Exhibit C

Detailed Description of Hours and Fees by Matter Category

[On following page]

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 1 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 2/1/2018 1 Discussion regarding Zolfo work streams on the Commonwealth fiscal plan with 

S. Martinez

0.5

Scott Martinez 2/1/2018 1 Discussion regarding Zolfo work streams on the Commonwealth fiscal plan with

C. Flaton

0.5

Carol Flaton 2/2/2018 1 Discussion regarding open issues with S. Martinez 0.5

Scott Martinez 2/2/2018 1 Discussion regarding open issues with C. Flaton 0.5

Carol Flaton 2/5/2018 1 Discussions regarding Zolfo workstreams with S. Martinez 0.7

Scott Martinez 2/5/2018 1 Discussions regarding Zolfo workstreams with C. Flaton 0.7

Carol Flaton 2/12/2018 1 Discussion regarding Zolfo workstreams with S. Martinez 0.6

Scott Martinez 2/12/2018 1 Discussion regarding Zolfo workstreams with C. Flaton 0.6

Enrique R. Ubarri 3/5/2018 1 Communication with C. Flaton re: certain AAFAF operational matters;

informative session work; discussion of recent filings and other information re:

PREPA.

0.5

Carol Flaton 3/6/2018 1 Discussion regarding Zolfo workstreams with S. Martinez 0.4

Scott Martinez 3/6/2018 1 Discussion regarding Zolfo workstreams with C. Flaton 0.4

Carol Flaton 3/7/2018 1 Status update call regarding COFINA mediation materials with S. Martinez 0.2

Scott Martinez 3/7/2018 1 Status update call regarding COFINA mediation materials with C. Flaton 0.2

Carol Flaton 3/12/2018 1 Discussions regarding Zolfo Cooper work streams with S. Martinez 0.7

Scott Martinez 3/12/2018 1 Prepared a list of open items for Zolfo Cooper to address for the Committee 0.4

Scott Martinez 3/12/2018 1 Discussions regarding Zolfo Cooper work streams with C. Flaton 0.7

Carol Flaton 3/13/2018 1 Call w/S. Martinez regarding workstreams and upcoming UCC mtg. 0.3

Enrique R. Ubarri 3/13/2018 1 Exchanged e-mails with Executive Director of ICSE re: scheduling of meeting. 0.1

Enrique R. Ubarri 3/13/2018 1 Exchanged e-mails with S. Martinez and C. Flaton re: scheduling of certain

meetings in Puerto Rico; exchanged e-mails with several Puerto Rico parties

requesting meetings.

0.2

Scott Martinez 3/13/2018 1 Call w/C. Flaton regarding workstreams and upcoming UCC mtg. 0.3

Carol Flaton 3/16/2018 1 Discussion regarding Zolfo Cooper workstreams for next week with S. Martinez 0.6

Scott Martinez 3/16/2018 1 Discussion regarding Zolfo Cooper workstreams for next week with C. Flaton 0.6

Enrique R. Ubarri 3/21/2018 1 Exchanged e-mails with C. Flaton and S. Martinez re: Puerto Rico meetings. 0.1

Carol Flaton 3/27/2018 1 Discussion regarding Zolfo Cooper work streams with S. Martinez 0.4

Carol Flaton 3/27/2018 1 Follow-up discussion regarding case strategy and work streams with D. Praga,

S. Martinez, E. Deichmann, M. Westermann

0.6

Deborah Praga 3/27/2018 1 Follow-up discussion regarding case strategy and work streams with C. Flaton,

S. Martinez, E. Deichmann, M. Westermann

0.6

Eric Deichmann 3/27/2018 1 Follow-up discussion regarding case strategy and work streams with C. Flaton,

S. Martinez, M. Westermann, D. Praga

0.6

Michael Westermann 3/27/2018 1 Follow-up discussion regarding case strategy and work streams with C. Flaton,

S. Martinez, E. Deichmann, D. Praga

0.6

Scott Martinez 3/27/2018 1 Discussion regarding Zolfo Cooper work streams with C. Flaton 0.4

Scott Martinez 3/27/2018 1 Follow-up discussion regarding case strategy and work streams with C. Flaton,

E. Deichmann, M. Westermann, D. Praga

0.6

Carol Flaton 4/15/2018 1 Status update call regarding Zolfo work streams with S. Martinez 0.4

Scott Martinez 4/15/2018 1 Status update call regarding Zolfo work streams with C. Flaton 0.4

Carol Flaton 4/16/2018 1 Follow up call w/M. Westermann, E. Deichmann, L. Sepulvado (Total) re

litigation scenarios

0.6

Eric Deichmann 4/16/2018 1 Follow up call with C. Flaton, M. Westermann, and E. Deichmann and Total (L.

Sepulvado) re: case catch up

0.6

Michael Westermann 4/16/2018 1 Follow up call with C. Flaton, and E. Deichmann and Total (L. Sepulvado) re:

case catch up

0.6

Carol Flaton 4/18/2018 1 Discussion between M. Westermann and S. Martinez re: potential meetings in

Puerto Rico and general case catch up

0.8

Michael Westermann 4/18/2018 1 Discussion between C. Flaton and S. Martinez re: potential meetings in Puerto

Rico and general case catch up

0.8

Scott Martinez 4/18/2018 1 Discussion between C. Flaton, M. Westermann re: potential meetings in Puerto

Rico and general case catch up

0.8

Page 1 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 2 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 4/19/2018 1 Follow up meeting regarding case strategy with D. Praga, S. Martinez, R. 

Yenumula, E. Deichmann

0.6

Deborah Praga 4/19/2018 1 Follow up meeting regarding case strategy with C. Flaton, S. Martinez, R. 

Yenumula, E. Deichmann

0.6

Eric Deichmann 4/19/2018 1 Follow up meeting regarding case strategy with C. Flaton, S. Martinez, R. 

Yenumula, D. Praga 

0.6

Rahul Yenumula 4/19/2018 1 Follow up meeting regarding case strategy with C. Flaton, S. Martinez, E. 

Deichmann, D. Praga

0.6

Scott Martinez 4/19/2018 1 Follow up meeting regarding case strategy with C. Flaton, R. Yenumula, E. 

Deichmann, D. Praga

0.6

Carol Flaton 4/20/2018 1 Discussion regarding Zolfo Cooper work streams on fiscal plans with S. Martinez 0.6

Scott Martinez 4/20/2018 1 Discussion regarding Zolfo Cooper work streams on fiscal plans with C. Flaton 0.6

Carol Flaton 5/9/2018 1 Work stream status update w/S. Martinez 0.7

Scott Martinez 5/9/2018 1 Status update meeting regarding Zolfo work streams with C. Flaton 0.7

Carol Flaton 5/10/2018 1 Discussion w/S. Martinez re work streams and prep for 5/22 0.5

Scott Martinez 5/10/2018 1 Discussion regarding Zolfo work streams with C. Flaton 0.5

Carol Flaton 5/23/2018 1 Discussion regarding Zolfo Cooper work streams with S. Martinez 0.6

Scott Martinez 5/23/2018 1 Discussion regarding Zolfo Cooper work streams with C. Flaton 0.6

Carol Flaton 5/30/2018 1 Call w/ S. Martinez to discuss workstream status 0.4

Scott Martinez 5/30/2018 1 Discussion regarding Zolfo work streams with C. Flaton 0.4

Total Hours Matter Category 1 27.7

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 2/1/2018 2 0.1

Carol Flaton 2/1/2018 2 0.2

Carol Flaton 2/1/2018 2 0.5

Deborah Praga 2/1/2018 2 1.7

Enrique R. Ubarri 2/1/2018 2 0.2

Scott Martinez 2/1/2018 2 1.5

Carol Flaton 2/2/2018 2 0.1

Carol Flaton 2/2/2018 2 0.1

Carol Flaton 2/2/2018 2 0.1

Carol Flaton 2/2/2018 2 0.3

Carol Flaton 2/2/2018 2 1.2

Deborah Praga 2/2/2018 2 0.4

Enrique R. Ubarri 2/2/2018 2 0.1

Rahul Yenumula 2/2/2018 2 0.3

Scott Martinez 2/2/2018 2 0.1

Carol Flaton 2/4/2018 2 0.3

Carol Flaton 2/5/2018 2 0.1

Carol Flaton 2/5/2018 2 0.2

Carol Flaton 2/5/2018 2 0.2

Carol Flaton 2/5/2018 2 0.2

Carol Flaton 2/5/2018 2 0.3

Carol Flaton 2/5/2018 2 0.3

Carol Flaton 2/5/2018 2 0.4

Carol Flaton 2/5/2018 2 0.7

Deborah Praga 2/5/2018 2 1.4

Enrique R. Ubarri 2/5/2018 2

Exchanged email w/D. Mack (Drivetrain) re FOMB meeting

Exchanged emails w/S. Martinez, J. Bliss (PH), J. Worthington (PH) re 2004

data

Reviewed 2/1 email from A. Bongartz (PH) & attachments

Review of emails with attachments from A. Bongartz (PH)

Reviewed e-mail and attachment from A. Bongartz of Paul Hastings re: certain

operational matters, including draft statement of UCC to PREPA Financing

Reviewed email correspondence from A. Bongartz (Paul Hastings) to the 

members of the UCC

Review of budget email from S. Maza (PH)

Email w/S. Millman (AFT) re pension questions

Emails w/ S. Millman (AFT) re Zamot mtg

Call w/ L. Despins (PH) and D. Mack (Drivetrain) re FOMB session/dinner

Review of A. Bongartz (PH) 2/2 email w/attachments 

Reviewed email with attachments from A. Bongartz (PH)

Reviewed e-mail from A. Bongartz (PH) re: certain operational matters

Discussion with E. Ubarri re: PREPA Listening Session

Call with A. Bongartz (Paul Hastings) regarding materials to be provided to the

Committee

Emails w/I. Smith and D. Mack (Drivetrain) re PR new business (currency) 

prospects

Call w/L. Despins (PH) re billing, past due invoices

Call w/ L. Despins and A. Bongartz (PH) re 2/6 agenda, scheduling

Prep and email to UCC fee subcommittee re December invoice

Emails w/ S. Millman (AFT) re submissions of questions to FP

Call w/S. Millman (AFT) re 2/3 and 401K questions

Emails from A. Bongartz (PH) (2nd from 2/5) and attachments

Review of A. Bongartz (PH) email and attachments

Review of A. Bongartz (PH) email and attachments from 2/5

Review of emails with attachments from A. Bongartz (PH)

Reviewed e-mail from A. Bongartz (PH) re: certain operational matters 0.1

Page 2 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 3 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Rahul Yenumula 2/5/2018 2 Discussions regarding PREPA with S. Martinez 0.4

Scott Martinez 2/5/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the 

members of the UCC

1.0

Carol Flaton 2/6/2018 2 Call w/ S. Millman (AFT) re Fiscal Plan questions 0.1

Carol Flaton 2/6/2018 2 Emails w/L. Despins (PH) re FP presentation to UCC 0.1

Carol Flaton 2/6/2018 2 Emails with D. Mack (Drivetrain) and S. Martinez re DFC tax refund claim 0.2

Carol Flaton 2/6/2018 2 Emails w/ M. Levinson (SEIU) re ZC macro analysis and follow on discussion 0.2

Carol Flaton 2/6/2018 2 Review of CW/PREPA FP talking points for UCC call 0.3

Carol Flaton 2/6/2018 2 Emails w/ J. Worthington (PH) and S. Martinez re Cofina use of funds analysis 0.3

Carol Flaton 2/6/2018 2 Weekly Committee call with UCC, PH (L. Despins, A. Bongartz), D. Praga, E. 

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

1.0

Deborah Praga 2/6/2018 2 Weekly Committee call with UCC, PH (L. Despins, A. Bongartz), C. Flaton, E. 

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

1.0

Enrique R. Ubarri 2/6/2018 2 Weekly Committee call with UCC, PH (L. Despins, A. Bongartz), C. Flaton, E. 

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

1.0

Eric Deichmann 2/6/2018 2 Weekly Committee call with UCC, PH (L. Despins, A. Bongartz), C. Flaton, E. 

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

1.0

Michael Westermann 2/6/2018 2 Weekly Committee call with UCC, PH (L. Despins, A. Bongartz), C. Flaton, E. 

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

1.0

Rahul Yenumula 2/6/2018 2 Weekly Committee call with UCC, PH (L. Despins, A. Bongartz), C. Flaton, E. 

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

1.0

Scott Martinez 2/6/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the 

members of the UCC

0.2

Scott Martinez 2/6/2018 2 Prepared talking points for Committee call regarding the Commonwealth fiscal 

plan session

0.7

Deborah Praga 2/8/2018 2 Review of email with attachments from A. Bongartz (PH) 0.3

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

Michael Westermann 2/8/2018 2 Read A. Bongartz (PH) email and attachments 0.9

Scott Martinez 2/8/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the 

members of the UCC

0.7

Carol Flaton 2/9/2018 2 Emails to S. Martinez and E. Deichmann re follow up items for M. Levinson 

(SEIU)

0.1

Carol Flaton 2/9/2018 2 Emails w/L. Despins (PH) re creditor press release 0.2

Carol Flaton 2/9/2018 2 Emails /w UCC re ZC and CWG 0.2

Carol Flaton 2/9/2018 2 Email to M. Levinson (SEIU) re 2/9 CWG call 0.2

Carol Flaton 2/9/2018 2 Emails w/ UCC members re creditor press release 0.3

Carol Flaton 2/9/2018 2 Call w/ M. Levinson (SEIU - UCC) re FP 0.6

Carol Flaton 2/9/2018 2 Review of A. Bongartz (PH) email w/ all attachments 1.2

Deborah Praga 2/9/2018 2 Review of email with attachments from A. Bongartz (PH) 0.4

Enrique R. Ubarri 2/9/2018 2 Reviewed e-mail from A. Bongartz (PH) re: certain operational matters, 

including attachment related to the Creditor Working Group meeting.

0.2

Michael Westermann 2/9/2018 2 Review of A. Bongartz (PH) email and attachments 0.2

Scott Martinez 2/9/2018 2 Call with A. Bongartz (Paul Hastings) regarding general update and information 

for the Committee

0.5

Scott Martinez 2/9/2018 2 Reviewed email correspondence from L. Despins (Paul Hastings) to the 

members of the UCC

0.5

Carol Flaton 2/12/2018 2 Email to fee subcommittee re ZC bill to be presented to UCC 0.2

Carol Flaton 2/12/2018 2 Emails w/ L. Despins, J. Grogan (PH) and S. Martinez re GDB mtg 0.3

Carol Flaton 2/12/2018 2 Review of A. Bongartz (PH) email and attachments 1.3

Deborah Praga 2/12/2018 2 Review of emails with attachments from A. Bongartz (PH) 0.6

Enrique R. Ubarri 2/12/2018 2 Reviewed e-mail from A. Bongartz of Paul Hastings re: certain operational 

matters.

0.1

Scott Martinez 2/12/2018 2 Calls with A. Bongartz (Paul Hastings) regarding communications to Committee 

members

0.3

Page 3 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 4 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Scott Martinez 2/12/2018 2 Prepared talking points for Committee call regarding meeting with N. Zamot 

(Revitalization Coordinator - FOMB)

0.4

Scott Martinez 2/12/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the 

members of the UCC

0.8

Carol Flaton 2/13/2018 2 Emails w/S. Millman (AFT) re FP 0.2

Carol Flaton 2/13/2018 2 Review/markup of Zamot mtg notes for presentation to UCC 0.3

Carol Flaton 2/13/2018 2 Participated in weekly committee meeting with PH (L. Despins, A. Bongartz), S.

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

0.7

Carol Flaton 2/13/2018 2 Meeting w/ M. Levinson (SEIU - UCC), S. Martinez, E. Deichmann re macro 

assumptions in FP

1.5

Deborah Praga 2/13/2018 2 Participated in weekly committee meeting with PH (L. Despins, A. Bongartz), 

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

0.7

Enrique R. Ubarri 2/13/2018 2 Participated in weekly committee meeting with PH (L. Despins, A. Bongartz),

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

D. Praga

0.7

Eric Deichmann 2/13/2018 2 Participated in weekly committee meeting with PH (L. Despins, A. Bongartz),

C. Flaton, S. Martinez, E. Ubarri, M. Westermann, R. Yenumula, D. Praga

0.7

Michael Westermann 2/13/2018 2 Created materials with summary of commentary made on committee call in

response to committee request

0.4

Michael Westermann 2/13/2018 2 Participated in weekly committee meeting with PH (L. Despins, A. Bongartz),

C. Flaton, S. Martinez, E. Ubarri, E. Deichmann, R. Yenumula, D. Praga

0.7

Rahul Yenumula 2/13/2018 2 Participated in weekly committee meeting with PH (L. Despins, A. Bongartz),

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

D. Praga

0.7

Scott Martinez 2/13/2018 2 Updated the talking points for Committee call regarding meeting with N. Zamot

(Revitalization Coordinator - FOMB)

0.2

Scott Martinez 2/13/2018 2 Reviewed, commented and distributed the comparison of the Commonwealth's

draft fiscal plans to members of the UCC

0.3

Scott Martinez 2/13/2018 2 Participated in weekly committee meeting with PH (L. Despins, A. Bongartz),

C. Flaton, E. Ubarri, E. Deichmann, M. Westermann, R. Yenumula, D. Praga

0.7

Scott Martinez 2/13/2018 2 Meeting with M. Levinson (SEIU), E. Deichmann, C. Flaton re: NFP macro

outlook

1.5

Carol Flaton 2/14/2018 2 Review of A. Bongartz (PH) email and all attachments (PBA filing) 1.7

Deborah Praga 2/14/2018 2 Review of emails with attachments from A. Bongartz (PH) 1.9

Enrique R. Ubarri 2/14/2018 2 Reviewed e-mail from A. Bongartz from Paul Hastings re: operational matters,

including motion filed by the Public Buildings Authority re: payment of rental

obligations

0.5

Scott Martinez 2/14/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the

members of the UCC

1.0

Carol Flaton 2/15/2018 2 Emails w/ D. Mack (Drivetrain) re status of DIP ruling 0.2

Carol Flaton 2/15/2018 2 Review of A. Bongartz (PH) email to UCC re potential expert witness for

CW/Cofina dispute

0.2

Carol Flaton 2/15/2018 2 Review of A. Bongartz (PH) email to UCC re DIP hearing status and next steps 0.3

Deborah Praga 2/15/2018 2 Review of emails with attachments from A. Bongartz (PH) 0.4

Deborah Praga 2/15/2018 2 Participated in weekly committee call with PH (A. Bongartz, Z. Zwillinger), S.

Martinez, E. Deichmann, E. Ubarri

0.6

Enrique R. Ubarri 2/15/2018 2 Participated in weekly committee call with PH (A. Bongartz, Z. Zwillinger), S.

Martinez, E. Deichmann, D. Praga

0.6

Eric Deichmann 2/15/2018 2 Participated in weekly committee call with PH (A. Bongartz, Z. Zwillinger), S.

Martinez, E. Ubarri, D. Praga

0.6

Scott Martinez 2/15/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the

members of the UCC

0.2

Scott Martinez 2/15/2018 2 Participated in weekly committee call with PH (A. Bongartz, Z. Zwillinger), E.

Deichmann, E. Ubarri, D. Praga

0.6

Carol Flaton 2/16/2018 2 Email to L. Despins (PH), S. Martinez re next UCC - in person - mtg 0.1

Page 4 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 5 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 2/16/2018 2 Reviewed email from A. Bongartz (PH) and attachments 0.2

Deborah Praga 2/16/2018 2 Review of emails with attachments from A. Bongartz (PH) 1.7

Enrique R. Ubarri 2/16/2018 2 Reviewed e-mail from A. Bongartz of Paul Hastings re: certain committee 

operational matters.

0.1

Scott Martinez 2/16/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the 

members of the UCC

1.1

Enrique R. Ubarri 2/19/2018 2 Reviewed e-mail from A. Bongartz of Paul Hastings re: update on PREPA 

financing.

0.1

Enrique R. Ubarri 2/19/2018 2 Reviewed e-mail from A. Bongartz re: certain committee operation matters. 0.1

Carol Flaton 2/20/2018 2 Emails w/ L. Despins and A. Bongartz (PH) re in person UCC mtg 0.2

Carol Flaton 2/20/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz), D. 

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

0.5

Deborah Praga 2/20/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz), C. 

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

0.5

Deborah Praga 2/20/2018 2 Review of emails with attachments from A. Bongartz (PH) 2.2

Enrique R. Ubarri 2/20/2018 2 Reviewed e-mail from A. Bongartz of Paul Hastings re: Commonwealth-COFINA 

Litigation: Summary Judgment Motion / Bar Date Order; reviewed mark-up of 

COFINA Summary Judgment.

0.4

Enrique R. Ubarri 2/20/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz), C. 

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

0.5

Eric Deichmann 2/20/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz), C. 

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

0.5

Michael Westermann 2/20/2018 2 Review A. Bongartz (PH) email re: SUT expert witnesses 0.2

Michael Westermann 2/20/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz), C. 

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

0.5

Michael Westermann 2/20/2018 2 Review A. Bongartz (PH) email and the final order for DIP financing 0.7

Scott Martinez 2/20/2018 2 Call regarding updates for Committee with A. Bongartz (Paul Hastings) 0.3

Scott Martinez 2/20/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz), C. 

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

0.5

Scott Martinez 2/20/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the 

members of the UCC

1.4

Carol Flaton 2/21/2018 2 Reviewed A. Bongartz (PH) email and attachments 0.2

Carol Flaton 2/21/2018 2 Read A. Bongartz (PH) email re expert witnesses 0.2

Carol Flaton 2/21/2018 2 Emails w/ S. Martinez and S. Millman (AFT) re FP - education questions 0.2

Carol Flaton 2/21/2018 2 Emails w/ L. Despins (PH) and E. Ubarri re case strategy 0.3

Carol Flaton 2/21/2018 2 Reviewed 2/19 A. Bongartz (PH) email and attachments 1.1

Carol Flaton 2/21/2018 2 Review of A. Bongartz (PH) 2/20 email and attachments (summary judgement 

and bar date motion)

2.4

Carol Flaton 2/22/2018 2 Emails w/UCC members re mtg date for March 0.2

Carol Flaton 2/22/2018 2 Review of A. Bongartz (PH) 2/22 email w/ attachments 0.4

Deborah Praga 2/22/2018 2 Review of communication amongst committee members 0.3

Deborah Praga 2/22/2018 2 Review of email with attachments from A. Bongartz (PH) 0.6

Enrique R. Ubarri 2/22/2018 2 Reviewed e-mail from A. Bongartz (PH) re: certain committee operation 

matters.

0.1

Scott Martinez 2/22/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the 

members of the UCC

0.9

Carol Flaton 2/23/2018 2 Email w/A Bongartz (PH) re ERS mediation 0.1

Carol Flaton 2/23/2018 2 Call w/ S. Millman (AFT), S. Martinez and M. Westermann re FP questions for 

education

0.4

Carol Flaton 2/23/2018 2 Call w/ M. Kopacz (Phoenix) and S. Martinez re CWG and process 0.4

Carol Flaton 2/23/2018 2 Review of A. Bongartz (PH) 2/23 email and all attachments 1.9

Deborah Praga 2/23/2018 2 Researched issues related to PBA bonds for PH 2.4

Enrique R. Ubarri 2/23/2018 2 Reviewed e-mail from A. Bongartz of Paul Hastings re: certain committee 

operation matters

0.4

Page 5 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 6 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Michael Westermann 2/23/2018 2 Call with C. Flaton, S. Martinez and Sherry Millman (AFT) members re: 

Education reform in the fiscal plan 

0.4

Scott Martinez 2/23/2018 2 Call with A. Bongartz (Paul Hastings) regarding UCC issues 0.2

Scott Martinez 2/23/2018 2 Call with C. Flaton, M. Westermann and Sherry Millman (AFT) members re: 

Education reform in the fiscal plan

0.4

Scott Martinez 2/23/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the 

members of the UCC

0.6

Carol Flaton 2/25/2018 2 Email w/L. Despins (PH) re GDB Board 0.1

Carol Flaton 2/26/2018 2 Read A. Bongartz (PH) summary 2/26/18 email 0.1

Carol Flaton 2/26/2018 2 Emails w/ L. Despins and A. Bongartz (PH) re FRB report for UCC 0.1

Carol Flaton 2/26/2018 2 Review A. Bongartz (PH) email and attachments 0.8

Deborah Praga 2/26/2018 2 Reviewed email with attachments from A. Bongartz (PH) 1.3

Enrique R. Ubarri 2/26/2018 2 Reviewed e-mail from A. Bongartz (PH) re: certain committee operation 

matters.

0.1

Scott Martinez 2/26/2018 2 Status update call with A. Bongartz (Paul Hastings) regarding UCC matters 0.5

Scott Martinez 2/26/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the 

members of the UCC

0.6

Carol Flaton 2/27/2018 2 Emails w/L. Despins (PH), E. Ubarri re education hearings 0.1

Carol Flaton 2/27/2018 2 Email w/ L. Despins and A. Bongartz (PH) re UCC mtg date 0.1

Carol Flaton 2/27/2018 2 Email w/A. Bongartz (PH) re mediation schedule CW/Cofina 0.1

Carol Flaton 2/27/2018 2

Email w/D. Mack (Drivetrain) and A. Velasquez (SEIU) re CW/COFINA mediation

0.1

Carol Flaton 2/27/2018 2 Review of A. Bongartz (PH) email and attachments 0.6

Carol Flaton 2/27/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz), D. 

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

0.9

Deborah Praga 2/27/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz), C. 

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

0.9

Deborah Praga 2/27/2018 2 Reviewed email with attachments from A. Bongartz (PH) 1.3

Enrique R. Ubarri 2/27/2018 2 Reviewed e-mail from A. Bongartz of Paul Hastings re: matters related to the 

COFINA mediation and attached memorandum.

0.1

Enrique R. Ubarri 2/27/2018 2 Reviewed e-mail from A. Bongartz of Paul Hastings re: certain committee 

operational matters.

0.1

Enrique R. Ubarri 2/27/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz), C. 

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

0.9

Eric Deichmann 2/27/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz), C. 

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

0.9

Michael Westermann 2/27/2018 2 Review A. Bongartz (PH) email related to updated COFINA mediation schedule 0.1

Michael Westermann 2/27/2018 2 Review A. Bongartz (PH) email and attachments for updated committee call 0.7

Michael Westermann 2/27/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz), C. 

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

0.9

Rahul Yenumula 2/27/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz), C. 

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

0.9

Scott Martinez 2/27/2018 2 Prepared talking points for Committee call regarding Commonwealth fiscal plan

and budget process

0.3

Scott Martinez 2/27/2018 2 Calls with A. Bongartz (Paul Hastings) regarding Committee updates 0.3

Scott Martinez 2/27/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz), C. 

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

0.9

Scott Martinez 2/27/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the 

members of the UCC

0.9

Carol Flaton 2/28/2018 2 Emails w/ D. Mack (Drivetrain) re potential proposal 0.3

Carol Flaton 2/28/2018 2 Review of A. Bongartz (PH) email and attachments 0.4

Carol Flaton 2/28/2018 2 Participated in meeting with PH (L. Despins, J. Bliss), Alvin Velazquez (SEIU), 

D. Mack (Drivetrain), D. Praga, S. Martinez

2.6

Deborah Praga 2/28/2018 2 Prepared for meeting with PH regarding COFINA proposals with S. Martinez 0.5

Deborah Praga 2/28/2018 2 Reviewed email with attachments from A. Bongartz (PH) 1.1

Page 6 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 7 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Deborah Praga 2/28/2018 2 Participated in meeting with PH (L. Despins, J. Bliss), Alvin Velazquez (SEIU), 

D. Mack (Drivetrain), C. Flaton, S. Martinez

2.6

Enrique R. Ubarri 2/28/2018 2 Reviewed e-mail from A. Bongartz (PH) re: certain committee operation 

matters.

0.1

Enrique R. Ubarri 2/28/2018 2 Exchanged several e-mails with D. Barron of Paul Hastings re: membership of 

New York City Bar related to creditor informational sessions

0.2

Michael Westermann 2/28/2018 2 Review of A. Bongartz (PH) email and attachments 0.2

Scott Martinez 2/28/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the 

members of the UCC

0.6

Scott Martinez 2/28/2018 2 Participated in meeting with PH (L. Despins, J. Bliss), Alvin Velazquez (SEIU), 

D. Mack (Drivetrain), C. Flaton, D. Praga

2.6

Carol Flaton 3/1/2018 2 Participated in weekly Committee call with PH (L. Despins, A. Bongartz), D. 

Praga, S. Martinez

0.2

Carol Flaton 3/1/2018 2 Emails w/L. Despins (PH) re Cofina CAB’s 0.2

Deborah Praga 3/1/2018 2 Participated in weekly Committee call with PH (L. Despins, A. Bongartz), C. 

Flaton, S. Martinez

0.2

Scott Martinez 3/1/2018 2 Participated in weekly Committee call with PH (L. Despins, A. Bongartz), C. 

Flaton, D. Praga

0.2

Carol Flaton 3/2/2018 2 Emails w/ D. Mack (Drivetrain) re Cofina proposal 0.1

Carol Flaton 3/2/2018 2 Emails w/ L. Despins (PH) re settlement summary 0.1

Carol Flaton 3/2/2018 2 Emails w/A. Velazquez (SEIU), D. Mack (Drivetrain), L. Despins (PH) re Cofina 

settlement - next steps

0.1

Carol Flaton 3/2/2018 2 Participated in call with PH (L. Despins, J. Bliss), A. Velazquez (SEIU), D. Mack 

(Drivetrain), D. Praga, S. Martinez regarding COFINA proposal

0.8

Deborah Praga 3/2/2018 2 Participated in call with PH (L. Despins, J. Bliss), A. Velazquez (SEIU), D. Mack 

(Drivetrain), C. Flaton, S. Martinez regarding COFINA proposal

0.8

Scott Martinez 3/2/2018 2 Call with A. Bongartz (Paul Hastings) regarding Committee matters 0.1

Scott Martinez 3/2/2018 2 Participated in call with PH (L. Despins, J. Bliss), A. Velazquez (SEIU), D. Mack 

(Drivetrain), C. Flaton, D. Praga regarding COFINA proposal

0.8

Carol Flaton 3/4/2018 2 Follow up call regarding COFINA mediation with L. Despins and J. Bliss (Paul 

Hastings), D. Mack (Drivetrain), A. Velazquez (SEIU), D. Praga, S. Martinez

1.0

Carol Flaton 3/4/2018 2 Review of A. Bongartz (PH) 3/4 email and attachments 1.1

Deborah Praga 3/4/2018 2 Follow up call regarding COFINA mediation with L. Despins and J. Bliss (Paul 

Hastings), D. Mack (Drivetrain), A. Velazquez (SEIU), C. Flaton, S. Martinez

1.0

Enrique R. Ubarri 3/4/2018 2 Reviewed e-mail from A. Bongartz (PH) re: certain operational matters, 

including COFINA Mediation memorandum, Fee Examiner Report, and Omnibus 

Reply of the PBA Funds in Support of Payment of Rent.

1.2

Scott Martinez 3/4/2018 2 Follow up call regarding COFINA mediation with L. Despins and J. Bliss (Paul 

Hastings), D. Mack (Drivetrain), A. Velazquez (SEIU), C. Flaton, D. Praga

1.0

Carol Flaton 3/5/2018 2 Call w/ L. Despins (PH) re Cofina analysis 0.1

Carol Flaton 3/5/2018 2 Email w/L. Despins (PH) re materials for creditor reps 0.1

Carol Flaton 3/5/2018 2 Email w/ N. Zamot re mtg in San Juan 0.1

Carol Flaton 3/5/2018 2 Emails w/L. Despins (PH), S. Martinez re creditor rep deck 0.1

Carol Flaton 3/5/2018 2 Follow up call regarding COFINA mediation with L. Despins and J. Bliss (Paul 

Hastings), D. Mack (Drivetrain), A. Velazquez (SEIU), D. Praga, S. Martinez

1.1

Deborah Praga 3/5/2018 2 Follow up call regarding COFINA mediation with L. Despins and J. Bliss (Paul 

Hastings), D. Mack (Drivetrain), A. Velazquez (SEIU), C. Flaton, S. Martinez

1.1

Enrique R. Ubarri 3/5/2018 2 Reviewed e-mail from A. Bongartz (PH) re: certain operational matters, 

including Zolfo Cooper presentation on the COFINA mediation proposals.

0.2

Michael Westermann 3/5/2018 2 Review of email from S. Millman (AFT) re: education and charter schools 0.4

Scott Martinez 3/5/2018 2 Follow up call regarding COFINA mediation with L. Despins and J. Bliss (Paul 

Hastings), D. Mack (Drivetrain), A. Velazquez (SEIU), C. Flaton, D. Praga

1.1

Carol Flaton 3/6/2018 2 Emails w/L. Despins (PH) and M. Richard (AFT) re Cofina mediation process 0.1

Carol Flaton 3/6/2018 2 Follow on emails w/M. Richard (AFT) and L. Despins (PH) re Cofina process 0.1

Carol Flaton 3/6/2018 2 Emails w/S. Martinez re agenda and scheduling for 3/23 mtg 0.1

Page 7 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 8 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 3/6/2018 2 Participated in weekly committee call with PH (L. Despins, J. Bliss, A. 

Bongartz), D. Praga, S. Martinez, E. Ubarri, M. Westermann, R. Yenumula, E. 

Deichmann

1.2

Deborah Praga 3/6/2018 2 Participated in weekly committee call with PH (L. Despins, J. Bliss, A. 

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

Deichmann

1.2

Deborah Praga 3/6/2018 2 Review of email with attachments from A. Bongartz (PH) 2.3

Enrique R. Ubarri 3/6/2018 2 Reviewed e-mail from A. Bongartz (PH) re: certain operational matters, 

including adversary proceeding chart.

0.2

Enrique R. Ubarri 3/6/2018 2 Participated in weekly committee call with PH (L. Despins, J. Bliss, A. 

Bongartz), C. Flaton, S. Martinez, M. Westermann, R. Yenumula, E. Deichmann, 

D. Praga

1.2

Michael Westermann 3/6/2018 2 Participated in weekly committee call with PH (L. Despins, J. Bliss, A. 

Bongartz), C. Flaton, S. Martinez, E. Ubarri, R. Yenumula, E. Deichmann, D. 

Praga 

1.2

Rahul Yenumula 3/6/2018 2 Participated in weekly committee call with PH (L. Despins, J. Bliss, A. 

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

Deichmann, D. Praga

1.2

Scott Martinez 3/6/2018 2 Participated in weekly committee call with PH (L. Despins, J. Bliss, A. 

Bongartz), C. Flaton, E. Ubarri, M. Westermann, R. Yenumula, E. Deichmann, 

D. Praga

1.2

Carol Flaton 3/7/2018 2 Emails w/ D. Mack (Drivetrain), A. Bongartz, L. Despins (PH) re PREC litigation 0.1

Carol Flaton 3/7/2018 2 Review of Charter School report and related emails w/UCC (F. Santos (PR 

Hospital Supply), M. Richard (AFT)) and L. Despins (PH)

0.2

Carol Flaton 3/7/2018 2 Review of 3/6/18 A. Bongartz (PH) email and attachments 1.8

Enrique R. Ubarri 3/7/2018 2 Reviewed e-mail from C. Flaton re: communication from M. Richard (AFT); 

research information provided by M. Richard (AFT); exchanged e-mails with C. 

Flaton re: information provided by M. Richard (AFT)

0.2

Enrique R. Ubarri 3/7/2018 2 Exchanged several e-mails with L. Despins of Paul Hastings re: research of 

certain COFINA information; reviewed information provided by L. Despins.

0.3

Carol Flaton 3/8/2018 2 Email from A. Bongartz (PH) re mediation schedule 0.1

Carol Flaton 3/8/2018 2 Email w/ D. Mack (Drivetrain) re Cofina structure questions 0.1

Carol Flaton 3/8/2018 2 Email w/ L. Despins (PH) and attachment re fees 0.1

Carol Flaton 3/8/2018 2 Email from S. Millman (AFT) re specific FP questions 0.1

Carol Flaton 3/8/2018 2 Call w/ L. Despins (PH) re Committee request 0.2

Carol Flaton 3/8/2018 2 Review of A. Bongartz (PH) second 3/8 email and Attached ENT 0.2

Carol Flaton 3/8/2018 2 Review of A. Bongartz (PH) 3/8 email and attachments 0.4

Carol Flaton 3/8/2018 2 Participated in weekly committee call with PH (L. Despins, J. Bliss, A. 

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

0.5

Carol Flaton 3/8/2018 2 Call regarding draft term sheet for COFINA mediation with A. Velazquez (SEIU), 

D. Mack (Drivetrain), C. Flaton, S. Martinez, D. Praga 

0.5

Deborah Praga 3/8/2018 2 Participated in weekly committee call with PH (L. Despins, J. Bliss, A. 

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

0.5

Deborah Praga 3/8/2018 2 Call regarding draft term sheet for COFINA mediation with A. Velazquez (SEIU), 

D. Mack (Drivetrain), C. Flaton, S. Martinez, M. Westermann

0.5

Deborah Praga 3/8/2018 2 Reviewed emails with attachments from A. Bongartz (PH) 1.1

Enrique R. Ubarri 3/8/2018 2 Reviewed e-mail from A. Bongartz (PH) re: update on Omnibus Hearing and 

certain committee operational matters

0.1

Enrique R. Ubarri 3/8/2018 2 Reviewed e-mail from A. Bongartz of Paul Hastings re: proposed Term Sheet for

Commonwealth-COFINA Settlement Proposal

0.1

Enrique R. Ubarri 3/8/2018 2 Reviewed e-mail from A. Bongartz (PH) re: several committee operational 

matters.

0.1

Enrique R. Ubarri 3/8/2018 2 Participated in weekly committee call with PH (L. Despins, J. Bliss, A. 

Bongartz), C. Flaton, S. Martinez, M. Westermann, D. Praga

0.5

Page 8 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 9 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Michael Westermann 3/8/2018 2 Participated in weekly committee call with PH (L. Despins, J. Bliss, A. 

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

0.5

Michael Westermann 3/8/2018 2 Review of A. Bongartz (PH) email and attachments 0.9

Scott Martinez 3/8/2018 2 Participated in weekly committee call with PH (L. Despins, J. Bliss, A. 

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

0.5

Scott Martinez 3/8/2018 2 Call regarding draft term sheet for COFINA mediation with A. Velazquez (SEIU), 

D. Mack (Drivetrain), C. Flaton, M. Westermann, D. Praga

0.5

Scott Martinez 3/8/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the 

members of the UCC

1.1

Carol Flaton 3/9/2018 2 Emails w/ M. Richard (AFT) and L. Despins (PH) re settlement 0.1

Carol Flaton 3/9/2018 2 Email to S. Millman (AFT) re FP questions 0.1

Carol Flaton 3/9/2018 2 Email w/ D. Mack (Drivetrain) and L. Despins (PH) re mediation prep 0.1

Carol Flaton 3/9/2018 2 Email w/ N. Zamot (Revitalization Coordinator) re mtgs 0.1

Carol Flaton 3/9/2018 2 Email from A. Bongartz (PH) w/Attachment 0.2

Carol Flaton 3/9/2018 2 Email from A. Bongartz (PH) (3/9) with attachments 0.2

Carol Flaton 3/9/2018 2 Call regarding COFINA mediation settlement proposal with D. Mack (Drivetrain),

L. Despins and A. Bongartz (Paul Hastings), S. Martinez, M. Westermann, D. 

Praga

0.3

Carol Flaton 3/9/2018 2 Emails between L. Despins (PH), S. Martinez, D. Praga re settlement framework

materials for UCC

0.3

Carol Flaton 3/9/2018 2 Participated in special committee call with PH (L. Despins, J. Bliss, A. 

Bongartz), E. Ubarri, S. Martinez, M. Westermann, D. Praga, E. Deichmann

1.5

Deborah Praga 3/9/2018 2 Call regarding COFINA mediation settlement proposal with D. Mack (Drivetrain),

L. Despins and A. Bongartz (Paul Hastings), S. Martinez, C. Flaton, M. 

Westermann

0.3

Deborah Praga 3/9/2018 2 Review of emails from A. Bongartz (PH) 0.3

Deborah Praga 3/9/2018 2 Participated in special committee call with PH (L. Despins, J. Bliss, A. 

Bongartz), C. Flaton, S. Martinez, M. Westermann, E. Ubarri, E. Deichmann

1.5

Enrique R. Ubarri 3/9/2018 2 Reviewed e-mail from A. Bongartz of Paul Hastings re: Revised Draft Term 

Sheet for Settlement Proposal to COFINA Agent 

0.1

Enrique R. Ubarri 3/9/2018 2 Reviewed e-mail from A. Bongartz of Paul Hastings re: Revised second version 

of Draft Term Sheet for Settlement Proposal to COFINA Agent 

0.1

Enrique R. Ubarri 3/9/2018 2 Participated in special committee call with PH (L. Despins, J. Bliss, A. 

Bongartz), C. Flaton, S. Martinez, M. Westermann, D. Praga, E. Deichmann

1.5

Eric Deichmann 3/9/2018 2 Participated in special committee call with PH (L. Despins, J. Bliss, A. 

Bongartz), C. Flaton, S. Martinez, M. Westermann, E. Ubarri, Praga (partial 

participation)

1.0

Michael Westermann 3/9/2018 2

Call regarding COFINA mediation settlement proposal with D. Mack (Drivetrain),

L. Despins and A. Bongartz (Paul Hastings), S. Martinez, C. Flaton, D. Praga 

0.3

Michael Westermann 3/9/2018 2 Review of A. Bongartz and L. Despins (PH) emails re: mediation updates 0.5

Michael Westermann 3/9/2018 2 Participated in special committee call with PH (L. Despins, J. Bliss, A. 

Bongartz), C. Flaton, S. Martinez, E. Ubarri, D. Praga, E. Deichmann 

1.5

Scott Martinez 3/9/2018 2

Call regarding COFINA mediation settlement proposal with D. Mack (Drivetrain),

L. Despins and A. Bongartz (Paul Hastings), C. Flaton, M. Westermann, D. Praga

0.3

Scott Martinez 3/9/2018 2 Participated in special committee call with PH (L. Despins, J. Bliss, A. 

Bongartz), C. Flaton, E. Ubarri, M. Westermann, D. Praga, E. Deichmann

1.5

Carol Flaton 3/10/2018 2 Read email from A. Bongartz (PH) re mediation status 0.1

Carol Flaton 3/10/2018 2 Emails w/ D. Mack (Drivetrain) and L. Despins (PH) re settlement term 0.2

Carol Flaton 3/10/2018 2 Call w/ S. Martinez re D. Mack request 0.2

Carol Flaton 3/10/2018 2 Emails w/ D. Mack (Drivetrain) and S. Martinez re COFINA proceeds 0.3

Enrique R. Ubarri 3/10/2018 2 Reviewed e-mail from A. Bongartz (PH) re: Update on Commonwealth-COFINA 

Mediation

0.1

Michael Westermann 3/10/2018 2 Review of A. Bongartz (PH) Email re: mediation updates 0.2

Page 9 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 10 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 3/11/2018 2 Reviewed email from L. Despins (PH) to UCC re mediation status 0.1

Carol Flaton 3/11/2018 2 Review of A. Bongartz (PH) 3/11 email w/attachments 0.7

Carol Flaton 3/11/2018 2 Participated in committee call regarding Commonwealth-COFINA mediation 

with L. Despins (Paul Hastings), D. Praga, S. Martinez, E. Ubarri

1.0

Deborah Praga 3/11/2018 2 Participated in committee call regarding Commonwealth-COFINA mediation 

with L. Despins (Paul Hastings), C. Flaton, S. Martinez, E. Ubarri

1.0

Enrique R. Ubarri 3/11/2018 2 Reviewed e-mail from L. Despins (PH) re: Update on Commonwealth-COFINA 

Mediation.

0.1

Enrique R. Ubarri 3/11/2018 2 Reviewed e-mail from A. Bongartz (PH) re: certain operational matters, 

including the summary report on the creditor working group call; extension of 

GDB, UPR Fiscal Plan Deadlines.

0.2

Enrique R. Ubarri 3/11/2018 2 Participated in special committee call with PH (L. Despins, D. Barron, A. 

Bongartz), C. Flaton, S. Martinez, D. Praga

1.0

Enrique R. Ubarri 3/11/2018 2 Reviewed e-mail from A. Bongartz (PH) re: Draft Opposition to COFINA Side's 

Summary Judgment Motions; reviewed Draft Opposition to COFINA Side's 

Summary Judgment Motions.

1.6

Scott Martinez 3/11/2018 2 Participated in committee call regarding Commonwealth-COFINA mediation 

with L. Despins (Paul Hastings), C. Flaton, D. Praga, E. Ubarri

1.0

Carol Flaton 3/12/2018 2 Emails w/ L. Despins (PH) re PRASA 0.1

Carol Flaton 3/12/2018 2 Email to S. Levine/M. Levinson (SEIU) re employee benefits 0.1

Scott Martinez 3/12/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the 

members of the UCC

0.6

Carol Flaton 3/13/2018 2 Emails w/F. Santos (PR Hospital Supply) re 3/22 agenda 0.1

Carol Flaton 3/13/2018 2 Email w/L. Despins (PH) re 3/22 agenda 0.1

Carol Flaton 3/13/2018 2 Emails w/E. Ubarri and S. Martinez re 3/23 mtgs in San Juan 0.1

Carol Flaton 3/13/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz), D. 

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

0.2

Carol Flaton 3/13/2018 2 Emails w/D. Mack (Drivetrain) re report on Doral claim 0.2

Carol Flaton 3/13/2018 2 Call w/L. Despins (PH) to discuss /review macro deck 0.3

Carol Flaton 3/13/2018 2 Review of P3/Education response to question from A. Velazquez 0.3

Carol Flaton 3/13/2018 2 Reviewed A. Bongartz (PH) email and attachment 0.4

Deborah Praga 3/13/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz), C. 

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

0.2

Deborah Praga 3/13/2018 2 Review of committee email communications 0.2

Enrique R. Ubarri 3/13/2018 2 Reviewed e-mail from A. Bongartz (PH) re: certain operational matters. 0.1

Enrique R. Ubarri 3/13/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz), C. 

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

0.2

Michael Westermann 3/13/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz), C. 

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

0.2

Michael Westermann 3/13/2018 2 Review of A. Bongartz (PH) email and attachments 0.6

Scott Martinez 3/13/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz), C. 

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

0.2

Scott Martinez 3/13/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the 

members of the UCC

1.1

Carol Flaton 3/14/2018 2 Emails w/S. Millman (AFT) re 3/22 mtg 0.1

Carol Flaton 3/14/2018 2 Email w S. Millman (AFT) re agenda and questions for UCC mtg 0.1

Carol Flaton 3/14/2018 2 Email w/ A. Bongartz and L. Despins (PH) re 3/22 agenda 0.1

Carol Flaton 3/14/2018 2 Email w/M. Levinson (SEIU) 0.2

Carol Flaton 3/14/2018 2 Discuss w/S. Martinez 3/22 agenda, topics for N. Zamot 0.3

Scott Martinez 3/14/2018 2 Call regarding draft agenda for in-person UCC meeting with A. Bongartz (Paul 

Hastings)

0.2

Scott Martinez 3/14/2018 2 Discussion regarding UCC in-person agenda with C. Flaton 0.3

Carol Flaton 3/15/2018 2 Email w/ L. Despins (PH) re PRASA loan 0.1

Carol Flaton 3/15/2018 2 Call w/ S. Millman (AFT) re 3/22 questions/agenda 0.2

Carol Flaton 3/15/2018 2 Emails w/ M. Richard (AFT) re 3/22 topics 0.2

Page 10 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 11 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 3/15/2018 2 Read email from M. Levinson (SEIU) re FP analysis 0.2

Carol Flaton 3/15/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, D. 

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

0.3

Carol Flaton 3/15/2018 2 Read email from A. Bongartz (PH) w/attachment 0.4

Carol Flaton 3/15/2018 2 Read A. Bongartz (PH) email and attachment 0.6

Carol Flaton 3/15/2018 2 Discussion regarding the draft macroeconomic presentation for the UCC with L. 

Despins and A. Bongartz (Paul Hastings), S. Martinez, E. Deichmann

0.9

Deborah Praga 3/15/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, D. 

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

0.3

Deborah Praga 3/15/2018 2 Review of email with attachments from A. Bongartz (PH) 0.7

Enrique R. Ubarri 3/15/2018 2 Reviewed e-mail from L. Despins (PH) re: GO Bondholders' Settlement Proposal 0.1

Enrique R. Ubarri 3/15/2018 2 Reviewed e-mail from A. Bongartz (PH) re: oppositions to Motion for Summary 

Judgment briefs in COFINA/Commonwealth case.

0.1

Enrique R. Ubarri 3/15/2018 2 Reviewed e-mail from A. Bongartz (PH) re: certain operational matters, 

including GO Bondholders' Settlement Proposal 

0.2

Enrique R. Ubarri 3/15/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, D. 

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

0.3

Eric Deichmann 3/15/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, D. 

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

0.3

Eric Deichmann 3/15/2018 2 Discussion regarding the draft macroeconomic presentation for the UCC with L. 

Despins and A. Bongartz (Paul Hastings), C. Flaton, S. Martinez

0.9

Michael Westermann 3/15/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, D. 

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

0.3

Scott Martinez 3/15/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, D. 

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

0.3

Scott Martinez 3/15/2018 2 Discussion regarding the draft macroeconomic presentation for the UCC with L. 

Despins and A. Bongartz (Paul Hastings), C. Flaton, E. Deichmann

0.9

Scott Martinez 3/15/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the 

members of the UCC

1.2

Carol Flaton 3/16/2018 2 Emails w/ N. Zamot re UCC mtg 0.1

Carol Flaton 3/16/2018 2 Emails w/ S. Martinez re 3/23 mtgs 0.1

Carol Flaton 3/16/2018 2 Emails w/M. Richard (AFT) re FP 0.2

Carol Flaton 3/16/2018 2 Call with M. Westermann, and S. Millman (AFT) re: private insurance payments, 

on-island relief spend and other general case questions 

0.3

Deborah Praga 3/16/2018 2 Review of emails with attachments from A. Bongartz (PH) 1.3

Enrique R. Ubarri 3/16/2018 2 Reviewed e-mail from A. Bongartz (PH) re: certain operational matters. 0.1

Michael Westermann 3/16/2018 2 Call with C. Flaton, and S. Millman (AFT) re: private insurance payments, onisland relief spend and other general case questions 0.3

Michael Westermann 3/16/2018 2 Review of A. Bongartz (PH) email and attachments 0.7

Scott Martinez 3/16/2018 2 Call regarding Milliman release with M. Comerford (Paul Hastings) 0.3

Scott Martinez 3/16/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the 

members of the UCC

0.9

Carol Flaton 3/17/2018 2 Emails w/ L. Despins (PH) re creditor information sessions 0.1

Deborah Praga 3/17/2018 2 Reviewed emails from A. Bongartz (PH) and S. Martinez related to second 

interim fee application

0.2

Carol Flaton 3/19/2018 2 Emails w/ A. Bongartz (PH) 0.1

Carol Flaton 3/19/2018 2 Email w/ L. Despins (PH) and A. Velazquez (SEIU) re 3/22 mtg 0.1

Carol Flaton 3/19/2018 2 Read A. Bongartz (PH) email to UCC and attached agenda 0.2

Carol Flaton 3/19/2018 2 Emails w/L. Despins, A. Bongartz (PH), S. Martinez re Cofina cap structure 0.3

Deborah Praga 3/19/2018 2 Reviewed emails with attachments from A. Bongartz (PH) 1.3

Enrique R. Ubarri 3/19/2018 2 Reviewed e-mail from A. Bongartz (PH) re: certain operational matters. 0.1

Enrique R. Ubarri 3/19/2018 2 Reviewed e-mail from A. Bongartz (PH) re: Materials Regarding Creditor 

Information Sessions

0.2

Michael Westermann 3/19/2018 2 Read Paul Hastings presentation material 0.2

Michael Westermann 3/19/2018 2 Respond to committee member question re: education reform and P3 authority 0.9

Page 11 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 12 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 3/20/2018 2 Emails w/ M. Richard (AFT), L. Despins (PH) re 3/22 agenda 0.1

Carol Flaton 3/20/2018 2 Emails w/S. Millman (AFT) re Zamot mtg 0.1

Carol Flaton 3/20/2018 2 Emails w/ L. Despins (PH) and S. Martinez re ad hoc GO proposal 0.1

Deborah Praga 3/20/2018 2 Review email with attachments from A. Bongartz (PH) 0.9

Enrique R. Ubarri 3/20/2018 2 Reviewed e-mail and attachment from A. Bongartz (PH) re: CommonwealthCOFINA Dispute draft Reply in Support of Summary Judgment0.7

Scott Martinez 3/20/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the 

members of the UCC

0.9

Carol Flaton 3/21/2018 2 Emails w/ A. Velazquez (SEIU) and L. Despins (PH) re mtg in San Juan 0.1

Carol Flaton 3/21/2018 2 Email w/ S. Martinez and J. Casillas (Casillas) re 3/23 mtgs 0.1

Carol Flaton 3/21/2018 2 Reviewed A. Bongartz (PH) email and attachments 0.2

Deborah Praga 3/21/2018 2 Reviewed emails with attachments from A. Bongartz (PH) 1.6

Enrique R. Ubarri 3/21/2018 2 Reviewed e-mail from A. Bongartz (PH) re: certain operational matters, 

including presentation on COFINA/Commonwealth dispute potential outcomes.

0.2

Michael Westermann 3/21/2018 2 Email to Paul Hastings re education reform 0.6

Scott Martinez 3/21/2018 2 Prepared talking points for UCC in-person meeting 1.4

Carol Flaton 3/22/2018 2 Participated telephonically in Committee meeting with PH (L. Despins, A. 

Bongartz), S. Martinez, D. Praga, E. Ubarri, M. Westermann, E. Deichmann

9.7

Deborah Praga 3/22/2018 2 Participated telephonically in Committee meeting with PH (L. Despins, A. 

Bongartz), C. Flaton, S. Martinez, E. Ubarri, M. Westermann, E. Deichmann

8.5

Enrique R. Ubarri 3/22/2018 2 Participated telephonically in Committee meeting with PH (L. Despins, A. 

Bongartz), C. Flaton, S. Martinez, D. Praga, M. Westermann, E. Deichmann

8.5

Eric Deichmann 3/22/2018 2 Participated telephonically in Committee meeting with PH (L. Despins, A. 

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

9.7

Michael Westermann 3/22/2018 2 Participated telephonically in Committee meeting with PH (L. Despins, A. 

Bongartz), C. Flaton, S. Martinez, E. Ubarri, D. Praga, E. Deichmann

9.7

Scott Martinez 3/22/2018 2 Participated telephonically in Committee meeting with PH (L. Despins, A. 

Bongartz), C. Flaton, D. Praga, E. Ubarri, M. Westermann, E. Deichmann

9.7

Carol Flaton 3/23/2018 2 Call w/ L. Despins (PH) - follow up from UCC mtg 0.1

Carol Flaton 3/23/2018 2 Emails w/ A. Velazquez (SEIU) re fee examiner letter 0.1

Deborah Praga 3/23/2018 2 Reviewed emails with attachments from A. Bongartz (PH) 0.7

Enrique R. Ubarri 3/23/2018 2 Reviewed e-mails from A. Bongartz (PH) re: certain operational matters and 

fiscal plan update

0.2

Carol Flaton 3/24/2018 2 Call w/ L. Despins (PH) re mediation requirements 0.6

Carol Flaton 3/24/2018 2 Emails w/ R. Morales re debt pricing discussion 0.1

Carol Flaton 3/24/2018 2 Call with L. Despins (PH) re mediation next steps 0.3

Carol Flaton 3/25/2018 2 Emails w/ A. Bongartz, L. Despins (PH), F. Santos (PR Hospital Supply) re 

review of FP/UCC agenda

0.2

Deborah Praga 3/25/2018 2 Review of email with attachments from A. Bongartz (PH) 0.9

Enrique R. Ubarri 3/25/2018 2 Reviewed e-mail from A. Bongartz (PH) re: certain operational matters. 0.1

Michael Westermann 3/25/2018 2 Review of A. Bongartz (PH) email and attachments 0.2

Carol Flaton 3/26/2018 2 Emails w/F. Santos (PR Hospital Supply), A. Bongartz (PH), A. Velazquez (SEIU) 

re agenda

0.1

Carol Flaton 3/26/2018 2 Emails w/ L. Despins (PH) and D. Mack (Drivetrain) re mediation 0.1

Carol Flaton 3/26/2018 2 Emails w/ L. Despins (PH) and D. Mack (Drivetrain) re tax refund status 0.1

Carol Flaton 3/26/2018 2 Emails w/ L. Despins (PH) re FP GUC treatment 0.1

Carol Flaton 3/26/2018 2 Call w/ L. Despins (PH) re GO discussions 0.2

Enrique R. Ubarri 3/26/2018 2 Reviewed e-mail from A. Bongartz (PH) re: certain mediation matters. 0.1

Michael Westermann 3/26/2018 2 Response to committee member email re: tax payments 0.1

Carol Flaton 3/27/2018 2 Call w/ L. Despins (PH) re GO next steps 0.2

Carol Flaton 3/27/2018 2 Review of second A. Bongartz (PH) email and attachment 0.2

Carol Flaton 3/27/2018 2 Review of A. Bongartz (PH) email and attachments 0.3

Carol Flaton 3/27/2018 2 Review and mark of draft slides for circulation to UCC 0.4

Carol Flaton 3/27/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz), D. 

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

1.2

Page 12 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 13 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Deborah Praga 3/27/2018 2 Reviewed emails with attachments from A. Bongartz (PH) 1.1

Deborah Praga 3/27/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz), C. 

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

1.2

Enrique R. Ubarri 3/27/2018 2 Reviewed e-mails from A. Bongartz (PH) re: Settlement Discussions Materials 

and update on creditor information sessions

0.2

Enrique R. Ubarri 3/27/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz), C. 

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

1.2

Eric Deichmann 3/27/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz), C. 

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

1.2

Michael Westermann 3/27/2018 2 Prepared discussion for committee call 0.3

Michael Westermann 3/27/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz), C. 

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

1.2

Scott Martinez 3/27/2018 2 Call with R. Morales (Genesis) regarding Commonwealth debt pricing analysis 0.2

Scott Martinez 3/27/2018 2 Reviewed and commented on materials to be provided to the UCC regarding 

settlement structures

0.5

Scott Martinez 3/27/2018 2 Call with A. Velazquez (SEIU) regarding the Commonwealth fiscal plan and 

settlement structures

0.6

Scott Martinez 3/27/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz), C. 

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

1.2

Carol Flaton 3/28/2018 2 Emails w/ L. Despins (PH) re scenarios 0.1

Carol Flaton 3/28/2018 2 Email from A. Bongartz (PH) re rebuttal expert 0.1

Carol Flaton 3/28/2018 2 Call w/ L. Despins (PH) to discuss proposals 0.2

Carol Flaton 3/28/2018 2 Emails w/F. Santos (PR Hospital Supply) and A. Velazquez (SEIU) re: Agenda 0.2

Carol Flaton 3/28/2018 2 Emails w/ S. Millman (AFT) re released FP 0.2

Carol Flaton 3/28/2018 2 Review of specific issues from S. Millman (AFT) 0.4

Carol Flaton 3/28/2018 2 Call with L. Despins (PH), D. Praga, S. Martinez, M. Westermann regarding 

potential proposal structures 

0.5

Carol Flaton 3/28/2018 2 Discussions regarding fiscal plan questions raised by Committee members with 

S. Martinez

0.5

Carol Flaton 3/28/2018 2 Review A. Bongartz (PH) email and attachments 2.3

Deborah Praga 3/28/2018 2 Call with L. Despins (PH), C. Flaton, S. Martinez, M. Westermann regarding 

potential proposal structures 

0.5

Deborah Praga 3/28/2018 2 Reviewed emails with attachments from A. Bongartz (PH) 0.7

Enrique R. Ubarri 3/28/2018 2 Reviewed e-mails from A. Bongartz (PH) re: Commonwealth-COFINA Dispute 

Rebuttal Expert and operational matters

0.2

Enrique R. Ubarri 3/28/2018 2 Reviewed e-mail from A. Bongartz (PH) re: Draft of Omnibus Objection to 

Certification Motions in the Commonwealth-COFINA Dispute, including draft.

0.4

Michael Westermann 3/28/2018 2 Call with L. Despins (PH), C. Flaton, S. Martinez, D. Praga regarding potential 

proposal structures 

0.5

Michael Westermann 3/28/2018 2 Created summary of FOMB's requested changes to the fiscal plan, and noted 

material changes to fiscal plan

1.9

Scott Martinez 3/28/2018 2 Call with L. Despins (PH), C. Flaton, M. Westermann, D. Praga regarding 

potential proposal structures

0.5

Scott Martinez 3/28/2018 2 Discussions regarding fiscal plan questions raised by Committee members with 

C. Flaton

0.5

Scott Martinez 3/28/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the 

members of the UCC

1.6

Carol Flaton 3/29/2018 2 Email w/ S. Millman (AFT) re mediation 0.1

Carol Flaton 3/29/2018 2 Reviewed email from A. Bongartz (PH) w/attachment 0.1

Carol Flaton 3/29/2018 2 Email w/ L. Despins (PH) re settlement alternatives 0.1

Carol Flaton 3/29/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz), D. 

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

1.2

Deborah Praga 3/29/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz), C. 

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

1.2

Page 13 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 14 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 3/29/2018 2 Reviewed e-mail from A. Bongartz (PH) re: COFINA/Commonwealth mediation 

sessions and memorandum of mediation sessions.

0.1

Enrique R. Ubarri 3/29/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz), C. 

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

1.2

Michael Westermann 3/29/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz), D. 

Praga, E. Ubarri, S. Martinez, C. Flaton (partial participation)

0.3

Michael Westermann 3/29/2018 2 Comment on committee questions raised during call 0.4

Scott Martinez 3/29/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the 

members of the UCC

0.4

Scott Martinez 3/29/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz), C. 

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

1.2

Scott Martinez 3/29/2018 2 Prepared talking points regarding the letters sent by the FOMB to the Governor 

regarding the fiscal plans

1.4

Carol Flaton 3/30/2018 2 Discussion regarding settlement proposal materials for the UCC with L. Despins 

and A. Bongartz (Paul Hastings), D. Praga, S. Martinez

0.8

Carol Flaton 3/30/2018 2 Discussion regarding settlement proposal materials for the UCC with L. Despins 

and A. Bongartz (Paul Hastings), D. Praga, S. Martinez

1.1

Carol Flaton 3/30/2018 2 Email w/ D. Mack (Drivetrain), L. Despins (PH) re mediation 0.1

Carol Flaton 3/30/2018 2 Email w/L. Despins, A. Bongartz (PH) re term sheet 0.1

Carol Flaton 3/30/2018 2 Emails w/A. Rosenberg and L. Despins (PH) re next steps 0.2

Deborah Praga 3/30/2018 2 Discussion regarding settlement proposal materials for the UCC with L. Despins 

and A. Bongartz (Paul Hastings), C. Flaton, S. Martinez

0.8

Deborah Praga 3/30/2018 2 Discussion regarding settlement proposal materials for the UCC with L. Despins 

and A. Bongartz (Paul Hastings), C. Flaton, S. Martinez

1.1

Scott Martinez 3/30/2018 2 Discussion regarding settlement proposal materials for the UCC with L. Despins 

and A. Bongartz (Paul Hastings), C. Flaton, D. Praga

0.8

Scott Martinez 3/30/2018 2 Discussion regarding settlement proposal materials for the UCC with L. Despins 

and A. Bongartz (Paul Hastings), C. Flaton, D. Praga

1.1

Carol Flaton 3/31/2018 2 Email w/ D. Mack (Drivetrain) re term changes 0.1

Carol Flaton 3/31/2018 2 Email w/ L. Despins (PH) re pre-petition payments 0.1

Carol Flaton 3/31/2018 2 Participated in UCC call regarding settlement proposals with D. Praga, E. 

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

1.6

Deborah Praga 3/31/2018 2 Participated in UCC call regarding settlement proposals with C. Flaton, E. 

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

1.6

Enrique R. Ubarri 3/31/2018 2 Participated in UCC call regarding settlement proposals with C. Flaton, M. 

Westermann, D. Praga, S. Martinez, E. Deichmann (partial participation)

1.2

Eric Deichmann 3/31/2018 2 Participated in UCC call regarding settlement proposals with C. Flaton, M. 

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

1.6

Michael Westermann 3/31/2018 2 Participated in UCC call regarding settlement proposals with C. Flaton, E. 

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

1.6

Scott Martinez 3/31/2018 2 Participated in UCC call regarding settlement proposals with C. Flaton, E. 

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

1.6

Carol Flaton 4/1/2018 2 Reviewed email/agenda from A. Bongartz (PH) 0.1

Carol Flaton 4/1/2018 2 Email w/ D. Mack (Drivetrain) re term sheet mechanisms 0.2

Carol Flaton 4/1/2018 2 Emails w/L. Despins (PH) re terms on settlement 0.1

Carol Flaton 4/1/2018 2 Participated in Committee call with PH (L. Despins, A. Bongartz), S. Martinez, 

E. Deichmann, D. Praga, E. Ubarri

0.2

Carol Flaton 4/1/2018 2 Review of A. Bongartz (PH) email and attachments 0.6

Deborah Praga 4/1/2018 2 Participated in Committee call with PH (L. Despins, A. Bongartz), C. Flaton, S. 

Martinez, E. Deichmann, E. Ubarri

0.2

Enrique R. Ubarri 4/1/2018 2 Reviewed e-mail from A. Bongartz (PH) re: certain operational matters and CWCOFINA mediation0.2

Enrique R. Ubarri 4/1/2018 2 Participated in Committee call with PH (L. Despins, A. Bongartz), C. Flaton, S. 

Martinez, D. Praga, E. Deichmann

0.2

Page 14 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 15 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Eric Deichmann 4/1/2018 2 Participated in Committee call with PH (L. Despins, A. Bongartz), C. Flaton, S. 

Martinez, D. Praga, E. Ubarri

0.2

Michael Westermann 4/1/2018 2 Review of A. Bongartz (PH) email and attachments 1.1

Scott Martinez 4/1/2018 2 Participated in Committee call with PH (L. Despins, A. Bongartz), C. Flaton, E. 

Deichmann, D. Praga, E. Ubarri

0.2

Carol Flaton 4/2/2018 2 Email w/S. Millman (AFT) re mediation 0.2

Carol Flaton 4/2/2018 2 Email w/ J. Bliss (PH) 0.1

Carol Flaton 4/2/2018 2 Emails w/ L. Despins (PH) re next steps in mediation 0.1

Carol Flaton 4/2/2018 2 Email from D. Mack (Drivetrain) 0.1

Carol Flaton 4/2/2018 2 Emails w/ L. Despins (PH) re holdback slides 0.1

Carol Flaton 4/2/2018 2 Email w/L. Despins (PH) re proposal slides 0.1

Carol Flaton 4/2/2018 2 Emails w/L. Despins (PH) re mediation 0.2

Carol Flaton 4/2/2018 2 Review of A. Bongartz (PH) email (4/1) 0.3

Carol Flaton 4/2/2018 2 Participated in Committee call regarding settlement proposals with PH (L. 

Despins, D. Barron), M. Westermann, S. Martinez, E. Deichmann, D. Praga 

1.9

Deborah Praga 4/2/2018 2 Reviewed communication from L. Despins (PH) 0.2

Deborah Praga 4/2/2018 2 Participated in Committee call regarding settlement proposals with PH (L. 

Despins, D. Barron), C. Flaton, S. Martinez, E. Deichmann, M. Westermann

1.9

Enrique R. Ubarri 4/2/2018 2 Reviewed e-mail from A. Bongartz (PH) re: updated draft term sheet of 

Settlement Proposal.

0.1

Enrique R. Ubarri 4/2/2018 2 Reviewed e-mail from L. Despins (PH) re: update on mediation. 0.1

Eric Deichmann 4/2/2018 2 Participated in Committee call regarding settlement proposals with PH (L. 

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

1.9

Michael Westermann 4/2/2018 2 Participated in Committee call regarding settlement proposals with PH (L. 

Despins, D. Barron), C. Flaton, S. Martinez, E. Deichmann, D. Praga 

1.9

Scott Martinez 4/2/2018 2 Calls with A. Bongartz (Paul Hastings) regarding materials for UCC presentation 0.3

Scott Martinez 4/2/2018 2 Participated in Committee call regarding settlement proposals with PH (L. 

Despins, D. Barron), C. Flaton, E. Deichmann, M. Westermann, D. Praga

1.9

Carol Flaton 4/3/2018 2 Participated in Committee call with L. Despins (Paul Hastings). M. Westermann,

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

2.5

Deborah Praga 4/3/2018 2 Participated in Committee call with L. Despins (Paul Hastings). C. Flaton, M. 

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

2.5

Enrique R. Ubarri 4/3/2018 2 Reviewed e-mail from A. Bongartz (PH) re: certain operational matters and 

proposed settlement structure

0.5

Enrique R. Ubarri 4/3/2018 2 Participated in Committee call with L. Despins (Paul Hastings). C. Flaton, M. 

Westermann, S. Martinez, D. Praga, E. Deichmann (partial participation)

2.0

Michael Westermann 4/3/2018 2 Participated in Committee call with L. Despins (Paul Hastings). C. Flaton, S. 

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

2.5

Scott Martinez 4/3/2018 2 Participated in Committee call with L. Despins (Paul Hastings). C. Flaton, M. 

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

2.5

Carol Flaton 4/4/2018 2 Email w/ L. Despins (PH) re counterproposal 0.1

Carol Flaton 4/4/2018 2 Email from A. Bongartz (PH) re claims process 0.1

Carol Flaton 4/4/2018 2 Email w/A. Bongartz (PH) re agenda 0.1

Carol Flaton 4/4/2018 2 Update call with M. Richard (AFT), L. Despins (Paul Hastings), S. Martinez 0.2

Carol Flaton 4/4/2018 2 Emails w/ A. Velazquez and M. Levinson (SEIU) re mtg 0.2

Carol Flaton 4/4/2018 2 Emails re agenda w/L. Despins (PH), F. Santos (PR Hospital Supply), A. 

Velazquez (SEIU)

0.2

Carol Flaton 4/4/2018 2 Participated in a call regarding macroeconomic assumptions with A. Velazquez 

and M. Levinson (SEIU), M. Westermann, S. Martinez, E. Deichmann 

0.3

Carol Flaton 4/4/2018 2 Email from L. Despins (PH) re GO discussion and offer/mediation 0.3

Enrique R. Ubarri 4/4/2018 2

Reviewed e-mail and term sheet from L. Despins (PH) re: update on mediation.

0.1

Enrique R. Ubarri 4/4/2018 2 Reviewed e-mail from A. Bongartz (PH) re: information sessions and operational

matters

0.2

Page 15 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 16 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Eric Deichmann 4/4/2018 2 Participated in a call regarding macroeconomic assumptions with A. Velazquez 

and M. Levinson (SEIU), C. Flaton, M. Westermann, S. Martinez

0.3

Michael Westermann 4/4/2018 2 Participated in a call regarding macroeconomic assumptions with A. Velazquez 

and M. Levinson (SEIU), C. Flaton, S. Martinez, E. Deichmann 

0.3

Scott Martinez 4/4/2018 2 Update call with M. Richard (AFT), L. Despins (Paul Hastings), C. Flaton 0.2

Scott Martinez 4/4/2018 2 Participated in a call regarding macroeconomic assumptions with A. Velazquez 

and M. Levinson (SEIU), C. Flaton, M. Westermann, E. Deichmann

0.3

Scott Martinez 4/4/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the 

members of the UCC

1.3

Carol Flaton 4/5/2018 2 Email w/ L. Despins (PH) re mtgs 0.1

Carol Flaton 4/5/2018 2 Email w/A. Velazquez (SEIU) re debt sustainability 0.1

Carol Flaton 4/5/2018 2 Review of email from A. Bongartz (PH) re latest proposal 0.1

Carol Flaton 4/5/2018 2 Email w/L. Despins (PH) re mediation status 0.1

Carol Flaton 4/5/2018 2 Read E. Deichmann email re A. Velazquez request 0.1

Carol Flaton 4/5/2018 2 Call regarding settlement structures with A. Velazquez (SEIU), S. Martinez 0.2

Carol Flaton 4/5/2018 2 Emails w/ M. Richard (and UCC) re FP questions 0.3

Carol Flaton 4/5/2018 2 Participated in weekly committee call with PH (L. Despins, D. Barron), D. 

