ (19,699.90) $ 140,952.60 $ 126,857.35 $ - $ 126,857.35 - $ $ - - $ 14,095.25 $ 

*This amount represents 10% reduction of fees incurred per engagement agreement plus an additional $3,634.65 courtesy discount.

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3

Compensation by Category 

August 9, 2018 through September 30, 2018 

COMPENSATION BY CATEGORY

For the Period From August 9, 2018 through September 30, 2018

TASK CATEGORY

TOTAL 

HOURS

TOTAL FEES 

REQUESTED

Employee Retirement System of the Government of the Commonwealth of 

Puerto Rico - Claims Administration and Objections

381.5 160,312.50 $ 

Employee Retirement System of the Government of the Commonwealth of 

Puerto Rico - Meetings

0.4 340.00 $ 

Total 381.9 160,652.50 $ 

Blended Hourly Rate Before Voluntary Reduction 420.67 $ 

Less 10% voluntary reduction plus additional $3,634.65 courtesy reduction (19,699.90) $ 

Total First Interim Fee Application With Reduction $ 140,952.60

First Interim Fee Application Blended Hourly Rate With Reduction 3 $ 69.08

Fees by Professional 

August 9, 2018 through September 30, 2018 

PROFESSIONAL POSITION DEPARTMENT

BILLING 

RATE

TOTAL 

HOURS TOTAL FEES

Julie Hertzberg Managing Director Claim Management $875 0.3 $262.50

Jay Herriman Managing Director Claim Management $850 7.4 6,290.00

Eric VanHorn Consultant II Claim Management $500 65.0 32,500.00

Vincent Pena Manager Claim Management $475 38.5 18,287.50

Christopher Sharp Associate Claim Management $425 15.7 6,672.50

Gerard Gigante Associate Claim Management $425 28.2 11,985.00

Kevin O'Donnell Associate Claim Management $425 4.6 1,955.00

Markus Traylor Associate Claim Management $425 12.7 5,397.50

Pablo Cervantes Associate Claim Management $425 3.7 1,572.50

Bria Warren Analyst Claim Management $375 24.2 9,075.00

Carlo Dominguez Analyst Claim Management $375 76.1 28,537.50

John Sagen Analyst Claim Management $375 2.7 1,012.50

Thomas Salinerno Analyst Claim Management $375 73.9 27,712.50

Paul Kiekhaefer Analyst Claim Management $325 12.4 4,030.00

Rachel Onserio Analyst Claim Management $325 16.5 5,362.50

Subtotal 381.9 160,652.50

Less 10% voluntary reduction -19,699.90

Total $140,952.60

Blended Rate With Reduction: $369.08

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Expenses by Category 

August 9, 2018 through September 30, 2018 

No Expenses Incurred 

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Estimated Hearing Date: March 13, 2019 at 9:30 a.m. (Atlantic Standard Time) 

Objection Deadline: December 6, 2018 at 4:00 p.m. (Atlantic Standard Time) 

UNITED STATES DISTRICT COURT 

DISTRICT OF PUERTO RICO 

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

In re: ) PROMESA 

 ) Title III 

THE FINANCIAL OVERSIGHT AND )

MANAGEMENT BOARD FOR PUERTO RICO, ) 

)

No. 17 BK 3283-LTS 

 as representative of )

 

THE COMMONWEALTH OF PUERTO RICO, et al.,

) 

) (Jointly Administered)

Debtors. 1 

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

In re: ) PROMESA 

) Title III 

THE FINANCIAL OVERSIGHT AND )

MANAGEMENT BOARD FOR PUERTO RICO, ) 

)

No. 17 BK 3566-LTS 

 as representative of 

THE EMPLOYEE RETIREMENT SYSTEM OF THE 

GOVERNMENT OF THE COMMONWEALTH OF 

PUERTO RICO(56

Debtor.

) This Application relates 

only to ERS and shall 

be filed in the Lead 

Case No. 17 BK 3283-

LTS and ERS’s Title III 

Case (Case No. 17 BK 

3566-LTS) 

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

FIRST INTERIM FEE APPLICATION OF 

ALVAREZ & MARSAL NORTH AMERICA, LLC 

FOR COMPENSATION FOR SERVICES RENDERED AND REIMBURSEMENT OF 

EXPENSES INCURRED AS ADVISOR TO THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD OF PUERTO RICO AS REPRESENTATIVE OF THE 

EMPLOYEE RETIREMENT SYSTEM OF THE GOVERNMENT OF THE 

COMMONWEALTH OF PUERTO RICO

 

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

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

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

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

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

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

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

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

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

limitations). 

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2

FROM AUGUST 9, 2018 THROUGH SEPTEMBER 30, 2018 

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

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

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

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

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

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

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

June 6, 2018 [Docket No. 3269] (the “Second Amended Interim Compensation Order”), Alvarez 

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

Rico (the “Oversight Board”) in its role as representative for the Employee Retirement System of 

the Government of the Commonwealth of Puerto Rico, (“ERS”), as debtor under Title III of the 

Puerto Rico Oversight, Management and Economic Stability Act of 2016 (“PROMESA”), 

hereby submits its first interim fee application filed during the first interim application period 

(the “First Interim Fee Application”) for the compensation of professional services performed by 

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

commencing August 9, 2018 through and including September 30, 2018 (the “First Interim Fee 

Application Period”). 

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

$160,652.50 less a discount in the amount of $19,699.90 for a total amount of $140,952.60 and 

reimbursement of actual and necessary expenses incurred in the amount of $0.00 for the First 

Interim Fee Application Period, all of which was earned outside of Puerto Rico. 

JURISDICTION 

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

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

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3

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

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

316 and 317. 

BACKGROUND 

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

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

members. 

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

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

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

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

48 U.S.C. § 2175. 

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

entity” under PROMESA section 101(d), 

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

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

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

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

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

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

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

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

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

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

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4

manage and resolve the tens of thousands of claims filed against the Title III entities2. 

 10. On October 24, 2018, A&M served on the Notice Parties (as defined in the 

Interim Compensation Order) its first monthly fee statement for the period August 9, 2018 

through August 31, 2018. The first monthly fee statement is attached hereto as Exhibit A. 

 11. On October 29, 2018 A&M served on the Notice Parties its second monthly fee 

statement for the period September 1, 2018 through September 30, 2018. The second monthly 

fee statement is attached hereto as Exhibit B. 

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

foregoing summary, A&M has requested an aggregate payment of $126,857.35 which represents 

payment of ninety percent (90%) of the compensation sought and reimbursement of one-hundred 

percent (100%) of expenses incurred. To date, A&M has received no payments with respect to 

fee statements filed during the First Interim Fee Application Period. 

REQUESTED FEES AND REIMBURSEMENT OF EXPENSES 

 13. All services for which A&M requests compensation were performed for the 

Employee Retirement System of the Government of the Commonwealth of Puerto Rico, 

(“ERS”). The time detail for the First Interim Fee Application Period is attached hereto as 

Exhibit C. This First Interim Fee Application contains time entries describing the time spent by 

each professional during the First Interim Fee Application Period. To the best of A&M’s 

knowledge, this First Interim Fee Application substantially complies with the applicable 

provisions of PROMESA, the Bankruptcy Rules, the Local Bankruptcy Rules, and the Second 

Interim Compensation Order. A&M’s time reports are entered and organized by task and by 

professional performing the described service in 1/10 of an hour increments. 

 

2

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

available on the Oversight Board’s website at: 

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

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

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5

 14. A&M incurred no expenses for the First Interim Fee Application Period as 

presented here to as Exhibit D. 

 15. The services rendered by A&M during the First Interim Fee Application can be 

grouped into the categories set forth below. A&M attempted to place the services provided in 

the category that best relates to such services. However, because certain services may relate to 

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

category. These services performed are generally described below by category, and as set forth 

in the attached time detail attached hereto as Exhibit C. This Exhibit C also identifies the 

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

each individual and the total compensation sought for each category. 

SUMMARY OF SERVICES PERFORMED 

 16. This First Interim Fee Application covers the fees incurred during the First 

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

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

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

services rendered for the Debtors and the time expended, organized by project task categories as 

follows: 

A. Employee Retirement System of the Government of the Commonwealth of Puerto Rico 

- Claims Administration and Objections

 17. During the First Interim Fee Application Period, A&M was retained 

approximately five weeks after the claims bar date of June 29, 2018 which was set by this Court 

and resulted in approximately 170,000 claims filed across all Title III entities. A&M’s role as 

claims management specialists required it to immediately assess the status of the bankruptcy for 

each of the respective Title III entities, except PREPA. 

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6

 18. A&M utilized the official court claims register maintained by Prime Clerk, the 

court appointed claims agent, to retrieve and analyze over 8,535 individual claims filed against 

ERS. During this period, A&M: 

1. created a claims database organized by claim type; 

2. reviewed each claim and assigned an initial proposed treatment to the claim as 

part of a phase one analysis (eg – object based upon amended or duplicate claims 

or queue for phase two further reconciliation); 

3. created an overall claims reconciliation strategy for each individual claim type; 

4. created and updated regularly a claims summary analysis by claim type to allow 

counsel to review the claims groupings and confirm A&M’s proposed treatment 

for each claim type; 

5. for each claim which was not flagged for objection in phase one, completed a 

substantive review to validate treatment for that claim based upon initial 

recommendations including, 

a. Bond Claims (approximately 150) – reviewed all detail supporting the 

claim to ensure the claim was properly categorized as a bond claim; 

identified what type of bonds the claim related to; validated claimant’s 

inclusion within the master bond claim to allow the individual claim to be 

queued for objection as a duplicative claim.

b. Accounts Payable (approximately 445) – reviewed all detail supporting 

the claim to ensure it was properly categorized as an accounts payable 

claim; recorded department and agency details and contract number, 

where available. 

c. Litigation Claims (approximately 1,840) – reviewed all detail supporting 

the claim to ensure the claim was properly categorized as a Litigation 

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claim; recorded (a) department and agency details involved with litigation, 

(b) Court case number and (c) any other information deemed helpful with 

the reconciliation of the claim. 

d. Ley(es) or Legal Claims (approximately 5,730 - reviewed all details 

supporting the claim to recommend proper category and treatment for each 

claim; recorded (a) Ley(es) being asserted, (b) details related to the 

asserted Ley(es) and (c) any other information deemed to be helpful with 

the reconciliation of the claim. These claims were particularly challenging 

to distinguish between this category and a true litigation category. 

e. Uncategorized Claims – (approximately 370) - reviewed all details 

supporting the claim to recommend proper claim category and prepared 

questions for secondary mailing to claimant to gather additional 

information. 

