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 3284-LTS 

 as representative of )

 

PUERTO RICO SALES TAX FINANCING CORPORATION 

(“COFINA”),

Debtor.

) 

) 

This Application relates 

only to COFINA and 

shall be filed in the 

Lead Case No. 17 BK 

3283-LTS and 

COFINA’s Title III 

Case (Case No. 17 BK 

3284-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 

PUERTO RICO SALES TAX FINANCING CORPORATION 

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 $278,645.00

Less Voluntary Reduction (27,864.50)

Total Amount of Fees Requested: $250,780.50

Amount of Expenses Reimbursement Sought $0.00

Total Amount of Fees and Expense 

Reimbursement Sought as Actual, Reasonable and 

Necessary $250,780.50

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 $ (17,957.75) 179,577.50 $ 161,619.75 $ 145,457.78 $ -$ $ 145,457.78 - $ Pending Pending 16,161.97 $ 

Second - 

10/29/18

Puerto Rico

9/1/18 to 

9/30/18 $ 5,152.50 $ (515.25) $ 4,637.25 $ 4,173.53 $ (292.15) $ 3,881.38 - $ Pending Pending 463.72 $ 

Second - 

10/29/2018

9/1/18 to 

9/30/18 $ 93,915.00 $ (9,391.50) $ 84,523.50 $ 76,071.15 -$ $ 76,071.15 - $ Pending Pending 8,452.35 $ 

Total $ 278,645.00 $ (27,864.50) $ 250,780.50 $ 225,702.46 $ (292.15) $ 225,410.31 - $ $ - - $ 25,078.04 $ 

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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

Puerto Rico Sales Tax Financing Corporation - Claims Administration and 

Objections

505.4 251,127.50 $ 

Puerto Rico Sales Tax Financing Corporation - Meetings 20.6 14,77 $ 5.00

Puerto Rico Sales Tax Financing Corporation - Plan and Disclosure Statement 14.9 12,742.50 $ 

Total 540.9 278,645.00 $ 

Blended Hourly Rate Before Voluntary Reduction 515.15 $ 

Less 10% voluntary reduction (27,864.50) $ 

Total First Interim Fee Application With Reduction 250,780.50 $ 

First Interim Fee Application Blended Hourly Rate With Reduction 463.64 $ 

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 32.5 $28,437.50

Jay Herriman Managing Director Claim Management $850 86.3 73,355.00

Mark Zeiss Director Claim Management $600 7.7 4,620.00

Eric VanHorn Consultant II Claim Management $500 28.5 14,250.00

Vincent Pena Manager Claim Management $475 86.7 41,182.50

Christopher Sharp Associate Claim Management $425 0.3 127.50

Gerard Gigante Associate Claim Management $425 0.4 170.00

Kevin O'Donnell Associate Claim Management $425 18.8 7,990.00

Markus Traylor Associate Claim Management $425 116.6 49,555.00

Pablo Cervantes Associate Claim Management $425 2.7 1,147.50

Bria Warren Analyst Claim Management $375 76.6 28,725.00

Carlo Dominguez Analyst Claim Management $375 20.2 7,575.00

John Sagen Analyst Claim Management $375 1.8 675.00

Thomas Salinerno Analyst Claim Management $375 15.0 5,625.00

Paul Kiekhaefer Analyst Claim Management $325 26.4 8,580.00

Rachel Onserio Analyst Claim Management $325 20.4 6,630.00

Subtotal 540.9 278,645.00

Less 10% voluntary reduction -27,864.50

Total $250,780.50

Blended Rate With Reduction: $463.64

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4

Expenses by Category 

August 9, 2018 through September 30, 2018 

No Expenses Incurred 

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Document Page 4 of 108
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 3284-LTS 

 as representative of 

PUERTO RICO SALES TAX FINANCING CORPORATION 

(“COFINA”),

Debtor.

) This Application relates 

only to COFINA and 

shall be filed in the 

Lead Case No. 17 BK 

3283-LTS and 

COFINA’s Title III 

Case (Case No. 17 BK 

3284-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 

PUERTO RICO SALES TAX FINANCING CORPORATION 

 

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 Puerto Rico Sales Tax 

Financing Corporation (“COFINA”), et al, (“COFINA”), 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 

$278,645.00 less a discount in the amount of $27,864.50 for a total amount of $250,780.50, 

$246,143.25 of which represents fees earned outside of Puerto Rico and $4,637.25 of which 

represents fees earned in Puerto Rico, and reimbursement of actual and necessary expenses 

incurred in the amount of $0.00 for the First Interim Fee Application Period. 

JURISDICTION 

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

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

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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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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 $225,702.46 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 Puerto 

Rico Sales Tax Financing Corporation (“COFINA”). 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 COFINA. A&M believes it is appropriate to be 

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

description of the services rendered for the Debtors and the time expended, organized by project 

task categories as follows: 

A. Puerto Rico Sales Tax Financing Corporation – 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. A&M prioritized the claims 

reconciliation for COFINA in order to provide a comprehensive recommended claims treatment 

for each individual claim prior to the plan of adjustment solicitation process. Under the terms of 

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the proposed solicitation procedures motion, unless an objection has been served as to a claim at 

least 10 days before the voting deadline, such claim would be entitled to vote on the plan of 

adjustment. Accordingly, A&M commenced review and validation of all 3,475 claims to ensure 

no claim would vote without proper standing. 

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

court appointed claims agent, to analyze over 3,475 individual claims filed against COFINA. 

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 waterfall 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 3,100) – 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 35) – reviewed all detail supporting the 

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

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recorded department and agency details and contract number, where 

available. 

c. Human Resources (approximately 270) – reviewed all detail supporting 

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

Resources claim; recorded (a) department and agency details where 

employee worked, (b) employee ID and (c) other relevant information to 

help identify the proper Debtor. 

d. Miscellaneous Claims (approximately 20) - reviewed all details supporting 

the claim to recommend proper category and treatment for each claim and 

captured all relevant details to assist in the reconciliation and objection of 

the claim, where applicable. 

e. Uncategorized Claims – (approximately 40) - reviewed all details 

supporting the claim to recommend proper claim category and prepared 

questions for secondary mailing to claimant to gather additional 

information. 

6. reviewed and revised the draft claims omnibus procedures motion; 

7. queued approximately 3,300 individual claims objections within A&M’s claims 

database to prepare exhibits to omnibus objections; 

8. prepared initial draft omnibus objections; 

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

the proofs of claim; 

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

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

advisors. 

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8

In conjunction with this category, A&M expended approximately 505.4 hours during the 

Application Period, for a total of $251,127.50, prior to any fee reduction. 

B. Puerto Rico Sales Tax Financing Corporation – Meeting 

 18. During the First Interim Fee Application Period, A&M participated in several 

meetings to review the COFINA claims process. These meetings included: 

 (i) training discussions with Title III representatives outlining the bankruptcy 

claims management process and a demonstration of the A&M software utilized to manage the 

claims; 

 (ii) strategy meetings in Puerto Rico to review the claims waterfall analysis 

and treatment of claim categories under the plan of adjustment;

 (iii) internal A&M meetings to coordinate and streamline the individual claims 

reconciliation process; 

 (iv) meetings with COFINA representatives to address individual claims which 

required validation of proposed treatment; and, 

 (v) meetings with the Oversight Board’s counsel to confirm A&M’s proposed 

claims treatment. 

In conjunction with this category, A&M expended approximately 20.6 hours during the 

Application Period, for a total of $14,775.00, prior to any fee reduction. 

C. Puerto Rico Sales Tax Financing Corporation – Plan and Disclosure Statement 

 19. During the First Interim Fee Application Period, A&M prepared and continually 

updated a claims waterfall analysis to assist counsel with the plan treatment for claims under the 

plan of adjustment. In addition, A&M provided input and prepared reports to align the claims 

treatment with the solicitation procedures and related objection process. In conjunction with this 

category, A&M expended approximately 14.9 hours during the Application Period, for a total of 

$12,742.50, prior to any fee reduction. 

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

20. A&M and the Oversight Board in its role as representative for COFINA had 

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

CERTIFICATE OF COMPLIANCE AND REQUEST FOR WAIVER 

 21. 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 

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

filed in COFINA’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. 

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 

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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. 

 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 $250,780.50 for professional 

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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 ) 

 

PUERTO RICO SALES TAX FINANCING CORPORATION 

(“COFINA”), 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: Puerto Rico Sales Tax Financing Corporation

Period for which compensation and 

reimbursement for fees and services 

outside of Puerto Rico is sought: August 9, 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); 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 

Amount of Compensation sought as actual, 

reasonable and necessary:

$161,619.75 ($179,577.50 incurred less 10% 

voluntary reduction of $17,957.75) 

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 

) 

) Title III 

THEFINANCIALOVERSIGHTAND ) 

MANAGEMENT BOARDFORPUERTORICO, )No. 17BK3283-LTS 

) 

) 

asrepresentative of ) 

) 

PUERTORICOSALESTAX FINANCING CORPORATION ) 

("COFINA"),etal., 

) 

) 

Debtors. ) 

) 

COVERSHEETTOSECOND MONTHLY FEE APPLICATION OF 

ALVAREZ&MARSALNORTH AMERICA, LLC 

FORPAYMENT OF COMPENSATION RENDEREDINPUERTORICOAND 

REIMBURSEMENT OF EXPENSESFORCONSULTINGSERVICESTOTHE 

FINANCIAL OVERSIGHTAND MANAGEMENT BOARDOFPUERTORICO 

FORTHE PERIOD FROM 

SEPTEMBER 1, 2018THROUGHSEPTEMBER 30, 2018 

ALLFEESAND SERVICES INTHIS MONTHLY FEESTATEMENT 

WERE INCURREDINSIDEPUERTORICO 

Name of Applicant: 

AuthorizedtoProvideProfessional 

Servicesto: 

Alvarez& MarsalNorthAmerica,LLC (A&M) 

Financial Oversightand Management Boardof 

PuertoRico 

ServicesRenderedto: PuertoRicoSa1es Tax Financing Corporation 

Periodforwhich compensationand 

reimbursementforfeesand services inside 

PuertoRico issought: September 1, 2018 through September 30, 2018 

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-LTS)(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 ("НТА") (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-LTS)(LastFour Digits of FederalTax 

ID: 9686). (Title IIIcasenumbersarelistedasBankruptcyCasenumbers duetosoftwarelimitations). 