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

1.0

Deborah Praga 4/5/2018 2 Participated in weekly committee call with PH (L. Despins, D. Barron), C. 

Flaton, S. Martinez, E. Ubarri, Westermann, R. Yenumula

1.0

Enrique R. Ubarri 4/5/2018 2 Reviewed e-mail from L. Despins (PH) re: update on mediation. 0.1

Enrique R. Ubarri 4/5/2018 2 Participated in weekly committee call with PH (L. Despins, D. Barron), C. 

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

1.0

Michael Westermann 4/5/2018 2 Participated in weekly committee call with PH (L. Despins, D. Barron), C. 

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

1.0

Rahul Yenumula 4/5/2018 2 Participated in weekly committee call with PH (L. Despins, D. Barron), C. 

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

1.0

Scott Martinez 4/5/2018 2 Call regarding settlement structures with A. Velazquez (SEIU), C. Flaton 0.2

Scott Martinez 4/5/2018 2 Reviewed and commented on the draft settlement discussion materials for 

circulation to members of the UCC

0.6

Scott Martinez 4/5/2018 2 Participated in weekly committee call with PH (L. Despins, D. Barron), C. 

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

1.0

Carol Flaton 4/6/2018 2 Email w/ A. Velazquez (SEIU) re question 0.1

Carol Flaton 4/6/2018 2 Email from L. Despins (PH) to UCC re mediation developments 0.1

Carol Flaton 4/6/2018 2 Email w/ S. Millman (AFT) re FP discussion and holdback mechanisms 0.2

Carol Flaton 4/6/2018 2 Call w/ L. Despins (PH) re mediation status 0.2

Carol Flaton 4/6/2018 2 Participated in CWG biweekly call with mediators, AAFAF, Oversight Board 

creditor representatives, M. Westermann, S. Martinez, D. Praga 

0.3

Carol Flaton 4/6/2018 2 Call w/ A. Velazquez (SEIU) re debt capacity 0.3

Carol Flaton 4/6/2018 2 Call w L. Despins (PH) re next steps in mediation 0.3

Carol Flaton 4/6/2018 2 Discussions regarding the draft April 2018 fiscal plan with M. Levinson (SEIU), 

M. Westermann, E. Deichmann, S. Martinez 

0.7

Carol Flaton 4/6/2018 2 Presentation to members of UCC regarding settlement structures with M. 

Westermann, S. Martinez, E. Deichmann

2.6

Deborah Praga 4/6/2018 2 Participated in CWG biweekly call with mediators, AAFAF, Oversight Board 

creditor representatives, C. Flaton, S. Martinez, M. Westermann

0.3

Eric Deichmann 4/6/2018 2 Discussions regarding the draft April 2018 fiscal plan with M. Levinson (SEIU), C.

Flaton, M. Westermann, E. Deichmann, S. Martinez - 0.7 hrs

0.7

Michael Westermann 4/6/2018 2 Participated in CWG biweekly call with mediators, AAFAF, Oversight Board 

creditor representatives, C. Flaton, S. Martinez, D. Praga 

0.3

Michael Westermann 4/6/2018 2 Discussions regarding the draft April 2018 fiscal plan with M. Levinson (SEIU), C.

Flaton, E. Deichmann, S. Martinez 

0.7

Michael Westermann 4/6/2018 2 Presentation to members of UCC regarding settlement structures with C. 

Flaton, S. Martinez, E. Deichmann

2.6

Page 16 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 17 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Robert Bingham 4/6/2018 2 Discussion with J. Grogan (PH) concerning relative spreads between COFINA 

and GO bonds

0.4

Scott Martinez 4/6/2018 2 Discussions regarding the draft April 2018 fiscal plan with M. Levinson (SEIU), C.

Flaton, M. Westermann, E. Deichmann

0.7

Scott Martinez 4/6/2018 2 Presentation to members of UCC regarding settlement structures with C. 

Flaton, E. Deichmann, M. Westermann

2.6

Carol Flaton 4/7/2018 2 Call w/ L. Despins (PH) re settlement structures 0.3

Enrique R. Ubarri 4/7/2018 2 Reviewed e-mail from L. Despins (PH) re: update on mediation. 0.1

Carol Flaton 4/8/2018 2 Read L. Despins (PH) mediation status emails 0.1

Carol Flaton 4/8/2018 2 Email w/ D. Mack (Drivetrain) re response to proposal 0.2

Enrique R. Ubarri 4/8/2018 2 Reviewed e-mail from L. Despins (PH) re: update on mediation. 0.1

Enrique R. Ubarri 4/8/2018 2 Examined status update from L. Despins (PH) on mediation, including the 

COFINA Senior Bondholders’ Coalition Counter-Proposal

0.2

Carol Flaton 4/9/2018 2 Email from A. Velazquez (SEIU) re SEC filing 0.1

Carol Flaton 4/9/2018 2 Email from M. Richard (AFT) re mediation 0.1

Carol Flaton 4/9/2018 2 Email w/ L. Despins (PH) re ad hoc GO status 0.1

Carol Flaton 4/9/2018 2 Email w/ L. Despins (PH) and D. Mack (Drivetrain) re proposal 0.1

Carol Flaton 4/9/2018 2 Emails w/L. Despins (PH) re upcoming hearing 0.1

Carol Flaton 4/9/2018 2 Review and mark of UCC draft agenda 0.1

Carol Flaton 4/9/2018 2 Review of A. Bongartz (PH) email and all attachments 0.1

Carol Flaton 4/9/2018 2 Email w/ A. Bongartz (PH), F. Santos (PR Hospital Supply), A. Velazquez (SEIU) 

re call agenda

0.1

Carol Flaton 4/9/2018 2 Email w/ L. Despins, A. Bongartz (PH) re UCC call - Kroma attendance 0.1

Carol Flaton 4/9/2018 2 Email w/J. Grogan (PH) re GDB call w/OMM 0.1

Carol Flaton 4/9/2018 2 Call w/D. Mack (Drivetrain) and E. Deichmann re next steps in mediation 0.3

Carol Flaton 4/9/2018 2 Reviewed email from A. Bongartz (PH) w/all attachments 0.7

Carol Flaton 4/9/2018 2 Reviewed email from F. Santos (PR Hospital Supply) re UCC communications 

protocol

1.0

Enrique R. Ubarri 4/9/2018 2 Reviewed e-mails from L. Despins (PH) re: status of COFINA-CW hearing. 0.1

Enrique R. Ubarri 4/9/2018 2 Reviewed e-mail from A. Bongartz (PH) re: certain operational matters and 

draft objection of the CW Agent

0.3

Eric Deichmann 4/9/2018 2 Call w/D. Mack (Drivetrain) and C. Flaton re next steps in mediation 0.3

Carol Flaton 4/10/2018 2 Emails w/ L. Despins (PH) and D. Mack (Drivetrain) re hearing 0.1

Carol Flaton 4/10/2018 2 Emails w/ D. Mack (Drivetrain) re hearing conclusions 0.2

Carol Flaton 4/10/2018 2 2 calls w/ L. Despins (PH) re mediation status 0.3

Carol Flaton 4/10/2018 2 Review of email from A. Bongartz (PH) with attachment 1.1

Carol Flaton 4/10/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, D. 

Barron), M. Westermann, E. Ubarri, E. Deichmann, D. Praga

1.7

Deborah Praga 4/10/2018 2 Review of email with attachments from A. Bongartz (PH) 0.6

Deborah Praga 4/10/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, D. 

Barron), C. Flaton, E. Ubarri, E. Deichmann, M. Westermann

1.7

Enrique R. Ubarri 4/10/2018 2 Reviewed e-mail from A. Bongartz (PH) re: certain operational matters. 0.1

Enrique R. Ubarri 4/10/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, D. 

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

1.7

Eric Deichmann 4/10/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, D. 

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

1.7

Michael Westermann 4/10/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, D. 

Barron), C. Flaton, E. Ubarri, E. Deichmann, D. Praga 

1.7

Carol Flaton 4/11/2018 2 Review of draft UCC agenda 0.1

Carol Flaton 4/11/2018 2 Email from L. Despins (PH) to UCC re MB mtg and next steps 0.1

Carol Flaton 4/11/2018 2 Email to UCC from L. Despins (PH) re mediation status 0.1

Carol Flaton 4/11/2018 2 Email to UCC describing ZC work product and next steps 0.1

Carol Flaton 4/11/2018 2 Email w/ S. Millman (AFT) re discussion of holdback 0.1

Carol Flaton 4/11/2018 2 Call w/ L. Despins (PH) re PV analysis implications 0.2

Enrique R. Ubarri 4/11/2018 2 Reviewed e-mail from L. Despins (PH) re: update on mediation. 0.1

Page 17 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 18 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Michael Westermann 4/11/2018 2 Discussion with Committee member re: implied tax rates at COFINA offer 

values

0.2

Carol Flaton 4/12/2018 2 Email w/ S. Gumbs (FTI) re economist mtg 0.1

Carol Flaton 4/12/2018 2 Email w/ F. Santos (PR Hospital Supply) re financial info required for 

Committee analysis

0.1

Carol Flaton 4/12/2018 2 Meeting with S. Millman (AFT), D. Mack (Drivetrain), L. Despins (PH), M. 

Westermann, D. Praga re: response to COFINA proposal to CW Agent and 

Retirees 

0.2

Carol Flaton 4/12/2018 2 Emails w/ L. Despins (PH) and Cofina to discuss offer/counter 0.2

Carol Flaton 4/12/2018 2 Email from UCC member re proposed next steps 0.3

Carol Flaton 4/12/2018 2 Participated in follow-up call with L. Despins (PH), M. Westermann, E. 

Deichmann, D. Praga 

0.6

Carol Flaton 4/12/2018 2 Email from L. Despins (PH) to UCC re COFINA proposal 0.5

Carol Flaton 4/12/2018 2 Review of A. Bongartz (PH) email w/ attachments 0.7

Carol Flaton 4/12/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, D. 

Barron), D. Praga, E. Ubarri, E. Deichmann, M. Westermann

1.5

Deborah Praga 4/12/2018 2

Meeting with S. Millman (AFT), D. Mack (Drivetrain), L. Despins (PH), C. Flaton, 

M. Westermann re: response to COFINA proposal to CW Agent and Retirees

0.2

Deborah Praga 4/12/2018 2 Call with L. Despins (PH), M. Westermann regarding risk-weighting COFINA's 

recoveries

0.2

Deborah Praga 4/12/2018 2 Participated in follow-up call with L. Despins (PH), C. Flaton, E. Deichmann, M. 

Westermann

0.4

Deborah Praga 4/12/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, D. 

Barron), C. Flaton, E. Ubarri, E. Deichmann, M. Westermann

1.5

Enrique R. Ubarri 4/12/2018 2 Reviewed e-mails from A. Bongartz (PH) re: Commonwealth-COFINA sessions 

and operational matters

0.2

Enrique R. Ubarri 4/12/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, D. 

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

1.5

Eric Deichmann 4/12/2018 2 Participated in follow-up call with L. Despins (PH), C. Flaton, M. Westermann, 

D. Praga 

0.4

Eric Deichmann 4/12/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, D. 

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

1.5

Michael Westermann 4/12/2018 2 Meeting with S. Millman (AFT), D. Mack (Drivetrain), L. Despins (PH), C. Flaton, 

D. Praga re: response to COFINA proposal to CW Agent and Retirees 

0.2

Michael Westermann 4/12/2018 2

Call with L. Despins (PH), D. Praga regarding risk-weighting COFINA's recoveries 

0.2

Michael Westermann 4/12/2018 2 Participated in follow-up call with L. Despins (PH), C. Flaton, E. Deichmann, D. 

Praga 

0.4

Michael Westermann 4/12/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, D. 

Barron), C. Flaton, E. Ubarri, E. Deichmann, D. Praga 

1.5

Carol Flaton 4/13/2018 2 Email w/ D. Mack (Drivetrain) and S. Martinez re ZC budget for Committee 0.1

Carol Flaton 4/13/2018 2 Email w/L. Despins (PH) and M. Westermann re litigation scenarios 0.1

Carol Flaton 4/13/2018 2 Further email w/A. Velazquez (SEIU) re SUT analysis 0.1

Carol Flaton 4/13/2018 2 Email w/ F. Santos (PR Hospital Supply) re further analysis required 0.1

Carol Flaton 4/13/2018 2 Read debt capacity report from A. Velazquez (SEIU) 0.1

Carol Flaton 4/13/2018 2 Email w/ A. Velazquez (SEIU) re litigation scenarios 0.2

Carol Flaton 4/13/2018 2 Call w/F. Santos (PR Hospital Supply) and M. Westermann re proposed payment 

stream 

0.3

Carol Flaton 4/13/2018 2 Review and mark of presentations for UCC call on mediation 0.6

Carol Flaton 4/13/2018 2 Participated in committee meeting with M. Westermann, E. Deichmann 1.3

Enrique R. Ubarri 4/13/2018 2 Reviewed e-mail from A. Bongartz (PH) re: Commonwealth-COFINA Mediation 

Draft Revised Proposal 

0.1

Enrique R. Ubarri 4/13/2018 2 Attended (telephonically) Special Committee Meeting (ZC and Paul Hastings) 

re: COFINA- Commonwealth Mediation

0.8

Page 18 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 19 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Eric Deichmann 4/13/2018 2 Participated in committee meeting with C. Flaton, M. Westermann 1.3

Michael Westermann 4/13/2018 2 Call with C. Flaton, and F. Santos (PR Hospital Supply) re: decreased debt 

service payments early in the forecast 

0.3

Michael Westermann 4/13/2018 2 Participated in committee meeting with C. Flaton, E. Deichmann 1.3

Carol Flaton 4/14/2018 2 Email from M. Richard (AFT) re budget 0.1

Carol Flaton 4/14/2018 2 Email w/ M. Richard (AFT), A. Velazquez (SEIU) re UCC distribution 0.1

Carol Flaton 4/14/2018 2 Emails w/ F. Santos (PR Hospital Supply), M. Richard (AFT) re in person UCC 

mtg 

0.1

Carol Flaton 4/14/2018 2 Email w/ L. Despins (PH), M. Westermann re changes to Committee 

presentation 

0.1

Carol Flaton 4/14/2018 2 Email to F. Santos (PR Hospital Supply) re additional analysis 0.1

Carol Flaton 4/14/2018 2 Email w/ D. Mack (Drivetrain) re in person mtg for UCC 0.1

Carol Flaton 4/14/2018 2 Email w/ L. Despins (PH) re Committee materials 0.1

Carol Flaton 4/14/2018 2 Emails w/L. Despins (PH) re first dollar PV benefits 0.1

Carol Flaton 4/14/2018 2

Email w/ L. Despins (PH), M. Westermann re questions on draft analysis for UCC

0.2

Carol Flaton 4/14/2018 2 Email w/ L. Despins (PH) re changes to analysis for committee 0.2

Carol Flaton 4/14/2018 2 Email w/ L. Despins (PH) re Committee materials for upcoming call 0.2

Carol Flaton 4/14/2018 2 Review of email from S. Martinez w/attachment (for UCC) 0.2

Carol Flaton 4/14/2018 2 Emails w/UCC Members re in-person mtg 0.2

Enrique R. Ubarri 4/14/2018 2

Reviewed e-mail from A. Bongartz of Paul Hastings re: proposal to be submitted

to UCC for COFINA/Commonwealth mediation and operational matters.

0.3

Michael Westermann 4/14/2018 2 Respond to email from L. Despins (PH) 0.3

Carol Flaton 4/15/2018 2 Email w/ L. Despins (PH) to UCC re COFINA legal papers 0.1

Carol Flaton 4/15/2018 2 Email w/L. Despins (PH) re debt capacity 0.1

Carol Flaton 4/15/2018 2 Emails w/ M. Cervi re UCC call 0.1

Carol Flaton 4/15/2018 2 Review of A. Bongartz (PH) second email and Attachment 0.1

Carol Flaton 4/15/2018 2 Email from L. Despins (PH) to UCC re status of deal proposal 0.1

Carol Flaton 4/15/2018 2 Review of A. Bongartz (PH) email and attachments 0.4

Carol Flaton 4/15/2018 2 Participated in Committee call regarding settlement proposal structures with L.

Despins and A. Bongartz (Paul Hastings), M. Westermann, S. Martinez, M. Cervi, 

E. Deichmann, E. Ubarri

1.5

Enrique R. Ubarri 4/15/2018 2 Reviewed e-mail from A. Bongartz (PH) re: certain operational matters and 

COFINA mediation

0.2

Enrique R. Ubarri 4/15/2018 2 Participated in Committee call regarding settlement proposal structures with L.

Despins and A. Bongartz (Paul Hastings), C. Flaton, S. Martinez, M. Cervi, M. 

Westermann, E. Deichmann

1.5

Eric Deichmann 4/15/2018 2 Participated in Committee call regarding settlement proposal structures with L.

Despins and A. Bongartz (Paul Hastings), C. Flaton, S. Martinez, M. Cervi, M. 

Westermann, E. Ubarri

1.5

Mark A. Cervi 4/15/2018 2 Participated in Committee call regarding settlement proposal structures with L.

Despins and A. Bongartz (Paul Hastings), C. Flaton, S. Martinez, M. Cervi, M. 

Westermann, E. Deichmann, E. Ubarri

1.5

Michael Westermann 4/15/2018 2 Email to M. Cervi re: materials for today's committee call 0.3

Michael Westermann 4/15/2018 2 Participated in Committee call regarding settlement proposal structures with L.

Despins and A. Bongartz (Paul Hastings), C. Flaton, S. Martinez, M. Cervi, E. 

Deichmann, E. Ubarri

1.5

Scott Martinez 4/15/2018 2 Participated in Committee call regarding settlement proposal structures with L.

Despins and A. Bongartz (Paul Hastings), C. Flaton, M. Cervi, M. Westermann, 

E. Deichmann, E. Ubarri

1.5

Scott Martinez 4/15/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the 

members of the UCC

1.6

Carol Flaton 4/16/2018 2 Read email from A. Bongartz (PH) w/attachments 0.1

Carol Flaton 4/16/2018 2 Email w/L. Despins (PH), S. Martinez, M. Westermann re Prasa bond payments 0.1

Page 19 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 20 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 4/16/2018 2 Call with Paul Hastings (L. Despins) and ZC (M. Westermann, E. Deichmann) 0.2

Carol Flaton 4/16/2018 2 Email w/L. Despins (PH) re additional analysis on COFINA offer 0.2

Carol Flaton 4/16/2018 2 Email w/L. Despins (PH), D. Mack (Drivetrain) re blowout provision 0.2

Carol Flaton 4/16/2018 2 Email w/L. Despins (PH), OMM (S. Uhland), GT (N. Mitchell) re Prasa loan 

conditions

0.2

Carol Flaton 4/16/2018 2 Emails w/ L. Despins (PH) re recent COFINA and GO pricing 0.2

Carol Flaton 4/16/2018 2 Call w/ L. Despins (PH) re COFINA offer 0.3

Carol Flaton 4/16/2018 2 Call w/ M. Westermann and L. Sepulvado (Total) re litigation scenarios 0.5

Enrique R. Ubarri 4/16/2018 2 Reviewed e-mail from A. Bongartz (PH) re: Commonwealth-COFINA mediation 

slides, including presentations from ZC and Non-Impairment Provision and 

operational matters

0.5

Eric Deichmann 4/16/2018 2 Call with Paul Hastings (L. Despins) and ZC (M. Westermann, C. Flaton) 0.2

Mark A. Cervi 4/16/2018 2 Review emails from L. Despins (PH) and C. Flaton regarding bond data request 

related to COFINA settlement

0.2

Michael Westermann 4/16/2018 2 Call with Paul Hastings (L. Despins) and ZC (C. Flaton, E. Deichmann) 0.2

Michael Westermann 4/16/2018 2 Call with C. Flaton, and Total (L. Sepulvado) re: case catch up 0.5

Scott Martinez 4/16/2018 2 Reviewed draft agenda for Tuesday's UCC call 0.3

Carol Flaton 4/17/2018 2 Email from A. Bongartz (PH) re escrow language in proposal 0.1

Carol Flaton 4/17/2018 2 Email w/ L. Despins (PH), Judge Houser re ADR 0.1

Carol Flaton 4/17/2018 2 Email L. Despins (PH), S. Martinez re PRASA loan 0.1

Carol Flaton 4/17/2018 2 Participated in weekly committee call with PH (L. Despins, D. Barron), M. 

Westermann, S. Martinez, E. Ubarri, M. Cervi, E. Deichmann, D. Praga 

1.2

Deborah Praga 4/17/2018 2 Review of email from A. Bongartz (PH) with attachments 0.8

Deborah Praga 4/17/2018 2 Participated in weekly committee call with PH (L. Despins, D. Barron), C. 

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

1.2

Enrique R. Ubarri 4/17/2018 2 Reviewed e-mail from A. Bongartz (PH) re: COFINA-Commonwealth mediation. 0.1

Enrique R. Ubarri 4/17/2018 2 Participated in weekly committee call with PH (L. Despins, D. Barron), C. 

Flaton, S. Martinez, E. Ubarri, M. Cervi, E. Deichmann, M. Westermann, D. 

Praga

1.2

Enrique R. Ubarri 4/17/2018 2 Telephone conversation with B. Gray of Paul Hastings re: information on 

municipal bond issuances in Puerto Rico; reviewed certain documentation re: 

Municipal Bond Issuances in PR.

1.3

Mark A. Cervi 4/17/2018 2 Participated in weekly committee call with PH (L. Despins, D. Barron), C. 

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

1.2

Michael Westermann 4/17/2018 2 Review of email from A. Bongartz (PH) and attachments 0.4

Michael Westermann 4/17/2018 2 Participated in weekly committee call with PH (L. Despins, D. Barron), C. 

Flaton, S. Martinez, E. Ubarri, M. Cervi, E. Deichmann, D. Praga 

1.2

Robert Bingham 4/17/2018 2 Call with J. Grogan (PH) concerning GDB Fiscal Plan 0.3

Scott Martinez 4/17/2018 2 Participated in weekly committee call with PH (L. Despins, D. Barron), C. 

Flaton, E. Ubarri, M. Cervi, E. Deichmann, M. Westermann, D. Praga

1.2

Carol Flaton 4/18/2018 2 Email w/L. Despins (PH), D. Mack (Drivetrain) re economist reports re debt 

capacity

0.1

Carol Flaton 4/18/2018 2 Emails w/L. Despins (PH) re PR restructuring forum (attendance by AAFAF) 0.1

Carol Flaton 4/18/2018 2 Review of email from A. Bongartz (PH) with attachments 0.9

Deborah Praga 4/18/2018 2 Review of email with attachments from A. Bongartz (PH) 0.2

Enrique R. Ubarri 4/18/2018 2 Reviewed e-mail from A. Bongartz (PH) re: certain operational matters. 0.1

Mark A. Cervi 4/18/2018 2 Review of email updates from A. Bongartz (PH) and attachments including news

article, and lawsuit and Assured reply

0.4

Michael Westermann 4/18/2018 2 Review of A. Bongartz (PH) email and attachments 0.3

Scott Martinez 4/18/2018 2 Reviewed draft agenda for Thursday's UCC call 0.3

Scott Martinez 4/18/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the 

members of the UCC

0.6

Carol Flaton 4/19/2018 2 Follow up call with L. Despins (PH), D. Mack (Drivetrain), S. Martinez, E. 

Deichmann, R. Yenumula, D. Praga

0.1

Carol Flaton 4/19/2018 2 Email from M. Richard (AFT) to UCC re recent economist articles 0.1

Page 20 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 21 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 4/19/2018 2 Email to L. Despins (PH) regarding Detroit feasibility 0.1

Carol Flaton 4/19/2018 2 Emails w/ S. Millman (AFT) re debt capacity 0.2

Carol Flaton 4/19/2018 2 Email from L Despins (PH) to UCC re mediation and path to settle 0.2

Carol Flaton 4/19/2018 2 Emails regarding simplified ligation outcomes 0.2

Carol Flaton 4/19/2018 2 Discussion regarding debt question raised by a Committee member with S. 

Martinez, E. Deichmann

0.5

Carol Flaton 4/19/2018 2 Participated in committee call with PH (L. Despins, D. Barron), M. Cervi, S. 

Martinez, E. Ubarri, E. Deichmann, M. Westermann, D. Praga, R. Bingham

1.5

Deborah Praga 4/19/2018 2 Follow up call with L. Despins (PH), D. Mack (Drivetrain), C. Flaton, S. 

Martinez, E. Deichmann, R. Yenumula

0.1

Deborah Praga 4/19/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the 

members of the UCC

0.9

Deborah Praga 4/19/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz), C. 

Flaton, S. Martinez, E. Ubarri, R. Bingham, E. Deichmann, R. Yenumula, M. 

Cervi

1.5

Enrique R. Ubarri 4/19/2018 2 Reviewed e-mail from Committee member re: approved fiscal plans. 0.1

Enrique R. Ubarri 4/19/2018 2 Reviewed e-mail from A. Bongartz (PH) re: certain operational matters. 0.1

Enrique R. Ubarri 4/19/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz), C. 

Flaton, S. Martinez, M. Cervi, R. Bingham, E. Deichmann, R. Yenumula, D. 

Praga

1.5

Eric Deichmann 4/19/2018 2 Follow up call with L. Despins (PH), D. Mack (Drivetrain), C. Flaton, S. 

Martinez, R. Yenumula, D. Praga 

0.1

Eric Deichmann 4/19/2018 2 Discussion regarding debt question raised by a Committee member with C. 

Flaton, S. Martinez 

0.5

Eric Deichmann 4/19/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz), C. 

Flaton, S. Martinez, E. Ubarri, R. Bingham, M. Cervi, R. Yenumula, D. Praga 

1.5

Mark A. Cervi 4/19/2018 2 Participated in committee call with PH (L. Despins, D. Barron), C. Flaton, S. 

Martinez, E. Ubarri, E. Deichmann, M. Westermann, D. Praga, R. Bingham 

(partial participation)

1.4

Michael Westermann 4/19/2018 2 Review of A. Bongartz (PH) email and attachments 0.5

Rahul Yenumula 4/19/2018 2 Follow up call with L. Despins (PH), D. Mack (Drivetrain), C. Flaton, S. 

Martinez, E. Deichmann, D. Praga

0.1

Rahul Yenumula 4/19/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz), C. 

Flaton, S. Martinez, E. Ubarri, R. Bingham, E. Deichmann, D. Praga, M. Cervi

1.5

Rahul Yenumula 4/19/2018 2 Participated in the FOMB discussion of PREPA fiscal plan and certification 

process

1.6

Robert Bingham 4/19/2018 2 Preparation of summary of GDB RSA and fiscal plan for Committee meeting 0.7

Robert Bingham 4/19/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz), C. 

Flaton, S. Martinez, E. Ubarri, E. Deichmann, R. Yenumula, D. Praga, M. Cervi

1.5

Scott Martinez 4/19/2018 2 Follow up call with L. Despins (PH), D. Mack (Drivetrain), C. Flaton, R. 

Yenumula, D. Praga

0.1

Scott Martinez 4/19/2018 2 Reviewed and commented on the summary of GDB RSA talking points for 

Committee call

0.3

Scott Martinez 4/19/2018 2 Discussion regarding debt question raised by a Committee member with C. 

Flaton, E. Deichmann

0.5

Scott Martinez 4/19/2018 2 Prepared talking points for weekly committee call 0.7

Scott Martinez 4/19/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the 

members of the UCC

0.9

Scott Martinez 4/19/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz), C. 

Flaton, E. Ubarri, R. Bingham, E. Deichmann, R. Yenumula, D. Praga, M. Cervi

1.5

Carol Flaton 4/20/2018 2 Email from L. Despins (PH) regarding mediation status 0.1

Carol Flaton 4/20/2018 2 Email w/ A. Velasquez (SEIU) re debt comps and capacity 0.2

Carol Flaton 4/20/2018 2 Email w/ S. Millman (AFT) re pension question in FP 0.2

Carol Flaton 4/20/2018 2 Email from M. Richard (AFT) re stipulation 0.2

Carol Flaton 4/20/2018 2 Call w/ L. Despins (PH) re settlement materials for UCC 0.3

Page 21 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 22 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 4/20/2018 2 Emails from S. Martinez to UCC members to discuss probability model 0.1

Carol Flaton 4/20/2018 2 Call regarding probability outcomes with R. Morales (Genesis), E. Deichmann, 

S. Martinez

0.5

Carol Flaton 4/20/2018 2 Participated in call with committee members related to illustrative recoveries 

in CW-COFINA negotiations with PH (L. Despins, A. Bongartz), D. Praga, S. 

Martinez, E. Deichmann, E. Ubarri

0.6

Deborah Praga 4/20/2018 2 Participated in call with committee members related to illustrative recoveries 

in CW-COFINA negotiations with PH (L. Despins, A. Bongartz), C. Flaton, S. 

Martinez, E. Deichmann, E. Ubarri

0.6

Enrique R. Ubarri 4/20/2018 2 Reviewed e-mail from L. Despins (PH) re: mediation process. 0.1

Enrique R. Ubarri 4/20/2018 2 Reviewed e-mail from Committee member re: COFINA-Commonwealth 

mediation.

0.1

Enrique R. Ubarri 4/20/2018 2 Participated in call with committee members related to illustrative recoveries 

in CW-COFINA negotiations with PH (L. Despins, A. Bongartz), D. Praga, S. 

Martinez, E. Deichmann, C. Flaton

0.6

Eric Deichmann 4/20/2018 2 Call regarding Commonwealth fiscal plan with A. Velazquez (SEUI), S. Martinez 0.4

Eric Deichmann 4/20/2018 2 Call regarding probability outcomes with R. Morales (Genesis), C. Flaton, S. 

Martinez

0.5

Eric Deichmann 4/20/2018 2 Participated in call with committee members related to illustrative recoveries 

in CW-COFINA negotiations with PH (L. Despins, A. Bongartz), C. Flaton, S. 

Martinez, D. Praga 

0.6

Scott Martinez 4/20/2018 2 Reviewed email correspondence from a Committee member regarding fiscal 

plan

0.2

Scott Martinez 4/20/2018 2 Call regarding Commonwealth fiscal plan with A. Velazquez (SEUI), E. 

Deichmann

0.4

Scott Martinez 4/20/2018 2 Reviewed email correspondence from a Committee member regarding 

mediation process

0.3

Scott Martinez 4/20/2018 2 Call regarding probability outcomes with R. Morales (Genesis), C. Flaton, E. 

Deichmann

0.5

Scott Martinez 4/20/2018 2 Prepared for call to discuss illustrative recoveries in CW-COFINA negotiations 

with Committee members

0.6

Scott Martinez 4/20/2018 2 Participated in call with committee members related to illustrative recoveries 

in CW-COFINA negotiations with PH (L. Despins, A. Bongartz), C. Flaton, E. 

Deichmann, D. Praga, E. Ubarri

0.6

Deborah Praga 4/21/2018 2 Reviewed comments on distribution materials from L. Despins (PH) 0.4

Carol Flaton 4/22/2018 2 Email to L. Despins (PH) re COFINA coupons 0.2

Carol Flaton 4/22/2018 2 Call w/ L. Despins (PH) re mediation scenarios 0.3

Carol Flaton 4/22/2018 2 Various emails w/ L. Despins (PH) re SUT waterfall 0.3

Carol Flaton 4/23/2018 2 Email from L. Despins (PH) to UCC w/Alternatives described 0.1

Carol Flaton 4/23/2018 2 Email w/ L. Despins (PH) re ad hoc GO holder 0.1

Carol Flaton 4/23/2018 2 Email from A. Bongartz (PH) including agenda for 4/24 0.1

Carol Flaton 4/23/2018 2 Emails from L. Despins (PH) w/global deal list of open concerns 0.2

Carol Flaton 4/23/2018 2 Email from A. Bongartz (PH) with all attachments 0.5

Enrique R. Ubarri 4/23/2018 2 Reviewed e-mail from A. Bongartz (PH) re: proposals in COFINA-Commonwealth 

mediation.

0.4

Eric Deichmann 4/23/2018 2 Discussion of AFT pension question and COFINA settlement proposals with S. 

Martinez

0.4

Scott Martinez 4/23/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the 

members of the UCC

0.3

Scott Martinez 4/23/2018 2 Discussion of AFT pension question and COFINA settlement proposals with E. 

Deichmann

0.4

Carol Flaton 4/24/2018 2 Read email from N. Bassett (PH) re status of ADR process from Board advisor 

(Proskauer)

0.1

Carol Flaton 4/24/2018 2 Emails w/ D. Mack (Drivetrain) and L. Despins (PH) re global proposal 

considerations

0.1

Page 22 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 23 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 4/24/2018 2 Emails w/ L. Despins (PH) re mtg with GO (PBA) holders 0.1

Carol Flaton 4/24/2018 2 Meeting to discuss discussion materials for committee call with R. Bingham, E. 

Deichmann, M. Westermann, D. Praga

0.2

Carol Flaton 4/24/2018 2 Call w/ L. Despins (PH) re term sheet changes 0.2

Carol Flaton 4/24/2018 2 Review of email from A. Bongartz (PH) reviewing global proposals (cofina & go) 

for Committee consideration

0.2

Carol Flaton 4/24/2018 2 Emails w/ S. Maza (PH) re mark-up issues list; draft revision 0.2

Carol Flaton 4/24/2018 2 Call w/ S. Maza (PH) re proposal issue list 0.7

Carol Flaton 4/24/2018 2 participated in committee call with PH (L. Despins, A. Bongartz, D. Barron), M. 

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

1.1

Carol Flaton 4/24/2018 2 Discussion w/ PH (L. Despins, A. Bongartz) and Committee members (S. Millman

(AFT), D. Mack (Drivetrain)) re mediation and next steps

1.1

Deborah Praga 4/24/2018 2 Meeting to discuss discussion materials for committee call with C. Flaton, R. 

Bingham, E. Deichmann, M. Westermann

0.2

Deborah Praga 4/24/2018 2 Participated in committee call with PH (L. Despins, A. Bongartz, D. Barron), C. 

Flaton, S. Martinez, R. Yenumula, E. Ubarri, M. Westermann, M. Cervi

1.1

Enrique R. Ubarri 4/24/2018 2 Reviewed e-mail from A. Bongartz (PH) re: proposals in COFINA-Commonwealth 

mediation and operational matters

0.2

Enrique R. Ubarri 4/24/2018 2 Exchanged several communications with L. Despins (PH) re: complaint filed in 

Puerto Rico; research re: certain information on filed complaint.

0.6

Enrique R. Ubarri 4/24/2018 2 Participated in committee call with PH (L. Despins, A. Bongartz, D. Barron), C. 

Flaton, S. Martinez, R. Yenumula, M. Westermann, D. Praga, M. Cervi

1.1

Eric Deichmann 4/24/2018 2 Meeting to discuss discussion materials for committee call with C. Flaton, R. 

Bingham, M. Westermann, D. Praga 

0.2

Mark A. Cervi 4/24/2018 2 Review email from A. Bongartz (PH) and related attachment and UCC meeting 

agenda

0.3

Mark A. Cervi 4/24/2018 2 Participated in committee call with PH (L. Despins, A. Bongartz, D. Barron), C. 

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

1.1

Michael Westermann 4/24/2018 2 Meeting to discuss discussion materials for committee call with C. Flaton, R. 

Bingham, E. Deichmann, D. Praga 

0.2

Michael Westermann 4/24/2018 2 Participated in committee call with PH (L. Despins, A. Bongartz, D. Barron), C. 

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

1.1

Rahul Yenumula 4/24/2018 2 Participated in committee call with PH (L. Despins, A. Bongartz, D. Barron), C. 

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

1.1

Robert Bingham 4/24/2018 2 Meeting to discuss discussion materials for committee call with C. Flaton, E. 

Deichmann, M. Westermann, D. Praga 

0.2

Scott Martinez 4/24/2018 2 Call with D. Mack (Drivetrain) regarding settlement proposals 0.3

Scott Martinez 4/24/2018 2 Participated in committee call with PH (L. Despins, A. Bongartz, D. Barron), C. 

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

1.1

Carol Flaton 4/25/2018 2 Emails w/ S. Maza (PH) re revised issues list/presentation 0.1

Carol Flaton 4/25/2018 2 Emails w/S. Maza, L. Despins (PH) re distribution to and discussion with UCC re 

issues list

0.1

Carol Flaton 4/25/2018 2 Emails w/M. Westermann, S. Maza (PH) re further revision to issues list 0.1

Carol Flaton 4/25/2018 2 Emails w/ A. Bongartz (PH), S. Martinez, A. Velazquez (SEIU) re mtg agenda 

topics

0.1

Carol Flaton 4/25/2018 2 Emails w/ S. Millman (AFT) re issues list and open issues 0.1

Carol Flaton 4/25/2018 2 Email to S. Maza (PH) re required changes on issues list/presentation 0.1

Carol Flaton 4/25/2018 2 Reviewed and marked ZC revised/simplified issues list 0.2

Carol Flaton 4/25/2018 2 Review of J. Grogan (PH) mark of GDB draft presentation materials 0.2

Carol Flaton 4/25/2018 2 Emails w/L. Despins (PH), M. Richard (AFT) re open issues regarding global 

settlement proposal

0.2

Carol Flaton 4/25/2018 2 Review and mark of latest issues list/presentation (short version) 0.2

Carol Flaton 4/25/2018 2 Emails w/ L. Despins (PH) re status of presentation /open items, distribution to 

UCC 

0.2

Carol Flaton 4/25/2018 2 Call w/ A. Velazquez (SEIU) re mediation next steps 0.4

Page 23 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 24 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 4/25/2018 2 Review and mark of latest draft of PH issues list/presentation 0.4

Deborah Praga 4/25/2018 2 Review of emails with attachments from S. Maza (PH) 1.1

Enrique R. Ubarri 4/25/2018 2 Reviewed e-mail from L. Despins (PH) re: Issues List with GO/COFINA Deal 0.1

Enrique R. Ubarri 4/25/2018 2 Reviewed e-mail from A. Bongartz (PH) re: several operating UCC matters. 0.1

Enrique R. Ubarri 4/25/2018 2 Examined e-mails from S. Maza of Paul Hastings re: Issues List with GO/COFINA 

Deal, including presentation with issues.

0.4

Scott Martinez 4/25/2018 2 Reviewed draft agenda for Thursday's UCC call 0.3

Scott Martinez 4/25/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the 

members of the UCC

0.7

Carol Flaton 4/26/2018 2 Call w/ D. Mack (Drivetrain) re mediation status and next steps 0.2

Carol Flaton 4/26/2018 2 Participated in committee call with PH (L. Despins, A. Bongartz, D. Barron), S. 

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

1.0

Deborah Praga 4/26/2018 2 Participated in committee call with PH (L. Despins, A. Bongartz, D. Barron), C. 

Flaton, S. Martinez, E. Ubarri, M. Westermann, R. Yenumula, M. Cervi

1.0

Enrique R. Ubarri 4/26/2018 2 Participated in committee call with PH (L. Despins, A. Bongartz, D. Barron), C. 

Flaton, S. Martinez, M. Westermann, R. Yenumula, D. Praga, M. Cervi

1.0

Mark A. Cervi 4/26/2018 2 Participated in committee call with PH (L. Despins, A. Bongartz, D. Barron), C. 

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

1.0

Michael Westermann 4/26/2018 2 Review A. Bongartz (PH) email and attachments 0.2

Michael Westermann 4/26/2018 2 Review and comment on updated issues list from Paul Hastings 0.8

Michael Westermann 4/26/2018 2 Participated in committee call with PH (L. Despins, A. Bongartz, D. Barron), C. 

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

1.0

Rahul Yenumula 4/26/2018 2 Participated in committee call with PH (L. Despins, A. Bongartz, D. Barron), C. 

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

1.0

Scott Martinez 4/26/2018 2 Prepared talking points for weekly committee call 0.4

Scott Martinez 4/26/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the 

members of the UCC

0.4

Scott Martinez 4/26/2018 2 Prepared slides to be included in the draft presentation materials to be 

circulated to the Committee regarding settlement structures

0.5

Scott Martinez 4/26/2018 2 Reviewed and commented on draft presentation materials to be circulated to 

the Committee regarding settlement structures

0.6

Scott Martinez 4/26/2018 2 Participated in committee call with PH (L. Despins, A. Bongartz, D. Barron), C. 

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

1.0

Carol Flaton 4/27/2018 2 Call w/ L. Despins (PH) re upcoming UCC call 0.1

Carol Flaton 4/27/2018 2 Follow up call w/ L. Despins (PH) re ad hoc GO letter 0.1

Carol Flaton 4/27/2018 2 Participated in special call with committee, PH (L. Despins), M. Westermann, 

D. Praga, E. Ubarri, S. Martinez

0.2

Carol Flaton 4/27/2018 2 Discussion of contingent SUT securities w/L. Despins (PH) 0.2

Deborah Praga 4/27/2018 2 Participated in special call with committee, PH (L. Despins), C. Flaton, M. 

Westermann, E. Ubarri, S. Martinez

0.2

Enrique R. Ubarri 4/27/2018 2 Participated in special call with committee, PH (L. Despins), C. Flaton, M. 

Westermann, D. Praga, S. Martinez

0.2

Michael Westermann 4/27/2018 2 Participated in special call with committee, PH (L. Despins), C. Flaton, D. 

Praga, E. Ubarri, S. Martinez

0.2

Michael Westermann 4/27/2018 2 Review of A. Bongartz and D. Barron (PH) emails and attachments 0.5

Scott Martinez 4/27/2018 2 Participated in special call with committee, PH (L. Despins), M. Westermann, 

D. Praga, E. Ubarri, C. Flaton

0.2

Scott Martinez 4/27/2018 2 Review of email from A. Bongartz (PH) 0.1

Carol Flaton 4/28/2018 2 call w/ L. Despins (PH) re mediation topics, next step 0.1

Carol Flaton 4/28/2018 2 Emails w/ A. Velazquez, E. Deichmann re posted CW model 0.1

Carol Flaton 4/28/2018 2 Email from L. Despins (PH) re adhoc GO letter received 0.1

Carol Flaton 4/29/2018 2 Call w/ L. Despins (PH) re mediation materials for UCC - deck changes 0.1

Carol Flaton 4/29/2018 2 Calls w/L. Despins (PH) re materials for UCC 0.2

Carol Flaton 4/29/2018 2 Call w/L. Despins (PH) to discuss next week mediation next steps 0.2

Carol Flaton 4/29/2018 2 Call w/M. Richard (AFT) to discuss COFINA mediation next steps 0.7

Page 24 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 25 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 4/29/2018 2 Reviewed e-mail from L. Despins (PH) re: mediation process. 0.1

Enrique R. Ubarri 4/29/2018 2 Reviewed e-mail from A. Bongartz (PH) re: certain operational matters. 0.1

Mark A. Cervi 4/29/2018 2 Review of email update from L. Despins (PH) regarding COFINA settlement 0.1

Michael Westermann 4/29/2018 2 Review of A. Bongartz (PH) email and attachments 0.3

Carol Flaton 4/30/2018 2 Call w/L. Despins (PH) re mediation proposal 0.1

Carol Flaton 4/30/2018 2 Emails w/ A. Bongartz (PH) and S. Martinez re Committee call agenda 0.1

Carol Flaton 4/30/2018 2 Email w/ L. Despins (PH) re status of mediation 0.1

Carol Flaton 4/30/2018 2 Call w/ D. Mack (Drivetrain) re mediation status - COFINA materials 0.6

Deborah Praga 4/30/2018 2 Reviewed emails with attachments from A. Bongartz (PH) 0.4

Deborah Praga 4/30/2018 2 Reviewed communication from L. Despins (PH) related to mediation 0.4

Enrique R. Ubarri 4/30/2018 2 Reviewed e-mail from A. Bongartz (PH) re: several operating UCC matters. 0.1

Enrique R. Ubarri 4/30/2018 2 Reviewed letter from L. Despins (PH) response to the GO Group’s 

communication.

0.1

Enrique R. Ubarri 4/30/2018 2 Exchanged e-mails with A. Bongartz (PH) re: Bonistas del Patio; research re: 

Bonistas del Patio; drafted memorandum on Bonistas del Patio.

1.3

Scott Martinez 4/30/2018 2 Reviewed email correspondence from L. Despins (Paul Hastings) to the 

members of the UCC

0.1

Scott Martinez 4/30/2018 2 Reviewed and commented on the draft agenda for Tuesday's UCC call 0.2

Scott Martinez 4/30/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the 

members of the UCC

0.8

Carol Flaton 5/1/2018 2 Call w/ L. Despins (PH) re mediation postponement 0.1

Carol Flaton 5/1/2018 2 Call w/ L. Despins (PH) re mediation next steps 0.1

Carol Flaton 5/1/2018 2 Emails w/M. Salm (AFT) re mtg 0.1

Carol Flaton 5/1/2018 2 Emails w/ L. Despins (PH) and mediation judges re mediation next steps 0.2

Carol Flaton 5/1/2018 2 Emails w/ L. Despins (PH) and R. Gordon (J&B), S. Gumbs (FTI) re mediation 

steps

0.2

Carol Flaton 5/1/2018 2 Call w/ S. Millman (Stroock) re settlement term sheet 0.3

Carol Flaton 5/1/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, D. 

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

0.3

Carol Flaton 5/1/2018 2 Call w/ L. Despins (PH) re mediation next steps 0.5

Deborah Praga 5/1/2018 2 Reviewed mediation status update email from L. Despins (PH) 0.2

Deborah Praga 5/1/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, D. 

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

0.3

Enrique R. Ubarri 5/1/2018 2 Reviewed e-mail from L. Despins (PH) re: COFINA mediation. 0.1

Enrique R. Ubarri 5/1/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, D. 

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

0.3

Eric Deichmann 5/1/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, D. 

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

0.3

Michael Westermann 5/1/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, D. 

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

0.3

Michael Westermann 5/1/2018 2 Prepared for weekly UCC including review of presentation provided to 

committee and preparation for questions

1.1

Scott Martinez 5/1/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, D. 

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

0.3

Carol Flaton 5/2/2018 2 Emails w/M. Salm (AFT) re proposed conf call 0.1

Carol Flaton 5/2/2018 2 Call w/ L. Despins (PH) re mediation status 0.2

Carol Flaton 5/2/2018 2 Call w/ L. Despins (PH) re mediation status 0.6

Carol Flaton 5/2/2018 2 Participated in Creditor Committee call with L. Despins and A. Bongartz (Paul 

Hastings), S. Martinez, M. Westermann, E. Deichmann, E. Ubarri, D. Praga

0.9

Deborah Praga 5/2/2018 2 Reviewed emails from A. Bongartz (PH) 0.7

Deborah Praga 5/2/2018 2 Participated in Creditor Committee call with L. Despins and A. Bongartz (Paul 

Hastings), C. Flaton, S. Martinez, M. Westermann, E. Deichmann, E. Ubarri

0.9

Enrique R. Ubarri 5/2/2018 2 Reviewed e-mail from A. Bongartz of Paul Hastings re: certain operational 

matters.

0.1

Enrique R. Ubarri 5/2/2018 2 Reviewed e-mail from A. Bongartz of Paul Hastings re: letter to FOMB. 0.1

Page 25 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 26 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 5/2/2018 2 Participated in Creditor Committee call with L. Despins and A. Bongartz (Paul 

Hastings), C. Flaton, S. Martinez, M. Westermann, E. Deichmann, D. Praga

0.9

Eric Deichmann 5/2/2018 2 Participated in Creditor Committee call with L. Despins and A. Bongartz (Paul 

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

0.9

Michael Westermann 5/2/2018 2 Participated in Creditor Committee call with L. Despins and A. Bongartz (Paul 

Hastings), C. Flaton, S. Martinez, E. Deichmann, E. Ubarri, D. Praga 

0.9

Scott Martinez 5/2/2018 2 Reviewed draft agenda for Thursday's UCC call 0.1

Scott Martinez 5/2/2018 2 Call with A. Bongartz (Paul Hastings) regarding Committee matters 0.2

Scott Martinez 5/2/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the 

members of the UCC

0.3

Scott Martinez 5/2/2018 2 Participated in Creditor Committee call with L. Despins and A. Bongartz (Paul 

Hastings), C. Flaton, M. Westermann, E. Deichmann, E. Ubarri, D. Praga

0.9

Carol Flaton 5/3/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, D. 

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

0.1

Carol Flaton 5/3/2018 2 Review of PH withholding tax letter 0.2

Carol Flaton 5/3/2018 2 Discussion regarding agenda for May 22 in-person UCC meeting with L. Despins 

and A. Bongartz (Paul Hastings), S. Martinez, M. Westermann, D. Praga

0.3

Carol Flaton 5/3/2018 2 Review of A. Bongartz (PH) email summary and attachments 0.8

Deborah Praga 5/3/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, D. 

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

0.1

Deborah Praga 5/3/2018 2 Discussion regarding agenda for May 22 in-person UCC meeting with L. Despins 

and A. Bongartz (Paul Hastings), C. Flaton, S. Martinez, M. Westermann

0.3

Deborah Praga 5/3/2018 2 Reviewed emails with attachments from A. Bongartz (PH) 0.9

Enrique R. Ubarri 5/3/2018 2 Reviewed e-mail from A. Bongartz (PH) re: certain Committee operational 

matters.

0.1

Enrique R. Ubarri 5/3/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, D. 

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

0.1

Mark A. Cervi 5/3/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, D. 

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

0.1

Mark A. Cervi 5/3/2018 2 Review email correspondence from A. Bongartz (PH) to Committee 0.7

Mark A. Cervi 5/3/2018 2 Call with M. Kahn (PH) regarding COFINA settlement and bond structure 1.6

Michael Westermann 5/3/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, D. 

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

0.1

Michael Westermann 5/3/2018 2 Discussion regarding agenda for May 22 in-person UCC meeting with L. Despins 

and A. Bongartz (Paul Hastings), C. Flaton, S. Martinez, D. Praga 

0.3

Scott Martinez 5/3/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, D. 

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

0.1

Scott Martinez 5/3/2018 2 Discussion regarding agenda for May 22 in-person UCC meeting with L. Despins 

and A. Bongartz (Paul Hastings), C. Flaton, M. Westermann, D. Praga

0.3

Scott Martinez 5/3/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the 

members of the UCC

0.7

Carol Flaton 5/4/2018 2 Emails w/ A. Bongartz (PH) re UCC call agenda 0.1

Carol Flaton 5/4/2018 2 Emails w/ D. Mack (Drivetrain) and A. Velazquez (SEIU) re 5/22 agenda 

requirements

0.2

Enrique R. Ubarri 5/4/2018 2 Telephone conversation with L. Despins (PH) re: certain matters related to UCC 

operations and research analysis

0.8

Scott Martinez 5/4/2018 2 Calls with A. Bongartz (Paul Hastings) regarding agenda for Committee inperson meeting0.2

Scott Martinez 5/4/2018 2 Reviewed and commented on the draft agenda for the Committee in-person 

meeting

0.3

Carol Flaton 5/6/2018 2 Emails w/L. Despins (PH), A. Bongartz (PH) , S. Martinez re mediation schedule 

5/15, 16 and related questions on CFP to FOMB and CW

0.2

Carol Flaton 5/7/2018 2 Call w/ L. Despins (PH) re workstreams 0.1

Carol Flaton 5/7/2018 2 Emails w/ D. Mack (Drivetrain) re 2004 info request 0.1

Carol Flaton 5/7/2018 2 Review draft agenda email from A. Bongartz (PH) 0.1

Page 26 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 27 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 5/7/2018 2 Emails w/ A. Velazquez (SEIU) re OB mtg attendees 0.1

Carol Flaton 5/7/2018 2 Review and mark of draft 2019 motion 0.2

Enrique R. Ubarri 5/7/2018 2 Reviewed e-mail from A. Bongartz re: certain Committee operational matters 

and Retiree Committee's letter to FOMB

0.2

Enrique R. Ubarri 5/7/2018 2 Telephone conversation with L. Despins re: certain matters related to UCC 

operations and research analysis

0.4

Michael Westermann 5/7/2018 2 Review of committee's 2019 draft 0.5

Scott Martinez 5/7/2018 2 Reviewed and commented on the draft agenda for Tuesday's UCC call 0.2

Scott Martinez 5/7/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the 

members of the UCC

1.2

Carol Flaton 5/8/2018 2 Call w/ L. Despins (PH) re mediation update 0.2

Carol Flaton 5/8/2018 2 Emails w/ M. Salm (AFT) and M. Levinson (SEIU) re macro proposal 0.2

Carol Flaton 5/8/2018 2 Participated in Committee call with L. Despins and A. Bongartz (Paul Hastings), 

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

0.4

Carol Flaton 5/8/2018 2 Review of AFT (M. Salm) proposal 0.4

Carol Flaton 5/8/2018 2 Review and mark of draft 2004 motion 0.6

Deborah Praga 5/8/2018 2 Participated in Committee call with L. Despins and A. Bongartz (Paul Hastings), 

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

0.4

Enrique R. Ubarri 5/8/2018 2 Research and analysis re: certain matters related to UCC operation and 

exchanged e-mails with L. Despins (PH) re: the same

0.4

Enrique R. Ubarri 5/8/2018 2 Participated in Committee call with L. Despins and A. Bongartz (Paul Hastings), 

C. Flaton, S. Martinez, M. Westermann, E. Deichmann, D. Praga

0.4

Enrique R. Ubarri 5/8/2018 2 Reviewed e-mail from A. Bongartz (PH) including motion to be filed. 0.5

Eric Deichmann 5/8/2018 2 Participated in Committee call with L. Despins and A. Bongartz (Paul Hastings), 

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

0.4

Eric Deichmann 5/8/2018 2 Call regarding mediation settlement proposals with economists for SEIU and 

AFT, S. Millman (Stroock), A. Velazquez (SEIU), S. Martinez, M. Westermann

0.7

Michael Westermann 5/8/2018 2 Participated in Committee call with L. Despins and A. Bongartz (Paul Hastings), 

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

0.4

Michael Westermann 5/8/2018 2 Call regarding mediation settlement proposals with economists for SEIU and 

AFT, S. Millman (Stroock), A. Velazquez (SEIU), S. Martinez, E. Deichmann 

0.7

Michael Westermann 5/8/2018 2 Commented on 2004 motion from A. Bongartz 1.1

Scott Martinez 5/8/2018 2 Participated in Committee call with L. Despins and A. Bongartz (Paul Hastings), 

C. Flaton, M. Westermann, E. Deichmann, E. Ubarri, D. Praga

0.4

Scott Martinez 5/8/2018 2 Prepared talking points for Committee call 0.5

Scott Martinez 5/8/2018 2 Call regarding mediation settlement proposals with economists for SEIU and 

AFT, S. Millman (Stroock), A. Velazquez (SEIU), M. Westermann, E. Deichmann

0.7

Scott Martinez 5/8/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the 

members of the UCC

1.2

Carol Flaton 5/9/2018 2 Emails w/ A. Bongartz (PH) re UCC agenda 0.1

Carol Flaton 5/9/2018 2 Email from A. Bongartz (PH) w/ attachments (cursory Review) 0.3

Deborah Praga 5/9/2018 2 Review Committee's draft rule 2004 motion 0.9

Deborah Praga 5/9/2018 2 Reviewed email with attachments from A. Bongartz (PH) 1.1

Enrique R. Ubarri 5/9/2018 2 Reviewed e-mail from A. Bongartz (PH) re: certain Committee operational 

matters.

0.1

Michael Westermann 5/9/2018 2 Discussion regarding fiscal plan presentation materials for UCC meeting with S. 

Martinez 

0.5

Michael Westermann 5/9/2018 2 Email to A. Bongartz (PH) re: revised 2004 motion comments and questions 0.9

Scott Martinez 5/9/2018 2 Reviewed and commented on the draft UCC agenda for Thursday's call 0.2

Scott Martinez 5/9/2018 2 Call regarding Committee issues with A. Bongartz (Paul Hastings) 0.2

Scott Martinez 5/9/2018 2 Discussion regarding fiscal plan presentation materials for UCC meeting with M. 

Westermann

0.5

Scott Martinez 5/9/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the 

members of the UCC

1.4

Carol Flaton 5/10/2018 2 Review of May 15/16 agenda 0.1

Page 27 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 28 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 5/10/2018 2 Email with L. Despins (PH), E. Kardos re litigation hold protocol 0.1

Carol Flaton 5/10/2018 2 Email w/ S. Millman (Stroock) re macro session 0.1

Carol Flaton 5/10/2018 2 Email w/ A. Velazquez (SEIU) re current PR conditions 0.1

Carol Flaton 5/10/2018 2 Call w/ L. Despins (PH) re mediation status 0.2

Carol Flaton 5/10/2018 2 Call w/ S. Millman (Stroock) re macro session 0.3

Carol Flaton 5/10/2018 2 Participated in weekly UCC call with A. Bongartz (Paul Hastings), S. Martinez 0.4

Scott Martinez 5/10/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the 

members of the UCC

0.2

Scott Martinez 5/10/2018 2 Call with A. Bongartz (Paul Hastings) regarding Committee call agenda 0.2

Scott Martinez 5/10/2018 2 Participated in weekly UCC call with A. Bongartz (Paul Hastings), C. Flaton 0.4

Carol Flaton 5/11/2018 2 Email w/ A. Velazquez (SEIU) re fee subcommittee 0.1

Carol Flaton 5/13/2018 2 Call w/L. Despins (PH) to review blow out materials and mark 

changes/objections

0.5

Enrique R. Ubarri 5/13/2018 2 Reviewed e-mail from A. Bongartz (PH) re: Statement of COFINA Senior 

Bondholders' Coalition re: Settlement Proposal

0.1

Carol Flaton 5/14/2018 2 Email from A. Bongartz (PH) regarding agenda items 0.1

Carol Flaton 5/14/2018 2 Emails w/ L. Despins (PH) re changes imbedded in the COFINA counter proposal 0.1

Carol Flaton 5/14/2018 2 Emails w/ A. Velazquez (SEIU) re mtg in San Juan 0.1

Carol Flaton 5/14/2018 2 Email w/ L. Despins and A. Bongartz (PH) re mediation schedule 0.1

Carol Flaton 5/14/2018 2 Emails w/Alberto (CTS Law) re tax question related to CFP. 0.1

Carol Flaton 5/14/2018 2 Emails w/ L. Despins (PH) re blow out provisions and related implications 0.2

Carol Flaton 5/14/2018 2 Discussion with M. Westermann and local counsel (Luis L. Torres-Marrero) re: 

tax reform and agenda for mediation sessions 

0.3

Enrique R. Ubarri 5/14/2018 2 Reviewed e-mail from L. Despins (PH) re: Press Releases by Ad Hoc GO 

Bondholder Group and COFINA Senior Bondholder Coalition

0.1

Enrique R. Ubarri 5/14/2018 2 Reviewed e-mail from A. Bongartz (PH) re: several UCC operational matters. 0.1

Enrique R. Ubarri 5/14/2018 2 Reviewed e-mails from L. Despins and A. Bongartz (PH) re: statement from 

COFINA agent.

0.1

Enrique R. Ubarri 5/14/2018 2 Reviewed e-mail and motion provided by A. Bongartz (PH) re: Draft Renewed 

Rule 2004 Motion

0.2

Enrique R. Ubarri 5/14/2018 2 Reviewed e-mail from A. Bongartz (PH), including the attachments on Press 

Releases and supporting documentation issued by Ad Hoc GO Bondholder 

Group, COFINA Senior Bondholder Coalition, AAFAF and FOMB

0.4

Michael Westermann 5/14/2018 2 Discussion with C. Flaton and local counsel (Luis L. Torres-Marrero) re: tax 

reform and agenda for mediation sessions 

0.3

Scott Martinez 5/14/2018 2 Calls regarding agenda for UCC call and in-person meeting with A. Bongartz 

(Paul Hastings)

0.3

Scott Martinez 5/14/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the 

members of the UCC

0.8

Carol Flaton 5/15/2018 2 Emails regarding Total committee position (Email from L. Despins (PH)) 0.1

Carol Flaton 5/15/2018 2 Emails w/ L. Despins (PH) re Retiree letter re CW and global proposal 0.1

Carol Flaton 5/15/2018 2 Email from A. Bongartz (PH) w/ attachments 0.1

Carol Flaton 5/15/2018 2 Emails from L. Despins (PH) w/ Committee members (A. Velazquez (SEIU), D. 

Mack (Drivetrain), S. Millman(Stroock)) re settlement meetings on 5/21, etc.

0.2

Carol Flaton 5/15/2018 2 Call w/ L. Despins (PH) re mediation 0.4

Carol Flaton 5/15/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, D. 

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

0.5

Deborah Praga 5/15/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, D. 

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

0.5

Deborah Praga 5/15/2018 2 Review email with attachments from A. Bongartz (PH) 0.5

Enrique R. Ubarri 5/15/2018 2 Reviewed e-mail from A. Bongartz (PH) re: UCC operational matter. 0.1

Enrique R. Ubarri 5/15/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, D. 

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

0.5

Page 28 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 29 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Eric Deichmann 5/15/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, D. 

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

Praga (.5)

0.5

Michael Westermann 5/15/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, D. 

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

0.5

Scott Martinez 5/15/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, D. 

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

0.5

Scott Martinez 5/15/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the 

members of the UCC

0.6

Carol Flaton 5/16/2018 2 Emails w/ L. Despins (PH) re recovery sensitivities 0.1

Carol Flaton 5/16/2018 2 Emails w/ A. Bongartz (PH), S. Martinez re draft UCC agenda 0.1

Carol Flaton 5/16/2018 2 Emails w/L. Despins (PH), F. Santos (PR Hospital Supply) re 5/22 mtg 0.1

Carol Flaton 5/16/2018 2 Email w/S. Martinez, E. Ubarri re 5/22 agenda 0.1

Carol Flaton 5/16/2018 2 Emails w/ L. Despins (PH), S. Martinez, A. Bongartz (PH) re proposed term 

changes

0.1

Carol Flaton 5/16/2018 2 Email w/ D. Mack (Drivetrain) re potential settlement structures 0.1

Carol Flaton 5/16/2018 2 Emails w/S. Millman (Stroock) and S. Martinez re FOMB materials from 

mediation session

0.1

Carol Flaton 5/16/2018 2 Emails w/ L. Despins (PH), S. Martinez re PSTBA sensitivities 0.2

Carol Flaton 5/16/2018 2 Emails w/ S. Martinez, L. Despins (PH) re COFINA terms 0.2

Carol Flaton 5/16/2018 2 Follow up calls regarding settlement structures with L. Despins (Paul Hastings), 

S. Martinez, M. Westermann

0.3

Carol Flaton 5/16/2018 2 Review of A. Bongartz (PH) email and attachments 0.1

Carol Flaton 5/16/2018 2 Call regarding settlement structure with L. Despins (Paul Hastings), AFT, S. 

Martinez, M. Westermann

0.8

Deborah Praga 5/16/2018 2 Review of email with attachment from A. Bongartz (PH) 0.4

Michael Westermann 5/16/2018 2 Follow up calls regarding settlement structures with L. Despins (Paul Hastings), 

C. Flaton, S. Martinez

0.3

Michael Westermann 5/16/2018 2 Call regarding settlement structure with L. Despins (Paul Hastings), AFT, C. 

Flaton, S. Martinez

0.8

Rahul Yenumula 5/16/2018 2 Call regarding GDB RSA with D. Newman and J. Grogan (Paul Hastings), R. 

Bingham, S. Martinez

0.6

Robert Bingham 5/16/2018 2 Call regarding GDB RSA with D. Newman and J. Grogan (Paul Hastings), R. 

Yenumula, S. Martinez 

0.6

Scott Martinez 5/16/2018 2 Reviewed draft agenda for Thursday's UCC call 0.1

Scott Martinez 5/16/2018 2 Follow up calls regarding settlement structures with L. Despins (Paul Hastings), 

C. Flaton, M. Westermann

0.3

Scott Martinez 5/16/2018 2 Call regarding GDB RSA with D. Newman and J. Grogan (Paul Hastings), R. 

Bingham, R. Yenumula

0.6

Scott Martinez 5/16/2018 2 Call regarding settlement structure with L. Despins (Paul Hastings), AFT, C. 

Flaton, M. Westermann

0.8

Scott Martinez 5/16/2018 2 Reviewed and commented on the draft fiscal plan presentation to be discussed 

with the Committee

1.8

Carol Flaton 5/17/2018 2 Emails w/ L. Despins (P) re terms of counter proposal 0.1

Carol Flaton 5/17/2018 2 Read email from A. Bongartz (PH) re AFSCME motion 0.1

Carol Flaton 5/17/2018 2 Follow up discussion regarding settlement proposals with PH (L. Despins, A. 

Bongartz), S. Martinez, M. Westermann

0.2

Carol Flaton 5/17/2018 2 Call w/ M. Richard (AFT) re COFINA mediation 0.2

Carol Flaton 5/17/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz), S. 

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

0.9

Carol Flaton 5/17/2018 2 Call with committee members, ZC (C. Flaton, S. Martinez) and PH (L. Despins) 

re: new COFINA proposal

1.0

Deborah Praga 5/17/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz), C. 

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

0.9

Page 29 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 30 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 5/17/2018 2 Reviewed e-mails from A. Bongartz (PH) re: draft Commonwealth Agent 

Proposal in Response to COFINA Agent Proposal, including counterproposal and 

filings related to the Commonwealth-COFINA mediation.

0.3

Enrique R. Ubarri 5/17/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz), C. 

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

0.9

Eric Deichmann 5/17/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz), C. 

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

0.9

Michael Westermann 5/17/2018 2 Follow up discussion regarding settlement proposals with PH (L. Despins, A. 

Bongartz), C. Flaton, S. Martinez

0.2

Michael Westermann 5/17/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz), C. 

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

0.9

Michael Westermann 5/17/2018 2 Call with committee members, ZC (C. Flaton, S. Martinez) and PH (L. Despins) 

re: new COFINA proposal 

1.0

Scott Martinez 5/17/2018 2 Follow up discussion regarding settlement proposals with PH (L. Despins, A. 

Bongartz), C. Flaton, M. Westermann

0.2

Scott Martinez 5/17/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the 

members of the UCC

0.5

Scott Martinez 5/17/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz), C. 

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

0.9

Scott Martinez 5/17/2018 2 Call with committee members, ZC (C. Flaton, M. Westermann) and PH (L. 

Despins) re: new COFINA proposal

1.0

Carol Flaton 5/18/2018 2 Email from L. Despins (PH) re AFSCME motion 0.1

Carol Flaton 5/18/2018 2 Call w/ L. Despins (PH) re mediation next steps 0.2

Carol Flaton 5/18/2018 2 Calls w/ L. Despins (PH) re mediation process 0.3

Carol Flaton 5/18/2018 2 Call w/ D. Mack (Drivetrain) re COFINA proposal 0.3

Carol Flaton 5/18/2018 2 Call with M. Westermann and P. Hastings (L. Despins, A. Bongartz) re: 

comparison of COFINA settlement 

0.5

Carol Flaton 5/18/2018 2 Review w/S. Martinez materials for 5/22 UCC mtg 1.1

Enrique R. Ubarri 5/18/2018 2 Reviewed e-mail from L. Despins re: AFSCME Motion to Compel Compliance with

Commonwealth-COFINA Stipulation

0.1

Michael Westermann 5/18/2018 2 Call with C. Flaton and P. Hastings (L. Despins, A. Bongartz) re: comparison of 

COFINA settlement 

0.5

Michael Westermann 5/18/2018 2

Email to L. Despins (PH) re: PBA and other bonded entities in the CW fiscal plan

0.9

Scott Martinez 5/18/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) regarding 

feedback from COFINA Agent counsel

0.3

Scott Martinez 5/18/2018 2 Discussions regarding various presentation materials for in-person Committee 

meeting with C. Flaton

1.1

Carol Flaton 5/19/2018 2 Call w/ L. Despins (PH) re mediation next steps 0.1

Carol Flaton 5/19/2018 2 Emails w/L. Despins (PH), M. Westermann re PBA guaranty 0.1

Carol Flaton 5/19/2018 2 Emails w/ A. Velazquez (SEIU) re GO positions 0.1

Carol Flaton 5/19/2018 2 Emails with/ L. Despins (PH) re 5/22 presentation materials 0.1

Carol Flaton 5/19/2018 2 Emails w/ L. Despins (PH) re Cofina agent position 0.1

Carol Flaton 5/19/2018 2 Email from A. Bongartz (PH) w/ changes/marks for 5/22 materials 0.1

Carol Flaton 5/19/2018 2 Emails w/ L. Despins (PH), S. Millman (Stroock), D. Mack (Drivetrain), A. 

Velazquez (SEIU) re mediation status

0.1

Carol Flaton 5/19/2018 2 Call w/ L. Despins (PH) re mediation status 0.2

Carol Flaton 5/19/2018 2 Call w/L. Despins (PH) re mediation 0.2

Carol Flaton 5/19/2018 2 Call w/ A. Velazquez (SEIU) re mediation next steps 0.4

Carol Flaton 5/19/2018 2 Call w/ S. Millman (Stroock), D. Mack (Drivetrain), L. Despins (PH) re status and 

next steps of mediation

0.5

Scott Martinez 5/19/2018 2 Discussion regarding GDB presentation materials for the UCC with L. Despins 

and J. Grogan (Paul Hastings)

0.6

Carol Flaton 5/20/2018 2 Emails w/ S. Martinez re circulation of final materials for UCC 0.1

Carol Flaton 5/20/2018 2 Email from L. Despins (PH) re COFINA agent position 0.1

Page 30 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 31 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 5/20/2018 2 Reviewed email from L. Despins (PH) to UCC re mediation status 0.1

Carol Flaton 5/20/2018 2 Email from L. Despins (PH) w/questions on debt capacity analysis 0.2

Scott Martinez 5/20/2018 2 Reviewed updates to the UPR presentation 0.3

Scott Martinez 5/20/2018 2 Reviewed updates to the debt sustainability presentation 0.4

Scott Martinez 5/20/2018 2 Prepared talking points for Committee in-person meeting regarding GDB 1.1

Carol Flaton 5/21/2018 2 Email from J. Casillas (CST) re request from CST 0.1

Carol Flaton 5/21/2018 2 Email from A. Bongartz (PH) describing the cover note to the latest proposal 0.1

Carol Flaton 5/21/2018 2 Reviewed PH’s strategy presentation materials for UCC 5/22 mtg 0.7

Enrique R. Ubarri 5/21/2018 2 Assessed PH presentation to the UCC and communication from A. Bongartz (PH) 

re: certain UCC operational matters.