6. drafted a proposed creditor outreach protocol to collect missing information from 

the proofs of claim; 

7. provided regular updates of the claims reconciliation progress to representatives 

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

advisors. 

In conjunction with this category, A&M expended approximately 381.5 hours during the 

Application Period, for a total of $160,312.50, prior to any fee reduction. 

B. Employee Retirement System of the Government of the Commonwealth of Puerto Rico 

- Meetings 

 18. During the First Interim Fee Application Period, A&M held an internal meeting to 

coordinate and streamline the individual claims reconciliation process. In conjunction with this 

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8

category, A&M expended approximately 0.4 hours during the Application Period, for a total of 

$340.00, prior to any fee reduction. 

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

19. A&M and the Oversight Board in its role as representative for ERS had 

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

A&M applied an additional courtesy discount of $3,634.65 during this Interim Fee Application 

Period. 

CERTIFICATE OF COMPLIANCE AND REQUEST FOR WAIVER 

 20. Attached hereto as Exhibit E is a declaration of Julie M. Hertzberg, the 

undersigned representative of A&M. To the extent that the First Interim Fee Application does 

not comply in all respects with the requirements of the aforementioned rules, A&M believes that 

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

NOTICE 

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

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

served upon: 

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

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

Oversight Board Member. 

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

representative of The Commonwealth of Puerto Rico, O’Neill & Borges LLC, 

250 Muñoz Rivera Ave., suite 800, San Juan, PR 00918-1813, Attn: Hermann D. 

Bauer, Esq. (Hermann.bauer@oneillborges.com; 

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

Authority, O’Melveny & Myers LLP, Times Square Tower, 7 Time Square, New 

York, NY 10036, Attn: John J. Rapisardi, Esq. (jrapisardi@omm.com), Suzanne 

Uhland, Esq. (suhland@omm.com), and Diana M. perez, Esq. 

(dperez@omm.com). 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Rodríguez, Deputy Assistant Secretary of Internal Revenue and Tax 

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

Assistant Secretary of Internal Revenue and Tax Policy 

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

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

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

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

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

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

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

(KStadler@ gklaw.com). 

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

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10

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

respectfully requests that, for the period August 9, 2019 through September 30, 2018, the Court 

(i) grant A&M interim allowance of compensation in the amount of $140,952.60 for professional 

services rendered during the First Interim Fee Application Period. A&M did not incur any 

expenses. 

Dated: November 16, 2018 

Detroit, Michigan 

 /s/ 

Julie M. Hertzberg 

Alvarez & Marsal North America, LLC 

1000 Town Center 

Suite 750 

Detroit, MI 48075 

Telephone: 248.936.0850 

Facsimile: 248.936.0801 

jhertzberg@alvarezandmarsal.com

ADVISOR TO THE OVERSIGHT BOARD 

AS REPRESENTATIVE OF THE 

DEBTOR 

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EXHIBITS 

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Exhibit A 

ALVAREZ & MARSAL NORTH AMERICA, LLC 

MONTHLY FEE APPLICATION OF FOR THE PERIOD 

AUGUST 9, 2018 THROUGH AUGUST 31, 2018 

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UNITED STATES DISTRICT COURT 

DISTRICT OF PUERTO RICO 

In re: ) PROMESA 

) Title III 

THE FINANCIAL OVERSIGHT AND ) 

MANAGEMENT BOARD FOR PUERTO RICO, ) 

) 

No. 17 BK 3283-LTS 

) 

 as representative of ) 

 

THE EMPLOYEE RETIREMENT SYSTEM OF THE 

GOVERNMENT OF THE COMMONWEALTH OF 

PUERTO RICO, et al., 

) 

) 

Debtors. 1

COVER SHEET TO FIRST MONTHLY FEE APPLICATION OF 

ALVAREZ & MARSAL NORTH AMERICA, LLC 

FOR PAYMENT OF COMPENSATION RENDERED OUTSIDE OF PUERTO RICO 

AND REIMBURSEMENT OF EXPENSES FOR CONSULTING SERVICES TO THE 

FINANCIAL OVERSIGHT AND MANAGEMENT BOARD OF PUERTO RICO 

FOR THE PERIOD FROM 

AUGUST 9, 2018 THROUGH AUGUST 31, 2018 

ALL FEES AND SERVICES IN THIS MONTHLY FEE STATEMENT 

WERE INCURRED OUTSIDE OF PUERTO RICO

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

Authorized to Provide Professional 

Services to:

Financial Oversight and Management Board of 

Puerto Rico

Services Rendered to: Employee Retirement System of the Government 

of the Commonwealth of Puerto Rico 

 

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

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

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

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

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

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

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

ID: 9686). (Title III case numbers are listed as Bankruptcy Case numbers due to software limitations). 

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2 

Period for which compensation and 

reimbursement for fees and services 

outside of Puerto Rico is sought:

August 9, 2018 through August 31, 2018 

Amount of Compensation sought as actual, 

reasonable and necessary: $32,711.85 ($36,346.50 incurred less 10% 

voluntary reduction of $4,038.50) 

Amount of Expense Reimbursement sought 

as actual, reasonable and necessary: $ - 0 - 

This is a(n): 9 Monthly ___ Interim ___ Final application 

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

outside Puerto Rico. 

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Exhibit B 

ALVAREZ & MARSAL NORTH AMERICA, LLC 

MONTHLY FEE APPLICATION OF FOR THE PERIOD 

SEPTEMBER 1, 2018 THROUGH SEPTEMBER 30, 2018 

 

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UNITED STATES DISTRICT COURT 

DISTRICT OFPUERTORICO 

Inre: )PROMESA 

) Title III 

THE FINANCIAL OVERSIGHTAND ) 

MANAGEMENT BOARDFORPUERTORICO, )No. 17BK3283-LTS 

) 

) 

asrepresentative of ) 

) 

THEEMPLOYEERETIREMENT SYSTEM OF THE ) 

GOVERNMENT OF THE COMMONWEALTH OF 

PUERTORICO,etal., 

Debtors. 

COVERSHEETTOSECOND MONTHLY FEE APPLICATION OF 

ALVAREZ&MARSALNORTH AMERICA, LLC 

FORPAYMENT OF COMPENSATION RENDERED OUTSIDE OFPUERTORICO 

ANDREIMBURSEMENT OF EXPENSESFORCONSULTINGSERVICESTOTHE 

FINANCIAL OVERSIGHTAND MANAGEMENT BOARDOFPUERTORICO 

FORTHE PERIOD FROM 

SEPTEMBER 1, 2018THROUGHSEPTEMBER 30, 2018 

ALLFEESAND SERVICES INTHIS MONTHLY FEESTATEMENT 

WERE INCURRED OUTSIDE-OFPUERTORICO 

Name of Applicant: 

AuthorizedtoProvideProfessional 

Servicesto: 

Alvarez& MarsalNorthAmerica,LLC (A&M) 

Financial Oversightand Management Boardof 

PuertoRico 

ServicesRenderedto: EmployeeRetirement System of the Government 

of the Commonwealth of PuertoRico 

The Debtorsinthese Title IIICases,along with each Debtor's respective Title IIIcasenumberandthelastfour(4) 

digits of each Debtor'sfederaltax identification number,asapplicable,arethe(i)Commonwealth of PuertoRico 

(BankruptcyCase No.17BK3283-LТs)(LastFour Digits of FederalTax ID: 3481);(ii)PuertoRico SalesTax . 

Financing Corporation ("COFINA") (Bankruptcy Case No. 17BK3284-LTs)(LastFour Digits of FederalTax ID: 

8474);(iii)PuertoRicoHighwaysandTransportation Authority ("HTA") (BankruptcyCase No. 17BK3567-LTS) 

(LastFour Digits of FederalTax ID: 3808); and(iv)EmployeesRetirement System of the Government of the 

Commonwealth of PuertoRico("ERs") (BankruptcyCase No. 17BK3566-LТS)(LastFour Digits of FederalTax 

ID: 9686). (Title IIIcasenumbersarelistedasBankruptcyCasenumbers duetosoftwarelimitations). 

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Thisisa(n): ✓ Monthly Interim Finalapplication 

Amount of Compensation soughtasactual, 

reasonableandnecessary: 

Amount of Expense Reimbursement sought 

asactual, reasonableandnecessary: 

$108,240.75 ($120,267.50incurred less10% 

voluntary reduction of $12,026.75) 

$ -0- 

Periodforwhich compensationand 

reimbursementforfeesand services 

outside of PuertoRico issought: 

September 1, 2018 through September 30, 2018 

ThisisA&M's second monthly fee application filedinthesecasesandis forservicesrendered 

outsidePuertoRico. 

2 

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PrincipalCertification 

I hereby authorize the submission of this Monthly Fee Statemeцi-f-qrSeptember 2018. 

Jaime A. E1 Koury 

GeneralCounseltothe Financial Oversightand 

Management Boardof PuertoRico 

3 

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4

On October 29, 2018 Sent to:

FOMB: Co-Counsel for AAFAF:

Financial Oversight and Management Board O’Melveny & Myers LLP,

40 Washington Square South Times Square Tower

Office 314A 7 Times Square

New York, NY 10012 New York, NY 10036

Attn: Professor Arthur J. Gonzalez Attn: John J. Rapisardi, Esq.

 FOMB Board Member Suzzanne Uhland, Esq.

 Diana M. Perez, Esq.

O’Neill & Borges LLC Marini Pietrantoni Muñiz LLC

250 Muñoz Rivera Ave., Suite 800 MCS Plaza, Suite 500

San Juan, PR 00918 255 Ponce de León Ave

Attn: Hermann D. Bauer, Esq. San Juan, PR 00917

Attn: Luis C. Marini-Biaggi, Esq.

