Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

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Exhibit B-2 Page 17 of 66
00582836; 1

UNITED STATES DISTRICT COURT

FOR THE DISTRICT OF PUERTO RICO

--------------------------------------------------------------------x

In re:

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO,

 as representative of

THE COMMONWEALTH OF PUERTO RICO, et al.

 Debtors.1

PROMESA

Title III 

Case No. 17 BK 3283-LTS

(Jointly Administered)

--------------------------------------------------------------------x

In re:

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO,

 as representative of

PUERTO RICO SALES TAX FINANCING 

CORPORATION (“COFINA”),

 Debtor.

PROMESA

Title III 

Case No. 17 BK 3284-LTS

--------------------------------------------------------------------x

COVER SHEET TO FIFTEENTH MONTHLY FEE APPLICATION OF 

O’NEILL & BORGES LLC FOR COMPENSATION FOR SERVICES 

RENDERED AND REIMBURSEMENT OF EXPENSES AS ATTORNEYS TO 

THE FINANCIAL OVERSIGHT AND MANAGEMENT BOARD FOR 

PUERTO RICO, AS REPRESENTATIVE OF DEBTOR, PUERTO RICO SALES 

TAX FINANCING CORPORATION FOR THE PERIOD OF 

JULY 1, 2018 THROUGH JULY 31, 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 (4) Digits of Federal Tax ID: 3747).

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 18 of 66
00582836; 1

Name of applicant O'Neill & Borges LLC (“O&B”)

Authorized to provide professional services 

to:

Financial Oversight and Management 

Board, as Representative for the Debtor 

Pursuant to PROMESA Section 315(b)

Time period covered by this application: July 1, 2018 through July 31, 2018

Amount of compensation sought as actual, 

reasonable and necessary: 

$6,879.15

Amount of expense reimbursement sought 

as actual, reasonable and necessary: 

$0.00

Total amount for this invoice: $6,879.15

This is a: X monthly ___ interim ___ final application

This is O&B's fifteenth monthly fee application in these cases.

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 19 of 66
Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 20 of 66
00582836; 1

On August 30, 2018 sent to:

Counsel for the Oversight Board:

Proskauer Rose LLP

Eleven Times Square

New York, NY 10036

Attn: Martin J. Bienenstock, Esq., 

mbienenstock@proskauer.com

Ehud Barak, Esq., ebarak@proskauer.com

Proskauer Rose LLP

70 West Madison Street, Chicago, IL 60602

Attn: Paul V. Possinger, Esq., 

ppossinger@proskauer.com

Counsel for AAFAF:

O’Melveny & Myers LLP

Times Square Tower, 7 Times Square

New York, NY 10036

Attn: John J. Rapisardi, Esq., jrapisardi@omm.com

Suzzanne Uhland, Esq., suhland@omm.com

Diana M. Pérez, Esq., dperez@omm.com

Counsel for PR Fiscal Agency and Financial Advisory 

Authority:

Marini Pietrantoni Muñiz LLC

MCS Plaza Suite 500, 255 Ponce de León Ave.

San Juan, PR 00917

Attn: Luis C. Marini-Biaggi, Esq., 

lmarini@mpmlawpr.com

Carolina Velaz-Rivero, Esq., cvelaz@mpmlawpr.com

Office of the United States Trustee District of PR:

Edif. Ochoa, 500 Tanca Street, Suite 301

San Juan, PR 00901

Re: In re: Commonwealth of Puerto Rico

Counsel for the Official Committee of Unsecured 

Creditors:

Paul Hastings LLP

200 Park Avenue 

New York, NY 10166

Attn: Luc. A. Despins, Esq., 

lucdespins@paulhastings.com

Casillas, Santiago & Torres, LLC

El Caribe Office Building, 53 Palmeras Street, Suite 1601

San Juan, PR 00901-2419

Attn: Juan J. Casillas Ayala, Esq., 

jcasillas@cstlawpr.com

Alberto J.E. Añeses Negrón, Esq., aaneses@cstlawpr.com

Counsel for the Official Committee of Retired 

Employees:

Bennazar, García & Millian, C.S.P.

Edificio Union Plaza, PH-A Piso 18, 416 Ave. Ponce de 

León

Hato Rey, PR 00918

Attn: A.J. Bennazar-Zequeira, Esq., ajb@bennazar.org

Jenner & Block LLP

919 Third Ave

New York NY 10022

Attn: Robert Gordon, Esq., rgordong@jenner.com

Richard Levin, Esq., rlevin@jenner.com

Jenner & Block LLP

353 N. Clark Street

Chicago, IL 60654

Attn: Catherine Steege, Esq., csteege@jenner.com

Melissa Root, Esq, mroot@jenner.com

PR 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

Francisco Pena Montanez, CPA, Assistant Secretary of 

the Treasury, Francisco.Pena@hacienda.pr.gov

Counsel for the Fee Examiner:

EDGE Legal Strategies, PSC

252 Ponce de León Av, Citibank Tower, 12th Floor

San Juan, PR 00918

Attn: Eyck O. Lugo, Esq., elugo@edgelegalpr.com

Godfrey & Kahn, S.C.

Onee East Main Street, Suite 500

Madison, WI 53703

Attn: Katherine Stadler, KStadler@gklaw.com

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 21 of 66
00582836; 1

Professional Position/Title Department

Hourly 

Billing 

Rate

Total 

Billed 

Hours

Total 

Compensation

Hermann D. Bauer Member Litigation $290.00 0.30 $ 87.00

Jose R. Cacho Member Corporate $340.00 0.30 $ 102.00

Julio Pietrantoni Member Corporate $355.00 4.40 $ 1,562.00

Ubaldo M. Fernandez Barrera Jr. Member Litigation $210.00 0.30 $ 63.00

Daniel J. Perez Refojos Associate Litigation $180.00 1.60 $ 288.00

Emiliano Trigo Fritz Associate Corporate $200.00 27.20 $ 5,440.00

Vanessa Sanchez Paralegal Litigation $145.00 0.70 $ 101.50

Totals 34.80 $ 7,643.50

Less: 10% Courtesy discount $ (764.35)