0.6

Enrique R. Ubarri 5/21/2018 2 Telephone conversations with D. Barron of Paul Hastings re: Bonistas del Patio 

investments on PR debt

0.3

Eric Deichmann 5/21/2018 2 Preparation for in-person UCC meeting 1.6

Michael Westermann 5/21/2018 2 Prepared commentary for CW in-person presentation 2.7

Scott Martinez 5/21/2018 2 Call with A. Bongartz (Paul Hastings) regarding in-person Committee meeting 0.2

Scott Martinez 5/21/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the 

members of the UCC

0.3

Carol Flaton 5/22/2018 2 Review of issues list from A. Bongartz (PH) re settlement 0.1

Carol Flaton 5/22/2018 2 Emails w/ S. Millman (Stroock), S. Martinez, M. Westermann re federal monies 

withheld

0.2

Carol Flaton 5/22/2018 2 Emails w/ L. Despins (PH), S. Millman (Stroock) re open issues list on proposal 0.2

Carol Flaton 5/22/2018 2 PR - Participated in in-person Committee meeting in San Juan 8.0

Deborah Praga 5/22/2018 2 Listened to in-person UCC meeting in San Juan 6.4

Enrique R. Ubarri 5/22/2018 2 Examined e-mail from A. Bongartz (PH) re: certain issues with COFINACommonwealth negotiation.0.1

Enrique R. Ubarri 5/22/2018 2 Participated in special committee meeting (telephonically) held in Puerto Rico 

with PH (L. Despins, A. Bongartz), C. Flaton, S. Martinez, E. Ubarri, E. 

Deichmann, M. Westermann, D. Praga 

6.4

Eric Deichmann 5/22/2018 2 PR - Participated in in-person Committee meeting in San Juan 8.0

Michael Westermann 5/22/2018 2 PR - Participated in in-person Committee meeting in San Juan 8.0

Scott Martinez 5/22/2018 2 Reviewed case status update presentation prepared by Paul Hastings for the 

Committee

0.7

Scott Martinez 5/22/2018 2 PR - Participated in in-person Committee meeting in San Juan 8.0

Carol Flaton 5/23/2018 2 Call with M. Westermann and S. Millman (Stroock) re: follow up to S. Millman 

(Stroock) questions

0.2

Carol Flaton 5/23/2018 2 Call with M. Westermann, Paul Hastings (L. Despins), and committee members 

re: update committee members from meeting with COFINA advisors

0.8

Enrique R. Ubarri 5/23/2018 2 Reviewed e-mail from A. Bongartz (PH) re: certain UCC operational matters. 0.1

Eric Deichmann 5/23/2018 2 Call regarding UCC strategic goals with S. Martinez 0.3

Michael Westermann 5/23/2018 2 Call with C. Flaton, and S. Millman (Stroock) re: follow up to Sherry questions 0.2

Michael Westermann 5/23/2018 2 Call with C. Flaton, Paul Hastings (L. Despins), and committee members re: 

update committee members from meeting with COFINA advisors 

0.8

Rahul Yenumula 5/23/2018 2 Discussion with S. Martinez, R. Bingham, D. Newman and J. Grogan (Paul 

Hastings) re: GDB

0.6

Robert Bingham 5/23/2018 2 Discussion with S. Martinez, R. Yenumula, D. Newman and J. Grogan (Paul 

Hastings) re: GDB

0.6

Scott Martinez 5/23/2018 2 Calls with A. Bongartz (Paul Hastings) regarding Committee issues 0.2

Scott Martinez 5/23/2018 2 Call with D. Barron (Paul Hastings) regarding liquidity updates for the 

Committee

0.2

Scott Martinez 5/23/2018 2 Call regarding UCC strategic goals with E. Deichmann 0.3

Scott Martinez 5/23/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the 

members of the UCC

0.3

Scott Martinez 5/23/2018 2 Discussion with R. Bingham, R. Yenumula, D. Newman and J. Grogan (Paul 

Hastings) re: GDB

0.6

Page 31 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 32 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 5/24/2018 2 Follow-up call re: CW-COFINA settlement offer with L. Despins (PH), S. 

Martinez, M. Westermann, D. Praga

0.1

Carol Flaton 5/24/2018 2 Email from L. Despins (PH) re Certification and implications of ruling 0.1

Carol Flaton 5/24/2018 2 Emails w/ M. Richard (SEIU) re reliance on CFP’s 0.1

Carol Flaton 5/24/2018 2 Emails w/ S. Millman (Stroock) re settlement proposals comparison 0.1

Carol Flaton 5/24/2018 2 Emails w/ L. Despins, A. Bongartz (PH), M. Westermann re illustrative slides 0.2

Carol Flaton 5/24/2018 2 Call w/ A. Velazquez (SEIU) re settlement next steps 0.4

Carol Flaton 5/24/2018 2 Call with M. Westermann and S. Millman re: COFINA settlement 0.5

Carol Flaton 5/24/2018 2 Read 5/23 status email from A. Bongartz (PH) to UCC and Reviewed 5/11/18 

TSA

0.8

Carol Flaton 5/24/2018 2 Call with M. Westermann, S. Martinez, Paul Hastings (L. Despins), and COFINA 

sub-committee members

0.8

Carol Flaton 5/24/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, D. 

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

1.2

Deborah Praga 5/24/2018 2 Follow-up call re: CW-COFINA settlement offer with L. Despins (PH), C. Flaton, 

S. Martinez, M. Westermann

0.1

Deborah Praga 5/24/2018 2 Review of case update from L. Despins (PH) 0.2

Deborah Praga 5/24/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, D.

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

1.2

Enrique R. Ubarri 5/24/2018 2 Reviewed several e-mails with attachments from A. Bongartz (PH) re: certain

operational matters and CW COFINA settlement

0.2

Enrique R. Ubarri 5/24/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, D.

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

1.2

Michael Westermann 5/24/2018 2 Follow-up call re: CW-COFINA settlement offer with L. Despins (PH), C. Flaton,

S. Martinez, D. Praga

0.1

Michael Westermann 5/24/2018 2 Call with A. Bongartz (PH) re: comments to the COFINA term sheet 0.2

Michael Westermann 5/24/2018 2 Call with C. Flaton and S. Millman re: COFINA settlement 0.5

Michael Westermann 5/24/2018 2 Call with C. Flaton, S. Martinez, Paul Hastings (L. Despins), and COFINA subcommittee members

0.8

Michael Westermann 5/24/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, D.

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

1.2

Michael Westermann 5/24/2018 2 Response to committee member email re: conversion of GO deal into latest

proposals

1.3

Scott Martinez 5/24/2018 2 Follow-up call re: CW-COFINA settlement offer with L. Despins (PH), C. Flaton,

M. Westermann, D. Praga

0.1

Scott Martinez 5/24/2018 2 Reviewed outline of Zolfo Cooper activities with respect to UCC strategies 0.7

Scott Martinez 5/24/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the

members of the UCC

0.7

Scott Martinez 5/24/2018 2 Call with C. Flaton, M. Westermann, Paul Hastings (L. Despins), and COFINA subcommittee members

0.8

Scott Martinez 5/24/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, D.

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

1.2

Carol Flaton 5/25/2018 2 Emails w/L. Despins (PH) re issuance of additional securities 0.1

Carol Flaton 5/25/2018 2 Read Email from A. Bongartz (PH) re extension of Bar Date 0.1

Carol Flaton 5/25/2018 2 Read Email from A. Velazquez (SEIU) re settlement proposal 0.1

Carol Flaton 5/25/2018 2 Follow up call with M. Westermann, and Paul Hastings (L. Despins) 0.3

Carol Flaton 5/25/2018 2 Emails w/ M. Westermann and S. Millman (Stroock) regarding recovery

comparisons

0.2

Carol Flaton 5/25/2018 2 Review of A. Bongartz (PH) email summary status to UCC members 5/25 0.2

Carol Flaton 5/25/2018 2 Call with M. Westermann, and A. Velazquez (SEIU) re: additional COFINA

issuances

0.5

Carol Flaton 5/25/2018 2 Review/mark/populate slides from M. Richard (AFT) from 5/22 mtg 0.4

Deborah Praga 5/25/2018 2 Reviewed email from A. Velazquez (SEIU) to Committee related to

Commonwealth-COFINA negotiations

0.2

Deborah Praga 5/25/2018 2 Reviewed emails with attachments from A. Bongartz (PH) 1.4

Page 32 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 33 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Elizabeth S. Kardos 5/25/2018 2 Emails to M. Comerford (Paul Hastings), C. Flaton (ZC) and S. Martinez (ZC) re 

fee examiner and admin order issues

0.3

Enrique R. Ubarri 5/25/2018 2 Examined comments from member of the UCC to the Commonwealth-COFINA 

settlement proposal.

0.1

Enrique R. Ubarri 5/25/2018 2 Reviewed e-mail from A. Bongartz (PH) re: operational issues in the 

Commonwealth-COFINA mediation.

0.1

Michael Westermann 5/25/2018 2 Follow up call with C. Flaton, and Paul Hastings (L. Despins) 0.3

Michael Westermann 5/25/2018 2 Review A. Velazquez (SEIU) email re: thoughts of COFINA proposal 0.4

Michael Westermann 5/25/2018 2 Call with C. Flaton, and A. Velazquez (SEIU) re: additional COFINA issuances 0.5

Scott Martinez 5/25/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the 

members of the UCC

0.9

Carol Flaton 5/26/2018 2 Emails w/ S. Millman (Stroock) re terms of settlement agreement 0.1

Carol Flaton 5/26/2018 2 Call w/ L. Despins (PH) re open term sheet items 0.3

Carol Flaton 5/27/2018 2 Call w/ L. Despins (PH) re mediation next steps 0.1

Carol Flaton 5/27/2018 2 Review of draft email to Committee for status report 0.1

Carol Flaton 5/27/2018 2 Emails w/L. Despins and A. Bongartz (PH) re requested term changes from 

retirees

0.1

Carol Flaton 5/27/2018 2 Emails w/M. Richard (AFT) and L. Despins (PH) re Committee voting and 

protocol for negotiation

0.1

Carol Flaton 5/27/2018 2 Emails from L. Despins (PH) to ZC and Committee re message from mediation 

judges

0.1

Carol Flaton 5/27/2018 2 Call w/L. Despins (PH) re RC comments on term sheet 0.2

Carol Flaton 5/27/2018 2 Draft of summary email to UCC on mediation status/open items 0.3

Carol Flaton 5/27/2018 2 Call w/ S. Millman (Stroock) re latest changes to term sheet 0.5

Enrique R. Ubarri 5/27/2018 2 Examined comments from member of the UCC to the Commonwealth-COFINA 

Mediation Mark-Up of Certain Terms & Conditions

0.1

Enrique R. Ubarri 5/27/2018 2 Examined e-mail and attachment from A. Bongartz (PH) re: CommonwealthCOFINA Mediation Mark-Up of Certain Terms & Conditions0.2

Carol Flaton 5/28/2018 2 Call w/ L. Despins (PH) to discuss term sheet proposed change 0.1

Carol Flaton 5/28/2018 2 Emails w/ L. Despins, A. Bongartz (PH), M. Westermann re proposed growth 

rate metric

0.1

Carol Flaton 5/28/2018 2 Emails w/M. Westermann, A. Bongartz (PH) re issuance coverage ratios 0.1

Carol Flaton 5/28/2018 2 Emails w/ S. Millman (Stroock) and L. Despins (PH) re discussions with CW and 

Board financial advisors

0.1

Carol Flaton 5/28/2018 2 Read email from L. Despins (PH) to Committee re status and next steps of 

mediation

0.1

Carol Flaton 5/28/2018 2 Call w/ L. Despins (PH) to discuss mediation next steps 0.2

Elizabeth S. Kardos 5/28/2018 2 Reviewed email from M. Comerford (Paul Hastings) and motion to amend admin 

order

1.5

Enrique R. Ubarri 5/28/2018 2 Reviewed e-mal from L. Despins (PH) re: Commonwealth-COFINA Mediation 

Mark-Up of Certain Terms & Conditions

0.1

Michael Westermann 5/28/2018 2 Response to A. Bongartz (PH) email re: covenant levels 0.3

Michael Westermann 5/28/2018 2 Response to L. Despins (PH) questions re: CW share of proposed settlement and 

escrow

0.5

Carol Flaton 5/29/2018 2 Call w/ L. Despins (PH) re next steps in mediation 0.1

Carol Flaton 5/29/2018 2 Emails w/ A. Bongartz (PH), A. Velazquez (SEIU), F. Santos (PR Hospital Supply) 

re proposed Committee agenda

0.1

Carol Flaton 5/29/2018 2 Emails w/ L. Despins (PH) re agenda topics for upcoming FOMB advisor session 0.1

Carol Flaton 5/29/2018 2 Emails w/ S. Millman (Stroock) re discussion topics with FOMB advisors 0.1

Carol Flaton 5/29/2018 2 Call regarding Commonwealth-COFINA dispute with L. Despins (Paul Hastings), 

S. Martinez, M. Westermann

0.2

Carol Flaton 5/29/2018 2 Call w/ A. Velasquez (SEIU) re mediation next steps 0.2

Carol Flaton 5/29/2018 2 Mark up of Committee “goals” document from 5/22/18 mtg (first draft) 0.2

Carol Flaton 5/29/2018 2 Call w/S. Millman (Stroock) re mediation next steps 0.3

Carol Flaton 5/29/2018 2 Review of A. Bongartz (PH) email including summary of Law 80 repeal 0.3

Page 33 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 34 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 5/29/2018 2 Call w/ L. Despins (PH) re latest terms of the mediation term sheet 0.2

Carol Flaton 5/29/2018 2 Participated in Committee call with L. Despins and A. Bongartz (Paul Hastings), 

S. Martinez, M. Westermann, E. Ubarri

0.7

Enrique R. Ubarri 5/29/2018 2 Reviewed e-mail from A. Bongartz (PH) re: certain UCC operational matters and

COFINA term markup

0.4

Enrique R. Ubarri 5/29/2018 2 Examined communication from A. Bongartz, including the draft of the Reply in 

Further Support of Committee's Renewed Rule 2004 Motion for that will impact 

potential recoveries for creditors.

0.6

Enrique R. Ubarri 5/29/2018 2 Participated in Committee call with L. Despins and A. Bongartz (Paul Hastings), 

C. Flaton, S. Martinez, M. Westermann

0.7

Eric Deichmann 5/29/2018 2 Call regarding Committee goals and strategies with A. Bongartz (Paul Hastings), 

S. Martinez

0.8

Michael Westermann 5/29/2018 2 Call regarding Commonwealth-COFINA dispute with L. Despins (Paul Hastings), 

C. Flaton, S. Martinez

0.2

Michael Westermann 5/29/2018 2 Participated in Committee call with L. Despins and A. Bongartz (Paul Hastings), 

C. Flaton, S. Martinez, E. Ubarri

0.7

Scott Martinez 5/29/2018 2 Call regarding Commonwealth-COFINA dispute with L. Despins (Paul Hastings), 

M. Westermann

0.2

Scott Martinez 5/29/2018 2 Participated in Committee call with L. Despins and A. Bongartz (Paul Hastings), 

C. Flaton, M. Westermann, E. Ubarri

0.7

Scott Martinez 5/29/2018 2 Call regarding Committee goals and strategies with A. Bongartz (Paul Hastings), 

E. Deichmann

0.8

Scott Martinez 5/29/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the 

members of the UCC

0.9

Carol Flaton 5/30/2018 2 Call w/ A. Bongartz (PH) re mediation next steps and committee mtg schedule 0.2

Carol Flaton 5/30/2018 2 Reviewed email from A. Bongartz (PH) re Committee mtg, summary of AFSCME 

motion denial

0.2

Carol Flaton 5/30/2018 2 Calls w/ L. Despins (PH) re status of settlement negotiation 0.5

Carol Flaton 5/30/2018 2 Participated in Committee call with L. Despins and A. Bongartz (Paul Hastings), 

M. Westermann, S. Martinez

0.5

Enrique R. Ubarri 5/30/2018 2 Reviewed e-mail from A. Bongartz (PH) re: several Committee operational 

matters and COFINA settlement terms

0.2

Enrique R. Ubarri 5/30/2018 2 Participated in special committee call with Paul Hastings and ZC re: 

Commonwealth-COFINA Proposal

0.5

Michael Westermann 5/30/2018 2 Participated in Committee call with L. Despins and A. Bongartz (Paul Hastings), 

C. Flaton, S. Martinez

0.5

Scott Martinez 5/30/2018 2 Email correspondence regarding GDB with J. Grogan (Paul Hastings) 0.1

Scott Martinez 5/30/2018 2 Email correspondence with Committee members regarding Zolfo Cooper's 

second interim fee application

0.2

Scott Martinez 5/30/2018 2 Participated in Committee call with L. Despins and A. Bongartz (Paul Hastings), 

C. Flaton, M. Westermann

0.5

Scott Martinez 5/30/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the 

members of the UCC

0.6

Scott Martinez 5/30/2018 2 Reviewed and commented on a draft Act 154 presentation for the Committee 0.7

Carol Flaton 5/31/2018 2 Emails w/ L. Despins (PH) re status of settlement 0.1

Carol Flaton 5/31/2018 2 Emails w/ L. Despins (PH) re retention order language 0.1

Carol Flaton 5/31/2018 2 Emails from A. Bongartz (PH) (5/31) re committee items status 0.1

Carol Flaton 5/31/2018 2 Email from A. Bongartz (PH) re Plan of Adjustment /timing of Plan 0.1

Carol Flaton 5/31/2018 2 Emails w/ L. Despins, M. Comerford (PH), S. Martinez re PRASA proposal and 

next steps

0.1

Carol Flaton 5/31/2018 2 Emails w/ A. Velazquez (SEIU), A. Bongartz (PH), F. Santos (PR Hospital Supply) 

re UCC topics and agenda

0.2

Carol Flaton 5/31/2018 2

Emails w/ A. Velazquez (SEIU) and D. Mack (Drivetrain) re securities structuring

0.2

Page 34 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 35 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 5/31/2018 2 Email from L. Despins (PH) to UCC members re retention and feedback from 

members on filings

0.2

Carol Flaton 5/31/2018 2 Call w/ F. Santos (PR Hospital Supply) re settlement status and next steps 0.3

Carol Flaton 5/31/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, D. 

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

0.5

Carol Flaton 5/31/2018 2 Call with PH (L. Despins) regarding mediation update 0.6

Deborah Praga 5/31/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, D. 

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

0.5

Deborah Praga 5/31/2018 2 Review of emails with attachments from A. Bongartz (PH) 1.3

Enrique R. Ubarri 5/31/2018 2 Reviewed e-mail from A. Bongartz (PH) re: COFINA Agent's Counterproposal and 

reviewed counterproposal presented.

0.1

Enrique R. Ubarri 5/31/2018 2 Reviewed e-mail from A. Bongartz re: Comments on Terms and Conditions to 

the COFINA-Commonwealth Settlement Proposal.

0.1

Enrique R. Ubarri 5/31/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, D. 

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

0.5

Michael Westermann 5/31/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, D. 

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

0.5

Scott Martinez 5/31/2018 2 Reviewed draft agenda for Thursday's UCC call 0.2

Scott Martinez 5/31/2018 2 Reviewed email correspondence from A. Bongartz (Paul Hastings) to the 

members of the UCC

0.3

Scott Martinez 5/31/2018 2 Participated in weekly committee call with PH (L. Despins, A. Bongartz, D. 

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

0.5

Total Hours Matter Category 2 663.2

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 2/1/2018 3 Emails w/J. Gana (Assured) re CWG call 0.1

Carol Flaton 2/1/2018 3 Call w/L. Despins (PH) re 2/1 mediation session 0.2

Carol Flaton 2/1/2018 3 Reviewed and marked 2/3 agenda w/ J. Gana (Assured) 0.2

Carol Flaton 2/1/2018 3 Participated in call with creditors to strategize regarding the fiscal plan session 

on 2/3 (S. Martinez, E. Deichmann, M. Westermann)

0.6

Carol Flaton 2/1/2018 3 Participated in GO mediation session w/ PH, judges 2.1

Eric Deichmann 2/1/2018 3 Participated in call with creditors to strategize regarding the fiscal plan session 

on 2/3 (C. Flaton, S. Martinez, M. Westermann) 

0.6

Michael Westermann 2/1/2018 3 Participated in call with creditors to strategize regarding the fiscal plan session 

on 2/3 (C. Flaton, S. Martinez, E. Deichmann) 

0.6

Scott Martinez 2/1/2018 3 Reviewed proposed topics for Saturday's creditor session regarding the 

Commonwealth's fiscal plan

0.4

Scott Martinez 2/1/2018 3 Reviewed and commented on the draft summary of the FOMB public session re: 

PR's energy sector

0.5

Scott Martinez 2/1/2018 3 Participated in call with creditors to strategize regarding the fiscal plan session 

on 2/3 (C. Flaton, E. Deichmann, M. Westermann)

0.6

Scott Martinez 2/1/2018 3 Listened to the FOMB session regarding the Future of Puerto Rico's Energy 

Sector

4.7

Carol Flaton 2/2/2018 3 Email w/ S. Gumbs (FTI) re pension questions 0.1

Carol Flaton 2/2/2018 3 Review/markup of Listening Session summary for UCC 0.4

Michael Westermann 2/2/2018 3 Updated diligence list based on additional questions provided by E. Deichmann 

and E. Ubarri

0.8

Michael Westermann 2/2/2018 3 Updated one-page summary deck for purposes of quick referencing during the 

mediation session

2.7

Michael Westermann 2/2/2018 3 Created diligence and observations overview list in preparation of 2/3/18 

mediation session

3.3

Scott Martinez 2/2/2018 3 Reviewed and commented on the draft points to discuss at tomorrow's fiscal 

plan session

0.5

Page 35 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 36 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Scott Martinez 2/2/2018 3 Reviewed and commented on the revised draft summary of the FOMB public 

session re: PR's energy sector

0.6

Carol Flaton 2/3/2018 3 Debrief w/S. Martinez re FP presentation, next steps 0.5

Carol Flaton 2/3/2018 3 Participated in the Commonwealth Fiscal Plan Session with the AAFAF, FOMB, 

Creditor Working Group, S. Martinez, M. Westermann, E. Deichmann

4.5

Scott Martinez 2/3/2018 3 Debrief regarding today's fiscal plan sessions with C. Flaton 0.5

Scott Martinez 2/3/2018 3 Reviewed materials in preparation for fiscal plan sessions with AAFAF and the 

FOMB

1.0

Scott Martinez 2/3/2018 3 Participated in the Commonwealth Fiscal Plan Session with the AAFAF, FOMB, 

Creditor Working Group, C. Flaton, M. Westermann, E. Deichmann

4.5

Michael Westermann 2/5/2018 3 Updated diligence list for requests that were answered during the 2/3 

mediation session

1.6

Scott Martinez 2/5/2018 3 Email correspondence with K. Rosado (Ankura) regarding questions on the 

Commonwealth fiscal plan

0.1

Scott Martinez 2/5/2018 3 Calls with A. Bongartz (Paul Hastings) regarding Committee updates 0.2

Carol Flaton 2/6/2018 3 Emails w/ A. Yearley (Lazard) and L. Despins (PH) re CWG calls 0.1

Carol Flaton 2/6/2018 3 Review of open questions on CW FP 0.3

Deborah Praga 2/6/2018 3 Prepared diligence questions based on review of fiscal plan presentation 0.7

Michael Westermann 2/6/2018 3 Updated diligence list for comments and additional questions 0.7

Scott Martinez 2/6/2018 3 Reviewed and commented on the draft list of questions regarding the 

Commonwealth's fiscal plan

1.0

Enrique R. Ubarri 2/7/2018 3 Attended (teleconference) Omnibus hearing. 0.7

Michael Westermann 2/7/2018 3 Sent emails to AAFAF, FOMB, and mediators containing the diligence list 0.3

Michael Westermann 2/7/2018 3 Formatted and finalized diligence list 0.9

Carol Flaton 2/8/2018 3 Email from M. Hindman re CWG call 0.1

Carol Flaton 2/9/2018 3 Email w/S. Martinez and M. Kopacz (Phoenix) re PREPA payments 0.1

Carol Flaton 2/9/2018 3 Email from M. Kopacz (Phoenix) re RR report on CDL’s 0.2

Carol Flaton 2/9/2018 3 Emails to S. Gumbs (FTI) re pension questions 0.2

Carol Flaton 2/9/2018 3 Emails w/D. Mondell (Rothschild) re CWG call and questions 0.3

Carol Flaton 2/9/2018 3 Emails w/ M. Rodrigue (Miller Buckfire) re UCC participation in creditor press 

release

0.3

Carol Flaton 2/9/2018 3 Review and mark of S. Martinez summary of CWG call for UCC 0.4

Carol Flaton 2/9/2018 3 Debrief of creditor working group call with S. Martinez 0.5

Carol Flaton 2/9/2018 3 Participated in the creditor working group call with AAFAF, S. Martinez, M. 

Westermann

0.7

Michael Westermann 2/9/2018 3 Review of bi-weekly creditor updated discussion materials posted to Intralinks 0.6

Michael Westermann 2/9/2018 3 Participated in the creditor working group call with AAFAF, C. Flaton, S. 

Martinez

0.7

Michael Westermann 2/9/2018 3 Created write-up of creditor working group call 0.8

Scott Martinez 2/9/2018 3 Email correspondence with M. Kopacz (Phoenix) regarding PREPA 0.2

Scott Martinez 2/9/2018 3 Email correspondence with the M. Kopacz (Phoenix) regarding CDLs 0.3

Scott Martinez 2/9/2018 3 Reviewed AAFAF presentation posted to Intralinks for call with the creditor 

working group

0.5

Scott Martinez 2/9/2018 3 Debrief of creditor working group call with C. Flaton 0.5

Scott Martinez 2/9/2018 3 Reviewed and commented on the summary of today's creditor working group 

call with AAFAF

0.5

Scott Martinez 2/9/2018 3 Discussion regarding fiscal plans and creditor working group call with M. 

Westermann

0.5

Scott Martinez 2/9/2018 3 Participated in the creditor working group call with AAFAF, C. Flaton, M. 

Westermann

0.7

Carol Flaton 2/10/2018 3 Email to M. Rodrigue (Miller Buckfire) re creditor group statement 0.2

Carol Flaton 2/11/2018 3 Review of draft UCC CW-COFINA mediation statement 0.8

Carol Flaton 2/11/2018 3 Emails w/S. Gumbs (FTI) re mtg for pension questions 0.2

Carol Flaton 2/12/2018 3 Call w/S. Martinez, S. Uhland (O'Melveny) re case administration 0.3

Carol Flaton 2/12/2018 3 Emails w/ J. Gana (Assured), A. Yearley (Lazard), M. Heimowitz re CWG calls 0.3

Page 36 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 37 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Deborah Praga 2/12/2018 3 Created a detailed index of documents posted to Intralinks dataroom in 

response to Ambac 2004 examination, including flagging any outstanding items

4.8

Scott Martinez 2/12/2018 3 Call regarding case administration and GDB with S. Uhland (O'Melveny), C. 

Flaton

0.3

Carol Flaton 2/13/2018 3 Email from S. Uhland (O'Melveny) re budgets 0.1

Carol Flaton 2/13/2018 3 Emails w/ L. Park (FTI) re pension questions mtg w/ FTI 0.1

Carol Flaton 2/13/2018 3 Emails w/ J. Gana (Assured), M. Heimowitz, S. Martinez re go forward CWG 0.2

Enrique R. Ubarri 2/13/2018 3 Evaluated draft of the Confidential Supplemental Mediation Statement on the 

Commonwealth-COFINA issues prepared by Paul Hastings.

0.9

Carol Flaton 2/14/2018 3 Email w/ M. Kopacz (Phoenix) re FP macro info 0.1

Carol Flaton 2/14/2018 3 Emails w/ J. Gana (Assured), M. Heimowitz, A. Yearley (Lazard) re CWG 0.2

Carol Flaton 2/14/2018 3 Review of GDB questions from 11/17 0.3

Michael Westermann 2/14/2018 3 Updated diligence list for new questions raised regarding the 2/12 fiscal plan 1.4

Scott Martinez 2/15/2018 3 Call with J. Gana (Assured) regarding creditor working group call 0.2

Carol Flaton 2/16/2018 3 Email w/D. Mondell (Rothschild) re GDB mtgs 0.1

Carol Flaton 2/16/2018 3 Emails w/ CWG members (J. Gana, M. Rodrigue, etc.) re next update call 0.2

Carol Flaton 2/16/2018 3 Review of 12/17 GDB proposal 0.8

Robert Bingham 2/16/2018 3 Preparation of GDB questions based upon earlier meeting 0.7

Scott Martinez 2/16/2018 3 Call with M. Rodrigue (Miller Buckfire) regarding creditor update call 0.1

Scott Martinez 2/16/2018 3 Reviewed list of GDB follow up items from the meeting with Rothschild, Ankura 

and Greenberg

0.2

Carol Flaton 2/20/2018 3 Emails w/ S. Martinez and M. Rodrigue (Miller Buckfire) re 2/20 CWG call 0.3

Carol Flaton 2/20/2018 3 Call between Creditor Working Group and Representatives of Creditor 

Participating Parties with M. Westermann, S. Martinez, E. Ubarri

0.5

Carol Flaton 2/20/2018 3 Reviewed supplement mediation statement 1.2

Enrique R. Ubarri 2/20/2018 3 Call between Creditor Working Group and Representatives of Creditor 

Participating Parties with C. Flaton, S. Martinez, M. Westermann

0.5

Michael Westermann 2/20/2018 3 Call between Creditor Working Group and Representatives of Creditor 

Participating Parties with C. Flaton, S. Martinez, E. Ubarri

0.5

Scott Martinez 2/20/2018 3 Email correspondence with D. Mondell (Rothschild) and J. Battle (Ankura) 

regarding GDB requests

0.2

Scott Martinez 2/20/2018 3 Call between Creditor Working Group and Representatives of Creditor 

Participating Parties with C. Flaton, M. Westermann, E. Ubarri

0.5

Scott Martinez 2/20/2018 3 Prepared talking points to co-lead the call amongst the Creditor Working Group 

and Representatives of Creditor Participating Parties

1.6

Carol Flaton 2/21/2018 3 Emails from Phoenix re SUT matters/call 0.1

Michael Westermann 2/21/2018 3 Review email from mediators related to SUT update 0.2

Scott Martinez 2/21/2018 3 Reviewed email correspondence from J. Battle (Ankura) regarding GDB 0.1

Michael Westermann 2/22/2018 3 Participated in creditor working group call regarding SUT adjustments 0.4

Carol Flaton 2/23/2018 3 Emails w/ S. Gumbs (FTI) re Healthcare mtg 0.1

Carol Flaton 2/23/2018 3 Emails w/D. Mondell (Rothschild) re CWG materials and call 0.2

Carol Flaton 2/23/2018 3 Review and mark up of CWG summary for UCC 0.2

Carol Flaton 2/23/2018 3 Review of AAFAF report prior to CWG call 0.4

Carol Flaton 2/23/2018 3 Participated in the creditor working group call with AAFAF, M. Westermann, S. 

Martinez

0.5

Michael Westermann 2/23/2018 3 Participated in the creditor working group call with AAFAF, C. Flaton, S. 

Martinez

0.5

Michael Westermann 2/23/2018 3 Prepared write-up for creditor working group call and email to S. Martinez 

containing such

0.5

Scott Martinez 2/23/2018 3 Call regarding CWG update calls with M. Kopacz (Phoenix), C. Flaton 0.4

Scott Martinez 2/23/2018 3 Participated in the creditor working group call with AAFAF, C. Flaton, M. 

Westermann

0.5

Scott Martinez 2/23/2018 3 Reviewed and commented on the summary of the CWG call with AAFAF and the 

FOMB

0.8

Carol Flaton 2/25/2018 3 Review of final draft of CWG summary for UCC 0.2

Page 37 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 38 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Michael Westermann 2/25/2018 3 0.3

Carol Flaton 2/26/2018 3 0.1

Enrique R. Ubarri 2/26/2018 3 0.1

Michael Westermann 2/26/2018 3 1.2

Carol Flaton 2/27/2018 3 0.1

Carol Flaton 2/27/2018 3 0.1

Carol Flaton 2/28/2018 3 1.7

Michael Westermann 2/28/2018 3 1.7

Scott Martinez 2/28/2018 3 1.7

Carol Flaton 3/1/2018 3 0.1

Carol Flaton 3/2/2018 3 0.3

Carol Flaton 3/4/2018 3 0.1

Carol Flaton 3/4/2018 3 0.2

Carol Flaton 3/4/2018 3 0.7

Deborah Praga 3/4/2018 3 0.7

Scott Martinez 3/4/2018 3 0.7

Carol Flaton 3/5/2018 3 0.1

Carol Flaton 3/5/2018 3 0.1

Carol Flaton 3/5/2018 3 0.1

Carol Flaton 3/5/2018 3 0.2

Michael Westermann 3/5/2018 3 0.2

Michael Westermann 3/5/2018 3 0.9

Robert Bingham 3/5/2018 3 0.2

Robert Bingham 3/5/2018 3 0.3

Robert Bingham 3/5/2018 3 0.9

Scott Martinez 3/5/2018 3 0.1

Scott Martinez 3/5/2018 3 0.2

Scott Martinez 3/5/2018 3 0.3

Scott Martinez 3/5/2018 3 0.9

Carol Flaton 3/6/2018 3 0.2

Deborah Praga 3/6/2018 3 0.2

Deborah Praga 3/6/2018 3 0.4

Michael Westermann 3/6/2018 3 0.9

Scott Martinez 3/6/2018 3 0.2

Scott Martinez 3/6/2018 3 0.4

Scott Martinez 3/6/2018 3 0.5

Carol Flaton 3/7/2018 3

Updated creditor working group call summary for C. Flaton and S. Martinez 

comments

Reviewed CW/COFINA mediation memo from Judge Houser

Reviewed memorandum from Judge Houser re: Commonwealth/COFINA

mediation.

Updated creditor working group call summary for further C. Flaton comments

and added additional TSA variance language

Email w/ S. Gumbs (FTI) re CDL’s

Email w/S. Gumbs (FTI) re Healthcare mtg

Meeting with M. Westermann, S. Martinez, and FTI (S. Gumbs) regarding Puerto

Rico healthcare system and measures 

Meeting with C. Flaton, S. Martinez, and FTI (S. Gumbs) regarding Puerto Rico

healthcare system and measures 

Meeting with C. Flaton, M. Westermann and FTI (S. Gumbs) regarding Puerto

Rico healthcare system and measures

Review of email to M. Yassin (AAFAF) re ZC fees

Call w/M.G. (GO bondholder) re PR /UCC role

Review of mediation memo

Email w/D. Praga, S. Martinez re BNY accounts and mediation materials

Debrief session regarding analyses for COFINA mediation with D. Praga, S.

Martinez

Debrief session regarding analyses for COFINA mediation with C. Flaton, S.

Martinez

Debrief session regarding analyses for COFINA mediation with C. Flaton, D. 

Praga

Email w/P. Ballot (Phoenix) re debt limit analysis

Read emails to Rothschild re BNY accounts 

Emails w/L. Despins and J. Bliss (PH) re BNY accounts

Emails w/Retiree and GO reps to discuss Cofina framework

Follow-up call with FA to COFINA mediator (S. Martinez, R. Bingham)

Meeting to answer questions from FA to COFINA Mediator concerning ZC debt

limit estimations (S. Martinez, R. Bingham) 

Follow-up call with FA to COFINA mediator (S. Martinez, M. Westermann)

Call with FA to COFINA Mediator with S. Martinez

Meeting to answer questions from FA to COFINA Mediator concerning ZC debt 

limit estimations (S. Martinez, M. Westermann) 

Email correspondence with D. Mondell (Rothschild) regarding COFINA account 

balances

Follow-up call regarding the Commonwealth's debt limit with P. Bellot

(Phoenix), M. Westermann, R. Bingham

Call with FA to COFINA Mediator with R. Bingham

Meeting to answer questions from FA to COFINA Mediator concerning ZC debt

limit estimations (M. Westermann, R. Bingham)

Emails w/S Gumbs (FTI) re mediation process

Call with Goldin Associates (D. Prager), S. Martinez

Call with GA (R. Kost, D. Prager), Paul Weiss (A. Rosenberg, M. Stancil), Paul 

Hastings (L. Despins), S. Martinez

Updated fiscal plan diligence list for formatting and latest diligence questions

Call with Goldin Associates (D. Prager), D. Praga

Call with GA (R. Kost, D. Prager), Paul Weiss (A. Rosenberg, M. Stancil), Paul 

Hastings (L. Despins), D. Praga

Prepared talking points for call with GO advisors regarding COFINA mediation

Emails w/R. Gordon (Jenner) and L. Despins (PH) re mtg with Retirees 0.1

Page 38 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 39 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 3/7/2018 3 Call regarding COFINA mediation slides with the Retiree Committee advisors 

(Jenner & Block and FTI), L. Despins and A. Bongartz (Paul Hastings), S. 

Martinez

0.8

Enrique R. Ubarri 3/7/2018 3 Attended (teleconference) Omnibus hearing. 1.8

Scott Martinez 3/7/2018 3 Call regarding COFINA mediation slides with the Retiree Committee advisors 

(Jenner & Block and FTI), L. Despins and A. Bongartz (Paul Hastings), C. Flaton

0.8

Carol Flaton 3/8/2018 3 Meeting regarding COFINA mediation with GO bondholders and their counsel, L. 

Despins (Paul Hastings), D. Praga, S. Martinez

1.1

Carol Flaton 3/8/2018 3 Meeting for the Commonwealth's Agent (UCC) to present arguments to the 

mediation Judges and their financial advisor with L. Despins and J. Bliss (Paul 

Hastings), D. Mack (Drivetrain), A. Velazquez (SEIU), S. Martinez, D. Praga

2.4

Deborah Praga 3/8/2018 3 Meeting regarding COFINA mediation with GO bondholders and their counsel, L. 

Despins (Paul Hastings), C. Flaton, S. Martinez

1.1

Deborah Praga 3/8/2018 3 Meeting for the Commonwealth's Agent (UCC) to present arguments to the 

mediation Judges and their financial advisor with L. Despins and J. Bliss (Paul 

Hastings), D. Mack (Drivetrain), A. Velazquez (SEIU), C. Flaton, S. Martinez

2.1

Michael Westermann 3/8/2018 3 Call regarding draft term sheet for COFINA mediation with A. Velazquez (SEIU), 

D. Mack (Drivetrain), C. Flaton, S. Martinez, D. Praga 

0.5

Michael Westermann 3/8/2018 3 Prepared questions on fiscal plans 1.9

Scott Martinez 3/8/2018 3 Meeting regarding COFINA mediation with GO bondholders and their counsel, L. 

Despins (Paul Hastings), C. Flaton, D. Praga

1.1

Scott Martinez 3/8/2018 3 Reviewed GO summary judgment motion in preparation for today's meeting 1.2

Scott Martinez 3/8/2018 3 Meeting for the Commonwealth's Agent (UCC) to present arguments to the 

mediation Judges and their financial advisor with L. Despins and J. Bliss (Paul 

Hastings), D. Mack (Drivetrain), A. Velazquez (SEIU), C. Flaton, D. Praga

2.4

Carol Flaton 3/9/2018 3 Follow up call regarding the CWG update with D. Mondell (Rothschild), S. 

Martinez, M. Westermann

0.2

Carol Flaton 3/9/2018 3 Call regarding CWG update and COFINA with R. Kost (Goldin), S. Martinez, M. 

Westermann

0.2

Carol Flaton 3/9/2018 3 Review and mark of CWG call notes 0.3

Carol Flaton 3/9/2018 3 Bi-weekly update call with members of the creditor working group and the 

government parties with M. Westermann, S. Martinez

0.5

Carol Flaton 3/9/2018 3 Participated in Commonwealth-COFINA mediation session with the mediation 

Judges, the COFINA agent and their legal counsel, L. Despins (Paul Hastings), D.

Mack (Drivetrain), A. Velazquez (SEIU), S. Martinez

0.9

Deborah Praga 3/9/2018 3 Preparing distribution materials for CW-COFINA mediation session for 

distribution to mediators

3.7

Michael Westermann 3/9/2018 3 Follow up call regarding the CWG update with D. Mondell (Rothschild), C. 

Flaton, S. Martinez

0.2

Michael Westermann 3/9/2018 3 Call regarding CWG update and COFINA with R. Kost (Goldin), C. Flaton, S. 

Martinez

0.2

Michael Westermann 3/9/2018 3 Bi-weekly update call with members of the creditor working group and the 

government parties with C. Flaton, S. Martinez

0.5

Michael Westermann 3/9/2018 3 Prepared complete notes for CWG in preparation of ZC leading full creditor 

group call

1.0

Scott Martinez 3/9/2018 3 Follow up call regarding the CWG update with D. Mondell (Rothschild), C. 

Flaton, M. Westermann

0.2

Scott Martinez 3/9/2018 3 Call regarding CWG update and COFINA with R. Kost (Goldin), C. Flaton, M. 

Westermann

0.2

Scott Martinez 3/9/2018 3 Reviewed bi-weekly cash flow presentation materials posted to Intralinks 0.4

Scott Martinez 3/9/2018 3 Bi-weekly update call with members of the creditor working group and the 

government parties with C. Flaton, M. Westermann

0.5

Scott Martinez 3/9/2018 3 Reviewed, commented and circulated the summary of the CWG call to Paul 

Hastings for distribution to members of the UCC

0.6

Page 39 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 40 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Scott Martinez 3/9/2018 3 Participated in Commonwealth-COFINA mediation session with the mediation 

Judges, the COFINA agent and their legal counsel, L. Despins (Paul Hastings), D.

Mack (Drivetrain), A. Velazquez (SEIU), C. Flaton

0.9

Carol Flaton 3/10/2018 3 Emails w/ S. Uhland (O'Melveny) re open questions 0.1

Carol Flaton 3/10/2018 3 Participated in Commonwealth-COFINA mediation session 10.4

Deborah Praga 3/10/2018 3 Participated in Commonwealth-COFINA mediation session 10.4

Scott Martinez 3/10/2018 3 Participated in Commonwealth-COFINA mediation session 10.4

Carol Flaton 3/11/2018 3 Emails w/Judge Houser and L. Despins (PH) re mediation process 0.2

Carol Flaton 3/11/2018 3 Participated in Commonwealth-COFINA mediation session 2.1

Deborah Praga 3/11/2018 3 Participated in Commonwealth-COFINA mediation session 2.1

Scott Martinez 3/11/2018 3 Participated in Commonwealth-COFINA mediation session 2.1

Carol Flaton 3/12/2018 3 Email from fee examiner re disclosure agreement (and related ZC internal 

Emails)

0.1

Carol Flaton 3/12/2018 3 Emails w/ A. Rosenberg (PW), L. Despins (PH) re call w/GO’s 0.1

Carol Flaton 3/12/2018 3 Read mediation memo and revised schedule 0.2

Carol Flaton 3/12/2018 3 Emails w/CWG members re next call 0.2

Michael Westermann 3/12/2018 3 Compared creditor diligence questions and answers posted to Intralinks to 

previous ZC questions asked

1.2

Michael Westermann 3/12/2018 3 Updated diligence list for unanswered and new questions on 2/12 fiscal plan 2.2

Scott Martinez 3/12/2018 3 Reviewed email correspondence from M. Kopacz (Phoenix) regarding the 

mediation schedule

0.1

Scott Martinez 3/12/2018 3 Email correspondence with members of the CWG regarding an update call for 

representatives of creditor participating parties

0.2

Carol Flaton 3/13/2018 3 Email w/S. Uhland (O'Melveny) re status of past due bills 0.1

Carol Flaton 3/13/2018 3 Emails w/O. Ramos (PMA Law) re status of past due bills 0.1

Carol Flaton 3/13/2018 3 Email w/A. Pavel (O'Melveny) re Milliman NDA 0.1

Carol Flaton 3/13/2018 3 Emails w/P. Ballot (Phoenix) re ZC debt pricing model 0.1

Carol Flaton 3/13/2018 3 Call regarding GDB with S. Uhland (O'Melveny), S. Martinez 0.2

Carol Flaton 3/13/2018 3 emails w/CWG members re agenda for 3/20 call 0.2

Carol Flaton 3/13/2018 3 Call w/ M. Kopacz (Phoenix) re mediation 1.4

Scott Martinez 3/13/2018 3 Call regarding GDB with S. Uhland (O'Melveny), C. Flaton 0.2

Scott Martinez 3/13/2018 3 Email correspondence with members of the CWG regarding an update call for 

the larger group of creditors

0.2

Carol Flaton 3/14/2018 3 Emails w/ A. Sklar (Monarch) 0.1

Carol Flaton 3/14/2018 3 Emails w/S. Uhland (O'Melveny) re invoices 0.1

Carol Flaton 3/14/2018 3 Emails w/ M. Kopacz (Phoenix) re mediation next steps 0.2

Carol Flaton 3/14/2018 3 Call with R. Kost (Goldin), D. Praga, S. Martinez regarding GO proposal 0.3

Carol Flaton 3/14/2018 3 Call with L. Despins (PH), A. Rosenberg, K. Zeituni (Paul Weiss), M. Stancil, D. 

Burke (Robbins Russell), R. Kost, D. Prager, B. Bromberg (Goldin), D. Praga, S. 

Martinez to discuss GO CW-COFINA proposal 

0.6

Deborah Praga 3/14/2018 3 Call with R. Kost (Goldin), C. Flaton, S. Martinez regarding GO proposal 0.3

Deborah Praga 3/14/2018 3 Call with P. Bellot (Phoenix Management Services), S. Martinez, R. Yenumula 

and R. Bingham re: COFINA Prices 

0.3

Deborah Praga 3/14/2018 3 Call with L. Despins (PH), A. Rosenberg, K. Zeituni (Paul Weiss), M. Stancil, D. 

Burke (Robbins Russell), R. Kost, D. Prager, B. Bromberg (Goldin), C. Flaton, S. 

Martinez to discuss GO CW-COFINA proposal 

0.6

Rahul Yenumula 3/14/2018 3 Call with P. Bellot (Phoenix Management Services), S. Martinez, R. Bingham and

D. Praga re: COFINA Prices 

0.3

Robert Bingham 3/14/2018 3 Call with P. Bellot (Phoenix Management Services), S. Martinez, R. Yenumula 

and D. Praga re: COFINA Prices 

0.3

Scott Martinez 3/14/2018 3 Call with R. Kost (Goldin), C. Flaton, D. Praga regarding GO proposal 0.3

Scott Martinez 3/14/2018 3 Call with P. Bellot (Phoenix Management Services), R. Bingham, R. Yenumula 

and D. Praga re: COFINA Prices 

0.3

Page 40 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 41 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Scott Martinez 3/14/2018 3 Call with L. Despins (PH), A. Rosenberg, K. Zeituni (Paul Weiss), M. Stancil, D. 

Burke (Robbins Russell), R. Kost, D. Prager, B. Bromberg (Goldin), C. Flaton, D. 

Praga to discuss GO CW-COFINA proposal

0.6

Carol Flaton 3/15/2018 3 Follow on call w/L. Despins (PH) re mediation next steps 0.2

Carol Flaton 3/15/2018 3 Call w/M Kopacz (Phoenix) re FP 0.3

Carol Flaton 3/15/2018 3 Call w/L. Despins (PH) re mediation status 0.5

Carol Flaton 3/15/2018 3 Call w/A. Sklar (Monarch) re mediation 0.6

Scott Martinez 3/16/2018 3 Call regarding fiscal plan with D. Mondell (Rothschild) 0.2

Carol Flaton 3/18/2018 3 Emails w/ A. Sklar (Monarch) re proposal 0.1

Scott Martinez 3/19/2018 3 Correspondence with N. Zamot (Revitalization Coordinator) regarding agenda 

for Committee meeting

0.1

Scott Martinez 3/19/2018 3 Prepared talking points for an update call with advisors to the various creditor 

groups

3.1

Carol Flaton 3/20/2018 3 Emails w/S. Martinez and M. Rodrigue (Miller Buckfire) re CWG call 0.1

Carol Flaton 3/20/2018 3 Emails w/ S. Martinez and R. Kost (GA) re ad hoc GO proposal model 0.1

Carol Flaton 3/20/2018 3 Emails w/ S. Martinez re ad hoc GO proposal 0.2

Deborah Praga 3/20/2018 3 Participated in call with B. Bromberg (GA), S. Martinez, R. Bingham 0.2

Michael Westermann 3/20/2018 3 Participate in full creditor call with S. Martinez, R. Yenumula 0.4

Michael Westermann 3/20/2018 3 Preparation for full creditor call 1.6

Rahul Yenumula 3/20/2018 3 Participated in full creditor call with S. Martinez, R. Yenumula, M. Westermann 0.4

Robert Bingham 3/20/2018 3 Participated in call with B. Bromberg (GA), S. Martinez, D. Praga 0.2

Scott Martinez 3/20/2018 3 Participated in call with B. Bromberg (GA), R. Bingham, D. Praga 0.2

Scott Martinez 3/20/2018 3 Participate in full creditor call with R. Yenumula, M. Westermann 0.4

Scott Martinez 3/20/2018 3 Updated talking points for an update call with advisors to the various creditor 

groups

0.6

Carol Flaton 3/21/2018 3 Email w/ S. Martinez re Ankura mtg in PR 0.1

Scott Martinez 3/21/2018 3 Call with N. Zamot (Revitalization Coordinator) regarding UCC meeting 0.2

Scott Martinez 3/21/2018 3 Phone calls with J. Casillas (Casillas) regarding meetings with government 

advisors

0.2

Scott Martinez 3/21/2018 3 Call regarding Milliman third party release with M. Comerford (Paul Hastings), I.

Keme (Milliman)

0.5

Carol Flaton 3/23/2018 3 Emails w/ E. Ubarri and S. Martinez re Board mtg and CFP 0.2

Carol Flaton 3/23/2018 3 Participated in bi-weekly creditor working group call with Judge Houser, 

AAFAF, creditor advisors, D. Praga, S. Martinez, M. Westermann, E. Ubarri

0.3

Carol Flaton 3/23/2018 3 Call w/S. Gumbs (FTI) re mediation 0.6

Deborah Praga 3/23/2018 3 Participated in bi-weekly creditor working group call with Judge Houser, 

AAFAF, creditor advisors, C. Flaton, S. Martinez, M. Westermann, E. Ubarri

0.3

Deborah Praga 3/23/2018 3 Reviewed materials for biweekly CWG call 0.3

Deborah Praga 3/23/2018 3 Prepared summary of CWG call for distribution to the committee 0.6

Enrique R. Ubarri 3/23/2018 3 Reviewed release from FOMB re: postponement of certification of fiscal plans; 

research re: postponement of certification of fiscal plans; exchanged several emails with S. Martinez and C. Flaton re: postponement of certification of fiscal 

plans.

0.3

Michael Westermann 3/23/2018 3 Participated in bi-weekly creditor working group call with Judge Houser, 

AAFAF, creditor advisors, C. Flaton, S. Martinez, D. Praga, E. Ubarri 

0.3

Scott Martinez 3/23/2018 3 Participated in bi-weekly creditor working group call with Judge Houser, 

AAFAF, creditor advisors, C. Flaton, M. Westermann, D. Praga, E. Ubarri

0.3

Scott Martinez 3/23/2018 3 Reviewed and commented on the summary of the bi-weekly CWG call 0.6

Enrique R. Ubarri 3/25/2018 3 Reviewed the Summary of the Commonwealth Creditor Working Group call with 

the mediation judges and AAFAF prepared by ZC

0.1

Carol Flaton 3/26/2018 3 Emails w/ A. Sklar (Monarch) re 3/27 mtg 0.1

Carol Flaton 3/27/2018 3 Emails w/ R. Kost (GA) re FP critique 0.1

Carol Flaton 3/27/2018 3 Call regarding settlement structures with R. Kost (GA), S. Martinez 0.3

Carol Flaton 3/27/2018 3 Debrief regarding GO meeting regarding settlement structures with D. Praga, 

E. Deichmann, S. Martinez 

0.4

Page 41 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 42 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 3/27/2018 3 Call regarding COFINA mediation with mediation judges, COFINA agent and 

their counsel, L. Despins (Paul Hastings), S. Martinez

0.9

Carol Flaton 3/27/2018 3 Call regarding settlement structures with S. Gumbs, L. Park and N. 

Sombuntham (FTI), D. Praga, S. Martinez, R. Bingham

1.1

Carol Flaton 3/27/2018 3 Meeting regarding settlement proposal structures with GO holders, R. Kost 

(Goldin), D. Praga, S. Martinez, E. Deichmann 

1.1

Deborah Praga 3/27/2018 3 Debrief regarding GO meeting regarding settlement structures with C. Flaton, 

E. Deichmann, S. Martinez 

0.4

Deborah Praga 3/27/2018 3 Call regarding settlement structures with S. Gumbs, L. Park and N. 

Sombuntham (FTI), C. Flaton, S. Martinez, R. Bingham

1.1

Deborah Praga 3/27/2018 3 Meeting regarding settlement proposal structures with GO holders, R. Kost 

(Goldin), C. Flaton, S. Martinez, E. Deichmann 

1.1

Eric Deichmann 3/27/2018 3 Debrief regarding GO meeting regarding settlement structures with C. Flaton, 

D. Praga, S. Martinez

0.4

Eric Deichmann 3/27/2018 3 Meeting regarding settlement proposal structures with GO holders, R. Kost 

(Goldin), C. Flaton, S. Martinez, D. Praga

1.1

Robert Bingham 3/27/2018 3 Call regarding settlement structures with S. Gumbs, L. Park and N. 

Sombuntham (FTI), C. Flaton, S. Martinez, D. Praga 

1.1

Scott Martinez 3/27/2018 3 Call regarding settlement structures with R. Kost (GA), C. Flaton 0.3

Scott Martinez 3/27/2018 3 Debrief regarding GO meeting regarding settlement structures with C. Flaton, 

E. Deichmann, D. Praga

0.4

Scott Martinez 3/27/2018 3 Call regarding COFINA mediation with mediation judges, COFINA agent and 

their counsel, L. Despins (Paul Hastings), C. Flaton

0.9

Scott Martinez 3/27/2018 3 Call regarding settlement structures with S. Gumbs, L. Park and N. 

Sombuntham (FTI), C. Flaton, R. Bingham, D. Praga

1.1

Scott Martinez 3/27/2018 3 Meeting regarding settlement proposal structures with GO holders, R. Kost 

(Goldin), C. Flaton, D. Praga, E. Deichmann

1.1

Carol Flaton 3/28/2018 3 Emails w/ M. Kopacz (Phoenix) 0.1

Carol Flaton 3/28/2018 3 Participated in call with S. Gumbs (FTI), S. Martinez, C. Flaton, D. Praga 

regarding potential proposals 

0.5

Deborah Praga 3/28/2018 3 Participated in call with S. Gumbs (FTI), S. Martinez, C. Flaton, M. 

Westermann, regarding potential proposals 

0.5

Michael Westermann 3/28/2018 3 Participated in call with S. Gumbs (FTI), S. Martinez, C. Flaton, D. Praga 

regarding potential proposals 

0.5

Scott Martinez 3/28/2018 3 Email correspondence with D. Mondell (Rothschild) regarding GNP growth rates 0.2

Scott Martinez 3/28/2018 3 Participated in call with S. Gumbs (FTI), C. Flaton, M. Westermann, D. Praga 

regarding potential proposals

0.5

Carol Flaton 3/29/2018 3 Email w/ R. Kost (GA), A. Sklar (Monarch) re macro issues 0.1

Carol Flaton 3/29/2018 3 Email w/E. Ubarri re AAFAF request 0.1

Carol Flaton 3/29/2018 3 Email to S. Gumbs (FTI) re scheduled mtg 0.1

Carol Flaton 3/30/2018 3 Email w/S. Gumbs, L. Park (FTI), S. Martinez re mtg 0.1

Carol Flaton 3/30/2018 3 Email w/ M. Rodrigue (Miller Buckfire) re data request 0.1

Carol Flaton 3/30/2018 3 Review and revise mediation materials 0.2

Deborah Praga 3/30/2018 3 Call regarding the COFINA settlement structure with S. Gumbs and L. Park 

(FTI), S. Martinez

0.5

Scott Martinez 3/30/2018 3 Call regarding the COFINA settlement structure with S. Gumbs and L. Park 

(FTI), D. Praga

0.5

Carol Flaton 3/31/2018 3 Emails w/L. Despins (PH), M. Bienenstock (Proskauer), P. Friedman (O'Melveny) 

re economic discussions

0.2

Carol Flaton 4/1/2018 3 Emails w/A. Wolfe (CW economist) re mtg times 0.1

Carol Flaton 4/1/2018 3 Email w/R. Romeu (economist) re mtg 0.1

Carol Flaton 4/1/2018 3 Emails re macro mtgs w/ R. Romeu (Devtech), J. Rapisardi (O'Melveny), P. 

Friedman (O'Melveny), M. Bienenstock (Proskauer)

0.2

Carol Flaton 4/1/2018 3 Review and mark mediation materials from 3/31 0.4

Page 42 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 43 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 4/1/2018 3 Discussion regarding macroeconomic assumptions with R. Romeu (DevTech), P. 

Friedman (O'Melveny), A. Bongartz (Paul Hastings), S. Martinez, E. Deichmann

0.8

Eric Deichmann 4/1/2018 3 Discussion regarding macroeconomic assumptions with R. Romeu (DevTech), P. 

Friedman (O'Melveny), A. Bongartz (Paul Hastings), C. Flaton, S. Martinez 

0.8

Scott Martinez 4/1/2018 3 Discussion regarding macroeconomic assumptions with R. Romeu (DevTech), P. 

Friedman (O'Melveny), A. Bongartz (Paul Hastings), C. Flaton, E. Deichmann

0.8

Carol Flaton 4/2/2018 3 Email w/ D. Mondell (Rothschild) re call 0.1

Carol Flaton 4/2/2018 3 Email from A. Parlen (O'Melveny) re GDB questions 0.1

Carol Flaton 4/2/2018 3 Email w/ R. Kost re FP 0.1

Carol Flaton 4/2/2018 3 Debrief call regarding macroeconomic with L. Despins (Paul Hastings), S. 

Martinez, E. Deichmann

0.2

Carol Flaton 4/2/2018 3 Discussion regarding macroeconomic assumptions with A. Wolfe (economist to 

FOMB), P. Possinger (Proskauer), L. Despins (Paul Hastings), S. Martinez, E. 

Deichmann, E. Ubarri

1.2

Enrique R. Ubarri 4/2/2018 3 Discussion regarding macroeconomic assumptions with A. Wolfe (economist to 

FOMB), P. Possinger (Proskauer), L. Despins (Paul Hastings), C. Flaton, S. 

Martinez, E. Deichmann

1.2

Eric Deichmann 4/2/2018 3 Debrief call regarding macroeconomic with L. Despins (Paul Hastings), C. 

Flaton, S. Martinez

0.2

Eric Deichmann 4/2/2018 3 Discussion regarding macroeconomic assumptions with A. Wolfe (economist to 

FOMB), P. Possinger (Proskauer), L. Despins (Paul Hastings), C. Flaton, S. 

Martinez, E. Ubarri

1.2

Scott Martinez 4/2/2018 3 Debrief call regarding macroeconomic with L. Despins (Paul Hastings), C. 

Flaton, E. Deichmann

0.2

Scott Martinez 4/2/2018 3 Discussion regarding macroeconomic assumptions with A. Wolfe (economist to 

FOMB), P. Possinger (Proskauer), L. Despins (Paul Hastings), C. Flaton, E. 

Deichmann, E. Ubarri

1.2

Carol Flaton 4/3/2018 3 Participated in COFINA settlement mediation session with L. Despins (Paul 

Hastings), A. Velazquez (SEIU), S. Millman (Stroock), D. Mack (Drivetrain), S. 

Martinez

8.1

Scott Martinez 4/3/2018 3 Participated in COFINA settlement mediation session with L. Despins (Paul 

Hastings), A. Velazquez (SEIU), S. Millman (Stroock), D. Mack (Drivetrain) C. 

Flaton

8.1

Carol Flaton 4/4/2018 3 Emails w/ S. Gumbs (FTI) re proposal 0.1

Carol Flaton 4/4/2018 3 Emails w/ L. Despins (PH) and judge Houser 0.2

Carol Flaton 4/4/2018 3 Participated in a meeting with GO bondholders, R. Kost (Goldin), A. Rosenberg 

(Paul Weiss), L. Despins (Paul Hastings), M. Westermann, S. Martinez, E. 

Deichmann

1.6

Carol Flaton 4/4/2018 3 Prepared for meeting with GO and their financial and legal advisors with M. 

Westermann, S. Martinez, E. Deichmann, L. Despins (Paul Hastings) 

2.2

Carol Flaton 4/4/2018 3 Participated in meeting regarding settlement structures with Retiree 

Committee - R. Gordon and R. Levin (Jenner Block), S. Gumbs and L. Park 

(FTI), L. Despins, M. Westermann, S. Martinez 

2.2

Eric Deichmann 4/4/2018 3

Participated in a meeting with GO bondholders, R. Kost (Goldin), A. Rosenberg 

(Paul Weiss), L. Despins (Paul Hastings), C. Flaton, S. Martinez, M. Westermann

1.6

Eric Deichmann 4/4/2018 3 Prepared for meeting with GO and their financial and legal advisors with C. 

Flaton, S. Martinez, M. Westermann, L. Despins (Paul Hastings)

2.2

Michael Westermann 4/4/2018 3 Participated in a meeting with GO bondholders, R. Kost (Goldin), A. Rosenberg 

(Paul Weiss), L. Despins (Paul Hastings), C. Flaton, S. Martinez, E. Deichmann

1.6

Michael Westermann 4/4/2018 3 Prepared for meeting with GO and their financial and legal advisors with C. 

Flaton, S. Martinez, E. Deichmann, L. Despins (Paul Hastings) 

2.2

Michael Westermann 4/4/2018 3 Participated in meeting regarding settlement structures with Retiree 

Committee - R. Gordon and R. Levin (Jenner Block), S. Gumbs and L. Park 

(FTI), L. Despins, C. Flaton, S. Martinez 

2.2

Page 43 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 44 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Scott Martinez 4/4/2018 3 Participated in a meeting with GO bondholders, R. Kost (Goldin), A. Rosenberg 

(Paul Weiss), L. Despins (Paul Hastings), C. Flaton, E. Deichmann, M. 

Westermann

1.6

Scott Martinez 4/4/2018 3 Prepared for meeting with GO and their financial and legal advisors with C. 

Flaton, E. Deichmann, M. Westermann, L. Despins (Paul Hastings)

2.2

Scott Martinez 4/4/2018 3 Participated in meeting regarding settlement structures with Retiree 

Committee - R. Gordon and R. Levin (Jenner Block), S. Gumbs and L. Park 

(FTI), L. Despins, C. Flaton, M. Westermann

2.2

Carol Flaton 4/5/2018 3 Email w/ R. Kost (GA) re FP discussion mtg 0.1

Carol Flaton 4/5/2018 3 Email w/S. Uhland (O'Melveny) re GDB 0.1

Carol Flaton 4/5/2018 3 Discussion regarding macroeconomic assumptions with R. Kost and B. Bromberg 

(Goldin), M. Westermann, S. Martinez, E. Deichmann

1.1

Carol Flaton 4/5/2018 3 Participated in Commonwealth-COFINA mediation session with L. Despins (Paul 

Hastings), S. Martinez

6.5

Eric Deichmann 4/5/2018 3 Discussion regarding macroeconomic assumptions with R. Kost and B. Bromberg 

(Goldin), C. Flaton, S. Martinez, M. Westermann 

1.1

Michael Westermann 4/5/2018 3 Discussion regarding macroeconomic assumptions with R. Kost and B. Bromberg 

(Goldin), C. Flaton, S. Martinez, E. Deichmann

1.1

Scott Martinez 4/5/2018 3 Discussion regarding macroeconomic assumptions with R. Kost and B. Bromberg 

(Goldin), C. Flaton, E. Deichmann, M. Westermann

1.1

Scott Martinez 4/5/2018 3 Participated in Commonwealth-COFINA mediation session with L. Despins (Paul 

Hastings), C. Flaton

6.5

Carol Flaton 4/6/2018 3 Email w/ D. Mondell (Rothschild) re model 0.1

Carol Flaton 4/6/2018 3 Call w/ D. Mondell (PH) re debt capacity 0.1

Carol Flaton 4/6/2018 3 Review and mark of CWG summary notes for UCC distributions 0.3

Deborah Praga 4/6/2018 3 Revised summary of CWG call based on comments from S. Martinez 0.2

Deborah Praga 4/6/2018 3 Prepared summary of CWG call for distribution to the committee 0.9

Scott Martinez 4/6/2018 3 Participated in CWG biweekly call with mediators, AAFAF, Oversight Board 

creditor representatives, C. Flaton, M. Westermann, D. Praga

0.3

Carol Flaton 4/8/2018 3 Emails w/ S. Uhland (O'Melveny) re GDB (diligence questions) 0.1

Carol Flaton 4/9/2018 3 Email w/ R. Kost (GA) re mediation status 0.1

Carol Flaton 4/9/2018 3 Email w/ L. Park (FTI) re COFINA discussion 0.1

Carol Flaton 4/9/2018 3 Call w/ E. Deichmann and M. Kopacz (Phoenix) re mediation 0.2

Michael Westermann 4/9/2018 3 Discussion with R. Bingham and FTI (L. Park) re: COFINA Proceeds 0.1

Michael Westermann 4/9/2018 3 Discussion with R. Bingham re: prep for FTI discussion 0.2

Robert Bingham 4/9/2018 3 Discussion with M. Westermann and FTI (L. Park) re: COFINA Proceeds 0.1

Robert Bingham 4/9/2018 3 Discussion with M. Westermann re: prep for FTI discussion 0.2

Carol Flaton 4/10/2018 3 Email w/S. Uhland (O'Melveny) re PR mtgs 0.1

Carol Flaton 4/10/2018 3 Partial participation in discussion with J. Grogan and D. Newman (Paul 

Hastings), D. Mondell (Rothschild), S. Uhland and P. Andrew (O' Melveny), J. 

Battle (Ankura) re: GDB Fiscal Plan & RSA with R. Bingham & R. Yenumula 

0.3

Carol Flaton 4/10/2018 3 Call w/ S. Gumbs (FTI) re mediation status 0.4

Carol Flaton 4/10/2018 3 Listened to hearing related to Commonwealth'COFINA dispute 3.4

Deborah Praga 4/10/2018 3 Listened to hearing related to Commonwealth'COFINA dispute 3.4

Rahul Yenumula 4/10/2018 3 Discussion with J. Grogan and D. Newman (Paul Hastings), D. Mondell 

(Rothschild), S. Uhland and P. Andrew (O' Melveny), J. Battle (Ankura) re: GDB 

Fiscal Plan & RSA with C. Flaton, R. Bingham

1.2

Robert Bingham 4/10/2018 3 Discussion with J. Grogan and D. Newman (Paul Hastings), D. Mondell 

(Rothschild), S. Uhland and P. Andrew (O' Melveny), J. Battle (Ankura) re: GDB 

Fiscal Plan & RSA with C. Flaton, R. Yenumula 

1.2

Carol Flaton 4/11/2018 3 Emails w/ L. Despins (PH) and R. Levin (Jenner) re proposals 0.1

Carol Flaton 4/11/2018 3 Email w/S. Gumbs (FTI) re mediation session 0.1

Carol Flaton 4/11/2018 3 Email w/ ad hoc GO member re mediation status 0.1

Carol Flaton 4/11/2018 3 Email to. S. Uhland (O'Melveny) re GDB and San Juan mtgs 0.1

Carol Flaton 4/11/2018 3 Email w/ M. Kopacz (Phoenix) re FP sensitivity and proposed mtg 0.2

Page 44 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 45 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 4/11/2018 3 Meeting with E. Deichmann, M. Westermann, D. Praga regarding today's 

mediation session and additional analyses 

0.9

Carol Flaton 4/11/2018 3 Attended mandated mediation sessions at Proskauer 3.6

Deborah Praga 4/11/2018 3 Meeting with C. Flaton, E. Deichmann, M. Westermann regarding today's 

mediation session and additional analyses

0.9

Eric Deichmann 4/11/2018 3 Meeting with C. Flaton, M. Westermann, D. Praga regarding today's mediation 

session and additional analyses 

0.9

Michael Westermann 4/11/2018 3 Meeting with C. Flaton, E. Deichmann, D. Praga regarding today's mediation 

session and additional analyses 

0.9

Carol Flaton 4/12/2018 3 Read memo re mediation schedule from Judge Houser 0.2

Carol Flaton 4/12/2018 3 Mtg w/ D. Mack (Drivetrain), S. Millman (AFT), L. Despins (PH), S. Gumbs (FTI), 

R. Gordon (Jenner), D. Praga, M. Westermann re: reactions to COFINA proposal 

to CW Agent and Retirees

0.6

Carol Flaton 4/12/2018 3 Call w/ Phoenix advisors re FP analysis 1.1

Carol Flaton 4/12/2018 3 Meeting with D. Mack (Drivetrain), S. Millman (AFT), L. Despins (PH), S. Gumbs 

(FTI), C. Song (Miller Buckfire), S. Kripalani (Quinn Emanuel), R. Gordon 

(Jenner), C. Flaton, M. Westermann re: COFINA proposal to CW Agent and 

Retirees 

1.5

Deborah Praga 4/12/2018 3 Mtg w/ D. Mack (Drivetrain), S. Millman (AFT), L. Despins (PH), S. Gumbs (FTI), 

R. Gordon (Jenner), C. Flaton, M. Westermann re: reactions to COFINA proposal

to CW Agent and Retirees

0.6

Deborah Praga 4/12/2018 3 Meeting with D. Mack (Drivetrain), S. Millman (AFT), L. Despins (PH), S. Gumbs 

(FTI), C. Song (Miller Buckfire), S. Kripalani (Quinn Emanuel), R. Gordon 

(Jenner), C. Flaton, M. Westermann re: COFINA proposal to CW Agent and 

Retirees

1.5

Michael Westermann 4/12/2018 3 Mtg w/ D. Mack (Drivetrain), S. Millman (AFT), L. Despins (PH), S. Gumbs (FTI), 

R. Gordon (Jenner), C. Flaton, D. Praga re: reactions to COFINA proposal to CW

Agent and Retirees

0.6

Michael Westermann 4/12/2018 3

Meeting with D. Mack (Drivetrain), S. Millman (AFT), L. Despins (PH), S. Gumbs 

(FTI), C. Song (Miller Buckfire), S. Kripalani (Quinn Emanuel), R. Gordon 

(Jenner), C. Flaton, D. Praga re: COFINA proposal to CW Agent and Retirees 

1.5

Carol Flaton 4/13/2018 3 Email w/L. Despins (PH), S. Gumbs (FTI), R. Levin, R. Gordon (Jenner) re status 

of negotiation 

0.1

Carol Flaton 4/13/2018 3 Emails w/ L. Despins (PH), M. Westermann re MB analysis 0.1

Carol Flaton 4/13/2018 3 Emails w/ L. Despins (PH) and C. Song (MB) re COFINA analysis 0.2

Carol Flaton 4/13/2018 3 Call with COFINA advisors, Paul Hastings (L. Despins), and ZC (M. Flaton) re: 

sensitivity analysis 

0.4

Eric Deichmann 4/13/2018 3 Meeting w. S. Gumbs, J. Mossop, D. Grunwald (FTI) re: fiscal plan macro 

forecasting 

1.5

Michael Westermann 4/13/2018 3 Call with COFINA advisors, Paul Hastings (L. Despins), and ZC (C. Flaton) re: 

sensitivity analysis 

0.4

Carol Flaton 4/14/2018 3 Email w/ S. Gumbs (FTI) re 4/15 call 0.1

Carol Flaton 4/14/2018 3 Emails w/ R. Gordon (Jenner) and S. Kirpalani (Quinn) re legal merits and 

settlement

0.2

Carol Flaton 4/15/2018 3 Emails from mediation judges re upcoming requirements and schedule 0.1

Carol Flaton 4/15/2018 3 Call w/ S. Gumbs (FTI) re latest proposal and mediation update 0.5

Carol Flaton 4/16/2018 3 Email form M. Rodrigue (MB) re CW proposal 0.1

Carol Flaton 4/16/2018 3 Call regarding proposed Commonwealth loan to PRASA with S. Uhland 

(O'Melveny), N. Mitchell (Greenberg), L. Despins (Paul Hastings), S. Martinez

0.5

Carol Flaton 4/16/2018 3 Attending mediation at Proskauer w/ all Cofina/CW mediation parties 3.1

Scott Martinez 4/16/2018 3 Call regarding proposed Commonwealth loan to PRASA with S. Uhland 

(O'Melveny), N. Mitchell (Greenberg), L. Despins (Paul Hastings), C. Flaton

0.5

Carol Flaton 4/17/2018 3 Email w/ S. Gumbs (FTI) re ZC materials 0.1

Carol Flaton 4/17/2018 3 Email to S. Uhland (O'Melveny) re Ankura/GDB mtgs 0.1

Page 45 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 46 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 4/17/2018 3 Email to M. Yassin (AAFAF) (S. Martinez) re past due invoices 0.1

Carol Flaton 4/17/2018 3 Email w/ M. Kopacz (Phoenix) re 4/5 FP analysis 0.1

Carol Flaton 4/17/2018 3 Email w/ M. Kopacz (Phoenix) and M. Westermann re SUT bond data base 0.2

Carol Flaton 4/17/2018 3 Emails w/M. Rodrigue (MB), M. Cervi re comps database 0.2

Carol Flaton 4/17/2018 3 Meeting with COFINA advisors, S. Martinez, M. Westermann re: updated 

CW/COFINA proposal 

0.7

Carol Flaton 4/17/2018 3

Meeting with Mediators re: COFINA mediation with M. Westermann, S. Martinez 

1.5

Carol Flaton 4/17/2018 3 Attended mediation session with S. Martinez, M. Westermann and Paul Hastings 

(L. Despins, A. Bongartz)

2.6

Michael Westermann 4/17/2018 3 Meeting with COFINA advisors, S. Martinez, C. Flaton re: updated CW/COFINA 

proposal 

0.7

Michael Westermann 4/17/2018 3 Meeting with Mediators re: COFINA mediation with C. Flaton, S. Martinez 1.5

Michael Westermann 4/17/2018 3 Attended mediation session with C. Flaton, S. Martinez and Paul Hastings (L. 