Office of United States Trustee Carolina Velaz-Rivero, Esq.

Office of the United States Trustee for the District of

Puerto Rico Co-Counsel for the Official Committee of Retirees:

Edificio Ochoa, 500 Tanca Street, Suite 301 Jenner & Block LLP

San Juan, PR 00901 919 Third Avenue

(In re: Commonwealth of Puerto Rico) New York, NY 10022-3908

Attn.: Robert Gordon, Esq.

Office of the United States Trustee for Region 21 Richard Levin, Esq.

75 Spring Street, SW, Room 362 

Atlanta, GA 30303 Jenner & Block LLP

Attn: Guy G. Gebhardt 353 N. Clark Street

Acting United States Trustee (Region 21) Chicago, IL 60654

(In re: Commonwealth of Puerto Rico) Attn.: Catherine Steege, Esq.

 Melissa Root, Esq.

Co-Counsel for the Official Committee of Unsecured

Creditors:

Paul Hastings LLP Bennazar, García & Milián, C.S.P.

200 Park Avenue Edificio Union Plaza, PH-A

New York, NY 10166 416 Avenida Ponce de León

Attn: Luc. A. Despins, Esq. Hato Rey, PR 00918

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

Casillas, Santiago & Torres, LLC

El Caribe Office Building

53 Palmeras Street, Ste. 1601 Puerto Rico Department of Treasury

San Juan, Puerto Rico 00901-2419 PO Box 9024140

Attn: Juan J. Casillas Ayala, Esq. San Juan, PR 00902-4140

 Alberto J. E. Añeses Negrón, Esq. Attn: Reylam Guerra Goderich, Deputy Assistant of

Central Accounting Central Accounting

 Omar E. Rodríguez Pérez, CPA, Assistant

Co-Counsel for the Fee Examiner Secretary of Central Accounting

Godfrey & Kahn S.C. Angel L. Pantoja Rodríguez, Deputy Assistant of

One East Main Street, Suite 500 Internal Revenue and Tax Policy

Madison, WI 53703 Francisco Parés Alicea, Assistant Secretary of

Attn: Katherine Stadler Internal Revenue and Tax Policy

 Francisco Peña Montañez, CPA, Assistant

EDGE Legal Strategies, PSC Secretary of the Treasury Secretary of the Treasury

252 Ponce de León Avenue

Citibank Tower, 12th Floor

San Juan, PR 00918

Attn: Eyck O. Lugo

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Summary of ProfessionalFeesforthe PeriodSeptember 1, 2018throu;h 

September 30, 2018 

EmployeeRetirement System of the Government of the Commonwealth of PuertoRico 

SUмiVØY OF TOTALFЕЕЅ BYALLFIVTITIES 

TASKCODE 

TOTAL 

HOURS 

TOTALFEES 

REQUESTED 

EmployeeRetirement System of the Government of the Commonwealth of PuertoRico- Clаinк 

AdministrationandObjections 

286.4 119,927.50 

EmployeeRetirement System of the Government of the Commonwealth of PuertoRico - Meeting 0.4 340.00 

Subtotаl 286.4 

Less10%voluntaiy reduction 

Total 

120,267.50 

(12,026.75) 

$ 108,240.75 

PROFESSIONAL POSITION DEPARTMENT 

BILLING 

RATE 

TOTAL 

HOURS 

TOTAL 

FEES 

JulieHertzberg Managing Director ClaimManagement $875 0.3 $262.50 

Jay Herriman Managing Director ClaimManagement $850 5.0 4,250.00 

EricVanHorn Consultant ii C1aimlanagement $500 42.3 21,150.00 

VincentPena Manager ClamManagement $475 38.5 18,287.50 

ChristopherSharp Associate ClaimManagement $425 11.5 4,887.50 

GerardGigante Associate ClaimManagement $425 17.1 7,267.50 

Kevin O'Donnell Associate ClaimManagement $425 3.4 1,445.00 

MarkusTraylor Associate ClaimManagement $425 12.7 5,397.50 

Pablo Cervantes Associate ClaimManagement $425 2.5 1,062.50 

Bria Warren Analyst ClaimManagement $375 9.5 3,562.50 

CarloDominguez Analyst ClaimManagement $375 71.2 26,700.00 

JohnЅаgen Analyst ClaimManagement $375 2.7 1,012.50 

ThomasSalinerno Analyst ClaimManagement $375 44.0 16,500.00 

PaulKiekhaefer Analyst ClaimManagement $325 9.6 3,120.00 

RachelInserio Analyst ClaimManagement $325 16.5 5,362.50 

Subtotal 

Less10%voluntary reduction 

Total 

286.8 120,267.50 

-12,026.75 

$108,240.75 

Summary of Expensesforthe PeriodSeptember 1, 2018throuhSeptember 30, 2018 

EmployeeRetirement System of the Government of the Commonwealth of PuertoRico 

NoExpenses Incurred 

5 

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A&M requests paymentandreimbursementinaccordance with theprocedures set 

forthintheInterimCompensation Order (i.e., payment of ninety percent(90%)of the 

compensation sought)inthe amount of $97,416.68,forservicesrendered outside of PuertoRico. 

б 

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ProfessionalCertification 

I hereby certify thatnopublicservant of the Department of Treasuryis apartytoor has 

any interestinthe gains or benefits derived from the contract thatisthebasisof this 

invoice. The only considerationforprovidingservicesunder the contractisthe payment agreed 

upon with the authorized representatives of the Financial Oversightand Management Boardfor 

PuertoRico. The amount of this invoiceisreasonable. Theserviceswere renderedandthe 

corresponding payment hasnotbeenmade. Tothe best of my knowledge, Alvarez &Marsal 

North America, LLCdoesnot haveany debts owedtothe Government of PuertoRicoor its 

instrumentalities. 

I further certify that, with respecttothe feesand servicesrendered pursuanttothis 

monthly feestatement,(i)Alvarez &MarsalNorth America, LLC wasnotdoingbusiness in 

PuertoRicoand(ii) theservicesrendered by Alvarez &MarsalNorth America, LLP werenot 

performedin PuertoRico. 

isi 

JulieM. Hertzberg 

Alvarez& MarsalNorthAmerica,LLC 

1000 Town Center 

Suite 750 

Detroit,MI48075 

Telephone: 248.936.0850 

Facsimile: 248.936.0801 

jertzberg@alvarezandmarsal_com 

7 

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EXHIBITS 

8 

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ExhibitA 

EmployeeRetirement System of the Government of the 

Commonwealth of PuertoRico 

Summary of TimeDetailby Task 

September 1, 2018throughSeptember 30, 2018 

Task Description Sum of Hours Sum of Fees 

EmployeesRetirement System of the Government of the Commonwealth of 

PuertoRico- Claims Administrationand Objections 

286.4 $119,927.50 

EmployeesRetirement System of the Government of the Commonwealth of 

PuertoRico-Meeting 

0.4 $340.00 

Total 286.8 $12Q267.50 

Page 1 of i 

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ExhibitB 

EmployeeRetirement System of the Government of the 

Commonwealth of PuertoRico 

summary of TimeDetailbyProfessional 

September 1, 2018throughSeptember 30, 2018 

Professional Position BillingRate Sum of Hours Sum of Fees 

JulieHertzberg Managing Director $875.00 0.3 $262.50 

Jay Herriman Managing Director $850.00 5.0 $510.00 

Eric Vanhorn Consultant II $500.00 42.3 $1,400.00 

VincentPena Manager $475.00 38.5 $522.50 

ChristopherSharp Associate $425.00 11.5 $85.00 

Gerard Gigante Associate $425.00 17.1 $170.00 

Kevin O'Donnell Associate $425.00 3.4 $425.00 

MarkusTraylor Associate $425.00 12.7 $1,317.50 

Pablo Cervantes Associate $425.00 2.5 $297.50 

Bria Warren Analyst $375.00 9.5 $375.00 

CarloDominguez Analyst $375.00 71.2 $375.00 

John sagen Analyst $375.00 2.7 $412.50 

ThomasSalierno Analyst $375.00 44.0 $525.00 

Paul Kiekhaefer Analyst $325.00 9.6 $520.00 

Rachel Onserio Analyst $325.00 16.5 $1,007.50 

Total 286.8 $120,267.50 

Pagel of 1 

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ExhibitC 

EmployeeRetirement System of the Government of the 

Commonwealth of PuertoRico 

Summary of TimeDetailbyProfessional 

September 1, 2018throughSeptember 30, 2018 

EmployeesRetirement System 

of the Government of the 

Commonwealth ofPuertoRico -

Claims Administrationand 

Objections 

Adviseandassist the Debtorsinquestionsandprocesses regarding the claims 

reconciliation process: notably, claims planning process, potential claim 

analysis, review of claims filed against the Debtorsandother claim relateditems. 

Professional Position BillingRate Sum of Hours Sum of Fees 

JulieHertzberg Managing Director $875 0.3 $262.50 

Jay Herriman Managing Director $850 4.6 $3,910.00 

VincentPena Manager $475 38.5 $18,287.50 

ChristopherSharp Associate $425 11.5 $4,887.50 

Gerard Gigante Associate $425 17.1 $7,267.50 

Kevin O'Donnell Associate $425 3.4 $1,445.00 

MarkusTraylor Associate $425 12.7 $5,397.50 

Pablo Cervantes Associate $425 2.5 $1,062.50 

EricVanHorn ConsultantIl $500 42.3 $21,150.00 

Bria Warren Analyst $375 9.5 $3,562.50 

CarloDominguez Analyst $375 71.2 $26,700.00 

John Sagen Analyst $375 2.7 $1,012.50 

ThomasSalјerno Analyst $375 44.0 $16,500.00 

Paul Kiekhaefer Analyst $325 9.6 $3,120.00 

Rachel Onserio Analyst $325 16.5 $5,362.50 

286.4 $119,927.50 

Average BillingRate $418.74 

Page 1of 2 

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EmployeeRetirement System of the Government of the 

Commonwealth of PuertoRico 

Summary of TimeDetailbyProfessional 

September 1, 2018throughSeptember 30, 2018 

~ 

ExhibitC 

EmployeesRetirement system Participatein meetingswith Debtors' management, Board of Directors and/or 

of the Government of the advisorstopresentfindings or discuss variousmattersrelated tothe filing, 

Commonwealth ofPuertoRico- reporting and/or operating thebusiness; excludesmeetingswith UCC andlor 

Meeting other Creditor constituentsand their advisors. 