SUMMARY OF LEGAL FEES $ 6,879.15

Totals $ -

SUMMARY OF DISBURSEMENTS $ -

COFINA TITLE III 

Summary of Legal Fees for the Period July 1 through July 31, 2018

Summary of Disbursements for the Period July 1 through July 31, 2018

Description - Expenses Amounts

$ -

COFINA TITLE III 

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 22 of 66
00582836; 1

Task Code Matter Description

Total 

Billed 

Hours

Total Fees 

Requested

201 Tasks Relating to the Board, its Members, its Staff, 

its Advisors or its Consultants

 6.80 $ 1,402.00

202 Legal Research 9.30 $ 2,247.50

210 Analysis and Strategy 2.20 $ 761.50

212 General Administration 2.60 $ 520.00

214 Legal/Regulatory Matters 11.30 $ 2,260.00

224 Fee Applications-O&B 1.00 $ 164.50

225 Fee Applications-Proskauer 1.60 $ 288.00

$ 7,643.50

Less: 10% Courtesy Discount $ (764.35)

TOTALS 34.80 $ 6,879.15

COFINA TITLE III 

Summary of Legal Fees for the Period July 1 through July 31, 2018

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 23 of 66
00582836; 1

O&B requests payment and reimbursement in accordance with the procedures set 

forth in the Interim Compensation Order (i.e., payment of ninety percent (90%) of the 

compensation sought, in the amount of $6,191.24, and reimbursement of one-hundred 

percent (100%) of expenses incurred, in the amount of $0.00) in the total amount 

of $6,191.24. 

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 24 of 66
00582836; 1

Professional Certification

I hereby certify that no public servant of the Department of Treasury is a party to 

or has any interest in the gains or benefits derived from the contract that is the basis of 

this invoice. The only consideration for providing services under the contract is the 

payment agreed upon with the authorized representatives of the Financial Oversight and 

Management Board for Puerto Rico. The amount of this invoice is reasonable. The 

services were rendered and the corresponding payment has not been made. To the best of 

my knowledge, O’Neill & Borges LLC does not have any debts owed to the Government 

of Puerto Rico or its instrumentalities.

s/Ubaldo M. Fernández

Ubaldo M. Fernández 

O’Neill & Borges LLC

250 Muñoz Rivera Ave., Ste. 800

San Juan, PR 00918-1813

Tel: (787) 282-5786

Fax: (787) 753-8944

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 25 of 66
00582836; 1

Exhibit A

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 26 of 66
 August 3, 2018

FOMB IN RE COFINA TITLE III

RE: GENERAL

Enclosed please find our bill for professional services rendered and reimbursable expenses.

Should you have any questions concerning the attached bill, please do not hesitate to contact us. Your prompt 

payment would be greatly appreciated.

Sincerely Yours,

CARLA GARCIA BENITEZ 

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 27 of 66
 August 3, 2018

FOMB IN RE COFINA TITLE III Bill #: 330948

 Billing Attorney: CGB

 

BILLING SUMMARY 

For Professional Services Rendered and Reimbursable Expenses for the period ending

July 31, 2018:

 

Client.Matter: P1702 - 0

RE: GENERAL

 

Total Professional Services $ 7,643.50

Less Discount $ -764.35 

Net Professional Services $ 6,879.15

Total Reimbursable Expenses $ .00 

TOTAL THIS INVOICE $ 6,879.15 

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 28 of 66
CONFIDENTIAL-ATTORNEY WORK PRODUCT/ATTORNEY/CLIENT PRIVILEGE

1

Client.Matter: P1702 . 0 

RE: GENERAL

PROFESSIONAL SERVICES 

Date Atty Task Description Hours Rate Amount

7/02/18 UMF 224 Draft twelfth (.20) and (.10) thirteenth monthly fee 

applications for the months of April and May in the ERS 

Title III case.

.30 210.00 63.00

7/06/18 VS 224 As requested by U. Fernandez compile the exhibits to the 

April 2018 monthly fee application for COFINA Title III 

Case No. 17-3284.

.20 145.00 29.00

7/09/18 ETF 212 Draft summary of authorizations required for the 

issuance of COFINA bonds.

2.60 200.00 520.00

7/09/18 VS 224 As requested by U. Fernandez compile the exhibits to the 

May 2018 monthly fee application for COFINA Title III 

Case No. 17-3284.

.20 145.00 29.00

7/11/18 ETF 202 Draft memo regarding legal requirements to issue 

COFINA refunding bonds.

3.40 200.00 680.00

7/12/18 ETF 201 Review fiscal agent function under GDB's enabling act. 2.70 200.00 540.00

7/12/18 VS 224 As requested by U. Fernandez, compile exhibit B Part 2 

for the Third Interim Fee Application for No. 17-3284.

.30 145.00 43.50

7/16/18 DJP 225 Finalize the Third Interim Fee Application of Proskauer 

Rose LLP for Compensation for Services Rendered and 

Reimbursement of Expenses Incurred as Attorneys for 

the Financial Oversight and Management Board for 

Puerto Rico, as Representative of the Debtors, the Puerto 

Rico Sales Tax Financing Corporation, for the Period 

February 1, 2018 Through May 31, 2018, in anticipation 

of its filing.

.40 180.00 72.00

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 29 of 66
 O'Neill & Borges LLC

Bill #: 330948 August 3, 2018 

CONFIDENTIAL-ATTORNEY WORK PRODUCT/ATTORNEY/CLIENT PRIVILEGE

2

7/16/18 DJP 225 Review all exhibits to be filed in support of Third 

Interim Fee Application of Proskauer Rose LLP for 

Compensation for Services Rendered and 

Reimbursement of Expenses Incurred as Attorneys for 

the Financial Oversight and Management Board for 

Puerto Rico, as Representative of the Debtors, the Puerto 

Rico Sales Tax Financing Corporation, for the Period 

February 1, 2018 Through May 31, 2018, in anticipation 

of its filing.

.30 180.00 54.00

7/16/18 DJP 225 Finalize the Notice of filing of the Third Interim Fee 

Application of Proskauer Rose LLP for Compensation 

for Services Rendered and Reimbursement of Expenses 

Incurred as Attorneys for the Financial Oversight and 

Management Board for Puerto Rico, as Representative of 

the Debtors, the Puerto Rico Sales Tax Financing 

Corporation, for the Period February 1, 2018 Through 

May 31, 2018, in anticipation of its filing.