Despins, A. Bongartz) 

3.8

Scott Martinez 4/17/2018 3 Meeting with COFINA advisors, M. Westermann, C. Flaton re: updated 

CW/COFINA proposal

0.7

Scott Martinez 4/17/2018 3 Meeting with Mediators re: COFINA mediation with C. Flaton, M. Westermann 1.5

Scott Martinez 4/17/2018 3 Attended mediation session with C. Flaton, M. Westermann and Paul Hastings 

(L. Despins, A. Bongartz)

3.8

Carol Flaton 4/18/2018 3 Email from J.C Batlle (Ankura)re GDB questions 0.1

Carol Flaton 4/18/2018 3 Email from CW creditor re mtg 0.1

Carol Flaton 4/19/2018 3 Emails w/ CW creditor re potential mtg 0.1

Carol Flaton 4/19/2018 3 Emails w/ M. Rodrigue (MB) re potential mtg 0.2

Carol Flaton 4/19/2018 3 Emails w/P. Friedman (O'Melveny) re ZC past due bills 0.2

Carol Flaton 4/19/2018 3 Call w/ M. Kopacz (Phoenix) re mediation status 0.4

Deborah Praga 4/19/2018 3 Watched FOMB public meeting to certify fiscal plans 2.6

Enrique R. Ubarri 4/19/2018 3 Listened to (videoconference) FOMB meeting for certification of Fiscal Plans.. 4.2

Scott Martinez 4/19/2018 3 Listened to the FOMB public meeting to certify the fiscal plans of the 

Commonwealth, PRASA, PREPA

4.3

Carol Flaton 4/20/2018 3 Email w/ M. Rodrigue (MB) re comps analysis 0.1

Carol Flaton 4/20/2018 3 Email from P. Friedman (O'Melveny) re invoices 0.1

Carol Flaton 4/20/2018 3 Emails w/M. Kopacz (Phoenix) re comps analysis 0.2

Carol Flaton 4/20/2018 3 Debrief meeting regarding municipal comps meeting with S. Martinez, E. 

Deichmann

0.3

Carol Flaton 4/20/2018 3 Call w/ M. Barnett (OZ capital) 0.3

Carol Flaton 4/20/2018 3 Prepare for meeting with Miller Buckfire regarding municipal comps with S. 

Martinez, E. Deichmann

0.4

Carol Flaton 4/20/2018 3 Participated in a meeting regarding municipal comps with M. Rodrigue and C. 

Song (Miller Buckfire), S. Martinez, M. Cervi, E. Deichmann

0.8

Carol Flaton 4/20/2018 3 attended the FOMB hearing to approve FP’s : HTA, GDB, HTA, UPR, COSSEC 3.0

Deborah Praga 4/20/2018 3 Review of updates from mediation sessions 0.3

Enrique R. Ubarri 4/20/2018 3 Watched (videoconference) FOMB meeting for certification of Fiscal Plans. 2.9

Eric Deichmann 4/20/2018 3

Debrief meeting regarding municipal comps meeting with C. Flaton, S. Martinez

0.3

Eric Deichmann 4/20/2018 3 Prepare for meeting with Miller Buckfire regarding municipal comps with C. 

Flaton, S. Martinez

0.4

Eric Deichmann 4/20/2018 3 Participated in a meeting regarding municipal comps with M. Rodrigue and C. 

Song (Miller Buckfire), C. Flaton, M. Cervi, S. Martinez 

0.8

Mark A. Cervi 4/20/2018 3 Participated in a meeting regarding municipal comps with M. Rodrigue and C. 

Song (Miller Buckfire), C. Flaton, E. Deichmann, S. Martinez

0.8

Michael Westermann 4/20/2018 3 Review of updates from mediation sessions 0.3

Rahul Yenumula 4/20/2018 3 Listened to the FOMB discussion of GDB fiscal plan and certification process 3.1

Scott Martinez 4/20/2018 3 Debrief meeting regarding municipal comps meeting with C. Flaton, E. 

Deichmann

0.3

Page 46 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 47 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Scott Martinez 4/20/2018 3 Prepare for meeting with Miller Buckfire regarding municipal comps with C. 

Flaton, E. Deichmann

0.4

Scott Martinez 4/20/2018 3 Participated in a meeting regarding municipal comps with M. Rodrigue and C. 

Song (Miller Buckfire), C. Flaton, M. Cervi, E. Deichmann

0.8

Scott Martinez 4/20/2018 3 Reviewed GDB RSA in preparation for meeting with Miller Buckfire 0.8

Scott Martinez 4/20/2018 3 Listened to the FOMB public meeting regarding the HTA, GDB, UPR and COSSEC 

fiscal plans

3.0

Carol Flaton 4/21/2018 3 Email from S. Uhland (O'Melveny) re invoice payment/overpayment 0.1

Carol Flaton 4/21/2018 3 Email w/ L. Despins (PH), Judge Houser re mediation status 0.1

Carol Flaton 4/21/2018 3 Emails w/M. Barnett (OZ) re next steps 0.1

Carol Flaton 4/21/2018 3 Emails w/S. Gumbs (FTI) re mediation status 0.2

Carol Flaton 4/22/2018 3 Emails w/ Judge Houser and other mediation parties re scheduling for 4/23 0.2

Carol Flaton 4/22/2018 3 Call w/ ad hoc GO creditor re mediation status 0.4

Carol Flaton 4/23/2018 3 Email to Citi muni bankers to discuss comps 0.1

Carol Flaton 4/23/2018 3 Call w/ad hoc GO holder re mediation 0.2

Carol Flaton 4/23/2018 3 Participated on call w/ Retirees (FTI) re mediation proposal 0.7

Carol Flaton 4/23/2018 3 Attended CW/Cofina mediation @ PH 2.5

Carol Flaton 4/23/2018 3 Participated in mediation session regarding Commonwealth-COFINA dispute 7.1

Scott Martinez 4/23/2018 3 Participated in mediation session regarding Commonwealth-COFINA dispute 5.7

Carol Flaton 4/24/2018 3 Emails w/ L. Despins (PH) , R. Levin (Jenner) re Retiree Committee 

membership

0.1

Carol Flaton 4/24/2018 3 Emails w/ T. Greene (Citi) re mediation matters 0.1

Carol Flaton 4/24/2018 3 Emails w/ R. Yenumula and J.C. Batlle (Ankura) re outstanding GDB questions 0.1

Carol Flaton 4/24/2018 3 Email from D. Gropper (Aurelius) regarding Carrion and pension adjustments 0.1

Carol Flaton 4/24/2018 3 Email to S. Gumbs, L. Park (FTI) re mediation proposal terms 0.1

Carol Flaton 4/24/2018 3 Emails w/ S. Gumbs (FTI) re COFINA cash rationale 0.1

Carol Flaton 4/24/2018 3 Review and mark of S. Martinez draft email to N. Jaresko (FOMB) regarding 

pension reform clarification questions

0.2

Carol Flaton 4/24/2018 3 Meeting w/ CW creditors (PBA guaranty parties), L. Despins, A. Bongartz (PH) 

to discuss mediation

1.4

Carol Flaton 4/24/2018 3 Meeting w/ PH (L. Despins, A. Bongartz), FTI (S. Gumbs, L. Park), Jenner (R. 

Levin, R. Gordon) re mediation and next steps

1.6

Scott Martinez 4/24/2018 3 Email correspondence with F. Batlle (Ankura) regarding meetings on the fiscal 

plan

0.2

Carol Flaton 4/25/2018 3 Emails from N. Jaresko (FOMB) re pension reform questions 0.1

Carol Flaton 4/25/2018 3 Emails w/ T. Greene (Citi) re presentation materials 0.1

Carol Flaton 4/25/2018 3 Call regarding settlement proposal with M. Rodrigue (Miller Buckfire), S. 

Martinez

0.4

Carol Flaton 4/25/2018 3 Call w/ GO holder re proposed global settlement 0.4

Carol Flaton 4/25/2018 3 Call regarding debt capacity with Citi (T. Green, J. Gavin), S. Martinez, E. 

Deichmann 

0.5

Carol Flaton 4/25/2018 3 Call w/M. Kopacz (Phoenix) re mediation next steps 0.6

Eric Deichmann 4/25/2018 3 Call regarding debt capacity with Citi (T. Green, J. Gavin), C. Flaton, S. 

Martinez

0.5

Michael Westermann 4/25/2018 3 Call regarding claims with C. Song (Miller Buckfire), S. Martinez 0.4

Scott Martinez 4/25/2018 3 Reviewed email responses from N. Jaresko regarding fiscal plan questions 0.2

Scott Martinez 4/25/2018 3 Prepared for call with Citi regarding debt capacity 0.3

Scott Martinez 4/25/2018 3 Call regarding settlement proposal with M. Rodrigue (Miller Buckfire), C. Flaton 0.4

Scott Martinez 4/25/2018 3 Call regarding claims with C. Song (Miller Buckfire), M. Westermann 0.4

Scott Martinez 4/25/2018 3 Call regarding debt capacity with Citi (T. Green, J. Gavin), C. Flaton, E. 

Deichmann

0.5

Carol Flaton 4/26/2018 3 Emails w/ A. Rosenberg (PW), S. Kirpalani (Quinn), L. Despins (PH) re MNPI 

threshold

0.1

Carol Flaton 4/26/2018 3 Emails w/ R. Gordon (Jenner) re 4/26 mediation sessions 0.1

Carol Flaton 4/26/2018 3 Call w/S. Gumbs (FTI) re mediation process 0.4

Page 47 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 48 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 4/26/2018 3 Meeting with S. Martinez, D. Praga, M. Westermann re: preparation for 

mediation session / sensitivity tables / COFINA recoveries

0.6

Carol Flaton 4/26/2018 3 Participated in mediation session regarding the Commonwealth-COFINA dispute 

with S. Martinez

4.2

Deborah Praga 4/26/2018 3 Meeting with C. Flaton, S. Martinez, M. Westermann re: preparation for 

mediation session / sensitivity tables / COFINA recoveries

0.6

Michael Westermann 4/26/2018 3 Meeting with C. Flaton, S. Martinez, D. Praga re: preparation for mediation 

session / sensitivity tables / COFINA recoveries 

0.6

Scott Martinez 4/26/2018 3 Meeting with C. Flaton, D. Praga, M. Westermann re: preparation for mediation 

session / sensitivity tables / COFINA recoveries

0.6

Scott Martinez 4/26/2018 3 Participated in mediation session regarding the Commonwealth-COFINA dispute 

with C. Flaton

4.2

Carol Flaton 4/27/2018 3 Read letter from A. Rosenberg (Paul Weiss) re GO response 0.1

Carol Flaton 4/27/2018 3 Call w/Judge Atlas re mediation next steps 0.4

Carol Flaton 4/27/2018 3 Call w/ R. Kost (Goldin Associates) re PR mediation topics 0.4

Michael Westermann 4/27/2018 3 Discussion with FTI (L. Park) re: COFINA proposal and fiscal plan forecast 0.4

Carol Flaton 4/28/2018 3 Emails w/ L. Despins (PH) and Judges Atlas and Houser re mediation 0.1

Carol Flaton 4/28/2018 3 Call w/ Judges Atlas and Houser and L. Despins (PH) re mediation next steps 0.4

Carol Flaton 4/29/2018 3 Call regarding settlement structures with S. Uhland and J. Rapisardi 

(O'Melveny), D. Mondell and V. D'Agata (Rothschild), L. Despins (Paul Hastings), 

S. Martinez, D. Praga

0.5

Deborah Praga 4/29/2018 3 Call regarding settlement structures with S. Uhland and J. Rapisardi 

(O'Melveny), D. Mondell and V. D'Agata (Rothschild), L. Despins (Paul Hastings), 

C. Flaton, S. Martinez

0.5

Michael Westermann 4/29/2018 3 Review of agenda for mediation sessions 0.2

Scott Martinez 4/29/2018 3 Call regarding settlement structures with S. Uhland and J. Rapisardi 

(O'Melveny), D. Mondell and V. D'Agata (Rothschild), L. Despins (Paul Hastings), 

C. Flaton, D. Praga

0.5

Carol Flaton 4/30/2018 3 Email from J.C. Batlle (Ankura) re answers to open GDB questions 0.1

Carol Flaton 4/30/2018 3 Review and mark of draft email to mediation judge 0.1

Carol Flaton 4/30/2018 3 Further mark of draft email to mediation judge 0.1

Carol Flaton 4/30/2018 3 Emails w/L. Despins (PH), Judge Houser 0.1

Carol Flaton 4/30/2018 3 Review and mark of response letter to A. Rosenberg (Paul Weiss) 0.2

Carol Flaton 4/30/2018 3 Call w/ D. Gropper (Aurelius) re mediation status 0.4

Carol Flaton 4/30/2018 3 Call w/ Retiree advisors (FTI – S. Gumbs, Jenner – R. Levin, R. Gordon) and Paul

Hastings (L. Despins)

0.5

Carol Flaton 5/1/2018 3 Emails w/ Cofina advisors S. Kirpalani (QE) et al re mediation next steps 0.1

Carol Flaton 5/1/2018 3 Reviewed email from P. Friedman (OMM) re withholding tax requirement 0.1

Carol Flaton 5/1/2018 3 Emails w/ JC Batlle (Ankura) re GDB open questions 0.1

Carol Flaton 5/1/2018 3 Call w/A. Yearley (Lazard) re mediation status 0.4

Scott Martinez 5/1/2018 3 Reviewed email from P. Friedman (O'Melveny) regarding professional fees 0.2

Carol Flaton 5/2/2018 3 Emails w/S. Gumbs (FTI) re PSTBA 0.1

Carol Flaton 5/2/2018 3 Emails w/S. Uhland (OMM) and L. Despins (PH) re COFINA streams 0.1

Carol Flaton 5/2/2018 3 Review of S. Martinez comments to mediation letter 0.1

Carol Flaton 5/2/2018 3 Review and mark of draft letter from A. Bongartz (PH) 0.2

Carol Flaton 5/2/2018 3 Review of draft PH mediation materials 0.4

Carol Flaton 5/2/2018 3 Review and mark of communication to FOMB 0.7

Michael Westermann 5/2/2018 3 Began new diligence list for new fiscal plan excel model in preparation for inperson meeting0.3

Michael Westermann 5/2/2018 3 Comment on letter to Oversight Board counsel re: mediation 0.3

Scott Martinez 5/2/2018 3 Reviewed and commented on draft letter to counsel to the FOMB regarding 

mediation

0.5

Carol Flaton 5/3/2018 3 Email from M. Hindman re mtg schedules 0.1

Carol Flaton 5/3/2018 3 Emails w/ S. Uhland (OMM) re GDB discussion 0.1

Carol Flaton 5/3/2018 3 Email w/D. Mondell (Rothschild) re SUT 0.1

Page 48 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 49 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 5/3/2018 3 Review and markup of draft correspondence to mediation judges 0.2

Carol Flaton 5/3/2018 3 Review of email and attachment from mediation FA (Phoenix) 0.2

Carol Flaton 5/3/2018 3 Review/mark-up of PH slides for mediation correspondence 0.3

Carol Flaton 5/3/2018 3 Call w/ J. Rapisardi (O'Melveny), S. Uhland (O'Melveny), D. Mondell (Rothschild) 

and L. Despins (PH) re case status

0.4

Carol Flaton 5/3/2018 3 Review of final (sent) mediation correspondence w/attachments 0.4

Michael Westermann 5/3/2018 3 Review agenda for mediation sessions 0.2

Scott Martinez 5/3/2018 3 Reviewed supporting exhibits to the letter sent to FOMB counsel 0.4

Carol Flaton 5/4/2018 3 Emails w/ M. Kopacz (Phoenix) re mediation status and next steps 0.1

Carol Flaton 5/4/2018 3 Emails between M. Rodrigue (MB), J. Gana (Assured), S. Martinez re CWG 

update call

0.2

Carol Flaton 5/4/2018 3 Participated in the bi-weekly call with members of the creditor working group 

and the government parties, S. Martinez, M. Westermann

0.3

Carol Flaton 5/4/2018 3 Review of draft GDB questions for CW/AAFAF 0.3

Carol Flaton 5/4/2018 3 Meeting regarding fiscal plan with D. Mondell and V. D'Agata (Rothschild), S. 

Martinez, E. Deichmann, M. Westermann

1.3

Carol Flaton 5/4/2018 3 Calls w/CWG and mediation judges re 5/15,5/16 1.4

Deborah Praga 5/4/2018 3 Review of bi-weekly creditor review presentation 0.4

Eric Deichmann 5/4/2018 3 Meeting with ZC (C. Flaton, S. Martinez, M. Westermann) and Rothschild (D. 

Mondell and V. D'Agata) re: debt capacity 

1.3

Michael Westermann 5/4/2018 3 Call regarding fiscal plan issues related to SUT with C. Song (Miller Buckfire), S. 

Martinez

0.2

Michael Westermann 5/4/2018 3 Participated in the bi-weekly call with members of the creditor working group 

and the government parties, C. Flaton, S. Martinez

0.3

Michael Westermann 5/4/2018 3 Review of bi-weekly creditor review presentation 0.4

Michael Westermann 5/4/2018 3 Updated diligence list for preparation of mediators call 0.5

Michael Westermann 5/4/2018 3 Created minutes of creditor working group call for committee distribution 0.9

Michael Westermann 5/4/2018 3 Meeting regarding fiscal plan with D. Mondell and V. D'Agata (Rothschild), C. 

Flaton, E. Deichmann, S. Martinez

1.3

Michael Westermann 5/4/2018 3 Created updated diligence list based on additional materials posted to data site 1.4

Scott Martinez 5/4/2018 3 Correspondence with M. Kopacz (Phoenix) regarding fiscal plan questions 0.1

Scott Martinez 5/4/2018 3 Call regarding fiscal plan issues related to SUT with C. Song (Miller Buckfire), 

M. Westermann

0.2

Scott Martinez 5/4/2018 3 Call with M. Jacoby (Phoenix) regarding the Puerto Rico title III 0.2

Scott Martinez 5/4/2018 3 Participated in the bi-weekly call with members of the creditor working group 

and the government parties, C. Flaton, M. Westermann

0.3

Scott Martinez 5/4/2018 3 Reviewed the materials provided by AAFAF for the CWG bi-weekly call 0.3

Scott Martinez 5/4/2018 3 Updated the GDB questions list and circulated to J. Batlle (Ankura) 0.4

Scott Martinez 5/4/2018 3 Reviewed and commented on the summary of the CWG bi-weekly call for 

distribution to the Committee

0.5

Scott Martinez 5/4/2018 3 Meeting regarding fiscal plan with D. Mondell and V. D'Agata (Rothschild), C. 

Flaton, E. Deichmann, M. Westermann

1.3

Scott Martinez 5/4/2018 3 Call to discuss agenda for fiscal plan sessions on May 15 - May 16 with mediation

team, C. Flaton

1.4

Carol Flaton 5/5/2018 3 Emails w/ S. Uhland (OMM) re 5/14 GDB mtg 0.1

Carol Flaton 5/5/2018 3 Review and mark of M. Hindman draft agenda 0.3

Michael Westermann 5/5/2018 3 Review of and added ZC additional requests for the Agenda for the upcoming 

mediation sessions

0.9

Scott Martinez 5/6/2018 3 Reviewed, commented and distributed the revised list of agenda topics for the 

sessions to discuss the Commonwealth fiscal plan to the mediation team

1.4

Carol Flaton 5/7/2018 3 Emails w/ M. Hindman and S. Martinez re agenda 0.1

Carol Flaton 5/7/2018 3 Review of 5/15 and 16 draft mediation agenda 0.2

Carol Flaton 5/7/2018 3 Call with mediation team to finalize agenda for May 15 - May 16 fiscal plan 

sessions with S. Martinez, M. Westermann, E. Ubarri

0.5

Page 49 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 50 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 5/7/2018 3 Call with mediation team to finalize agenda for May 15 - May 16 fiscal plan 

sessions with C. Flaton, S. Martinez, M. Westermann

0.5

Michael Westermann 5/7/2018 3 Review of updated agenda for the upcoming mediation sessions and comparison

to ZC's latest comments

0.3

Michael Westermann 5/7/2018 3 Call with mediation team to finalize agenda for May 15 - May 16 fiscal plan 

sessions with C. Flaton, S. Martinez, E. Ubarri

0.5

Scott Martinez 5/7/2018 3 Email exchanges with mediation team and M. Kopacz (Phoenix) regarding draft 

agenda for fiscal plan sessions

0.2

Scott Martinez 5/7/2018 3 Call with mediation team to finalize agenda for May 15 - May 16 fiscal plan 

sessions with C. Flaton, M. Westermann, E. Ubarri

0.5

Scott Martinez 5/7/2018 3 Reviewed the revised agenda for the fiscal plan mediation sessions 0.6

Carol Flaton 5/8/2018 3 Email w/ S. Gumbs (FTI) re FY19 budget 0.1

Carol Flaton 5/8/2018 3 Emails w/R. Gordon (Jenner) re ad hoc GO’s 0.1

Carol Flaton 5/8/2018 3 Call w/S. Gumbs (FTI) re FP implications 0.5

Carol Flaton 5/9/2018 3 Review memo from Judge Houser re mediation next steps 0.1

Deborah Praga 5/9/2018 3 Review of mediation memorandum from Judge Houser 0.1

Enrique R. Ubarri 5/9/2018 3 Examined memorandum from Judge Houser re: Commonwealth-COFINA Dispute 

mediation update and fiscal plan meetings

0.2

Michael Westermann 5/9/2018 3 Review of updated memo re CW COFINA dispute 0.2

Carol Flaton 5/10/2018 3 Emails w/J. Birkhold (Phoenix) re FY19 budget (Spanish) 0.1

Carol Flaton 5/10/2018 3 Call w/ M. Rodrigue (MB) re model/outputs 0.1

Carol Flaton 5/10/2018 3 Email w/ M. Rodrigue (MB) and S. Gumbs (FTI) re mtg 5/11 0.1

Carol Flaton 5/10/2018 3 Call w/ M. Rodrigue (MB) re mediation next steps 0.4

Carol Flaton 5/11/2018 3 Debrief of Miller Buckfire meeting with S. Gumbs, L. Park and N. Sombuntham 

(FTI ), M. Westermann, S. Martinez

0.4

Carol Flaton 5/11/2018 3 Meeting to discuss the certified fiscal plan and debt capacity with S. Gumbs, L. 

Park and N. Sombuntham (FTI ), S. Martinez, E. Deichmann, M. Westermann

1.5

Carol Flaton 5/11/2018 3 Meeting regarding certified fiscal plan with S. Gumbs, L. Park and N. 

Sombuntham (FTI ), M. Rodrigue and C. Song (Miller Buckfire), S. Martinez, M. 

Westermann

1.6

Eric Deichmann 5/11/2018 3 Meeting to discuss the certified fiscal plan and debt capacity with S. Gumbs, L. 

Park and N. Sombuntham (FTI ), C. Flaton, S. Martinez, E. Deichmann, M. 

Westermann - 1.5 hrs

1.5

Michael Westermann 5/11/2018 3 Debrief of Miller Buckfire meeting with S. Gumbs, L. Park and N. Sombuntham 

(FTI ), C. Flaton, S. Martinez

0.4

Michael Westermann 5/11/2018 3 Meeting to discuss the certified fiscal plan and debt capacity with S. Gumbs, L. 

Park and N. Sombuntham (FTI ), C. Flaton, S. Martinez, E. Deichmann

1.5

Michael Westermann 5/11/2018 3 Meeting regarding certified fiscal plan with S. Gumbs, L. Park and N. 

Sombuntham (FTI ), M. Rodrigue and C. Song (Miller Buckfire), C. Flaton, S. 

Martinez

1.6

Scott Martinez 5/11/2018 3 Debrief of Miller Buckfire meeting with S. Gumbs, L. Park and N. Sombuntham 

(FTI ), C. Flaton, M. Westermann

0.4

Scott Martinez 5/11/2018 3 Prepared for meetings with FTI and Miller Buckfire regarding the 

Commonwealth's certified fiscal plan

0.8

Scott Martinez 5/11/2018 3 Meeting to discuss the certified fiscal plan and debt capacity with S. Gumbs, L. 

Park and N. Sombuntham (FTI ), C. Flaton, E. Deichmann, M. Westermann

1.5

Scott Martinez 5/11/2018 3 Meeting regarding certified fiscal plan with S. Gumbs, L. Park and N. 

Sombuntham (FTI ), M. Rodrigue and C. Song (Miller Buckfire), C. Flaton, M. 

Westermann

1.6

Carol Flaton 5/12/2018 3 Review and mark of ZC questions for 5/14 mtg w/ Ankura 0.3

Carol Flaton 5/13/2018 3 Emails w/ L. Despins (PH), S. Kirpalani (QE), A. Rosenberg (PW), B. Whyte 

(COFINA Agent) re bondholder blowout details

0.3

Carol Flaton 5/14/2018 3 Discussion regarding the GDB RSA and Fiscal Plan with J. Batlle and W. Crowley 

(Ankura), S. Von Bomhard and B. Meisel (Rothschild), S. Martinez, R. Bingham, 

R. Yenumula

2.1

Page 50 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 51 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Rahul Yenumula 5/14/2018 3 Discussion regarding the GDB RSA and Fiscal Plan with J. Batlle and W. Crowley 

(Ankura), S. Von Bomhard and B. Meisel (Rothschild), C. Flaton, R. Bingham, S. 

Martinez

2.1

Robert Bingham 5/14/2018 3 Discussion regarding the GDB RSA and Fiscal Plan with J. Batlle and W. Crowley 

(Ankura), S. Von Bomhard and B. Meisel (Rothschild), C. Flaton, S. Martinez, R. 

Yenumula

2.1

Scott Martinez 5/14/2018 3 Discussion regarding the GDB RSA and Fiscal Plan with J. Batlle and W. Crowley 

(Ankura), S. Von Bomhard and B. Meisel (Rothschild), C. Flaton, R. Bingham, R. 

Yenumula

2.1

Carol Flaton 5/15/2018 3 Mtg w/ D. Mondell (Rothschild re SUT assumptions) 0.3

Carol Flaton 5/15/2018 3 Follow up discussions with creditor advisors regarding the Commonwealth fiscal 

plan and GDB with S. Martinez, M. Westermann, S. Martinez

1.1

Carol Flaton 5/15/2018 3 Participated in mediation 6.2

Eric Deichmann 5/15/2018 3 Viewed CW-FOMB joint presentation of CFP detail 6.2

Michael Westermann 5/15/2018 3 Preparation for mediation including review of questions and preparation of ZC 

questions

1.0

Michael Westermann 5/15/2018 3 Follow up discussions with creditor advisors regarding the Commonwealth fiscal 

plan and GDB with C. Flaton, S. Martinez 

1.1

Michael Westermann 5/15/2018 3 Viewed the Oversight Board and Commonwealth meeting regarding the 

Commonwealth's certified fiscal plan with C. Flaton, E. Deichmann, S. Martinez 

6.2

Scott Martinez 5/15/2018 3 Follow up discussions with creditor advisors regarding the Commonwealth fiscal 

plan and GDB with C. Flaton, M. Westermann, S. Martinez

1.1

Scott Martinez 5/15/2018 3 Viewed the Oversight Board and Commonwealth meeting regarding the 

Commonwealth's certified fiscal plan with C. Flaton, E. Deichmann, M. 

Westermann

6.2

Carol Flaton 5/16/2018 3 Email w/ FTI, Jenner re proposal terms 0.1

Carol Flaton 5/16/2018 3 Discussion with M. Westermann, Paul Hastings (L. Despins) and Retiree 

Committee (S. Gumbs) re: COFINA settlement proposal 

0.9

Michael Westermann 5/16/2018 3 Discussion with C. Flaton, Paul Hastings (L. Despins) and Retiree Committee (S. 

Gumbs) re: COFINA settlement proposal 

0.9

Carol Flaton 5/17/2018 3 Emails w/JC Batlle (Ankura) and R. Yenumula re GDB open questions 0.1

Carol Flaton 5/17/2018 3 Emails w/ R. Gordon (Jenner) re retiree view of term sheet 0.2

Carol Flaton 5/18/2018 3 Emails from R. Levin, R. Gordon (Jenner) re terms of counter proposal 0.1

Carol Flaton 5/18/2018 3 Emails w/ J. Grogan (PH) re GDB draft analysis 0.2

Carol Flaton 5/18/2018 3 Call w/ R. Gordon, R. Levin (Jenner), S. Gumbs (FTI) re COFINA proposal 0.5

Carol Flaton 5/19/2018 3 Call w/ S. Gumbs (FTI), M. Rodrigue, C. Song (MB) to discuss financial 

sensitivities

0.7

Carol Flaton 5/20/2018 3 Email w/ S. Gumbs (FTI) re open COFINA points 0.1

Carol Flaton 5/21/2018 3 Emails w/M. Feldman, J. Minias (WFG) re proposal and mtg 0.1

Carol Flaton 5/21/2018 3 Emails w/S. Gumbs (FTI) re settlement scenarios 0.1

Carol Flaton 5/21/2018 3 Discussion with M. Westermann, Paul Hastings (L. Despins), and Retiree 

Committee (S. Gumbs) re: update of COFINA proposal

0.8

Carol Flaton 5/21/2018 3 Call w/PBA guaranteed bondholder regarding next steps 0.7

Michael Westermann 5/21/2018 3 Discussion with C. Flaton, Paul Hastings (L. Despins), and Retiree Committee (S.

Gumbs) re: update of COFINA proposal 

0.8

Carol Flaton 5/22/2018 3 Emails w/ M. Feldman, J. Minias (WFG) re potential mtg 0.1

Carol Flaton 5/22/2018 3 Emails w/R. Levin, R. Gordon (Jenner), S. Gumbs (FTI) re call on 5/23 to 

discuss status

0.1

Carol Flaton 5/23/2018 3 Call with Jenner/FTI re mediation 0.2

Carol Flaton 5/23/2018 3 Call w/S. Gumbs (FTI) re mediation 0.2

Carol Flaton 5/23/2018 3 Call with M. Westermann, and Miller Buckfire (M. Rodrigue) 0.5

Carol Flaton 5/23/2018 3 Call with M. Westermann, Paul Hastings (L. Despins) and retiree advisors (S. 

Gumbs) re: catch up on COFINA discussions

1.0

Carol Flaton 5/23/2018 3 Call with M. Westermann, and FTI (S. Gumbs) re: follow up of COFINA 

discussions

1.4

Page 51 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 52 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 5/23/2018 3 Call with P. Hastings (L. Despins) and Jenner (R. Levin) RE: meeting at Willkie 

Farr regarding COFINA

0.2

Carol Flaton 5/23/2018 3 Call with P. Hastings (L. Despins) and Jenner (R. Levin) RE: follow-up on 

meeting at Willkie Farr regarding COFINA and next steps

1.0

Carol Flaton 5/23/2018 3 Meeting with M. Westermann, P. Hastings (L. Despins), and Willkie Farr (M. 

Feldman) RE: COFINA proposal 

0.8

Michael Westermann 5/23/2018 3 Call with C. Flaton and Miller Buckfire (M. Rodrigue) 0.5

Michael Westermann 5/23/2018 3 Call with C. Flaton, Paul Hastings (L. Despins) and retiree advisors (S. Gumbs) 

re: catch up on COFINA discussions 

1.0

Michael Westermann 5/23/2018 3 Call with C. Flaton, and FTI (S. Gumbs) re: follow up of COFINA discussions 1.4

Michael Westermann 5/23/2018 3 Meeting with C. Flaton, P. Hastings (L. Despins), and Willkie Farr (M. Feldman) 

RE: COFINA proposal 

0.8

Carol Flaton 5/24/2018 3 Emails w/S. Gumbs (FTI) re settlement status 0.1

Carol Flaton 5/24/2018 3 Emails w/ R. Gordon, R. Levin (Jenner) re next steps 0.1

Scott Martinez 5/24/2018 3 Reviewed email correspondence from J. Batlle (Ankura) regarding GDB 0.1

Carol Flaton 5/25/2018 3 Emails w/ R. Levin (Jenner) and L. Despins (PH) re mediation next steps 0.1

Carol Flaton 5/25/2018 3 Emails w/S. Gumbs, N. Sombuntham (FTI) and M. Westermann re settlement 

status

0.1

Carol Flaton 5/25/2018 3 Emails w/ R. Levin (Jenner), L. Despins re terms of COFINA settlement 0.1

Carol Flaton 5/25/2018 3 Call with M. Westermann, Paul Hastings (L. Despins), and retiree committee (S. 

Gumbs)

0.5

Michael Westermann 5/25/2018 3 Call with C. Flaton, Paul Hastings (L. Despins), and retiree committee (S. 

Gumbs) 

0.5

Carol Flaton 5/26/2018 3 Emails w/ S. Gumbs (FTI), M. Westermann re pro-forma debt issuances 0.1

Carol Flaton 5/26/2018 3 Emails w/ M. Rodrigue, C. Song (MB) re terms of settlement agreement 0.1

Carol Flaton 5/26/2018 3 Emails w/ M. Rodrigue (MB) re potential CF reprofiling in settlement 0.1

Carol Flaton 5/26/2018 3 Call w/ S. Gumbs (FTI) re proposed changes to settlement term sheet 0.2

Carol Flaton 5/26/2018 3 Emails w/ L. Despins (PH), R. Levin, R Gordon (Jenner) re adjustments to new 

provisions in settlement term sheet

0.2

Michael Westermann 5/26/2018 3 Follow up call regarding call with Retiree professionals with S. Martinez 0.3

Michael Westermann 5/26/2018 3 Participated in a conference call regarding the COFINA proposal term sheet 

with L. Despins and A. Bongartz (Paul Hastings), R. Levin and R. Gordon 

(Jenner), S. Gumbs (FTI), S. Martinez

0.5

Michael Westermann 5/26/2018 3 Response to S. Gumbs (FTI) re: additional debt capacity in COFINA under 

proposed terms

0.6

Scott Martinez 5/26/2018 3 Follow up call regarding call with Retiree professionals with M. Westermann 0.3

Scott Martinez 5/26/2018 3 Participated in a conference call regarding the COFINA proposal term sheet 

with L. Despins and A. Bongartz (Paul Hastings), R. Levin and R. Gordon 

(Jenner), S. Gumbs (FTI), M. Westermann

0.5

Carol Flaton 5/27/2018 3 Emails w/D. Mondell (Rothschild) re call on mediation status, next steps 0.1

Carol Flaton 5/27/2018 3 Emails w/ A. Bongartz (PH) and R. Levin (Jenner) re securities terms 0.1

Carol Flaton 5/27/2018 3 Emails w/ S. Gumbs (FTI), R. Levin (Jenner) re non-economic terms of 

settlement

0.1

Carol Flaton 5/27/2018 3 Emails w/R. Gordon (Jenner) re proposed change term 0.1

Carol Flaton 5/27/2018 3 Call w/ D. Mondell, V. D’Agata (Rothschild), S. Martinez, M. Westermann re 

mediation status

0.7

Michael Westermann 5/27/2018 3 Call regarding Commonwealth-COFINA dispute with D. Mondell and V. D'Agata 

(Rothschild), C. Flaton, S. Martinez

0.7

Scott Martinez 5/27/2018 3 Call regarding Commonwealth-COFINA dispute with D. Mondell and V. D'Agata 

(Rothschild), C. Flaton, M. Westermann

0.7

Carol Flaton 5/28/2018 3 Emails from/with R. Gordon (Jenner) re retiree escrow issues 0.1

Carol Flaton 5/28/2018 3 Email to Citi (Board advisors) re discussion of mediation topics 0.1

Carol Flaton 5/29/2018 3 Emails w/B. Williamson (Godfrey Kahn) regarding upcoming in-person mtg 6/14 0.1

Carol Flaton 5/29/2018 3 Emails w/M. Rodrigue (MB) re issuance covenant levels 0.1

Page 52 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 53 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 5/29/2018 3 Call with M. Westermann, and Miller Buckfire (M. Rodrigue) re: COFINA debt 

covenant ratios 

0.2

Carol Flaton 5/29/2018 3 Call regarding the Commonwealth-COFINA term sheet with the COFINA Agent, 

L. Despins (Paul Hastings), M. Westermann, S. Martinez

0.3

Carol Flaton 5/29/2018 3 Call regarding Commonwealth-COFINA mediation with Citi (T. Green, J. Gavin), 

S. Martinez, M. Westermann

1.3

Michael Westermann 5/29/2018 3 Call with C. Flaton, and Miller Buckfire (M. Rodrigue) re: COFINA debt covenant 

ratios 

0.2

Michael Westermann 5/29/2018 3 Call regarding the Commonwealth-COFINA term sheet with the COFINA Agent, 

L. Despins (Paul Hastings), C. Flaton, S. Martinez 

0.3

Michael Westermann 5/29/2018 3 Call regarding Commonwealth-COFINA mediation with Citi (T. Green, J. Gavin), 

C. Flaton, S. Martinez

1.3

Scott Martinez 5/29/2018 3 Call regarding the Commonwealth-COFINA term sheet with the COFINA Agent, 

L. Despins (Paul Hastings), C. Flaton, M. Westermann

0.3

Scott Martinez 5/29/2018 3 Call regarding Commonwealth-COFINA mediation with Citi (T. Green, J. Gavin), 

C. Flaton, M. Westermann

1.3

Carol Flaton 5/30/2018 3 Emails w/M. Rodrigue (MB), M. Westermann re COFINA debt covenant 0.1

Carol Flaton 5/30/2018 3 Emails w/R. Levin (Jenner), L. Despins (PH) re open items on settlement term 

sheet

0.1

Carol Flaton 5/30/2018 3 Emails w/ A. Bongartz (PH), R. Levin (Jenner) re draft language to address 

open items

0.1

Carol Flaton 5/30/2018 3 Reviewed email from R. Levin (Jenner) with revised proposed language to 

address open issues

0.1

Carol Flaton 5/30/2018 3 Discussion w/ R. Gordon (Jenner) re status of Cofina mediation (versus global 

settlement)

0.2

Carol Flaton 5/30/2018 3 Call w/ M. Westermann and S. Gumbs (FTI) re COFINA issuance terms 0.3

Carol Flaton 5/30/2018 3 Call w/M. Westermann and M. Rodrigue (MB) re COFINA issuance terms 0.5

Michael Westermann 5/30/2018 3 Call with C. Flaton and FTI (S. Gumbs) re: COFINA additional debt issuances 0.3

Michael Westermann 5/30/2018 3

Call with C. Flaton, and Miller Buckfire re: COFINA issuance terms (M. Rodrigue)

0.5

Carol Flaton 5/31/2018 3 Emails w/ R. Gordon, R. Levin (Jenner) and L. Despins (PH) re next steps in 

settlement discussions

0.2

Carol Flaton 5/31/2018 3 Call with S. Martinez, M. Westermann and Miller Buckfire (M. Rodrigue) re: 

latest COFINA term sheet

0.4

Michael Westermann 5/31/2018 3 Call with S. Martinez, C. Flaton and Miller Buckfire (M. Rodrigue) re: latest 

COFINA term sheet 

0.4

Scott Martinez 5/31/2018 3 Call with C. Flaton, M. Westermann and Miller Buckfire (M. Rodrigue) re: latest 

COFINA term sheet

0.4

Total Hours Matter Category 3 497.9

Name Date

Matter 

Category Narrative Hours 

Deborah Praga 2/5/2018 4 Reviewed most recent liquidity report and updated tracker 1.3

Carol Flaton 2/7/2018 4 Review of most recent TSA report 0.3

Enrique R. Ubarri 2/7/2018 4 Examined issuance by the Commonwealth re: TSA Minimum Cash Balance 0.1

Enrique R. Ubarri 2/7/2018 4 Reviewed Treasury Single Account cashflow presentation prepared by AAFAF as 

of January 26.

0.2

Michael Westermann 2/7/2018 4 Review of new TSA cash balance report 0.4

Deborah Praga 2/13/2018 4 Review of most recent TSA liquidity report 0.6

Enrique R. Ubarri 2/13/2018 4 Reviewed Treasury Single Account cashflow presentation prepared by AAFAF as 

of February 2.

0.2

Scott Martinez 2/14/2018 4 Reviewed the TSA cash flow analysis for the week ended February 2nd 1.0

Michael Westermann 2/15/2018 4 Review updated TSA cash flow 0.5

Enrique R. Ubarri 2/20/2018 4 Reviewed Treasury Single Account cashflow presentation prepared by AAFAF as 

of February 9.

0.2

Page 53 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 54 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Scott Martinez 2/20/2018 4 Reviewed the TSA cash flow analysis for the week ended February 9th 1.0

Michael Westermann 2/21/2018 4 Review updated TSA cash flow 0.4

Michael Westermann 2/21/2018 4 Review of TSA and SUT for amounts to TSA versus COFINA agent 0.9

Deborah Praga 2/22/2018 4 Review of TSA liquidity report 0.7

Deborah Praga 2/22/2018 4 Updated liquidity tracker 0.9

Carol Flaton 2/27/2018 4 Call w/ S Martinez and E. Ubarri re CDL’s 0.3

Deborah Praga 2/27/2018 4 Reviewed TSA liquidity report 0.6

Deborah Praga 2/27/2018 4 Updated liquidity tracker 0.6

Enrique R. Ubarri 2/27/2018 4 Call regarding CDLs with C. Flaton, S. Martinez, E. Ubarri 0.3

Scott Martinez 2/27/2018 4 Call regarding CDLs with C. Flaton, E. Ubarri 0.3

Enrique R. Ubarri 2/28/2018 4 Reviewed Treasury Single Account cashflow presentation prepared by AAFAF as 

of February 16.

0.2

Michael Westermann 2/28/2018 4 Review of weekly TSA report 1.6

Scott Martinez 2/28/2018 4 Reviewed the TSA cash flow analysis for the week ended February 16th 1.1

Deborah Praga 3/7/2018 4 Review of TSA cash report 0.7

Deborah Praga 3/7/2018 4 Update liquidity tracker 0.8

Enrique R. Ubarri 3/7/2018 4 Reviewed Treasury Single Account cashflow presentation prepared by AAFAF as 

of February 23, 2018.

0.2

Michael Westermann 3/7/2018 4 Email to S. Martinez describing certain diligence questions regarding the TSA 

cash flow

0.3

Michael Westermann 3/7/2018 4 Review of updated TSA cash flow presentation 0.7

Scott Martinez 3/7/2018 4 Reviewed the TSA cash flow analysis for the week ended February 23rd 1.2

Carol Flaton 3/8/2018 4 Review of AAFAF posted BNY account info 0.2

Enrique R. Ubarri 3/8/2018 4 Examined the General Fund net revenues for the month of January 2018. 0.1

Enrique R. Ubarri 3/8/2018 4 Examined the AAFAF report on the summary of bank accounts balances for the 

Puerto Rico government and its instrumentalities as of Jan. 31. 

0.6

Scott Martinez 3/8/2018 4 Reviewed Commonwealth report regarding revenues collected through January 

2018

0.4

Scott Martinez 3/8/2018 4 Reviewed the summary of the Commonwealth and its instrumentalities bank 

accounts analysis as of January 31, 2018

0.6

Scott Martinez 3/8/2018 4 Reviewed bank statements related to COFINA that were posted to Intralinks 0.6

Scott Martinez 3/13/2018 4 Email correspondence with M. Comerford (Paul Hastings) regarding potential 

Commonwealth loan to PRASA

0.2

Deborah Praga 3/14/2018 4 Review of reports related to TSA liquidity position 0.2

Deborah Praga 3/14/2018 4 Review of TSA account report 0.4

Enrique R. Ubarri 3/14/2018 4 Reviewed Treasury Single Account cashflow presentation prepared by AAFAF as 

of March 2, 2018.

0.2

Michael Westermann 3/14/2018 4 Review of updated TSA report 0.8

Scott Martinez 3/14/2018 4 Reviewed the TSA cash flow analysis for the week ended March 2 0.9

Michael Westermann 3/15/2018 4 Research into previous AP balances stated by the CW 2.9

Scott Martinez 3/19/2018 4 Reviewed report on Hacienda portal to track A/P for the Commonwealth 0.1

Deborah Praga 3/21/2018 4 Reviewed emails from S. Martinez regarding A/P balance analysis 0.2

Deborah Praga 3/21/2018 4 Calls regarding TSA account and A/P balances with S. Martinez 0.3

Deborah Praga 3/21/2018 4 Reviewed TSA balance report 0.4

Deborah Praga 3/21/2018 4 Prepared distribution materials related to CW A/P balances over time 2.1

Enrique R. Ubarri 3/21/2018 4 Reviewed Treasury Single Account cashflow presentation prepared by AAFAF as 

of March 9, 2018.

0.2

Michael Westermann 3/21/2018 4 Review of updated TSA forecast 1.0

Scott Martinez 3/21/2018 4 Calls regarding TSA account and A/P balances with D. Praga 0.3

Scott Martinez 3/21/2018 4 Reviewed draft presentation materials for UCC meeting regarding liquidity and 

A/P

0.6

Scott Martinez 3/21/2018 4 Reviewed the TSA cash flow analysis for the week ended March 9 1.2

Deborah Praga 3/22/2018 4 Created graph and slides of Commonwealth TSA balance over time 1.2

Scott Martinez 3/27/2018 4 Reviewed the TSA cash flow analysis for the week ended March 16 1.2

Page 54 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 55 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 3/28/2018 4 Reviewed Treasury Single Account cashflow presentation prepared by AAFAF as 

of March 16, 2018.

0.2

Michael Westermann 4/2/2018 4 Summarize PRASA Paygo and liquidity enhancement measures 1.8

Enrique R. Ubarri 4/3/2018 4 Reviewed Treasury Single Account cashflow presentation prepared by AAFAF as 

of March 23, 2018.

0.2

Michael Westermann 4/3/2018 4 Review of updated TSA liquidity report 0.3

Scott Martinez 4/3/2018 4 Reviewed the TSA cash flow analysis for the week ended March 23 1.1

Carol Flaton 4/8/2018 4 Review of M. Westermann email re bank balance report to UCC 0.2

Michael Westermann 4/8/2018 4 Created bank account balance summary chart and overview committee 

presentation

3.0

Carol Flaton 4/9/2018 4 Email w/ M. Westermann re D&P accounts review 0.1

Enrique R. Ubarri 4/9/2018 4 Examined the updated bank account report from AAFAF 0.3

Michael Westermann 4/9/2018 4 Updated bank account balance overview and chart based on comments from C. 

Flaton and E. Deichmann

0.9

Deborah Praga 4/11/2018 4 Reviewed TSA liquidity report 0.6

Deborah Praga 4/11/2018 4 Updated liquidity tracker 0.9

Enrique R. Ubarri 4/11/2018 4 Reviewed Treasury Single Account cashflow presentation prepared by AAFAF as 

of March 30, 2018.

0.2

Michael Westermann 4/11/2018 4 Review of updated TSA liquidity report 1.1

Scott Martinez 4/15/2018 4 Reviewed AAFAF's report of cash balances as of February 28, 2018 0.4

Scott Martinez 4/16/2018 4 Reviewed Commonwealth liquidity reports to determine if PRASA is making 

debt payments

0.6

Deborah Praga 4/18/2018 4 Review of TSA liquidity report 0.4

Deborah Praga 4/18/2018 4 Updated liquidity tracker 0.8

Enrique R. Ubarri 4/18/2018 4 Reviewed Treasury Single Account cashflow presentation prepared by AAFAF as 

of April 6, 2018.

0.2

Michael Westermann 4/18/2018 4 Review of and summary of the weekly TSA cash report 1.2

Scott Martinez 4/18/2018 4 Reviewed the TSA cash flow analysis for the week ended April 6 1.2

Enrique R. Ubarri 4/24/2018 4 Examined the updated bank account report from AAFAF 0.3

Scott Martinez 4/24/2018 4 Reviewed AAFAF's report of cash balances as of March 31, 2018 0.8

Carol Flaton 4/25/2018 4 Final review/mark of ZC analysis of CW bank accounts 0.2

Carol Flaton 4/25/2018 4 Review of CW treasury/bank balances filed report 0.4

Carol Flaton 4/25/2018 4 Review of CW TSA 4/13 liquidity report 0.4

Enrique R. Ubarri 4/25/2018 4 Reviewed Treasury Single Account cashflow presentation prepared by AAFAF as 

of April 13, 2018.

0.2

Michael Westermann 4/25/2018 4 Updated bank account balance forecast for March 2018 balances 2.7

Scott Martinez 4/25/2018 4 Reviewed draft presentation materials for the Committee regarding the 

Commonwealth's bank account report and summarized key points for the 

Committee

0.8

Scott Martinez 4/25/2018 4 Reviewed the TSA cash flow analysis for the week ended April 13 1.1

Deborah Praga 4/26/2018 4 Researched opinions on Puerto Rico's liquidity 0.7

Deborah Praga 4/26/2018 4 Review of most recent liquidity report 0.7

Deborah Praga 4/26/2018 4 Updated liquidity tracker 0.8

Enrique R. Ubarri 5/1/2018 4 Examined the liquidity report for 15 select public corporations of the 

Commonwealth of Puerto Rico.

0.5

Michael Westermann 5/1/2018 4 Review of Component unit liquidity report provided by the commonwealth 2.7

Scott Martinez 5/1/2018 4 Reviewed AAFAF liquidity report for Commonwealth Component Units 1.2

Carol Flaton 5/2/2018 4 Discussion w/ M. Westermann, D. Praga, S. Martinez re CW liquidity position 

and related presentation to UCC

0.4

Deborah Praga 5/2/2018 4 Discussion regarding Commonwealth liquidity position with C. Flaton, M. 

Westermann, S. Martinez 

0.4

Deborah Praga 5/2/2018 4 Updated bank balance presentation for Committee 0.4

Deborah Praga 5/2/2018 4 Reviewed most recent TSA report 0.7

Deborah Praga 5/2/2018 4 Updated liquidity tracker 0.8

Page 55 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 56 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 5/2/2018 4 Reviewed Treasury Single Account cashflow presentation prepared by AAFAF as 

of April 20, 2018.

0.2

Michael Westermann 5/2/2018 4 Comment on S. Martinez TSA liquidity report summary 0.4

Michael Westermann 5/2/2018 4 Discussion regarding Commonwealth liquidity position with C. Flaton, D. Praga, 

S. Martinez

0.4

Scott Martinez 5/2/2018 4 Discussion regarding Commonwealth liquidity position with C. Flaton, M. 

Westermann, D. Praga

0.4

Scott Martinez 5/2/2018 4 Reviewed the TSA cash flow analysis for the week ended April 20 1.2

Michael Westermann 5/4/2018 4 Discussion regarding Commonwealth component units liquidity with S. Martinez 0.3

Scott Martinez 5/4/2018 4 Discussion regarding Commonwealth component units liquidity with M. 

Westermann

0.3

Scott Martinez 5/6/2018 4 Reviewed the proposed FY 2019 Commonwealth budget 0.6

Deborah Praga 5/8/2018 4 Prepared liquidity presentation for weekly committee call 3.5

Deborah Praga 5/9/2018 4 Prepared summary of TSA report for Committee 0.6

Enrique R. Ubarri 5/9/2018 4 Reviewed Treasury Single Account cashflow presentation prepared by AAFAF as 

of April 27, 2018.

0.2

Michael Westermann 5/9/2018 4 Review of latest TSA report 0.5

Michael Westermann 5/9/2018 4 Comparison of latest TSA reports to fiscal plan projected numbers through April 3.0

Scott Martinez 5/9/2018 4 Reviewed the TSA cash flow analysis for the week ended April 27 0.7

Scott Martinez 5/10/2018 4 Reviewed Zolfo's translation of the Commonwealth's FY 2019 budget 0.7

Deborah Praga 5/11/2018 4 Review and reconciliation of TSA bridge from Miller Buckfire 0.9

Scott Martinez 5/11/2018 4 Reviewed a liquidity surplus bridge from March 2017 to March 2018 0.3

Deborah Praga 5/14/2018 4 Discussions regarding Commonwealth liquidity analysis with S. Martinez 0.4

Scott Martinez 5/14/2018 4 Discussions regarding Commonwealth liquidity analysis with D. Praga 0.4

Michael Westermann 5/15/2018 4 Comment on liquidity presentation by D. Praga 1.0

Scott Martinez 5/15/2018 4 Reviewed and commented on draft liquidity slides 0.6

Enrique R. Ubarri 5/16/2018 4 Reviewed Treasury Single Account cashflow presentation prepared by AAFAF as 

of May 4, 2018.

0.2

Scott Martinez 5/16/2018 4 Reviewed the TSA cash flow analysis for the week ended May 4 1.1

Carol Flaton 5/17/2018 4 Draft, review and mark of CW liquidity analysis for UCC 0.4

Enrique R. Ubarri 5/17/2018 4 Reviewed the net revenue to the general fund for the month of April as 

published by the Department of the Treasury of Puerto Rico.

0.1

Scott Martinez 5/17/2018 4 Reviewed and commented on revised liquidity slides for the Committee 0.3

Enrique R. Ubarri 5/18/2018 4 Examined the updated bank account report from AAFAF as of April 30, 2018 0.3

Michael Westermann 5/18/2018 4 Review of updated bank account balances 0.8

Scott Martinez 5/18/2018 4 Reviewed the revised draft of the Commonwealth's FY 2019 budget 0.9

Deborah Praga 5/21/2018 4 Review of emails from S. Martinez related to liquidity 0.2

Enrique R. Ubarri 5/23/2018 4 Reviewed Treasury Single Account cashflow presentation prepared by AAFAF as 

of May 11, 2018.

0.2

Scott Martinez 5/23/2018 4 Reviewed and commented on a bank account analysis prepared for the 

Committee

0.3

Scott Martinez 5/23/2018 4 Reviewed the TSA cash flow analysis for the week ended May 11 1.2

Deborah Praga 5/24/2018 4 Review of liquidity materials circulated to the Committee by M. Westermann 0.4

Enrique R. Ubarri 5/24/2018 4 Analyzed the draft Liquidity discussion document. 0.1

Carol Flaton 5/25/2018 4 Review/mark of liquidity discussion materials for retiree advisors 0.2

Carol Flaton 5/30/2018 4 Review of CW TSA 5/18 report 0.3

Enrique R. Ubarri 5/30/2018 4 Analyzed the Treasury Single Account cashflow presentation prepared by AAFAF

as of May 18, 2018.

0.2

Scott Martinez 5/30/2018 4 Reviewed the TSA cash flow analysis for the week ended May 18 1.4

Carol Flaton 5/31/2018 4 Review of latest PRASA term sheet for proposed pari loan 0.4

Enrique R. Ubarri 5/31/2018 4 Examined the liquidity report for 14 select public corporations of the 

Commonwealth of Puerto Rico as of April 30, 2018.

0.4

Scott Martinez 5/31/2018 4 Reviewed the proposed Commonwealth loan term sheet to PRASA 0.4

Total Hours Matter Category 4 92.8

Page 56 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 57 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Deborah Praga 2/1/2018 5 Created analysis of revenues in revised commonwealth fiscal plan 3.3

Michael Westermann 2/1/2018 5 Created appendix to slide deck laying out all detail provided to back up general

fund expenses

1.7

Michael Westermann 2/1/2018 5 Created appendix to slide deck laying out all detail provided to back up nongeneral fund expenses2.8

Michael Westermann 2/1/2018 5 Updated slide deck for additional comparison of measures versus previous fiscal

plan

2.9

Michael Westermann 2/1/2018 5 Created appendix to slide deck laying out all detail provided to back up 

measures

3.2

Rahul Yenumula 2/1/2018 5 Prepared summary of the listening session 2.2

Carol Flaton 2/2/2018 5 Emails w/ S. Martinez and M. Westermann re FP comparison document 0.3

Carol Flaton 2/2/2018 5 Review of Fiscal Plan summary document from M. Westermann 0.4

Deborah Praga 2/2/2018 5 Analyzed measures outlined in fiscal plan 2.1

Deborah Praga 2/2/2018 5 Prepared slides explaining changes in revenue items between the certified CW 

fiscal plan and the revised fiscal plan

4.6

Michael Westermann 2/2/2018 5 Updated S. Martinez analysis which compared line-items from old to new FP 

and email to C. Flaton describing such

1.3

Scott Martinez 2/2/2018 5 Reviewed the Commonwealth draft fiscal plan 0.6

Eric Deichmann 2/3/2018 5 Participated in the Commonwealth Fiscal Plan Session with the AAFAF, FOMB, 

Creditor Working Group, C. Flaton, S. Martinez, M. Westermann

4.5

Michael Westermann 2/3/2018 5 Participated in the Commonwealth Fiscal Plan Session with the AAFAF, FOMB, 

Creditor Working Group, C. Flaton, S. Martinez, E. Deichmann 

4.5

Carol Flaton 2/5/2018 5 Emails w/ E. Ubarri re current PR tax reform 0.1

Carol Flaton 2/5/2018 5 Review and mark of E. Deichmann’s macro summary deck 0.9

Deborah Praga 2/5/2018 5 Review of expense portion of ZC's fiscal plan presentation 1.2

Deborah Praga 2/5/2018 5 Revised revenue portion of fiscal plan analysis 2.1

Eric Deichmann 2/5/2018 5 Discussions regarding macro economic assumptions in the Commonwealth fiscal 

plan with S. Martinez

0.6

Eric Deichmann 2/5/2018 5 Finalization of summary macro presentation for UCC members 4.2

Michael Westermann 2/5/2018 5 Comparison of PRASA fiscal plan with CW description of State Revolving Funds 0.3

Michael Westermann 2/5/2018 5 Discussions regarding the Commonwealth's fiscal plan with S. Martinez 1.1

Michael Westermann 2/5/2018 5 Review of fiscal plan mediation materials describing all line-items 2.7

Michael Westermann 2/5/2018 5 Prepared a write-up for the committee call comparing page 7 of the mediation 

deck and discussion related to the differences noted between fiscal plan

2.8

Scott Martinez 2/5/2018 5 Discussions regarding macro economic assumptions in the Commonwealth fiscal 

plan with E. Deichmann

0.6

Scott Martinez 2/5/2018 5 Reviewed and commented on the revised draft macro economic assumption 

presentation for the UCC

0.8

Scott Martinez 2/5/2018 5 Discussions regarding the Commonwealth's fiscal plan with M. Westermann 1.1

Carol Flaton 2/6/2018 5 Emails w/ E. Ubarri re FEMA contract 0.2

Carol Flaton 2/6/2018 5 Review of J. Kelleher interview re DoEd issues in PR 0.3

Deborah Praga 2/6/2018 5 Discussion regarding the baseline revenue in the Commonwealth fiscal plan 

with S. Martinez

0.4

Deborah Praga 2/6/2018 5 Review of revised fiscal plan presentation 1.6

Deborah Praga 2/6/2018 5 Preparing slides explaining revenue items of fiscal plan 2.6

Enrique R. Ubarri 2/6/2018 5 Assessed the New Fiscal Plan Macro Forecast Summary 0.4

Eric Deichmann 2/6/2018 5 Discussion regarding the macroeconomic assumptions in the Commonwealth 

fiscal plan with S. Martinez

0.4

Eric Deichmann 2/6/2018 5 Preparation of speaking notes for UCC macro presentation 2.7

Michael Westermann 2/6/2018 5 Comment on discussion for the UCC committee call on 2/6 0.2

Michael Westermann 2/6/2018 5 Discussion regarding the Commonwealth fiscal plan with S. Martinez 0.6

Michael Westermann 2/6/2018 5 Prepared personal commentary for presentation to UCC committee on 2/6 1.4

Michael Westermann 2/6/2018 5 Analyze fiscal plan measures provided in the Mediation deck versus those 

provided in the excel file

1.9

Page 57 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 58 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Michael Westermann 2/6/2018 5 Research into charter school savings and comparison across comparable 

cities/states

2.7

Scott Martinez 2/6/2018 5 Discussion regarding the baseline revenue in the Commonwealth fiscal plan 

with D. Praga

0.4

Scott Martinez 2/6/2018 5 Discussion regarding the macroeconomic assumptions in the Commonwealth 

fiscal plan with E. Deichmann

0.4

Scott Martinez 2/6/2018 5 Discussion regarding the Commonwealth fiscal plan with M. Westermann 0.6

Carol Flaton 2/7/2018 5 Review of final FP questions/diligence - for distribution to Phoenix, FOMB, CW 0.2

Carol Flaton 2/7/2018 5 Reviewed CW Fiscal Plan 0.7

Eric Deichmann 2/7/2018 5 Call with Paul Hastings (A. Bongartz) re: Puerto Rican population centers on the

mainland

0.1

Eric Deichmann 2/7/2018 5 Call with Paul Hastings (D. Barron) re: Puerto Rican population centers on the 

mainland

0.1

Eric Deichmann 2/7/2018 5 Collection and analysis of DOT enplanement data for October 2017 and 

comparison to October 2016

4.3

Michael Westermann 2/7/2018 5 Compared new municipal assistance bills to what is included in the fiscal plan 

and updated diligence list for variances

0.6

Michael Westermann 2/7/2018 5 Compared Millman report posted to Intralinks to MCO disbursements in the new 

fiscal plan and noted the deltas

1.9

Deborah Praga 2/8/2018 5 Analyzed fiscal plan revenue items 2.1

Deborah Praga 2/8/2018 5 Created slides for revenue line items of fiscal plan presentation 3.3

Michael Westermann 2/8/2018 5 Analysis of disaster relief bill, terms provided to USVI, and potential effects on 

Fiscal Plan

2.3

Michael Westermann 2/9/2018 5 Discussion regarding fiscal plans and creditor working group call with S. 

Martinez 

0.5

Michael Westermann 2/9/2018 5 Inputted economic activity index into key statistics tracker and compared to 

previous months

0.9

Carol Flaton 2/12/2018 5 Review of 1/24 CW FP 1.2

Deborah Praga 2/12/2018 5 Analysis of Fiscal Plan revenue 1.1

Eric Deichmann 2/12/2018 5 Discussion regarding outmigration with S. Martinez 0.5

Eric Deichmann 2/12/2018 5 Collection and analysis of DOT "Origin and Destination" data for 3Q17 4.8

Michael Westermann 2/12/2018 5 Updated fiscal plan expense PowerPoint for comments 1.3

Michael Westermann 2/12/2018 5 Prepared template for side by side comparison of all fiscal plans received to 

date

2.9

Scott Martinez 2/12/2018 5 Discussion regarding outmigration with E. Deichmann 0.5

Carol Flaton 2/13/2018 5 Review/mark up of high levers summary of FP comparison for UCC 0.2

Carol Flaton 2/13/2018 5 Email from E. Ubarri re revised FP and FOMB violation letter (open items) 0.3

Carol Flaton 2/13/2018 5 Debrief from M. Levinson (SEIU) meeting re: NFP macro forecast with S. 

Martinez, E. Deichmann

0.3

Carol Flaton 2/13/2018 5 Review of CRRO (CW) RFP’s for disaster recovery 0.4

Carol Flaton 2/13/2018 5 Review of revised (2/12) FP 3.3

Eric Deichmann 2/13/2018 5 Call with S. Martinez re: release of revised New Fiscal Plan 0.1

Eric Deichmann 2/13/2018 5 Debrief from M. Levinson (SEIU) meeting re: NFP macro forecast with C. Flaton, 

S. Martinez

0.3

Eric Deichmann 2/13/2018 5 Preparation for M. Levinson meeting re: NFP macro outlook 0.7

Eric Deichmann 2/13/2018 5 Meeting with M. Levinson (SEIU), S. Martinez, C. Flaton re: NFP macro outlook 1.5

Eric Deichmann 2/13/2018 5 Review of NFP and comparison to prior FP version 2.4

Michael Westermann 2/13/2018 5 Evaluated tax credits document posted to Intralinks 0.3

Michael Westermann 2/13/2018 5 Review of macroeconomic indicators file posted to Intralinks 0.4

Michael Westermann 2/13/2018 5 Discussion regarding revised Commonwealth fiscal plan with S. Martinez 0.5

Michael Westermann 2/13/2018 5 Review of disaster related blueprints and amounts expected to be received 

posted to Intralinks

0.7

Michael Westermann 2/13/2018 5 Evaluated headcount by agency, and comparison to amounts included in the 

fiscal plan

0.9

Page 58 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 59 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Michael Westermann 2/13/2018 5 Began preparation of side-by side comparison of new fiscal plan to 1/24 version 

beginning with general fund revenue line items

2.8

Michael Westermann 2/13/2018 5 Initial review of updated fiscal plan and created commentary for preparation of

the committee call discussing a high level comparison between the new versus 

1/24 fiscal plan

3.2

Scott Martinez 2/13/2018 5 Call with E. Deichmann re: release of revised New Fiscal Plan 0.1

Scott Martinez 2/13/2018 5 Call with A. Bongartz (Paul Hastings) regarding the draft fiscal plan 0.2

Scott Martinez 2/13/2018 5 Debrief from M. Levinson (SEIU) meeting re: NFP macro forecast with C. Flaton, 

E. Deichmann

0.3

Scott Martinez 2/13/2018 5 Discussion regarding revised Commonwealth fiscal plan with M. Westermann 0.5

Scott Martinez 2/13/2018 5 Reviewed the revised draft fiscal plan for the Commonwealth 4.0

Carol Flaton 2/14/2018 5 Review of creditor press release re FP deficiencies (and RR related article) 0.3

Enrique R. Ubarri 2/14/2018 5 Analyzed the Revised Fiscal Plan of the Commonwealth of Puerto Rico as 

required by the FOMB

2.4

Michael Westermann 2/14/2018 5 Formatted PowerPoint presentation containing all the comparisons 1.0

Michael Westermann 2/14/2018 5 Comparison of new versus old fiscal plan for all other revenues 2.1

Michael Westermann 2/14/2018 5 Comparison of new versus old fiscal plan for Measures 2.5

Michael Westermann 2/14/2018 5 Continued comparison of new versus old fiscal plan for all expenses 2.7

Rahul Yenumula 2/14/2018 5 Review of Reorg articles on GDB Fiscal Plan 0.8

Rahul Yenumula 2/14/2018 5 Review of O'Melveny's deck on GDB Fiscal Plan 1.7

Rahul Yenumula 2/14/2018 5 Review of the GDB deck prepared by Zolfo in August 1.8

Rahul Yenumula 2/14/2018 5 Review of GDB Fiscal Plan 2.9

Scott Martinez 2/14/2018 5 Reviewed documents related to the GDB restructuring proposal 0.6

Scott Martinez 2/14/2018 5 Reviewed the excel model of the Commonwealth's fiscal plan 2.7

Enrique R. Ubarri 2/15/2018 5 Analyzed the Fiscal Plan financial model provided by AAFAF for the Fiscal Plan. 0.8

Eric Deichmann 2/15/2018 5 Download and analysis of DOT enplanement data for November 2017 (posted 

2/15/18)

1.1

Michael Westermann 2/15/2018 5 Research re: PR police debt which was added to new fiscal plan 0.9

Michael Westermann 2/15/2018 5 Prepared write up for UCC call which provided an updated summary 

comparison of the 1/24 versus 2/12 fiscal plan

1.2

Michael Westermann 2/15/2018 5 Compared new fiscal plan to the FOMB letter requesting changes, and noted 

the items not included in the new fiscal plan and the items which were 

1.6

Rahul Yenumula 2/15/2018 5 Preparation of questions on GDB Fiscal Plan and RSA 1.2

Rahul Yenumula 2/15/2018 5 Review of Supplemental Information of GDB's Fiscal Plan 1.8

Rahul Yenumula 2/15/2018 5 Review of GDB's RSA 2.6

Rahul Yenumula 2/15/2018 5 Preparation of summary on GDB Fiscal Plan and RSA 3.3

Robert Bingham 2/15/2018 5 Review of prior GDB settlement proposals to prepare for call with O'Melveny 1.1

Carol Flaton 2/16/2018 5 Emails with/ L. Despins (PH), S. Martinez re PBA lease stream and FP 0.2

Carol Flaton 2/16/2018 5 Discussion regarding GDB restructuring with S. Uhland (O'Melveny), D. Mondell 

(Rothschild), J. Batlle (Ankura), L. Despins (Paul Hastings), R. Bingham, R. 

Yenumula, S. Martinez

1.5

Michael Westermann 2/16/2018 5 Updated calendar for new FP due dates 0.1

Rahul Yenumula 2/16/2018 5 Analyzed reports related to GDB 0.4

Rahul Yenumula 2/16/2018 5 Discussion regarding GDB restructuring with S. Uhland (O'Melveny), D. Mondell 

(Rothschild), J. Batlle (Ankura), L. Despins (Paul Hastings), C. Flaton, R. 

Bingham, S. Martinez

1.5

Rahul Yenumula 2/16/2018 5 Analyzed the new GDB restructuring discussed with O'Melveny, Rothschild and 

Ankura

1.9

Rahul Yenumula 2/16/2018 5 Preparation of summary on Bi-Weekly PREPA Creditor Update Call 2.1

Robert Bingham 2/16/2018 5 Discussion regarding GDB restructuring with S. Uhland (O'Melveny), D. Mondell 

(Rothschild), J. Batlle (Ankura), L. Despins (Paul Hastings), C. Flaton, R. 

Yenumula, S. Martinez

1.5

Scott Martinez 2/16/2018 5 Discussion regarding GDB restructuring with S. Uhland (O'Melveny), D. Mondell 

(Rothschild), J. Batlle (Ankura), L. Despins (Paul Hastings), C. Flaton, R. 