Professional Position BillingRate Surnof Hours Sum of Fees 

Jay Herriman Managing Director $850 0.4 $340.00 

0.4 $340.00 

Average BillingRate $850.00 

Page 2of 2 

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ExhibitD 

EmployeeRetirement System of the Government 

of the Commonwealth of PuertoRico 

TimeDetailby Activity byProfessional 

September 1, 2018throughSeptember 30, 2018 

EmployeesRetirement System of the Government of the Commonwealth of PuertoRicoClaims Administrationandobjections 

Professional Date Hours 

Kevin O'Donnell 9/1/2018 1.0 

CarloDominguez 9/2/2018 0.4 

CarloDominguez 9/3/2018 1.0 

CarloDominguez 9/4/2018 1.0 

ChristopherSharp 9/4/2018 0.2 

EricVanHorn 9/4/2018 2.8 

Gerard Gigante 9/4/2018 2.8 

Jay Herriman 9/4/2018 0.6 

ThomasSalierno 9/4/2018 2.8 

Bria Warren 9/5/2018 2.3 

CarloDominguez 9/5/2018 0.9 

EricVanHorn 9/5/2018 2.8 

Gerard Gigante 9/5/2018 2.8 

ThomasSalierno 9/5/2018 2.8 

Activity 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjection anddocketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of clamtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Litigation Claims - Analyze proofs of claimtocategorize by 

functional group / claim treatment, marking claimsforobjection 

and docketing errorsasappropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjection anddocketing errorsas 

appropriate 

Analyze litigation related claims, update categoriesand document 

nextstepsforclaims reconciliation 

Analyze proofs of claimtocategorize by functional group/claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate. 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate. 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate. 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate. 

Pagel of 12 

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ExhibitD 

EmployeeRetirement System of the Government 

of the Commonwealth of PuertoRico 

TimeDetailbyActivity byProfessional 

September 1, 2018throughseptember 30, 2018 

EmployeesRetirement System of the Government of the Commonwealth of PuertoRicoC_laims Administrationandobjections 

Professional Date Hours Activity 

Bria Warren 9/6/2018 2.4 

CarloDominguez 9/6/2018 1.3 

EricVanHorn 9/6/2018 3.1 

Gerard Gigante 9/6/2018 2.8 

ThomasSalierno 9/6/2018 2.8 

ChristopherSharp 9/7/2018 0.6 

EricVanHorn 9/7/2018 3.1 

Gerard Gigante 9/7/2018 2.6 

Rachel Onserio 9/7/2018 3.1 

Rachel Onserio 9/7/2018 0.4 

ThomasSakerno 9/7/2018 2.8 

CarloDominguez 9/9/2018 0.2 

CarloDominguez 9/9/2018 3.1 

CarloDominguez 9/10/2018 3.3 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Litigation Claims - Analyze proofs of claimtocategorize by 

functional group / claim treatment, marking claimsforobjection 

and docketing errorsasappropriate 

Analyze proofs of claimtocategorize by functional group/ claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate. 

Analyze Litigation claimstocategorize by functional group / claim 

treatment 

Analyze Litigation claimstocategorize by functional group / claim 

treatment 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claims forobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claims forobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claims forobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claims forobjectionand docketing errorsas 

appropriate 

Page 2 of 12 

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ExhibitD 

EmployeeRetirement System of the Government 

of the Commonwealth of PuertoRico 

TimeDetailby Activity byProfessional 

September 1, 2018throughSeptember 30, 2018 

EmployeesRetirement System of the Government of the Commonwealth of PuertoRicoClaims AdministrationandOhiections 

Activity 

Analyze proofs of claimtocategorize by functional group! claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Litigation Claims - Analyze proofs of claimtocategorize by 

functional group / claim treatment, marking claimsforobjection 

and docketing errorsasappropriate 

Analyze proofs of claimtocategorize by functional group/claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

ReviewGlobalNotes/Summary of Schedules 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize claim treatment, marking 

claimsforobjectionand docketing errorsasappropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group/claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Litigation Claims - Analyze proofs of claimtocategorize by 

functional group /claim treatment, marking claimsforobjection 

and docketing errorsasappropriate 

Page 3 of 12 

Professional Date Hours 

CarloDominguez 9/10/2018 1.9 

CarloDominguez 9/10/2018 2.1 

Christophersharp 9/10/2018 1.9 

EricVanHorn 9/10/2018 3.1 

Julie Hertzberg 9/10/2018 0.3 

MarkusTraylor 9/10/2018 0.8 

Pablo Cervantes 9/10/2018 0.7 

ThomasSalierno 9/10/2018 1.2 

ThomasSalierno 9/10/2018 3.1 

VincentPena 9/10/2018 1.1 

CarloDominguez 9/11/2018 1,8 

CarloDominguez 9/11/2018 2.5 

CarloDominguez 9/11/2018 3.1 

Christophersharp 9/11/2018 1.3 

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ExhibitD 

EmployeeRetirement System of the Government 

of the Commonwealth of PuertoRico 

TimeDetailby Activity byProfessional 

September 1, 2018throughSeptember 30, 2018 

EmployeesRetirement System of the Government of the Commonwealth of PuertoRicoClaims Administrationandobjections 

Activity 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize claim treatment, marking 

claimsforobjectionand docketing errorsasappropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

tréatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group/ claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Litigation Claims - Analyze proofs of claimtocategorize by 

functional group / claim treatment, marking claimsforobjection 

and docketing errorsasappropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Page 4of 12 

Professional Date Hours 

EricVanHorn 9/11/2018 3.1 

Pablo Cervantes 9/11/2018 0.4 

ThomasSalierпo 9/11/2018 3.1 

ThomasSalierno 9/11/2018 1.2 

CarloDominguez 9/12/2018 0.5 

CarloDominguez 9/12/2018 3.0 

CarloDominguez 9/12/2018 1.3 

CarloDominguez 9/12/2018 3.1 

ChristopherSharp 9/12/2018 0.8 

EricVanHorn 9/12/2018 2.9 

ThomasSalierпo 9/12/2018 3.1 

ThomasSalierпo 9/12/2018 1.2 

CarloDominguez 9/13/2018 3.1 

CarloDominguez 9/13/2018 2.8 

Case:17-03283-LTS Doc#:4311 Filed:11/16/18 Entered:11/16/18 18:07:30 Desc: Main

Document Page 49 of 83
Exhibit EmployeeRetirement system of the Government 

of the Commonwealth of PuertoRico 

TimeDetailby Activity byProfessional 

September 1, 2018throughseptember 30, 2018 

EmployeesRetirement System of the Government of the Commonwealth of PuertoRicoC_laims AdministrationandObjections 

Activity 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Litigation Claims - Analyze proofs of claimtocategorize by 

functional group / claim treatment, marking claimsforobjection 

and docketing errorsasappropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group/claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group! claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Litigation Claims - Analyze proofs of claimtocategorize by 

functional group / claim treatment, marking claimsforobjection 

and docketing errors as appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze Litigation claimstocategorize by functional group / claim 

treatment 

Analyze Litigation claimstocategorize by functional group / claim 

treatment 

Page 5 of 12 

Professional Date Hours 

CarloDominguez 9/13/2018 2.6 

Christophersharp 9/13/2018 0.7 

EricVanHorn 9/13/2018 3.0 

MarkusTraylor 9/13/2018 2.4 

ThomasSalierno 9/13/2018 3.1 

ThomasSalierno 9/13/2018 1.2 

VincentPena 9/13/2018 1.1 

CarloDominguez 9/14/2018 3.0 

CarloDominguez 9/14/2018 3.1 

Christophersharp 9/14/2018 0.6 

EricVanHorn 9/14/2018 3.1 

Paul Kiekhaefer 9/14/2018 1.6 

Rachel Onserio 9/14/2018 3.1 

Rachel Onserio 9/14/2018 1.3 

Case:17-03283-LTS Doc#:4311 Filed:11/16/18 Entered:11/16/18 18:07:30 Desc: Main

Document Page 50 of 83
Exhibit D EmployeeRetirement system of the Government 

of the Commonwealth of PuertoRico 

TimeDetailby Activity byProfessional 

September 1, 2018throughSeptember 30, 2018 

EmployeesRetirement System of the Government of the Commonwealth of PuertoRicoClaims Administrationandobjections 

Professional Date Hours Activity 

Thomassаlierno 9/14/2018 3.1 

ThomasSalierno 9/14/2018 1.2 

VincentPena 9/14/2018 3.1 

CarloDominguez 9/16/2018 1.7 

CarloDominguez 9/17/2018 3.1 

CarloDominguez 9/17/2018 0.2 

CarloDominguez 9/17/2018 3.1 

Christophersharp 9/17/2018 0.1 

EricVanlorn 9/17/2018 2.9 

Kevin O'Donnell 9/17/2018 1.2 

Paul Kiekhaefer 9/17/2018 1.2 

ThomasSalierno 9/17/2018 3.1 

ThomasSalierno 9/17/2018 1.2 

VincentPena 9/17/2018 3.1 

Analyze proofs of claimtocategorize by functional group/claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionsand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionsand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group/claim 

treatment, marking claimsforobjectionsand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionsand docketing errorsas 

appropriate 

Litigation Claims - Analyze proofs of claimtocategorize by 

functional group / claim treatment, marking claimsforobjection 

and docketing errorsasappropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Pageбof 12 

Case:17-03283-LTS Doc#:4311 Filed:11/16/18 Entered:11/16/18 18:07:30 Desc: Main

Document Page 51 of 83
ExhibitD 

EmployeeRetirement System of the Government 

of the Commonwealth of PuertoRico 

TimeDetailby Activity byProfessional 

September 1, 2018throughSeptember 30, 2018 

EmployeesRetirement System of the Government of the Commonwealth of PuertoRicoClaims AdministrationandObjections 