.30 180.00 54.00

7/16/18 DJP 225 File the Third Interim Fee Application of Proskauer Rose 

LLP for Compensation for Services Rendered and 

Reimbursement of Expenses Incurred as Attorneys for 

the Financial Oversight and Management Board for 

Puerto Rico, as Representative of the Debtors, the Puerto 

Rico Sales Tax Financing Corporation, for the Period 

February 1, 2018 Through May 31, 2018, and supporting 

exhibits, through the court's electronic filing system.

.20 180.00 36.00

7/16/18 DJP 225 File the Notice of filing of the Third Interim Fee 

Application of Proskauer Rose LLP for Compensation 

for Services Rendered and Reimbursement of Expenses 

Incurred as Attorneys for the Financial Oversight and 

Management Board for Puerto Rico, as Representative of 

the Debtors, the Puerto Rico Sales Tax Financing 

Corporation, for the Period February 1, 2018 Through 

May 31, 2018, and supporting exhibits, through the 

court's electronic filing system.

.20 180.00 36.00

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 30 of 66
 O'Neill & Borges LLC

Bill #: 330948 August 3, 2018 

CONFIDENTIAL-ATTORNEY WORK PRODUCT/ATTORNEY/CLIENT PRIVILEGE

3

7/16/18 DJP 225 Draft email to Prime Clerk LLC requesting service of the 

Third Interim Fee Application of Proskauer Rose LLP 

for Compensation for Services Rendered and 

Reimbursement of Expenses Incurred as Attorneys for 

the Financial Oversight and Management Board for 

Puerto Rico, as Representative of the Debtors, the Puerto 

Rico Sales Tax Financing Corporation, for the Period 

February 1, 2018 Through May 31, 2018, and 

corresponding notice.

.20 180.00 36.00

7/19/18 JRC 201 Review COFINA statute regarding issue of refunding 

bonds.

.30 340.00 102.00

7/19/18 JP 210 Review memo regarding PR legal requirements to 

implementation of adjustment plan.

.70 355.00 248.50

7/19/18 JP 210 Review applicable law and precedents regarding PR 

legal requirements to implementation of adjustment plan.

1.20 355.00 426.00

7/19/18 ETF 201 Draft memo regarding legal issues impacting upon the 

validity of any issuance of COFINA refunding bonds.

3.70 200.00 740.00

7/20/18 ETF 201 Email exchange with Proskauer (M. Zerjal) regarding 

COFINA insurance agreement.

.10 200.00 20.00

7/23/18 ETF 214 Draft memo regarding executive approvals necessary 

under PR law to issue bonds.

2.70 200.00 540.00

7/24/18 ETF 214 Review Treasury regulations 1.150-1 and 1.1001-3. 

(1.20) Review IRS Notices regarding reissuance of 

bonds. (1.10) Edit memo regarding approvals necessary 

to issue COFINA restructured bonds in light of same. 

(6.30)

8.60 200.00 1,720.00

7/25/18 JP 202 Analyze Puerto Rico law requirements for issuance of 

COFINA restructured bonds.

1.30 355.00 461.50

7/25/18 ETF 202 Review Childrens Trust Statute. (1.80) Draft section in 

COFINA memo regarding pledge language used in the 

Children's Trust Enabling Act. (1.10) Analyze IRS 

Publication 4079. (.60)

3.40 200.00 680.00

7/26/18 JP 202 Revise memo regarding Puerto Rico law requirements 

for issuance of COFINA restructured bonds.

1.20 355.00 426.00

7/27/18 HDB 210 Review memorandum regarding approvals required by 

PR Law for restructuring COFINA Bonds.

.30 290.00 87.00

 TOTAL PROFESSIONAL SERVICES $ 7,643.50 

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 31 of 66
 O'Neill & Borges LLC

Bill #: 330948 August 3, 2018 

CONFIDENTIAL-ATTORNEY WORK PRODUCT/ATTORNEY/CLIENT PRIVILEGE

4

Less Discount $ -764.35 

 NET PROFESSIONAL SERVICES: $ 6,879.15 

SUMMARY OF PROFESSIONAL SERVICES

Name Hours Rate Total

JOSE R. CACHO .30 340.00 102.00

JULIO PIETRANTONI 4.40 355.00 1,562.00

HERMANN BAUER .30 290.00 87.00

UBALDO M. FERNANDEZ BARRERA .30 210.00 63.00

DANIEL J. PEREZ REFOJOS 1.60 180.00 288.00

EMILIANO TRIGO FRITZ 27.20 200.00 5,440.00

VANESSA SANCHEZ .70 145.00 101.50

Total 34.80 $ 7,643.50

TOTAL THIS INVOICE $ 6,879.15 

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 32 of 66
00598161; 1

UNITED STATES DISTRICT COURT

FOR THE DISTRICT OF PUERTO RICO

--------------------------------------------------------------------x

In re:

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO,

 as representative of

THE COMMONWEALTH OF PUERTO RICO, et al.

 Debtors.1

PROMESA

Title III 

Case No. 17 BK 3283-LTS

(Jointly Administered)

--------------------------------------------------------------------x

In re:

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO,

 as representative of

PUERTO RICO SALES TAX FINANCING 

CORPORATION (“COFINA”),

 Debtor.

PROMESA

Title III 

Case No. 17 BK 3284-LTS

--------------------------------------------------------------------x

COVER SHEET TO SIXTEENTH MONTHLY FEE APPLICATION OF 

O’NEILL & BORGES LLC FOR COMPENSATION FOR SERVICES 

RENDERED AND REIMBURSEMENT OF EXPENSES AS ATTORNEYS TO 

THE FINANCIAL OVERSIGHT AND MANAGEMENT BOARD FOR 

PUERTO RICO, AS REPRESENTATIVE OF DEBTOR, PUERTO RICO SALES 

TAX FINANCING CORPORATION FOR THE PERIOD OF 

AUGUST 1, 2018 THROUGH AUGUST 31, 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 (4) Digits of Federal Tax ID: 3747).

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 33 of 66
00598161; 1

Name of applicant O'Neill & Borges LLC (“O&B”)

Authorized to provide professional services 

to:

Financial Oversight and Management 

Board, as Representative for the Debtor 

Pursuant to PROMESA Section 315(b)

Time period covered by this application: August 1, 2018 through August 31, 2018

Amount of compensation sought as actual, 

reasonable and necessary: 

$1,796.85

Amount of expense reimbursement sought 

as actual, reasonable and necessary: 

$0.00

Total amount for this invoice: $1,796.85

This is a: X monthly ___ interim ___ final application

This is O&B's sixteenth monthly fee application in these cases.