Bingham, R. Yenumula

1.5

Page 59 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 60 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Michael Westermann 2/17/2018 5 Analyzed PBA payments in the fiscal plan to answer question posed by counsel 1.8

Scott Martinez 2/17/2018 5 Email correspondence with L. Despins (Paul Hastings) and C. Flaton regarding 

PBA

0.2

Scott Martinez 2/17/2018 5 Reviewed Commonwealth fiscal plan model for PBA questions raised by Paul 

Hastings

1.2

Michael Westermann 2/20/2018 5 Discussion regarding Commonwealth fiscal plan model with S. Martinez 0.5

Michael Westermann 2/20/2018 5 Analysis regarding PRIDCO, PRCCDA, and other select non title-III component 

units and their net deficits being funded by the CW

3.0

Rahul Yenumula 2/20/2018 5 Review of Insurance related documents uploaded to Intralinks 2.9

Robert Bingham 2/20/2018 5 Discussion regarding GDB with S. Martinez 0.3

Scott Martinez 2/20/2018 5 Discussion regarding GDB with R. Bingham 0.3

Scott Martinez 2/20/2018 5 Discussion regarding Commonwealth fiscal plan model with M. Westermann 0.5

Carol Flaton 2/21/2018 5 Review of CPI analysis of FP 0.6

Eric Deichmann 2/21/2018 5 Review of Hsiang & Jina (2014) and analysis related to new fiscal plan 

projections

4.3

Michael Westermann 2/21/2018 5 Discussions regarding open questions on the Commonwealth's fiscal plan model 

with S. Martinez

0.5

Michael Westermann 2/21/2018 5 Updated new fiscal plan presentation to update all amounts from the previous 

5 year to the new 6 year projection period

1.3

Michael Westermann 2/21/2018 5 Updated the fiscal plan presentation for expense comparisons 2.0

Michael Westermann 2/21/2018 5 Updated the fiscal plan presentation for new measures 2.8

Rahul Yenumula 2/21/2018 5 Review of Insurance related documents uploaded to Intralinks 2.7

Scott Martinez 2/21/2018 5 Discussions regarding open questions on the Commonwealth's fiscal plan model 

with M. Westermann

0.5

Scott Martinez 2/21/2018 5 Reviewed and comments on draft presentation materials to be discussed with 

the Committee regarding the revised draft fiscal plan

3.3

Carol Flaton 2/22/2018 5 Telephone conversation with E. Ubarri re: fiscal plan issues, including 

education, security, health; COFINA matters and filings; and bar date motion 

issues.

0.8

Carol Flaton 2/22/2018 5 Review of CW FP for education and healthcare reforms 0.8

Enrique R. Ubarri 2/22/2018 5 Reviewed e-mail from C. Flaton re: fiscal plan and impact of Charter Schools. 0.1

Enrique R. Ubarri 2/22/2018 5 Telephone conversation with C. Flaton re: fiscal plan issues, including 

education, security, health; COFINA matters and filings; and bar date motion 

issues.

0.8

Eric Deichmann 2/22/2018 5 Discussion regarding presentation materials for Committee meeting on the 

Commonwealth's fiscal plan with M. Westermann, S. Martinez 

0.6

Eric Deichmann 2/22/2018 5 Review of payment discipline paper (Westphal, Kelmm and Viefers) 2.1

Eric Deichmann 2/22/2018 5 Creation of new baseline NFP growth model using Hsiang & Jina effects / NFP 

population projections

2.9

Michael Westermann 2/22/2018 5 Discussion regarding presentation materials for Committee meeting on the 

Commonwealth's fiscal plan with E. Deichmann, S. Martinez 

0.6

Michael Westermann 2/22/2018 5 Updated revenue measures section of fiscal plan update deck for new fiscal 

plan amounts and descriptions

2.6

Michael Westermann 2/22/2018 5 Updated expense measures section of fiscal plan update deck for new fiscal 

plan amounts and descriptions

3.3

Scott Martinez 2/22/2018 5 Discussion regarding presentation materials for Committee meeting on the 

Commonwealth's fiscal plan with E. Deichmann, M. Westermann

0.6

Deborah Praga 2/23/2018 5 Review of revenue and measures portions of ZC's analysis of revised fiscal plan 1.3

Enrique R. Ubarri 2/23/2018 5 Examined disclosure from government re: SRF Funds in the Commonwealth 

Fiscal Plan; SUT collections; outmigration explanation; Title III Expenses; 

Bridge from FY18 Consolidated OMB Budget to Fiscal Plan FY18 Expenses

0.5

Eric Deichmann 2/23/2018 5 Updated of NFP presentation to UCC 5.5

Michael Westermann 2/23/2018 5 Created excel bridge of cash flow for 1/24 to 2/12 fiscal plan 2.7

Carol Flaton 2/25/2018 5 Emails w/M. Levinson (SEIU) and E. Deichmann re FP macro assumptions 0.3

Page 60 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 61 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 2/25/2018 5 Exchanged e-mails with C. Flaton re: Detailed Analysis of Puerto Rico’s Tax 

Incentive Programs.

0.1

Carol Flaton 2/26/2018 5 Emails w/M. Westermann re FEMA monies to date 0.2

Carol Flaton 2/26/2018 5 Read and summarized NY Fed Feb 2018 analysis on PR and USVI 0.4

Enrique R. Ubarri 2/26/2018 5 Reviewed letter from FOMB re: Schedule for Fiscal 2019 Budget Process. 0.1

Eric Deichmann 2/26/2018 5 Conversion of new NFP macro model from Eviews to Stata input 6.3

Michael Westermann 2/26/2018 5 Response to C. Flaton email re SUT and export variance YTD 0.9

Michael Westermann 2/26/2018 5 Research into the amount of FEMA reconstruction relief received to date and 

email to C. Flaton containing such

1.5

Michael Westermann 2/26/2018 5 Completed bridges for all measures in the fiscal plan comparing 1/24 to 2/12 3.0

Michael Westermann 2/26/2018 5 Completed bridges for all line items in the fiscal plan comparing 1/24 to 2/12 3.2

Enrique R. Ubarri 2/27/2018 5 Research re: impact of the Educational Reform on the Fiscal Plan. 1.5

Eric Deichmann 2/27/2018 5 Updated NFP macro presentation to UCC 3.5

Michael Westermann 2/27/2018 5 Reviewed articles highlighting key points raised at today's PR senate debate 

surrounding education reform

0.2

Michael Westermann 2/27/2018 5 Prepared talking points for meeting with FTI on healthcare on 2/28 1.2

Michael Westermann 2/27/2018 5 Updated previous healthcare presentation to include new fiscal plan 

assumptions

2.8

Carol Flaton 2/28/2018 5 Email w/ E. Deichmann re macro data 0.1

Eric Deichmann 2/28/2018 5 Review analysis of Klemm, Westphal et al (government payment discipline) 

paper

0.3

Eric Deichmann 2/28/2018 5 Review/analysis of IMF working paper 12/286 (Baum et al.) - fiscal multipliers 

and the state of the economy

0.5

Eric Deichmann 2/28/2018 5 Review/analysis of IMF working paper 14/125 (S. Acevedo) – impact of storms 

on GDP growth rates and gov't debt in the Caribbean

0.6

Eric Deichmann 2/28/2018 5 Review/analysis of IMF working paper 14/213 (Dell'Erba et al.) - fiscal 

multipliers in protracted recessions

1.0

Eric Deichmann 2/28/2018 5 Comparison of stata and views results - baseline GNP forecast-and attempt to 

reconcile two outputs

1.4

Michael Westermann 2/28/2018 5 Review of reports from education reform debates in PR 0.4

Michael Westermann 2/28/2018 5 Further preparation for FTI meeting on healthcare 1.0

Carol Flaton 3/1/2018 5 Mtg w/E. Deichmann and S. Martinez re FP macro assumptions analysis 0.4

Eric Deichmann 3/1/2018 5 Discussion regarding Puerto Rico macro assumptions with S. Martinez, C. Flaton 0.4

Eric Deichmann 3/1/2018 5 Update of stata model to seemingly unrelated regression to match eviews 1.3

Michael Westermann 3/1/2018 5 Review of overviews of RFPs related to new health insurance plan and 

comparison to current providers

1.3

Michael Westermann 3/1/2018 5 Updated fiscal plan presentation for general fund revenue difference between 

plans

2.5

Michael Westermann 3/1/2018 5 Updated fiscal plan presentation for non-general fund revenue difference 

between plans

2.7

Scott Martinez 3/1/2018 5 Discussion regarding Puerto Rico macro assumptions with C. Flaton, E. 

Deichmann

0.4

Enrique R. Ubarri 3/2/2018 5 Reviewed letter from creditors to Governor Rossello re: underlying information 

for creation of Fiscal Plans.

0.1

Michael Westermann 3/2/2018 5 Updated bridges in the fiscal plan deck based on comments 0.6

Michael Westermann 3/2/2018 5 Commented on first draft of draft fiscal plan presentation for the committee 1.8

Michael Westermann 3/2/2018 5 Created executive summary and key take away slides for CW fiscal plan deck 1.9

Michael Westermann 3/2/2018 5 Spread the new fiscal plan and included a common sized analysis for the 

committee deck

1.9

Michael Westermann 3/2/2018 5 Updated revenue line-items in the CW fiscal plan deck for the committee 

presentation

3.1

Rahul Yenumula 3/2/2018 5 Prepared summary notes on the bi-weekly PREPA creditor call 2.7

Michael Westermann 3/5/2018 5 Completed first draft of fiscal plan presentation based on comments 3.4

Carol Flaton 3/6/2018 5 Review of fiscal plan measures 0.7

Page 61 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 62 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Eric Deichmann 3/6/2018 5 Participated in weekly committee call with PH (L. Despins, J. Bliss, A. 

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

Praga

1.2

Eric Deichmann 3/6/2018 5 Creation of COFINA proposal tables 4.9

Scott Martinez 3/6/2018 5 Reviewed the Commonwealth's draft fiscal plan with respect to COFINA 1.3

Deborah Praga 3/7/2018 5 Analysis of CW fiscal plan SUT and review of GNP projections 2.9

Deborah Praga 3/7/2018 5 Review and comment on draft fiscal plan presentation materials 4.2

Eric Deichmann 3/7/2018 5 Discussion regarding macro presentation for UCC with S. Martinez 0.6

Eric Deichmann 3/7/2018 5 Work on macro presentation for UCC 2.3

Eric Deichmann 3/7/2018 5 Analysis of revenue drivers in the FP model 7.7

Michael Westermann 3/7/2018 5 Created a list of research overviews and key takeaways from the education 

department transformations and charter school conversions

2.3

Scott Martinez 3/7/2018 5 Discussion regarding macro presentation for UCC with E. Deichmann 0.6

Scott Martinez 3/7/2018 5 Reviewed and commented on the draft presentation materials for the UCC 

regarding the Commonwealth's fiscal plan

3.3

Carol Flaton 3/8/2018 5 First review/mark of ZC draft FP analysis/deck 1.8

Michael Westermann 3/8/2018 5 Discussion regarding draft fiscal plan materials for UCC meeting with S. 

Martinez

0.6

Michael Westermann 3/8/2018 5 Analyzed January Revenue Report published by Hacienda 1.5

Michael Westermann 3/8/2018 5 Updated fiscal plan presentation based on S. Martinez first comments 2.9

Scott Martinez 3/8/2018 5 Discussion regarding draft fiscal plan materials for UCC meeting with M. 

Westermann

0.6

Carol Flaton 3/9/2018 5 Emails w/ M. Westermann re AAFAF posting 0.1

Carol Flaton 3/9/2018 5 Email w/M. Westermann re posted FP questions 0.1

Carol Flaton 3/9/2018 5 Emails w/ S. Martinez and A. Pavel (OMM) re Milliman reports 0.1

Carol Flaton 3/9/2018 5 Emails w/E. Ubarri, M. Westermann, and E. Deichmann re population 

assumptions

0.2

Enrique R. Ubarri 3/9/2018 5 Exchanged e-mails with C. Flaton, S. Martinez, Eric Deichmann and Mike 

Westermann re: report on population change in Puerto Rico.

0.1

Carol Flaton 3/10/2018 5 Emails w/ S. Martinez and E. Kardos re Milliman 0.2

Michael Westermann 3/10/2018 5 Created list of issues with CW providing loan to PRASA 0.5

Scott Martinez 3/10/2018 5 Reviewed and commented on the macroeconomic forecast presentation to be 

discussed with members of the UCC

0.9

Carol Flaton 3/12/2018 5 Review/mark of latest draft of Macro deck 0.8

Carol Flaton 3/12/2018 5 Review/mark of latest draft of FP deck 1.2

Deborah Praga 3/12/2018 5 Reviewed CW fiscal plan - pensions 1.3

Eric Deichmann 3/12/2018 5 Discussion regarding macro presentation materials to be shared with the UCC 

with S. Martinez

0.6

Eric Deichmann 3/12/2018 5 Update of macro presentation materials to reflect internal feedback 5.5

Michael Westermann 3/12/2018 5 Updated fiscal plan model for further breakout of SUT amounts and measures 1.1

Michael Westermann 3/12/2018 5 Compared previous fiscal year budgets for changes in dept. of education spend 1.1

Rahul Yenumula 3/12/2018 5 Reviewed the proposed cash flow budget and compared it with earlier budget 4.3

Scott Martinez 3/12/2018 5 Discussion regarding macro presentation materials to be shared with the UCC 

with E. Deichmann

0.6

Scott Martinez 3/12/2018 5 Reviewed and commented on the draft due diligence questions regarding the 

Feb 12 fiscal plan

0.4

Carol Flaton 3/13/2018 5 Review of new macro slides for 3/22 deck 0.6

Carol Flaton 3/13/2018 5 Discussion with M. Westermann re: fiscal plan presentation comments 0.9

Carol Flaton 3/13/2018 5 Review of revised FP draft deck (for 3/22) 0.2

Eric Deichmann 3/13/2018 5 Creation of Monte Carlo simulation for GF revenues based on regression 

coefficient distributions

6.4

Michael Westermann 3/13/2018 5 Google translation of complete revised education bill being discussed in PR 

house of representatives on 3/13 (large file)

0.8

Michael Westermann 3/13/2018 5 Discussion with C. Flaton re: fiscal plan presentation comments 0.9

Michael Westermann 3/13/2018 5 Compared revised education bill with original and noted major changes 1.5

Page 62 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 63 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Michael Westermann 3/13/2018 5 Prepared comparable list of other entities who shifted to charter schools and 

similarities to PR

1.6

Rahul Yenumula 3/13/2018 5 Revision of COFINA debt prices model based on comments from R. Bingham 3.8

Carol Flaton 3/14/2018 5 Meeting with M. Westermann re FP deck 0.9

Carol Flaton 3/14/2018 5 Discussion regarding macroeconomic presentation for UCC meeting with S. 

Martinez, E. Deichmann

1.2

Carol Flaton 3/14/2018 5 Review of 2/12 CW Fiscal Plan 1.3

Deborah Praga 3/14/2018 5 Review of draft ZC fiscal plan presentation 1.1

Eric Deichmann 3/14/2018 5 Discussion regarding macroeconomic presentation for UCC meeting with C. 

Flaton, S. Martinez

1.2

Eric Deichmann 3/14/2018 5 Analysis & review of Monte Carlo results 6.1

Michael Westermann 3/14/2018 5 Compare new municipal recovery bill to amounts in the fiscal plan 0.4

Michael Westermann 3/14/2018 5 Meeting with C. Flaton re FP deck 0.9

Michael Westermann 3/14/2018 5 Added slides to fiscal plan presentation related to historical general fund 

expenses

1.4

Michael Westermann 3/14/2018 5 Added slides to fiscal plan presentation related to historical general fund 

revenues

1.7

Michael Westermann 3/14/2018 5 Comment on macroeconomic presentation 1.8

Michael Westermann 3/14/2018 5 Updated fiscal plan for other C. Flaton comments 1.8

Michael Westermann 3/14/2018 5 Added slides to fiscal plan presentation related to historical general fund 

deficits and comparisons to go-forward plans

2.6

Scott Martinez 3/14/2018 5 Discussion regarding macroeconomic presentation for UCC meeting with C. 

Flaton, E. Deichmann

1.2

Carol Flaton 3/15/2018 5 Discussions regarding the draft macroeconomic presentation for the UCC with 

S. Martinez, E. Deichmann

0.6

Carol Flaton 3/15/2018 5 Meeting with M. Westermann re: fiscal plan comments 0.8

Eric Deichmann 3/15/2018 5 Discussions regarding the draft macroeconomic presentation for the UCC with 

C. Flaton, S. Martinez

0.6

Eric Deichmann 3/15/2018 5 Discussion regarding the Commonwealth's macroeconomic forecast with S. 

Martinez

1.4

Eric Deichmann 3/15/2018 5 Comparison of NGNP and population growth forecasts, identification of 

historical comps and benchmarking

4.9

Michael Westermann 3/15/2018 5 Meeting with C. Flaton re: fiscal plan comments 0.8

Michael Westermann 3/15/2018 5 Complete review of, comment on, and change updated fiscal plan presentation 1.7

Michael Westermann 3/15/2018 5 Updated fiscal plan presentation for new risks and opportunities slides per C. 

Flaton comment

3.2

Rahul Yenumula 3/15/2018 5 Prepared a draft response to S. Maza's (Paul Hastings) email 1.3

Rahul Yenumula 3/15/2018 5 Review of Puerto Rico Debt Limit Analysis model and presentation 2.3

Scott Martinez 3/15/2018 5 Discussions regarding the draft macroeconomic presentation for the UCC with 

C. Flaton, E. Deichmann

0.6

Scott Martinez 3/15/2018 5 Reviewed an commented on the revised draft presentation regarding the 

Commonwealth's macroeconomic forecast

1.1

Scott Martinez 3/15/2018 5 Discussion regarding the Commonwealth's macroeconomic forecast with E. 

Deichmann

1.6

Scott Martinez 3/15/2018 5 Reviewed an commented on the revised draft presentation regarding the 

Commonwealth's February fiscal plan

1.8

Carol Flaton 3/16/2018 5 Emails w/ E. Ubarri, M. Westermann re private contractor questions on island - 

fed contracts

0.2

Carol Flaton 3/16/2018 5 Emails w/ E. Ubarri re draft FP 0.2

Carol Flaton 3/16/2018 5 Meeting with M. Westermann re: updated fiscal plan presentation comments 0.5

Carol Flaton 3/16/2018 5 Final review of draft analysis of FP for UCC 0.9

Enrique R. Ubarri 3/16/2018 5 Discussion with M. Westermann re: on-island relief spend and insurance 0.4

Enrique R. Ubarri 3/16/2018 5 Reviewed and commented on 2018 Draft Fiscal Plan Macro Presentation to be 

provided to the UCC; sent e-mail to S. Martinez on comments to presentation.

0.8

Page 63 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 64 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Eric Deichmann 3/16/2018 5 Discussion regarding the Commonwealth's macroeconomic forecast presentation

for the UCC with S. Martinez 

0.4

Eric Deichmann 3/16/2018 5 T100 net outflow data update Jan-Dec 2017 1.1

Eric Deichmann 3/16/2018 5 Refinement of presentation to UCC, additional analysis on population issues, 

comparison to Estudios Technicos estimates

4.3

Michael Westermann 3/16/2018 5 Discussion with E. Ubarri re: on-island relief spend and insurance 0.4

Michael Westermann 3/16/2018 5 Meeting with C. Flaton re: updated fiscal plan presentation comments 0.5

Michael Westermann 3/16/2018 5 Comment on COFINA / SUT mediation model to confirm relation to fiscal plan 0.5

Michael Westermann 3/16/2018 5 Discussion regarding the Commonwealth's fiscal plan presentation for the UCC 

with S. Martinez 

0.5

Michael Westermann 3/16/2018 5 Comment on E. Deichmann economic presentation to confirm uniformity with 

fiscal plan presentation

0.9

Michael Westermann 3/16/2018 5 Updated fiscal plan presentation for additional comments from S. Martinez and 

C. Flaton

3.0

Rahul Yenumula 3/16/2018 5 Revised the response to S. Maza's (PH) email based on comments from R. 

Bingham and S. Martinez

2.3

Scott Martinez 3/16/2018 5 Discussion regarding the Commonwealth's macroeconomic forecast presentation

for the UCC with E. Deichmann

0.4

Scott Martinez 3/16/2018 5 Discussion regarding the Commonwealth's fiscal plan presentation for the UCC 

with M. Westermann

0.5

Scott Martinez 3/16/2018 5 Reviewed an commented on the revised draft presentation regarding the 

Commonwealth's macroeconomic forecast

0.9

Scott Martinez 3/16/2018 5 Reviewed an commented on the revised draft presentation regarding the 

Commonwealth's February fiscal plan

1.4

Carol Flaton 3/17/2018 5 Emails w/ S. Martinez and E. Ubarri re FP release 0.1

Enrique R. Ubarri 3/17/2018 5 Reviewed draft presentation of the Zolfo Cooper analysis of the CW Fiscal Plan; 

research on certain matters related to the CW Fiscal Plan and information to be

included in the presentation; exchanged e-mails with S. Martinez re: 

presentation.

2.1

Michael Westermann 3/17/2018 5 Updated fiscal plan presentation for comments from E. Ubarri and Paul 

Hastings

2.5

Scott Martinez 3/17/2018 5 Reviewed an commented on the revised draft presentation regarding the 

Commonwealth's macroeconomic forecast

0.6

Scott Martinez 3/17/2018 5 Reviewed an commented on the revised draft presentation regarding the 

Commonwealth's February fiscal plan

0.8

Carol Flaton 3/19/2018 5 Emails w/ E. Ubarri and S. Martinez re education reform approval 0.1

Carol Flaton 3/19/2018 5 Emails w/ E. Ubarri and S. Martinez re tax reform report 0.2

Deborah Praga 3/19/2018 5 Review of ZC February Fiscal Plan presentation 1.6

Enrique R. Ubarri 3/19/2018 5 Call regarding potential meetings in Puerto Rico regarding the draft 

Commonwealth fiscal plan with S. Martinez

0.5

Enrique R. Ubarri 3/19/2018 5 Reviewed Court determination re: release a draft version of its fiscal 2018 

budget.

0.8

Michael Westermann 3/19/2018 5 Email to S. Martinez re: PBA and SIF debt service 0.3

Michael Westermann 3/19/2018 5 Research into SIF, debt service, and treatment in the fiscal plan 1.8

Michael Westermann 3/19/2018 5 Prepared commentary for fiscal plan presentation 3.0

Rahul Yenumula 3/19/2018 5 Updated the debt pricing model with prices as of 03.16.18 4.2

Scott Martinez 3/19/2018 5 Call regarding potential meetings in Puerto Rico regarding the draft 

Commonwealth fiscal plan with E. Ubarri

0.5

Deborah Praga 3/20/2018 5 Review of Estudios Technicos "Roadmap" and Hunter College migration reports 

released March 2017

0.6

Eric Deichmann 3/20/2018 5 Review of Estudios Technicos "Roadmap" and Hunter College migration reports 

released March 2017

1.8

Michael Westermann 3/20/2018 5 Adjusted language in fiscal plan presentation for new education reform 

legislation

2.1

Rahul Yenumula 3/20/2018 5 Quality check of the debt pricing model and the deck 1.4

Page 64 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 65 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 3/21/2018 5 Emails w/ M. Westermann re agricultural reforms 0.1

Carol Flaton 3/21/2018 5 Emails w/S. Martinez and L. Despins (PH) re education reform 0.1

Michael Westermann 3/21/2018 5 Email to C. Flaton re: reforms recently passed versus what fiscal plan says 0.2

Michael Westermann 3/21/2018 5 Comparison of agriculture and justice reform announced by the governor and 

comparison to the fiscal plan

0.8

Michael Westermann 3/21/2018 5 Update presentation to committee for UPR changes 1.2

Michael Westermann 3/21/2018 5 Comment on UPR fiscal plan 3

Rahul Yenumula 3/21/2018 5 Reviewed the PREPA bi-weekly reporting package documents 2.9

Rahul Yenumula 3/21/2018 5 Updated the COFINA and GO bond prices as of 03.20.18 3.3

Scott Martinez 3/21/2018 5 Call regarding Milliman third party release with M. Comerford (Paul Hastings) 0.1

Scott Martinez 3/21/2018 5 Reviewed the education reform bills it relates to the fiscal plan 0.7

Scott Martinez 3/21/2018 5 Reviewed the draft fiscal plan for UPR 0.8

Rahul Yenumula 3/22/2018 5 Prepared a summary of the reporting package documents 3.7

Carol Flaton 3/24/2018 5 Emails with M. Westermann and S. Martinez re CW FP 0.2

Carol Flaton 3/24/2018 5 Emails with E. Ubarri re population revised assumptions 0.2

Enrique R. Ubarri 3/24/2018 5 Reviewed e-mail from M. Westermann re: fiscal plan. 0.1

Enrique R. Ubarri 3/24/2018 5 Exchanged several e-mails with C. Flaton and S. Martinez re: population decline

and impact on fiscal plans.

0.1

Enrique R. Ubarri 3/24/2018 5 Examined the revised Fiscal Plan for the Commonwealth of Puerto Rico. 2.5

Michael Westermann 3/24/2018 5 Brief summary review of HTA fiscal plan 0.6

Michael Westermann 3/24/2018 5 Review of updated CW fiscal plan 1.0

Michael Westermann 3/24/2018 5 Prepared summary of material changes in updated CW fiscal plan 2.6

Scott Martinez 3/24/2018 5 Reviewed the revised draft Commonwealth fiscal plan 1.6

Carol Flaton 3/26/2018 5 Review and mark of summary deck for UCC - FP review 0.8

Carol Flaton 3/26/2018 5 Review of additional section of draft CW FP 0.9

Carol Flaton 3/26/2018 5 Discussion regarding the revised draft Commonwealth fiscal plan with S. 

Martinez, E. Deichmann, M. Westermann

1.4

Enrique R. Ubarri 3/26/2018 5 Reviewed ZC Initial Observations on the Commonwealth’s Draft Fiscal Plan 

Dated March 23, 2018.

0.1

Eric Deichmann 3/26/2018 5 Review of March 2018 Draft PREPA Fiscal Plan 1.1

Eric Deichmann 3/26/2018 5 Discussion regarding the revised draft Commonwealth fiscal plan with C. 

Flaton, M. Westermann, S. Martinez 

1.4

Eric Deichmann 3/26/2018 5 Update slide on macro forecast for UCC call on 3/27 1.5

Eric Deichmann 3/26/2018 5 Review of March 2018 Draft Fiscal Plan 2.4

Michael Westermann 3/26/2018 5 Summary review of COSSEC fiscal plan 1.2

Michael Westermann 3/26/2018 5 Discussion regarding the revised draft Commonwealth fiscal plan with C. 

Flaton, E. Deichmann, S. Martinez 

1.4

Michael Westermann 3/26/2018 5 Prepared slide highlighting the material changes to the new March 2018 fiscal 

plan for committee presentation

1.5

Michael Westermann 3/26/2018 5 Updated 3.23 fiscal plan presentation for C. Flaton and S. Martinez comments 2.5

Scott Martinez 3/26/2018 5 Reviewed, commented and circulated the summary of Zolfo Cooper's initial 

observations on the Commonwealth's fiscal plan to members of the UCC

0.7

Scott Martinez 3/26/2018 5 Reviewed the revised draft Commonwealth fiscal plan 0.9

Scott Martinez 3/26/2018 5 Discussion regarding the revised draft Commonwealth fiscal plan with C. 

Flaton, E. Deichmann, M. Westermann

1.4

Eric Deichmann 3/27/2018 5 Recreation of FP debt capacity sensitivity tables 1.6

Eric Deichmann 3/27/2018 5 Comparison of creditor economic analysis to CW historical figures (Monarch 

deck)

1.1

Eric Deichmann 3/27/2018 5 Comparison of creditor economic analysis to CW historical figures (Goldin deck) 1.1

Michael Westermann 3/27/2018 5 Discussions regarding the GDB RSA and fiscal plan with S. Martinez 0.5

Michael Westermann 3/27/2018 5 Comment on GDB RSA and its effect on CW cash flow 2.7

Michael Westermann 3/27/2018 5 Complete review of GDB Fiscal plan 3.1

Scott Martinez 3/27/2018 5 Discussions regarding the GDB RSA and fiscal plan with M. Westermann 0.5

Enrique R. Ubarri 3/28/2018 5 Assessed letter from FOMB re: additional requirements for Commonwealth 

fiscal plan certification 

0.3

Page 65 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 66 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Michael Westermann 3/28/2018 5 Email to S. Martinez detailing responses to all GO criticism of the fiscal plan 2.2

Scott Martinez 3/28/2018 5 Reviewed the GDB fiscal plan and RSA 2.8

Robert Bingham 3/29/2018 5 Discussion regarding GDB fiscal plan and RSA with S. Martinez 0.4

Robert Bingham 3/29/2018 5 Call regarding the GDB fiscal plan and RSA with J. Grogan and D. Newman (Paul 

Hastings), S. Martinez

0.5

Robert Bingham 3/29/2018 5 Comparison of GDB settlement deck with information in RSA and extraction of 

significant items for follow-up

1.7

Scott Martinez 3/29/2018 5 Discussion regarding GDB fiscal plan and RSA with R. Bingham 0.4

Scott Martinez 3/29/2018 5 Call regarding the GDB fiscal plan and RSA with J. Grogan and D. Newman (Paul 

Hastings), R. Bingham

0.5

Carol Flaton 3/30/2018 5 Review of CW fiscal plan 0.5

Michael Westermann 3/30/2018 5 Response to S. Martinez re: Medicaid spending and federal support in the 

current fiscal plan

0.3

Scott Martinez 3/30/2018 5 Prepared an initial list of questions related to the GDB RSA and fiscal plan 0.8

Carol Flaton 3/31/2018 5 Emails w/ A. Wolfe, R. Romeo (economists) re mtgs 0.1

Carol Flaton 3/31/2018 5 Review of 2/12 macro economic presentation 0.7

Carol Flaton 4/1/2018 5 Email w/S. Martinez re next steps/analysis 0.2

Carol Flaton 4/1/2018 5 Debrief of macroeconomic call with S. Martinez, E. Deichmann 0.2

Carol Flaton 4/1/2018 5 Review of 2/12 FP macro presentation 0.4

Carol Flaton 4/1/2018 5 Emails w/E. Deichmann and S. Martinez re macro analysis 0.2

Eric Deichmann 4/1/2018 5 Debrief of macroeconomic call with C. Flaton, S. Martinez 0.2

Michael Westermann 4/1/2018 5 Review and summarize governor's announcements on labor reforms and effect 

on fiscal plan

0.6

Scott Martinez 4/1/2018 5 Debrief of macroeconomic call with C. Flaton, E. Deichmann 0.2

Carol Flaton 4/2/2018 5 Review of GO critiques of FP 0.4

Eric Deichmann 4/2/2018 5 Summary of GO bondholder macro economic views for ZC professionals 3.7

Michael Westermann 4/2/2018 5 Created summary overview for UPR fiscal plan 2.3

Robert Bingham 4/2/2018 5 Review and comment on S. Martinez list of GDB questions 0.2

Scott Martinez 4/2/2018 5 Reviewed and commented on the draft list of questions regarding the GDB 

fiscal plan and RSA

0.3

Scott Martinez 4/2/2018 5 Prepared for call with A. Wolfe (economist to FOMB) regarding macroeconomic 

assumptions

0.4

Enrique R. Ubarri 4/3/2018 5 Reviewed presentation of the Government of Puerto Rico re: agency 

consolidation and sale of assets and reported to M. Westermann, C. Flaton, S. 

Martinez and Eric Deichmann re: proposed transactions and impact to Fiscal 

Plan.

0.3

Eric Deichmann 4/3/2018 5 Participated in Committee call with L. Despins (Paul Hastings). C. Flaton, M. 

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

2.5

Michael Westermann 4/3/2018 5 Review of PRASA audited financials 1.4

Michael Westermann 4/3/2018 5 Review of AAFAF's right sizing roadmap document and comparison to fiscal plan 

right sizing initiatives

2.0

Robert Bingham 4/3/2018 5 Preparation of schedule of treatment of COFINA debt in audited financial 

statements 2017 through 2015

0.7

Eric Deichmann 4/4/2018 5 Review of process / negotiations in other sovereign restructurings 3.7

Michael Westermann 4/4/2018 5 Updated UCC presentation for E. Deichmann slides and normalized language 0.6

Deborah Praga 4/5/2018 5 Review of CW new fiscal plan 1.8

Eric Deichmann 4/5/2018 5 Preparation for discussion with Goldin re: macro assumptions 2.9

Eric Deichmann 4/5/2018 5 Analysis related to findings of Brookings / Center for a New Economy studies 

from 2006

5.1

Michael Westermann 4/5/2018 5 Formatted appendix slides for presentation 0.2

Michael Westermann 4/5/2018 5 Reforecast 40 year cash stream with one time costs 1.9

Michael Westermann 4/5/2018 5 Created presentation for UCC regarding updated fiscal plan and comparison to 

previous

2.0

Michael Westermann 4/5/2018 5 Updated analysis for various long term fiscal plan forecast assumptions 3.1

Michael Westermann 4/5/2018 5 Review of CW fiscal plan 3.2

Page 66 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 67 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Rahul Yenumula 4/5/2018 5 Prepared methodology slides on comparison of COFINA CUSIPs with GO CUSIPs 1.8

Scott Martinez 4/5/2018 5 Reviewed report regarding the revised Commonwealth fiscal plan 0.2

Carol Flaton 4/6/2018 5 Review and mark of April 5th FP observations document 0.3

Enrique R. Ubarri 4/6/2018 5 Exchanged several e-mails with R. Bingham, R. Yenumula, S. Martinez and D. 

Praga re: COFINA and GO Yield Analysis; research re: variation on the COFINA 

and GO Yield curve.

0.9

Enrique R. Ubarri 4/6/2018 5 Reviewed Restated Commonwealth Fiscal Plan. 4.2

Eric Deichmann 4/6/2018 5 Presentation to members of UCC regarding settlement structures with C. 

Flaton, S. Martinez, M. Westermann 

2.6

Eric Deichmann 4/6/2018 5 Preparation for discussion with UCC members regarding settlement structures 

and NFP macro forecasts

2.8

Eric Deichmann 4/6/2018 5 Review of April 5 Fiscal Plan (CW) 4.1

Michael Westermann 4/6/2018 5 Preparation for meeting with committee members re fiscal plan 1.1

Michael Westermann 4/6/2018 5 Brief review of UPR fiscal plan 1.6

Michael Westermann 4/6/2018 5 Updated high level April Fiscal Plan presentation for committee based on 

comments

1.6

Rahul Yenumula 4/6/2018 5 Review of PREPA fiscal plan dated April 5, 2018 1.9

Rahul Yenumula 4/6/2018 5 Revision of the model on comparison of COFINA CUSIPs with GO CUSIPs 3.8

Scott Martinez 4/6/2018 5 Reviewed the revised draft fiscal plan for the Commonwealth of Puerto Rico 3.4

Eric Deichmann 4/7/2018 5 Analysis regarding monoline-debtor settlements in municipal bankruptcies 5.3

Carol Flaton 4/9/2018 5 Review of latest (4/5/18) FP 0.9

Carol Flaton 4/9/2018 5 Email from S. Martinez to internal ZC re underlying models for all FP’s 1.0

Carol Flaton 4/9/2018 5 Email from E. Ubarri re report on FOMB 1.0

Carol Flaton 4/9/2018 5 Review of CW 4/5/18 FP 1.7

Enrique R. Ubarri 4/9/2018 5 Examined ZC's Initial Observations on the Commonwealth’s Draft Fiscal Plan 

Dated April 5, 2018

0.1

Eric Deichmann 4/9/2018 5 Call w/ C. Flaton, M. Kopacz (Phoenix) re: COFINA-CW proposal questions 0.2

Eric Deichmann 4/9/2018 5 Review of CW cash report summary for distribution to UCC 0.7

Eric Deichmann 4/9/2018 5 Update of Monte Carlo analysis for new FP data 1.1

Eric Deichmann 4/9/2018 5 National account analysis - sources of growth in PR 2.2

Eric Deichmann 4/9/2018 5 Comparison of PR's fiscal consolidation to similar events 2.9

Rahul Yenumula 4/9/2018 5 Preparation of deck on comparison of draft fiscal plans of PREPA 5.4

Carol Flaton 4/10/2018 5 Discussion w/ B. Bingham, R. Yenumula re GDB proposal and Fiscal Plan 0.4

Carol Flaton 4/10/2018 5 Review of draft mark up GDB RSA 0.8

Enrique R. Ubarri 4/10/2018 5 Review of Fiscal Plan model 3.5

Eric Deichmann 4/10/2018 5 Comparison of new Fiscal Plan model to Feb 12 FP model 1.5

Eric Deichmann 4/10/2018 5 Creation of new monte carlo results based on new Fiscal Plan model and 

auditing

3.4

Eric Deichmann 4/10/2018 5 Review of new Fiscal Plan model (posted to data room on 4/9) 3.8

Michael Westermann 4/10/2018 5 Brief review of updated fiscal plan model posted to Intralinks 0.4

Michael Westermann 4/10/2018 5 Comparison of all macro assumptions in updated fiscal plan excel to previous 

models provided

2.1

Michael Westermann 4/10/2018 5 Comparison of all non-general fund and other revenues in updated fiscal plan 

excel to previous models provided

2.7

Michael Westermann 4/10/2018 5 Comparison of all general fund revenue line-items in updated fiscal plan excel 

to previous models provided

3.0

Rahul Yenumula 4/10/2018 5 Discussion with R. Bingham re: GDB RSA and Fiscal Plan 0.3

Rahul Yenumula 4/10/2018 5 Discussion w/ B. Bingham, C. Flaton re GDB proposal and Fiscal Plan 0.4

Rahul Yenumula 4/10/2018 5 Discussion with R. Bingham (Zolfo Cooper) and J. Grogan & D. Newman (Paul 

Hastings) re: GDB RSA and Fiscal Plan 

0.5

Rahul Yenumula 4/10/2018 5 Review of GDB RSA 2.3

Rahul Yenumula 4/10/2018 5 Review of GDB Fiscal Plan 2.8

Robert Bingham 4/10/2018 5 Discussion with R. Yenumula re: GDB RSA and Fiscal Plan 0.3

Robert Bingham 4/10/2018 5 Discussion w/ C. Flaton, R. Yenumula re GDB proposal and Fiscal Plan 0.4

Page 67 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 68 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Robert Bingham 4/10/2018 5 Discussion with R. Yenumula (Zolfo Cooper) and J. Grogan & D. Newman (Paul 

Hastings) re: GDB RSA and Fiscal Plan 

0.5

Carol Flaton 4/11/2018 5 Review of GDB RSA markup 1.8

Michael Westermann 4/11/2018 5 Updated implied tax rate model for different scenarios requested by 

committee members

0.8

Rahul Yenumula 4/11/2018 5 Meeting with R. Bingham to discuss GDB Presentation 0.7

Rahul Yenumula 4/11/2018 5 Revision of deck on PREPA fiscal plan 1.9

Rahul Yenumula 4/11/2018 5 Revision of deck on GDB RSA and fiscal plan 2.6

Rahul Yenumula 4/11/2018 5 Analysis on GDB RSA and Fiscal Plan 3.3

Robert Bingham 4/11/2018 5 Meeting with R. Yenumula to discuss GDB Presentation 0.7

Robert Bingham 4/11/2018 5 Review and comment on R. Yenumula presentation of GDB fiscal plan 2.3

Eric Deichmann 4/12/2018 5 Update of macro presentation materials based on 4/5 fiscal plan 5.5

Rahul Yenumula 4/12/2018 5 Meeting R. Bingham to discuss GDB Presentation 0.2

Rahul Yenumula 4/12/2018 5 Discussion with R. Bingham re: GDB Recovery Analysis 0.3

Rahul Yenumula 4/12/2018 5 Revision of responses received from GDB re: Fiscal Plan and RSA 1.7

Rahul Yenumula 4/12/2018 5 Revision of GDB fiscal plan deck based on R. Bingham's comments 2.6

Rahul Yenumula 4/12/2018 5 Preparation of model on recovery analysis for GDB bondholders 3.3

Robert Bingham 4/12/2018 5 Meeting with R. Yenumula to discuss GDB Presentation 0.2

Robert Bingham 4/12/2018 5 Discussion with R. Yenumula re: GDB Recovery Analysis 0.3

Robert Bingham 4/12/2018 5 Review and comment on R. Yenumula presentation of GDB fiscal plan 1.4

Scott Martinez 4/12/2018 5 Reviewed the underlying excel model for the Commonwealth's revised draft 

fiscal plan

1.2

Carol Flaton 4/13/2018 5 Review E. Ubarri info on PR Picco investments 0.1

Carol Flaton 4/13/2018 5 Review of SUT forecast in 4/5 CW FP 0.3

Carol Flaton 4/13/2018 5 Reviewed last CW FP (4/5) for base assumptions 0.4

Eric Deichmann 4/13/2018 5 Reconsideration of Stiglitz et al paper in a post-hurricane situation; comparison 

to FP forecasts

4.8

Rahul Yenumula 4/13/2018 5 Preparation of summary notes on the bi-weekly PREPA creditor call 3.1

Eric Deichmann 4/14/2018 5 State-level comp work: tax/revenue as percentage of GNP/GDP/Personal 

Income at federal, state & local levels

4.5

Carol Flaton 4/15/2018 5 Email from E. Ubarri re taxpayer bailout 0.1

Carol Flaton 4/16/2018 5 Emails w/ E. Ubarri, S. Martinez re tax reform report and analysis for UCC 0.2

Carol Flaton 4/16/2018 5 Email w/ E. Ubarri, S. Martinez re UPR bond debt 0.2

Carol Flaton 4/16/2018 5 Review of Prasa master trust agreement 0.4

Eric Deichmann 4/16/2018 5 Discussion regarding macroeconomic assumptions in the Commonwealth fiscal 

plan with S. Martinez 

1.1

Eric Deichmann 4/16/2018 5 Analysis and summary of draft FP macro forecast and DSA materials 8.6

Rahul Yenumula 4/16/2018 5 Discussion regarding GDB RSA and fiscal plan with S. Martinez 0.4

Rahul Yenumula 4/16/2018 5 Updated COFINA GO pricing model 1.1

Rahul Yenumula 4/16/2018 5 Verification of Bloomberg data and necessary corrections 1.2

Rahul Yenumula 4/16/2018 5 Updated the model with prices as of 04.13.18 3.1

Robert Bingham 4/16/2018 5 Discussion regarding GDB RSA and fiscal plan with S. Martinez 0.3

Robert Bingham 4/16/2018 5 Review and comment on ZC GDB fiscal plan presentation 0.6

Scott Martinez 4/16/2018 5 Discussion regarding GDB RSA and fiscal plan with R. Bingham 0.3

Scott Martinez 4/16/2018 5 Discussion regarding GDB RSA and fiscal plan with R. Yenumula 0.4

Scott Martinez 4/16/2018 5 Reviewed UPR fiscal plan to determine if they are making debt payments 0.5

Scott Martinez 4/16/2018 5 Discussion regarding macroeconomic assumptions in the Commonwealth fiscal 

plan with E. Deichmann

1.1

Scott Martinez 4/16/2018 5 Reviewed the underlying excel model for the Commonwealth's revised draft 

fiscal plan

1.7

Scott Martinez 4/16/2018 5 Reviewed and commented on the draft presentation materials regarding the 

GDB RSA and fiscal plan

2.1

Carol Flaton 4/17/2018 5 Email from R. Bingham re GDB questions 0.1

Carol Flaton 4/17/2018 5 Emails w/ E. Ubarri re tax reform 0.2

Carol Flaton 4/17/2018 5 Review of E. Deichmann’s updated macro analysis (including debt capacity) 0.4

Page 68 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 69 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 4/17/2018 5 Discussion regarding review of various fiscal plans with S. Martinez 0.5

Carol Flaton 4/17/2018 5 Discussion regarding fiscal plans for COSSEC and the University of Puerto Rico 

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

0.9

Deborah Praga 4/17/2018 5 Discussion regarding fiscal plans for COSSEC and the University of Puerto Rico 

with C. Flaton, S. Martinez, E. Ubarri

0.9

Deborah Praga 4/17/2018 5 Review of UPR fiscal plan 1.6

Enrique R. Ubarri 4/17/2018 5 Examined the Fiscal Plan for the University of Puerto Rico and its impact on the 

Commonwealth of Puerto Rico Fiscal Plan

0.5

Enrique R. Ubarri 4/17/2018 5 Assessed the Fiscal Plan for COSSEC and its impact on the Commonwealth of 

Puerto Rico Fiscal Plan

0.8

Enrique R. Ubarri 4/17/2018 5 Discussion regarding fiscal plans for COSSEC and the University of Puerto Rico 

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

0.9

Eric Deichmann 4/17/2018 5 Call with M. Cervi regarding economic analysis 0.1

Eric Deichmann 4/17/2018 5 Discussion regarding macroeconomic presentation for the Committee with S. 

Martinez

0.9

Eric Deichmann 4/17/2018 5 Participated in weekly committee call with PH (L. Despins, D. Barron), C. 

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

1.2

Mark A. Cervi 4/17/2018 5 Call with E. Deichmann regarding economic analysis 0.1

Mark A. Cervi 4/17/2018 5 Further review and comment on draft economic analysis 0.4

Mark A. Cervi 4/17/2018 5 Follow-up review and comment on draft economic analysis 0.6

Mark A. Cervi 4/17/2018 5 Review and comment on draft economic analysis 1.4

Michael Westermann 4/17/2018 5 Review of latest PR tax reform legislation and comparison of projected savings 

compared to current fiscal plan

1.5

Rahul Yenumula 4/17/2018 5 Discussion with S. Martinez re: GDB Fiscal Plan Deck 0.2

Rahul Yenumula 4/17/2018 5 Discussion with R. Bingham re: GDB Recovery Analysis 0.2

Rahul Yenumula 4/17/2018 5 Revised the recovery analysis for GDB 1.4

Rahul Yenumula 4/17/2018 5 Revised the GDB deck on the fiscal plan 3.4

Robert Bingham 4/17/2018 5 Discussion with R. Yenumula re: GDB Recovery Analysis 0.2

Robert Bingham 4/17/2018 5 Review and verification of GDB recovery analysis prepared by R. Yenumula 0.6

Scott Martinez 4/17/2018 5 Discussion with R. Yenumula re: GDB Fiscal Plan Deck 0.2

Scott Martinez 4/17/2018 5 Discussion regarding review of various fiscal plans with C. Flaton 0.5

Scott Martinez 4/17/2018 5 Reviewed counsel's comments to the GDB fiscal plan and RSA presentation for 

the Committee

0.6

Scott Martinez 4/17/2018 5 Discussion regarding fiscal plans for COSSEC and the University of Puerto Rico 

with C. Flaton, E. Ubarri, D. Praga

0.9

Scott Martinez 4/17/2018 5 Discussion regarding macroeconomic presentation for the Committee with E. 

Deichmann

0.9

Scott Martinez 4/17/2018 5 Reviewed and commented on the revised macroeconomic presentation for the 

Committee

1.2

Carol Flaton 4/18/2018 5 Review of released FOMB FP 3.1

Carol Flaton 4/18/2018 5 Review of M. Westermann's key FP takeaways 0.4

Deborah Praga 4/18/2018 5 Reviewed PRASA's revised fiscal plan 0.7

Deborah Praga 4/18/2018 5 Review of CW's revised fiscal plan 3.1

Enrique R. Ubarri 4/18/2018 5 Reviewed e-mail from M. Westermann re: overview of proposed fiscal plan. 0.1

Enrique R. Ubarri 4/18/2018 5 Research re: proposed Fiscal Plan from the FOMB; sent e-mail to S. Martinez, C.

Flaton, M. Westermann, D. Praga and E. Deichmann re: research on proposed 

FOMB fiscal plan.

0.3

Enrique R. Ubarri 4/18/2018 5 Discussion regarding proposed tax legislation with S. Martinez 0.6

Eric Deichmann 4/18/2018 5 Summary of high-yield municipal tax-backed bonds 2.2

Eric Deichmann 4/18/2018 5 Review of FOMB's NFP 3.3

Eric Deichmann 4/18/2018 5 Research on high-yielding municipal bond outliers 4.7

Michael Westermann 4/18/2018 5 Comparison of new tax law to the new fiscal plan 0.5

Michael Westermann 4/18/2018 5 Created summary email for the committee discussing high level takeaways from

the fiscal plan

0.6

Michael Westermann 4/18/2018 5 Brief review of latest fiscal plan 1.5

Page 69 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 70 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Michael Westermann 4/18/2018 5 Comment on E. Ubarri presentation of the tax reform 1.5

Rahul Yenumula 4/18/2018 5 Discussion with S. Martinez and R. Bingham re: GDB RSA & Fiscal Plan 0.6

Rahul Yenumula 4/18/2018 5 Revision of the GDB Fiscal Plan and RSA deck 3.1

Rahul Yenumula 4/18/2018 5 Analysis of GDB RSA schedules and Fiscal plan projections 3.7

Robert Bingham 4/18/2018 5 Discussion with S. Martinez and R. Yenumula re: GDB RSA & Fiscal Plan 0.6

Scott Martinez 4/18/2018 5 Reviewed and commented on the revised GDB presentation materials 0.4

Scott Martinez 4/18/2018 5 Discussion with R. Yenumula and R. Bingham re: GDB RSA & Fiscal Plan 0.6

Scott Martinez 4/18/2018 5 Discussion regarding proposed tax legislation with E. Ubarri 0.6

Scott Martinez 4/18/2018 5 Reviewed high level comparison of Commonwealth fiscal plan dated April 5 and 

April 18

0.7

Scott Martinez 4/18/2018 5 Reviewed the FOMB prepared fiscal plan for PRASA 0.9

Scott Martinez 4/18/2018 5 Reviewed the FOMB prepared fiscal plan for the Commonwealth 1.8

Carol Flaton 4/19/2018 5 Email w/S. Martinez re Prasa status 0.1

Carol Flaton 4/19/2018 5 Review and markup of latest comps analysis 0.6

Deborah Praga 4/19/2018 5 Emails with S. Martinez and E. Ubarri related to tax legislation presentation 0.3

Deborah Praga 4/19/2018 5 Discussion regarding tax legislature with E. Ubarri, S. Martinez 0.4

Deborah Praga 4/19/2018 5 Review and comment on most recent comp analysis 0.8

Deborah Praga 4/19/2018 5 Revised tax legislation presentation materials provided by E. Ubarri 1.3

Enrique R. Ubarri 4/19/2018 5 Reviewed e-mail from C. Flaton re: debt capacity in FOMB Fiscal Plan. 0.1

Enrique R. Ubarri 4/19/2018 5 Discussion regarding tax legislation with S. Martinez, D. Praga 0.4

Enrique R. Ubarri 4/19/2018 5 Assessed the proposed Fiscal Plan from the FOMB for the Commonwealth of 

Puerto Rico

5.5

Eric Deichmann 4/19/2018 5 Call with L. Despins (PH), C. Flaton and E. Deichmann re: FOMB DSA estimates 

(0.2)

0.2

Eric Deichmann 4/19/2018 5 Illustrative settlement modeling exercise 1.7

Eric Deichmann 4/19/2018 5 Virtual attendance at the 12th FOMB meeting - CW FP presentations by CW and 

FOMB

2.2

Eric Deichmann 4/19/2018 5 Comparison of NFP DSA to CW's Draft FP DSA 3.7

Michael Westermann 4/19/2018 5 Comment on Council of Foreign Relations report discussed by the committee 

re: fiscal plan forecast

0.4

Michael Westermann 4/19/2018 5 Brief review of PRASA fiscal plan 1.2

Scott Martinez 4/19/2018 5 Discussion regarding tax legislature with E. Ubarri, D. Praga 0.4

Scott Martinez 4/19/2018 5 Reviewed and commented on the draft tax legislation presentation materials 

for the Committee

1.3

Deborah Praga 4/20/2018 5 Reviewed COSSEC fiscal plan 0.7

Enrique R. Ubarri 4/20/2018 5 Examined the FOMB proposed Fiscal Plan for COSSEC. 0.8

Eric Deichmann 4/20/2018 5 Review of municipal bond comp deck in preparation for Miller Buckfire meeting 1.2

Eric Deichmann 4/20/2018 5 Review of FOMB's PRASA fiscal plan 2.5

Mark A. Cervi 4/20/2018 5 Call with R. Yenumula regarding GDB tax receipts 0.1

Michael Westermann 4/20/2018 5 Review of articles discussing statements from today's FOMB meetings 0.8

Michael Westermann 4/20/2018 5 Review of fiscal plan for pension assumptions based on question from 

committee member

1.0

Rahul Yenumula 4/20/2018 5 Call with M. Cervi regarding GDB tax receipts 0.1

Rahul Yenumula 4/20/2018 5 Updated the GDB recovery analysis based on certified fiscal plan 1.4

Rahul Yenumula 4/20/2018 5 Review of the certified GDB fiscal plan and comparison with the draft fiscal 

plan

1.8

Rahul Yenumula 4/20/2018 5 Updated the GDB fiscal plan deck based on certified fiscal plan 2.1

Rahul Yenumula 4/20/2018 5 Analysis of proceeds from municipal loan portfolio of GDB 2.2

Scott Martinez 4/20/2018 5 Reviewed analysis prepared on the GDB fiscal plan 0.7

Enrique R. Ubarri 4/21/2018 5 Assessed the Fiscal Plan for the University of Puerto Rico approved by the 

FOMB.

0.6

Deborah Praga 4/23/2018 5 Analysis of GO claims provided in debt model provided by the Commonwealth 2.8

Eric Deichmann 4/23/2018 5 Review of FOMB Explanatory Memo on pension treatment (Aug 2017) and 

Chapter 18 of Certified Fiscal Plan

2.6

Rahul Yenumula 4/23/2018 5 Verification of Bloomberg data and necessary corrections 1.1

Page 70 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 71 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 4/24/2018 5 Emails w/ E. Ubarri re challenge to Promesa constitutionality 0.1

Carol Flaton 4/24/2018 5 Review of analysis of challenges to tax reform status/implementation 0.1

Carol Flaton 4/24/2018 5 Email w/E. Ubarri and S. Martinez re adversary proceeding against Promesa 0.1

Carol Flaton 4/24/2018 5 Mark and review of analysis/deck for UCC comparing 4/5 and 4/19 fiscal plans 0.4

Deborah Praga 4/24/2018 5 Work session developing presentation materials for the Committee including an 

overview of the fiscal plan and settlement scenarios with S. Martinez, M. 

Westermann, E. Deichmann

4.3

Enrique R. Ubarri 4/24/2018 5 Reviewed ZC Observations on the Commonwealth Certified Fiscal Plan Dated 

April 19, 2018

0.1

Eric Deichmann 4/24/2018 5 Work session developing presentation materials for the Committee including an 

overview of the fiscal plan and settlement scenarios with S. Martinez, D. Praga,

M. Westermann (partial)

3.8

Michael Westermann 4/24/2018 5 Updated high level comparison of new fiscal plan presentation based on 

numbers in the certified fiscal plan

0.9

Michael Westermann 4/24/2018 5 Updated high level comparison of new fiscal plan presentation based on 

comments from C. Flaton and S. Martinez

1.8

Michael Westermann 4/24/2018 5 Work session developing presentation materials for the Committee including an 

overview of the fiscal plan and settlement scenarios with S. Martinez, D. Praga,

E. Deichmann (partial) 

4.3

Rahul Yenumula 4/24/2018 5 Revision of GDB fiscal plan deck 2.3

Scott Martinez 4/24/2018 5 Reviewed reports regarding discussions between the Oversight Board and the 

Commonwealth regarding the certified fiscal plan

0.2

Scott Martinez 4/24/2018 5 Email correspondence with J. Grogan (Paul Hastings) regarding GDB 0.2

Scott Martinez 4/24/2018 5 Reviewed Commonwealth certified fiscal plan assumptions as compared to the 

Commonwealth draft fiscal plan dated April 5

0.8

Scott Martinez 4/24/2018 5 Work session developing presentation materials for the Committee including an 

overview of the fiscal plan and settlement scenarios with D. Praga, M. 

Westermann, E. Deichmann (partial)

4.3

Carol Flaton 4/25/2018 5 Review and mark of draft presentation analyzing latest GDB RSA and FP 1.4

Deborah Praga 4/25/2018 5 Analyzed certified fiscal plan revenues 2.6

Michael Westermann 4/25/2018 5 Review of certified HTA fiscal plan and comparison to previous fiscal plans 2.6

Rahul Yenumula 4/25/2018 5 Prepared a deck comparing the certified fiscal plan with the draft fiscal plan 4.8

Robert Bingham 4/25/2018 5 Discussion regarding GDB RSA and fiscal plan with S. Martinez 0.2

Robert Bingham 4/25/2018 5 Call with J. Grogan (PH) concerning GDB fiscal plan 0.4

Robert Bingham 4/25/2018 5 Review and comment on R. Yenumula GDB fiscal plan presentation 0.5

Scott Martinez 4/25/2018 5 Discussion regarding GDB RSA and fiscal plan with R. Bingham 0.2

Scott Martinez 4/25/2018 5 Reviewed comments received from Paul Hastings regarding the revised draft 

GDB restructuring presentation for the Committee

0.3

Scott Martinez 4/25/2018 5 Reviewed and commented on the revised draft GDB restructuring presentation 

for the Committee

1.3

Carol Flaton 4/26/2018 5 Follow up meeting with S. Martinez, M. Westermann, D. Praga re: fiscal plan 

next steps

0.6

Deborah Praga 4/26/2018 5 Follow up meeting with C. Flaton, S. Martinez, M. Westermann re: fiscal plan 

next steps 

0.6

Michael Westermann 4/26/2018 5 Follow up meeting with C. Flaton, S. Martinez, D. Praga re: fiscal plan next 

steps 

0.6

Michael Westermann 4/26/2018 5 Prepared forecast of 40 year cash flow from certified fiscal plan 1.3

Rahul Yenumula 4/26/2018 5 Revision of deck on PREPA's fiscal plan based on comments from R. Bingham 3.7

Scott Martinez 4/26/2018 5 Follow up meeting with C. Flaton, M. Westermann, D. Praga re: fiscal plan next 

steps

0.6

Carol Flaton 4/27/2018 5 Review of CFP macro model and sensitivities 0.4

Deborah Praga 4/27/2018 5 Review of measures included in certified fiscal plan 1.1

Enrique R. Ubarri 4/27/2018 5 Analyzed the AAFAF supplemental financial and economic data. 0.2

Michael Westermann 4/27/2018 5 Review of economic material from last CW fiscal plan posted by AAFAF 1.8

Rahul Yenumula 4/27/2018 5 Prepared notes on the PREPA creditor call 3.4

Page 71 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 72 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 4/29/2018 5 Research re: economist perspective on FOMB Fiscal Plan. Sent e-mail to C. 

Flaton, M. Westermann, D. Praga, S. Martinez and E. Deichmann re: economist 

perspective.

0.2

Carol Flaton 4/30/2018 5 Review of email and summary re Bonistas from E. Ubarri 0.3

Carol Flaton 4/30/2018 5 Review and analysis of GDB RSA (latest draft) 0.8

Carol Flaton 4/30/2018 5 Comparison of CW 4/5 fiscal plan outputs and 4/19 CFP (tax reform) 1.4

Enrique R. Ubarri 4/30/2018 5 Reviewed Reply in Support of Motion to Compel filed by the GO Bondholders, 

AMBAC, Assured, NPFGC, and the Mutual Fund group.

0.2

Rahul Yenumula 4/30/2018 5 Discussion with S. Martinez re: GDB Fiscal Plan & RSA 0.2

Rahul Yenumula 4/30/2018 5 Revision of GDB fiscal plan & RSA deck based on comments from S. Martinez 1.3

Scott Martinez 4/30/2018 5 Discussion with R. Yenumula re: GDB Fiscal Plan & RSA 0.2

Carol Flaton 5/1/2018 5 Review of FP analysis provided by M. Richard (AFT) 0.2

Carol Flaton 5/1/2018 5

Review of macro assumptions in CFP in prep for discussion w/ M. Salm from AFT

0.4

Michael Westermann 5/1/2018 5 Updated illustrative graph of fiscal plan cash flow compared to CW COFINA 

proposal for C. Flaton comments

0.7

Michael Westermann 5/1/2018 5 Began fiscal plan presentation materials by creating slides detail certain fiscal 

plan measures

3.0

Rahul Yenumula 5/1/2018 5 Discussion regarding GDB presentation materials with S. Martinez 0.6

Rahul Yenumula 5/1/2018 5 Analysis of excel schedules of GDB RSA and preparing questions on the 1.8

Rahul Yenumula 5/1/2018 5 Revision of GDB Deck to include detail on Federal Funds deposited at GDB 2.9

Scott Martinez 5/1/2018 5 Reviewed the schedules to the GDB RSA 0.6

Scott Martinez 5/1/2018 5 Discussion regarding GDB presentation materials with R. Yenumula 0.6

Scott Martinez 5/1/2018 5 Reviewed and commented on the revised GDB presentation materials prepared 

for the Committee

1.2

Scott Martinez 5/1/2018 5 Reviewed Zolfo prepared GDB recovery analysis 1.4

Carol Flaton 5/2/2018 5 Emails w/ S. Martinez re mediation schedule/CFP questions 0.1

Carol Flaton 5/2/2018 5 Discussion regarding GDB Fiscal Plan and RSA with S. Martinez, R. Bingham, R. 

Yenumula

1.3

Deborah Praga 5/2/2018 5 Reviewed model for April 19, 2018 fiscal plan 3.3

Eric Deichmann 5/2/2018 5 Discussion regarding cash flow probability outcomes with M. Westermann, S. 

Martinez

0.5

Eric Deichmann 5/2/2018 5 Review of FOMB model and updated monte carlo analytics 3.7

Michael Westermann 5/2/2018 5 Discussion regarding cash flow probability outcomes with E. Deichmann, S. 

Martinez 

0.5

Michael Westermann 5/2/2018 5 Discussion regarding Commonwealth fiscal plan model with S. Martinez 0.6

Michael Westermann 5/2/2018 5 Researched and highlighted in new model the payment of past services and 

other key line-items relevant to the committee

0.8

Michael Westermann 5/2/2018 5 Highlighted all measures and other details in the fiscal plan which are 

hardcoded but need additional information

1.1

Michael Westermann 5/2/2018 5 Compared general fund revenues in the new excel model to the previous fiscal 

plan

1.5

Michael Westermann 5/2/2018 5 Compared non-general fund revenues in the new excel model to the previous 

fiscal plan

1.8

Michael Westermann 5/2/2018 5 Review of monte carlo forecast from E. Deichmann 1.8

Rahul Yenumula 5/2/2018 5 Discussion regarding GDB Fiscal Plan and RSA with C. Flaton, R. Bingham, S, 

Martinez

1.3

Rahul Yenumula 5/2/2018 5 Preparation of questions on GDB Fiscal Plan and RSA 3.4

Rahul Yenumula 5/2/2018 5 Review of the GDB Certified Fiscal Plan and RSA deck 3.8

Robert Bingham 5/2/2018 5 Discussion regarding GDB Fiscal Plan and RSA with C. Flaton, S, Martinez, R. 

Yenumula

1.3

Scott Martinez 5/2/2018 5 Discussion regarding cash flow probability outcomes with M. Westermann, E. 

Deichmann

0.5

Scott Martinez 5/2/2018 5 Discussion regarding Commonwealth fiscal plan model with M. Westermann 0.6

Page 72 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 73 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Scott Martinez 5/2/2018 5 Discussion regarding GDB Fiscal Plan and RSA with C. Flaton, R. Bingham, R. 

Yenumula

1.3

Scott Martinez 5/2/2018 5 Reviewed the financial model to the Commonwealth April 19 2018 fiscal plan 

and developed preliminary questions

3.2

Carol Flaton 5/3/2018 5 Mark up of CFP CF slide 0.1

Carol Flaton 5/3/2018 5 Review of M. Westermann summary of PR presentation 0.1

Carol Flaton 5/3/2018 5 Review of CFP talking points for mediation call 5/4 0.1

Carol Flaton 5/3/2018 5 Mark-up of 4/19/18 CFP derived CF slide 0.4

Deborah Praga 5/3/2018 5 Review of Reorg Puerto Rico summary from M. Westermann 0.2

Deborah Praga 5/3/2018 5 Review of fiscal plan model 1.9

Michael Westermann 5/3/2018 5 Continued tying out exhibits in fiscal plan to the fiscal plan underlying model 0.7

Michael Westermann 5/3/2018 5 Created summary of reorg discussion 0.8

Michael Westermann 5/3/2018 5 Discussion regarding Commonwealth fiscal plan review and questions for the 

Oversight Board and AAFAF with S. Martinez 

1.3

Michael Westermann 5/3/2018 5 Tied out fiscal plan graphs compared to fiscal plan working file and updated 

diligence list for variances

2.9

Michael Westermann 5/3/2018 5 Updated fiscal plan presentation for healthcare and education reform measures 3.3

Rahul Yenumula 5/3/2018 5 Revision of GDB Deck based on comments from S. Martinez and R. Bingham 3.6

Robert Bingham 5/3/2018 5 Discussions regarding GDB presentation with S. Martinez 0.4

Robert Bingham 5/3/2018 5 Update review and comments on GDB presentation 0.6

Scott Martinez 5/3/2018 5 Discussions regarding GDB presentation with R. Bingham 0.4

Scott Martinez 5/3/2018 5 Discussion regarding open questions re: GDB RSA and fiscal plan with R. 

Bingham

0.5

Scott Martinez 5/3/2018 5 Reviewed, commented and distributed list of questions regarding the GDB 

restructuring to Paul Hastings

0.6

Scott Martinez 5/3/2018 5 Reviewed updated GDB presentation materials 0.8

Scott Martinez 5/3/2018 5 Discussion regarding Commonwealth fiscal plan review and questions for the 

Oversight Board and AAFAF with M. Westermann

1.3

Scott Martinez 5/3/2018 5 Reviewed the financial model to the Commonwealth April 19 2018 fiscal plan 

and developed preliminary questions

2.9

Carol Flaton 5/4/2018 5 Review of draft complaint re GDB RSA 0.8

Deborah Praga 5/4/2018 5 Reviewed financial model for 4.19 fiscal plan 1.2

Enrique R. Ubarri 5/4/2018 5 Review agenda call for Fiscal Plan Session 1.0

Michael Westermann 5/4/2018 5 Discussion regarding the Commonwealth fiscal plan with S. Martinez 0.8

Michael Westermann 5/4/2018 5 Updated diligence list based on further review of fiscal plan model 1.6

Robert Bingham 5/4/2018 5 Discussion regarding GDB presentation to the Committee with S. Martinez 0.2

Robert Bingham 5/4/2018 5 Draft outline for revised GDB presentation 0.6

Scott Martinez 5/4/2018 5 Correspondence with M. Comerford (Paul Hastings) regarding PRASA 0.1

Scott Martinez 5/4/2018 5 Discussion regarding GDB presentation to the Committee with R. Bingham 0.2

Scott Martinez 5/4/2018 5 Discussion regarding the Commonwealth fiscal plan with M. Westermann 0.8

Scott Martinez 5/4/2018 5 Reviewed the financial model to the Commonwealth April 19 2018 fiscal plan 1.1

Carol Flaton 5/5/2018 5 Email w/ S. Martinez re FY19 budget presentation for UCC 0.1

Deborah Praga 5/5/2018 5 Review of email from S. Martinez related to FY19 budget 0.1

Deborah Praga 5/5/2018 5 Review and translation of FY19 budget 3.1

Eric Deichmann 5/5/2018 5 Adding questions to fiscal plan session agenda 1.3

Deborah Praga 5/6/2018 5 Review and translation of FY19 budget 2.6

Deborah Praga 5/6/2018 5 Analysis of FY19 budget 1.1

Enrique R. Ubarri 5/6/2018 5 Reviewed draft version of the Fiscal Plan Meeting Agenda; reviewed fiscal plan 

re: potential information for agenda.

0.7

Michael Westermann 5/6/2018 5 Review and sign off on final agenda comments 0.4

Scott Martinez 5/6/2018 5 Revised the materials to be provided to members of the Creditors Committee 

regarding the GDB restructuring

3.2

Carol Flaton 5/7/2018 5 Review of draft CFP analysis (prep for UCC) 0.6

Carol Flaton 5/7/2018 5 Review of macro portion of CFP 1.2

Deborah Praga 5/7/2018 5 Call with E. Ubarri re: Commonwealth FY 2019 budget 0.1

Page 73 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 74 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Deborah Praga 5/7/2018 5 Discussions regarding FY 2019 budget presentation to the Committee with S. 

Martinez

1.2

Deborah Praga 5/7/2018 5 Preparing slides for presentation to Committee 1.6

Deborah Praga 5/7/2018 5 Analysis of FY19 draft budget 2.3

Enrique R. Ubarri 5/7/2018 5 Telephone call with D. Praga re: Commonwealth FY 2019 budget 0.1

Enrique R. Ubarri 5/7/2018 5 Reviewed final version of the Fiscal Plan Meeting Agenda. 0.5

Enrique R. Ubarri 5/7/2018 5 Examined and translated the Commonwealth FY 2019 budget 4.8

Eric Deichmann 5/7/2018 5 Adding questions to fiscal plan session agenda 2.5

Michael Westermann 5/7/2018 5 Review of CW's 2019 budget and comparison to fiscal plan 0.2

Michael Westermann 5/7/2018 5 Read reorg article related to timing of and amounts for FY 2019 CW budget 0.3

Michael Westermann 5/7/2018 5 Discussions regarding fiscal plan presentations to the Committee with S. 

Martinez 

1.1

Michael Westermann 5/7/2018 5 Updated fiscal plan presentation for bridges totaling the revenue and expense 

measures

2.9

Michael Westermann 5/7/2018 5 Updated fiscal plan presentation for additional details on the pension reform 

and other agency right sizing measures

3.1

Rahul Yenumula 5/7/2018 5 Updated the bond pricing model with prices as of May 5, 2018 3.3

Rahul Yenumula 5/7/2018 5 Revision of GDB Deck based on comments from S. Martinez and R. Bingham 4.6

Scott Martinez 5/7/2018 5 Discussions regarding fiscal plan presentations to the Committee with M. 

Westermann

1.1

Scott Martinez 5/7/2018 5 Discussions regarding FY 2019 budget presentation to the Committee with D. 

Praga

1.2

Scott Martinez 5/7/2018 5 Reviewed the proposed FY 2019 Commonwealth budget 1.6

Deborah Praga 5/8/2018 5 Discussion regarding FY 2019 budget with S. Martinez 0.9

Deborah Praga 5/8/2018 5 Continued analysis of FY 2019 budget 2.6

Enrique R. Ubarri 5/8/2018 5 Exchanged e-mails with D. Praga re: line item in Commonwealth FY 2019 

Budget.