Activity 

Analyze proofs of claimtocategorize by functional group /claim 

treatment, marking claimsforobjectionsand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionsand docketing errorsas 

appropriate 

Litigation Claims - Analyze proofs of claimtocategorize by 

functional group / claim treatment, marking claimsforobjection 

and docketing errorsasappropriate 

Analyze proofs of claimtocategorize by functional group/claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize claim treatment, marking 

claimsforobjectionand docketing errorsasappropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claims forobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group/claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionsand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group/claim 

treatment, marking claimsforobjectionsand docketing errorsas 

appropriate 

Litigation Claims - Analyze proofs of claimtocategorize by 

functional group / claim treatment, marking claimsforobjection 

and docketing errorsasappropriate 

Analyze proofs of claimtocategorize by functional group/ claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

ReviewNonHuman Resource related claimstodeterminesteps 

needed forreconciliationand objection 

Page 7 of 12 

Professional Date Hours 

CarloDominguez 9/18/2018 3.1 

CarloDominguez 9/18/2018 0.8 

Christophersharp 9/18/2018 0.4 

EricVanHorn 9/18/2018 3.1 

Gerard Gigante 9/18/2018 0.6 

Pablo Cervantes 9/18/2018 0.5 

Paul Kiekhaefer 9/18/2018 1.2 

VincentPena 9/18/2018 3.1 

CarloDominguez 9/19/2018 3.0 

CarloDominguez 9/19/2018 3.2 

ChristopherSharp 9/19/2018 0.4 

EricVanHorn 9/19/2018 3.1 

Gerard Gigante 9/19/2018 0.8 

Jay Herriman 9/19/2018 1.1 

Case:17-03283-LTS Doc#:4311 Filed:11/16/18 Entered:11/16/18 18:07:30 Desc: Main

Document Page 52 of 83
ExhibitD 

EmployeeRetirement system of the Government 

of the Commonwealth of PuertoRico 

TimeDetailby Activity byProfessional 

September 1, 2018throughSeptember 30, 2018 

EmployeesRetirement System of the Government of the Commonwealth of PuertoRicoClaims AdministrationandObjections 

Activity 

Analyze proofs of claimtocategorize claim treatment, marking 

claimsforobjectionand docketing errorsasappropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

EmployeesRetirement System of the Government of the 

Commonweath ofPuertoRico- Claims Administrationand 

Objections 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionsand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize claim treatment, marking 

claimsforobjectionand docketing errorsasappropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionsand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Pages of 12 

Professional Date Hours 

Pablo Cervantes 9/19/2018 0.3 

Paul Kiekhaefer 9/19/2018 1.2 

VincentPena 9/19/2018 3.1 

Bria Warren 9/20/2018 1.0 

CarloDominguez 9/20/2018 1.3 

EricVanHorn 9/20/2018 3.1 

Gerard Gigante 9/20/2018 0.7 

MarkusTraylor 9/20/2018 1.8 

Pablo Cervantes 9/20/2018 0.2 

Paul Kiekhaefer 9/20/2018 1.2 

VincentPena 9/20/2018 3.1 

Bria Warren 9/21/2018 1.0 

CarloDominguez 9/21/2018 1.3 

EricVanHorn 9/21/2018 3.1 

Case:17-03283-LTS Doc#:4311 Filed:11/16/18 Entered:11/16/18 18:07:30 Desc: Main

Document Page 53 of 83
ExhibitD 

EmployeeRetirement System of the Government 

of the Commonwealth of PuertoRico 

TimeDetailby Activity byProfessional 

September 1, 2018throughSeptember 30, 2018 

EmployeesRetirement System of the Government of the Commonwealth of PuertoRicoClaims AdministrationandObjections 

Professional Date Hours Activity 

Gerard Gigante 9/21/2018 0.6 

MarkusTraylor 9/21/2018 1.0 

Pablo Cervantes 9/21/2018 0.2 

Paul Kiekhaefer 9/21/2018 1.2 

RachelOnserio 9/21/2018 3.1 

RachelOnserio 9/21/2018 1.3 

VincentPena 9/21/2018 3.1 

CarloDominguez 9/22/2018 0.4 

VincentPena 9/22/2018 3.1 

Bria Warren 9/24/2018 1.0 

CarloDominguez 9/24/2018 1.2 

Gerard Gigante 9/24/2018 0.8 

Jay Herriman 9/24/2018 2.9 

Kevin O'Donnell 9/24/2018 1.2 

MarkusTraylor 9/24/2018 3.1 

Analyze proofs of claimtocategorize by functional group/claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize claim treatment, marking 

claimsforobjectionand docketing errorsasappropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze Litigation claimstocategorize by functional group / claim 

treatment 

Analyze Litigation claimstocategorize by functional group/claim 

treatment 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group/ claim 

treatment, marking claimsforobjectionsand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimforobjectionsand docketingerros as 

appropriate 

Analyze proofs of claimtocategorize by functional group/claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Review litigation related claims, update categorizationand 

prepareforreconciliation 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Page 9 of 12 

Case:17-03283-LTS Doc#:4311 Filed:11/16/18 Entered:11/16/18 18:07:30 Desc: Main

Document Page 54 of 83
ExhibitD EmployeeRetirement System of the Government 

of the Commonwealth of PuertoRico 

TimeDetailby Activity byProfessional 

September 1, 2018throughSeptember 30, 2018 

EmployeesRetirement System of the Government of the Commonwealth of PuertoRicoClaims AdministrationandObjections 

Professional Date Hours 

Paul Kiekhaefer 9/24/2018 1.0 

ThomasSalierno 9/24/2018 1.4 

VincentPena 9/24/2018 3.1 

CarloDominguez 9/25/2018 1.0 

Christophersharp 9/25/2018 2.1 

Gerard Gigante 9/25/2018 0.4 

ThomasSalierno 9/25/2018 1.4 

VincentPena 9/25/2018 3.1 

VincentPena 9/25/2018 1.1 

Bria Warren 9/26/2018 1.8 

CarloDominguez 9/26/2018 1.4 

Christophersharp 9/26/2018 1.9 

Gerard Gigante 9/26/2018 0.7 

Paul Kiekhaefer 9/26/2018 1.0 

Activity 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimforobjectionsand docketingerros as 

appropriate 

Litigation Claims - Analyze proofs of claimtocategorize by 

functional group / claim treatment, marking claimsforobjection 

and docketing errorsasappropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group/claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group/claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group/claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group/claim 

treatment, marking claimforobjectionsand docketingerros as 

appropriate 

Litigation Claims - Analyze proofs of claimtocategorize by 

functional group / claim treatment, marking claimsforobjection 

and docketing errorsasappropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjection and docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Page 10of 12 

Case:17-03283-LTS Doc#:4311 Filed:11/16/18 Entered:11/16/18 18:07:30 Desc: Main

Document Page 55 of 83
ExhibitD 

EmployeeRetirement System of the Government 

of the Commonwealth of PuertoRico 

TimeDetailby Activity byProfessional 

September 1, 2018throughSeptember 30, 2018 

EmployeesRetirement System of the Government of the Commonwealth of PuertoRicoClaims AdministrationandObjections 

Activity 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group/claim 

treatment, marking claimforobjectionsand docketingerros as 

appropriate 

Litigation Claims - Analyze proofs of claimtocategorize by 

functional group / claim treatment, marking claimsforobjection 

and docketing errorsasappropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimforobjectionsand docketingerros as 

appropriate 

Litigation Claims - Analyze proofs of claimtocategorize by 

functional group / claim treatment, marking claimsforobjection 

and docketing errorsasappropriate 

Analyze proofs of claimtocategorize by functional group/claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize claim treatment, marking 

claimsforobjectionand docketing errorsasappropriate 

Analyze Litigation claimstocategorize by functional group / claim 

treatment 

Pagel] of 12 

Professional Date Hours 

Thomassаlierno 9/26/2018 1.4 

VincentPena 9/26/2018 3.1 

CarloDominguez 9/27/2018 0.9 

Christophersharp 9/27/2018 0.4 

GerardGigante 9/27/2018 0.7 

MarkusTraylor 9/27/2018 1.8 

Thomassalierno 9/27/2018 1.4 

VincentPena 9/27/2018 1.1 

CarloDominguez 9/28/2018 0.4 

Christophersharp 9/28/2018 0.1 

GerardGigante 9/28/2018 0.8 

MarkusTraylor 9/28/2018 1.8 

Pablo Cervantes 9/28/2018 0.2 

Rachel Onserio 9/28/2018 1.1 

Case:17-03283-LTS Doc#:4311 Filed:11/16/18 Entered:11/16/18 18:07:30 Desc: Main

Document Page 56 of 83
1.4 Analyze proofs of claimto 

treatment, marking claims 

appropriate 

3.1 Analyze proofs of claimto 

treatment, marking claims 

appropriate 

1.1 Analyze proofs of claimto 

treatment, marking claims 

appropriate 

1.6 Analyze proofs of claimto 

treatment, marking claims 

appropriate 

categorize by functional group / claim 

forobjectionanddocketing errorsas 

categorize by functional group / claim 

forobjectionanddocketing errorsas 

categorize by functional group / claim 

forobjectionanddocketing errorsas 

categorize by functional group / claim 

forobjectionanddocketing errorsas 

Rachel Onserio 

Thomas saliеrno 

VincentPena 

John sagen 

John sagen 

9/28/2018 

9/28/2018 

9/29/2018 

9/30/2018 

9/28/2018 3.1 Analyze Litigation claimstocategorize by functional group! claim 

treatment 

ExhibitD EmployeeRetirement System of the Government 

of the Commonwealth of PuertoRico 

TimeDetailby Activity byProfessional 

September 1, 2018throughseptember 30, 2018 

EmployeesRetirement System of the Government of the Commonwealth of PuertoRicoClaims AdministrationandObjections 

Professional Date Hours Activity 

Subtotal 286.4 

Employees Retirement System of the Government of the Commonwealth of PuertoRicoMeetin~ 

Professional Date Hours Activity 

Jay Herriman 9/17/2018 0.4 Email correspondence withB. Requenare: Employees 

Retirement System historical disbursementsfilecreation 

Subtotal 0.4 

GrandTotal 286.8 

Page 120f 12 

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Document Page 57 of 83
Exhibit C 

ALVAREZ & MARSAL NORTH AMERICA, LLC 

PROFESSIONAL SERVICES TIME DETAIL FOR THE FIRST INTERIM 

FEE APPLICATION PERIOD 

AUGUST 9, 2018 THROUGH SEPTEMBER 30, 2018 

 

Case:17-03283-LTS Doc#:4311 Filed:11/16/18 Entered:11/16/18 18:07:30 Desc: Main

Document Page 58 of 83
Employee Retirement System of the Government

of the Commonwealth of Puerto Rico

Time Detail by Activity by Professional

August 9, 2018 through September 30, 2018

Exhibit C

Employees Retirement System of the Government of the Commonwealth of Puerto Rico - 

Claims Administration and Objections

Professional Date Hours Activity

8/17/2018 1.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Gerard Gigante

8/17/2018 1.0 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Thomas Salierno

8/19/2018 1.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Gerard Gigante

8/20/2018 3.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Gerard Gigante

8/20/2018 0.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Gerard Gigante

8/20/2018 1.3 Analyze top 25 claims by dollar for mployees Retirement System 

of the Government of the Commonweath of Puerto Rico claims, 

categorize claims by functional group and treatment.