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 34 of 66
00598161; 1

Principal Certification

I hereby authorize the submission of this Monthly Fee Statement for August 2018. 

/s/ Jaime A. El Koury

Jaime A. El Koury 

General Counsel to the Financial Oversight and 

Management Board for Puerto Rico

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 35 of 66
00598161; 1

On October 22, 2018 sent to:

Counsel for the Oversight Board:

Proskauer Rose LLP

Eleven Times Square

New York, NY 10036

Attn: Martin J. Bienenstock, Esq., 

mbienenstock@proskauer.com

Ehud Barak, Esq., ebarak@proskauer.com

Proskauer Rose LLP

70 West Madison Street, Chicago, IL 60602

Attn: Paul V. Possinger, Esq., 

ppossinger@proskauer.com

Counsel for AAFAF:

O’Melveny & Myers LLP

Times Square Tower, 7 Times Square

New York, NY 10036

Attn: John J. Rapisardi, Esq., jrapisardi@omm.com

Suzzanne Uhland, Esq., suhland@omm.com

Diana M. Pérez, Esq., dperez@omm.com

Counsel for PR Fiscal Agency and Financial Advisory 

Authority:

Marini Pietrantoni Muñiz LLC

MCS Plaza Suite 500, 255 Ponce de León Ave.

San Juan, PR 00917

Attn: Luis C. Marini-Biaggi, Esq., 

lmarini@mpmlawpr.com

Carolina Velaz-Rivero, Esq., cvelaz@mpmlawpr.com

Office of the United States Trustee District of PR:

Edif. Ochoa, 500 Tanca Street, Suite 301

San Juan, PR 00901

Re: In re: Commonwealth of Puerto Rico

Counsel for the Official Committee of Unsecured 

Creditors:

Paul Hastings LLP

200 Park Avenue 

New York, NY 10166

Attn: Luc. A. Despins, Esq., 

lucdespins@paulhastings.com

Casillas, Santiago & Torres, LLC

El Caribe Office Building, 53 Palmeras Street, Suite 1601

San Juan, PR 00901-2419

Attn: Juan J. Casillas Ayala, Esq., 

jcasillas@cstlawpr.com

Alberto J.E. Añeses Negrón, Esq., aaneses@cstlawpr.com

Counsel for the Official Committee of Retired 

Employees:

Bennazar, García & Millian, C.S.P.

Edificio Union Plaza, PH-A Piso 18, 416 Ave. Ponce de 

León

Hato Rey, PR 00918

Attn: A.J. Bennazar-Zequeira, Esq., ajb@bennazar.org

Jenner & Block LLP

919 Third Ave

New York NY 10022

Attn: Robert Gordon, Esq., rgordong@jenner.com

Richard Levin, Esq., rlevin@jenner.com

Jenner & Block LLP

353 N. Clark Street

Chicago, IL 60654

Attn: Catherine Steege, Esq., csteege@jenner.com

Melissa Root, Esq, mroot@jenner.com

PR 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

Francisco Pena Montanez, CPA, Assistant Secretary of 

the Treasury, Francisco.Pena@hacienda.pr.gov

Counsel for the Fee Examiner:

EDGE Legal Strategies, PSC

252 Ponce de León Av, Citibank Tower, 12th Floor

San Juan, PR 00918

Attn: Eyck O. Lugo, Esq., elugo@edgelegalpr.com

Godfrey & Kahn, S.C.

Onee East Main Street, Suite 500

Madison, WI 53703

Attn: Katherine Stadler, KStadler@gklaw.com

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 36 of 66
00598161; 1

Professional Position/Title Department

Hourly 

Billing 

Rate

Total 

Billed 

Hours

Total 

Compensation

Hermann D. Bauer Member Litigation $ 290.00 3.20 $ 928.00

Julio Pietrantoni Member Corporate $ 355.00 2.00 $ 710.00

Ubaldo M. Fernandez Barrera Jr. Member Litigation $ 210.00 0.60 $ 126.00

Emiliano Trigo Fritz Associate Corporate $ 200.00 0.80 $ 160.00

Vanessa Sanchez Paralegal Litigation $ 145.00 0.50 $ 72.50

Totals 7.10 $ 1,996.50

Less: 10% Courtesy discount $ (199.65)

SUMMARY OF LEGAL FEES $ 1,796.85

Totals $ -

SUMMARY OF DISBURSEMENTS $ -

COFINA TITLE III 

Summary of Legal Fees for the Period August 1 through August 31, 2018

Summary of Disbursements for the Period August 1 through August 31, 2018

Description - Expenses Amounts

$ -

COFINA TITLE III 

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 37 of 66
00598161; 1

Task Code Matter Description

Total 

Billed 

Hours

Total Fees 

Requested

201 Tasks Relating to the Board, its Members, its Staff, 

its Advisors or its Consultants

 1.60 $ 444.00

210 Analysis and Strategy 4.40 $ 1,354.00

218 Employment and Fee Applications 0.20 $ 29.00

224 Fee Applications-O&B 0.90 $ 169.50

$ 1,996.50

Less: 10% Courtesy Discount $ (199.65)

TOTALS 7.10 $ 1,796.85

COFINA TITLE III 

Summary of Legal Fees for the Period August 1 through August 31, 2018

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 38 of 66
00598161; 1

O&B requests payment and reimbursement in accordance with the procedures set 

forth in the Interim Compensation Order (i.e., payment of ninety percent (90%) of the 

compensation sought, in the amount of $1,617.17, and reimbursement of one-hundred 

percent (100%) of expenses incurred, in the amount of $0.00) in the total amount 

of $1,617.17. 

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 39 of 66
00598161; 1

Professional Certification

I hereby certify that no public servant of the Department of Treasury is a party to 

or has any interest in the gains or benefits derived from the contract that is the basis of 

this invoice. The only consideration for providing services under the contract is the 

payment agreed upon with the authorized representatives of the Financial Oversight and 

Management Board for Puerto Rico. The amount of this invoice is reasonable. The 

services were rendered and the corresponding payment has not been made. To the best of 

my knowledge, O’Neill & Borges LLC does not have any debts owed to the Government 

of Puerto Rico or its instrumentalities.

s/Ubaldo M. Fernández

Ubaldo M. Fernández 

O’Neill & Borges LLC

250 Muñoz Rivera Ave., Ste. 800

San Juan, PR 00918-1813

Tel: (787) 282-5786

Fax: (787) 753-8944

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 40 of 66
00598161; 1

Exhibit A

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 41 of 66
 September 5, 2018

FOMB IN RE COFINA TITLE III

RE: GENERAL

Enclosed please find our bill for professional services rendered and reimbursable expenses.