0.1

Eric Deichmann 5/8/2018 5 Updates to macro forecast for in person meeting in PR 1.3

Michael Westermann 5/8/2018 5 Review of Governor's letter to FOMB re: PRASA fiscal plan 0.4

Michael Westermann 5/8/2018 5 Review of USDA forbearance with PRASA 0.8

Michael Westermann 5/8/2018 5 Reformatted UCC in person presentation 2.4

Michael Westermann 5/8/2018 5 Spread complete fiscal plan into ZC format for committee update presentation 2.5

Rahul Yenumula 5/8/2018 5 Discussion with S. Martinez re: GDB Fiscal Plan & RSA 0.2

Rahul Yenumula 5/8/2018 5 Revision of GDB Deck based on comments from S. Martinez and R. Bingham 0.9

Rahul Yenumula 5/8/2018 5 Revision of GDB Deck based on comments from S. Martinez and R. Bingham 3.9

Robert Bingham 5/8/2018 5 Complete comments on current draft of GDB presentation 0.2

Robert Bingham 5/8/2018 5 Discussion regarding GDB presentation materials with S. Martinez 0.5

Scott Martinez 5/8/2018 5 Discussion with R. Yenumula re: GDB Fiscal Plan & RSA 0.2

Scott Martinez 5/8/2018 5 Discussion regarding GDB presentation materials with R. Bingham 0.5

Scott Martinez 5/8/2018 5 Discussion regarding FY 2019 budget with D. Praga 0.9

Deborah Praga 5/9/2018 5 Analysis of FY 2019 budget 0.4

Deborah Praga 5/9/2018 5 Analysis of department of education budget relative to FY 2018 2.3

Eric Deichmann 5/9/2018 5 Discussion regarding macro and debt presentation materials for UCC meeting 

with S. Martinez

0.6

Eric Deichmann 5/9/2018 5 Updates to macro forecast for in person meeting in PR 4.5

Michael Westermann 5/9/2018 5 Revised presentation for latest tax reform proposals in PR legislature 2.6

Rahul Yenumula 5/9/2018 5 Meeting to discuss GDB presentation with R. Bingham 0.3

Rahul Yenumula 5/9/2018 5 Discussion regarding the GDB presentation materials with S. Martinez 0.4

Rahul Yenumula 5/9/2018 5 Revision of GDB Deck based on comments from R. Bingham 3.3

Rahul Yenumula 5/9/2018 5 Revision of GDB Deck based on comments from S. Martinez 4.2

Robert Bingham 5/9/2018 5 Complete comments on current draft of GDB presentation 0.2

Robert Bingham 5/9/2018 5 Meeting to discuss GDB presentation with R. Yenumula 0.3

Robert Bingham 5/9/2018 5 Review and identify comments on R. Yenumula GDB presentation 0.5

Scott Martinez 5/9/2018 5 Discussion regarding the GDB presentation materials with R. Yenumula 0.4

Page 74 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 75 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Scott Martinez 5/9/2018 5 Discussion regarding macro and debt presentation materials for UCC meeting 

with E. Deichmann

0.6

Carol Flaton 5/10/2018 5 Review of macro plan (Feb. versus April) 1.1

Deborah Praga 5/10/2018 5 Discussion regarding presentation materials on the UPR fiscal plan for the UCC 

in person meeting with S. Martinez, E. Ubarri

0.2

Deborah Praga 5/10/2018 5

Discussion regarding Commonwealth FY 2019 budget with S. Martinez, E. Ubarri

0.7

Deborah Praga 5/10/2018 5 Review of prior versions of UPR fiscal plan 1.6

Deborah Praga 5/10/2018 5 Analysis of Commonwealth FY 2019 budget per comments from S. Martinez 2.3

Enrique R. Ubarri 5/10/2018 5 Research re: Puerto Rico budget issues. 0.1

Enrique R. Ubarri 5/10/2018 5 Discussion regarding presentation materials on the UPR fiscal plan for the UCC 

in person meeting with S. Martinez, D. Praga

0.2

Enrique R. Ubarri 5/10/2018 5 Reviewed letter from the FOMB to the Governor re: Notice of Violations 

Regarding FY2019 Budget 

0.2

Enrique R. Ubarri 5/10/2018 5 Discussion regarding Commonwealth FY 2019 budget with S. Martinez, D. Praga 0.7

Michael Westermann 5/10/2018 5 Updated 40 year forecast for 80% confidence interval 0.5

Michael Westermann 5/10/2018 5 Created risks and upsides slide for fiscal plan presentation 2.4

Michael Westermann 5/10/2018 5 Created graph of 40 year sensitized fiscal plan based on risks and upsides 3.0

Rahul Yenumula 5/10/2018 5 Discussion regarding GDB restructuring with S. Martinez 0.4

Rahul Yenumula 5/10/2018 5 Revision of GDB Deck based on comments from S. Martinez 2.6

Scott Martinez 5/10/2018 5 Reviewed and circulated a copy of the final agenda for the fiscal plan 

mediation sessions to the UCC

0.2

Scott Martinez 5/10/2018 5 Discussion regarding presentation materials on the UPR fiscal plan for the UCC 

in person meeting with E. Ubarri, D. Praga

0.2

Scott Martinez 5/10/2018 5 Discussion regarding GDB restructuring with R. Yenumula 0.4

Scott Martinez 5/10/2018 5 Reviewed reports regarding the Commonwealth's draft FY2019 budget 0.5

Scott Martinez 5/10/2018 5 Discussion regarding Commonwealth FY 2019 budget with E. Ubarri, D. Praga 0.7

Scott Martinez 5/10/2018 5 Reviewed updated GDB presentation materials 0.8

Michael Westermann 5/11/2018 5 Review of and checked back up details regarding Miller Buckfire analysis of LTM 

surplus 

2.1

Robert Bingham 5/11/2018 5 Discussion regarding GDB meeting with Rothschild and Ankura with S. Martinez 0.2

Scott Martinez 5/11/2018 5 Discussion regarding GDB meeting with Rothschild and Ankura with R. Bingham 0.2

Scott Martinez 5/11/2018 5

Reviewed the unanimous written consent from the FOMB regarding the GDB RSA

0.2

Carol Flaton 5/12/2018 5 Review of population migration model (via cellphone data) 0.2

Carol Flaton 5/12/2018 5 Review of sections of GDB recertified RSA 0.6

Carol Flaton 5/12/2018 5 Review of ZC draft deck on GDB proposal 1.1

Carol Flaton 5/12/2018 5 Review GDB’s CFP 1.3

Carol Flaton 5/12/2018 5 Read current RSA for GDB 1.8

Eric Deichmann 5/13/2018 5 Review of GDB presentation to UCC 1.1

Michael Westermann 5/13/2018 5 Tied out all charts, appendixes, and final comment to fiscal plan presentation 2.0

Michael Westermann 5/13/2018 5 Added key take always and executive summary slides to fiscal plan 2.4

Scott Martinez 5/13/2018 5 Reviewed materials provided by S. Uhland (O'Melveny) regarding GDB RSA 0.8

Scott Martinez 5/13/2018 5 Reviewed materials in preparation for meeting with Ankura and Rothschild 

regarding GDB

1.3

Carol Flaton 5/14/2018 5 Review of ZC summary of GDB proposal (draft for UCC) 0.4

Carol Flaton 5/14/2018 5 Review of GDB draft RSA in prep for mtg 0.6

Carol Flaton 5/14/2018 5 Follow-up discussion with R. Bingham, R. Yenumula, S. Martinez re: GDB Fiscal 

Plan & RSA

0.6

Deborah Praga 5/14/2018 5 Review of UPR fiscal plan 0.9

Eric Deichmann 5/14/2018 5 Updates to GDB deck for in-person meetings 1.6

Eric Deichmann 5/14/2018 5 Updates to macro deck for in-person meetings 3.8

Michael Westermann 5/14/2018 5 Comment on Macro economics presentation for in-person committee meeting 0.9

Michael Westermann 5/14/2018 5 Final review of draft fiscal plan presentation 1.0

Page 75 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 76 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Rahul Yenumula 5/14/2018 5 Follow-up discussion with C. Flaton, R. Bingham, S. Martinez re: GDB Fiscal Plan

& RSA

0.6

Robert Bingham 5/14/2018 5 Review and comment on R. Yenumula presentation on answers to GDB Fiscal 

Plan Questions

0.3

Robert Bingham 5/14/2018 5 Follow-up meeting with S. Martinez concerning answers to questions related to 

GDB Plan and identification of related follow-up 

0.3

Robert Bingham 5/14/2018 5 Prep session regarding GDB meeting with R. Yenumula, S. Martinez 0.6

Robert Bingham 5/14/2018 5 Follow-up discussion with C. Flaton, R. Yenumula, S. Martinez re: GDB Fiscal 

Plan & RSA

0.6

Scott Martinez 5/14/2018 5 Follow-up meeting with R. Bingham concerning answers to questions related to 

GDB Plan and identification of related follow-up

0.3

Scott Martinez 5/14/2018 5 Prep session regarding GDB meeting with R. Bingham, R. Yenumula 0.6

Scott Martinez 5/14/2018 5 Follow-up discussion with R. Bingham, R. Yenumula, C. Flaton re: GDB Fiscal 

Plan & RSA

0.6

Carol Flaton 5/15/2018 5 Email w/ E. Deichmann re PR income/capital comps 0.2

Deborah Praga 5/15/2018 5 Review of UPR fiscal plan 0.8

Deborah Praga 5/15/2018 5 Created UPR update deck for presentation to UCC 4.2

Enrique R. Ubarri 5/15/2018 5 Reviewed documentation from AAFAF and FOMB re: extension of submission of 

FY19 Budget

0.1

Enrique R. Ubarri 5/15/2018 5 Research of the University of Puerto Rico re: fiscal plan impact; exchanged emails with D. Praga re: research of University of Puerto Rico.2.0

Eric Deichmann 5/15/2018 5 Updates to the DSA for in-person meeting, review of Moody's methodology for 

states and territories

1.1

Eric Deichmann 5/15/2018 5 Updates to GDB deck for in-person meetings (continued) 1.4

Michael Westermann 5/15/2018 5 Created forecast of PV if PR received equal Medicaid costs compared to states 

and email to C. Flaton as such

2.2

Rahul Yenumula 5/15/2018 5 Revision of GDB Deck 3.1

Carol Flaton 5/16/2018 5 Reviewed slides and materials from 5/15 mediation session on CW CFP 1.7

Deborah Praga 5/16/2018 5 Review of UPR fiscal plan 1.2

Deborah Praga 5/16/2018 5 Analyzed projections included in UPR fiscal plan 3.2

Deborah Praga 5/16/2018 5 Preparing UPR update presentation for UCC in-person meeting 4.7

Enrique R. Ubarri 5/16/2018 5 Reviewed FOMB letter to the Commonwealth government re: Forecast for GDB 

and deadline for submission of proposed budget

0.1

Enrique R. Ubarri 5/16/2018 5 Research on the University of Puerto Rico funding; exchanged e-mails with D. 

Praga re: research on University of Puerto Rico funding.

2.0

Enrique R. Ubarri 5/16/2018 5 Research re: PR economists perspective on the impact of fiscal plan and 

potential restructuring transactions; exchanged e-mails with C. Flaton re: 

economist's perspective.

2.0

Michael Westermann 5/16/2018 5 Updated fiscal plan presentation for updated macroeconomics deck to tie the 

decks together

1.1

Michael Westermann 5/16/2018 5 Review of April 2018 tax collections document and comparison to fiscal plan 2.0

Michael Westermann 5/16/2018 5 Updated April fiscal plan presentation for S. Martinez comments 2.9

Scott Martinez 5/16/2018 5 Reviewed and commented on the revised GDB presentation materials prepared 

for the Committee

0.6

Carol Flaton 5/17/2018 5 Email from M. Westermann re FP analysis highlights 0.1

Carol Flaton 5/17/2018 5 Review and mark of final analysis materials for UCC 0.6

Carol Flaton 5/17/2018 5 Review and mark of full FP analysis deck for 5/22 UCC mtg 2.1

Deborah Praga 5/17/2018 5 Reviewed comments on UPR update deck from M. Westermann and S. Martinez 0.4

Deborah Praga 5/17/2018 5 Review UPR research from E. Ubarri 0.7

Deborah Praga 5/17/2018 5 Revised UPR deck based on comments from M. Westermann and S. Martinez 2.1

Enrique R. Ubarri 5/17/2018 5

Research re: corporate governance of the University of Puerto Rico for approval

of the Fiscal Plan and other financial matters; exchanged e-mails with D. Praga 

re: research of corporate governance of the University of Puerto Rico.

1.4

Page 76 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 77 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Michael Westermann 5/17/2018 5 Added additional healthcare slide to the presentation based on C. Flaton 

comments

1.7

Michael Westermann 5/17/2018 5 Comment on UPR presentation 2.0

Michael Westermann 5/17/2018 5 Created new slides related to fiscal plan compared to last CW version of FP per 

S. Martinez request

2.5

Michael Westermann 5/17/2018 5 Created new slides related to fiscal plan Medicaid assumptions per S. Martinez 

request

2.8

Robert Bingham 5/17/2018 5 Follow-up meeting to complete review and changes to GDB presentation with S.

Martinez

0.3

Robert Bingham 5/17/2018 5 Review, comment on and redraft sections of GDB presentation 0.6

Robert Bingham 5/17/2018 5 Review and comment on latest draft of GDB presentation for UCC meeting 0.6

Robert Bingham 5/17/2018 5 Meeting to review and modify GDB presentation deck with S. Martinez 1.0

Scott Martinez 5/17/2018 5 Follow-up meeting to complete review and changes to GDB presentation with 

R. Bingham

0.3

Scott Martinez 5/17/2018 5 Meeting to review and modify GDB presentation deck with R. Bingham 1.0

Scott Martinez 5/17/2018 5 Reviewed and commented on the revised GDB presentation materials prepared 

for the Committee

1.1

Scott Martinez 5/17/2018 5 Reviewed and commented on the revised Commonwealth fiscal plan 

presentation materials prepared for the Committee

1.2

Scott Martinez 5/17/2018 5 Reviewed and commented on the UPR presentation materials prepared for the 

Committee

1.9

Carol Flaton 5/18/2018 5 Review of revised CFP deck for UCC 0.2

Carol Flaton 5/18/2018 5 First review of UPR deck 0.3

Deborah Praga 5/18/2018 5 Comparison of draft FY 19 CW budget to revised FY 19 CW budget 1.1

Deborah Praga 5/18/2018 5 Discussion regarding UPR presentation materials for in-person Committee 

meeting with S. Martinez

1.2

Deborah Praga 5/18/2018 5 Revisions to UPR update presentation 1.4

Deborah Praga 5/18/2018 5 Review of revised FY 19 CW budget 1.6

Enrique R. Ubarri 5/18/2018 5 Reviewed draft of Overview of the University of Puerto Rico’s Certified Fiscal 

Plan dated April 20, 2018.

0.4

Enrique R. Ubarri 5/18/2018 5 Analyzed the Overview of the Commonwealth Fiscal Plan presented by the 

FOMB.

0.7

Enrique R. Ubarri 5/18/2018 5 Examined the revised budget submitted to the FOMB for FY2019 1.0

Michael Westermann 5/18/2018 5 Email to C. Flaton re: comments on fiscal plan presentation 0.2

Michael Westermann 5/18/2018 5 Brief review of 2019 updated budget 0.4

Michael Westermann 5/18/2018 5 Response to Paul Hastings re: treatment of other bonded entities in the FP 1.0

Robert Bingham 5/18/2018 5 Call regarding GDB presentation materials with S. Martinez 0.2

Scott Martinez 5/18/2018 5 Call regarding GDB presentation materials with R. Bingham 0.2

Scott Martinez 5/18/2018 5 Revised the GDB presentation materials prepared for the Committee 0.9

Scott Martinez 5/18/2018 5 Discussion regarding UPR presentation materials for in-person Committee 

meeting with D. Praga

1.2

Carol Flaton 5/19/2018 5 Review of final CFP analysis deck for UCC mtg 1.0

Michael Westermann 5/19/2018 5 Updated CW deck for Paul Hastings comments 0.3

Carol Flaton 5/20/2018 5 Emails w/S. Martinez re UPR analysis 0.1

Carol Flaton 5/20/2018 5 Email w/E. Ubarri, M. Westermann re FOMB announcement of labor and tax 

reform agreement with Governor

0.1

Carol Flaton 5/20/2018 5 Review of revised draft UPR analysis 0.2

Deborah Praga 5/20/2018 5 Calls regarding UPR presentation materials with S. Martinez 0.3

Deborah Praga 5/20/2018 5 Revisions to UPR presentation materials based on comments from C. Flaton 0.8

Enrique R. Ubarri 5/20/2018 5 Exchanged emails with M. Westermann, S. Martinez, C. Flaton, D. Praga and 

Eric Deichmann re: agreements by CW and FOMB.

0.2

Enrique R. Ubarri 5/20/2018 5 Reviewed GDB Fiscal Plan and amended RSA 0.2

Enrique R. Ubarri 5/20/2018 5 Research re: agreements on fiscal plan by and between government and FOMB 0.3

Enrique R. Ubarri 5/20/2018 5 Examined and provided comments on the ZC draft presentations on the 

Commonwealth Fiscal Plan

0.4

Page 77 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 78 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Michael Westermann 5/20/2018 5 Review of latest reports re: change to the fiscal plan and negotiations between 

the board and CW

1.9

Scott Martinez 5/20/2018 5 Calls regarding UPR presentation materials with D. Praga 0.3

Carol Flaton 5/21/2018 5 Discussion regarding UPR presentation materials with D. Praga, S. Martinez 0.3

Deborah Praga 5/21/2018 5 Discussion regarding UPR presentation materials with C. Flaton, S. Martinez 0.3

Deborah Praga 5/21/2018 5 Review of emails from E. Ubarri related to Law 80 0.3

Deborah Praga 5/21/2018 5 Discussion regarding preparation for UPR presentation with E. Ubarri, S. 

Martinez

0.3

Enrique R. Ubarri 5/21/2018 5 Discussion regarding preparation for UPR Fiscal Plan presentation with D. 

Praga, S. Martinez

0.3

Enrique R. Ubarri 5/21/2018 5 Reviewed revised draft presentation of UPR Fiscal Plan 0.6

Enrique R. Ubarri 5/21/2018 5 Prepared for UPR Fiscal Plan Presentation 1.0

Eric Deichmann 5/21/2018 5 Review of Velez 2015 report ("Puerto Rico's Debt Crisis, Challenges and 

Opportunities")

3.8

Scott Martinez 5/21/2018 5 Discussion regarding UPR presentation materials with C. Flaton, D. Praga 0.3

Scott Martinez 5/21/2018 5 Discussion regarding preparation for UPR presentation with E. Ubarri, D. Praga 0.3

Deborah Praga 5/22/2018 5 Consolidating FY 18 budget for comparison to FY 19 budget 3.3

Enrique R. Ubarri 5/22/2018 5 Assessed the Governor's Budget Message and impact to the Fiscal Plan; sent 

communications with ZC team re: budget message.

0.4

Michael Westermann 5/22/2018 5 Review of action against the USA claiming discriminatory treatment of PR and 

comparison to Medicaid amounts included in the FP

0.3

Deborah Praga 5/23/2018 5 Discussion regarding the Commonwealth draft FY 2019 budget with S. Martinez 0.8

Deborah Praga 5/23/2018 5 Consolidation and reorganization of FY 2018 budget for ease of comparison 1.2

Deborah Praga 5/23/2018 5 Line by line comparison of budget to FY 2018 budget 4.1

Deborah Praga 5/23/2018 5 Further line by line analysis of FY 2019 budget 4.3

Enrique R. Ubarri 5/23/2018 5 Assessed orders re: fiscal plan development material discovery. 0.1

Enrique R. Ubarri 5/23/2018 5 Telephone call regarding GDB operations with S. Martinez, R. Bingham 0.3

Eric Deichmann 5/23/2018 5 Research and analysis on questions raised at in-person meeting 3.8

Rahul Yenumula 5/23/2018 5 Discussion regarding GDB recovery scenarios with S. Martinez 0.4

Rahul Yenumula 5/23/2018 5 Built the Recovery Analysis with scenarios 5.0

Robert Bingham 5/23/2018 5 Call regarding GDB with E. Ubarri, S. Martinez 0.3

Scott Martinez 5/23/2018 5 Reviewed email correspondence regarding GDB information request 0.1

Scott Martinez 5/23/2018 5 Call regarding GDB with E. Ubarri, R. Bingham 0.3

Scott Martinez 5/23/2018 5 Discussion regarding GDB recovery scenarios with R. Yenumula 0.4

Scott Martinez 5/23/2018 5 Discussion regarding the Commonwealth draft FY 2019 budget with D. Praga 0.8

Deborah Praga 5/24/2018 5 Analyzed FY 2019 budget relative to fiscal plan 3.5

Eric Deichmann 5/24/2018 5 Drafting update for UCC members on ZC's efforts wrt strategic goals 2.7

Michael Westermann 5/24/2018 5 Drafted response to committee re: tax reform and effect on large corporations 1.0

Michael Westermann 5/24/2018 5 Re-forecasted certified fiscal plan based on expected changes to surplus 1.4

Rahul Yenumula 5/24/2018 5 Discussion with R. Bingham re: GDB Recovery Analysis 0.3

Rahul Yenumula 5/24/2018 5 Revised the Recovery Analysis Model 3.7

Rahul Yenumula 5/24/2018 5 Revision to the Recovery Analysis Deck 3.8

Robert Bingham 5/24/2018 5 Discussion with R. Yenumula re: GDB Recovery Analysis 0.3

Robert Bingham 5/24/2018 5 Discussion regarding estimated GDB recoveries under various scenarios with S. 

Martinez

0.4

Robert Bingham 5/24/2018 5 Review and comment on R. Yenumula GDB recovery model 1.1

Scott Martinez 5/24/2018 5 Discussion regarding estimated GDB recoveries under various scenarios with R. 

Bingham

0.4

Carol Flaton 5/29/2018 5 Reviewed and compared CFP and CW FP assumptions for debt capacity (and 

related sensitivities)

0.8

Rahul Yenumula 5/29/2018 5 Revision to the GDB Recovery Analysis 4.9

Robert Bingham 5/29/2018 5 Discussion regarding the GDB RSA with S. Martinez 0.3

Robert Bingham 5/29/2018 5 Review, comment on and redraft sections of GDB scenario summary 

presentation

1.5

Scott Martinez 5/29/2018 5 Discussion regarding the GDB RSA with R. Bingham 0.3

Page 78 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 79 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Scott Martinez 5/29/2018 5 Reviewed a Zolfo Cooper draft recovery analysis write-up regarding the GDB 

RSA

0.4

Enrique R. Ubarri 5/30/2018 5 Analyzed the draft of materials for Act 154 Forecast discussion; research re: 

impact of Incentives Code; exchanged e-mails with M. Westermann re: draft 

materials for Act 154 Forecast discussion.

0.2

Enrique R. Ubarri 5/30/2018 5 Analyzed the adversary complaint presented by several unions of the State 

Insurance Fund claiming an adverse impact to the unions as a result of the 

implementation of the fiscal plan; analyzed impact of the fiscal plan to the 

allegations in complaint.

0.9

Michael Westermann 5/30/2018 5 Discussion regarding Act 154 revenues with S. Martinez 0.2

Michael Westermann 5/30/2018 5 Created slide deck discussing act 154 projections versus act 936 actuals 3.2

Rahul Yenumula 5/30/2018 5 Meeting to discuss GDB scenario analysis with R. Bingham 0.3

Rahul Yenumula 5/30/2018 5 Revision to the GDB Recovery Analysis 5.4

Robert Bingham 5/30/2018 5 Call regarding GDB RSA with S. Martinez 0.2

Robert Bingham 5/30/2018 5 Review and comment on GDB scenario summary presentation 0.2

Robert Bingham 5/30/2018 5 Meeting to discuss GDB scenario analysis with R. Yenumula 0.3

Scott Martinez 5/30/2018 5 Call regarding GDB RSA with R. Bingham 0.2

Scott Martinez 5/30/2018 5 Discussion regarding Act 154 revenues with M. Westermann 0.2

Carol Flaton 5/31/2018 5 Call with E. Ubarri re: financial impact of Siemens complaint on GDB 

transaction, housing relief funding and impact to fiscal plan; COFINA mediation

0.8

Carol Flaton 5/31/2018 5 Read/reviewed revised 5/30/18 CFP 0.7

Enrique R. Ubarri 5/31/2018 5 Telephone conversation with C. Flaton re: financial impact of Siemens 

complaint on GDB transaction; housing relief funding and impact to fiscal plan; 

COFINA mediation.

0.8

Enrique R. Ubarri 5/31/2018 5 Analyzed the certified Revised New Fiscal Plan of the Commonwealth of Puerto 

Rico issued on May 30, 2018 by the FOMB.

2.5

Enrique R. Ubarri 5/31/2018 5 Assessed the Incentives Code and its impact to the Fiscal Plan. 3.8

Eric Deichmann 5/31/2018 5 Discussions regarding the Commonwealth's certified fiscal plan with S. Martinez 0.8

Eric Deichmann 5/31/2018 5 Evaluation of academic and bank research on pricing models for contingent 

securities

3.6

Eric Deichmann 5/31/2018 5 Review and comparison of May 30 FP to prior certified fiscal plan 3.9

Michael Westermann 5/31/2018 5 Review of oversight board memo re: changes to the fiscal plan 0.4

Michael Westermann 5/31/2018 5 Discussions regarding the Commonwealth's certified fiscal plan with S. Martinez 0.7

Michael Westermann 5/31/2018 5 Review of latest incentives code proposal and comparison to fiscal plan 1.2

Michael Westermann 5/31/2018 5 Prepared presentation materials for committee meeting re: updated fiscal plan 1.4

Michael Westermann 5/31/2018 5 Review of updated fiscal plan 2.7

Scott Martinez 5/31/2018 5 Discussions regarding the Commonwealth's certified fiscal plan with M. 

Westermann

0.7

Scott Martinez 5/31/2018 5 Discussions regarding the Commonwealth's certified fiscal plan with E. 

Deichmann

0.8

Scott Martinez 5/31/2018 5 Reviewed the Commonwealth's certified fiscal plan dated May 30, 2018 3.3

Total Hours Matter Category 5 1,250.8

Name Date

Matter 

Category Narrative Hours 

Deborah Praga 2/1/2018 6 Review of news reports related to fiscal plan 0.7

Enrique R. Ubarri 2/1/2018 6 Examined the 2004 joint report of AMBAC, FOMB, AAAF, COFINA and the 

Commonwealth re: regarding Ambac’s requested discovery on the collection of 

the sales-and-use tax

0.1

Scott Martinez 2/1/2018 6 Reviewed article regarding HUD disaster recovery grants 0.2

Scott Martinez 2/1/2018 6 Reviewed an article summarizing the objections to the post petition financing 

for PREPA

0.3

Carol Flaton 2/2/2018 6 Review of Puertopia report 0.2

Enrique R. Ubarri 2/2/2018 6 Reviewed joint motion filed by FOMB, UCC agent and COFINA agent re: seeking 

order expanding authority an other matters.

0.2

Page 79 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 80 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 2/2/2018 6 Reviewed Order dismissing injunction for the creation of the Central Recovery 

and Reconstruction Office 

0.2

Michael Westermann 2/2/2018 6 Review of Reorg overview of UCC objection to DIP 0.2

Michael Westermann 2/2/2018 6 Review of Reorg overview of all other creditors objections to DIP 0.7

Carol Flaton 2/5/2018 6 Review of AMPR/AFT press release re FOMB letter/process 0.2

Carol Flaton 2/5/2018 6 Review of FOMB Violation Letter 0.3

Deborah Praga 2/5/2018 6 Reviewed PR news articles 0.7

Deborah Praga 2/5/2018 6 Reviewed fiscal plan violation letters for commonwealth, PREPA and PRASA 1.6

Enrique R. Ubarri 2/5/2018 6 Reviewed FOMB letter to the Commonwealth re: Fiscal Plan violation and 

addressing the deficiencies on the Fiscal Plan.

0.4

Eric Deichmann 2/5/2018 6 Review of Commonwealth violation letter 0.4

Michael Westermann 2/5/2018 6 Review of FOMB letter describing changes to the fiscal plan and compared them

to the current fiscal plan

1.5

Scott Martinez 2/5/2018 6 Reviewed letters issued by the FOMB regarding the Commonwealth, PREPA and 

PRASA fiscal plans

1.0

Carol Flaton 2/6/2018 6 Reviewed PR insurance report from M. Richard (AFT) 0.2

Enrique R. Ubarri 2/6/2018 6 Reviewed AAFAF's objection to FOMB, COFINA Agent and Commonwealth Agent 

motion for an order expanding authority; reviewed limited objection of 

Noteholder QTCB to motion for order.

0.7

Michael Westermann 2/6/2018 6 Read articles related to education reform initiative launched by Rossello 0.4

Scott Martinez 2/6/2018 6 Reviewed article regarding FEMA contract for meals 0.3

Scott Martinez 2/6/2018 6 Reviewed articles related to delays in payment of insurance claims 0.4

Scott Martinez 2/6/2018 6 Reviewed articles related to changes to the public education system in Puerto 

Rico

0.3

Carol Flaton 2/7/2018 6 Read GSS economic report 0.9

Carol Flaton 2/7/2018 6 Read PR small business report (NY Fed) 0.9

Deborah Praga 2/7/2018 6 Review of PR news reports 0.4

Deborah Praga 2/7/2018 6 Review and analysis of documents in COFINA dataroom 4.1

Michael Westermann 2/7/2018 6 Review of articles related to additional Medicaid funding and effect on Fiscal 

Plan

1.2

Carol Flaton 2/8/2018 6 Review of report on PR Senate proposal for on-island bondholders 0.2

Deborah Praga 2/8/2018 6 Review and analysis of documents in COFINA dataroom 3.5

Enrique R. Ubarri 2/8/2018 6 Assessed MCO Projections through Fiscal Year 2026 Report prepared by 

Millman.

0.2

Enrique R. Ubarri 2/8/2018 6 Reviewed motion filed by FOMB, UCC and the COFINA agent seeking order 

expanding the authority, immunity protections and compensation of the 

commonwealth and COFINA agents.

0.4

Michael Westermann 2/8/2018 6 Reviewed PR senate bill related to on-island bondholders and effect that such 

additional payments would have on cash available for other debt service

2.0

Deborah Praga 2/9/2018 6 Indexing documents in COFINA dataroom 0.7

Deborah Praga 2/9/2018 6 Review of reports related to economic activity in Puerto Rico through the first 

half of FY18

1.4

Deborah Praga 2/9/2018 6 Review and analysis of documents in COFINA dataroom 4.9

Enrique R. Ubarri 2/9/2018 6 Analyzed the Creditor Group Bi-Weekly Update, February 9, 2018 0.2

Rahul Yenumula 2/9/2018 6 Research on Bloomberg re: Commonwealth Bond Issuances 1.6

Robert Bingham 2/9/2018 6 Research of Commonwealth financial statements for 2007 and 2008 to identify 

disclosure about use of proceeds from COFINA offerings

1.0

Scott Martinez 2/9/2018 6 Reviewed Puerto Rico's monthly Economic Activity Index report 0.5

Scott Martinez 2/9/2018 6 Reviewed articles regarding federal disaster funding legislation that was 

approved

0.5

Enrique R. Ubarri 2/10/2018 6 Examined Order from Judge Swain re: granting the motion of UCC, FOMB and 

COFINA agent, seeking an order expanding the authority.

0.2

Carol Flaton 2/12/2018 6 Review of J. Carrion (Oversight Board) key note address at PR investment 

summit

0.4

Deborah Praga 2/12/2018 6 Review of report related to BNY COFINA cash balance 0.3

Page 80 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 81 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Deborah Praga 2/12/2018 6 Review of GO 2004 motion requests 0.3

Deborah Praga 2/12/2018 6 Review of Ambac 2004 motion/order 1.1

Enrique R. Ubarri 2/12/2018 6 Research re: amended Public Private Partnership Act 0.1

Michael Westermann 2/12/2018 6 Review of J. Carrion (Oversight Board) and COFINA advisor statements from 

recent panel

0.8

Scott Martinez 2/12/2018 6 Reviewed FOMB comments from the investment summit 0.3

Scott Martinez 2/12/2018 6 Reviewed article summarizing the Puerto Rico investment summit 0.3

Deborah Praga 2/13/2018 6 Review of documents posted to Intralinks dataroom 1.7

Deborah Praga 2/13/2018 6 Indexing documents in COFINA dataroom 1.8

Deborah Praga 2/13/2018 6 Review and analysis of documents in COFINA dataroom 4.4

Michael Westermann 2/13/2018 6 Review of component units report posted to Intralinks 1.0

Scott Martinez 2/13/2018 6 Reviewed article on impact of outmigration from Puerto Rico 0.2

Deborah Praga 2/14/2018 6 Indexing documents in COFINA dataroom 1.3

Deborah Praga 2/14/2018 6 Review and analysis of documents in COFINA dataroom 4.8

Michael Westermann 2/14/2018 6 Review article related to housing contract subject to controversy 0.2

Scott Martinez 2/14/2018 6 Reviewed articles regarding observations on the revised draft fiscal plan for the

Commonwealth

0.2

Scott Martinez 2/14/2018 6 Reviewed article regarding additional Commonwealth contract that was 

improperly awarded

0.2

Deborah Praga 2/15/2018 6 Review of documents in COFINA data room 2.6

Scott Martinez 2/15/2018 6 Reviewed airline net outflow data based on airline activity for October through 

November

0.2

Deborah Praga 2/16/2018 6 Review of reports related to Judge Swain's rulings 1.4

Deborah Praga 2/16/2018 6 Research related to debt proposals 1.5

Michael Westermann 2/16/2018 6 Research related to Rosello comments and CDL financing 1.7

Michael Westermann 2/17/2018 6 Reviewed summary of DIP objections posted on Reorg Research 0.9

Robert Bingham 2/19/2018 6 Preparation of summary of changes discussed (at 2/16/18 meeting) to potential 

GDB plan

1.1

Carol Flaton 2/20/2018 6 Reviewed CW agent revised summary judgement statement 1.2

Deborah Praga 2/20/2018 6 Review of reports related to PR Special Revenues ruling 1.3

Michael Westermann 2/20/2018 6 Read Center for Investigative Journalism's report on the new fiscal plans and 

risks included in such

0.7

Michael Westermann 2/20/2018 6 Research related to new education reform in PR and proposals being made 0.9

Michael Westermann 2/20/2018 6 Review of PBA motion for CW to pay post-petition rent 0.9

Michael Westermann 2/20/2018 6 Looked up PBA related language in the 2016 operating report, previous 

diligence questions and answers, and the Rothschild mediation deck in order to 

determine how PBA rent is being calculated

1.3

Scott Martinez 2/20/2018 6 Reviewed report regarding $1.27 billion nutritional assistance for Puerto Rico 0.2

Scott Martinez 2/20/2018 6 Reviewed report regarding Judge Swain's special revenue ruling's impact on the 

muni market

0.2

Deborah Praga 2/21/2018 6 Review of news articles related to PR hearings 0.6

Enrique R. Ubarri 2/21/2018 6 Reviewed Puerto Rico Institute of Statistics motion reiterating declaratory 

judgment and a permanent injunction against the government.

0.3

Enrique R. Ubarri 2/21/2018 6 Reviewed reconsideration filed in San Juan Superior Court on the determination

of the create the Central Recovery and Reconstruction Office 

0.3

Scott Martinez 2/21/2018 6 Reviewed report regarding outmigration post hurricane 0.2

Scott Martinez 2/21/2018 6 Reviewed report regarding Puerto Rico debt 0.2

Scott Martinez 2/21/2018 6 Reviewed new materials posted to the Intralinks data room 0.5

Carol Flaton 2/22/2018 6 Review of Fed Reserve Bank report on PR 0.8

Deborah Praga 2/22/2018 6 Review of reports related to Judge Swain's rulings 0.6

Enrique R. Ubarri 2/22/2018 6 Reviewed Order from Judge Swain re: Instituto de Conservación y 

Competitividad Económica de PR

0.1

Page 81 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 82 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 2/22/2018 6 Reviewed memorandum in support of motion for summary judgment filed by 

COFINA agent; memorandum in support of motion for summary judgment filed 

by COFINA Bondholders; motion for summary judgment filed by the Mutual 

Fund Group and PR Funds; motion for summary group presented by the GO 

Bondholders; Memorandum in Support of Motion for Summary Judgment filed by

the Retiree Committee.

3.9

Michael Westermann 2/22/2018 6 Pulled relevant SUT information from Hacienda, Intralinks and emails for 

preparation for SUT CWG call

0.2

Michael Westermann 2/22/2018 6 Read comments from Fed Reserve of NY related to CDLs and information 

transparency

0.3

Michael Westermann 2/22/2018 6 Review of Reorg summary of COFINA Summary Judgement motions 0.7

Michael Westermann 2/22/2018 6 Researched adjustments discussed by Conway regarding SUT 1.1

Scott Martinez 2/22/2018 6 Reviewed report regarding CDLs for Puerto Rico 0.2

Scott Martinez 2/22/2018 6 Reviewed FRB - NY presentation on Puerto Rico and the USVI after hurricanes 

Irma and Maria

0.4

Scott Martinez 2/22/2018 6 Reviewed bi-weekly creditor update report posted to Intralinks 0.4

Scott Martinez 2/22/2018 6 Reviewed Brad Setser report regarding Puerto Rico fiscal plan assumptions 0.4

Scott Martinez 2/22/2018 6 Reviewed report summarizing the various summary judgement motions 

regarding COFINA-Commonwealth dispute

0.5

Carol Flaton 2/23/2018 6 Review of BDH tax analysis 0.6

Deborah Praga 2/23/2018 6 Pulled Bloomberg data related to PBA bonds 1.2

Enrique R. Ubarri 2/23/2018 6 Analyzed the Creditor Group Bi-Weekly Update, February 23, 2018 0.2

Michael Westermann 2/23/2018 6 Review of NY Fed report on PR and USVI economy following storm 0.9

Michael Westermann 2/23/2018 6 Review Assured earnings release for information on PR exposure 1.1

Michael Westermann 2/23/2018 6 Reviewed PBA motion from Paul Hastings and research into debt issuances 1.5

Michael Westermann 2/23/2018 6 Review PBA indentures for breakout of different issuance years in support of 

Paul Hastings litigation

1.6

Scott Martinez 2/23/2018 6 Reviewed report regarding insurance payments to homeowners 0.1

Scott Martinez 2/23/2018 6 Reviewed files posted to Intralinks 2.2

Enrique R. Ubarri 2/25/2018 6 Examined detailed Analysis of Puerto Rico’s Tax Incentive Programs 0.1

Carol Flaton 2/26/2018 6 Reviewed COFINA 2019 filing 0.1

Carol Flaton 2/26/2018 6 Review of Franklin published opinion on muni market and PR effect 0.4

Carol Flaton 2/26/2018 6 Reviewed Judge Dein’s 2004 ruling and PH summary 0.6

Carol Flaton 2/26/2018 6 Read UCC and FOMB PBA motions 1.2

Deborah Praga 2/26/2018 6 Reviewed articles related to updated Fiscal Plan timelines 0.1

Deborah Praga 2/26/2018 6 Review of reports related to PR's tax incentive programs 1.4

Deborah Praga 2/26/2018 6 Review of documents in COFINA data room 2.1

Enrique R. Ubarri 2/26/2018 6 Reviewed Order from Judge Dein re: 2004 motion for the production of 

documentation related to the PR Fiscal Plans.

0.3

Enrique R. Ubarri 2/26/2018 6 Reviewed FOMB and Commonwealth entities' objection to the motion filed by 

the PBA funds for satisfaction of post petition rental obligations

0.5

Enrique R. Ubarri 2/26/2018 6 Examined the COFINA Agent request to certify certain questions to the 

Supreme Court of Puerto Rico in the Commonwealth-COFINA dispute.

0.7

Michael Westermann 2/26/2018 6 Review of Judge Dein's decision on 2004 discovery 0.2

Michael Westermann 2/26/2018 6 Review of council of foreign relations blog post discussing the fiscal plan and 

comparison to actual results versus numbers included in the report

0.8

Scott Martinez 2/26/2018 6 Reviewed CRRO RFPs for energy and public housing services 0.3

Carol Flaton 2/27/2018 6 Review of COFINA certification motion 0.7

Deborah Praga 2/27/2018 6 Review of reports regarding CDL funding 0.6

Deborah Praga 2/27/2018 6 Reviewed documents posted to Intralinks 3.1

Enrique R. Ubarri 2/27/2018 6 Examined the Summary of the Commonwealth Creditor Working Group Call with

the Mediation Judges, AAFAF and FOMB

0.1

Page 82 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 83 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 2/27/2018 6 Examined request for expedited briefing schedule on the COFINA Agent’s 

Motion to Certify Questions Under Puerto Rico Law to the Supreme Court of 

Puerto Rico;Mutual Fund Group and PR Funds’ Motion to Certify Questions of 

Law to the Puerto Rico Supreme Court; statement in support of the motion to 

certify to the Puerto Rico Supreme Court filed by the Senior Bondholders 

Coalition.

0.4

Enrique R. Ubarri 2/27/2018 6 Reviewed Joint Motion by AFSCME, American Federation of Teachers, 

International Union, United Automobile, Aerospace and Agricultural Implement 

Workers of America (UAW), and SEIU for an Order Authorizing Discovery under 

Bankruptcy Rule 2004

0.7

Michael Westermann 2/27/2018 6 Reviewed draft education bill 2.6

Scott Martinez 2/27/2018 6 Reviewed report regarding AAFAF annual spend for professional services 0.2

Scott Martinez 2/27/2018 6 Reviewed report regarding Unions filing of 2004 motion regarding employee 

contributions

0.2

Carol Flaton 2/28/2018 6 Reviewed draft objection to Cofina certification request 0.3

Deborah Praga 2/28/2018 6 Reviewed reports related to CDL funding 0.2

Enrique R. Ubarri 2/28/2018 6 Reviewed FOMB Objection to COFINA Agent Seeking Puerto Rico Supreme Court 

Guidance

0.2

Enrique R. Ubarri 2/28/2018 6 Examined the Reservation of rights to the Motion for Entry of Order Extending 

Time to Assume or Reject certain Leases of Nonresidential Real Property and 

proposed order filed by QTCB Noteholder Group.

0.2

Enrique R. Ubarri 2/28/2018 6 Research re: CDL negotiation with Department of Treasury; exchanged e-mails 

with S. Martinez re: CDL research .

0.3

Enrique R. Ubarri 2/28/2018 6 Research of membership of the New York City Bar. 0.2

Enrique R. Ubarri 2/28/2018 6 Examined the Opposition of FOMB to Motion of COFINA Agent to Set Expedited 

Briefing Schedule on COFINA Agent’s Motion or Certify Questions Under Puerto 

Rico Law to the PR Supreme Court; the COFINA Agent’s Reply in Support of 

Urgent Motion to Set Expedited Briefing Schedule; and the Reply of the COFINA 

Senior Bondholders’ Coalition to the Oversight Board’s Opposition to Urgent 

Motion of the COFINA Agent to Set Expedited Briefing Schedule on Motion to 

Certify Questions

0.5

Michael Westermann 2/28/2018 6 Research into CDL financing and issues with obtaining the funds 0.3

Michael Westermann 2/28/2018 6 Read CDL statements from US Treasury 0.4

Michael Westermann 2/28/2018 6 Research into amount of healthcare Medicaid funding that is contingent 0.9

Deborah Praga 3/1/2018 6 Research on CAB accounting 0.9

Enrique R. Ubarri 3/1/2018 6 Reviewed order from Judge Swain re: denial of the COFINA agent's motion 

seeking an expedited schedule with respect to the certification motion. 

0.1

Michael Westermann 3/1/2018 6 Review of Rossello comments re: CDL financing 0.2

Michael Westermann 3/1/2018 6 Review of Rossello comments regarding current status of the fiscal plan and 

differences between FOMB opinions

0.5

Scott Martinez 3/1/2018 6 Reviewed report regarding responses to the Commonwealth's healthcare RFP 0.2

Carol Flaton 3/2/2018 6 Review of filed COFINA motions describing structure 0.6

Enrique R. Ubarri 3/2/2018 6 Reviewed FOMB Omnibus reply to the motions to assume or reject the 

unexpired leases of the Public Building Authority; ad hoc GO Bondholders 

reservation of rights motion.

0.3

Michael Westermann 3/2/2018 6 Review of PBA motions recently filed 0.6

Carol Flaton 3/5/2018 6 Read PH initial filing re Cofina matters (prep for mediation) 0.6

Carol Flaton 3/5/2018 6 Read Cofina filings (prep for mediation) 1.4

Deborah Praga 3/5/2018 6 Review of overview of Rossello comments on state of the union 0.3

Deborah Praga 3/5/2018 6 Review of reports related to CDL funding 0.4

Enrique R. Ubarri 3/5/2018 6 Examined the Memorandum of Law filed by the Municipality of San Juan in 

opposition to the GDB and AAFAF's Motion to Dismiss.

1.3

Scott Martinez 3/5/2018 6 Reviewed report regarding opposition to GDB's restructuring 0.2

Carol Flaton 3/6/2018 6 Read letter by Hispanic Leadership Fund 0.2

Page 83 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 84 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 3/6/2018 6 Reviewed Reservation of Rights filed by Assured with respect to the Preliminary

Objection of the UCC to the Motion of PBA Funds for Payment of Rent; and the 

QTCB joinder to the Motion of the PBA Funds for the Payment of Rent

0.3

Michael Westermann 3/6/2018 6 Review of FCC proposal for new PR relief and restoration 0.1

Michael Westermann 3/6/2018 6 Review PBA QTCB noteholder motion 0.7

Michael Westermann 3/6/2018 6 Review of COFINA GO motion with emails 0.7

Michael Westermann 3/6/2018 6 Read Moody's research report on Charter Schools and created overview of key 

findings

1.1

Michael Westermann 3/6/2018 6 Research related to education reform based on studies provides by committee 

member

2.8

Scott Martinez 3/6/2018 6 Reviewed report regarding funds to restore communications network 0.1

Scott Martinez 3/6/2018 6 Reviewed report regarding concerns raised about the security of the COFINA 

structure 

0.2

Michael Westermann 3/7/2018 6 Review of PBA motion negotiated in court 0.8

Michael Westermann 3/7/2018 6 Review of Boston Consulting Group report on the transformation of Philadelphia

Public schools as a comparable to PR

1.4

Michael Westermann 3/7/2018 6 Review of research related to traditional public school finances following the 

implementation of charter schools and the effect that conversion to charters 

will have 

3.0

Scott Martinez 3/7/2018 6 Reviewed summary report of omnibus hearing 0.3

Carol Flaton 3/8/2018 6 Review of Fed Res Bank 3/7 report 0.4

Deborah Praga 3/8/2018 6 Read NY Fed presidents remarks re economic recovery 0.3

Deborah Praga 3/8/2018 6 Pulled trading data from Bloomberg 0.8

Enrique R. Ubarri 3/8/2018 6 Reviewed Ruling in the Puerto Rico Institute of Statistics litigation. 1.5

Michael Westermann 3/8/2018 6 Review of CRRO updates on public housing and energy reform 0.2

Michael Westermann 3/8/2018 6 Review of recent Intralinks uploads 0.3

Michael Westermann 3/8/2018 6 Read NY Fed presidents remarks re economic recovery 0.3

Scott Martinez 3/8/2018 6 Reviewed Federal Reserve Bank of NY update report on Puerto Rico 0.3

Carol Flaton 3/9/2018 6 Review of AAFAF posted materials prior to CWG call 0.3

Carol Flaton 3/9/2018 6 Review of Banco Popular declaration re SUT accounts 0.3

Carol Flaton 3/9/2018 6 Review of Hunter College PR pop analysis 0.4

Enrique R. Ubarri 3/9/2018 6 Reviewed proposed order in the PBA Funds for Payment of Rent. 0.1

Enrique R. Ubarri 3/9/2018 6 Analyzed the Creditor Group Bi-Weekly Update, March 9, 2018 0.2

Enrique R. Ubarri 3/9/2018 6 Reviewed motion filed by the Instituto de Competitividad y Sostenibilidad 

Economica de Puerto Rico as reply to AAFAF in issues stated by the Court.

0.2

Michael Westermann 3/9/2018 6 Review of bi-weekly creditor working group presentation posted to Intralinks 0.3

Michael Westermann 3/9/2018 6 Preliminary review of diligence questions and answers posted to Intralinks 0.8

Scott Martinez 3/9/2018 6 Reviewed documents posted to Intralinks regarding the Commonwealth fiscal 

plan

0.9

Enrique R. Ubarri 3/10/2018 6 Exchanged e-mails with C. Flaton, R. Yenumula and S. Martinez re: removal of 

energy projects.

0.1

Carol Flaton 3/11/2018 6 Reviewed draft motion re Cofina MSJ objection 0.6

Carol Flaton 3/12/2018 6 Review/mark of Prasa loan summary (for L. Despins of PH) 0.2

Carol Flaton 3/12/2018 6 partial review of COFINA filings (positions) by CW and COFINA constituents (preMSJ filings) 1.3

Deborah Praga 3/12/2018 6 Review of FOMB / CW letters to congress and the governor 0.3

Deborah Praga 3/12/2018 6 Research related to CDL funding 0.8

Michael Westermann 3/12/2018 6 Review of FOMB / CW letters to congress and the governor 0.3

Michael Westermann 3/12/2018 6 Continued research into PR Dept. of Education related to federal funding 

available and potential for increase/decreased funding from shift to charter 

schools

0.8

Michael Westermann 3/12/2018 6 Review of and summary for Hunter College population relocation study 2.3

Scott Martinez 3/12/2018 6 Reviewed FOMB letters to the Governor and Congress regarding PROMESA costs 0.2

Scott Martinez 3/12/2018 6 Reviewed report regarding fiscal failure and corruption in Puerto Rico 0.3

Page 84 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 85 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Scott Martinez 3/12/2018 6 Reviewed Hunter College report regarding Puerto Rican post Maria relocation 

by state

0.6

Deborah Praga 3/13/2018 6 Review of Hunter College population relocation study 0.8

Deborah Praga 3/13/2018 6 Review of 2004 motion regarding fiscal plan document production 0.8

Enrique R. Ubarri 3/13/2018 6 Reviewed Assured and NPFGC objection to order from Judge Dein re: 

Application of Deliberative Process Privilege to Pre-Decisional Fiscal Plan 

Documents, Communications

0.3

Michael Westermann 3/13/2018 6 Review of legislature regarding updated municipal funds provided by the 

general fund and comparison to current fiscal plan

0.6

Michael Westermann 3/13/2018 6 Review of 2004 motion regarding fiscal plan document production 0.8

Michael Westermann 3/13/2018 6 Continued research into federal funding of the department of education 1.9

Robert Bingham 3/13/2018 6 Review and comment on updated draft of COFINA bond pricing model to be 

shared with FA to mediator

0.3

Robert Bingham 3/13/2018 6 Review and comment on updated draft of COFINA bond pricing model to be 

shared with FA to mediator

0.4

Robert Bingham 3/13/2018 6 Review and comment on draft of COFINA bond pricing model to be shared with 

FA to mediator

1.4

Robert Bingham 3/13/2018 6 Prepare alternative approach to pricing of Capital Appreciation Bonds for bond 

pricing model to be shared with FA to mediator

3.3

Scott Martinez 3/13/2018 6 Reviewed report regarding financial impact of Rossello pledges in his state of 

the Commonwealth address

0.1

Scott Martinez 3/13/2018 6 Reviewed proposed changes to release letter with Milliman 0.2

Deborah Praga 3/14/2018 6 Review of files posted to Intralinks 0.9

Michael Westermann 3/14/2018 6 Review updated files posted to Intralinks 0.2

Michael Westermann 3/14/2018 6 Review of COFINA summary judgement motions and effects on the fiscal plan 2.0

Robert Bingham 3/14/2018 6 Discussion of COFINA pricing analysis (C. Flaton, S. Martinez) 0.3

Robert Bingham 3/14/2018 6 Review and testing of formulas and data flow in COFINA pricing analysis 0.9

Carol Flaton 3/15/2018 6 Reviewed WSJ article evaluating PR bonds 0.3

Carol Flaton 3/15/2018 6 Viewed latest PR status (CNN) re statistical reporting related to Hurricane 

Maria

0.4

Deborah Praga 3/15/2018 6 Review of the debt sustainability analysis posted to Intralinks 0.3

Enrique R. Ubarri 3/15/2018 6 Reviewed Order from Judge Swain re: PBA Funds’ Motion for Payment of 

Administrative Rent Claims

0.1

Enrique R. Ubarri 3/15/2018 6 Reviewed the COFINA agent, the COFINA senior bondholders’ coalition, the 

mutual fund group and the Puerto Rico funds, NPFGC and Ambac, on the one 

hand, and, the official committee of retirees and the ad hoc group of GO 

bondholders, on the other hand, filed oppositions or joinders to oppositions to 

the summary judgment motions filed by members of the opposing group.

4.0

Michael Westermann 3/15/2018 6 Review of letter to UPR re: fiscal plan recommendations 0.5

Scott Martinez 3/15/2018 6 Reviewed FOMB letter regarding the UPR fiscal plan 0.1

Scott Martinez 3/15/2018 6 Reviewed report from the Army Corp of Engineers regarding the status of 

Puerto Rico's long term recovery

0.1

Scott Martinez 3/15/2018 6 Reviewed report regarding discrepancies in SUT collection reporting 0.2

Scott Martinez 3/15/2018 6 Reviewed Gov. Rossello's first recovery plan development progress report to 

Congress

0.2

Carol Flaton 3/16/2018 6 Review of Journal article re trading prices 0.1

Carol Flaton 3/16/2018 6 Review CPA roundup analysis 0.4

Carol Flaton 3/16/2018 6 Review of J. Stieglitz economic forecast/analysis of PR 0.9

Enrique R. Ubarri 3/16/2018 6 Research on-island relief spend; exchanged e-mails with M. Westermann re: onisland spend and recovery efforts.0.6

Michael Westermann 3/16/2018 6 Research re: private insurance spend 0.8

Michael Westermann 3/16/2018 6 Research re: on-island relief spending which remains on island for committee 

member question

1.5

Robert Bingham 3/16/2018 6 Second review and test of formulas in debt pricing model 0.3

Page 85 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 86 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Scott Martinez 3/16/2018 6 Reviewed report regarding SUT collections from Amazon and assessed the 

impact on the Commonwealth's fiscal plan

0.2

Scott Martinez 3/16/2018 6 Reviewed report regarding a contract entered into by PRASA to maximize 

grants

0.2

Deborah Praga 3/19/2018 6 Review of documents uploaded to Intralinks 0.9

Enrique R. Ubarri 3/19/2018 6 Research re: Act 91; exchanged several e-mails with S. Martinez re: research 

Act 91.

0.3

Enrique R. Ubarri 3/19/2018 6 Research re: approved Education Reform Act; sent e-mails to S. Martinez, C. 

Flaton and M. Westermann re: Educational Reform Act amendments from House

version.

0.4

Michael Westermann 3/19/2018 6 Review update on financial reporting from Treasury Secretary 0.3

Michael Westermann 3/19/2018 6 Review of 2018 Budget ruling by PR supreme court 0.8

Michael Westermann 3/19/2018 6 Review of COFINA dispute replies and comparison to amounts contained in 

fiscal plan

1.1

Michael Westermann 3/19/2018 6 Review of file recently posted to Intralinks 1.5

Scott Martinez 3/19/2018 6 Reviewed a tax reform study performed on Puerto Rico and the impact on the 

Puerto Rican economy

1.1

Scott Martinez 3/19/2018 6 Reviewed files posted to the Intralinks data room regarding January actual 

results

1.2

Carol Flaton 3/20/2018 6 Review of draft summary judgement motion 0.7

Enrique R. Ubarri 3/20/2018 6 Research re: Puerto Rico Tax Reform. 0.4

Enrique R. Ubarri 3/21/2018 6 Reviewed ZC Debt Pricing Presentation. 0.3

Michael Westermann 3/21/2018 6 Review of finalized education reform bill 1.1

Michael Westermann 3/21/2018 6 Review of Rossello updated to tax reform, and updated presentation to 

committee to include such

1.3

Michael Westermann 3/21/2018 6 Review of legislation related to tax reform 2.4

Enrique R. Ubarri 3/22/2018 6 Assessed the adversary complaint presented by the Cooperativas against 

Commonwealth of PR and the FOMB

1.3

Michael Westermann 3/22/2018 6 Brief review of summary judgements of COFINA litigations 0.5

Michael Westermann 3/22/2018 6 Review of cooperatives complaints against CW and debt financings 0.9

Enrique R. Ubarri 3/23/2018 6 Analyzed the Creditor Group Bi-Weekly Update, March 23, 2018 0.2

Enrique R. Ubarri 3/23/2018 6 Videoconference of the hearing by the House Oversight Committee on the 

Bureaucratic Challenges to Hurricane Recovery in PR

1.4

Enrique R. Ubarri 3/23/2018 6 Reviewed COFINA Agent's Omnibus Reply in Support of Motion for Summary 

Judgment; COFINA Agent’s reply to the Commonwealth Agent’s 

counterstatement of additional undisputed material facts; Reply Memorandum 

of Law of COFINA Senior Bondholders’ Coalition in support of Motion for 

Summary Judgment; Reply Statement of Undisputed Material Facts of the 

COFINA Senior Bondholders’ Coalition; Joinders of NPFGC and AMBAC to the 

Omnibus Reply Memorandum of Law in Support of Motion for Summary 

Judgment filed by the COFINA Agent; Mutual Fund Group and PR Funds’ Reply 

in Support of Summary Judgment; Omnibus Reply of the GO bondholders in 

Support of Motion for Summary Judgment; Reply Memorandum of the Retirees 

Committee in Support of Motions for Summary Judgment

2.5

Michael Westermann 3/23/2018 6 Read Reorg article detailing highlights from new CW fiscal plan expected to be 

released shortly

0.2

Michael Westermann 3/23/2018 6 Review of Espacios Abiertos lawsuit regarding fiscal plan details 0.3

Michael Westermann 3/23/2018 6 Review of CDL financing announcements 1.1

Scott Martinez 3/23/2018 6 Reviewed the FOMB press release regarding the delay in certifying the fiscal 

plans

0.1

Carol Flaton 3/26/2018 6 Review of CW agency consolidation report 0.2

Deborah Praga 3/26/2018 6 Research related to precedent muni deals 1.7

Enrique R. Ubarri 3/26/2018 6 Research re: Government of PR agency closings; sent e-mail to S. Martinez, C. 

Flaton, M. Westermann and Eric Deichmann re: agency closings.

0.1

Page 86 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 87 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 3/26/2018 6 Reviewed AAFAF's response to the objections presented by Assured and NPFGC 

to the Judge Dein's DPP Order

0.3

Scott Martinez 3/26/2018 6 Reviewed report regarding government rightsizing 0.2

Carol Flaton 3/27/2018 6 Reviewed article from M. Richard (AFT) re PR status 0.2

Enrique R. Ubarri 3/27/2018 6 Examined the GDB Fiscal Plan. 0.7

Enrique R. Ubarri 3/28/2018 6 Research re: Labor Reform reversal; exchanged e-mails with C. Flaton re: labor 

reform reversal.

0.2

Robert Bingham 3/28/2018 6 Review and extract information from proposed GDB settlement 1.1

Scott Martinez 3/28/2018 6 Reviewed FOMB letter regarding PRASA fiscal plan 0.2

Scott Martinez 3/28/2018 6 Reviewed FOMB letter regarding Commonwealth fiscal plan and assessed 

impact to fiscal plan

0.6

Carol Flaton 3/30/2018 6 Review of M. Richard (AFT) article 0.1

Carol Flaton 3/30/2018 6 Review article from F. Santos (PR Hospital Supply 0.1

Enrique R. Ubarri 4/2/2018 6 Reviewed Reply Memorandum in support of objections of Assured and NPFGC to 

Judge Dein's Order.

0.1

Michael Westermann 4/2/2018 6 Review of UPR FOMB comments letter 0.7

Enrique R. Ubarri 4/3/2018 6 Exchanged e-mails with S. Martinez and R. Bingham re: accounting method for 

COFINA; research accounting method for COFINA and changes made throughout 

the years.

0.8

Michael Westermann 4/3/2018 6 Read congressional response to governor 0.2

Michael Westermann 4/3/2018 6 Read Rossello letter to Congress re fiscal plan changes and FOMB authority 0.3

Robert Bingham 4/3/2018 6 Analysis of 2009 Commonwealth audited financial statements to identify 

reasons for change in accounting policy related to COFINA

1.4

Deborah Praga 4/4/2018 6 Reviewed news reports related to Commonwealth Fiscal Plan 0.4

Scott Martinez 4/4/2018 6 Reviewed report regarding the Commonwealth fiscal plan 0.3

Scott Martinez 4/4/2018 6 Reviewed Institute of Statistics February report on PMI of Puerto Rico 

Manufacturing

0.3

Enrique R. Ubarri 4/5/2018 6 Reviewed e-mail from S. Martinez re: Settlement Discussion Materials. 0.1

Enrique R. Ubarri 4/5/2018 6 Reviewed release from BNY Mellon re: Market Value of COFINA Debt Service 

Accounts as of 4-12-18

0.1

Enrique R. Ubarri 4/5/2018 6 Reviewed the Independent Investigator Second Interim Report Related to 

Puerto Rico Debt Probe

0.2

Enrique R. Ubarri 4/6/2018 6 Reviewed the Summary of the Commonwealth Creditor Working Group call with 

the mediation judges and AAFAF prepared by ZC

0.1

Enrique R. Ubarri 4/6/2018 6 Analyzed the Creditor Group Bi-Weekly Update, March 23, 2018 0.2

Michael Westermann 4/6/2018 6 Review of governor's comments on requested fiscal plan changes 0.2

Deborah Praga 4/9/2018 6 Reviewed new document posted to Intralinks 0.3

Deborah Praga 4/9/2018 6 Reviewed Kobre & Kim interim report 0.4

Enrique R. Ubarri 4/9/2018 6 Reviewed the response filed by AAFAF and the FOMB to Assured Assured and 

NPFGC’s reply in support of their objection to Judge Dein's Order.

0.1

Enrique R. Ubarri 4/9/2018 6 Attended teleconference of special investigator of the FOMB. 0.5

Enrique R. Ubarri 4/10/2018 6 Reviewed Motion to Compel Compliance with Court Order filed by the GO 

Bondholders, AMBAC, Assured, the Mutual Find Group, and NPFGC

0.5

Michael Westermann 4/10/2018 6 Review of GDB RSA approval notice 0.4

Robert Bingham 4/10/2018 6 Review and analysis of GDB disclosure in preparation for call with GDB 

professionals

2.6

Deborah Praga 4/11/2018 6 Review of news report related to TSA liquidity report 0.2

Deborah Praga 4/11/2018 6 Reviewed new documents posted to Intralinks 1.2

Enrique R. Ubarri 4/11/2018 6 Reviewed AMBAC and NPFGC limited objection to motion of the COFINA Agent 

to certify certain questions to the PR Supreme Court; Omnibus Objection from 

GO Bondholders to Certify questions to the Supreme Court; Opposition filed by 

the FOMB to the COFINA Agent request to certify certain questions to the PR 

Supreme Court.

1.1

Anthony Perrella 4/12/2018 6 Research of comparable bond yields and yields of AAA rating issuances and 

downloading of data to be used.

4.8

Page 87 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 88 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Mark A. Cervi 4/12/2018 6 Muni related research to support COFIINA settlement 0.8

Mark A. Cervi 4/13/2018 6 Review of CIGI article on debt capacity and review of related research 1.2

Michael Westermann 4/13/2018 6 Review of ex Citi bank director article re debt service levels 0.4

Mark A. Cervi 4/14/2018 6 Review of CIGI report and ZC comp materials 0.5

Eric Deichmann 4/15/2018 6 Review of Weiss/Setser Bloomberg Oped re: debt capacity 0.7

Eric Deichmann 4/15/2018 6 Review of Makoff CIGI report and comparison to alternative debt capacity 

approaches

3.2

Anthony Perrella 4/16/2018 6 Research of debt service coverage ratios of comparable bonds. 1.0

Anthony Perrella 4/16/2018 6 Downloading of Yield Curve data for bonds with 30 years left to maturity. 2.0

Enrique R. Ubarri 4/16/2018 6 Reviewed Assured Guaranty Corp, Assured Guaranty Municipal Corp and NPFGC 

reply memorandum re: 2004 motion on disclosure of Fiscal Plan information.

0.1

Enrique R. Ubarri 4/16/2018 6 Reviewed complaint filed against U.S. government agencies (the U.S. 

Department of Health and Human Services, U.S. Department of Agriculture and 

the Social Security Administration) responsible for hurricane recovery benefits.

0.7

Robert Bingham 4/16/2018 6 Preparation of schedule requested by J. Bliss (PH) concerning COFINA 0.3

Scott Martinez 4/16/2018 6 Reviewed Commonwealth presentation regarding tax legislation reform and its 

impact on the fiscal plan

1.8

Anthony Perrella 4/17/2018 6 Research of debt service coverage ratios of comparable bonds. 2.0

Anthony Perrella 4/17/2018 6 Updates to bond database with ratings and insurance coverage. 2.8

Enrique R. Ubarri 4/17/2018 6

Research new tax law; sent e-mail to C. Flaton and S. Martinez re: new tax law.

0.2

Michael Westermann 4/17/2018 6 Review of articles discussing timing of FOMB release of new fiscal plan 0.2

Michael Westermann 4/17/2018 6 Review of Children's Trust as a COFINA comp 0.7

Scott Martinez 4/17/2018 6 Reviewed report regarding loan to PRASA and ability to receive CDL funding 0.3

Anthony Perrella 4/18/2018 6 Research into ratings reports of specific sales and use tax bonds. 1.4

Deborah Praga 4/18/2018 6 Reviewed report on CDL lending to Puerto Rico 0.6

Deborah Praga 4/18/2018 6 Research related to PR tax law to analyze fiscal plan 1.7

Enrique R. Ubarri 4/18/2018 6 Reviewed Order from Judge Dein re: San Juan adversary proceeding. 0.1

Enrique R. Ubarri 4/18/2018 6 Reviewed the COFINA Agent reply in support of its motion for certification of 

questions to the Puerto Rico Supreme Court; the COFINA Senior Bondholders 

Coalition reply in support of their motion for certification of questions to the 

Puerto Rico Supreme Court; the Mutual Funds Group and Puerto Rico funds 

reply in support of its motion for certification of questions to the Puerto Rico 

Supreme Court; AMBAC and NPFGC's reply in further support of their limited 

objection to the Motion of the COFINA Agent to Certify Questions to the 

Supreme Court of Puerto Rico.

1.0

Enrique R. Ubarri 4/18/2018 6

Reviewed proposed Tax Reform of the Commonwealth of Puerto Rico; prepared 

presentation by the UCC on the proposed Tax Reform for the Commonwealth of 

Puerto Rico; reviewed impact of Fiscal Plan on Proposed Tax Reform.

4.8

Michael Westermann 4/18/2018 6 Review of fiscal plan report recently discussed by the committee and 

comparison to ZC notes on the fiscal plan

0.8

Michael Westermann 4/18/2018 6 Review of latest PR tax legislation and summarized for the committee 1.6

Robert Bingham 4/18/2018 6 Review and comment on latest draft of ZC presentation concerning GDB Fiscal 

Plan

0.6

Scott Martinez 4/18/2018 6 Reviewed report on CDL lending to Puerto Rico 0.4

Anthony Perrella 4/19/2018 6 Bloomberg updates to yield and yield curve data for pricing presentation. 1.4

Enrique R. Ubarri 4/19/2018 6 Revised Tax Reform presentation pursuant to proposed FOMB Fiscal Plan. 1.0

Deborah Praga 4/20/2018 6 Review of reports related to fiscal plan 0.8

Enrique R. Ubarri 4/20/2018 6 Reviewed UCC filing to Intervene in GO Bondholders’ First Circuit Appeal of 

Dismissal of Clawback, Special Property Tax Revenue-Related Lawsuit

0.4

Enrique R. Ubarri 4/23/2018 6 Reviewed motion from the COFINA agent to adjourn hearing for certification. 0.1

Enrique R. Ubarri 4/23/2018 6 Examined ZC presentation with mediation alternatives. 0.1

Enrique R. Ubarri 4/23/2018 6 Reviewed Order issued by Judge Swain re: Omnibus hearing. 0.1

Carol Flaton 4/24/2018 6 Read FOMB press release re CFP process and next steps 0.2

Page 88 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 89 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 4/24/2018 6 Reviewed Memorandum Order from Judge Swain re: Privilege Dispute 

Concerning Pre-Decisional Fiscal Plan Documents, Communications

0.2

Enrique R. Ubarri 4/24/2018 6 Examined complaint filed by labor unions challenging constitutionality of FOMB. 2.1

Carol Flaton 4/25/2018 6 Read FOMB case status report 0.2

Deborah Praga 4/25/2018 6 Review of PROMESA letter to congress 0.2

Deborah Praga 4/25/2018 6 Review of documents posted to Intralinks 0.8

Enrique R. Ubarri 4/25/2018 6 Examined letter from FOMB to Congress re: Fiscal Plan Structural Reforms. 0.1

Enrique R. Ubarri 4/25/2018 6 Examined the Status Report to the Court presented by the FOMB. 0.1

Michael Westermann 4/26/2018 6 Review of FOMB letter to governor related to FY 2019 budget 0.8

Michael Westermann 4/27/2018 6 Review of report from Guzman (economist) related to certified fiscal plan 0.4

Deborah Praga 4/29/2018 6 Review of COFINA structure documents 2.2

Deborah Praga 4/30/2018 6 Reviewed documents posted to Intralinks 2.7

Michael Westermann 4/30/2018 6 Review of GO letter to committee 0.2

Michael Westermann 4/30/2018 6 Review of committee response to GO letter 0.2

Michael Westermann 4/30/2018 6 Review of local economists (center for a new economy) report on the fiscal 

plan

0.6

Michael Westermann 4/30/2018 6 Review of monthly reporting files uploaded to Intralinks 2.8

Scott Martinez 4/30/2018 6

Reviewed letter from the FOMB to Governor Rossello regarding FY 2019 budgets

0.5

Scott Martinez 4/30/2018 6 Reviewed various economists reports regarding the Commonwealth's fiscal plan 0.9

Scott Martinez 4/30/2018 6 Reviewed monthly reporting files uploaded to the Intralinks data room 1.2

Carol Flaton 5/1/2018 6 Review of current GDB RSA terms/details 0.6

Deborah Praga 5/1/2018 6 Researched specifics of PROMESA legislation 0.7

Mark A. Cervi 5/1/2018 6 Research related to Puerto Rico debt ratings 1.0

Michael Westermann 5/1/2018 6 Review of article related to Plan of Adjustment timing 0.1

Carol Flaton 5/2/2018 6 Review of C. Capacete (UBS) interview re bond issuance/distribution practices 0.6

Enrique R. Ubarri 5/2/2018 6 Reviewed communications from FOMB to UPR and the Commonwealth re: 

financial statements.

0.1

Scott Martinez 5/2/2018 6 Reviewed reports regarding bank solicitation efforts regarding Commonwealth 

bonds

0.4

Scott Martinez 5/2/2018 6 Reviewed a report from the Centre for International Governance Innovation 

regarding Puerto Rico's debt

0.9

Enrique R. Ubarri 5/3/2018 6 Reviewed memorandum from Judge Houser re: fiscal plan meetings. 0.1

Robert Bingham 5/3/2018 6 Discussion regarding open questions re: GDB RSA and fiscal plan with S. 

Martinez

0.5

Deborah Praga 5/4/2018 6 Reviewed reports related to fiscal plan 0.7

Michael Westermann 5/4/2018 6 Review of files recently uploaded to Intralinks 0.6

Carol Flaton 5/7/2018 6 Read Retiree objection letter 0.1

Enrique R. Ubarri 5/7/2018 6 Reviewed summary of creditor working group call with mediation judges, 

AAFAF and FOMB and materials provided during the call.

0.2

Enrique R. Ubarri 5/7/2018 6 Reviewed the opinion and order of the PR District Court denying the FOMB’s 

motion to dismiss litigation filed by Centro de Periodismo Investigativo.