Jay Herriman

8/20/2018 2.5 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Thomas Salierno

8/21/2018 3.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Gerard Gigante

8/21/2018 0.2 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Gerard Gigante

8/21/2018 3.0 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Thomas Salierno

8/21/2018 2.0 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Thomas Salierno

8/22/2018 2.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Eric VanHorn

8/22/2018 2.4 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Gerard Gigante

8/22/2018 1.1 Analyze top 26 - 50 claims by dollar for mployees Retirement 

System of the Government of the Commonweath of Puerto Rico 

claims, categorize claims by functional group and treatment.

Jay Herriman

Page 1 of 16

Case:17-03283-LTS Doc#:4311 Filed:11/16/18 Entered:11/16/18 18:07:30 Desc: Main

Document Page 59 of 83
Employee Retirement System of the Government

of the Commonwealth of Puerto Rico

Time Detail by Activity by Professional

August 9, 2018 through September 30, 2018

Exhibit C

Employees Retirement System of the Government of the Commonwealth of Puerto Rico - 

Claims Administration and Objections

Professional Date Hours Activity

8/22/2018 3.0 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Thomas Salierno

8/23/2018 0.3 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Carlo Dominguez

8/23/2018 2.5 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Eric VanHorn

8/23/2018 0.4 Analyze proofs of claim to categorize claim treatment, marking 

claims for objection and docketing errors as appropriate.

Pablo Cervantes

8/23/2018 2.2 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Thomas Salierno

8/24/2018 0.7 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Carlo Dominguez

8/24/2018 0.4 Litigation Claims - Analyze proofs of claim to categorize by 

functional group / claim treatment, marking claims for objection 

and docketing errors as appropriate.

Christopher Sharp

8/24/2018 2.5 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Eric VanHorn

8/24/2018 0.4 Analyze proofs of claim to categorize claim treatment, marking 

claims for objection and docketing errors as appropriate.

Pablo Cervantes

8/24/2018 2.2 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Thomas Salierno

8/25/2018 0.4 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Carlo Dominguez

8/25/2018 1.3 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Eric VanHorn

8/26/2018 0.4 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Carlo Dominguez

8/27/2018 0.6 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Carlo Dominguez

Page 2 of 16

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Document Page 60 of 83
Employee Retirement System of the Government

of the Commonwealth of Puerto Rico

Time Detail by Activity by Professional

August 9, 2018 through September 30, 2018

Exhibit C

Employees Retirement System of the Government of the Commonwealth of Puerto Rico - 

Claims Administration and Objections

Professional Date Hours Activity

8/27/2018 0.3 Litigation Claims - Analyze proofs of claim to categorize by 

functional group / claim treatment, marking claims for objection 

and docketing errors as appropriate.

Christopher Sharp

8/27/2018 2.8 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Eric VanHorn

8/27/2018 2.8 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Thomas Salierno

8/28/2018 0.7 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Carlo Dominguez

8/28/2018 1.2 Litigation Claims - Analyze proofs of claim to categorize by 

functional group / claim treatment, marking claims for objection 

and docketing errors as appropriate.

Christopher Sharp

8/28/2018 2.8 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Eric VanHorn

8/28/2018 0.4 Analyze proofs of claim to categorize claim treatment, marking 

claims for objection and docketing errors as appropriate.

Pablo Cervantes

8/28/2018 2.8 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Thomas Salierno

8/29/2018 0.6 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Carlo Dominguez

8/29/2018 1.4 Litigation Claims - Analyze proofs of claim to categorize by 

functional group / claim treatment, marking claims for objection 

and docketing errors as appropriate.

Christopher Sharp

8/29/2018 2.8 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Eric VanHorn

8/29/2018 1.2 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Kevin O'Donnell

8/29/2018 2.8 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate

Paul Kiekhaefer

8/29/2018 2.8 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Thomas Salierno

Page 3 of 16

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Document Page 61 of 83
Employee Retirement System of the Government

of the Commonwealth of Puerto Rico

Time Detail by Activity by Professional

August 9, 2018 through September 30, 2018

Exhibit C

Employees Retirement System of the Government of the Commonwealth of Puerto Rico - 

Claims Administration and Objections

Professional Date Hours Activity

8/30/2018 3.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Bria Warren

8/30/2018 3.0 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Bria Warren

8/30/2018 1.4 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Bria Warren

8/30/2018 0.7 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Carlo Dominguez

8/30/2018 0.3 Litigation Claims - Analyze proofs of claim to categorize by 

functional group / claim treatment, marking claims for objection 

and docketing errors as appropriate.

Christopher Sharp

8/30/2018 3.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Eric VanHorn

8/30/2018 2.8 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Thomas Salierno

8/31/2018 1.9 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Bria Warren

8/31/2018 2.2 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Bria Warren

8/31/2018 3.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Bria Warren

8/31/2018 0.5 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Carlo Dominguez

8/31/2018 0.6 Litigation Claims - Analyze proofs of claim to categorize by 

functional group / claim treatment, marking claims for objection 

and docketing errors as appropriate.

Christopher Sharp

8/31/2018 2.8 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Eric VanHorn

8/31/2018 2.8 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Thomas Salierno

Page 4 of 16

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Document Page 62 of 83
Employee Retirement System of the Government

of the Commonwealth of Puerto Rico

Time Detail by Activity by Professional

August 9, 2018 through September 30, 2018

Exhibit C

Employees Retirement System of the Government of the Commonwealth of Puerto Rico - 

Claims Administration and Objections

Professional Date Hours Activity

9/1/2018 1.0 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Kevin O'Donnell

9/2/2018 0.4 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Carlo Dominguez

9/3/2018 1.0 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Carlo Dominguez

9/4/2018 1.0 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Carlo Dominguez

9/4/2018 0.2 Litigation Claims - Analyze proofs of claim to categorize by 

functional group / claim treatment, marking claims for objection 

and docketing errors as appropriate.

Christopher Sharp

9/4/2018 2.8 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Eric VanHorn

9/4/2018 2.8 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Gerard Gigante

9/4/2018 0.6 Analyze litigation related claims, update categories and document 

next steps for claims reconciliation.

Jay Herriman

9/4/2018 2.8 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Thomas Salierno

9/5/2018 2.3 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Bria Warren

9/5/2018 0.9 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Carlo Dominguez

9/5/2018 2.8 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Eric VanHorn

9/5/2018 2.8 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Gerard Gigante

9/5/2018 2.8 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Thomas Salierno

Page 5 of 16

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Document Page 63 of 83
Employee Retirement System of the Government

of the Commonwealth of Puerto Rico

Time Detail by Activity by Professional

August 9, 2018 through September 30, 2018

Exhibit C

Employees Retirement System of the Government of the Commonwealth of Puerto Rico - 

Claims Administration and Objections

Professional Date Hours Activity

9/6/2018 2.4 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Bria Warren

9/6/2018 1.3 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Carlo Dominguez

9/6/2018 3.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Eric VanHorn

9/6/2018 2.8 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Gerard Gigante

9/6/2018 2.8 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Thomas Salierno

9/7/2018 0.6 Litigation Claims - Analyze proofs of claim to categorize by 

functional group / claim treatment, marking claims for objection 

and docketing errors as appropriate.

Christopher Sharp

9/7/2018 3.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Eric VanHorn

9/7/2018 2.6 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Gerard Gigante

9/7/2018 3.1 Analyze Litigation claims to categorize by functional group / claim 

treatment.

Rachel Onserio

9/7/2018 0.4 Analyze Litigation claims to categorize by functional group / claim 

treatment.

Rachel Onserio

9/7/2018 2.8 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Thomas Salierno

9/9/2018 3.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Carlo Dominguez

9/9/2018 0.2 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Carlo Dominguez

9/10/2018 3.3 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Carlo Dominguez

Page 6 of 16

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Document Page 64 of 83
Employee Retirement System of the Government

of the Commonwealth of Puerto Rico

Time Detail by Activity by Professional

August 9, 2018 through September 30, 2018

Exhibit C

Employees Retirement System of the Government of the Commonwealth of Puerto Rico - 

Claims Administration and Objections

Professional Date Hours Activity

9/10/2018 1.9 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Carlo Dominguez

9/10/2018 2.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Carlo Dominguez

9/10/2018 1.9 Litigation Claims - Analyze proofs of claim to categorize by 

functional group / claim treatment, marking claims for objection 

and docketing errors as appropriate.

Christopher Sharp

9/10/2018 3.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Eric VanHorn

Julie Hertzberg 9/10/2018 0.3 Review Global Notes/Summary of Schedules.

9/10/2018 0.8 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

9/10/2018 0.7 Analyze proofs of claim to categorize claim treatment, marking 

claims for objection and docketing errors as appropriate.

Pablo Cervantes

9/10/2018 3.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Thomas Salierno

9/10/2018 1.2 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Thomas Salierno

9/10/2018 1.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Vincent Pena

9/11/2018 1.8 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Carlo Dominguez

9/11/2018 3.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Carlo Dominguez

9/11/2018 2.5 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Carlo Dominguez

9/11/2018 1.3 Litigation Claims - Analyze proofs of claim to categorize by 

functional group / claim treatment, marking claims for objection 

and docketing errors as appropriate.