In re: 

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Amount of Compensation soughtasactual, 

reasonableandnecessary: $4,637.25 ($5,152.50incurred less10%voluntary 

Amount of Expense Reimbursement sought 

asactual, reasonableandnecessary: $ -0- 

Thisisa(n): ✓ Monthly Interim Finalapplication 

ThisisA&M's second monthly fee application filedinthesecasesandis forservicesrendered 

inside PuertoRico. 

reduction of $515.25) 

2 

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PrincipalCertification 

I hereby authorize the submission of this Monthly FeeStatementforеptember2018. 

Jaime A. Еl 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, 2018through 

September 30, 2018 

PuertoRico SalesTax Corporation 

SUMMARY OFTOTALFЕЕs BYALLЕNТITIЕΡS 

TASKCODE 

TOTAL 

HOURS 

TOTALFEE5 

REQUESTED 

PuertoRico SalesTax Financing Corporation - Claims AdministrationandObjections 1.8 1,530.00 

PuertoRico SalesTax Financing Corporation -Meeting 4.2 3,622.50 

Subtotal 6.0 

Less10%voluntary reduction 

Total 

5,152.50 

(515.25) 

$ 4,637.25 

PROFESSIONAL POSITION DEPARTMENT 

BILLING 

RATE 

TOTAL 

HOURS 

TOTAL 

FEES 

JulieHertzberg Managing Director ClaimManagement $875 2.1 $1,837.50 

Jay Herriman Managing Director ClaimManagement $850 3.9 3,315.00 

Subtotal 

Less10%voluntary reduction 

Total 

6.0 5,152.50 

-515.25 

$4,637.25 

Summary of Expensesforthe PeriodSeptember 1, 2018throughSeptember 30, 2018 

PuertoRico SalesTax Corporation 

NoExpenses Incurred 

A&M requests paymentandreimbursementinaccordance with theprocedures set 

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

compensation sought)inthe amount of $4,637.25,forservicesrenderedinsideof PuertoRico. 

5 

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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. 

Is/ 

JulieM. Hertzberg 

Alvarez& MarsalNorthAmerica,LLC 

1000 Town Center 

Suite 750 

Detroit,MI48075 

Telephone: 248.93 6.085 0 

Facsimile: 248.936.0801 

jhertzberg@alvarezandmarsal.com 

б 

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EXHIBITS 

7 

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ExhibitA 

PuertoRico SalesTax Financing Corporation 

Summary of TimeDetailby Task 

September 1, 2018throughSeptember 30, 2018 

Task Description Sum of Hours Sum of Fees 

PuertoRico SalesTax Financing Corporation - Claims Administrationand 

Objections 

1.8 $1,530.00 

PuertoRico SalesTax Financing Corporation -Meeting 4.2 $3,622.50 

Total s.o $5,152.50 

Pagel of 1 

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ExhibitB 

PuertoRico SalesTax Financing Corporation 

Summary of TimeDetailbyProfessional 

September 1, 2018throughSeptember 30, 2018 

i 

Professional 

JulieHertzberg 

Jay Herriman 

Position BillingRate Sum of Hours Sum of Fees 

Managing Director $875.00 2.1 $1,837.50 

Managing Director $850.00 3.9 $3,315.00 

Total 6.0 $5,152.50 

Page 1 of 1 

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PuertoRico SalesTax Financing Corporation 

Summary of TimeDetailbyProfessional 

September 1, 2018throughSeptember 30, 2018 

~ 

ExhibitC 

Adviseand assist the Debtorsin questionsand processes regarding the claims 

PuertoRicosalesTax Financing reconciliation process: notably, claims planning process, potential claim 

Corporation - Claims analysis, review of claims filed against the Debtorsand other claim related items. 

Administrationand Objections 

Professional Position BillingRate Sum of Hours Sum of Fees 

Jay Herriman Managing Director $850 1.8 $1,530.00 

1.8 $1,530.00 

Average BillingRate $850.00 

Page 1 of 2 

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ExhibitC 

PuertoRico SalesTax Financing Corporation 

Summary of TimeDetailbyProfessional 

September 1, 2018throughSeptember 30, 2018 

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

PuertoRicoSa1es Tax Financing advisorstopresentfindings or discuss variousmattersrelatedtothe filing, 

Corporation -Meeting reporting and/or operating thebusiness; excludesmeetingswith UCC and/or 

other Creditor constituentsand their advisors. 

Professional Position BillingRate Sum of Hours Sum of Fees 

JulieHertzberg Managing Director $875 2.1 $1,837.50 

Jay Herriman Managing Director $850 2.1 $1,785.00 

4.2 $3,622.50 

Average BillingRate $862.50 

Page 2of 2 

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ExhibitD 

~ 

PuertoRico SalesTax Financing Corporation 

TimeDetailby Activity byProfessional 

September 1, 2018throughSeptember 30, 2018 

PuertoRico SalesTax Financing Corporation -Claims AdministrationandObjections 

Professional Date Hours Activity 

Jay Herriman 9/5/2018 1.80 PrepareformeetingwithB. Sarriera, J. Santiago, B. Fornaris 

regarding review of unreconciledPuertoRico SalesTax 

Financing Corporation claims 

Subtotal 1.80 

PuertoRico SalesTax Financing Corporation -Meeting 

Professional Date Hours Activity 

Jay Herriman 9/6/2018 2.10 MeetingwithB. Sarriera, J. Santiago, B. Fornarisand J. 

Hertzberg regardingPuertoRicoSa1es Tax Financing Corporation 

claims analysis 

JulieHertzberg 9/6/2018 2.10 MeetingwithB. Sarriera, J. Santiago, B. Fornarisand J. Herriman 

re: PuertoRicoSalеs Tax Financing Corporation claims analysis 

Subtotal 4.20 

GrandTotal 6.0 

Page 1of І 

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UNITED STATES DISTRICT COURT 

DISTRICT OFPUERTORICO 

Inre: )PROMESA 

) Title III 

THE FINANCIAL OVERSIGHTAND ) 

MANAGEMENT BOARDFORPUERTORICO, )No. 17BK3283-LTS 

) 

) 

asrepresentative of ) 

) 

PUERTORICOSALESTAX FINANCING CORPORATION ) 

("COFINA"),etal., 

Debtors. 

COVERSHEETTOSECOND MONTHLY FEE APPLICATION OF 

ALVAREZ&MARSALNORTH AMERICA, LLC 

FORPAYMENT OF COMPENSATION RENDERED OUTSIDE OFPUERTORICO 

ANDREIMBURSEMENT OF EXPENSES FIR CONSULTINGSERVICESTOTHE 

FINANCIAL OVERSIGHTAND MANAGEMENT BOARDOFPUERTOOCO 

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: PuertoRico SalesTax Financing Corporation 

Periodforwhich compensationand 

reimbursementforfeesand services 

outside of PuertoRico issought: September 1, 2018 through September 30, 2018 

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-LTS)(LastFour Digits of FederalTax ID: 3481);(ii)PuertoRicosalesTax 

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

8474);(iii)PuertoRicoHighwaysand Transportation 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-LTs)(LastFour Digits of FederalTax 

ID: 9686). (Title IIIcasenumbersarelistedasBankruptcyCasenumbers duetosoftwarelimitations). 

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Amount of Compensation soughtasactual, 

reasonableandnecessary: $84,523.50 ($93,915.00incurred less10% 

voluntary reduction of $9,9391.50) 

Amount of Expense Reimbursement sought 

asactual, reasonableandnecessary: $ -0- 

Thisisa(n): ✓ Monthly Interim Finalapplication 

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 St~ter1ientforSeptember 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, 2018through 

September 30, 2018 

PuertoRico SalesFinancing Tax Corporation 

SUMMARY OFTOTALFEGSBYALLENTITIES 

TASKCODE 

TOTAL 

IIOURS 

TOTALFEES 

REQUESTED 

PuertoRicosalesTax Financing Corporation - Claims AdministrationandObjections 148.8 75,732.50 

PuertoRicosalesTax Financing Corporation -Meeting 6.3 5,440.00 

PuertoRiсoSalesTax Financing Corporation -Plan andDisclosureStatement 14.9 12,742.50 

subtotal 170.0 

Less10%vo!uulary reduction 

Total 

93,915.00 

(9,39/.50) 

s 84,523.50 

PROFESSIONAL POSITION DEPARTMENT 

BILLING 

RATE 

TOTAL 

HOURS 

TOTAL 

FEES 

JulieHertzberg Managing Director ClaimManagement $875 11.5 $10,062.50 

Jay Herriman Managing Director ClaimManagement $850 34.7 29,495.00 

MarkZeiss Director ClaimManagement $600 4.2 2,520.00 

EricVanНorn Consultant II ClaimManagement $500 4.9 2,450.00 

VincentPena Manager ClaimManagement $475 62.8 29,830.00 

GerardGigante Associate ClaimManagement $425 0.4 170.00 

MarkusTraylor Associate ClaimManagement $425 7.0 2,975.00 

Pablo Cervantes Associate ClaimManagement $425 2.4 1,020.00 

Bria Warren Analyst ClaimManagement $375 16.0 6,000.00 

CarloDominguez Analyst ClaimManagement $375 10.8 4,050.00 

John Sagen Analyst ClaimManagement $375 1.8 675.00 

ThomasSalinerno Analyst ClaimManagement $375 5.6 2,100.00 

PaulKiekhaefer Analyst ClaimManagement $325 7.9 2,567.50 

Subtotal 

Less10%voluntary reduction 

Total 

170.0 93,915.00 

-9,391.50 

$84,523.50 

Summary of Expensesforthe PeriodSeptember 1, 2018throughSeptember 30, 2018 

PuertoRico SalesFinancinщ Tax Corporation 

NoExpenses Incurred 

5 

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Document Page 60 of 108
A&M requests paymentandreimbursementinaccordance with theprocedures set 

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

compensation sought)inthe amount of $76,071.15,forservicesrendered outside of PuertoRico. 