0.8

Michael Westermann 5/7/2018 6 Review of court opinion related to discovery motions 0.2

Carol Flaton 5/8/2018 6 Read Governor letters to FOMB re FP plans and rejections 0.7

Deborah Praga 5/8/2018 6 Review of C. Capacete (UBS) interview re bond issuance/distribution practices 0.6

Michael Westermann 5/8/2018 6 Review of Governor's letter to FOMB re: CW fiscal plan 0.6

Scott Martinez 5/8/2018 6 Reviewed documents circulated via email by the FOMB 0.6

Deborah Praga 5/9/2018 6 Review GAO report 2.1

Enrique R. Ubarri 5/9/2018 6 Reviewed GO Bondholder appeal to First Circuit re: restricted revenues. 1.0

Michael Westermann 5/9/2018 6 Read GAO report and compared to latest presentation for committee members 3.0

Robert Bingham 5/9/2018 6 Read and analyze Federal Government report on Puerto Rico 0.6

Enrique R. Ubarri 5/10/2018 6 Reviewed the Government Accountability Office Report on Puerto Rico 2.3

Michael Westermann 5/10/2018 6 Review of documents related to latest PR draft budget and comparison to fiscal 

plan amounts

0.8

Robert Bingham 5/10/2018 6 Read and extract information from Federal Government report on Puerto Rico 0.5

Page 89 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 90 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Scott Martinez 5/10/2018 6 Reviewed the letter from the FOMB to the Commonwealth regarding the draft 

FY 2019 budget

0.3

Scott Martinez 5/10/2018 6 Reviewed the May 2018 GAO report 1.8

Deborah Praga 5/11/2018 6 Review of reports related to fiscal plan 0.4

Deborah Praga 5/11/2018 6 Analysis of document posted to Intralinks 0.7

Enrique R. Ubarri 5/11/2018 6 Reviewed the Adjusted TSA Cash Flow Bridge prepared by Miller Buckfire. 0.1

Carol Flaton 5/14/2018 6 Review of all press releases and attached filings from blowout date 0.4

Enrique R. Ubarri 5/14/2018 6 Reviewed notice from trustee re: appointment to the UCC. 0.1

Enrique R. Ubarri 5/14/2018 6 Reviewed the UPR Mayagüez Campus Professors second amended complaint 

against the Commonwealth of Puerto Rico, the University of Puerto Rico and 

the FOMB.

1.7

Michael Westermann 5/14/2018 6 Research into MCO deadline and potential savings based on recent on-island 

insurer presentations

1.1

Michael Westermann 5/14/2018 6 Follow up to call with local counsel - further research into tax reform 

implementation mechanism in recent reform legislature

1.3

Deborah Praga 5/15/2018 6 Researching UPR programs, campuses and statistics 1.9

Enrique R. Ubarri 5/15/2018 6 Reviewed the Joint Status Report on Fight Over Production of Fiscal Plan 

Development Materials filed by Assured, Ambac, NPFGC and GO Bondholders 

and AAFAF and FOMB

0.2

Deborah Praga 5/16/2018 6 Review of professor union's lawsuit against UPR 0.9

Enrique R. Ubarri 5/16/2018 6 Reviewed e-mails from A. Bongartz (PH) re: the COFINA Agent Proposal to 

Commonwealth Agent examined the COFINA Agent Proposal to Commonwealth 

Agent; UCC operational matters.

0.2

Deborah Praga 5/17/2018 6 Research re: UPR president replacement 1.2

Carol Flaton 5/18/2018 6 Review of published analysis by G. Velez 0.1

Carol Flaton 5/19/2018 6 Review of economic analysis provided by A. Velazquez 0.2

Deborah Praga 5/21/2018 6 Review of reports related to Law 80 0.7

Enrique R. Ubarri 5/21/2018 6 Analyzed filing of FOMB re: Commonwealth-COFINA meditation. 0.1

Enrique R. Ubarri 5/21/2018 6 Analyzed document sent by D. Barron (PH) re: Bonistas del Patio; research re: 

Bonistas del Patio debt

0.9

Eric Deichmann 5/21/2018 6 Review of Carbella-Cueto/Lara 2018 (Journal of Globalization and 

Development)

1.3

Scott Martinez 5/21/2018 6 Reviewed press releases from the Oversight Board and AAFAF regarding 

amendments to the Commonwealth's fiscal plan

0.4

Enrique R. Ubarri 5/22/2018 6 Analyzed filings of FOMB, Retiree Committee, and Santander re: 2004 

investigation

0.6

Deborah Praga 5/23/2018 6 Review draft response to AFSCME motion 0.1

Deborah Praga 5/23/2018 6 Review of documents posted to Intralinks 1.2

Enrique R. Ubarri 5/23/2018 6 Analyzed filings of AAFAF and Popular re: 2004 investigation 0.3

Enrique R. Ubarri 5/23/2018 6 Examined Assured and FGIC filing re:violations of the Fiscal Plan. 1.6

Scott Martinez 5/23/2018 6 Reviewed a summary report of the Assured-FGIC lawsuit against the 

Commonwealth

0.4

Scott Martinez 5/23/2018 6 Reviewed EY tax reform memo and impact for Puerto Rico businesses 0.5

Deborah Praga 5/24/2018 6 Research on tax system and tax reform in response to question from Committee

member

2.3

Enrique R. Ubarri 5/24/2018 6 Assessed order from Judge Swain re: certification of issues to PR Supreme 

Court.

0.2

Deborah Praga 5/25/2018 6 Review of documents posted to Intralinks 0.2

Deborah Praga 5/25/2018 6 Reviewed reports related to Law 80 repeal 0.6

Deborah Praga 5/25/2018 6 Researched Law 80 1.2

Enrique R. Ubarri 5/25/2018 6 Assessed the filings of AAFAF and FOMB for Extension of Bar Date; reviewed 

Order issued by the Court.

0.2

Scott Martinez 5/25/2018 6 Reviewed reports regarding the benefits of repealing Law 80 0.3

Carol Flaton 5/29/2018 6 Review and comment on Committee draft reply 2004 motion 0.2

Page 90 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 91 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 5/29/2018 6 Partial review of FOMB Labor Reform Memo (exec summary – excluding 

exhibits)

1.1

Michael Westermann 5/29/2018 6 Research re: callability of various COFINA issuances 2.5

Michael Westermann 5/29/2018 6 Research effect of 936 phase-out compared to act 154 projection in the fiscal 

plan

3.0

Carol Flaton 5/30/2018 6 Review of FOMB posting re CW legislative status re structure reform 0.2

Carol Flaton 5/30/2018 6 Finished review of FOMB Labor Reform report (without exhibits) 0.3

Enrique R. Ubarri 5/30/2018 6 Assessed the Reply in Support of the Motion to Compel filed by the AFSCME and 

for its impact on the COFINA deal.

0.2

Michael Westermann 5/30/2018 6 Continued research in Act 154 versus Act 936 companies for committee 

presentation

2.4

Scott Martinez 5/30/2018 6 Reviewed FOMB document posted regarding structural reforms understanding 

with Commonwealth and assessed the impact on the Commonwealth fiscal plan

0.6

Scott Martinez 5/30/2018 6 Reviewed the Puerto Rico Planning Society report regarding the housing action 

plan

0.7

Deborah Praga 5/31/2018 6 Review of documents posted to Intralinks site 2.1

Total Hours Matter Category 6 331.7

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 2/2/2018 9 Exchanged email w/S. Martinez re SUT legislation summary 0.2

Deborah Praga 2/2/2018 9 Review of documents produced in connection with the CW Agent's Information 

request

1.0

Deborah Praga 2/6/2018 9 Reviewed and analyzed debt sustainability analysis of fiscal plan 1.8

Carol Flaton 2/8/2018 9 Emails w/ S. Martinez re Ambac 2004 materials 0.2

Deborah Praga 2/12/2018 9 Discussion regarding documents produced in response to the Ambac 2004 

examination regarding SUT with S. Martinez

0.6

Michael Westermann 2/12/2018 9 Evaluated EMMA filing regarding market value of BNY Mellon Debt service 

accounts

0.5

Scott Martinez 2/12/2018 9 Reviewed COFINA trustee report on EMMA regarding current balances 0.2

Michael Westermann 2/16/2018 9 Updated PR debt trading levels and email to S. Martinez 0.8

Scott Martinez 2/16/2018 9 Call with S. Maza (Paul Hastings) regarding PBA bonds 0.2

Carol Flaton 2/23/2018 9 Email w/S. Martinez re PBA payments 0.1

Deborah Praga 2/23/2018 9 Call with S. Maza (Paul Hastings) and S. Martinez regarding PBA bonds 0.1

Deborah Praga 2/23/2018 9 Call with N. Bassett (Paul Hastings) and S. Martinez regarding PBA bonds 0.2

Scott Martinez 2/23/2018 9 Call with S. Maza (Paul Hastings) and D. Praga regarding PBA bonds 0.1

Scott Martinez 2/23/2018 9 Call with N. Bassett (Paul Hastings) and D. Praga regarding PBA bonds 0.2

Scott Martinez 2/23/2018 9 Reviewed documents related to Paul Hastings question regarding the PBA bonds 0.9

Carol Flaton 2/26/2018 9 Emails w/ M. Westermann and E. Deichmann re SUT 0.2

Scott Martinez 2/26/2018 9 Reviewed 2019 statement regarding bond holdings 0.2

Rahul Yenumula 2/27/2018 9 Discussion regarding debt trading prices with S. Martinez 0.5

Rahul Yenumula 2/27/2018 9 Updated the debt pricing model with the current prices 6.9

Scott Martinez 2/27/2018 9 Reviewed draft debt waterfall analysis 0.4

Scott Martinez 2/27/2018 9 Discussion regarding debt trading prices with R. Yenumula 0.5

Scott Martinez 2/27/2018 9 Reviewed updated debt pricing model 0.8

Carol Flaton 2/28/2018 9 Review of MSRB CAB and zero coupon definitions and accounting 0.2

Carol Flaton 2/28/2018 9 Review of debt summary (prep for mtg) 0.3

Carol Flaton 2/28/2018 9 Review of zero coupon market instruments 0.3

Deborah Praga 2/28/2018 9 Review of debt pricing model for recent pricing 0.4

Deborah Praga 2/28/2018 9 Reviewed ZC's debt capacity model in preparation for meeting with PH 

regarding COFINA proposals

1.9

Deborah Praga 3/1/2018 9 Analysis of COFINA and GO historical pricing 1.6

Michael Westermann 3/1/2018 9 Calculations related to compounded annual rates for CABs versus yield provided 2.3

Deborah Praga 3/2/2018 9 Review of ZC contingency notes presentation 0.6

Carol Flaton 3/5/2018 9 Email w/R. Yenumula and S. Martinez re debt trading prices 0.1

Page 91 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 92 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 3/5/2018 9 Review of debt limit calcs in PH filings 0.4

Deborah Praga 3/5/2018 9 Reviewed COFINA account balance presentation and compared it to recently 

filed BNY Mellon account update

0.4

Michael Westermann 3/5/2018 9 Weighted average COFINA debt maturity discussion with S. Martinez, R. 

Bingham

0.7

Michael Westermann 3/5/2018 9 Calculations related to weighted average yield and duration for CW COFINA 

mediation and comparison to presentations at mediation

1.7

Michael Westermann 3/5/2018 9 Updated weighted average excel calculator to include all tranches of bonds 3.5

Rahul Yenumula 3/5/2018 9 Discussion with S. Martinez & R. Bingham re: COFINA Accounts 0.2

Rahul Yenumula 3/5/2018 9 Analysis of COFINA accounts 2.3

Rahul Yenumula 3/5/2018 9 Revised the debt pricing model based on updated bond prices 3.6

Robert Bingham 3/5/2018 9 Discussion with S. Martinez & R. Yenumula re: COFINA Accounts 0.2

Robert Bingham 3/5/2018 9 Discussion regarding COFINA account balances as of May 2017 with S. Martinez 0.4

Robert Bingham 3/5/2018 9 Weighted average COFINA debt maturity discussion with S. Martinez, M. 

Westermann

0.6

Scott Martinez 3/5/2018 9 Reviewed 2019 statement regarding the COFINA senior bondholders coalition 

total COFINA holdings

0.2

Scott Martinez 3/5/2018 9 Discussion with R. Yenumula & R. Bingham re: COFINA Accounts 0.2

Scott Martinez 3/5/2018 9 Discussion regarding COFINA account balances as of May 2017 with R. Bingham 0.4

Scott Martinez 3/5/2018 9 Reviewed COFINA account balance presentation and compared it to the 

recently filed BNY Mellon account update

0.5

Scott Martinez 3/5/2018 9 Weighted average COFINA debt maturity discussion with R. Bingham, M. 

Westermann

0.6

Scott Martinez 3/5/2018 9 Reviewed debt limit analysis in preparation of call with P. Bellot (Phoenix) 0.9

Deborah Praga 3/6/2018 9 Review of COFINA and GO debt trading prices 0.2

Deborah Praga 3/6/2018 9 Review of COFINA debt service account balances 0.4

Michael Westermann 3/6/2018 9 Review of COFINA debt service account balances 0.6

Rahul Yenumula 3/6/2018 9 Discussion with S. Martinez re: Debt Pricing 0.3

Rahul Yenumula 3/6/2018 9 Finalized the debt pricing model based on updated bond prices 2.1

Scott Martinez 3/6/2018 9 Reviewed BNY Mellon report regarding COFINA account balances as of March 1, 

2018

0.2

Scott Martinez 3/6/2018 9 Discussion with R. Yenumula re: Debt Pricing 0.3

Scott Martinez 3/6/2018 9 Reviewed the weighted average maturity analysis regarding COFINA debt 

issuances

0.6

Scott Martinez 3/6/2018 9 Reviewed revised debt trading prices analysis 0.8

Michael Westermann 3/7/2018 9 Compared summary bank account balances as of 1/31 to previous presentation 

and noted diligence questions

0.7

Rahul Yenumula 3/7/2018 9 Revision of summary notes based on comments from R. Bingham 1.7

Deborah Praga 3/8/2018 9 Analysis of COFINA and GO trading prices 0.8

Rahul Yenumula 3/8/2018 9 Quality Check of the COFINA debt pricing model 1.6

Rahul Yenumula 3/8/2018 9 Prepared methodology write-up on COFINA debt prices model 3.1

Rahul Yenumula 3/8/2018 9 Prepared COFINA debt prices model 4.2

Rahul Yenumula 3/9/2018 9 Preparation of COFINA debt prices model 2.4

Rahul Yenumula 3/12/2018 9 Revised the summary notes based on comments from R. Bingham 1.4

Rahul Yenumula 3/12/2018 9 Revision of COFINA debt prices model 2.6

Robert Bingham 3/12/2018 9 Discussion regarding COFINA with S. Martinez 0.2

Scott Martinez 3/12/2018 9 Discussion regarding COFINA with R. Bingham 0.2

Scott Martinez 3/12/2018 9 Reviewed debt pricing model regarding COFINA trading prices 0.3

Rahul Yenumula 3/13/2018 9 Revision of methodology write-up based on comments from R. Bingham 1.4

Scott Martinez 3/13/2018 9 Reviewed and commented on the draft COFINA debt trading price analysis 1.3

Carol Flaton 3/14/2018 9 discussion w/S. Martinez and B. Bingham re COFINA pricing model 0.3

Deborah Praga 3/14/2018 9 Review of COFINA trading prices doc sent to Phoenix 0.3

Deborah Praga 3/14/2018 9 Internal discussion with R. Yenumula, R. Bingham and S. Martinez re: COFINA 

Prices 

0.3

Deborah Praga 3/14/2018 9 S. Martinez, R. Bingham, R. Yenumula discussion re: COFINA trading prices 0.7

Page 92 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 93 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Rahul Yenumula 3/14/2018 9 Discussion with S. Martinez re: COFINA bond Prices 0.3

Rahul Yenumula 3/14/2018 9

Internal discussion with S. Martinez, R. Bingham and D. Praga re: COFINA Prices 

0.3

Rahul Yenumula 3/14/2018 9 Discussion with S. Martinez and R. Bingham re: COFINA trading prices 0.7

Rahul Yenumula 3/14/2018 9 Discussion with S. Martinez, R. Bingham, D. Praga re: COFINA trading prices 0.7

Rahul Yenumula 3/14/2018 9 Revision of COFINA debt prices model based on comments from S. Martinez 1.7

Rahul Yenumula 3/14/2018 9 Changes to COFINA debt prices model based on comments from R. Bingham and 

S. Martinez

2.6

Robert Bingham 3/14/2018 9 Discussion regarding COFINA trading price model with S. Martinez 0.2

Robert Bingham 3/14/2018 9 Internal discussion with S. Martinez, R. Yenumula and D. Praga re: COFINA 

Prices 

0.3

Robert Bingham 3/14/2018 9 Review and comment on description of process used to develop COFINA bond 

pricing model

0.7

Robert Bingham 3/14/2018 9 Discussion with S. Martinez, R. Yenumula, D. Praga re: COFINA trading prices 0.7

Robert Bingham 3/14/2018 9 Discussion with S. Martinez and R. Yenumula re: COFINA trading prices 0.7

Scott Martinez 3/14/2018 9 Discussion regarding COFINA trading price model with R. Bingham 0.2

Scott Martinez 3/14/2018 9 Discussion with R. Yenumula re: COFINA bond Prices 0.3

Scott Martinez 3/14/2018 9 Internal discussion with R. Yenumula, R. Bingham and D. Praga re: COFINA 

Prices 

0.3

Scott Martinez 3/14/2018 9 Discussion of COFINA pricing analysis (C. Flaton, R. Bingham) 0.3

Scott Martinez 3/14/2018 9 Discussion with R. Bingham and R. Yenumula re: COFINA trading prices 0.7

Scott Martinez 3/14/2018 9 Discussion with R. Bingham, R. Yenumula, D. Praga re: COFINA trading prices 0.7

Scott Martinez 3/14/2018 9 Reviewed the revised draft COFINA debt trading model 0.8

Rahul Yenumula 3/15/2018 9 Quality Check of the debt pricing model 1.9

Rahul Yenumula 3/15/2018 9 Revised the debt pricing model based on changes to COFINA debt prices model 3.2

Robert Bingham 3/15/2018 9 Discussion regarding COFINA with S. Martinez 0.3

Robert Bingham 3/15/2018 9 Review and test formulas in combined accrued interest debt pricing model 0.2

Scott Martinez 3/15/2018 9 Discussion regarding COFINA with R. Bingham 0.3

Carol Flaton 3/16/2018 9 Emails w/L. Despins (PH) re trading prices 0.1

Rahul Yenumula 3/16/2018 9 Discussion with R. Bingham re: GO Bond Issuances 0.2

Rahul Yenumula 3/16/2018 9 Discussion with S. Martinez & R. Bingham re: GO Bond Issuances 0.5

Robert Bingham 3/16/2018 9 Discussion with R. Yenumula re: GO Bond Issuances 0.2

Robert Bingham 3/16/2018 9 Discussion with S. Martinez & R. Yenumula re: GO Bond Issuances 0.5

Scott Martinez 3/16/2018 9 Reviewed draft materials in response to a debt questions raised by S. Maza 

(Paul Hastings)

0.3

Scott Martinez 3/16/2018 9 Discussion with R. Bingham & R. Yenumula re: GO Bond Issuances 0.5

Michael Westermann 3/19/2018 9 Comment on debt service payments included in recently uploaded 1.4

Scott Martinez 3/19/2018 9 Call regarding COFINA with A. Bongartz (Paul Hastings) 0.4

Scott Martinez 3/19/2018 9 Reviewed and commented on COFINA outcome summary analysis 0.9

Deborah Praga 3/20/2018 9 Reviewed Commonwealth debt service model 0.8

Deborah Praga 3/20/2018 9 Calculations of debt claims as of 7/1/18 2.1

Rahul Yenumula 3/20/2018 9 Updated the debt pricing deck based on updated model 3.2

Carol Flaton 3/21/2018 9 Review of latest debt pricing presentation for UCC 0.2

Deborah Praga 3/21/2018 9 Reviewed Commonwealth debt service model 0.8

Deborah Praga 3/21/2018 9 Calculated debt claims as of various dates for GO, and CW guaranteed debt 2.9

Scott Martinez 3/21/2018 9 Reviewed revised debt trading prices analysis 1.1

Carol Flaton 3/23/2018 9 Emails w/ J. Bliss (PH) re Cofina request 0.1

Enrique R. Ubarri 3/23/2018 9 Assessed the complaint presented by Espacios Abiertos for Release of Debt 

Sustainability Analysis, Fiscal Plan Baseline Assumptions

0.4

Michael Westermann 3/26/2018 9 Comment on updated COFINA settlement model 0.7

Michael Westermann 3/27/2018 9 Comment on COFINA projection model 0.8

Carol Flaton 3/28/2018 9 Review of debt analysis report 0.2

Carol Flaton 3/28/2018 9 Emails w/ R. Bingham re debt analysis report 0.3

Deborah Praga 4/2/2018 9 Researched COFINA and GO trading prices 0.6

Page 93 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 94 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Robert Bingham 4/2/2018 9 Review of 2014 Commonwealth financial statements to ascertain treatment of 

COFINA debt

0.4

Carol Flaton 4/3/2018 9 Discussion regarding debt sustainability with D. Praga, S. Martinez, M. 

Westermann, E. Deichmann (partial)

0.5

Deborah Praga 4/3/2018 9 Discussion regarding debt sustainability with C. Flaton, S. Martinez, M. 

Westermann, E. Deichmann

0.6

Deborah Praga 4/3/2018 9 Analyzed pricing relationships between bonds maturing in the same year 1.4

Deborah Praga 4/3/2018 9 Researched historical COFINA and GO prices and created graphs 2.4

Eric Deichmann 4/3/2018 9 Discussion regarding debt sustainability with C. Flaton, S. Martinez, D. Praga, 

M. Westermann

0.6

Eric Deichmann 4/3/2018 9 Risk handicapping / Monte Carlo analysis of FP cash flows for debt capacity 

analysis

5.9

Michael Westermann 4/3/2018 9 Discussion regarding debt sustainability with C. Flaton, S. Martinez, D. Praga, 

E. Deichmann 

0.6

Rahul Yenumula 4/3/2018 9 Preparation of a model for comparison of COFINA CUSIPs with GO CUSIPs 3.2

Scott Martinez 4/3/2018 9 Discussion regarding debt sustainability with C. Flaton, D. Praga, M. 

Westermann, E. Deichmann

0.6

Michael Westermann 4/4/2018 9 Created graphs showing debt capacity estimates in comparison to mediation 

proposals

1.5

Michael Westermann 4/4/2018 9 Created presentation for UCC containing debt sustainability discussions 2.2

Rahul Yenumula 4/4/2018 9 Revision of the model on comparison of COFINA CUSIPs and GO CUSIPs 3.4

Eric Deichmann 4/5/2018 9 Recreation of GGS debt sustainability analysis 3.4

Rahul Yenumula 4/5/2018 9 Revision of the model on comparison of COFINA CUSIPs and GO CUSIPs 2.2

Rahul Yenumula 4/5/2018 9 Updated the model on comparison of COFINA CUSIPs and GO CUSIPs 3.4

Robert Bingham 4/5/2018 9 Discussion regarding GO and COFINA debt issuances with S. Martinez 0.3

Scott Martinez 4/5/2018 9 Discussion regarding GO and COFINA debt issuances with R. Bingham 0.3

Robert Bingham 4/6/2018 9 Review of R. Yenumula presentation of spreads between GO and COFINA bonds 0.7

Carol Flaton 4/10/2018 9 Discussion w/D. Praga re pricing request 0.1

Carol Flaton 4/10/2018 9 Review of pricing deck for UCC 0.1

Deborah Praga 4/10/2018 9 Discussion w/C. Flaton re pricing request 0.1

Deborah Praga 4/10/2018 9 Updated COFINA and GO weighted average pricing doc 0.5

Carol Flaton 4/11/2018 9 Review of recent trading pricing analysis 0.2

Deborah Praga 4/11/2018 9 Updated COFINA and GO weighted average pricing doc 0.8

Mark A. Cervi 4/11/2018 9 Muni related research to support COFIINA settlement 0.8

Anthony Perrella 4/12/2018 9 Call with M. Cervi regarding COFINA settlement research 0.2

Anthony Perrella 4/12/2018 9 Further call with M. Cervi regarding COFINA settlement research 0.2

Anthony Perrella 4/12/2018 9 Call with M. Cervi regarding COFINA settlement 0.2

Carol Flaton 4/12/2018 9 Review and mark of Bond Yield deck 0.4

Mark A. Cervi 4/12/2018 9 Call with A. Perrella regarding COFINA settlement research 0.2

Mark A. Cervi 4/12/2018 9 Further call with A. Perrella regarding COFINA settlement research 0.2

Mark A. Cervi 4/12/2018 9 Call with A. Perrella regarding COFINA settlement 0.2

Mark A. Cervi 4/12/2018 9 Review and comment on draft COFINA settlement info and call with A. Perrella 0.2

Mark A. Cervi 4/12/2018 9 Review and comment on draft slides for COFINA settlement research results 0.3

Carol Flaton 4/13/2018 9 Call with M. Cervi and M. Cervi regarding debt capacity and CIGI report 0.3

Eric Deichmann 4/13/2018 9 Call with C. Flaton and M. Cervi regarding debt capacity and CIGI report 0.3

Mark A. Cervi 4/13/2018 9 Call with C. Flaton and E. Deichmann regarding debt capacity and CIGI report 0.3

Michael Westermann 4/13/2018 9 Created a model showing effects of decreased debt service early in the 

forecast period based on committee member request

0.7

Carol Flaton 4/14/2018 9 Email form E. Deichmann re additional debt capacity considerations 0.3

Mark A. Cervi 4/14/2018 9 Emails to E. Deichmann regarding Debt capacity and economic analysis 0.3

Mark A. Cervi 4/14/2018 9 Review of GAO report on Puerto Rico Fiscal Relations with the Federal 

Government

1.7

Michael Westermann 4/14/2018 9 Updated pros and cons of early reduced debt service payments 2.2

Carol Flaton 4/15/2018 9 Emails w/ E. Deichmann, M. Cervi re debt capacity considerations 0.1

Eric Deichmann 4/15/2018 9 Fiscal Plan and debt sustainability discussion with M. Cervi 1.0

Page 94 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 95 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Mark A. Cervi 4/15/2018 9 Further review debt sustainability discussion materials in advance of call with 

E. Deichmann

0.4

Mark A. Cervi 4/15/2018 9 Review debt sustainability discussion materials in advance of call with E. 

Deichmann

0.9

Mark A. Cervi 4/15/2018 9 Fiscal Plan and debt sustainability discussion with E. Deichmann 1.0

Anthony Perrella 4/16/2018 9 Downloading of Revenue Bond data including coupon and yields to develop 

database.

3.2

Mark A. Cervi 4/16/2018 9 Email to A. Perrella regarding research required for COFINA settlement 0.1

Mark A. Cervi 4/16/2018 9 Review latest COFINA settlement offer to integrate into bond related COFINA 

settlement work

0.4

Mark A. Cervi 4/16/2018 9 Review latest data from A. Perrella 0.6

Mark A. Cervi 4/16/2018 9 Further research related to tax bond ratings to support COFINA Settlement 0.8

Mark A. Cervi 4/16/2018 9 Bond related research to support COFINA settlement 1.4

Mark A. Cervi 4/16/2018 9 Analysis related to bond research and development of presentation to support 

COFINA settlement

1.8

Michael Westermann 4/16/2018 9 Email to M. Cervi describing SUT collection spreadsheet 0.3

Rahul Yenumula 4/16/2018 9 Downloaded Bloomberg data for the pricing model 0.4

Scott Martinez 4/16/2018 9 Reviewed files and provided information requested by Paul Hastings regarding 

COFINA debt

0.4

Scott Martinez 4/16/2018 9 Analyzed and reviewed the debt trading prices of COFINA and GO bonds 0.7

Anthony Perrella 4/17/2018 9 Call with M. Cervi regarding Mini bond pricing 0.2

Anthony Perrella 4/17/2018 9 Municipal securitization yield analysis review - M. Cervi, E. Deichmann 0.8

Eric Deichmann 4/17/2018 9 Municipal securitization yield analysis review - M. Cervi, A. Perrella 0.8

Eric Deichmann 4/17/2018 9 Debt sustainability analysis presentation updates for draft fiscal plan 5.1

Mark A. Cervi 4/17/2018 9 Review of report on PR economy and fiscal plan sent by M. Richards (UCC 

member) and emails to C. Flaton and A. Bongartz (PH) re; the same

0.2

Mark A. Cervi 4/17/2018 9 Call with A. Perrella regarding Mini bond pricing 0.2

Mark A. Cervi 4/17/2018 9 Work related to bond pricing comps 0.2

Mark A. Cervi 4/17/2018 9 Comparable Bond related research 0.4

Mark A. Cervi 4/17/2018 9 Update COFINA rating using Moody's methodology 0.7

Mark A. Cervi 4/17/2018 9 Municipal securitization yield analysis review - E. Deichmann, A. Perrella 0.8

Mark A. Cervi 4/17/2018 9 Research related to Macro economic analysis and debt capacity 1.3

Rahul Yenumula 4/17/2018 9 Revised the recovery analysis based on R. Bingham's comments 0.9

Anthony Perrella 4/18/2018 9 Call with M. Cervi regarding bond research 0.2

Carol Flaton 4/18/2018 9 Discussion regarding bond pricing analysis with M. Westermann, S. Martinez, M. 

Cervi, E. Deichmann 

1.5

Eric Deichmann 4/18/2018 9 Call with M. Cervi regarding high yield comps and slide 0.1

Eric Deichmann 4/18/2018 9 Discussion regarding bond pricing analysis with C. Flaton, S. Martinez, M. Cervi, 

M. Westermann

1.5

Mark A. Cervi 4/18/2018 9 Call with E. Deichmann regarding high yield comps and slide 0.1

Mark A. Cervi 4/18/2018 9 Call with A. Perrella regarding bond research 0.2

Mark A. Cervi 4/18/2018 9 Call with R. Bingham regarding GDB Debt 0.2

Mark A. Cervi 4/18/2018 9 Email related draft bond pricing presentation 0.3

Mark A. Cervi 4/18/2018 9 Review and edit latest draft bond pricing presentation 0.4

Mark A. Cervi 4/18/2018 9 Comparable Bond related research and edit draft presentation 0.7

Mark A. Cervi 4/18/2018 9 Comparable Bond related research and edit draft presentation 1.3

Mark A. Cervi 4/18/2018 9 Continued review and edit of draft bond pricing presentation 1.4

Mark A. Cervi 4/18/2018 9 Discussion regarding bond pricing analysis with C. Flaton, S. Martinez, M. 

Westermann, E. Deichmann

1.5

Mark A. Cervi 4/18/2018 9 Comparable Bond related research and edit draft presentation 2.7

Michael Westermann 4/18/2018 9 Comment on COFINA pricing and comps analysis 0.5

Michael Westermann 4/18/2018 9 Discussion regarding bond pricing analysis with C. Flaton, S. Martinez, M. Cervi, 

E. Deichmann 

1.5

Robert Bingham 4/18/2018 9 Call with M. Cervi regarding GDB Debt 0.2

Scott Martinez 4/18/2018 9 Reviewed and commented on the various iterations of the bond pricing analysis 1.3

Page 95 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 96 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Scott Martinez 4/18/2018 9 Discussion regarding bond pricing analysis with C. Flaton, M. Cervi, M. 

Westermann, E. Deichmann

1.5

Anthony Perrella 4/19/2018 9 Call with M. Cervi regarding edits to COFINA settlement support slides 0.2

Carol Flaton 4/19/2018 9 Review/mark of draft DSA slide 0.3

Carol Flaton 4/19/2018 9 Review and mark of the latest comp analysis 0.3

Deborah Praga 4/19/2018 9 Updated bond pricing analysis 0.7

Eric Deichmann 4/19/2018 9 Discussion regarding comp analysis presentation with M. Cervi, S. Martinez 0.4

Eric Deichmann 4/19/2018 9 Updates to Debt Sustainability Analysis deck for UCC 1.8

Mark A. Cervi 4/19/2018 9 Emails with C. Flaton, regarding scheduling of meeting with Miller Buckfire 0.1

Mark A. Cervi 4/19/2018 9 Call with A. Perrella regarding edits to COFINA settlement support slides 0.2

Mark A. Cervi 4/19/2018 9

Discussion regarding comp analysis presentation with E. Deichmann, S. Martinez

0.4

Mark A. Cervi 4/19/2018 9 Review and edit latest draft bond pricing presentation and related email to 

schedule meeting with COFINA

0.6

Mark A. Cervi 4/19/2018 9 Continued review and edit of draft bond pricing presentation and related 

research

1.9

Michael Westermann 4/19/2018 9 Review of latest COFINA pricing comps deck 0.2

Michael Westermann 4/19/2018 9 Review ZC Debt sustainability analysis presentation 0.9

Scott Martinez 4/19/2018 9 Discussion regarding comp analysis presentation with M. Cervi, E. Deichmann 0.4

Scott Martinez 4/19/2018 9 Reviewed and commented on the updated bond pricing analysis 0.7

Scott Martinez 4/19/2018 9 Reviewed debt sustainability analysis based on assumptions in the 

Commonwealth fiscal plan as presented by the FOMB

1.1

Carol Flaton 4/20/2018 9 Email w/ M. Cervi re comps analysis and next steps 0.1

Scott Martinez 4/20/2018 9 Reviewed and commented on revised municipal comps presentation 0.7

Carol Flaton 4/23/2018 9 Review of latest debt pricing presentation 0.3

Deborah Praga 4/23/2018 9 Updated debt pricing model 0.9

Eric Deichmann 4/23/2018 9 Review of FOMB's PRASA fiscal plan debt sustainability analysis 3.6

Mark A. Cervi 4/23/2018 9 Review email from A. Bongartz (PH) and related COFINA and GO Settlement 

materials

0.7

Rahul Yenumula 4/23/2018 9 Downloaded Bloomberg data for the pricing model 0.5

Rahul Yenumula 4/23/2018 9 Updated the model that compares COFINA prices with GO prices 1.6

Rahul Yenumula 4/23/2018 9 Updated the model with prices as of 04.20.18 3.7

Scott Martinez 4/23/2018 9 Discussion regarding COFINA payment acceleration with D. Praga 0.6

Scott Martinez 4/23/2018 9 Reviewed the updated debt pricing model regarding GO and COFINA 0.7

Carol Flaton 4/25/2018 9 Debrief regarding debt capacity call with Citi with L. Despins (Paul Hastings), S.

Martinez, E. Deichmann

0.2

Carol Flaton 4/25/2018 9 Review cofina pricing comp analysis/presentation 0.2

Eric Deichmann 4/25/2018 9 Debrief regarding debt capacity call with Citi with L. Despins (Paul Hastings), 

C. Flaton, S. Martinez

0.2

Eric Deichmann 4/25/2018 9 Discussion regarding Commonwealth debt capacity with S. Martinez 0.5

Scott Martinez 4/25/2018 9 Debrief regarding debt capacity call with Citi with L. Despins (Paul Hastings), 

C. Flaton, E. Deichmann

0.2

Scott Martinez 4/25/2018 9 Discussion regarding Commonwealth debt capacity with E. Deichmann 0.5

Carol Flaton 4/26/2018 9 Emails w/ M. Cervi re recent muni bond issuances/pricing (Illinois) 0.1

Michael Westermann 4/26/2018 9 Review of debt schedule in CW fiscal plan and analysis as to who will be an 

unsecured creditor of the CW

1.4

Deborah Praga 4/30/2018 9 Review of Act 91 documents 1.1

Enrique R. Ubarri 4/30/2018 9 Discussion regarding Act 91 with S. Martinez 0.4

Michael Westermann 4/30/2018 9 Created graph of updated debt capacity and potential for future debt issuances 

based on updated fiscal plan

2.6

Scott Martinez 4/30/2018 9 Discussion regarding Act 91 with E. Ubarri 0.4

Scott Martinez 4/30/2018 9 Reviewed Act 91 (sales and use tax) and the various amendments 3.3

Mark A. Cervi 5/1/2018 9 Discussion regarding Puerto Rico debt ratings with S. Martinez 0.4

Scott Martinez 5/1/2018 9 Discussion regarding Puerto Rico debt ratings with M. Cervi 0.4

Mark A. Cervi 5/2/2018 9 Call regarding Puerto Rico debt ratings with M. Cervi, S. Martinez 0.3

Page 96 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 97 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Mark A. Cervi 5/2/2018 9 Emails with M. Kahn (PH) regarding COFINA settlement issues and review of 

related materials

1.3

Scott Martinez 5/2/2018 9 Call regarding Puerto Rico debt ratings with M. Cervi 0.3

Eric Deichmann 5/3/2018 9 Discussions regarding debt sustainability analysis presentation with S. Martinez 1.1

Mark A. Cervi 5/3/2018 9 Review rating agency materials and memo sent by M. Kahn (PH) regarding 

COFINA settlement

0.8

Scott Martinez 5/3/2018 9 Discussions regarding debt sustainability analysis presentation with E. 

Deichmann

1.1

Mark A. Cervi 5/4/2018 9 Call regarding credit ratings with S. Martinez 0.2

Scott Martinez 5/4/2018 9 Call regarding credit ratings with M. Cervi 0.2

Rahul Yenumula 5/7/2018 9 Discussion regarding debt pricing model with S. Martinez 0.3

Scott Martinez 5/7/2018 9 Email exchanges with M. Cervi and M. Kahn (Paul Hastings) regarding rating 

agency meetings

0.2

Scott Martinez 5/7/2018 9 Discussion regarding debt pricing model with R. Yenumula 0.3

Scott Martinez 5/7/2018 9 Reviewed the updated debt pricing model 1.8

Mark A. Cervi 5/8/2018 9 Prepare for COFINA debt call with S. Martinez and M. Kahn (PH) 0.5

Mark A. Cervi 5/8/2018 9 Call regarding debt rating methodologies with M. Kahn (Paul Hastings), S. 

Martinez

0.6

Michael Westermann 5/8/2018 9 Prepared for call with unions re: debt capacity 0.5

Scott Martinez 5/8/2018 9

Call regarding debt rating methodologies with M. Kahn (Paul Hastings), M. Cervi

0.6

Carol Flaton 5/9/2018 9 Review of GAO report on PR 1.2

Deborah Praga 5/9/2018 9 Update debt sustainability deck based on comments from S. Martinez and E. 

Deichmann

1.6

Mark A. Cervi 5/9/2018 9 Prepare for call with Kroll Bonding Rating Agency 0.4

Mark A. Cervi 5/9/2018 9 Debrief regarding call with Kroll Bond Rating Agency with M. Kahn (Paul 

Hastings), S. Martinez

0.6

Mark A. Cervi 5/9/2018 9 Call regarding municipal ratings with Kroll Bond Rating Agency, M. Kahn (Paul 

Hastings), S. Martinez

0.9

Scott Martinez 5/9/2018 9 Debrief regarding call with Kroll Bond Rating Agency with M. Kahn (Paul 

Hastings), M. Cervi

0.6

Scott Martinez 5/9/2018 9 Prepared for call regarding municipal ratings with Kroll Bond Rating Agency 0.8

Scott Martinez 5/9/2018 9 Call regarding municipal ratings with Kroll Bond Rating Agency, M. Kahn (Paul 

Hastings), M. Cervi

0.9

Deborah Praga 5/14/2018 9 Discussion regarding debt trading prices with S. Martinez 0.4

Michael Westermann 5/14/2018 9 Review of articles re: resumption of debt service payments 0.2

Michael Westermann 5/14/2018 9 Analyze debt reduction numbers contained in COFINA/GO press releases and 

email to S. Martinez as such

0.3

Michael Westermann 5/14/2018 9 Review latest trading prices of GO/COFINA 0.4

Scott Martinez 5/14/2018 9 Discussion regarding debt trading prices with D. Praga 0.4

Scott Martinez 5/14/2018 9 Reviewed debt trading as a result of GO and COFINA press releases 0.9

Carol Flaton 5/15/2018 9 Review of debt pricing changes today based on blow out provision release 0.1

Enrique R. Ubarri 5/15/2018 9 Examined the COFINA debt service accounts value issuance 0.1

Eric Deichmann 5/15/2018 9 Discussion regarding debt sustainability presentation materials with S. Martinez 0.3

Scott Martinez 5/15/2018 9 Discussion regarding debt sustainability presentation materials with E. 

Deichmann

0.3

Eric Deichmann 5/16/2018 9 Analysis for/extension of debt sustainability analysis for UCC 3.2

Eric Deichmann 5/17/2018 9 Analysis for debt sustainability analysis for UCC 4.8

Eric Deichmann 5/17/2018 9 Extension of debt sustainability analysis for UCC 5.6

Michael Westermann 5/17/2018 9 Comment on Debt service presentation 1.5

Scott Martinez 5/17/2018 9 Discussion regarding debt sustainability presentation with E. Deichmann 0.8

Scott Martinez 5/17/2018 9 Reviewed and commented on the draft debt sustainability presentation 

materials for the in-person UCC meting

1.9

Eric Deichmann 5/18/2018 9 Discussion regarding debt sustainability presentation with S. Martinez 0.3

Eric Deichmann 5/18/2018 9 Review of internal comments on DSA deck 3.8

Page 97 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 98 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Eric Deichmann 5/18/2018 9 Response to internal comments on DSA deck 4.4

Scott Martinez 5/18/2018 9 Discussion regarding debt sustainability presentation with E. Deichmann 0.3

Scott Martinez 5/18/2018 9 Reviewed and commented on the revised draft debt sustainability presentation 

materials for the in-person UCC meting

0.6

Enrique R. Ubarri 5/20/2018 9 Reviewed CFO debt sustainability analysis 0.4

Eric Deichmann 5/20/2018 9 Edits/updates to DSA deck from internal review 0.8

Deborah Praga 5/21/2018 9 Updated and analyzed debt trading prices 1.9

Michael Westermann 5/24/2018 9 Analysis of E. Deichmann monte carlo for SUT and modeled expected value of 

contingent COFINA

0.9

Deborah Praga 5/25/2018 9 Updated debt pricing model 0.9

Carol Flaton 5/30/2018 9 Call w/M. Westermann, M. Cervi to review proposed COFINA debt covenant 

mechanism

0.4

Carol Flaton 5/30/2018 9 Review and analysis w/M. Westermann of COFINA trading prices 0.4

Mark A. Cervi 5/30/2018 9 Call with C. Flaton, M. Westermann regarding COFINA debt covenants 0.4

Michael Westermann 5/30/2018 9 Call with C. Flaton, M. Cervi re: COFINA debt covenants 0.4

Michael Westermann 5/30/2018 9 Discussions regarding debt trading prices with S. Martinez 0.4

Michael Westermann 5/30/2018 9 Discussion with C. Flaton re: COFINA trading prices 0.5

Michael Westermann 5/30/2018 9 Research into COFINA debt prices at various CUSIP levels 1.6

Scott Martinez 5/30/2018 9 Discussions regarding debt trading prices with M. Westermann 0.4

Scott Martinez 5/30/2018 9 Reviewed debt trading prices as compared to current COFINA settlement 

proposals

0.9

Carol Flaton 5/31/2018 9 Review of bond comps and current trading data 0.6

Michael Westermann 5/31/2018 9 Preliminary re-forecast of long term debt capacity based on new certified fiscal

plan

2.4

Total Hours Matter Category 9 290.5

Name Date

Matter 

Category Narrative Hours 

Rahul Yenumula 2/2/2018 10 Revision of P3 deck based on 7 additional projects 1.2

Rahul Yenumula 2/2/2018 10 Review of 7 additional P3 projects opened for public comment 3.3

Rahul Yenumula 2/5/2018 10 Discussion regarding P3's with S. Martinez 0.3

Rahul Yenumula 2/5/2018 10 Review of the P3 deck for inconsistencies 1.8

Rahul Yenumula 2/5/2018 10 Revision of P3 deck based on 7 additional projects 4.8

Scott Martinez 2/5/2018 10 Discussion regarding P3's with R. Yenumula 0.3

Carol Flaton 2/6/2018 10 Email w/ E. Ubarri re PR investing forum 0.1

Carol Flaton 2/6/2018 10 Call w/E. Ubarri re status of privatization process 0.8

Carol Flaton 2/6/2018 10 Reviewed and marked draft P3 summary deck for UCC 1.1

Enrique R. Ubarri 2/6/2018 10 Telephone conversation with C. Flaton re: discussion of fiscal plan matters; 

court filings; educational plan proposed by government; and Puerto Rico 

economic recovery matters.

0.8

Rahul Yenumula 2/6/2018 10 Discussion regarding PREPA with S. Martinez re: Critical Projects under P3 0.4

Rahul Yenumula 2/6/2018 10 Discussion with R. Bingham re: Critical Projects under P3 0.4

Rahul Yenumula 2/6/2018 10 Additional research on the 7 projects opened for public comment 1.4

Rahul Yenumula 2/6/2018 10 Revision of P3 deck based on comments from S. Martinez & R. Bingham 3.7

Robert Bingham 2/6/2018 10 Discussion with R. Yenumula re: Critical Projects under P3 0.4

Robert Bingham 2/6/2018 10 Review and comment of critical 3P projects presentation 0.4

Scott Martinez 2/6/2018 10 Discussion regarding PREPA with R. Yenumula re: Critical Projects under P3 0.4

Carol Flaton 2/7/2018 10 Email from E. Ubarri - mark up of P3 deck 0.2

Carol Flaton 2/7/2018 10 Discussion with S. Martinez, R. Yenumula re: P3 Critical Projects 0.3

Carol Flaton 2/7/2018 10 Reviewed revised ZC summary of P3 projects - deck for UCC 0.6

Carol Flaton 2/7/2018 10 Meeting of S. Martinez, E. Ubarri (via teleconference), R. Yenumula discussion 

with N. Zamot (FOMB) re: P3 projects 

1.2

Enrique R. Ubarri 2/7/2018 10 Meeting with C. Flaton, S. Martinez & R. Yenumula discussion with N. Zamot 

(FOMB) re: P3 projects 

1.2

Page 98 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 99 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 2/7/2018 10 Telephone conversation with R. Yenumula re: issues related to the presentation

and P3 projects

0.2

Rahul Yenumula 2/7/2018 10 Discussion with E. Ubarri re: P3 Projects 0.2

Rahul Yenumula 2/7/2018 10 Discussion with C. Flaton, S. Martinez re: P3 Critical Projects 0.3

Rahul Yenumula 2/7/2018 10 C. Flaton, E. Ubarri, S. Martinez & R. Yenumula discussion with N. Zamot 

(FOMB) re: P3 projects

1.2

Scott Martinez 2/7/2018 10 Discussion with C. Flaton, R. Yenumula re: P3 Critical Projects 0.3

Scott Martinez 2/7/2018 10 Reviewed and commented on the draft P3 presentation 1.1

Scott Martinez 2/7/2018 10 Meeting of C. Flaton, E. Ubarri (via teleconference), R. Yenumula discussion 

with N. Zamot (FOMB) re: P3 projects 

1.2

Rahul Yenumula 2/9/2018 10 Revision of the P3 deck based on comments from C. Flaton, S. Martinez & E. 

Ubarri

2.1

Carol Flaton 2/10/2018 10 Emails w/ E. Ubarri re change in P3 project 0.2

Carol Flaton 2/12/2018 10 Discussion with R. Yenumula re: P3s 0.3

Enrique R. Ubarri 2/12/2018 10 Exchanged emails with R. Yenumula re PPP 0.1

Rahul Yenumula 2/12/2018 10 Discussion with S. Martinez re: P3 0.5

Rahul Yenumula 2/12/2018 10 Revision of the P3 deck based on comments from C. Flaton 2.9

Rahul Yenumula 2/12/2018 10 Discussion with C. Flaton re: P3s 0.3

Rahul Yenumula 2/12/2018 10 Revision of the P3 deck based on comments from S. Martinez & E. Ubarri 3.2

Scott Martinez 2/12/2018 10 Discussion with R. Yenumula re: P3 0.5

Scott Martinez 2/12/2018 10 Reviewed and comments on the revised P3 presentation 0.7

Enrique R. Ubarri 2/13/2018 10 Examined revised presentation on PPPs critical project; research on certain 

additional information; sent e-mail to S. Martinez and R. Yenumula on 

presentation.

0.7

Rahul Yenumula 2/13/2018 10 Discussion with S. Martinez re: P3 projects 0.4

Rahul Yenumula 2/13/2018 10 Revised the P3 deck based on comments from S. Martinez 3.4

Scott Martinez 2/13/2018 10 Reviewed, commented and circulated the revised P3 presentation to members 

of the UCC

0.4

Scott Martinez 2/13/2018 10 Discussion with R. Yenumula re: P3 projects 0.4

Scott Martinez 3/13/2018 10 Reviewed P3 criteria as requested by members of the UCC 0.2

Carol Flaton 3/19/2018 10 Emails w/ A. Velazquez (SEIU) and M. Westermann re P3’s 0.1

Scott Martinez 3/21/2018 10 Prepared a list of questions regarding P3 projects 0.3

Carol Flaton 3/23/2018 10 Meeting regarding P3 projects and infrastructure with Commonwealth 

government officials, S. Martinez, M. Westermann

1.1

Michael Westermann 3/23/2018 10 Meeting regarding P3 projects and infrastructure with Commonwealth 

government officials, C. Flaton, S. Martinez

1.1

Michael Westermann 3/23/2018 10 Preparation for meeting with P3 authority 2.3

Scott Martinez 3/23/2018 10 Meeting regarding P3 projects and infrastructure with Commonwealth 

government officials, C. Flaton, M. Westermann

1.1

Scott Martinez 4/24/2018 10 Reviewed reports regarding timeline to close P3 deals 0.3

Scott Martinez 5/25/2018 10 Reviewed P3 Authority RRQ for qualified advisors 0.3

Total Hours Matter Category 10 52.5

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 3/1/2018 11 Discussion regarding potential deal structures for the COFINA-Commonwealth 

dispute with D. Praga, S. Martinez

3.1

Deborah Praga 3/1/2018 11 Reviewed past restructuring proposals 0.5

Deborah Praga 3/1/2018 11 Revised CW-COFINA discussion materials 1.8

Deborah Praga 3/1/2018 11 Discussion regarding potential deal structures for the COFINA-Commonwealth 

dispute with C. Flaton, S. Martinez

3.1

Deborah Praga 3/1/2018 11 Created pages outlining CW Agent CW-COFINA dispute mediation proposal 3.8

Scott Martinez 3/1/2018 11 Reviewed and commented on the various draft deal structure slides regarding 

the COFINA-Commonwealth dispute

2.7

Page 99 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 100 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Scott Martinez 3/1/2018 11 Discussion regarding potential deal structures for the COFINA-Commonwealth 

dispute with C. Flaton, D. Praga

3.1

Scott Martinez 3/1/2018 11 Analyzed and reviewed Zolfo prepared analyses regarding COFINA 3.7

Carol Flaton 3/2/2018 11 Follow up call with S. Martinez, D. Praga regarding COFINA proposal 0.2

Carol Flaton 3/2/2018 11 Review and mark of revised Cofina materials 0.2

Carol Flaton 3/2/2018 11 Review and mark up of Cofina materials for UCC 0.5

Carol Flaton 3/2/2018 11 Discussions with D. Praga related to COFINA settlement discussion materials 1.3

Carol Flaton 3/2/2018 11 Review Miller Buckfire Cofina materials 1.4

Deborah Praga 3/2/2018 11 Discussion with R. Bingham regarding COFINA proposal 0.1

Deborah Praga 3/2/2018 11 Follow up call with C. Flaton, S. Martinez regarding COFINA proposal 0.2

Deborah Praga 3/2/2018 11 Revised CW-COFINA discussion materials based on comments from C. Flaton 1.2

Deborah Praga 3/2/2018 11 Discussions with C. Flaton related to COFINA settlement discussion materials 1.3

Deborah Praga 3/2/2018 11 Prepared summary of prior proposals slide for inclusion in COFINA settlement 

discussion materials for committee

2.4

Michael Westermann 3/2/2018 11 Provided D. Praga with all recent restructuring proposals for COFINA settlement

deck

0.2

Robert Bingham 3/2/2018 11 Discussion with D. Praga regarding COFINA proposal 0.1

Scott Martinez 3/2/2018 11 Follow up call with C. Flaton, D. Praga regarding COFINA proposal 0.2

Scott Martinez 3/2/2018 11 Updated the draft materials regarding COFINA and circulated to UCC members 

and Paul Hastings

0.3

Scott Martinez 3/2/2018 11 Reviewed and commented on the revised deal structure slides regarding the 

COFINA-Commonwealth dispute based on feedback from UCC members and 

Paul Hastings

0.8

Carol Flaton 3/3/2018 11 Emails and markup of materials w/L. Despins (PH) 0.3

Deborah Praga 3/3/2018 11 Revisions to CW-COFINA discussion materials based on comments from L. 

Despins (PH)

1.2

Carol Flaton 3/4/2018 11 Review of BNY accounts re COFINA 0.2

Carol Flaton 3/4/2018 11 Review and mark of latest Cofina draft proposal 0.3

Carol Flaton 3/4/2018 11 Review of final draft Cofina analysis 0.6

Carol Flaton 3/4/2018 11 Follow up discussion regarding COFINA analyses with D. Praga, S. Martinez 0.8

Deborah Praga 3/4/2018 11 Follow up discussion regarding COFINA analyses with C. Flaton, S. Martinez 0.8

Deborah Praga 3/4/2018 11 Created new slides for presentation to committee 1.1

Deborah Praga 3/4/2018 11 Analyzed alternative recoveries as requested by the committee 2.0

Deborah Praga 3/4/2018 11 Revised CW-COFINA discussion materials based on comments from committee 3.2

Scott Martinez 3/4/2018 11 Follow up discussion regarding COFINA analyses with C. Flaton, D. Praga 0.8

Scott Martinez 3/4/2018 11 Reviewed and commented on the various revised draft deal structure slides 

regarding the COFINA-Commonwealth dispute

1.9

Carol Flaton 3/5/2018 11 Review/ mark up of Cofina deck for creditor reps 0.2

Carol Flaton 3/5/2018 11 Mark up of Cofina materials for creditor reps 0.3

Carol Flaton 3/5/2018 11 Reviewed revised full version Cofina deck 0.6

Deborah Praga 3/5/2018 11 Discussions regarding edits to the revised draft deal structure slides regarding 

the COFINA-Commonwealth dispute with S. Martinez

0.4

Deborah Praga 3/5/2018 11 Emails with S. Martinez, C. Flaton, L. Despins (PH) 0.6

Deborah Praga 3/5/2018 11 Added slides to COFINA settlement presentation per L. Despins (PH) request 0.8

Deborah Praga 3/5/2018 11 Revisions to CW-COFINA discussion materials based on comments from D. Mack 

(Drivetrain) and A. Velazquez (SEIU)

1.3

Deborah Praga 3/5/2018 11 Review of Citi proposal from August mediation session 1.3

Deborah Praga 3/5/2018 11 Review of historic restructuring proposals 1.4

Deborah Praga 3/5/2018 11 Creation of "short" version of COFINA settlement materials for distribution to 

GO's and Retirees

1.9

Michael Westermann 3/5/2018 11 Comment on COFINA proposal for S. Martinez 1.4

Scott Martinez 3/5/2018 11 Discussions regarding edits to the revised draft deal structure slides regarding 

the COFINA-Commonwealth dispute with D. Praga

0.4

Scott Martinez 3/5/2018 11 Reviewed historical settlement proposals from various bondholder groups 0.8

Page 100 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 101 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Scott Martinez 3/5/2018 11 Reviewed and commented on the various revised draft deal structure slides 

regarding the COFINA-Commonwealth dispute

3.8

Deborah Praga 3/6/2018 11 Discussion regarding debt settlement proposals with E. Deichmann, S. Martinez 0.3

Deborah Praga 3/6/2018 11 Discussions regarding revised data for COFINA slides with S. Martinez 0.8

Deborah Praga 3/6/2018 11 Revised CW-COFINA settlement proposal materials 1.3

Deborah Praga 3/6/2018 11 Prepared weighted average maturity calculation 1.4

Eric Deichmann 3/6/2018 11 Discussion regarding debt settlement proposals with D. Praga, S. Martinez 0.3

Scott Martinez 3/6/2018 11 Discussion regarding debt settlement proposals with E. Deichmann, D. Praga 0.3

Scott Martinez 3/6/2018 11 Discussions regarding revised data for COFINA slides with D. Praga 0.8

Scott Martinez 3/6/2018 11 Reviewed and commented on slides related to previous debt settlement 

proposals

1.1

Carol Flaton 3/8/2018 11 Review and mark of term sheet 0.3

Carol Flaton 3/8/2018 11 Debrief regarding COFINA mediation session with S. Martinez 0.4

Deborah Praga 3/8/2018 11 Revisions to settlement discussion materials 1.6

Scott Martinez 3/8/2018 11 Debrief regarding COFINA mediation session with C. Flaton 0.4

Carol Flaton 3/9/2018 11 Review and mark of settlement format materials for UCC 0.2

Carol Flaton 3/9/2018 11 Emails w/L. Despins (PH), S. Martinez, A. Bongartz (PH) re term sheet appendix 

and changes

0.2

Carol Flaton 3/9/2018 11 Emails w/S. Martinez and D. Praga re changes to settlement framework pages 0.2

Carol Flaton 3/9/2018 11 Developed and evaluated additional settlement scenarios w/ S. Martinez 1.7

Deborah Praga 3/9/2018 11 Reviewed emails from S. Martinez and C. Flaton regarding comments on 

analysis

0.4

Deborah Praga 3/9/2018 11 Discussion regarding COFINA settlement analysis with S. Martinez 0.8

Deborah Praga 3/9/2018 11 Revised sensitivity analysis to reflect comments from Committee 1.6

Deborah Praga 3/9/2018 11 Preparing distribution materials for CW-COFINA mediation session for 

circulation to the committee

2.1

Michael Westermann 3/9/2018 11 Review of updated COFINA settlement proposal and sensitivity analysis 0.7

Michael Westermann 3/9/2018 11 Respond to S. Martinez re: review of the COFINA mediation term sheet 0.8

Michael Westermann 3/9/2018 11 Calculation of effect on fiscal plan based on various COFINA mediation 

proposals

2.4

Scott Martinez 3/9/2018 11 Reviewed the revised settlement term sheet for the COFINA mediation 0.3

Scott Martinez 3/9/2018 11 Reviewed Commonwealth COFINA complaint in preparation for COFINA 

mediation session

0.8

Scott Martinez 3/9/2018 11 Discussion regarding COFINA settlement analysis with D. Praga 0.8

Scott Martinez 3/9/2018 11 Work session regarding COFINA settlement scenarios for mediation with C. 

Flaton

1.7

Scott Martinez 3/9/2018 11 Reviewed calculations in settlement analysis for COFINA mediation 1.8

Scott Martinez 3/10/2018 11 Reviewed updated settlement scenario presentations in preparation for COFINA 

mediation session

1.1

Carol Flaton 3/12/2018 11 Review of mediation proposals from 3/11 0.1

Rahul Yenumula 3/12/2018 11 Discussion with S. Martinez re: COFINA 0.3

Robert Bingham 3/12/2018 11 Review and comment on latest draft of Commonwealth Agent's COFINA 

response

0.5

Scott Martinez 3/12/2018 11 Discussion with R. Yenumula re: COFINA 0.3

Scott Martinez 3/12/2018 11 Reviewed declaration from Banco Popular regarding SUT collections process 0.3

Scott Martinez 3/12/2018 11 Discussion with R. Yenumula re: PREPA Meeting 0.3

Carol Flaton 3/14/2018 11 Call with L. Despins (PH), D. Praga, S. Martinez re COFINA 0.2

Carol Flaton 3/14/2018 11 Review of GO/Goldin materials 0.3

Deborah Praga 3/14/2018 11 Call with L. Despins (PH), C. Flaton, S. Martinez re COFINA 0.2

Scott Martinez 3/14/2018 11 Call with L. Despins (PH), C. Flaton, D. Praga regarding COFINA 0.2

Scott Martinez 3/14/2018 11 Prepared an analysis of SUT collections as compared to contractual amounts 

and settlement proposals

0.4

Carol Flaton 3/15/2018 11 Email from L. Despins (PH) re GO framework 0.1

Deborah Praga 3/15/2018 11 Discussion regarding claim recovery model with S. Martinez 0.4

Deborah Praga 3/15/2018 11 Created settlement proposal recovery analysis model 4.2

Page 101 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 102 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Michael Westermann 3/15/2018 11 Review of GO/COFINA proposal and effects on Fiscal plan 3.3

Scott Martinez 3/15/2018 11 Discussion regarding claim recovery model with D. Praga 0.4

Carol Flaton 3/16/2018 11 Discussion regarding the draft claim recovery model with D. Praga, S. Martinez 1.2

Deborah Praga 3/16/2018 11 Discussion regarding the draft claim recovery model with C. Flaton, S. Martinez 1.2

Scott Martinez 3/16/2018 11 Discussion regarding the draft claim recovery model with C. Flaton, D. Praga 1.2

Carol Flaton 3/17/2018 11 Emails w/ L. Despins (PH) and S. Martinez re PBA claims 0.2

Carol Flaton 3/18/2018 11 Review and mark of litigation chart 0.2

Carol Flaton 3/19/2018 11 Emails w/ S. Martinez re turbo charge feature in Cofina structure 0.2

Carol Flaton 3/19/2018 11

Email w/ A. Bongartz, L. Despins (PH) and S. Martinez re topping up mechanism

0.2

Carol Flaton 3/19/2018 11 Review of PW ad hoc GO proposal 0.6

Scott Martinez 3/19/2018 11 Reviewed Act 91 and various amendments with respect to the COFINA 

mediation

0.7

Scott Martinez 3/19/2018 11 Reviewed proposal of GO group regarding COFINA settlement in accordance 

with mediation

0.8

Carol Flaton 3/20/2018 11 Review of ad hoc GO model 0.3

Deborah Praga 3/20/2018 11 Discussion regarding the Commonwealth-COFINA settlement model for 

mediation with R. Bingham, S. Martinez 

0.4

Deborah Praga 3/20/2018 11 Prepared comparison of GA proposal to CW Agent proposal 1.0

Deborah Praga 3/20/2018 11 Review of GA illustrative settlement model 1.4

Robert Bingham 3/20/2018 11 Discussion regarding the Commonwealth-COFINA settlement model for 

mediation with D. Praga, S. Martinez

0.4

Scott Martinez 3/20/2018 11 Discussion regarding the Commonwealth-COFINA settlement model for 

mediation with D. Praga, R. Bingham

0.4

Scott Martinez 3/20/2018 11 Reviewed model for proposal of GO group regarding COFINA settlement in 

accordance with mediation

1.8

Deborah Praga 3/21/2018 11 Revised settlement recovery model 3.1

Deborah Praga 3/22/2018 11 Revised settlement recovery model 0.4

Deborah Praga 3/23/2018 11 Revised settlement recovery model 1.2

Scott Martinez 3/23/2018 11 Reviewed the analysis comparing the various settlement proposals 0.6

Carol Flaton 3/25/2018 11 Emails w/ S. Martinez re settlement model 0.1

Carol Flaton 3/25/2018 11 Emails w/ L. Despins (PH) re claims issues 0.1

Deborah Praga 3/25/2018 11 Review of emails from S. Martinez and M. Westermann regarding comments to 

proposal comparison pages

0.1

Deborah Praga 3/25/2018 11 Revisions to Proposal Comparison pages based on comments from M. 

Westermann

0.9

Deborah Praga 3/25/2018 11 Revisions to Proposal Comparison pages based on comments from S. Martinez 2.4

Michael Westermann 3/25/2018 11 Review of and comment on S. Martinez calculation regarding SUT forecast from 

new fiscal plan

1.1

Michael Westermann 3/25/2018 11 Comment on COFINA proposal and adjustments for mid-year discounting 1.8

Scott Martinez 3/25/2018 11 Reviewed and comments on the revised analysis comparing the various 

settlement proposals

3.3

Carol Flaton 3/26/2018 11 Review of ad hoc GO proposal and model 0.6

Carol Flaton 3/26/2018 11 Discussion regarding the alternative settlement structure model with D. Praga, 

R. Bingham, S. Martinez 

1.4

Deborah Praga 3/26/2018 11 Discussion regarding settlement proposals with R. Bingham, S. Martinez 1.4

Deborah Praga 3/26/2018 11 Revisions to settlement model based on comments from S. Martinez 1.2

Deborah Praga 3/26/2018 11 Discussion regarding the alternative settlement structure model with C. Flaton, 

R. Bingham, S. Martinez 

1.4

Deborah Praga 3/26/2018 11 Revised assumptions in the model for various settlement structures with R. 

Bingham, S. Martinez 

1.6

Deborah Praga 3/26/2018 11 Developed a model for alternative settlement proposals with R. Bingham, S. 

Martinez, M. Westermann 

2.9

Michael Westermann 3/26/2018 11 Developed a model for alternative settlement proposals with R. Bingham, S. 

Martinez, D. Praga

2.9

Page 102 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 103 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Robert Bingham 3/26/2018 11 Discussion regarding settlement proposals with D. Praga, S. Martinez 1.4

Robert Bingham 3/26/2018 11 Discussion regarding the alternative settlement structure model with C. Flaton, 

D. Praga, S. Martinez 

1.4

Robert Bingham 3/26/2018 11 Revised assumptions in the model for various settlement structures with D. 

Praga, S. Martinez

1.6

Robert Bingham 3/26/2018 11 Developed a model for alternative settlement proposals with R. Bingham, S. 

Martinez, D. Praga, M. Westermann 

2.9

Scott Martinez 3/26/2018 11 Discussion regarding settlement proposals with R. Bingham, D. Praga 1.4

Scott Martinez 3/26/2018 11 Discussion regarding the alternative settlement structure model with C. Flaton, 

R. Bingham, D. Praga

1.4

Scott Martinez 3/26/2018 11 Revised assumptions in the model for various settlement structures with R. 

Bingham, D. Praga

1.6

Scott Martinez 3/26/2018 11 Developed a model for alternative settlement proposals with R. Bingham, D. 

Praga, M. Westermann

2.9

Carol Flaton 3/27/2018 11 Review and mark of draft proposal to bondholders 0.8

Deborah Praga 3/27/2018 11 Revisions to settlement model 0.7

Deborah Praga 3/27/2018 11 Modified settlement proposal structure model to reflect discussions with C. 

Flaton

1.1

Deborah Praga 3/27/2018 11 Prepared settlement discussion materials for circulation to the committee 3.4

Eric Deichmann 3/27/2018 11 Discussion regarding settlement structures with C. Flaton, S. Martinez, M. 

Westermann, D. Praga 

0.4

Carol Flaton 3/28/2018 11 Discussion regarding settlement structures with D. Praga, S. Martinez, M. 

Westermann, E. Deichmann

0.4

Carol Flaton 3/28/2018 11 Review of additional settlement proposals 0.4

Deborah Praga 3/28/2018 11 Call regarding the revised settlement structure model with S. Martinez 0.3

Deborah Praga 3/28/2018 11 Discussion regarding settlement structures with C. Flaton, S. Martinez, M. 

Westermann, E. Deichmann

0.4

Deborah Praga 3/28/2018 11 Meeting with S. Martinez, M. Westermann regarding settlement proposals 0.8

Deborah Praga 3/28/2018 11 Created illustrative graphs of cash flow available for debt service under various 

scenarios and proposals

2.7

Deborah Praga 3/28/2018 11 Modeled potential settlement proposal discussed with C. Flaton 4.3

Michael Westermann 3/28/2018 11 Discussion regarding settlement structures with C. Flaton, S. Martinez, E. 

Deichmann, D. Praga 

0.4

Michael Westermann 3/28/2018 11 Meeting with S. Martinez and D. Praga regarding settlement proposals 0.8

Michael Westermann 3/28/2018 11 Review of GO notes regarding the latest fiscal plan versus actual performance 

and other criticisms

0.8

Michael Westermann 3/28/2018 11 Comment on updated settlement proposal presentation 1.6

Robert Bingham 3/28/2018 11 Discussion regarding settlement structures with S. Martinez 0.3

Scott Martinez 3/28/2018 11 Discussion regarding settlement structures with R. Bingham 0.3

Scott Martinez 3/28/2018 11 Call regarding the revised settlement structure model with D. Praga 0.3

Scott Martinez 3/28/2018 11 Discussion regarding settlement structures with C. Flaton, M. Westermann, E. 

Deichmann, D. Praga

0.4

Scott Martinez 3/28/2018 11 Meeting with M. Westermann and D. Praga regarding settlement proposals 0.8

Scott Martinez 3/28/2018 11 Reviewed and commented on the revised settlement structure model 0.9

Carol Flaton 3/29/2018 11 Review and mark of draft settlement discussion materials for UCC 0.3

Carol Flaton 3/29/2018 11 Mark up of settlement materials deck for UCC 0.3

Carol Flaton 3/29/2018 11 Further mark-up and review of settlement materials deck 0.4

Carol Flaton 3/29/2018 11 Discussion regarding COFINA settlement structure presentation materials with 

L. Despins and A. Bongartz (Paul Hastings), S. Martinez, D. Praga

0.6

Carol Flaton 3/29/2018 11 Discussions regarding COFINA settlement structure presentation materials with 

L. Despins and A. Bongartz (Paul Hastings), D. Praga, S. Martinez

1.4

Carol Flaton 3/29/2018 11 Call re: next steps with proposals with PH (L. Despins, A. Bongartz), D. Praga, 

S. Martinez

1.1

Carol Flaton 3/29/2018 11 Discussion regarding COFINA settlement structure proposals with S. Martinez, 

D. Praga

1.1

Page 103 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 104 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Deborah Praga 3/29/2018 11 Discussion regarding COFINA settlement presentation materials with L. Despins 

and A. Bongartz (Paul Hastings), C. Flaton, S. Martinez 

0.6

Deborah Praga 3/29/2018 11 Discussions regarding COFINA settlement structure presentation materials with 

L. Despins and A. Bongartz (Paul Hastings), C. Flaton, S. Martinez

1.4

Deborah Praga 3/29/2018 11 Call re: next steps with proposals with PH (L. Despins, A. Bongartz), C. Flaton, 

S. Martinez

1.1

Deborah Praga 3/29/2018 11 Discussion regarding COFINA settlement structure proposals with C. Flaton, S. 

Martinez

1.1

Deborah Praga 3/29/2018 11

Discussion regarding COFINA settlement presentation materials with S. Martinez

1.6

Deborah Praga 3/29/2018 11 Modeled potential settlement proposal discussed on call 2.8

Deborah Praga 3/29/2018 11 Revised illustrative proposals presentation for circulation to committee 3.4

Enrique R. Ubarri 3/29/2018 11 Examined the Illustrative Global Settlement Discussion Materials. 0.2

Scott Martinez 3/29/2018 11 Discussion regarding COFINA settlement structure presentation materials with 

L. Despins and A. Bongartz (Paul Hastings), C. Flaton, D. Praga

0.6

Scott Martinez 3/29/2018 11 Call re: next steps with proposals with PH (L. Despins, A. Bongartz), C. Flaton, 

D. Praga

1.1

Scott Martinez 3/29/2018 11 Discussion regarding COFINA settlement structure proposals with C. Flaton, D. 

Praga

1.1

Scott Martinez 3/29/2018 11 Discussions regarding COFINA settlement presentation materials with L. Despins

and A. Bongartz (Paul Hastings), D. Praga, C. Flaton

1.4

Scott Martinez 3/29/2018 11 Discussion regarding COFINA settlement presentation materials with D. Praga 1.6

Scott Martinez 3/29/2018 11 Reviewed and commented on the various drafts of the settlement proposal 

materials for the UCC call

2.2

Carol Flaton 3/30/2018 11 Discussion regarding settlement structure presentation with S. Martinez, D. 

Praga

0.5

Carol Flaton 3/30/2018 11 Review and mark up of draft term sheet 0.4

Carol Flaton 3/30/2018 11 Review and mark mediation materials 0.4

Deborah Praga 3/30/2018 11 Discussion regarding settlement alternatives with S. Martinez, E. Deichmann 0.5

Deborah Praga 3/30/2018 11 Discussion regarding settlement structure presentation with C. Flaton, S. 

Martinez

0.5

Deborah Praga 3/30/2018 11 Calls regarding settlement proposal materials with A. Bongartz (Paul Hastings), 

S. Martinez

0.8

Deborah Praga 3/30/2018 11 Continued modeling potential settlement proposal 1.2

Deborah Praga 3/30/2018 11 Strategy session regarding settlement proposal alternatives with S. Martinez, E. 