Christopher Sharp

Page 7 of 16

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Document Page 65 of 83
Employee Retirement System of the Government

of the Commonwealth of Puerto Rico

Time Detail by Activity by Professional

August 9, 2018 through September 30, 2018

Exhibit C

Employees Retirement System of the Government of the Commonwealth of Puerto Rico - 

Claims Administration and Objections

Professional Date Hours Activity

9/11/2018 3.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Eric VanHorn

9/11/2018 0.4 Analyze proofs of claim to categorize claim treatment, marking 

claims for objection and docketing errors as appropriate.

Pablo Cervantes

9/11/2018 3.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Thomas Salierno

9/11/2018 1.2 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Thomas Salierno

9/12/2018 0.5 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Carlo Dominguez

9/12/2018 3.0 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Carlo Dominguez

9/12/2018 3.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Carlo Dominguez

9/12/2018 1.3 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Carlo Dominguez

9/12/2018 0.8 Litigation Claims - Analyze proofs of claim to categorize by 

functional group / claim treatment, marking claims for objection 

and docketing errors as appropriate.

Christopher Sharp

9/12/2018 2.9 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Eric VanHorn

9/12/2018 3.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Thomas Salierno

9/12/2018 1.2 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Thomas Salierno

9/13/2018 2.6 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Carlo Dominguez

9/13/2018 2.8 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Carlo Dominguez

Page 8 of 16

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Document Page 66 of 83
Employee Retirement System of the Government

of the Commonwealth of Puerto Rico

Time Detail by Activity by Professional

August 9, 2018 through September 30, 2018

Exhibit C

Employees Retirement System of the Government of the Commonwealth of Puerto Rico - 

Claims Administration and Objections

Professional Date Hours Activity

9/13/2018 3.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Carlo Dominguez

9/13/2018 0.7 Litigation Claims - Analyze proofs of claim to categorize by 

functional group / claim treatment, marking claims for objection 

and docketing errors as appropriate.

Christopher Sharp

9/13/2018 3.0 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Eric VanHorn

9/13/2018 2.4 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

9/13/2018 1.2 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Thomas Salierno

9/13/2018 3.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Thomas Salierno

9/13/2018 1.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Vincent Pena

9/14/2018 3.0 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Carlo Dominguez

9/14/2018 3.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Carlo Dominguez

9/14/2018 0.6 Litigation Claims - Analyze proofs of claim to categorize by 

functional group / claim treatment, marking claims for objection 

and docketing errors as appropriate.

Christopher Sharp

9/14/2018 3.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Eric VanHorn

9/14/2018 1.6 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Paul Kiekhaefer

9/14/2018 3.1 Analyze Litigation claims to categorize by functional group / claim 

treatment.

Rachel Onserio

9/14/2018 1.3 Analyze Litigation claims to categorize by functional group / claim 

treatment.

Rachel Onserio

Page 9 of 16

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Document Page 67 of 83
Employee Retirement System of the Government

of the Commonwealth of Puerto Rico

Time Detail by Activity by Professional

August 9, 2018 through September 30, 2018

Exhibit C

Employees Retirement System of the Government of the Commonwealth of Puerto Rico - 

Claims Administration and Objections

Professional Date Hours Activity

9/14/2018 3.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Thomas Salierno

9/14/2018 1.2 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Thomas Salierno

9/14/2018 3.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Vincent Pena

9/16/2018 1.7 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objections and docketing errors as 

appropriate.

Carlo Dominguez

9/17/2018 3.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objections and docketing errors as 

appropriate.

Carlo Dominguez

9/17/2018 0.2 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objections and docketing errors as 

appropriate

Carlo Dominguez

9/17/2018 3.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objections and docketing errors as 

appropriate.

Carlo Dominguez

9/17/2018 0.1 Litigation Claims - Analyze proofs of claim to categorize by 

functional group / claim treatment, marking claims for objection 

and docketing errors as appropriate.

Christopher Sharp

9/17/2018 2.9 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Eric VanHorn

9/17/2018 1.2 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Kevin O'Donnell

9/17/2018 1.2 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Paul Kiekhaefer

9/17/2018 3.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Thomas Salierno

9/17/2018 1.2 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Thomas Salierno

9/17/2018 3.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Vincent Pena

Page 10 of 16

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Document Page 68 of 83
Employee Retirement System of the Government

of the Commonwealth of Puerto Rico

Time Detail by Activity by Professional

August 9, 2018 through September 30, 2018

Exhibit C

Employees Retirement System of the Government of the Commonwealth of Puerto Rico - 

Claims Administration and Objections

Professional Date Hours Activity

9/18/2018 0.8 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objections and docketing errors as 

appropriate.

Carlo Dominguez

9/18/2018 3.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objections and docketing errors as 

appropriate.

Carlo Dominguez

9/18/2018 0.4 Litigation Claims - Analyze proofs of claim to categorize by 

functional group / claim treatment, marking claims for objection 

and docketing errors as appropriate.

Christopher Sharp

9/18/2018 3.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Eric VanHorn

9/18/2018 0.6 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Gerard Gigante

9/18/2018 0.5 Analyze proofs of claim to categorize claim treatment, marking 

claims for objection and docketing errors as appropriate.

Pablo Cervantes

9/18/2018 1.2 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Paul Kiekhaefer

9/18/2018 3.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Vincent Pena

9/19/2018 3.2 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objections and docketing errors as 

appropriate.

Carlo Dominguez

9/19/2018 3.0 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objections and docketing errors as 

appropriate.

Carlo Dominguez

9/19/2018 0.4 Litigation Claims - Analyze proofs of claim to categorize by 

functional group / claim treatment, marking claims for objection 

and docketing errors as appropriate.

Christopher Sharp

9/19/2018 3.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Eric VanHorn

9/19/2018 0.8 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Gerard Gigante

9/19/2018 1.1 Review Non Human Resource related claims to determine steps 

needed for reconciliation and objection.

Jay Herriman

Page 11 of 16

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Document Page 69 of 83
Employee Retirement System of the Government

of the Commonwealth of Puerto Rico

Time Detail by Activity by Professional

August 9, 2018 through September 30, 2018

Exhibit C

Employees Retirement System of the Government of the Commonwealth of Puerto Rico - 

Claims Administration and Objections

Professional Date Hours Activity

9/19/2018 0.3 Analyze proofs of claim to categorize claim treatment, marking 

claims for objection and docketing errors as appropriate.

Pablo Cervantes

9/19/2018 1.2 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Paul Kiekhaefer

9/19/2018 3.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Vincent Pena

9/20/2018 1.0 Employees Retirement System of the Government of the 

Commonweath of Puerto Rico - Claims Administration and 

Objections.

Bria Warren

9/20/2018 1.3 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objections and docketing errors as 

appropriate.

Carlo Dominguez

9/20/2018 3.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Eric VanHorn

9/20/2018 0.7 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Gerard Gigante

9/20/2018 1.8 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

9/20/2018 0.2 Analyze proofs of claim to categorize claim treatment, marking 

claims for objection and docketing errors as appropriate.

Pablo Cervantes

9/20/2018 1.2 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Paul Kiekhaefer

9/20/2018 3.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Vincent Pena

9/21/2018 1.0 Analyze proofs of claim to categorize by functional group / claim

treatment, marking claims for objection and docketing errors as

appropriate.

Bria Warren

9/21/2018 1.3 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objections and docketing errors as 

appropriate.

Carlo Dominguez

9/21/2018 3.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Eric VanHorn

Page 12 of 16

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Document Page 70 of 83
Employee Retirement System of the Government

of the Commonwealth of Puerto Rico

Time Detail by Activity by Professional

August 9, 2018 through September 30, 2018

Exhibit C

Employees Retirement System of the Government of the Commonwealth of Puerto Rico - 

Claims Administration and Objections

Professional Date Hours Activity

9/21/2018 0.6 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Gerard Gigante

9/21/2018 1.0 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

9/21/2018 0.2 Analyze proofs of claim to categorize claim treatment, marking 

claims for objection and docketing errors as appropriate.

Pablo Cervantes

9/21/2018 1.2 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Paul Kiekhaefer

9/21/2018 1.3 Analyze Litigation claims to categorize by functional group / claim 

treatment.

Rachel Onserio

9/21/2018 3.1 Analyze Litigation claims to categorize by functional group / claim 

treatment.

Rachel Onserio

9/21/2018 3.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Vincent Pena

9/22/2018 0.4 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objections and docketing errors as 

appropriate.

Carlo Dominguez

9/22/2018 3.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Vincent Pena

9/24/2018 1.0 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Bria Warren

9/24/2018 1.2 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claim for objections and docketing erros as 

appropriate.

Carlo Dominguez

9/24/2018 0.8 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Gerard Gigante

9/24/2018 2.9 Review litigation related claims, update categorization and 

prepare for reconciliation.

Jay Herriman

9/24/2018 1.2 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Kevin O'Donnell

9/24/2018 3.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

Page 13 of 16

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Document Page 71 of 83
Employee Retirement System of the Government

of the Commonwealth of Puerto Rico

Time Detail by Activity by Professional

August 9, 2018 through September 30, 2018

Exhibit C

Employees Retirement System of the Government of the Commonwealth of Puerto Rico - 

Claims Administration and Objections

Professional Date Hours Activity

9/24/2018 1.0 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Paul Kiekhaefer

9/24/2018 1.4 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Thomas Salierno

9/24/2018 3.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Vincent Pena

9/25/2018 1.0 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claim for objections and docketing erros as 

appropriate.

Carlo Dominguez

9/25/2018 2.1 Litigation Claims - Analyze proofs of claim to categorize by 

functional group / claim treatment, marking claims for objection 

and docketing errors as appropriate.

Christopher Sharp

9/25/2018 0.4 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Gerard Gigante

9/25/2018 1.4 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Thomas Salierno

9/25/2018 3.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Vincent Pena

9/25/2018 1.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Vincent Pena

9/26/2018 1.8 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Bria Warren

9/26/2018 1.4 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claim for objections and docketing erros as 

appropriate.