6 

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Document Page 61 of 108
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 (ü)theservicesrendered by Alvarez &MarsalNorth America, LLP werenot 

performedin PuertoRico. 

/si 

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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Document Page 63 of 108
ExhibitA 

~ 

PuertoRico SalesTax Financing Corporation 

Summary of TimeDetailby Task 

September 1, 2018throughSeptember 30, 2018 

Task Description Sum of Hours Sum of Fees 

PuertoRico SalesTax Financing Corporation - Claims Administrationand 148.8 $75,732.50 

Objections 

PuertoRico SalesTax Financing Corporation -Meeting 6.3 $5,440.00 

PuertoRico SalesTax Financing Corporation -Plan and DisclosureStatement 14.9 $12,742.50 

Total 170.0 $93,915.00 

Pagel of 1 

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Document Page 64 of 108
ExhibitB 

PuertoRico SalesTax Financing Corporation 

Summary of TimeDetailbyProfessional 

September 1, 2018throughSeptember 30, 2018 

Professional Position BillingRate Sum of Hours Sum of Fees 

JulieHertzberg Managing Director $875.00 11.5 $10,062.50 

Jay Herriman Managing Director $850.00 34.7 $29,495.00 

MarkZeiss Director $600.00 4.2 $2,520.00 

EricVanHorn Consultant II $500.00 4.9 $2,450.00 

VincentPena Manager $475.00 62.8 $29,830.00 

Gerard Gigante Associate $425.00 0.4 $170.00 

MarkusTraylor Associate $425.00 7.0 $2,975.00 

Pablo Cervantes Associate $425.00 2.4 $1,020.00 

Bria Warren Analyst $375.00 16.0 $6,000.00 

CarloDominguez Analyst $375.00 10.8 $4,050.00 

John sagen Analyst $375.00 1.8 $675.00 

Thomassaliеrnо Analyst $375.00 5.6 $2,100.00 

Paul Kiekhaefer Analyst $325.00 7.9 $2,567.50 

Total 170.0 $93,915.00 

Page 1 of 1 

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Document Page 65 of 108
ExhibitC 

PuertoRico SalesTax Financing Corporation 

Summary of TimeDetailbyProfessional 

September 1, 2018throughSeptember 30, 2018 

Adviseand assist the Debtorsin questionsand processes regarding the claims 

PuertoRicosalesTax Financing reconciliation process: notably, claims planning process, potential claim 

Corporation - Claims analysis, review of claims filed against the Debtorsand other claim related items. 

Administrationand Objections 

Professional Position BillingRate Sum of Hours Sutn of Fees 

JulieHertzberg Managing Director $875 5.0 $4,375.00 

Jay Herriman Managing Director $850 20.0 $17,000.00 

MarkZeiss Director $600 4.2 $2,520.00 

VincentPena Manager $475 62.8 $29,830.00 

Gerard Gigante Associate $425 0.4 $170.00 

MarkusTraylor Associate $425 7.0 $2,975.00 

Pablo Cervantes Associate $425 2.4 $1,020.00 

EricVanHorn Consultant II $500 4.9 $2,450.00 

Bria Warren Analyst $375 16.0 $6,000.00 

CarloDominguez Analyst $375 10.8 $4,050.00 

John sagen Analyst $375 1.8 $675.00 

ThomasSalierno Analyst $375 5.6 $2,100.00 

Paul Kiekhaefer Analyst $325 7.9 $2,567.50 

148.8 $75,732.50 

Average BillingRate $508.95 

Page 1 of 3 

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ExhibitC 

PuertoRico SalesTax Financing Corporation 

Summary of TimeDetailbyProfessional 

September 1, 2018throughSeptember 30, 2018 

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

PuertoRico SalesTax Financing advisorstopresentfindings or discuss variousmattersrelatedtothe filing, 

Corporation -Meeting reporting and/or operating thebusiness; excludesmeetingswith UCC and/or 

other Creditor constituentsand their advisors. 

Professional Position BillingRate Sutn of Hours Sum of Fees 

JulieHertzberg Managing Director $875 3.4 $2,975.00 

Jay Herriman Managing Director $850 2.9 $2,465.00 

6.3 $5,440.00 

Average BillingRate $863.49 

Page 2of 3 

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Document Page 67 of 108
ExhibitC 

PuertoRico SalesTax Financing Corporation 

Summary of TimeDetailbyProfessional 

September 1, 2018throughSeptember 30, 2018 

Completeanalysisand assist the Debtors with thePlanof Reorganizationand 

PuertoRicosalesTax Financing DisclosureStatement; assist the Debtors with preparation of the Liquidation 

Corporation -Plan and Analysis; prepare materialsforsolicitation ofPlan Administrator; review 

DisclosureStatement proposals. 

Professional Position BillingRate Sum of Hours Sum of Fees 

JulieHertzberg Managing Director $875 3.1 $2,712.50 

Jay Herriman Managing Director $850 11.8 $10,030.00 

14.0 $12,742.50 

Average BillingRate $855.20 

Page 3of 3 

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Document Page 68 of 108
ExhibitD 

~ 

PuertoRico SalesTax Financing Corporation 

TimeDetailby Activity byProfessional 

September 1, 2018throughSeptember 30, 2018 

PuertoRico SalesTax Financing Corporation - Claims AdministrationandObjections 

Professional Date Hours 

EricVanHorn 9/1/2018 2.80 

MarkusTraylor 9/1/2018 3.00 

VincentPena 9/1/2018 1.00 

VincentPena 9/1/2018 1.20 

Jay Herriman 9/2/2018 2.30 

Jay Herriman 9/2/2018 1.20 

JulieHertzberg 9/2/2018 1.10 

MarkusTraylor 9/2/2018 3.10 

MarkusTraylor 9/2/2018 0.90 

VincentPena 9/2/2018 1.10 

VincentPena 9/2/2018 3.10 

CarloDominguez 9/3/2018 0.10 

CarloDominguez 9/4/2018 0.10 

Gerard Gigante 9/4/2018 0.10 

Pablo Cervantes 9/4/2018 0.20 

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 claimsforobjectionand docketing errorsas 

appropriate 

Analyze new proofs of claim provided byPrimeClerkand update 

categoriesand objection treatmentasappropriate 

Review analysis of Human Resource related claims provided by 

E. Vanhorn 

Review updated PuertoRico SalesTax Financing Corporation 

waterfall and provide commentstosame 

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 

Analyze proofs of claimtocategorize claim treatment, marking 

claimsforobjectionand docketing errorsasappropriate 

Pagel of 9 

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Activity 

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 

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 claim treatment, marking 

claimsforobjectionand d ocketing errorsasappropriate 

Analyze proofs of claimto 

treatment, marking claims 

appropriate. 

Analyze proofs of claimto 

treatment, marking claims 

appropriate. 

Analyze proofs of claimto 

treatment, marking claims 

appropriate. 

Analyze proofs of claimto 

treatment, marking claims 

appropriate. 