Should you have any questions concerning the attached bill, please do not hesitate to contact us. Your prompt 

payment would be greatly appreciated.

Sincerely Yours,

CARLA GARCIA BENITEZ 

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 42 of 66
 September 5, 2018

FOMB IN RE COFINA TITLE III Bill #: 333138

 Billing Attorney: CGB

 

BILLING SUMMARY 

For Professional Services Rendered and Reimbursable Expenses for the period ending

August 31, 2018:

 

Client.Matter: P1702 - 0

RE: GENERAL

 

Total Professional Services $ 749.50

Less Discount $ -74.95 

Net Professional Services $ 674.55

Total Reimbursable Expenses $ .00 

TOTAL THIS INVOICE $ 674.55 

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 43 of 66
CONFIDENTIAL-ATTORNEY WORK PRODUCT/ATTORNEY/CLIENT PRIVILEGE

1

Client.Matter: P1702 . 0 

RE: GENERAL

PROFESSIONAL SERVICES 

Date Atty Task Description Hours Rate Amount

8/08/18 UMF 224 Draft fourteenth monthly fee application for the Title III 

Case for COFINA for the month June 2018.

.30 210.00 63.00

8/09/18 HDB 210 Analyze COFINA Plan of Adjustment Term sheet (.80) 

consider issues regarding implementation. (.60)

1.40 290.00 406.00

8/09/18 VSN 218 As requested by U. Fernandez compile June 2018 

monthly fee application for COFINA Title III Case No. 

17-3284.

.20 145.00 29.00

8/29/18 UMF 224 Draft monthly fee application for July 2018 in the Title 

III Case of the COFINA.

.30 210.00 63.00

8/29/18 VSN 224 As requested by U. Fernandez, review and compile July 

2018 monthly fee application for COFINA Title III Case 

No. 17-3284.

.30 145.00 43.50

8/30/18 HDB 210 Analyze COFINA Plan Support Agreement. .50 290.00 145.00

 TOTAL PROFESSIONAL SERVICES $ 749.50 

Less Discount $ -74.95 

 NET PROFESSIONAL SERVICES: $ 674.55 

SUMMARY OF PROFESSIONAL SERVICES

Name Hours Rate Total

HERMANN BAUER 1.90 290.00 551.00

UBALDO M. FERNANDEZ BARRERA .60 210.00 126.00

VANESSA SANCHEZ .50 145.00 72.50

Total 3.00 $ 749.50

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 44 of 66
 O'Neill & Borges LLC

Bill #: 333138 September 5, 2018 

CONFIDENTIAL-ATTORNEY WORK PRODUCT/ATTORNEY/CLIENT PRIVILEGE

2

TOTAL THIS INVOICE $ 674.55 

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 45 of 66
 September 5, 2018

FOMB IN RE COFINA TITLE III

RE: GENERAL

Enclosed please find our bill for professional services rendered and reimbursable expenses.

Should you have any questions concerning the attached bill, please do not hesitate to contact us. Your prompt 

payment would be greatly appreciated.

Sincerely Yours,

CARLA GARCIA BENITEZ 

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 46 of 66
 September 5, 2018

FOMB IN RE COFINA TITLE III Bill #: 333139

 Billing Attorney: CGB

 

BILLING SUMMARY 

For Professional Services Rendered and Reimbursable Expenses for the period ending

August 31, 2018:

 

Client.Matter: P1702 - 2

RE: GENERAL

 

Total Professional Services $ 1,247.00

VOLUME DISCOUNT $ -124.70 

Net Professional Services $ 1,122.30

Total Reimbursable Expenses $ .00 

TOTAL THIS INVOICE $ 1,122.30 

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 47 of 66
CONFIDENTIAL-ATTORNEY WORK PRODUCT/ATTORNEY/CLIENT PRIVILEGE

1

Client.Matter: P1702 . 2 

RE: GENERAL

PROFESSIONAL SERVICES 

Date Atty Task Description Hours Rate Amount

8/06/18 JP 201 Telephone conference with Board members, N. Jaresko 

and E&Y relating to revisions to COFINA fiscal plan.

.80 355.00 284.00

8/07/18 JP 210 Analyze court decisions relating to Governor's and 

Legislature's challenge to FOMB authority with respect 

to budget.

1.20 355.00 426.00

8/28/18 ETF 201 Review draft COFINA Fiscal Plan. .80 200.00 160.00

8/29/18 HDB 210 Revise draft COFINA Fiscal Plan. 1.30 290.00 377.00

 TOTAL PROFESSIONAL SERVICES $ 1,247.00 

VOLUME DISCOUNT $ -124.70 

 NET PROFESSIONAL SERVICES: $ 1,122.30 

SUMMARY OF PROFESSIONAL SERVICES

Name Hours Rate Total

JULIO PIETRANTONI 2.00 355.00 710.00

HERMANN BAUER 1.30 290.00 377.00

EMILIANO TRIGO FRITZ .80 200.00 160.00

Total 4.10 $ 1,247.00

TOTAL THIS INVOICE $ 1,122.30 

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 48 of 66
00603032; 1

UNITED STATES DISTRICT COURT

FOR THE DISTRICT OF PUERTO RICO

--------------------------------------------------------------------x

In re:

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO,

 as representative of

THE COMMONWEALTH OF PUERTO RICO, et al.

 Debtors.1

PROMESA

Title III 

Case No. 17 BK 3283-LTS

(Jointly Administered)

--------------------------------------------------------------------x

In re:

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO,

 as representative of

PUERTO RICO SALES TAX FINANCING 

CORPORATION (“COFINA”),

 Debtor.

PROMESA

Title III 

Case No. 17 BK 3284-LTS

--------------------------------------------------------------------x

COVER SHEET TO SEVENTEENTH MONTHLY FEE APPLICATION OF 

O’NEILL & BORGES LLC FOR COMPENSATION FOR SERVICES 

RENDERED AND REIMBURSEMENT OF EXPENSES AS ATTORNEYS TO 

THE FINANCIAL OVERSIGHT AND MANAGEMENT BOARD FOR 

PUERTO RICO, AS REPRESENTATIVE OF DEBTOR, PUERTO RICO SALES 

TAX FINANCING CORPORATION FOR THE PERIOD OF 

SEPTEMBER 1, 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 (4) Digits of Federal Tax ID: 3747).