Carlo Dominguez

9/26/2018 1.9 Litigation Claims - Analyze proofs of claim to categorize by 

functional group / claim treatment, marking claims for objection 

and docketing errors as appropriate.

Christopher Sharp

9/26/2018 0.7 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Gerard Gigante

9/26/2018 1.0 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Paul Kiekhaefer

Page 14 of 16

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Employee Retirement System of the Government

of the Commonwealth of Puerto Rico

Time Detail by Activity by Professional

August 9, 2018 through September 30, 2018

Exhibit C

Employees Retirement System of the Government of the Commonwealth of Puerto Rico - 

Claims Administration and Objections

Professional Date Hours Activity

9/26/2018 1.4 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Thomas Salierno

9/26/2018 3.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Vincent Pena

9/27/2018 0.9 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claim for objections and docketing erros as 

appropriate.

Carlo Dominguez

9/27/2018 0.4 Litigation Claims - Analyze proofs of claim to categorize by 

functional group / claim treatment, marking claims for objection 

and docketing errors as appropriate.

Christopher Sharp

9/27/2018 0.7 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Gerard Gigante

9/27/2018 1.8 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

9/27/2018 1.4 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Thomas Salierno

9/27/2018 1.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Vincent Pena

9/28/2018 0.4 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claim for objections and docketing erros as 

appropriate.

Carlo Dominguez

9/28/2018 0.1 Litigation Claims - Analyze proofs of claim to categorize by 

functional group / claim treatment, marking claims for objection 

and docketing errors as appropriate.

Christopher Sharp

9/28/2018 0.8 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Gerard Gigante

9/28/2018 1.8 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

9/28/2018 0.2 Analyze proofs of claim to categorize claim treatment, marking 

claims for objection and docketing errors as appropriate.

Pablo Cervantes

9/28/2018 3.1 Analyze Litigation claims to categorize by functional group / claim 

treatment.

Rachel Onserio

Page 15 of 16

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Employee Retirement System of the Government

of the Commonwealth of Puerto Rico

Time Detail by Activity by Professional

August 9, 2018 through September 30, 2018

Exhibit C

Employees Retirement System of the Government of the Commonwealth of Puerto Rico - 

Claims Administration and Objections

Professional Date Hours Activity

9/28/2018 1.1 Analyze Litigation claims to categorize by functional group / claim 

treatment.

Rachel Onserio

9/28/2018 1.4 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Thomas Salierno

9/28/2018 3.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Vincent Pena

9/29/2018 1.1 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

John Sagen

9/30/2018 1.6 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

John Sagen

Subtotal 381.5

Employees Retirement System of the Government of the Commonwealth of Puerto Rico - 

Meeting

Professional Date Hours Activity

9/17/2018 0.4 Email correspondence with B. Requena re: Employees 

Retirement System historical disbursements file creation.

Jay Herriman

Subtotal 0.4

Grand Total 381.9

Page 16 of 16

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Exhibit D 

ALVAREZ & MARSAL NORTH AMERICA, LLC 

EXPENSE DETAIL FOR THE FIRST INTERIM FEE APPLICATION PERIOD 

AUGUST 9, 2018 THROUGH SEPTEMBER 30, 2018 

A&M Incurred No Expenses 

 

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Exhibit E 

DECLARATION OF JULIE M. HERTZBERG IN SUPPORT OF THE FIRST INTERIM FEE 

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

AND REIMBURSEMENT OF EXPENSES INCURRED AS ADVISOR TO THE FINANCIAL 

OVERSIGHT AND MANAGEMENT BOARD OF PUERTO RICO AS REPRESENTATIVE OF THE 

EMPLOYEE RETIREMENT SYSTEM OF THE GOVERNMENT OF THE COMMONWEALTH OF 

PUERTO RICO 

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UNITED STATES DISTRICT COURT 

DISTRICT OF PUERTO RICO 

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

In re: ) PROMESA 

 ) Title III 

THE FINANCIAL OVERSIGHT AND )

MANAGEMENT BOARD FOR PUERTO RICO, ) 

)

No. 17 BK 3283-LTS 

 as representative of )

 

THE COMMONWEALTH OF PUERTO RICO, et al.,

) 

) (Jointly Administered)

Debtors. 1

 

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

In re: ) PROMESA 

) Title III 

THE FINANCIAL OVERSIGHT AND )

MANAGEMENT BOARD FOR PUERTO RICO, ) 

)

No. 17 BK 3566-LTS 

 as representative of )

 

THE EMPLOYEE RETIREMENT SYSTEM OF THE 

GOVERNMENT OF THE COMMONWEALTH OF 

PUERTO RICO(56

Debtor

) 

) 

This Application relates 

only to ERS and shall be 

filed in the Lead Case No. 

17 BK 3283-LTS and 

ERS’s Title III Case (Case 

No. 17 BK 3566-LTS) 

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

                                                            

1

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

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

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

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

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

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

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

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

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

limitations). 

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CERTIFICATION UNDER GUIDELINES FOR FEES AND DISBURSEMENTS IN 

RESPECT OF FIRST INTERIM FEE APPLICATION OF ALVAREZ AND MARSAL 

NORTH AMERICA, LLC FOR COMPENSATION FOR SERVICES RENDERED AND 

REIMBURSEMENT OF EXPENSES INCURRED AS ADVISOR TO THE FINANCIAL 

OVERSIGHT AND MANAGEMENT BOARD OF PUERTO RICO AS 

REPRESENTATIVE OF THE EMPLOYEE RETIREMENT SYSTEM OF THE 

GOVERNMENT OF THE COMMONWEALTH OF PUERTO RICO, FOR THE 

PERIOD 

AUGUST 9, 2018 THROUGH SEPTEMBER 30, 2018 

Pursuant to the United States Trustee Guidelines for Reviewing Applications for 

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

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

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

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

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

representative of the Employee Retirement System of the Government of the Commonwealth of 

Puerto Rico (the “Debtor”), pursuant to section 315(b) of the Puerto Rico Oversight, 

Management, and Economic Stability Act (“PROMESA”),2

 hereby certifies with respect to 

A&M’s first interim application for allowance of compensation for services rendered and 

reimbursement of expenses incurred with respect to the Debtor’s Title III case, dated November 

16, 2018 (the “Application”),3

 for the period from August 9, 2018 through and including 

September 30, 2018 (the “Compensation Period”) as follows: 

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

and Local Rule 2016-1. 

                                                            

2

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

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

reimbursement of expenses incurred during the Compensation Period in Accordance with 

the Guidelines and Local Rule 2016-1. 

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

a. I have read the Application; 

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

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

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

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

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

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

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

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

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

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

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

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

Order. 

Dated: November 16, 2018 

 ______________________________________ 

 Julie M. Hertzberg 

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PROPOSED ORDER 

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UNITED STATES DISTRICT COURT 

DISTRICT OF PUERTO RICO 

In re: ) PROMESA 

 ) Title III 

THE FINANCIAL OVERSIGHT AND )

MANAGEMENT BOARD FOR PUERTO RICO, ) 

)

No. 17 BK 3283-LTS 

 as representative of )

 

THE COMMONWEALTH OF PUERTO RICO, et al.,

) 

) (Jointly Administered)

Debtors. 1 

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

In re: ) PROMESA 

) Title III 

THE FINANCIAL OVERSIGHT AND MANAGEMENT 

BOARD FOR PUERTO RICO 

) No. 17 BK 3566-LTS 

 as representative of 

) 

 

THE EMPLOYEE RETIREMENT SYSTEM OF THE 

GOVERNMENT OF THE COMMONWEALTH OF 

PUERTO RICO(56

Debtor

) 

) 

)

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

ORDER APPROVING FIRST INTERIM FEE APPLICATION OF 

ALVAREZ & MARSAL NORTH AMERICA, LLC FOR COMPENSATION FOR 

SERVICES RENDERED AND REIMBURSEMENT OF EXPENSES INCURRED AS 

ADVISORS FOR THE FINANCIAL OVERSIGHT AND MANAGEMENT BOARD OF 

PUERTO RICO, AS REPRESENTATIVE OF THE EMPLOYEE RETIREMENT 

SYSTEM OF THE GOVERNMENT OF THE COMMONWEALTH OF PUERTO RICO, 

FOR THE PERIOD 

AUGUST 9, 2018 THROUGH SEPTEMBER 30, 2018 

 

1

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

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

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

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

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

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

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

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

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

limitations).

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2

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

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

“Oversight Board”) acting as representative of the Employee Retirement System of the 

Government of the Commonwealth of Puerto Rico (the “Debtor”) under section 315(b) of the 

Puerto Rico Oversight, Management, and Economic Stability Act (“PROMESA”),3

 seeking, 

pursuant to (a) PROMESA sections 316 and 317, (b) Rule 2016 of the Federal Rules of 

Bankruptcy Procedure, (c) Local Rule 2016-1, (d) the United States Trustee Guidelines for 

Reviewing Applications for Compensation and Reimbursement of Expenses Filed under 11 

U.S.C. § 330 in Larger Chapter 11 Cases issued by the Executive Office for the United States 

Trustee, 28 CFR Part 58, Appendix A, and (e) this Court’s Second Amended Order Setting 

Procedures for Interim Compensation and Reimbursement of Expenses of Professionals [ECF 

No. 3269], an allowance of interim compensation for professional services rendered by A&M for 

the period commencing August 9, 2018 through and including September 30, 2018 in the amount 

of $140,952.60, all of which represents fees earned outside of Puerto Rico and, this Court having 

determined that the legal and factual bases set forth in the Application establish just cause for the 

relief granted herein; and after due deliberation and sufficient cause appearing therefore, it is 

hereby ORDERED that: 

1. The Application is APPROVED as set forth herein. 

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

Period is allowed on an interim basis in the amount of $140,952.60, all of which 

represents fees earned outside of Puerto Rico, 

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

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

 

2

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

3

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

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3

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

Compensation Order. 

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

pursuant to this order in accordance with the Application. 

Dated: ________________________, 2018 _________________________________ 

 San Juan, Puerto Rico Honorable Laura Taylor Swain 

 United States District Judge 

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