Analyze proofs of claimto 

treatment, marking claims 

appropriate 

Analyze proofs of claimto 

treatment, marking claims 

appropriate 

Analyze proofs of claimto 

treatment, marking claims 

appropriate 

Analyze proofs of claimto 

treatment, marking claims 

appropriate 

categorize by functional group / claim 

forobjectionand docketing errorsas 

categorize by functional group / claim 

forobjectionand docketing errorsas 

categorize by functional group / claim 

forobjectionand docketing errorsas 

categorize by functional group / claim 

forobjectionand docketing errorsas 

categorize by functional group / claim 

forobjectionand docketing errorsas 

categorize by functional group / claim 

forobjectionand docketing errorsas 

categorize by functional group / claim 

forobjectionand docketing errorsas 

categorize by functional group / claim 

forobjectionand docketing errorsas 

ExhibitD 

~ 

PuertoRico SalesTax Financing Corporation 

TimeDetailby Activity byProfessional 

September 1, 2018throughSeptember 30, 2018 

PuertoRico SalesTax Financing Corporation - Claims AdministrationandObjections 

Professional Date Hours 

ThomasSalierno 9/4/2018 1.10 

VincentPena 9/4/2018 3.10 

VincentPena 9/4/2018 2.40 

VincentPena 9/4/2018 1.80 

CarloDominguez 9/5/2018 0.10 

Gerard Gigante 9/5/2018 0.10 

Pablo Cervantes 9/5/2018 2.20 

ThomasSalierno 9/5/2018 1.10 

VincentPena 9/5/2018 2.60 

VincentPena 9/5/2018 1.60 

VincentPena 9/5/2018 3.10 

CarloDominguez 9/6/2018 0.30 

Gerard Gigante 9/6/2018 0.10 

ThomasSalierno 9/6/2018 1.10 

VincentPena 9/6/2018 2.80 

Page 2of 9 

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Document Page 70 of 108
ExhibitD 

~ 

PuertoRico SalesTax Financing Corporation 

TimeDetailby Activity byProfessional 

September 1, 2018throughSeptember 30, 2018 

PuertoRico SalesTax Financing Corporation -Claims AdministrationandObjections 

Professional Date Hours 

VincentPena 9/6/2018 3.40 

VincentPena 9/6/2018 1.10 

CarloDominguez 9/7/2018 2.20 

Gerard Gigante 9/7/2018 0.10 

Jay Herriman 9/7/2018 1.10 

ThomasSalerno 9/7/2018 1.10 

VincentPena 9/7/2018 3.30 

VincentPena 9/7/2018 2.90 

Jay Herriman 9/8/2018 1.80 

Jay Herriman 9/8/2018 3.20 

VincentPena 9/8/2018 3.10 

EricVanHorn 9/9/2018 2.10 

Jay Herriman 9/9/2018 2.10 

VincentPena 9/9/2018 3.10 

Jay Herriman 9/10/2018 1.10 

Activity 

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. 

AnalyzePuertoRico SalesTax Financing Corporation Human 

Resource claims, update claim categoriesand documentclaims 

needing additional followuptoclaimant 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking clajmsforobjectionand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

UpdatePuertoRico5a1es Tax Financing Corporation claim 

objections based on review byB. Sarriera (Title III) 

AnalyzePuertoRico SalesTax Financing Corporation Human 

Resource claims, update claimtypes and markforobjectionas 

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 

AnalyzePuertoRico SalesTax Financing Corporation Human 

Resource claims, update claimtypes and markforobjectionas 

appropriate 

AnalyzePuertoRico SalesTax Financing Corporation Waterfall 

andClaimDetail 

AnalyzePuertoRico SalesTax Financing Corporation Human 

Resource claims, update claimtypes and markforobjectionas 

appropriate 

Page 3of 9 

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Document Page 71 of 108
ExhibitD PuertoRico SalesTax Financing Corporation 

TimeDetailby Activity byProfessional 

September 1, 2018throughSeptember 30, 2018 

PuertoRico SalesTax Financing Corporation - Claims AdministrationandObjections 

Professional Date Hours 

JulieHertzberg 9/10/2018 0.30 

JulieHertzberg 9/10/2018 0.20 

ThomasSalierno 9/10/2018 0.20 

VincentPena 9/10/2018 3.10 

VincentPena 9/10/2018 1.10 

ThomasSalierno 9/11/2018 0.20 

Jay Herriman 9/12/2018 1.10 

ThomasSalierno 9/12/2018 0.20 

JulieHertzberg 9/13/2018 0.20 

ThomasSalierno 9/13/2018 0.20 

VincentPena 9/13/2018 3.10 

Paul Kiekhaefer 9/14/2018 0.40 

ThomasSalierno 9/14/2018 0.20 

JulieHertzberg 9/17/2018 0.60 

ThomasSalierno 9/17/2018 0.20 

VincentPena 9/17/2018 1.10 

Activity 

ReviewGlobalNotes/Summary of Schedules 

Review correspondence fromB. Requena (Commonwealth)re: 

PuertoRico SalesTax Financing Corporation claims analysisfor 

updated waterfall 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

AnalyzePuedoRico SalesTax Financing Corporation Waterfall 

and ClaimDetail 

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 

Prepare listing of claimsforfollowupemails / calls wherebasisof 

claimnotprovided or insufficient 

Analyze proofs of claimtocategorize by functional group/claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Providefeedbackregarding followupcommunicationsto 

claimantsforadditional Proof of Claimdetail 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

AnalyzePuertoRico SalesTax Financing Corporation Waterfall 

andClaimDetail 

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 

Reviewdataregarding updatestoPuertoRico SalesTax 

Financing Corporation waterfall analysis including open questions 

regarding claims assumptions 

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 4 of 9 

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Document Page 72 of 108
ExhibitD PuertoRico SalesTax Financing Corporation 

TimeDetailby Activity byProfessional 

September 1, 2018throughSeptember 30, 2018 

PuertoRico SalesTax Financing Corporation - Claims AdministrationandObjections 

Professional Date Hours 

VincentPena 9/18/2018 1.10 

Jay Herriman 9/19/2018 0.70 

VincentPena 9/19/2018 1.10 

CarloDominguez 9/20/2018 0.10 

MarkZeiss 9/20/2018 0.80 

CarloDominguez 9/21/2018 0.10 

VincentPena 9/21/2018 1.10 

CarloDominguez 9/22/2018 0.10 

CarloDominguez 9/24/2018 0.10 

MarkZeiss 9/24/2018 0.80 

VincentPena 9/24/2018 1.10 

CarloDominguez 9/25/2018 0.10 

Jay Herriman 9/25/2018 2.80 

MarkZeiss 9/25/2018 1.40 

CarloDominguez 9/26/2018 0.10 

MarkZeiss 9/26/2018 1.20 

Activity 

Analyze proofs of claimtocategorize by functional group/claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

Review draft claim email / voice mail outreachscript and provide 

commentsto PrimeClerk 

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 

Prepare workbookforPuertoRico SalesTax Financing 

Corporation bondsforfurther review 

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 claimsforobjectionsand docketing errorsas 

appropriate 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimforobjectionsand docketingerros as 

appropriate 

ReviewPuertoRico SalesTax Financing Corporation bond claims 

forreconciliation 

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 

Prepare draft exhibitsfor14 Omnibusobjections 

Revise claimsomnibusexhibitspercomments 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimforobjectionsand docketingerros as 

appropriate 

PreparePuertoRico SalesTax Financing Corporation bonds 

workbookpernew claimsand other review 

Page 5 of 9 

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Document Page 73 of 108
ExhibitD PuertoRico SalesTax Financing Corporation 

TimeDetailby Activity byProfessional 

September 1, 2018throughSeptember 30, 2018 

PuertoRico SalesTax Financing Corporation - Claims AdministrationandObjections 

Professional Date Hours 

VincentPena 9/26/2018 3.10 

Bria Warren 9/27/2018 2.10 

Bria Warren 9/27/2018 .2.80 

Bria Warren 9/27/2018 3.10 

CarloDominguez 9/27/2018 1.20 

CarloDominguez 9/27/2018 0.50 

Paul Kiekhaefer 9/27/2018 3.00 

VincentPena 9/27/2018 3.10 

Bria Warren 9/28/2018 3.10 

Bria Warren 9/28/2018 2.70 

Bria Warren 9/28/2018 2.20 

CarloDominguez 9/28/2018 2.90 

CarloDominguez 9/28/2018 0.10 

Jay Herriman 9/28/2018 1.20 

JulieHertzberg 9/28/2018 0.30 

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 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 claimforobjectionsand docketingerros 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 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 

Analyze proofs of claimtocategorize by functional group / claim 

treatment, marking claimforobjectionsand docketingerros as 

appropriate 

Review Human Resources related claims where insufficientdata 

was providedtodeterminebasisof claim 

CorrespondencetoJ. Herrimanre: revisionstoPuertoRico Sales 

Tax Financing Corporation waterfall analysis 

Page 6 of 9 

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Document Page 74 of 108
ExhibitD PuertoRico SalesTax Financing Corporation 

TimeDetailby Activity byProfessional 

September 1, 2018throughSeptember 30, 2018 

PuertoRico SalesTax Financing Corporation - Claims AdministrationandObjections 

Professional Date Hours 

JulieHertzberg 9/28/2018 0.60 

JulieHertzberg 9/28/2018 1.20 

Paul Kiekhaefer 9/28/2018 3.00 

Paul Kiekhaefer 9/28/2018 1.50 

VincentPena 9/28/2018 3.10 

CarloDominguez 9/29/2018 2.70 

Jay Herriman 9/29/2018 1.40 

JulieHertzberg 9/29/2018 0.20 

JulieHertzberg 9/29/2018 0.30 

John sagen 9/30/2018 1.80 

Subtotal 148.80 

Activity 

Review updated PuertoRicoSa1es Tax Financing Corporation 

waterfall analysis 

Review Drafts ofPuertoRico SalesTax Financing Corporation 

Claims Objection Exhibits 

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 

Prepareand send B. Clark and B. Rosen updated draftOmnibus 

claim objection exhibits 

Review updated PuertoRico SalesTax Financing Corporation 

waterfall analysispermy requested changes 

CommunicationstoB. Requena, O. Rodriguezand M. Yassimre: 

Updated PuertoRico SalesTax Financing Corporation Waterfall 

Analysisand open issues/actionplanforclaims reconciliation. 

Analyze proofs of claimtocategorize by functional group /claim 

treatment, marking claimsforobjectionand docketing errorsas 

appropriate 

PuertoRico SalesTax Financing Corporation -Meeting 

Professional Date Hours Activity 

Jaylen-iman 9/11/2018 0.60 Cali withJ. Hertzberg regarding review of unreconciled Puerto 

Rico SalesTax Financing Corporation claims. 