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 49 of 66
00603032; 1

Name of applicant O'Neill & Borges LLC (“O&B”)

Authorized to provide professional services 

to:

Financial Oversight and Management 

Board, as Representative for the Debtor 

Pursuant to PROMESA Section 315(b)

Time period covered by this application: September 1, 2018 through September 30, 

2018

Amount of compensation sought as actual, 

reasonable and necessary: 

$22,792.50

Amount of expense reimbursement sought 

as actual, reasonable and necessary: 

$0.00

Total amount for this invoice: $22,792.50

This is a: X monthly ___ interim ___ final application

This is O&B's seventeenth monthly fee application in these cases.

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 50 of 66
00603032; 1

Principal Certification

I hereby authorize the submission of this Monthly Fee Statement for September 2018. 

/s/ Jaime A. El Koury

Jaime A. El Koury 

General Counsel to the Financial Oversight and 

Management Board for Puerto Rico

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 51 of 66
00603032; 1

On November 8, 2018 sent to:

Counsel for the Oversight Board:

Proskauer Rose LLP

Eleven Times Square

New York, NY 10036

Attn: Martin J. Bienenstock, Esq., 

mbienenstock@proskauer.com

Ehud Barak, Esq., ebarak@proskauer.com

Proskauer Rose LLP

70 West Madison Street, Chicago, IL 60602

Attn: Paul V. Possinger, Esq., 

ppossinger@proskauer.com

Counsel for AAFAF:

O’Melveny & Myers LLP

Times Square Tower, 7 Times Square

New York, NY 10036

Attn: John J. Rapisardi, Esq., jrapisardi@omm.com

Suzzanne Uhland, Esq., suhland@omm.com

Diana M. Pérez, Esq., dperez@omm.com

Counsel for PR Fiscal Agency and Financial Advisory 

Authority:

Marini Pietrantoni Muñiz LLC

MCS Plaza Suite 500, 255 Ponce de León Ave.

San Juan, PR 00917

Attn: Luis C. Marini-Biaggi, Esq., 

lmarini@mpmlawpr.com

Carolina Velaz-Rivero, Esq., cvelaz@mpmlawpr.com

Office of the United States Trustee District of PR:

Edif. Ochoa, 500 Tanca Street, Suite 301

San Juan, PR 00901

Re: In re: Commonwealth of Puerto Rico

Counsel for the Official Committee of Unsecured 

Creditors:

Paul Hastings LLP

200 Park Avenue

New York, NY 10166

Attn: Luc. A. Despins, Esq., 

lucdespins@paulhastings.com

Casillas, Santiago & Torres, LLC

El Caribe Office Building, 53 Palmeras Street, Suite 1601

San Juan, PR 00901-2419

Attn: Juan J. Casillas Ayala, Esq., 

jcasillas@cstlawpr.com

Alberto J.E. Añeses Negrón, Esq., aaneses@cstlawpr.com

Counsel for the Official Committee of Retired 

Employees:

Bennazar, García & Millian, C.S.P.

Edificio Union Plaza, PH-A Piso 18, 416 Ave. Ponce de 

León

Hato Rey, PR 00918

Attn: A.J. Bennazar-Zequeira, Esq., ajb@bennazar.org

Jenner & Block LLP

919 Third Ave

New York NY 10022

Attn: Robert Gordon, Esq., rgordong@jenner.com

Richard Levin, Esq., rlevin@jenner.com

Jenner & Block LLP

353 N. Clark Street

Chicago, IL 60654

Attn: Catherine Steege, Esq., csteege@jenner.com

Melissa Root, Esq, mroot@jenner.com

PR 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

Francisco Pena Montanez, CPA, Assistant Secretary of 

the Treasury, Francisco.Pena@hacienda.pr.gov

Counsel for the Fee Examiner:

EDGE Legal Strategies, PSC

252 Ponce de León Av, Citibank Tower, 12th Floor

San Juan, PR 00918

Attn: Eyck O. Lugo, Esq., elugo@edgelegalpr.com

Godfrey & Kahn, S.C.

Onee East Main Street, Suite 500

Madison, WI 53703

Attn: Katherine Stadler, KStadler@gklaw.com

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 52 of 66
00603032; 1

Professional Position/Title Department

Hourly 

Billing 

Rate

Total 

Billed 

Hours

Total 

Compensation

Hermann D. Bauer Member Litigation $290.00 1.40 $ 406.00

Jose R. Cacho Member Corporate $340.00 0.30 $ 102.00

Cristina Morazzani Jove Member Corporate $260.00 7.80 $ 2,028.00

Julio Pietrantoni Member Corporate $355.00 2.10 $ 745.50

Ismael Vincenty Medina Member Corporate $315.00 54.80 $ 17,262.00

Jose L. Notario Toll Jr. Member Corporate $215.00 0.10 $ 21.50

Denisse Ortiz Torres Associate Corporate $200.00 14.00 $ 2,800.00

Emiliano Trigo Fritz Associate Corporate $200.00 9.80 $ 1,960.00

Totals 90.30 $ 25,325.00

Less: 10% Courtesy discount $ (2,532.50)

SUMMARY OF LEGAL FEES $ 22,792.50

Totals $ -

SUMMARY OF DISBURSEMENTS $ -

COFINA TITLE III 

Summary of Legal Fees for the Period September 1 through September 30, 2018

Summary of Disbursements for the Period September 1 through September 30, 2018

Description - Expenses Amounts

$ -

COFINA TITLE III 

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 53 of 66
00603032; 1

Task Code Matter Description

Total 

Billed 

Hours

Total Fees 

Requested

210 Analysis and Strategy 3.20 $ 1,064.50

211 New-Budgeting 0.20 $ 41.50

214 Legal/Regulatory Matters 3.60 $ 720.00

215 Plan of Adjustment and Disclosure Statem 64.10 $17,880.00

217 Tax 19.20 $ 5,619.00

$25,325.00

Less: 10% Courtesy Discount $ (2,532.50)

TOTALS 90.30 $22,792.50

COFINA TITLE III 

Summary of Legal Fees for the Period September 1 through September 30, 2018

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 54 of 66
00603032; 1

O&B requests payment and reimbursement in accordance with the procedures set 

forth in the Interim Compensation Order (i.e., payment of ninety percent (90%) of the 

compensation sought, in the amount of $20,513.25, and reimbursement of one-hundred 

percent (100%) of expenses incurred, in the amount of $0.00) in the total amount 

of $20,513.25. 