Jay lerriman 9/11/2018 0.70 Call withJ. Hertzberg regarding review of updated claims waterfall 

JulieHertzberg 9/11/2018 0.60 Call withJ. Herrimanre: review of unreconciled PuertoRico Sales 

Tax Financing Corporation claims. 

JulieHertzberg 9/11/2018 0.70 Call withJ. Herrman re: review of updated claims waterfall 

JulieHertzberg 9/17/2018 0.50 Call with5. MA, J. Levitan&B. Clark and J. Herrimanre: review 

of claims waterfallforusein plan estimation process 

Page 7 of 9 

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Document Page 75 of 108
ExhibitD PuertoRico SalesTax Financing Corporation 

TimeDetailby Activity byProfessional 

September 1, 2018throughSeptember 30, 2018 

PuertoRico SalesTax Financing Corporation -Meeting 

Professional Date Hours Activity 

Jay Herriman 9/20/2018 0.50 Call withB. Rosen, C. Tarrant &B. Clark and J. Hertzbergre: 

review of Claims waterfall reportand claim objections 

Jay Herriman 9/20/2018 1.10 Meet withJ. Hertzbergre: discuss claims reconciliation timeline 

deck, next prioritiesforclaim review. 

JulieHertzberg 9/20/2018 1.10 Meet withJ. Herrimanre: discuss claims reconciliation timeline 

deck, next prioritiesforclaim reviewand PuertoRicoSalеs Tax 

Financing Corporation waterfall updates 

JulieHertzberg 9/20/2018 0.50 Call withB. Rosen, C. Tarrant&B. Clark and J. Herrimanre: 

review of Claims waterfall reportand claim objections 

Subtotal 6.30 

PuertoRico SalesTax Financing Corporation -Plan andDisclosureStatement 

Professional Date Hours 

Jay Herriman 9/2/2018 1.60 

JulieHertzberg 9/8/2018 0.80 

Jay Herriman 9/10/2018 1.10 

Jay Herriman 9/11/2018 3.10 

Jay Herriman 9/12/2018 1.10 

Jay Herriman 9/17/2018 0.50 

Jay Herriman 9/18/2018 1.80 

Jay Herriman 9/24/2018 0.90 

JulieHertzberg 9/27/2018 2.30 

Jay Herriman 9/28/2018 1.70 

Subtotal 14.90 

Activity 

UpdatePuertoRico SalesTax Financing Corporation claims 

waterfall with newly filed proofs of claim 

Review various claims related toPuertoRicoSa1es Tax Financing 

Corporation waterfallforPlan 

Review newly filed PuertoRico SalesTax Financing Corporation 

claims, updatetypes and categoriesforlisting on claims waterfall 

report 

UpdatePuertoRico SalesTax Financing Corporation claims 

waterfall with newly filed proofs of claim 

UpdatePuertoRico SalesTax Financing Corporation claims 

waterfall with newly filed proofs of claim 

Call withS. MA, J. Levitan&B. Clark and J. Hertzbergre: review 

of claims waterfall forusein plan estimation process 

UpdatePuertoRico SalesTax Financing Corporation claims 

waterfall with newly filed proofs of claim 

UpdatePuertoRico SalesTax Financing Corporation claims 

waterfall with newly filed proofs of claim 

Review DraftPuertoRico SalesTax Financing Corporation Plan 

UpdatePuertoRico SalesTax Financing Corporation claims 

waterfall with newly filed proofs of claim 

Page 8of 9 

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Document Page 76 of 108
PuertoRico SalesTax Financing Corporation 

TimeDetailby Activity byProfessional 

September 1, 2018throughSeptember 30, 2018 

ExhibitD 

GrandTotal 170.0 

Page 9of 9 

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Document Page 77 of 108
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 

 

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Document Page 78 of 108
Puerto Rico Sales Tax Financing Corporation 

Time Detail by Activity by Professional

August 9, 2018 through September 30, 2018

Exhibit C

Puerto Rico Sales Tax Financing Corporation - Claims Administration and Objections

Professional Date Hours Activity

8/10/2018 3.20 Analzye Puerto Rico Sales Tax Financing Corporation claims, 

categorize claims by functional group and treatment.

Jay Herriman

8/10/2018 3.10 Analzye Puerto Rico Sales Tax Financing Corporation claims, 

categorize claims by functional group and treatment.

Jay Herriman

8/10/2018 2.20 Review high dollar Puerto Rico Sales Tax Financing Corporation 

claims.

Julie Hertzberg

8/11/2018 3.10 Analzye Puerto Rico Sales Tax Financing Corporation claims, 

categorize claims by functional group and treatment.

Jay Herriman

8/11/2018 1.50 Continue review of Puerto Rico Sales Tax Financing Corporation 

claims.

Julie Hertzberg

8/12/2018 1.70 Analzye Puerto Rico Sales Tax Financing Corporation claims, 

categorize claims by functional group and treatment.

Jay Herriman

8/12/2018 2.90 Analzye Puerto Rico Sales Tax Financing Corporation claims, 

categorize claims by functional group and treatment.

Jay Herriman

8/12/2018 2.20 Analyze Puerto Rico Sales Tax Financing Corporation claims in 

relation to carveouts in Bar Date Order.

Julie Hertzberg

8/12/2018 0.30 Communication to B. Rosen with questions regarding

assumptions for Bond and Human Resource claims reconciliation.

Julie Hertzberg

8/13/2018 1.30 Analzye Puerto Rico Sales Tax Financing Corporation claims, 

categorize claims by functional group and treatment.

Jay Herriman

8/13/2018 3.10 Analzye Puerto Rico Sales Tax Financing Corporation claims, 

categorize claims by functional group and treatment.

Jay Herriman

8/13/2018 0.40 Review updated claims summary analysis regarding Puerto Rico 

Sales Tax Financing Corporation claims.

Julie Hertzberg

8/13/2018 1.10 Continue review of Puerto Rico Sales Tax Financing Corporation 

high dollar claims for meeting 8/14/18.

Julie Hertzberg

8/14/2018 2.20 Analyze Puerto Rico Sales Tax Financing Corporation claims to 

adjust types and prepare for objection.

Jay Herriman

8/14/2018 3.20 Analzye Puerto Rico Sales Tax Financing Corporation claims, 

categorize claims by functional group and treatment.

Jay Herriman

8/15/2018 2.70 Analzye Puerto Rico Sales Tax Financing Corporation claims, 

categorize claims by functional group and treatment.

Jay Herriman

8/15/2018 1.90 Analzye Puerto Rico Sales Tax Financing Corporation claims, 

categorize claims by functional group and treatment.

Jay Herriman

Julie Hertzberg 8/15/2018 0.70 Analyze sampling of Human Resource claims.

8/17/2018 1.20 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Bria Warren

Page 1 of 21

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Document Page 79 of 108
Puerto Rico Sales Tax Financing Corporation 

Time Detail by Activity by Professional

August 9, 2018 through September 30, 2018

Exhibit C

Puerto Rico Sales Tax Financing Corporation - Claims Administration and Objections

Professional Date Hours Activity

8/17/2018 2.00 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

Markus Traylor 8/17/2018 1.00 Review status of bondholder claims reconciliation.

8/18/2018 2.40 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Eric VanHorn

8/18/2018 3.10 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Eric VanHorn

Julie Hertzberg 8/18/2018 0.90 Review claims with translation requirements and provide analysis.

8/18/2018 1.80 Review various individual bond claims to ensure proper 

categorization.

Julie Hertzberg

8/18/2018 3.10 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

8/18/2018 0.90 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

8/19/2018 3.10 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Bria Warren

8/19/2018 0.90 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Bria Warren

8/19/2018 3.10 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Eric VanHorn

8/19/2018 1.40 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Eric VanHorn

Mark Zeiss 8/19/2018 0.40 Update claims objections for bondholder claims.

8/19/2018 0.90 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

8/19/2018 3.10 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

8/20/2018 2.80 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Bria Warren

Page 2 of 21

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Document Page 80 of 108
Puerto Rico Sales Tax Financing Corporation 

Time Detail by Activity by Professional

August 9, 2018 through September 30, 2018

Exhibit C

Puerto Rico Sales Tax Financing Corporation - Claims Administration and Objections

Professional Date Hours Activity

8/20/2018 3.40 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Bria Warren

8/20/2018 1.80 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Bria Warren

8/20/2018 3.60 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Eric VanHorn

8/20/2018 2.60 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Eric VanHorn

8/20/2018 1.70 Analyze top 25 claims by dollar for Puerto Rico Sales Tax 

Financing Corporation claims, categorize claims by functional 

group and treatment.

Jay Herriman

8/20/2018 1.20 Review of various Human Resource laws referenced in sample 

Proofs of Claims.

Julie Hertzberg

8/20/2018 0.60 Prepare memo regarding bondholder claims attributes per claims 

reconciliation to date.

Mark Zeiss

8/20/2018 3.10 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

8/20/2018 0.30 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

8/20/2018 3.40 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

8/20/2018 2.80 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

8/21/2018 2.80 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Bria Warren

8/21/2018 1.80 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Bria Warren

8/21/2018 3.40 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Bria Warren

8/21/2018 1.90 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Eric VanHorn

Page 3 of 21

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Document Page 81 of 108
Puerto Rico Sales Tax Financing Corporation 

Time Detail by Activity by Professional

August 9, 2018 through September 30, 2018

Exhibit C

Puerto Rico Sales Tax Financing Corporation - Claims Administration and Objections

Professional Date Hours Activity

8/21/2018 3.10 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Eric VanHorn

8/21/2018 0.50 Review updated waterfall for Puerto Rico Sales Tax Financing 

Corporation claims.

Julie Hertzberg

8/21/2018 0.40 Communications with J. Herriman regarding updated waterfall 

analysis and assumptions.

Julie Hertzberg

8/21/2018 0.90 Prepare remaining Puerto Rico Sales Tax Financing Corporationa 

bond claim types reconciliation worksheet and sample claims.

Mark Zeiss

8/21/2018 3.10 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

8/21/2018 3.40 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

8/21/2018 2.80 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

8/21/2018 0.70 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

8/21/2018 0.60 Analyze proofs of claims to categorize by functional group/claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Rachel Onserio

8/22/2018 3.10 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Bria Warren

8/22/2018 3.10 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Bria Warren

8/22/2018 1.80 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Bria Warren

8/22/2018 1.50 Analyze top 26 - 50 claims by dollar for Puerto Rico Sales Tax 

Financing Corporation claims, categorize claims by functional 

group and treatment.

Jay Herriman

8/22/2018 3.00 Analyze proofs of claims to categorize by functional group/claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Kevin O'Donnell

8/22/2018 0.70 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

Page 4 of 21

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Document Page 82 of 108
Puerto Rico Sales Tax Financing Corporation 

Time Detail by Activity by Professional

August 9, 2018 through September 30, 2018

Exhibit C

Puerto Rico Sales Tax Financing Corporation - Claims Administration and Objections

Professional Date Hours Activity

8/22/2018 3.40 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

8/22/2018 2.70 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

8/22/2018 3.20 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

8/22/2018 3.60 Analyze proofs of claims to categorize by functional group/claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Paul Kiekhaefer

8/22/2018 2.40 Analyze proofs of claims to categorize by functional group/claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Paul Kiekhaefer

8/22/2018 1.20 Analyze proofs of claims to categorize by functional group/claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Paul Kiekhaefer

8/22/2018 2.90 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Rachel Onserio

8/22/2018 1.70 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate; Puerto Rico Sales Tax Financing Corporation 

Training E. VanHorn, V. Pena, K. O'Donnell, R. Onserio, P. 

Kiekhaefer.

Rachel Onserio

8/22/2018 3.30 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Rachel Onserio

8/22/2018 1.50 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 1.80 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Bria Warren

8/23/2018 2.90 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Bria Warren

8/23/2018 3.30 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Bria Warren

8/23/2018 0.60 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Carlo Dominguez

Page 5 of 21

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Document Page 83 of 108
Puerto Rico Sales Tax Financing Corporation 

Time Detail by Activity by Professional

August 9, 2018 through September 30, 2018

Exhibit C

Puerto Rico Sales Tax Financing Corporation - Claims Administration and Objections

Professional Date Hours Activity

8/23/2018 1.40 Review Puerto Rico Sales Tax Financing Corporation master 

bond claims, follow up with Prime Clerk on docketing issues 

related to these claims.

Jay Herriman

8/23/2018 2.40 Analyze proofs of claims to categorize by functional group/claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Kevin O'Donnell

8/23/2018 3.20 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

8/23/2018 3.00 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

8/23/2018 0.90 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

8/23/2018 2.90 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

8/23/2018 1.50 Analyze proofs of claims to categorize by functional group/claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Paul Kiekhaefer

8/23/2018 2.90 Analyze proofs of claims to categorize by functional group/claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Paul Kiekhaefer

8/23/2018 3.10 Analyze proofs of claims to categorize by functional group/claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Paul Kiekhaefer

8/23/2018 3.20 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Rachel Onserio

8/23/2018 3.00 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Rachel Onserio

8/23/2018 0.90 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 3.40 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Bria Warren

8/24/2018 1.80 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Bria Warren

Page 6 of 21

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Document Page 84 of 108
Puerto Rico Sales Tax Financing Corporation 

Time Detail by Activity by Professional

August 9, 2018 through September 30, 2018

Exhibit C

Puerto Rico Sales Tax Financing Corporation - Claims Administration and Objections

Professional Date Hours Activity

8/24/2018 2.80 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Bria Warren

8/24/2018 1.30 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 2.40 Begin prep of claims waterfall report for presentation to client and 

counsel.

Jay Herriman

Jay Herriman 8/24/2018 2.70 Analyze Human Resource claims related to Law 89, 96 & 146.

8/24/2018 1.10 Analyze bond claims related to the Public Buildings Authority, 

prepare for possible objection.

Jay Herriman

Julie Hertzberg 8/24/2018 2.20 Work on waterfall claims analysis.

8/24/2018 3.60 Analyze proofs of claims to categorize by functional group/claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Kevin O'Donnell

8/24/2018 3.00 Analyze proofs of claims to categorize by functional group/claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Kevin O'Donnell

8/24/2018 0.70 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

8/24/2018 3.10 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

8/24/2018 3.40 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

8/24/2018 2.80 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

8/24/2018 3.00 Analyze proofs of claims to categorize by functional group/claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Paul Kiekhaefer

8/24/2018 3.10 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Rachel Onserio

8/24/2018 2.20 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate; Time Sheet and Production Tracking.

Rachel Onserio

8/24/2018 1.50 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Thomas Salierno

Page 7 of 21

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Document Page 85 of 108
Puerto Rico Sales Tax Financing Corporation 

Time Detail by Activity by Professional

August 9, 2018 through September 30, 2018

Exhibit C

Puerto Rico Sales Tax Financing Corporation - Claims Administration and Objections

Professional Date Hours Activity

8/25/2018 3.00 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Bria Warren

8/25/2018 0.80 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 0.90 Analyze litigation claims filed against the Puerto Rico Sales Tax 

Financing Corporation Debtor.

Jay Herriman

Jay Herriman 8/25/2018 1.60 Analyze Human Resource claims related to Law 89, 96 & 146.

Julie Hertzberg 8/25/2018 0.80 Analyze claims related to waterfall analysis.

8/25/2018 3.10 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

8/25/2018 0.90 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

8/26/2018 0.70 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Carlo Dominguez

8/26/2018 1.30 Prepare report for counsel and client regarding Puerto Rico Sales 

Tax Financing Corporation claims analysis.

Julie Hertzberg

8/26/2018 2.90 Analyze proofs of claims to categorize by functional group/claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Kevin O'Donnell

8/26/2018 3.10 Analyze proofs of claims to categorize by functional group/claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Kevin O'Donnell

8/27/2018 1.90 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Bria Warren

8/27/2018 3.10 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Bria Warren

8/27/2018 3.00 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Bria Warren

8/27/2018 1.20 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 0.30 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 8 of 21

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Document Page 86 of 108
Puerto Rico Sales Tax Financing Corporation 

Time Detail by Activity by Professional

August 9, 2018 through September 30, 2018

Exhibit C

Puerto Rico Sales Tax Financing Corporation - Claims Administration and Objections

Professional Date Hours Activity

8/27/2018 0.40 Update draft claims waterfall report for Puerto Rico Sales Tax 

Financing Corporation claims.

Jay Herriman

8/27/2018 2.60 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

8/27/2018 1.90 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

8/27/2018 2.20 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

8/27/2018 1.20 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

8/27/2018 1.10 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 3.10 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Bria Warren

8/28/2018 0.90 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Bria Warren

8/28/2018 1.30 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 1.30 Update claims waterfall with additional filed claims and 

assumptions.

Jay Herriman

8/28/2018 3.10 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

8/28/2018 3.30 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

8/28/2018 2.60 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

8/28/2018 1.10 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 2.60 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Vincent Pena

Page 9 of 21

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Document Page 87 of 108
Puerto Rico Sales Tax Financing Corporation 

Time Detail by Activity by Professional

August 9, 2018 through September 30, 2018

Exhibit C

Puerto Rico Sales Tax Financing Corporation - Claims Administration and Objections

Professional Date Hours Activity

8/28/2018 3.20 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Vincent Pena

8/28/2018 1.50 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Vincent Pena

8/29/2018 1.20 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 3.30 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

8/29/2018 3.10 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

8/29/2018 2.80 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

8/29/2018 1.30 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

8/29/2018 1.10 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 1.30 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Vincent Pena

8/29/2018 0.90 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Vincent Pena

8/30/2018 1.30 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 1.90 Update claims waterfall with additional filed claims and 

assumptions.

Jay Herriman

8/30/2018 3.10 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

8/30/2018 1.70 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

8/30/2018 2.80 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

Page 10 of 21

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Document Page 88 of 108
Puerto Rico Sales Tax Financing Corporation 

Time Detail by Activity by Professional

August 9, 2018 through September 30, 2018

Exhibit C

Puerto Rico Sales Tax Financing Corporation - Claims Administration and Objections

Professional Date Hours Activity

8/30/2018 2.10 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

8/30/2018 1.10 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Thomas Salierno

8/30/2018 2.80 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Vincent Pena

8/30/2018 3.40 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Vincent Pena

8/30/2018 1.10 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Vincent Pena

8/31/2018 1.00 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 1.10 Review of Human Resource related claims to determine proper 

categorization and treatment.

Jay Herriman

8/31/2018 0.30 Research and respond to email from client related to Human 

Resource claims.

Jay Herriman

8/31/2018 3.10 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

8/31/2018 2.30 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

8/31/2018 2.10 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

8/31/2018 0.30 Analyze proofs of claim to categorize claim treatment, marking 

claims for objection and docketing errors as appropriate.