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 55 of 66
00603032; 1

Professional Certification

I hereby certify that no public servant of the Department of Treasury is a party to 

or has any interest in the gains or benefits derived from the contract that is the basis of 

this invoice. The only consideration for providing services under the contract is the 

payment agreed upon with the authorized representatives of the Financial Oversight and 

Management Board for Puerto Rico. The amount of this invoice is reasonable. The 

services were rendered and the corresponding payment has not been made. To the best of 

my knowledge, O’Neill & Borges LLC does not have any debts owed to the Government 

of Puerto Rico or its instrumentalities.

s/Ubaldo M. Fernández

Ubaldo M. Fernández 

O’Neill & Borges LLC

250 Muñoz Rivera Ave., Ste. 800

San Juan, PR 00918-1813

Tel: (787) 282-5786

Fax: (787) 753-8944

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 56 of 66
00603032; 1

Exhibit A

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 57 of 66
 October 3, 2018

FOMB IN RE COFINA TITLE III

RE: GENERAL

Enclosed please find our bill for professional services rendered and reimbursable expenses.

Should you have any questions concerning the attached bill, please do not hesitate to contact us. Your prompt 

payment would be greatly appreciated.

Sincerely Yours,

CARLA GARCIA BENITEZ 

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 58 of 66
 October 3, 2018

FOMB IN RE COFINA TITLE III Bill #: 334888

 Billing Attorney: CGB

 

BILLING SUMMARY 

For Professional Services Rendered and Reimbursable Expenses for the period ending

September 30, 2018:

 

Client.Matter: P1702 - 0

RE: GENERAL

 

Total Professional Services $ 25,225.50

Less Discount $ -2,522.55 

Net Professional Services $ 22,702.95

Total Reimbursable Expenses $ .00 

TOTAL THIS INVOICE $ 22,702.95 

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 59 of 66
CONFIDENTIAL-ATTORNEY WORK PRODUCT/ATTORNEY/CLIENT PRIVILEGE

1

Client.Matter: P1702 . 0 

RE: GENERAL

PROFESSIONAL SERVICES 

Date Atty Task Description Hours Rate Amount

9/12/18 ETF 215 Telephone conference with Proskauer (Y. Habenicht) 

regarding COFINA disclosure statement.

.20 200.00 40.00

9/20/18 JRC 215 Email exchanges with Proskauer, E. Trigo and I. 

Vincenty regarding tax section of Disclosure Schedule 

for Plan of Adjustment (COFINA).

.30 340.00 102.00

9/20/18 IVM 217 Conf. call with Proskauer regarding tax disclosure for 

COFINA exchange. (.90) Email to E. Trigo regarding 

same. (.20) Review documents related to plan for 

exchange of notes. (2.10) Identify PR tax issues in 

connection to the proposed exchange. (1.90)

5.10 315.00 1,606.50

9/20/18 ETF 215 Email exchange with Proskauer regarding COFINA 

disclosure. (.10) Exchanges with I. Vincenty regarding 

same. (.20)

.30 200.00 60.00

9/20/18 ETF 215 Draft summary of COFINA's enabling act for legislative 

initiatives section.

1.60 200.00 320.00

9/21/18 IVM 217 Analyze PR tax treatment of exchange for PR and nonPR residents. (1.90) Review rules applicable to 

recapitalizations and source of gains. (1.30) Review 

characterization of consent fees. (.80) Review 

classification of debt for PR tax purposes. (.70) Review 

rules applicable OID and worthless debt. (1.60)

6.30 315.00 1,984.50

9/21/18 ETF 215 Review amended and restated COFINA term sheet. 2.40 200.00 480.00

9/24/18 IVM 215 Review and analyze restructuring proposal and plan 

support agreement. (2.80). Analyze P.R. tax rules that 

may be applied to distributions under the Plan of 

Adjustment. (4.30)

7.10 315.00 2,236.50

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 60 of 66
 O'Neill & Borges LLC

Bill #: 334888 October 3, 2018 

CONFIDENTIAL-ATTORNEY WORK PRODUCT/ATTORNEY/CLIENT PRIVILEGE

2

9/25/18 IVM 215 Review proposed distributions to different classes under 

restructuring proposal (1.10) and analyze their 

characterization for PR taxes under PR tax laws and 

rules. (4.20)

5.30 315.00 1,669.50

9/26/18 IVM 215 Analyze PR tax consequences of proposed exchanges of 

bonds and payments of various cash considerations. 

(2.10) Review restructuring proposal. (1.30) Review of 

PR and US tax code provisions, regulations and US cases 

relevant to the exchanges. (3.90)

7.30 315.00 2,299.50

9/26/18 DOT 215 Research regarding exemption of income generated by 

COFINA bonds. (1.40) and discussion with E. Trigo 

regarding COFINA enabling act. (.20)

1.60 200.00 320.00

9/26/18 DOT 215 Analyze Restructuring Proposal in connection with the 

PR tax treatment of the restructuring of the COFINA 

bonds.

2.80 200.00 560.00

9/26/18 DOT 215 Research regarding tax treatment of accrued interest 

under PR tax law in connection with Restructuring 

Proposal.

.90 200.00 180.00

9/26/18 ETF 215 Discussion with D. Ortiz Torres regarding COFINA 

enabling act.

.20 200.00 40.00

9/27/18 IVM 215 Review and analyze U.S. tax disclosure and federal 

income tax rules applicable to exchange of bonds. (3.10) 

Continue analysis of tax treatment of proposed 

exchanges of bonds and other consideration under the 

Plan of Adjustment, including analysis of tax treatment 

for insurance payments and accrued interests. (4.80)

7.90 315.00 2,488.50

9/27/18 HDB 210 Review draft of enabling legislation to implement 

COFINA RSA.

.40 290.00 116.00

9/27/18 DOT 215 Analyze Restructuring Proposal in connection with the 

PR tax treatment of the restructuring of the COFINA 

bonds.

2.40 200.00 480.00

9/27/18 ETF 215 Review draft of Amended and Restated COFINA 

enabling act.