Pablo Cervantes

8/31/2018 1.10 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 2.60 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Vincent Pena

8/31/2018 3.60 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Vincent Pena

Page 11 of 21

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Document Page 89 of 108
Puerto Rico Sales Tax Financing Corporation 

Time Detail by Activity by Professional

August 9, 2018 through September 30, 2018

Exhibit C

Puerto Rico Sales Tax Financing Corporation - Claims Administration and Objections

Professional Date Hours Activity

9/1/2018 2.80 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Eric VanHorn

9/1/2018 3.00 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

9/1/2018 1.00 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Vincent Pena

9/1/2018 1.20 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Vincent Pena

9/2/2018 1.20 Review analysis of Human Resource related claims provided by 

E. Vanhorn.

Jay Herriman

9/2/2018 2.30 Analyze new proofs of claim provided by Prime Clerk and update 

categories and objection treatment as appropriate.

Jay Herriman

9/2/2018 1.10 Review updated Puerto Rico Sales Tax Financing Corporation 

waterfall and provide comments to same.

Julie Hertzberg

9/2/2018 3.10 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

9/2/2018 0.90 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Markus Traylor

9/2/2018 3.10 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Vincent Pena

9/2/2018 1.10 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Vincent Pena

9/3/2018 0.10 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 0.10 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 0.10 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 0.20 Analyze proofs of claim to categorize claim treatment, marking 

claims for objection and docketing errors as appropriate.

Pablo Cervantes

Page 12 of 21

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Document Page 90 of 108
Puerto Rico Sales Tax Financing Corporation 

Time Detail by Activity by Professional

August 9, 2018 through September 30, 2018

Exhibit C

Puerto Rico Sales Tax Financing Corporation - Claims Administration and Objections

Professional Date Hours Activity

9/4/2018 1.10 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Thomas Salierno

9/4/2018 3.10 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Vincent Pena

9/4/2018 2.40 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Vincent Pena

9/4/2018 1.80 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Vincent Pena

9/5/2018 0.10 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 0.10 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 1.80 Prepare for meeting with B. Sarriera, J. Santiago, B. Fornaris 

regarding review of unreconciled Puerto Rico Sales Tax 

Financing Corporation claims.

Jay Herriman

9/5/2018 2.20 Analyze proofs of claim to categorize claim treatment, marking 

claims for objection and docketing errors as appropriate.

Pablo Cervantes

9/5/2018 1.10 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 1.60 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Vincent Pena

9/5/2018 2.60 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Vincent Pena

9/5/2018 3.10 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Vincent Pena

9/6/2018 0.30 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 0.10 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 1.10 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Thomas Salierno

Page 13 of 21

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Document Page 91 of 108
Puerto Rico Sales Tax Financing Corporation 

Time Detail by Activity by Professional

August 9, 2018 through September 30, 2018

Exhibit C

Puerto Rico Sales Tax Financing Corporation - Claims Administration and Objections

Professional Date Hours Activity

9/6/2018 2.80 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Vincent Pena

9/6/2018 3.40 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Vincent Pena

9/6/2018 1.10 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Vincent Pena

9/7/2018 2.20 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Carlo Dominguez

9/7/2018 0.10 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 1.10 Analyze Puerto Rico Sales Tax Financing Corporation Human 

Resource claims, update claim categories and document claims 

needing additional follow up to claimant.

Jay Herriman

9/7/2018 1.10 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 2.90 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Vincent Pena

9/7/2018 3.30 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Vincent Pena

9/8/2018 3.20 Analyze Puerto Rico Sales Tax Financing Corporation Human 

Resource claims, update claim types and mark for objection as 

appropriate.

Jay Herriman

9/8/2018 1.80 Update Puerto Rico Sales Tax Financing Corporation claim 

objections based on review by B. Sarriera (Title III).

Jay Herriman

9/8/2018 3.10 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Vincent Pena

9/9/2018 2.10 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Eric VanHorn

9/9/2018 2.10 Analyze Puerto Rico Sales Tax Financing Corporation Human 

Resource claims, update claim types and mark for objection as 

appropriate.

Jay Herriman

9/9/2018 3.10 Analyze Puerto Rico Sales Tax Financing Corporation Waterfall 

and Claim Detail.

Vincent Pena

Page 14 of 21

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Document Page 92 of 108
Puerto Rico Sales Tax Financing Corporation 

Time Detail by Activity by Professional

August 9, 2018 through September 30, 2018

Exhibit C

Puerto Rico Sales Tax Financing Corporation - Claims Administration and Objections

Professional Date Hours Activity

9/10/2018 1.10 Analyze Puerto Rico Sales Tax Financing Corporation Human 

Resource claims, update claim types and mark for objection as 

appropriate.

Jay Herriman

Julie Hertzberg 9/10/2018 0.30 Review Global Notes/Summary of Schedules.

9/10/2018 0.20 Review correspondence from B. Requena (Commonwealth) re: 

Puerto Rico Sales Tax Financing Corporation claims analysis for

updated waterfall.

Julie Hertzberg

9/10/2018 0.20 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 3.10 Analyze Puerto Rico Sales Tax Financing Corporation Waterfall 

and Claim Detail.

Vincent Pena

9/10/2018 1.10 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 0.20 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 1.10 Prepare listing of claims for follow up emails / calls where basis of 

claim not provided or insufficient.

Jay Herriman

9/12/2018 0.20 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 0.20 Provide feedback regarding follow up communications to 

claimants for additional Proof of Claim detail.

Julie Hertzberg

9/13/2018 0.20 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 3.10 Analyze Puerto Rico Sales Tax Financing Corporation Waterfall 

and Claim Detail.

Vincent Pena

9/14/2018 0.40 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 0.20 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 0.60 Review data regarding updates to Puerto Rico Sales Tax 

Financing Corporation waterfall analysis including open questions 

regarding claims assumptions.

Julie Hertzberg

9/17/2018 0.20 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Thomas Salierno

Page 15 of 21

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Document Page 93 of 108
Puerto Rico Sales Tax Financing Corporation 

Time Detail by Activity by Professional

August 9, 2018 through September 30, 2018

Exhibit C

Puerto Rico Sales Tax Financing Corporation - Claims Administration and Objections

Professional Date Hours Activity

9/17/2018 1.10 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Vincent Pena

9/18/2018 1.10 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 0.70 Review draft claim email / voice mail outreach script and provide 

comments to Prime Clerk.

Jay Herriman

9/19/2018 1.10 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 0.10 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 0.80 Prepare workbook for Puerto Rico Sales Tax Financing 

Corporation bonds for further review.

Mark Zeiss

9/21/2018 0.10 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 1.10 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 0.10 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objections and docketing errors as 

appropriate.

Carlo Dominguez

9/24/2018 0.10 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 0.80 Review Puerto Rico Sales Tax Financing Corporation bond claims 

for reconciliation.

Mark Zeiss

9/24/2018 1.10 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 0.10 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claim for objections and docketing erros as 

appropriate.

Carlo Dominguez

Jay Herriman 9/25/2018 2.80 Prepare draft exhibits for 14 Omnibus objections.

Mark Zeiss 9/25/2018 1.40 Revise claims omnibus exhibits per comments.

9/26/2018 0.10 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claim for objections and docketing erros as 

appropriate.

Carlo Dominguez

Page 16 of 21

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Document Page 94 of 108
Puerto Rico Sales Tax Financing Corporation 

Time Detail by Activity by Professional

August 9, 2018 through September 30, 2018

Exhibit C

Puerto Rico Sales Tax Financing Corporation - Claims Administration and Objections

Professional Date Hours Activity

9/26/2018 1.20 Prepare Puerto Rico Sales Tax Financing Corporation bonds 

workbook per new claims and other review.

Mark Zeiss

9/26/2018 3.10 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 2.80 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Bria Warren

9/27/2018 3.10 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Bria Warren

9/27/2018 2.10 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Bria Warren

9/27/2018 0.50 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 1.20 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 3.00 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Paul Kiekhaefer

9/27/2018 3.10 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 2.20 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Bria Warren

9/28/2018 3.10 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Bria Warren

9/28/2018 2.70 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Bria Warren

9/28/2018 2.90 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 0.10 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 1.20 Review Human Resources related claims where insufficient data 

was provided to determine basis of claim.

Jay Herriman

Page 17 of 21

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Document Page 95 of 108
Puerto Rico Sales Tax Financing Corporation 

Time Detail by Activity by Professional

August 9, 2018 through September 30, 2018

Exhibit C

Puerto Rico Sales Tax Financing Corporation - Claims Administration and Objections

Professional Date Hours Activity

9/28/2018 0.60 Review updated Puerto Rico Sales Tax Financing Corporation 

waterfall analysis.

Julie Hertzberg

9/28/2018 1.20 Review Drafts of Puerto Rico Sales Tax Financing Corporation 

Claims Objection Exhibits.

Julie Hertzberg

9/28/2018 0.30 Correspondence to J. Herriman re: revisions to Puerto Rico Sales 

Tax Financing Corporation waterfall analysis.

Julie Hertzberg

9/28/2018 1.50 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Paul Kiekhaefer

9/28/2018 3.00 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

Paul Kiekhaefer

9/28/2018 3.10 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 2.70 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claim for objections and docketing erros as 

appropriate.

Carlo Dominguez

9/29/2018 1.40 Prepare and send B. Clark and B. Rosen updated draft Omnibus 

claim objection exhibits.

Jay Herriman

9/29/2018 0.30 Communications to B. Requena, O. Rodriguez and M. Yassim re: 

Updated Puerto Rico Sales Tax Financing Corporation Waterfall 

Analysis and open issues/action plan for claims reconciliation.

Julie Hertzberg

9/29/2018 0.20 Review updated Puerto Rico Sales Tax Financing Corporation 

waterfall analysis per my requested changes.

Julie Hertzberg

9/30/2018 1.80 Analyze proofs of claim to categorize by functional group / claim 

treatment, marking claims for objection and docketing errors as

appropriate.

John Sagen

Subtotal 505.40

Puerto Rico Sales Tax Financing Corporation - Meeting

Professional Date Hours Activity

8/15/2018 1.00 Participate on call regarding Puerto Rico Sales Tax Financing 

Corporation claim reconciliation with J. Hertzberg, J. Herriman

(A&M) and C. Tarrant (Proskauer).

Jay Herriman

8/15/2018 1.00 Participate on call regarding Puerto Rico Sales Tax Financing 

Corporation claim reconciliation with J. Herriman, J. Hertzberg

and C. Tarrant.

Julie Hertzberg

8/20/2018 0.40 Review status of bondholder claims reconciliation with E. 

VanHorn, M. Traylor, M. Zeiss and B. Warren.

Bria Warren

Page 18 of 21

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Document Page 96 of 108
Puerto Rico Sales Tax Financing Corporation 

Time Detail by Activity by Professional

August 9, 2018 through September 30, 2018

Exhibit C

Puerto Rico Sales Tax Financing Corporation - Meeting

Professional Date Hours Activity

8/20/2018 0.40 Review status of bondholder claims reconciliation with E. 

VanHorn, M. Traylor, B. Warren and M. Zeiss.

Eric VanHorn

8/20/2018 0.70 Review status of bondholder claims reconciliation with M. Zeiss 

and E. VanHorn.

Eric VanHorn

8/20/2018 0.70 Review status of bondholder claims reconciliation with E. 

VanHorn and M. Zeiss.

Mark Zeiss

8/20/2018 0.40 Review status of bondholder claims reconciliation with E. 

VanHorn, M. Traylor, B. Warren and M. Zeiss.

Mark Zeiss

8/20/2018 0.40 Review status of bondholder claims reconciliation with E. 

VanHorn, B Warren, M. Traylor and M. Zeiss.

Markus Traylor

8/21/2018 0.50 Attend Puerto Rico Sales Tax Financing Corporation bonds 

claims reconciliation kickoff call with R. Onserio, M. Zeiss and E. 

VanHorn.

Eric VanHorn

8/21/2018 0.50 Attend Puerto Rico Sales Tax Financing Corporation bonds 

claims reconciliation kickoff call with R. Onserio, M. Zeiss, and E. 

VanHorn.

Mark Zeiss

8/21/2018 0.40 Attend Puerto Rico Sales Tax Financing Corporation bonds 

claims reconciliation kickoff call with R. Onserio, M. Zeiss, and E. 

VanHorn.

Rachel Onserio

8/22/2018 0.80 Puerto Rico Sales Tax Financing Corporation Process review E. 

VanHorn, V. Pena, K. O'Donnell, P. Kiekhaefer.

Eric VanHorn

8/22/2018 0.80 Puerto Rico Sales Tax Financing Corporation Bond Claim 

Walkthrough Meeting with P. Kiekhaefer, K.O'Donnell, V. Pena, E. 

VanHorn.

Kevin O'Donnell

8/22/2018 0.80 Puerto Rico Sales Tax Financing Corporation - Meeting E. 

VanHorn, V. Pena, K. O'Donnell, P. Kiekhaefer.

Paul Kiekhaefer

8/22/2018 0.90 Puerto Rico Sales Tax Financing Corporation Training E. 

VanHorn, V. Pena, K. O'Donnell, P. Kiekhaefer.

Vincent Pena

8/24/2018 0.40 Conference with J. Herriman and J Hertzberg regarding review of 

draft waterfall analysis.

Julie Hertzberg

9/6/2018 2.10 Meeting with B. Sarriera, J. Santiago, B. Fornaris and J. 

Hertzberg regarding Puerto Rico Sales Tax Financing Corporation 

claims analysis.

Jay Herriman

9/6/2018 2.10 Meeting with B. Sarriera, J. Santiago, B. Fornaris and J. Herriman 

re: Puerto Rico Sales Tax Financing Corporation claims analysis.

Julie Hertzberg

Jay Herriman 9/11/2018 0.70 Call with J. Hertzberg regarding review of updated claims waterfall.

9/11/2018 0.60 Call with J. Hertzberg regarding review of unreconciled Puerto 

Rico Sales Tax Financing Corporation claims.

Jay Herriman

Julie Hertzberg 9/11/2018 0.70 Call with J. Herriman re: review of updated claims waterfall.

9/11/2018 0.60 Call with J. Herriman re: review of unreconciled Puerto Rico Sales 

Tax Financing Corporation claims.

Julie Hertzberg

Page 19 of 21

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Document Page 97 of 108
Puerto Rico Sales Tax Financing Corporation 

Time Detail by Activity by Professional

August 9, 2018 through September 30, 2018

Exhibit C

Puerto Rico Sales Tax Financing Corporation - Meeting

Professional Date Hours Activity

9/17/2018 0.50 Call with S. MA, J. Levitan & B. Clark and J. Herriman re: review 

of claims waterfall for use in plan estimation process.

Julie Hertzberg

9/20/2018 1.10 Meet with J. Hertzberg re: discuss claims reconciliation timeline 

deck, next priorities for claim review.

Jay Herriman

9/20/2018 0.50 Call with B. Rosen, C. Tarrant & B. Clark and J. Hertzberg re: 

review of Claims waterfall report and claim objections.

Jay Herriman

9/20/2018 0.50 Call with B. Rosen, C. Tarrant & B. Clark and J. Herriman re: 

review of Claims waterfall report and claim objections.

Julie Hertzberg

9/20/2018 1.10 Meet with J. Herriman re: discuss claims reconciliation timeline 

deck, next priorities for claim review and Puerto Rico Sales Tax 

Financing Corporation waterfall updates.

Julie Hertzberg

Subtotal 20.60

Puerto Rico Sales Tax Financing Corporation - Plan and Disclosure Statement

Professional Date Hours Activity

9/2/2018 1.60 Update Puerto Rico Sales Tax Financing Corporation claims 

waterfall with newly filed proofs of claim.

Jay Herriman

9/8/2018 0.80 Review various claims related to Puerto Rico Sales Tax Financing 

Corporation waterfall for Plan.

Julie Hertzberg

9/10/2018 1.10 Review newly filed Puerto Rico Sales Tax Financing Corporation 

claims, update types and categories for listing on claims waterfall 

report.

Jay Herriman

9/11/2018 3.10 Update Puerto Rico Sales Tax Financing Corporation claims 

waterfall with newly filed proofs of claim.

Jay Herriman

9/12/2018 1.10 Update Puerto Rico Sales Tax Financing Corporation claims 

waterfall with newly filed proofs of claim.

Jay Herriman

9/17/2018 0.50 Call with S. MA, J. Levitan & B. Clark and J. Hertzberg re: review 

of claims waterfall for use in plan estimation process.

Jay Herriman

9/18/2018 1.80 Update Puerto Rico Sales Tax Financing Corporation claims 

waterfall with newly filed proofs of claim.

Jay Herriman

9/24/2018 0.90 Update Puerto Rico Sales Tax Financing Corporation claims 

waterfall with newly filed proofs of claim.

Jay Herriman

Julie Hertzberg 9/27/2018 2.30 Review Draft Puerto Rico Sales Tax Financing Corporation Plan.

9/28/2018 1.70 Update Puerto Rico Sales Tax Financing Corporation claims 

waterfall with newly filed proofs of claim.

Jay Herriman

Subtotal 14.90

Page 20 of 21

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Puerto Rico Sales Tax Financing Corporation 

Time Detail by Activity by Professional

August 9, 2018 through September 30, 2018

Exhibit C

Grand Total 540.9

Page 21 of 21

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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 

PUERTO RICO SALES TAX FINANCING CORPORATION 

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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 3284-LTS 

 as representative of )

 

PUERTO RICO SALES TAX FINANCING CORPORATION 

(“COFINA”),

Debtor.

) 

) 

This Application relates 

only to COFINA and shall 

be filed in the Lead Case 

No. 17 BK 3283-LTS and 

COFINA’s Title III Case 

(Case No. 17 BK 3284-

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 PUERTO RICO SALES TAX FINANCING 

CORPORATION, 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 Puerto Rico Sales Tax Financing Corporation (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 3284-LTS 

 as representative of 

) 

 

PUERTO RICO SALES TAX FINANCING CORPORATION 

(“COFINA”),

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 PUERTO RICO SALES TAX 

FINANCING CORPORATION, FOR THE PERIOD 

AUGUST 9, 2018 THROUGH SEPTEMBER 30, 2018 

Upon the application (the “Application”)2

 of Alvarez and Marsal North America, LLC 

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

 

1

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

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

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

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

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

(Last Four Digits of Federal Tax ID: 3808); (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

“Oversight Board”) acting as representative of the Puerto Rico Sales Tax Corporation (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 $250,780.50, $246,143.25 of which represents fees earned outside of 

Puerto Rico and $4,637.25 of which represents fees earned in 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 $250,780.50, $246,143.25 of 

which represents fees earned outside of Puerto Rico and $4,637.25 of which represents 

fees earned in Puerto Rico, 

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

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

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

Compensation Order. 

 2

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

3

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

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3

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

pursuant to this order in accordance with the Application. 

Dated: ________________________, 2018 _________________________________ 

 San Juan, Puerto Rico Honorable Laura Taylor Swain 

 United States District Judge 

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