1.40 200.00 280.00

9/28/18 JP 210 Comment on COFINA legislation submitted by AFAAF. 2.10 355.00 745.50

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 61 of 66
 O'Neill & Borges LLC

Bill #: 334888 October 3, 2018 

CONFIDENTIAL-ATTORNEY WORK PRODUCT/ATTORNEY/CLIENT PRIVILEGE

3

9/28/18 IVM 215 Conf. call with Y. Habenicht from Proskauer regarding 

tax disclosure. (.20) Review of US tax disclosure 

assumptions. (.60) Analyze tax treatment of 

consummation costs and taxable election. (2.70) Draft of 

PR tax disclosure. (2.60) Discuss with C. Morazzani tax 

disclosure and PR tax issues. (.80)

6.90 315.00 2,173.50

9/28/18 CMJ 217 Review the Amended and Restated Plan Support 

Agreement. (1.00) the Restructuring Proposal (1.00) and 

the Material Tax Considerations to be able to review and 

make changes to the draft of the PR tax disclosure. (3.00)

5.00 260.00 1,300.00

9/28/18 CMJ 217 Legal research regarding Puerto Rico tax issues to 

prepare the document on the Puerto Rico tax 

considerations of the Amended and Restated Plan 

Support Agreement.

2.00 260.00 520.00

9/28/18 CMJ 217 Discuss with I. Vincenty regarding Puerto Rico tax 

issues to prepare the document on the Puerto Rico tax 

considerations of the Amended and Restated Plan 

Support Agreement.

.80 260.00 208.00

9/28/18 DOT 215 Research regarding Puerto Rico income tax 

considerations in connection with a recapitalization and 

its application to governmental bonds.

1.60 200.00 320.00

9/28/18 DOT 215 Research and analyze Puerto Rico income tax 

considerations in connection with a taxable exchange of 

bonds.

4.70 200.00 940.00

9/28/18 ETF 214 Review revised draft of amendments to COFINA 

enabling act. (.90) Review term sheet conditions that 

require amendments to the enabling act. (2.70)

3.60 200.00 720.00

9/29/18 IVM 215 Analyze application of tax recapitalization provisions to 

COFINA. (1.80) Prepare and draft PR tax disclosure. 

(3.30)

5.10 315.00 1,606.50

9/30/18 IVM 215 Continue preparation of PR tax disclosure. (2.20) 

Analize tax issue in connection to holders of GS 

derivative Claims and holders of unsecured Claims. 

(1.60)

3.80 315.00 1,197.00

9/30/18 HDB 215 Review e-mail from M. Rodriguez regarding follow-up 

comments to draft COFINA Legislation. (.10) Review 

proposed comments to COFINA Legislation. (.20)

.30 290.00 87.00

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 62 of 66
 O'Neill & Borges LLC

Bill #: 334888 October 3, 2018 

CONFIDENTIAL-ATTORNEY WORK PRODUCT/ATTORNEY/CLIENT PRIVILEGE

4

9/30/18 HDB 210 Review e-mail from J. Hertzberg setting forth path to 

COFINA Claims reconciliation. (.20) Review analysis of 

claims breakdown prepared by A&M. (.30)

.50 290.00 145.00

 TOTAL PROFESSIONAL SERVICES $ 25,225.50 

Less Discount $ -2,522.55 

 NET PROFESSIONAL SERVICES: $ 22,702.95 

SUMMARY OF PROFESSIONAL SERVICES

Name Hours Rate Total

JOSE R. CACHO .30 340.00 102.00

JULIO PIETRANTONI 2.10 355.00 745.50

ISMAEL VICENTY MEDINA 54.80 315.00 17,262.00

HERMANN BAUER 1.20 290.00 348.00

CRISTINA MORAZZANI JOVE 7.80 260.00 2,028.00

DENISSE ORTIZ TORRES 14.00 200.00 2,800.00

EMILIANO TRIGO FRITZ 9.70 200.00 1,940.00

Total 89.90 $ 25,225.50

TOTAL THIS INVOICE $ 22,702.95 

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 63 of 66
 October 3, 2018

FOMB IN RE COFINA TITLE III

RE: GENERAL

Enclosed please find our bill for professional services rendered and reimbursable expenses.

Should you have any questions concerning the attached bill, please do not hesitate to contact us. Your prompt 

payment would be greatly appreciated.

Sincerely Yours,

CARLA GARCIA BENITEZ 

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 64 of 66
 October 3, 2018

FOMB IN RE COFINA TITLE III Bill #: 334889

 Billing Attorney: CGB

 

BILLING SUMMARY 

For Professional Services Rendered and Reimbursable Expenses for the period ending

September 30, 2018:

 

Client.Matter: P1702 - 2

RE: GENERAL

 

Total Professional Services $ 99.50

VOLUME DISCOUNT $ -9.95 

Net Professional Services $ 89.55

Total Reimbursable Expenses $ .00 

TOTAL THIS INVOICE $ 89.55 

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 65 of 66
CONFIDENTIAL-ATTORNEY WORK PRODUCT/ATTORNEY/CLIENT PRIVILEGE

1

Client.Matter: P1702 . 2 

RE: GENERAL

PROFESSIONAL SERVICES 

Date Atty Task Description Hours Rate Amount

9/10/18 HDB 210 Analyze response to Response to Notice of Violation to 

COFINA's fiscal plan.

.20 290.00 58.00

9/12/18 JLN 211 Discussion with E. Trigo regarding legislative action. .10 215.00 21.50

9/12/18 ETF 211 Discussion with J. Notario regarding reasonable timeline 

for legislature to approve a revised budget.

.10 200.00 20.00

 TOTAL PROFESSIONAL SERVICES $ 99.50 

VOLUME DISCOUNT $ -9.95 

 NET PROFESSIONAL SERVICES: $ 89.55 

SUMMARY OF PROFESSIONAL SERVICES

Name Hours Rate Total

HERMANN BAUER .20 290.00 58.00

JOSE L. NOTARIO TOLL .10 215.00 21.50

EMILIANO TRIGO FRITZ .10 200.00 20.00

Total .40 $ 99.50

TOTAL THIS INVOICE $ 89.55 

Case:17-03283-LTS Doc#:4313-2 Filed:11/16/18 Entered:11/16/18 18:09:39 Desc:

Exhibit B-2 Page 66 of 66