Deichmann 

3.8

Deborah Praga 3/30/2018 11 Discussions regarding settlement structure model and presentation materials 

with S. Martinez

4.9

Eric Deichmann 3/30/2018 11 Discussion regarding settlement alternatives with S. Martinez, D. Praga 0.5

Eric Deichmann 3/30/2018 11 Strategy session regarding settlement proposal alternatives with S. Martinez, D.

Praga

3.8

Robert Bingham 3/30/2018 11 Review and comment on ZC "Global Settlement" deck 0.2

Scott Martinez 3/30/2018 11 Discussion regarding settlement alternatives with E. Deichmann, D. Praga 0.5

Scott Martinez 3/30/2018 11 Discussion regarding settlement structure presentation with C. Flaton, D. Praga 0.5

Scott Martinez 3/30/2018 11 Calls regarding settlement proposal materials with A. Bongartz (Paul Hastings), 

D. Praga

0.8

Scott Martinez 3/30/2018 11 Strategy session regarding settlement proposal alternatives with D. Praga, E. 

Deichmann

3.8

Scott Martinez 3/30/2018 11 Discussions regarding settlement structure model and presentation materials 

with D. Praga

4.9

Carol Flaton 3/31/2018 11 Review and mark of sensitivity table 0.1

Carol Flaton 3/31/2018 11 Review of prior MB/Cofina proposal 0.2

Carol Flaton 3/31/2018 11 Review of last ad hoc GO proposal 0.2

Carol Flaton 3/31/2018 11 Review of PH draft term sheet for settlement 0.2

Page 104 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 105 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 3/31/2018 11 Follow up call regarding settlement structures with S. Martinez, E. Deichmann, 

M. Westermann, D. Praga

0.4

Carol Flaton 3/31/2018 11 Review/mark up of latest draft of settlement materials 0.4

Deborah Praga 3/31/2018 11 Follow up call regarding settlement structures with C. Flaton, E. Deichmann, 

M. Westermann, S. Martinez (partial participation)

0.3

Eric Deichmann 3/31/2018 11 Follow up call regarding settlement structures with C. Flaton, M. Westermann, 

D. Praga, S. Martinez

0.4

Michael Westermann 3/31/2018 11 Follow up call regarding settlement structures with C. Flaton, E. Deichmann, D.

Praga, S. Martinez 

0.4

Scott Martinez 3/31/2018 11 Follow up call regarding settlement structures with C. Flaton, E. Deichmann, 

M. Westermann, D. Praga

0.4

Scott Martinez 3/31/2018 11 Prepared for UCC call regarding settlement proposals 1.1

Carol Flaton 4/1/2018 11 Calculate settlement scenarios/model 0.4

Carol Flaton 4/1/2018 11 Reviewed feasibility backstops 0.3

Carol Flaton 4/1/2018 11 Review of revised PH term sheet 0.5

Deborah Praga 4/1/2018 11 Revised settlement discussion materials per comments from C. Flaton 1.0

Michael Westermann 4/1/2018 11 Comment on revised UCC/COFINA term sheet 0.8

Carol Flaton 4/2/2018 11 Mark of additional proposal slides 0.2

Carol Flaton 4/2/2018 11 Development/review of COFINA scenarios 0.3

Carol Flaton 4/2/2018 11 Review of draft term sheet for settlement 0.3

Carol Flaton 4/2/2018 11 Review of topping mechanism (Cofina) 0.3

Carol Flaton 4/2/2018 11 Review of draft holdback mechanisms 0.3

Carol Flaton 4/2/2018 11 Discussion w/S. Martinez re COFINA scenarios 0.4

Carol Flaton 4/2/2018 11 Review of and mark up of settlement materials 0.4

Carol Flaton 4/2/2018 11 Review/mark of A. Bongartz (PH) slides 0.4

Carol Flaton 4/2/2018 11 Review of revised proposal slides 0.4

Carol Flaton 4/2/2018 11 Review and mark of settlement materials 0.6

Carol Flaton 4/2/2018 11 Review/mark of draft term sheet for mediation 0.6

Carol Flaton 4/2/2018 11 Discussion regarding holdback scenarios with M. Westermann, S. Martinez, D. 

Praga 

0.9

Deborah Praga 4/2/2018 11 Discussion regarding holdback scenarios with C. Flaton, S. Martinez, M. 

Westermann

0.9

Deborah Praga 4/2/2018 11 Modeled illustrative outcomes under option B 1.1

Deborah Praga 4/2/2018 11 Updated settlement discussion materials 1.3

Deborah Praga 4/2/2018 11 Discussions regarding the settlement scenarios and assumptions with S. 

Martinez 

1.6

Deborah Praga 4/2/2018 11 Prepared new settlement discussion materials for circulation to the committee 2.1

Deborah Praga 4/2/2018 11 Discussions regarding settlement proposal structures with M. Westermann, S. 

Martinez

4.7

Enrique R. Ubarri 4/2/2018 11 Reviewed updated Commonwealth Settlement Materials. 0.2

Michael Westermann 4/2/2018 11 Comment on latest COFINA proposal 0.3

Michael Westermann 4/2/2018 11 Discussion regarding holdback scenarios with C. Flaton, S. Martinez, D. Praga 0.9

Michael Westermann 4/2/2018 11 Discussions regarding settlement proposal structures with D. Praga, S. Martinez 4.7

Robert Bingham 4/2/2018 11 Meeting to discuss treatment of COFINA debt in audited financial statements 

with S. Martinez 

0.4

Scott Martinez 4/2/2018 11 Meeting to discuss treatment of COFINA debt in audited financial statements 

with R. Bingham

0.4

Scott Martinez 4/2/2018 11 Discussions regarding settlement structures for COFINA mediation with C. 

Flaton

0.4

Scott Martinez 4/2/2018 11 Reviewed draft slides prepared by Paul Hastings regarding settlement 

structures for mediation

0.5

Scott Martinez 4/2/2018 11 Reviewed settlement model scenarios for COFINA mediation session 0.5

Scott Martinez 4/2/2018 11 Reviewed the revised draft term sheet for COFINA mediation proposal 0.6

Scott Martinez 4/2/2018 11 Discussion regarding holdback scenarios with C. Flaton, M. Westermann, D. 

Praga

0.9

Page 105 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 106 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Scott Martinez 4/2/2018 11 Discussions regarding the settlement scenarios and assumptions with D. Praga 1.6

Scott Martinez 4/2/2018 11 Discussions regarding settlement proposal structures with D. Praga, M. 

Westermann

4.7

Michael Westermann 4/3/2018 11 Comment on latest CW Cofina proposal PowerPoint presentation 1.5

Carol Flaton 4/4/2018 11 Review/comment on latest proposal slides 0.2

Carol Flaton 4/4/2018 11 Review and mark of Proposal B slides 0.3

Carol Flaton 4/4/2018 11 Discussion regarding settlement structure models and draft presentation 

materials with D. Praga, S. Martinez, M. Westermann, E. Deichmann

2.6

Deborah Praga 4/4/2018 11 Reviewed updates on Commonwealth-COFINA settlement discussions with GOs 0.8

Deborah Praga 4/4/2018 11 Discussion regarding settlement structure models and draft presentation 

materials with C. Flaton, S. Martinez, M. Westermann, E. Deichmann

2.6

Eric Deichmann 4/4/2018 11 Discussion regarding settlement structure models and draft presentation 

materials with C. Flaton, S. Martinez, M. Westermann, D. Praga 

2.6

Michael Westermann 4/4/2018 11 Discussion regarding settlement structure models and draft presentation 

materials with C. Flaton, S. Martinez, E. Deichmann, D. Praga 

2.6

Scott Martinez 4/4/2018 11 Reviewed presentation materials for mediation session regarding COFINA 0.7

Scott Martinez 4/4/2018 11 Discussion regarding settlement structure models and draft presentation 

materials with C. Flaton, M. Westermann, E. Deichmann, D. Praga

2.6

Michael Westermann 4/5/2018 11 Updated CW settlement discussion presentation for C. Flaton comments 2.7

Carol Flaton 4/7/2018 11 Email w/ D. Praga re excel model 0.1

Carol Flaton 4/7/2018 11 Email w/ E. Deichmann re monoline recoveries 0.1

Carol Flaton 4/7/2018 11 Call w/ D. Praga re settlement calcs 0.2

Carol Flaton 4/7/2018 11 Emails w/D. Praga/E. Deichmann, M. Westermann re scenarios 0.2

Carol Flaton 4/7/2018 11 Call w/ E. Deichmann re monoline settlements 0.3

Carol Flaton 4/7/2018 11 Review of monoline recoveries comps 0.3

Carol Flaton 4/7/2018 11 Review of acceleration scenarios for COFINA 0.3

Carol Flaton 4/7/2018 11 Call w/ DP/MW re COFINA settlement structure 0.4

Deborah Praga 4/7/2018 11 Call with M. Westermann re: COFINA settlement materials 0.1

Deborah Praga 4/7/2018 11 Call with C. Flaton re: COFINA settlement proposals 0.2

Deborah Praga 4/7/2018 11 Reviewed emails from C. Flaton, M. Westermann and E. Deichmann related to 

COFINA acceleration scenario and transaction comps

0.3

Deborah Praga 4/7/2018 11 Call with C. Flaton, M. Westermann re: COFINA settlement materials 0.4

Deborah Praga 4/7/2018 11 Revised analysis based on comments from M. Westermann 0.4

Deborah Praga 4/7/2018 11 Prepared analysis related to COFINA acceleration scenario based on request 

from C. Flaton

2.8

Eric Deichmann 4/7/2018 11 Call w/ C. Flaton re: past monoline settlements 0.3

Michael Westermann 4/7/2018 11 Call with D. Praga re: COFINA settlement materials 0.1

Michael Westermann 4/7/2018 11 Call with C. Flaton, and D. Praga re: COFINA settlement materials 0.4

Michael Westermann 4/7/2018 11 Review of E. Deichmann email re monoline proceeds in other Chapter 9 cases 0.5

Michael Westermann 4/7/2018 11 Review of monoline treatment in Detroit per C. Flaton request 0.8

Michael Westermann 4/7/2018 11 Comment on D. Praga acceleration COFINA scenario 1.4

Michael Westermann 4/7/2018 11 Modeled acceleration COFINA scenario under various discount and interest rate 

assumptions and compared to cash flow 

1.5

Carol Flaton 4/8/2018 11 Emails w/ D. Praga re further scenarios to run through model 0.2

Carol Flaton 4/8/2018 11 Emails w/M. Westermann and D. Praga re revised scenarios and modeling 0.2

Carol Flaton 4/8/2018 11 Reviewed revised acceleration scenario summary 0.3

Carol Flaton 4/8/2018 11 Emails w/ ZC team re settlement scenarios 0.3

Carol Flaton 4/8/2018 11 Review of COFINA counteroffer 0.3

Carol Flaton 4/8/2018 11 Review of Scope documents 0.3

Carol Flaton 4/8/2018 11 Review and mark of draft mediation proposal 0.3

Deborah Praga 4/8/2018 11 Reviewed emails from L. Despins (PH), C. Flaton, E. Deichmann and M. 

Westermann related to restructuring proposals

0.4

Deborah Praga 4/8/2018 11 Reviewed proposal from COFINA seniors 0.6

Deborah Praga 4/8/2018 11 Calculated settlement recoveries in several scenarios per requests from C. 

Flaton and L. Despins (PH)

1.3

Page 106 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 107 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Deborah Praga 4/8/2018 11 Began preparing presentation materials for the committee on the COFINA 

senior proposal

3.3

Michael Westermann 4/8/2018 11 Respond to C. Flaton requests for information regarding new COFINA proposal 3.3

Carol Flaton 4/9/2018 11 Call w/ A. Velazquez re mediation and next steps 0.2

Deborah Praga 4/9/2018 11 Meeting with M. Westermann re: presentation for new COFINA proposal 1.2

Deborah Praga 4/9/2018 11 Modeled various recovery scenarios per comments from C. Flaton 2.9

Deborah Praga 4/9/2018 11 Revised presentation materials on the COFINA senior proposal for the 

committee 

3.3

Michael Westermann 4/9/2018 11 Meeting with D. Praga re: presentation for new COFINA proposal 1.2

Michael Westermann 4/9/2018 11 Compiled COFINA proceeds and tied out sources and uses of all proceeds 1.3

Michael Westermann 4/9/2018 11 Updated cash flow forecast graph for new non-recurring adjustments and 

comparison to Cofina proposal

1.4

Michael Westermann 4/9/2018 11 Model of potential other COFINA proposals 2.4

Michael Westermann 4/9/2018 11 Review and comment on updated COFINA proposal presentation from D. Praga 3.0

Carol Flaton 4/10/2018 11 Review of historical mediation offers 0.8

Carol Flaton 4/10/2018 11 Follow-up discussion w/M. Westermann, D. Praga re GO proposal 0.9

Deborah Praga 4/10/2018 11 Review of GO proposal model 0.8

Deborah Praga 4/10/2018 11 Review of GO counterproposal to COFINAs 0.8

Deborah Praga 4/10/2018 11 Follow-up meeting related to GO proposal analysis with C. Flaton, M. 

Westermann

0.9

Deborah Praga 4/10/2018 11 Modeled recoveries contemplated by GO proposal 1.1

Michael Westermann 4/10/2018 11 Follow-up meeting related to GO proposal analysis with C. Flaton, D. Praga 0.9

Carol Flaton 4/11/2018 11 Email w/ M. Westermann re changes to sensitivity math 0.1

Carol Flaton 4/11/2018 11 Email w/ M. Westermann, D. Praga, E. Deichmann re MB mtg on 4/12 0.1

Carol Flaton 4/11/2018 11 Email to M. Cervi requesting additional comp analysis 0.1

Carol Flaton 4/11/2018 11 Review of sensitivity case and implied SUT 0.1

Carol Flaton 4/11/2018 11 Review of sensitivities and SUT calc 0.2

Carol Flaton 4/11/2018 11 Emails w/ M. Westermann re PV math in various scenarios 0.2

Carol Flaton 4/11/2018 11 Call w/ M. Cervi re comp analysis request 0.2

Carol Flaton 4/11/2018 11 Review of historical SUT since inception 0.2

Carol Flaton 4/11/2018 11 Review of latest COFINA proposal 0.3

Carol Flaton 4/11/2018 11 Review of Chicago securitization docs and analysis 0.4

Deborah Praga 4/11/2018 11 Reviewed new proposal from COFINAs to Gos 0.4

Deborah Praga 4/11/2018 11 Reviewed emails from C. Flaton, M. Westermann and L. Despins (PH) related to 

restructuring proposals

0.4

Deborah Praga 4/11/2018 11 Analyzed recoveries contemplated by the proposal 1.6

Michael Westermann 4/11/2018 11 Response to C. Flaton email re: percentage of COFINA box vs total COFINA 

proposal

0.9

Michael Westermann 4/11/2018 11 Email to C. Flaton with summary of proposal and recoveries 1.2

Michael Westermann 4/11/2018 11 Created spreadsheet modeling implied SUT tax rates compared to COFINA 

proposals

1.6

Michael Westermann 4/11/2018 11 Updated model for likely proposal from COFINA expected to be received at 

tomorrows meeting

1.6

Michael Westermann 4/11/2018 11 Review of and comment on D. Praga presentation of sensitizing recoveries 1.6

Michael Westermann 4/11/2018 11 Updated model for COFINA proposal 2.0

Anthony Perrella 4/12/2018 11 Development of slides illustrating multiple bond issuances and their changes in 

yield and spread from AAA rating yields

3.3

Carol Flaton 4/12/2018 11 Review and mark of draft materials for UCC analyzing 4/12 proposal 0.1

Carol Flaton 4/12/2018 11 Development and review of litigation expected value model 0.1

Carol Flaton 4/12/2018 11 Review and mark of simplified sensitivity chart 0.1

Carol Flaton 4/12/2018 11 Email w/ D. Praga and M. Westermann re sensitivity slide changes 0.1

Carol Flaton 4/12/2018 11 Emails w/M. Westermann re expected value model 0.1

Carol Flaton 4/12/2018 11 Review and mark of latest draft sensitivity slides (PV, claims) 0.4

Carol Flaton 4/12/2018 11 Review and mark of latest expected value model 0.2

Carol Flaton 4/12/2018 11 Review of final sensitivities slides to review w/L. Despins (PH) 0.2

Page 107 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 108 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 4/12/2018 11 Review and mark of COFINA 4/12 slide (graphical) 0.3

Carol Flaton 4/12/2018 11 Review and mark of deck for 4/12 UCC call 0.3

Carol Flaton 4/12/2018 11 Review and mark of latest expected value model 0.3

Carol Flaton 4/12/2018 11 Review of expected value model output scenarios 0.4

Carol Flaton 4/12/2018 11 Review of COFINA proposal and related financial analysis 1.4

Deborah Praga 4/12/2018 11 Revised sensitivities based on comments from C. Flaton 0.6

Deborah Praga 4/12/2018 11 Modeled recoveries contemplated under COFINA's Proposal A proposal 1.2

Deborah Praga 4/12/2018 11 Created sensitivity analysis for UCC Proposal A counter proposal 1.9

Deborah Praga 4/12/2018 11 Prepared slides for presentation to the committee related to COFINA's proposal 2.7

Michael Westermann 4/12/2018 11 Created model for L. Despins (PH) re: litigation scenarios and recoveries 1.7

Michael Westermann 4/12/2018 11 Created presentation for the committee describing and highlighting recoveries 

based on certain litigation win assumptions

2.5

Michael Westermann 4/12/2018 11 Updated recovery model for L. Despins (PH) comments 2.8

Michael Westermann 4/12/2018 11 Updated model for new COFINA proposal described today 2.9

Anthony Perrella 4/13/2018 11 Formatting of Bond yield data and slides. 1.5

Carol Flaton 4/13/2018 11 Review of latest draft recovery table 0.1

Carol Flaton 4/13/2018 11 Review of sensitivity table w/SUT 0.1

Carol Flaton 4/13/2018 11 Review of MB sensitivity analysis 0.1

Carol Flaton 4/13/2018 11 Review of latest draft of recovery sensitivity table 0.2

Carol Flaton 4/13/2018 11 Email w/ M. Westermann re SUT stream 0.1

Carol Flaton 4/13/2018 11 Review of revised COFINA CF analysis 0.2

Carol Flaton 4/13/2018 11 Emails w/M. Westermann re further changes to sensitivity analysis 0.2

Carol Flaton 4/13/2018 11 Review of final materials for UCC presentation for COFINA proposal 0.2

Carol Flaton 4/13/2018 11 Review of draft litigation scenarios (3) 0.3

Carol Flaton 4/13/2018 11 Draft summary of mediation proposals to date - for presentation to UCC 0.3

Carol Flaton 4/13/2018 11 Review/mark of analysis of CF for F. Santos (PR Hospital Supply) 0.3

Carol Flaton 4/13/2018 11 Review and mark of additional litigation scenarios 0.4

Carol Flaton 4/13/2018 11 Review of COFINA indenture for waterfall provision 0.9

Michael Westermann 4/13/2018 11 Updated sensitivity tables for new COFINA proposal 0.9

Michael Westermann 4/13/2018 11 Updated presentation on sensitivity based on C. Flaton and L. Despins (PH) 

comments

1.9

Michael Westermann 4/13/2018 11 Created presentation including the new sensitivity analysis and the new 

litigation recovery proposals

2.1

Michael Westermann 4/13/2018 11 Revised litigation recovery cases for varying debt service numbers 2.3

Michael Westermann 4/13/2018 11 Modeled out the implied SUT that all COFINA proposals represent 2.6

Carol Flaton 4/14/2018 11 Emails w/ M. Westermann, S. Martinez re materials for UCC 0.1

Carol Flaton 4/14/2018 11 Emails w/D. Praga, M. Westermann, S. Martinez on changes to UCC materials 

(related to past mediation)

0.2

Carol Flaton 4/14/2018 11 Review of revised PSTBA analysis 0.7

Carol Flaton 4/14/2018 11 Emails w/ M. Westermann re revised analysis 0.3

Carol Flaton 4/14/2018 11 Email w/E. Deichmann, M. Cervi re debt capacity comps 0.3

Carol Flaton 4/14/2018 11 Review and mark of COFINA PV benefit of waterfall (first dollar) analysis 0.7

Carol Flaton 4/14/2018 11 Review of last MB materials re COFINA debt and waterfall 0.8

Carol Flaton 4/14/2018 11 Review of document from S. Kirpalani (Quinn) re COFINA position for 

negotiation

0.4

Carol Flaton 4/14/2018 11 Review of revised proposal (for mediation) 0.8

Deborah Praga 4/14/2018 11 Reviewed presentation materials for committee 0.1

Deborah Praga 4/14/2018 11 Reviewed emails related to settlement negotiations 0.3

Enrique R. Ubarri 4/14/2018 11 Examined the Settlement Materials for the Commonwealth/COFINA mediation 

prepared by ZC

0.1

Michael Westermann 4/14/2018 11 Updated historical COFINA payments for different ways to view PSTBA 1.9

Michael Westermann 4/14/2018 11 Modeled the effects of first payments to COFINA based on mid year discount 

model

2.1

Carol Flaton 4/15/2018 11 Review of latest CW agent proposal to COFINA agent 0.1

Page 108 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 109 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 4/15/2018 11 Emails w/ D. Praga, M. Westermann, S. Martinez re PSTBA splits and analysis 

for UCC call

0.2

Michael Westermann 4/15/2018 11 Expanded sensitivity range for recovery tables 0.5

Michael Westermann 4/15/2018 11 Updated historical summary of COFINA proposals based on today's committee 

call

1.5

Scott Martinez 4/15/2018 11 Reviewed Zolfo Cooper analysis and presentations regarding settlement 

structures

1.9

Scott Martinez 4/15/2018 11 Reviewed various settlement proposals between the GO and COFINA 

bondholders pursuant to mediation

2.4

Anthony Perrella 4/16/2018 11 Development of Revenue Bond yield and coupon slide. 1.2

Carol Flaton 4/16/2018 11 Email w/M. Westermann, M. Cervi re COFINA offer and related value (and 

discount rate comp analysis)

0.1

Carol Flaton 4/16/2018 11 Review and mark of latest draft of COFINA analysis slides 0.2

Carol Flaton 4/16/2018 11 Review and markup of COFINA analysis slides 0.3

Carol Flaton 4/16/2018 11 Review and mark of PH’s COFINA non-impairment presentation to UCC 0.4

Mark A. Cervi 4/16/2018 11 Review data extract from Bloomberg related to information needed for COFINA 

settlement and follow-up emails to A. Perrella

1.0

Michael Westermann 4/16/2018 11 Updated and finalized presentation based on comments from Paul Hastings 0.8

Michael Westermann 4/16/2018 11 Review of and comment on slides from M. Cervi re: SUT comps 1.5

Michael Westermann 4/16/2018 11 Comment on Paul Hastings presentation regarding ability to shut off SUT 

payments

1.8

Michael Westermann 4/16/2018 11 Updated historic SUT collection spreadsheet 1.9

Michael Westermann 4/16/2018 11 Updated recovery presentation for comments from C. Flaton and S. Martinez 1.9

Michael Westermann 4/16/2018 11 Created PowerPoint which discussed differences in assumptions between 

COFINA and the CW agents and their effect on recoveries

2.7

Scott Martinez 4/16/2018 11 Reviewed and commented on draft slides for the Committee regarding 

settlement structures

1.9

Carol Flaton 4/17/2018 11 Call between M. Cervi, S. Martinez, M. Westermann re: comparable SUT bonds 0.3

Deborah Praga 4/17/2018 11 Follow up call re SUT revenue with M. Cervi, E. Deichmann, M. Westermann 0.3

Eric Deichmann 4/17/2018 11 Follow up call re SUT revenue with S. Martinez, M. Cervi, M. Westermann, D. 

Praga 

0.3

Mark A. Cervi 4/17/2018 11 Call between M. Cervi, M. Westermann, S. Martinez, C. Flaton re: comparable 

SUT bonds

0.3

Mark A. Cervi 4/17/2018 11 Follow up call re SUT revenue with E. Deichmann, M. Westermann, D. Praga 0.3

Michael Westermann 4/17/2018 11 Call between M. Cervi, S. Martinez, C. Flaton re: comparable SUT bonds 0.3

Michael Westermann 4/17/2018 11 Follow up call re SUT revenue with M. Cervi, E. Deichmann, D. Praga 0.3

Michael Westermann 4/17/2018 11 Updated presentation on comparing COFINA versus CW assumptions based on L. 

Despins (PH) comments

0.6

Michael Westermann 4/17/2018 11 Created diagram detailing latest COFINA and GO proposals, and middle ground 

potential

2.5

Scott Martinez 4/17/2018 11 Call between M. Cervi, M. Westermann, C. Flaton re: comparable SUT bonds 0.3

Anthony Perrella 4/18/2018 11 Development of yield chart based on maturity of sales and use tax bonds. 0.4

Anthony Perrella 4/18/2018 11 Updates to latest Pricing comparables presentation. 1.4

Carol Flaton 4/18/2018 11 Review and mark of revised litigation scenarios 1.2

Carol Flaton 4/18/2018 11 Review of revised litigation scenarios 0.4

Michael Westermann 4/18/2018 11 Research previous COFINA group presentations for notes on discount rates and 

interest rates

3.0

Anthony Perrella 4/19/2018 11 Development of yield curve by issuance rating chart. 1.0

Anthony Perrella 4/19/2018 11 Development of yield chart slides for pricing presentation. 1.4

Mark A. Cervi 4/19/2018 11 Review draft COFINA settlement slides 0.2

Anthony Perrella 4/20/2018 11 Calls with M. Cervi regarding finalization of COFINA settlement deck 0.7

Anthony Perrella 4/20/2018 11 Textual and data updates to pricing presentation. 1.0

Carol Flaton 4/20/2018 11 Development and mark up of “Alternatives” slides for UCC 0.8

Carol Flaton 4/20/2018 11 Discussion and preparation of materials for the Committee regarding 

settlement proposals with D. Praga, S. Martinez

2.6

Page 109 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 110 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Deborah Praga 4/20/2018 11 Revised illustrative slides outlining proposal structures per comments from C. 

Flaton 

0.9

Deborah Praga 4/20/2018 11 Discussion and preparation of materials for the Committee regarding 

settlement proposals with C. Flaton, S. Martinez

2.6

Deborah Praga 4/20/2018 11 Developed and prepared illustrative slides outlining two proposal structures for 

distribution to the Committee

4.6

Mark A. Cervi 4/20/2018 11 Review and respond to emails from C. Flaton and review email exchange with 

M. Rodrigue (Miller Buckfire) regarding COFINA settlement

0.2

Mark A. Cervi 4/20/2018 11 Calls with A. Perrella regarding finalization of COFINA settlement deck 0.7

Mark A. Cervi 4/20/2018 11 Calls with A. Perrella regarding finalization of COFINA settlement deck 0.3

Mark A. Cervi 4/20/2018 11 Call with S. Martinez regarding comments to COFINA slides 0.4

Mark A. Cervi 4/20/2018 11 Further review and edits of COFINA settlement support slides 0.5

Mark A. Cervi 4/20/2018 11 GDB related research for COFINA settlement 0.6

Mark A. Cervi 4/20/2018 11 Review and Edit of COFINA settlement deck 2.6

Michael Westermann 4/20/2018 11 Comment on question related to previous COFINA group summaries of discount 

rates and interest rates

0.4

Scott Martinez 4/20/2018 11 Call with M. Cervi regarding comments to COFINA slides 0.4

Scott Martinez 4/20/2018 11 Discussion and preparation of materials for the Committee regarding 

settlement proposals with C. Flaton, D. Praga

2.6

Carol Flaton 4/21/2018 11 Mark up of Alternative Slides 0.4

Carol Flaton 4/22/2018 11 Call w/ D. Praga to discuss materials for UCC 0.2

Carol Flaton 4/22/2018 11 Emails w/ L. Despins (PH) re second set of Alternative slides 0.2

Carol Flaton 4/22/2018 11 Review and mark up of Alternatives Slide 0.3

Carol Flaton 4/22/2018 11 Email w/ internal ZC re terms of “global settlement” 0.3

Carol Flaton 4/22/2018 11 Review and mark of latest draft of alternative slides 0.5

Carol Flaton 4/22/2018 11 Review and mark of revised mediation scenarios 0.7

Deborah Praga 4/22/2018 11 Calls with C. Flaton re: distribution materials for committee 0.2

Deborah Praga 4/22/2018 11 Revised distribution materials based on comments from L. Despins (PH) and C. 

Flaton

4.6

Michael Westermann 4/22/2018 11 Reforecast SUT projections based on updated certified fiscal plan 1.5

Michael Westermann 4/22/2018 11 Modeled new proposal from COFINA bondholders 3.0

Scott Martinez 4/22/2018 11 Reviewed and commented on the draft model of contemplated settlement 

structures regarding the Commonwealth-COFINA dispute

2.1

Carol Flaton 4/23/2018 11 Emails to ZC internal team re questions on presentation 0.2

Carol Flaton 4/23/2018 11 Review of ad hoc GO claims base 0.2

Carol Flaton 4/23/2018 11 Creation of settlement recovery analysis 0.4

Deborah Praga 4/23/2018 11 Revised model per comments from M. Westermann 0.3

Deborah Praga 4/23/2018 11 Updated settlement proposal illustrative slides for distribution to the 0.4

Deborah Praga 4/23/2018 11 Discussion regarding COFINA payment acceleration with S. Martinez 0.6

Deborah Praga 4/23/2018 11 Prepared settlement sensitivity model 0.9

Deborah Praga 4/23/2018 11 Reviewed presentation materials provided by COFINA and GO for mediation 

session regarding Commonwealth-COFINA dispute

1.1

Deborah Praga 4/23/2018 11 Review of COFINA acceleration structure and calculations 1.3

Deborah Praga 4/23/2018 11 Reviewed GO CUSIP-level GO claim analysis 1.9

Michael Westermann 4/23/2018 11 Updated sensitivity for S. Martinez comments 0.3

Michael Westermann 4/23/2018 11 Updated SUT forecast for real/nominal GNP growth 0.4

Michael Westermann 4/23/2018 11 Comment on D. Praga sensitivity model presentation 0.6

Michael Westermann 4/23/2018 11 Created sensitivity PowerPoint for latest COFINA proposal 0.8

Michael Westermann 4/23/2018 11 Updated presentation for committee to reflect comments from C. Flaton 1.2

Michael Westermann 4/23/2018 11 Review of GO claims calculation and model from GA 1.3

Michael Westermann 4/23/2018 11 Read settlement offers provided in mediation session, and updated model for 

actual terms

3.2

Scott Martinez 4/23/2018 11 Reviewed presentation materials provided by COFINA and GO for mediation 

session regarding Commonwealth-COFINA dispute

1.1

Page 110 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 111 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Scott Martinez 4/23/2018 11 Updated the draft model of contemplated settlement structures regarding the 

Commonwealth-COFINA dispute

1.2

Scott Martinez 4/23/2018 11 Reviewed GO settlement model regarding Commonwealth-COFINA mediation 1.4

Carol Flaton 4/24/2018 11 Email w/ S. Martinez regarding revised sensitivity tables for mediation 0.1

Carol Flaton 4/24/2018 11 Emails w/ S. Martinez and M. Westermann re COFINA issues list 0.1

Carol Flaton 4/24/2018 11 Discussion w/ M. Westermann re: COFINA/GO proposal share of PSTBA box 0.2

Deborah Praga 4/24/2018 11 Prepared sensitivity analysis for various recovery scenarios 1.6

Michael Westermann 4/24/2018 11 Discussion w/ C. Flaton re: COFINA/GO proposal share of PSTBA box 0.2

Michael Westermann 4/24/2018 11 Prepared model showing COFINA/GO proposal and share of PSTBA box at 

various discount rates

1.6

Michael Westermann 4/24/2018 11 Comment on Paul Hastings presentation regarding the issues list of GO/COFINA 

deal

2.2

Scott Martinez 4/24/2018 11 Reviewed sensitivity tables regarding settlement proposals 0.7

Scott Martinez 4/24/2018 11 Reviewed and commented on presentation materials prepared by Paul Hastings 

for the mediation team

1.2

Carol Flaton 4/25/2018 11 Discussions regarding presentation materials prepared by Paul Hastings for the 

mediation team with S. Martinez, M. Westermann 

0.8

Deborah Praga 4/25/2018 11 Reviewed analysis prepared regarding potential Retiree claims against the 

Commonwealth

0.6

Michael Westermann 4/25/2018 11 Discussions regarding presentation materials prepared by Paul Hastings for the 

mediation team with C. Flaton, S. Martinez

0.8

Michael Westermann 4/25/2018 11 Discussion regarding presentation materials prepared by Paul Hastings for the 

mediation team with S. Martinez

1.1

Michael Westermann 4/25/2018 11 Markup latest COFINA/GO presentation for external version 1.5

Michael Westermann 4/25/2018 11 Created term sheet type version of issues list 2.5

Michael Westermann 4/25/2018 11 Pulled cash flow terms of all previous Cofina proposal A's and updated 

mediation summary table for such terms

2.9

Scott Martinez 4/25/2018 11 Prepared an itemized listing of issues related to the settlement proposal 0.5

Scott Martinez 4/25/2018 11 Reviewed the updated presentation materials prepared by Paul Hastings for the

mediation team

0.6

Scott Martinez 4/25/2018 11 Reviewed analysis prepared regarding potential Retiree claims against the 

Commonwealth

0.7

Scott Martinez 4/25/2018 11 Discussions regarding presentation materials prepared by Paul Hastings for the 

mediation team with C. Flaton, M. Westermann

0.8

Scott Martinez 4/25/2018 11 Discussion regarding presentation materials prepared by Paul Hastings for the 

mediation team with M. Westermann

1.1

Carol Flaton 4/26/2018 11 Emails w/ S. Martinez, M. Westermann re expanded sensitivity sheets 0.1

Carol Flaton 4/26/2018 11 Review for retiree contingent currency proposal/model 0.2

Carol Flaton 4/26/2018 11 review and mark of mediation settlement materials for UCC 0.3

Carol Flaton 4/26/2018 11 further mark and review of settlement materials for distribution to UCC 0.3

Carol Flaton 4/26/2018 11 Review and notation of final presentation documents for 4/26 mediation 

session

0.6

Deborah Praga 4/26/2018 11 Prepared various calculations related to SUT per C. Flaton's request 1.3

Deborah Praga 4/26/2018 11 Revised sensitivity slides for presentation on committee call 2.1

Deborah Praga 4/26/2018 11 Modeled sensitivities on current restructuring proposals 2.6

Michael Westermann 4/26/2018 11 Respond to S. Martinez email re: implied SUT at various proposal splits 0.3

Michael Westermann 4/26/2018 11 Updated sensitivity charts for C. Flaton split requests 0.5

Michael Westermann 4/26/2018 11 Consolidated and finalized UCC presentation for today's committee call 1.5

Michael Westermann 4/26/2018 11 Created chart detailing the 4/18 COFINA proposal in the previous fiscal plan 

compared to the certified fiscal plan

1.9

Scott Martinez 4/26/2018 11 Analyzed and reviewed sensitivity tables prepared regarding potential 

settlement structures

0.9

Carol Flaton 4/27/2018 11 Review of PH edited settlement materials for UCC 0.1

Carol Flaton 4/27/2018 11 Review of revised mediation settlement materials for UCC 0.1

Carol Flaton 4/27/2018 11 Review/mark of latest mediation settlement materials for UCC 0.8

Page 111 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 112 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 4/27/2018 11 Review of Miller Buckfire settlement materials 0.3

Deborah Praga 4/27/2018 11 Revisions to sensitivity analysis for presentation to committee 2.3

Mark A. Cervi 4/27/2018 11 Reviewed settlement materials for UCC 0.3

Michael Westermann 4/27/2018 11 Updated settlement discussion materials for Paul Hastings and C. Flaton 

comments

1.9

Michael Westermann 4/27/2018 11 Updated presentation for additional comments from Paul Hastings 2.3

Michael Westermann 4/27/2018 11 Created appendix of sensitivity charts for committee presentation 2.9

Carol Flaton 4/28/2018 11 Email to M. Westermann re feasibility and potential escrow 0.1

Carol Flaton 4/28/2018 11 Emails w/M. Westermann re SUT ratchet mechanism 0.1

Carol Flaton 4/28/2018 11 Emails w/ S. Martinez and M. Westermann re terms of settlement discussions 0.1

Carol Flaton 4/28/2018 11 Review of Goldin Associates presentation to CW agent of global settlement 

(distributions)

0.3

Carol Flaton 4/28/2018 11 Review and mark of COFINA settlement analysis 0.9

Michael Westermann 4/28/2018 11 Updated litigation summary deck for comments from C. Flaton and S. Martinez 2.5

Carol Flaton 4/29/2018 11 Call w/ M. Westermann re changes to litigation scenarios in UCC deck 0.4

Carol Flaton 4/29/2018 11 Discussion regarding COFINA structure with S. Martinez 0.2

Carol Flaton 4/29/2018 11 Review of COFINA (MB) materials re waterfall 0.2

Carol Flaton 4/29/2018 11 Call regarding SUT as part of settlement proposals with S. Martinez, D. Praga 0.5

Carol Flaton 4/29/2018 11 Follow up call regarding SUT as part of settlement proposals with S. Martinez, 

D. Praga

0.7

Carol Flaton 4/29/2018 11 Review and mark of COFINA mediation materials for UCC 2.1

Deborah Praga 4/29/2018 11 Debrief regarding analysis as part of SUT settlement proposals with S. Martinez 0.4

Deborah Praga 4/29/2018 11 Call regarding SUT as part of settlement proposals with C. Flaton, S. Martinez 0.5

Deborah Praga 4/29/2018 11 Discussion regarding SUT settlement modeling for annual payments with S. 

Martinez

0.5

Deborah Praga 4/29/2018 11 Follow up call regarding SUT as part of settlement proposals with C. Flaton, S. 

Martinez

0.7

Deborah Praga 4/29/2018 11 Discussion regarding SUT settlement modeling for annual payments with S. 

Martinez, M. Westermann 

0.7

Deborah Praga 4/29/2018 11 Prepared model for new settlement proposal 2.4

Enrique R. Ubarri 4/29/2018 11 Reviewed and analyzed COFINA/CW Settlement materials prepared by ZC. 0.3

Mark A. Cervi 4/29/2018 11 Review of Draft COFINA settlement materials 0.2

Michael Westermann 4/29/2018 11 Email to D. Praga re: historical SUT collections 0.2

Michael Westermann 4/29/2018 11 Call w/ C. Flaton re changes to litigation scenarios in UCC deck 0.4

Michael Westermann 4/29/2018 11 Final changes to the committee presentation on the settlement proposal based 

on comments from Paul Hastings and ZC

0.4

Michael Westermann 4/29/2018 11 Discussion regarding settlement presentation materials to be provided to the 

Committee with S. Martinez

0.4

Michael Westermann 4/29/2018 11 Discussion regarding SUT settlement modeling for annual payments with S. 

Martinez, D. Praga

0.7

Michael Westermann 4/29/2018 11 Response to C. Flaton email re: measures for SUT threshold 0.9

Michael Westermann 4/29/2018 11 Created new litigation recovery scenarios and added slides to the settlement 

discussion presentation

1.4

Michael Westermann 4/29/2018 11 Updated deck for C. Flaton and L. Despins (PH) comments 1.6

Michael Westermann 4/29/2018 11 Modeled COFINA recoveries at various allowed claims levels 1.2

Michael Westermann 4/29/2018 11 Added a new slide to the presentation comparing litigation recoveries to 

proposal

1.9

Scott Martinez 4/29/2018 11 Discussion regarding COFINA structure with C. Flaton 0.2

Scott Martinez 4/29/2018 11 Debrief regarding analysis as part of SUT settlement proposals with D. Praga 0.4

Scott Martinez 4/29/2018 11 Discussion regarding settlement presentation materials to be provided to the 

Committee with M. Westermann

0.4

Scott Martinez 4/29/2018 11 Call regarding SUT as part of settlement proposals with D. Praga, C. Flaton 0.5

Scott Martinez 4/29/2018 11 Discussion regarding SUT settlement modeling for annual payments with D. 

Praga

0.5

Page 112 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 113 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Scott Martinez 4/29/2018 11 Follow up call regarding SUT as part of settlement proposals with C. Flaton, D. 

Praga

0.7

Scott Martinez 4/29/2018 11 Discussion regarding SUT settlement modeling for annual payments with D. 

Praga, M. Westermann

0.7

Scott Martinez 4/29/2018 11 Reviewed and commented on the draft analysis of annual payments under 

various settlement structures

0.9

Scott Martinez 4/29/2018 11 Reviewed and commented on the draft presentation materials to be circulated 

to the Committee regarding settlement structures

0.9

Carol Flaton 4/30/2018 11 Email to S. Martinez, D. Praga re revised SUT forecast 0.1

Carol Flaton 4/30/2018 11 Call with ZC (S. Martinez, D. Praga, M. Westermann) and Paul Hastings (M. 

Kahn) re: current COFINA structure and acceleration

0.9

Deborah Praga 4/30/2018 11 Call with ZC (C. Flaton, S. Martinez, M. Westermann) and Paul Hastings (M. 

Kahn) re: current COFINA structure and acceleration scenarios 

0.9

Deborah Praga 4/30/2018 11 Modeled monthly SUT distributions per contemplated proposal 3.8

Michael Westermann 4/30/2018 11 Updated monthly SUT forecast model for lower share of PSTBA 0.3

Michael Westermann 4/30/2018 11 Review of historical SUT collections to COFINA and tied out difference between 

FY 2018 and 2017 reporting

0.8

Michael Westermann 4/30/2018 11 Call with ZC (C. Flaton, S. Martinez, D. Praga) and Paul Hastings (M. Kahn) re: 

current COFINA structure and acceleration scenarios 

0.9

Michael Westermann 4/30/2018 11 Comment on D. Praga updated model including monthly spreads of COFINA 

collections

1.0

Scott Martinez 4/30/2018 11 Call with ZC (C. Flaton, D. Praga, M. Westermann) and Paul Hastings (M. Kahn) 

re: current COFINA structure and acceleration scenarios 

0.9

Scott Martinez 4/30/2018 11 Reviewed and commented on the revised annual SUT settlement analysis 1.1

Carol Flaton 5/1/2018 11 Review of final Cofina/CW CF - illustrative 0.2

Carol Flaton 5/1/2018 11 Review and distribution of sensitivity tables to L. Despins (PH) 0.2

Carol Flaton 5/1/2018 11 Review and mark of COFINA/CW CF graph (illustrative) 0.3

Carol Flaton 5/1/2018 11 Discussion w/ M. Westermann and S. Martinez re SUT settlement structure 0.5

Carol Flaton 5/1/2018 11 Review of draft COFINA analysis from M. Kahn (PH) 0.7

Deborah Praga 5/1/2018 11 Reviewed certain COFINA documents to inform SUT breakeven analysis 0.7

Deborah Praga 5/1/2018 11 Revised monthly SUT breakeven analysis based on comments from M. 

Westermann

2.2

Deborah Praga 5/1/2018 11 Prepared monthly SUT breakeven analysis 2.8

Michael Westermann 5/1/2018 11 Discussion regarding SUT settlement proposal structure with C. Flaton, S. 

Martinez

0.5

Michael Westermann 5/1/2018 11 Response to C. Flaton emails re sensitivity at updated discount rates 1.0

Michael Westermann 5/1/2018 11 Comment on D. Praga updated monthly SUT break even analysis 1.4

Scott Martinez 5/1/2018 11 Discussion regarding SUT settlement proposal structure with C. Flaton, M. 

Westermann

0.5

Scott Martinez 5/1/2018 11 Reviewed and commented on the revised annual SUT settlement analysis 0.7

Scott Martinez 5/1/2018 11 Reviewed settlement structure materials in preparation for Committee call 1.3

Carol Flaton 5/2/2018 11 Discussion with D. Praga related to illustrative scenario page revisions 0.3

Carol Flaton 5/2/2018 11 Review and analysis of last ad hoc COFINA term sheet 0.7

Carol Flaton 5/2/2018 11 Review and analysis of last global ad hoc proposal 0.9

Deborah Praga 5/2/2018 11 Discussion with C. Flaton related to illustrative scenario page revisions 0.3

Deborah Praga 5/2/2018 11 Revised illustrative scenario pages for committee per comments from L. 

Despins (PH)

1.1

Carol Flaton 5/3/2018 11 Final review of alternative deal charts for mediation correspondence 0.1

Carol Flaton 5/3/2018 11 Changes/markup of alternative deal charts for mediation correspondence 0.3

Carol Flaton 5/3/2018 11 Revision/mark up of Alternative deals charts for mediation correspondence 0.6

Deborah Praga 5/3/2018 11 Revised illustrative scenario pages for committee per comments from A. 

Bongartz (PH)

0.4

Mark A. Cervi 5/3/2018 11 Call with S. Martinez regarding COFINA settlement 0.5

Michael Westermann 5/3/2018 11 Review of revised proposal a versus b comparison from D. Praga 0.4

Scott Martinez 5/3/2018 11 Call with M. Cervi regarding COFINA settlement 0.5

Page 113 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 114 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Scott Martinez 5/4/2018 11 Reviewed draft COFINA bondholder complaint regarding the GDB restructuring 0.9

Deborah Praga 5/8/2018 11 Reviewed draft CW-COFINA dispute proposal from AFT 0.6

Eric Deichmann 5/8/2018 11 Debrief regarding mediation settlement proposal call with S. Martinez, M. 

Westermann

0.6

Michael Westermann 5/8/2018 11 Debrief regarding mediation settlement proposal call with S. Martinez, E. 

Deichmann

0.6

Michael Westermann 5/8/2018 11 Review of latest April 2018 tax collections numbers 1.0

Scott Martinez 5/8/2018 11 Debrief regarding mediation settlement proposal call with M. Westermann, E. 

Deichmann

0.6

Michael Westermann 5/10/2018 11 Comparison of sensitized chart to latest COFINA proposals and global 

settlement offers

2.5

Carol Flaton 5/11/2018 11 Review of primary surplus analysis from MB 0.1

Carol Flaton 5/13/2018 11 Review of draft blow out language 0.2

Eric Deichmann 5/14/2018 11 Review of CW-COFINA proposal documents 0.4

Eric Deichmann 5/14/2018 11 Discussion with S. Martinez, M. Westermann re: COFINA and GO press releases 

and associated recovery values stated 

0.8

Michael Westermann 5/14/2018 11 Updated sensitivity charts for C. Flaton comments 0.7

Michael Westermann 5/14/2018 11 Discussion with S. Martinez, E. Deichmann re: COFINA and GO press releases 

and associated recovery values stated 

0.8

Michael Westermann 5/14/2018 11 Tied illustrative cash flow contained in GO deck with ZC model 0.9

Michael Westermann 5/14/2018 11 Updated sensitivity chart for narrower COFINA/CW bands and implied SUT 

updates

0.9

Michael Westermann 5/14/2018 11 Calculated new implied SUT amounts for new certified fiscal plan 1.1

Michael Westermann 5/14/2018 11 Read press releases from GO 's and COFINA re: settlement discussions and 

comparison to amounts previously presented to the committee

2.8

Scott Martinez 5/14/2018 11 Call regarding GO and COFINA press releases with L. Despins (Paul Hastings) 0.1

Scott Martinez 5/14/2018 11 Call regarding GO and COFINA press releases with A. Bongartz (Paul Hastings) 0.2

Scott Martinez 5/14/2018 11 Reviewed updated sensitivity tables regarding settlement of Commonwealth - 

COFINA mediation

0.4

Scott Martinez 5/14/2018 11 Discussion with E. Deichmann, M. Westermann re: COFINA and GO press 

releases and associated recovery values stated

0.8

Scott Martinez 5/14/2018 11 Reviewed the GO and COFINA press releases and presentation materials that 

were issued today with regards to settlement discussions

1.9

Carol Flaton 5/15/2018 11 Review draft of simple debt sustainability analysis 0.1

Carol Flaton 5/15/2018 11 Review/revision of sensitivity tables of settlement tool 0.1

Carol Flaton 5/16/2018 11 Review of terms list for possible counter offer 0.2

Carol Flaton 5/16/2018 11 Email draft of changed terms of potential counteroffer 0.2

Carol Flaton 5/16/2018 11 Review and mark up of COFINA analysis deck for UCC 0.3

Carol Flaton 5/16/2018 11 Review of 5/16 COFINA proposal 0.3

Carol Flaton 5/16/2018 11 Review of latest settlement proposal deck for UCC call (5/17) 0.5

Carol Flaton 5/16/2018 11 Review and mark of settlement proposal deck for 5/17 UCC call 0.7

Michael Westermann 5/16/2018 11 Review of new COFINA proposal 0.4

Michael Westermann 5/16/2018 11 Updated sensitivity table based on Paul Hastings comments 1.1

Michael Westermann 5/16/2018 11 Updated settlement presentation materials for comments from C. Flaton, S. 

Martinez, and L. Despins (PH)

2.0

Michael Westermann 5/16/2018 11 Updated CW COFINA settlement materials for new proposal for distribution to 

the committee

2.5

Scott Martinez 5/16/2018 11 Reviewed and commented on draft settlement proposal term sheet 0.4

Scott Martinez 5/16/2018 11 Reviewed mediation settlement proposal received from COFINA Agent 0.5

Carol Flaton 5/17/2018 11 Review and mark of sensitivity sheet (deals highlighted) 0.1

Carol Flaton 5/17/2018 11 Review of revised debt metric slide 0.1

Carol Flaton 5/17/2018 11 Draft and review of comparative proposal analysis 0.3

Carol Flaton 5/17/2018 11 Review and mark of draft counter proposal (to share w/Sub committee) 0.3

Carol Flaton 5/17/2018 11 Review of marked counterproposal 0.3

Page 114 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 115 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 5/17/2018 11 Follow up to the committee call discussion with S. Martinez, M. Westermann re:

new COFINA proposal

0.5

Carol Flaton 5/17/2018 11 Review of proposal, risk analysis and prep for UCC call 1.2

Enrique R. Ubarri 5/17/2018 11 Examined the ZC Commonwealth/COFINA Settlement Materials 0.3

Michael Westermann 5/17/2018 11 Created updated sensitivity chart for C. Flaton 0.2

Michael Westermann 5/17/2018 11 Comment on updated term sheet 0.4

Michael Westermann 5/17/2018 11 Follow up to the committee call discussion with C. Flaton, S. Martinez re: new 

COFINA proposal 

0.5

Michael Westermann 5/17/2018 11 Created "cheat sheet" of key topics regarding new Cofina proposal 1.5

Scott Martinez 5/17/2018 11 Calls with A. Bongartz (Paul Hastings) regarding draft term sheet for settlement

discussions

0.3

Scott Martinez 5/17/2018 11 Follow up to the committee call discussion with C. Flaton, M. Westermann re: 

new COFINA proposal

0.5

Scott Martinez 5/17/2018 11 Reviewed and commented on various Zolfo prepared analyses regarding COFINA 

settlement

1.1

Carol Flaton 5/18/2018 11 Review of revised DSA deck for UCC 0.2

Carol Flaton 5/18/2018 11 Review of final DSA deck for UCC for 5/22 0.9

Michael Westermann 5/18/2018 11 Updated Cofina proposal comparisons presentation for comments from Paul 

Hastings

1.3

Michael Westermann 5/18/2018 11 Review of and model of COFINA counterproposal 2.3

Michael Westermann 5/18/2018 11 Created presentation of comparisons between recent COFINA proposals and 

various interest rates

2.7

Carol Flaton 5/19/2018 11 Review of settlement sensitivities for distribution 0.2

Michael Westermann 5/19/2018 11 Updated Cofina proposal comparisons presentation for additional comments 

from C. Flaton

1.1

Carol Flaton 5/21/2018 11 Review of latest COFINA proposal 0.2

Carol Flaton 5/21/2018 11 Review of COFINA recovery sensitivities 0.3

Carol Flaton 5/21/2018 11 Review of settlement progression timeline document 0.3

Deborah Praga 5/21/2018 11 Review and analysis of revised Commonwealth-COFINA proposal from COFINA 2.9

Enrique R. Ubarri 5/21/2018 11 Analyzed the revised counterproposal from the COFINA Agent. 0.3

Michael Westermann 5/21/2018 11 Prepared out-going version of deal proposals for distribution to retirees and 

other third parties

1.2

Michael Westermann 5/21/2018 11 Review of latest COFINA proposal 1.7

Michael Westermann 5/21/2018 11 Updated proposal trackers and sensitivity tables for latest deal 1.9

Scott Martinez 5/21/2018 11 Reviewed counter proposal received from COFINA Agent 0.6

Michael Westermann 5/22/2018 11 Comment on latest COFINA proposals issues list 0.2

Michael Westermann 5/22/2018 11 Modeled covenants included in latest COFINA proposal 2.2

Carol Flaton 5/23/2018 11 Review and mark of illustrative debt capacity chart 0.3

Carol Flaton 5/23/2018 11 Review of illustrative coverage ratio slide 0.3

Carol Flaton 5/23/2018 11 Review and mark of illustrative COFINA debt capacity analysis 1.1

Michael Westermann 5/23/2018 11 Discussion regarding Commonwealth-COFINA settlement analyses and terms 

sheets with S. Martinez 

0.5

Michael Westermann 5/23/2018 11 Created projections to calculate expected value of contingent pieces included 

in COFINA proposal

2.4

Michael Westermann 5/23/2018 11 Created deck detailing the ability to issue additional COFINA debt 2.6

Michael Westermann 5/23/2018 11 Modeled out the ability to issue additional COFINA debt 4.0

Scott Martinez 5/23/2018 11 Discussion regarding Commonwealth-COFINA settlement analyses and terms 

sheets with M. Westermann

0.5

Scott Martinez 5/23/2018 11 Reviewed updated analyses and draft terms sheets regarding the 

Commonwealth-COFINA dispute

1.9

Carol Flaton 5/24/2018 11 Review of illustrative coverage ratio slide 0.1

Carol Flaton 5/24/2018 11 Review of latest version of illustrative coverage ratio chart 0.2

Carol Flaton 5/24/2018 11 Emails w/ M. Westermann re settlement term sheet and materials for UCC 

members

0.2

Carol Flaton 5/24/2018 11 Review of final presentation materials for UCC call 0.2

Page 115 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 116 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 5/24/2018 11 Review of latest draft of illustrative COFINA debt capacity slides 0.3

Carol Flaton 5/24/2018 11 Emails w/ M. Westermann re settlement presentation slides for UCC 0.3

Carol Flaton 5/24/2018 11 Review of MB reprofiling proposal/model 0.3

Carol Flaton 5/24/2018 11 Review of draft document outlining “non-economic” issues 0.4

Michael Westermann 5/24/2018 11 Review of and comment on COFINA term sheet 0.8

Michael Westermann 5/24/2018 11 Added various scenarios to PSTBA vs cash flow forecast slide based on 

comments from C. Flaton and Paul Hastings

2.4

Scott Martinez 5/24/2018 11 Reviewed analysis prepared by advisor to COFINA seniors regarding reprofiling 

of the PSTBA distribution

0.5

Scott Martinez 5/24/2018 11 Reviewed and commented on conditions in the revised draft term sheet 0.8

Scott Martinez 5/24/2018 11 Reviewed and commented on draft analyses to be provided to the Committee 

regarding the COFINA-Commonwealth dispute

1.9

Carol Flaton 5/25/2018 11 Review of proposed term changes from M. Westermann 0.1

Carol Flaton 5/25/2018 11 Review and mark of latest draft term sheet 0.2

Carol Flaton 5/25/2018 11 Review of latest proposal from COFINA Agent 0.4

Carol Flaton 5/25/2018 11 Review of ZC muni comps analysis 0.9

Carol Flaton 5/25/2018 11 Review of MB COFINA materials/analysis from 7/17 0.8

Michael Westermann 5/25/2018 11 Consolidated all ZC term sheet comments and email to A. Bongartz (PH) 0.2

Michael Westermann 5/25/2018 11 Review of and comment on latest COFINA term sheets 1.3

Michael Westermann 5/25/2018 11 Updated presentations of additional debt capacity at COFINA and liquidity 

effects of proposed deal for COFINA for distribution to the committee

2.7

Michael Westermann 5/25/2018 11 Discount rate analysis for proposed COFINA deal 3.1

Scott Martinez 5/25/2018 11 Reviewed list of non-economic terms of the Commonwealth Agent regarding 

the Commonwealth-COFINA mediation

0.6

Scott Martinez 5/25/2018 11 Reviewed COFINA Agent's draft markup of the non-economic points regarding 

Commonwealth-COFINA mediation

0.8

Carol Flaton 5/26/2018 11 Reviewed email from M. Westermann re terms from Retirees on Retiree/UCC 

advisor call

0.1

Carol Flaton 5/26/2018 11 Call reading open COFINA issues w/S. Martinez and M. Westermann 0.3

Michael Westermann 5/26/2018 11 Call regarding open issues in the COFINA term sheet with S. Martinez, C. Flaton 0.3

Michael Westermann 5/26/2018 11 Updated covenant forecast presentation for latest terms 0.4

Scott Martinez 5/26/2018 11 Call regarding open issues in the COFINA term sheet with C. Flaton, M. 

Westermann

0.3

Scott Martinez 5/26/2018 11 Reviewed Retiree comments to proposed term sheet 0.3

Carol Flaton 5/27/2018 11 Emails w/S. Martinez, M. Westermann re summary of terms to UCC (changes to 

draft)

0.1

Carol Flaton 5/27/2018 11 Review of latest term sheet mark up and summary notice to Committee 0.2

Michael Westermann 5/27/2018 11 Review of and comment on latest draft term sheet 1.2

Michael Westermann 5/27/2018 11 Updated COFINA covenant forecast sheet for other growth options 1.9

Carol Flaton 5/28/2018 11 Calculation of proposed escrow amount for L. Despins (PH) 0.1

Michael Westermann 5/28/2018 11 Drafted new language for COFINA go-forward covenant levels for draft term 

sheet

0.9

Carol Flaton 5/29/2018 11 Review of existing PSTBA definition and terms of default/acceleration 0.2

Carol Flaton 5/29/2018 11 Review of COFINA agent marked term sheet 0.3

Carol Flaton 5/29/2018 11 Review of existing COFINA terms (claims and debt service) 0.4

Carol Flaton 5/29/2018 11 Discussion regarding Commonwealth-COFINA mediation analyses with S. 

Martinez, E. Deichmann, M. Westermann

0.7

Enrique R. Ubarri 5/29/2018 11 Examined the COFINA Agent's markup of certain terms and conditions of the 

proposed COFINA-Commonwealth Settlement.

0.1

Eric Deichmann 5/29/2018 11 Discussion regarding Commonwealth-COFINA mediation analyses with C. Flaton, 

S. Martinez, M. Westermann

0.7

Eric Deichmann 5/29/2018 11 Discussion regarding Commonwealth-COFINA mediation analyses with S. 

Martinez, M. Westermann

0.9

Michael Westermann 5/29/2018 11 Discussion regarding Commonwealth-COFINA mediation analyses with C. Flaton, 

S. Martinez, E. Deichmann

0.7

Page 116 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 117 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Michael Westermann 5/29/2018 11 Reforecast debt covenant levels based on updated covenant levels 0.7

Michael Westermann 5/29/2018 11 Discussion regarding Commonwealth-COFINA mediation analyses with S. 

Martinez, E. Deichmann

0.9

Michael Westermann 5/29/2018 11 Review of and comment on latest draft term sheet 1.6

Scott Martinez 5/29/2018 11 Discussion regarding Commonwealth-COFINA mediation analyses with C. Flaton, 

E. Deichmann, M. Westermann

0.7

Scott Martinez 5/29/2018 11 Prepared an analysis regarding the Commonwealth-COFINA mediation dispute 0.8

Scott Martinez 5/29/2018 11 Discussion regarding Commonwealth-COFINA mediation analyses with E. 

Deichmann, M. Westermann

0.9

Scott Martinez 5/29/2018 11 Reviewed the revised term sheet and recommended edits from both the 

Commonwealth and COFINA Agents

1.7

Carol Flaton 5/30/2018 11 Review of draft language for COFINA debt covenant for term sheet 0.1

Carol Flaton 5/30/2018 11 Review of illustrative debt capacity model from Miller Buckfire 0.2

Carol Flaton 5/30/2018 11 Review of final versions of CW agent settlement proposal (slides/term sheet) 

for distribution to COFINA agent

0.4

Michael Westermann 5/30/2018 11 Updated debt covenant calculations forecast for updated deal terms and tied 

with Miller Buckfire projections

0.5

Michael Westermann 5/30/2018 11 Discussion regarding Commonwealth-COFINA mediation term sheet with S. 

Martinez

0.5

Scott Martinez 5/30/2018 11 Reviewed proposed language changes from the Retiree Committee regarding 

the Commonwealth-COFINA mediation term sheet

0.4

Scott Martinez 5/30/2018 11 Discussion regarding Commonwealth-COFINA mediation term sheet with M. 

Westermann

0.5

Carol Flaton 5/31/2018 11 Revision and review of sensitivity table for settlement 0.2

Carol Flaton 5/31/2018 11 Review of latest turn of term sheet from COFINA’s re settlement 0.3

Carol Flaton 5/31/2018 11 Review of current settlement 0.4

Carol Flaton 5/31/2018 11 Review of COFINA’s latest settlement terms 0.4

Deborah Praga 5/31/2018 11 Review of revised settlement documents 0.7

Scott Martinez 5/31/2018 11 Reviewed revised term sheet from COFINA Agent regarding CommonwealthCOFINA mediation0.6

Total Hours Matter Category 11 701.0

Name Date

Matter 

Category Narrative Hours 

Scott Martinez 2/1/2018 12 Call with J. Worthington (Paul Hastings) regarding 2004 Ambac production 0.1

Carol Flaton 2/2/2018 12 Email w/J. Bliss and J. Worthington (PH) re 2004 documents 0.2

Scott Martinez 2/6/2018 12 Reviewed files regarding question raised by J. Worthington (Paul Hastings) 

regarding the COFINA structure

0.3

Enrique R. Ubarri 2/7/2018 12 Exchanged e-mails with D. Barron (PH) re: claims training assistance in the US. 0.2

Enrique R. Ubarri 2/8/2018 12 Exchanged e-mails with D. Barron (PH) re: claims training assistance with USPuerto Rican associations in the US.0.1

Enrique R. Ubarri 2/8/2018 12 Telephone conversation with D. Barron (PH) re: assistance on claims 

preparation in Puerto Rico.

0.2

Robert Bingham 2/9/2018 12 Call concerning PH requests with S. Martinez 0.2

Robert Bingham 2/9/2018 12 Follow-up call concerning PH request on use of COFINA proceeds with S. 

Martinez

0.5

Scott Martinez 2/9/2018 12 Call with J. Worthington (Paul Hastings) regarding COFINA 0.1

Scott Martinez 2/9/2018 12 Call concerning PH requests with R. Bingham 0.2

Scott Martinez 2/9/2018 12 Follow-up call concerning PH request on use of COFINA proceeds with R. 

Bingham

0.5

Scott Martinez 2/9/2018 12 Reviewed files in response to Paul Hastings request regarding COFINA 0.5

Scott Martinez 2/12/2018 12 Discussion regarding documents produced in response to the Ambac 2004 

examination regarding SUT with D. Praga

0.6

Scott Martinez 2/12/2018 12 Reviewed documents produced in response to the Ambac 2004 examination 

regarding SUT

0.6

Page 117 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 118 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Scott Martinez 2/14/2018 12 Reviewed the draft mediation statement regarding the Commonwealth-COFINA 

dispute

1.5

Carol Flaton 2/28/2018 12 Participated in meeting with D. Praga, S. Martinez, R. Bingham (partial) 

regarding COFINA proposal deliverables 

1.6

Deborah Praga 2/28/2018 12 Reviewed prior restructuring proposals in preparation for meeting with PH 

regarding COFINA proposals

1.3

Deborah Praga 2/28/2018 12 Participated in meeting with C. Flaton, S. Martinez, R. Bingham (partial) 

regarding COFINA proposal deliverables 

1.6

Robert Bingham 2/28/2018 12 Participated in portion of meeting with C. Flaton, S. Martinez, R. Bingham 

(partial), D. Praga regarding COFINA proposal deliverables 

0.9

Scott Martinez 2/28/2018 12 Prepared for meeting with PH regarding COFINA proposals with D. Praga 0.5

Scott Martinez 2/28/2018 12 Participated in meeting with C. Flaton, R. Bingham (partial), D. Praga regarding

COFINA proposal deliverables

1.6

Enrique R. Ubarri 3/1/2018 12 Sent communication re: informative sessions and assistance from UPR. 0.1

Enrique R. Ubarri 3/1/2018 12 Reviewed communication from D. Barron (PH) to V. Neptune, Dean of 

University of Puerto Rico law school re: informative sessions.

0.1

Enrique R. Ubarri 3/1/2018 12 Prepared summary of work to be done and partner solicitation tracking. 0.1

Enrique R. Ubarri 3/1/2018 12 Reviewed e-mails sent by D. Barron (PH) re: efforts on the informative sessions 

with creditors.

0.3

Enrique R. Ubarri 3/1/2018 12 Conference call with D. Barron, A. Bongartz of Paul Hastings and J. Casillas 

(Casillas) re: informative sessions with creditors.

1.0

Enrique R. Ubarri 3/2/2018 12 Reviewed communication from D. Barron to M. Masson of the Puerto Rican 

Florida Bar Association re: informative sessions.

0.1

Enrique R. Ubarri 3/2/2018 12 Prepared and sent e-mail to G. Vazquez re: New York informative sessions; sent

e-mail to D. Barron (PH) re: same.

0.4

Enrique R. Ubarri 3/2/2018 12 Telephone conversation with G. Vazquez of the New York City Bar re: 

assistance for informative sessions; telephone conversation with D. Barron of 

Paul Hastings re: information requested for G. Vazquez for the informative 

sessions.

0.5

Enrique R. Ubarri 3/5/2018 12 Reviewed e-mail from J. Casillas (Casillas) re: Communication with Inter 

American University School of Law conversation with Dean Julio Fontanet.

0.1

Enrique R. Ubarri 3/5/2018 12 Conference call w/J. Casillas (Casillas) and A. Bongartz (PH) re: Puerto Rico 

informative sessions and e-mail from Juan Casillas re: assistance from 

Interamerican University for informative sessions.

0.4

Enrique R. Ubarri 3/5/2018 12 Conference call with D. Barron (PH), Luis Torres (Casillas), Viviana Currais, and 

M. Vargas and other members of Chamber of Commerce of Puerto Rico re: 

informative sessions.

0.5

Enrique R. Ubarri 3/6/2018 12 Conference call with D. Barron, A. Bongartz (PH), J. Casillas (Casillas), and 

Marie Masson of Florida Puerto Rican Bar Association re: informative sessions.

0.4

Enrique R. Ubarri 3/6/2018 12 Conference call with D. Barron, A. Bongartz (PH), J. Casillas (Casillas), 

Bernardo Medina, Viviana Currais and Amarylis Torres re: Kroma work for 

informative sessions.

0.6

Enrique R. Ubarri 3/6/2018 12 Conference call with D. Barron, A. Bongartz (PH), J. Casillas (Casillas), and 

Aracelis Cruz from Universidad Carolica de Ponce re: informative sessions.

0.6

Enrique R. Ubarri 3/7/2018 12 Reviewed and exchanged several e-mails by and between D. Barron of PH, 

Viviana Currais, Luis Torres, Gabrielle Vazquez and Rick Antonoff of New York 

City Bar and Marie Masson of Puerto Rican Florida Bar Association re: 

informative sessions.

0.4

Enrique R. Ubarri 3/8/2018 12 Exchanged e-mails with D. Barron of PH re: informative session scheduling in 

San Juan.

0.1

Enrique R. Ubarri 3/8/2018 12 Reviewed e-mail from D. Barron (PH) re: informative sessions in Universidad 

Catolica School of Law.

0.1

Enrique R. Ubarri 3/9/2018 12 Prepared and sent e-mail to Greg Levy, Dean of Students, University of Miami 

School of Law re: South Florida informative sessions; exchanged several e-mails 

with D. Barron (PH) re: same.

0.3

Page 118 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 119 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 3/9/2018 12 Conference call with Gabrielle Vazquez and Rick Antonoff of the New York City 

Bar and D. Barron (PH) re: Tutorial Sessions PR Title III 

0.5

Enrique R. Ubarri 3/12/2018 12 Exchanged e-mails with D. Barron (PH) re: University of Miami School of Law 

assistance for informational sessions; exchanged e-mails with University of 

Miami re: informational sessions.

0.1

Enrique R. Ubarri 3/12/2018 12 Call regarding creditor claim information sessions with S. Martinez 0.6

Scott Martinez 3/12/2018 12 Call regarding creditor claim information sessions with E. Ubarri 0.6

Scott Martinez 3/12/2018 12 Call regarding creditor claim information sessions with E. Ubarri 0.6

Carol Flaton 3/13/2018 12 Emails w/E. Ubarri and S. Martinez re claims training at UofM. 0.1

Enrique R. Ubarri 3/13/2018 12 Exchanged e-mails with D. Barron (PH) re: assistance from Puerto Rican Bar of 

Florida.

0.1

Enrique R. Ubarri 3/13/2018 12 Exchanged several e-mails with D. Barron (PH) re: assistance from University of 

Miami School of Law.

0.1

Enrique R. Ubarri 3/13/2018 12 Exchanged several e-mails with University of Miami School of Law re: assistance

for informational sessions; exchanged e-mails with D. Barron (PH) re: assistance

from UM for informational sessions.

0.2

Enrique R. Ubarri 3/14/2018 12 Telephone conversation with A. Bongartz and D. Barron from Paul Hastings and 

Patricia Redmond and Andrew Dawson of University of Miami School of Law re: 

South Florida training sessions.

0.4

Enrique R. Ubarri 3/15/2018 12 Reviewed e-mail from D. Barron (PH) re: Orlando Training sessions. 0.1

Enrique R. Ubarri 3/15/2018 12 Conference call with A. Bongartz and D. Barron of Paul Hastings and Viviana 

Currias re: Information Session Update And Next Steps

0.6

Enrique R. Ubarri 3/16/2018 12 Reviewed e-mail from D. Barron (PH) re: Puerto Rico Creditor Information 

Sessions -- University of Miami School of Law

0.1

Carol Flaton 3/19/2018 12 Review of PH deck re claims filing process 0.4

Enrique R. Ubarri 3/19/2018 12 Reviewed e-mail from Patricia Richmond from University of Miami re: 

University of Miami School of Law information sessions.

0.1

Enrique R. Ubarri 3/20/2018 12 Reviewed e-mail from D. Barron (PH) re: Puerto Rico Creditor Information 

Sessions -- University of Miami School of Law

0.1

Enrique R. Ubarri 3/21/2018 12 Exchanged e-mails with Gabrielle Vazquez of New York City Bar re: New York 

informative sessions.

0.1

Enrique R. Ubarri 3/21/2018 12 Reviewed e-mail from D. Barron (PH) re: Puerto Rico Creditor Information 

Sessions - NYC Bar.

0.1

Enrique R. Ubarri 3/21/2018 12 Reviewed several e-mails between D. Barron (PH) and Rick Antonoff of New 

York City Bar re: creditor Information Sessions, Puerto Rico Title III Cases in 

New York City.

0.2

Enrique R. Ubarri 3/23/2018 12 Reviewed e-mail from D. Barron (PH) re: efforts from ERS Retirees' Committee 

for informing ERS Creditors.

0.1

Enrique R. Ubarri 3/23/2018 12 Reviewed e-mail from Rick Antonoff of New York City Bar Association re: 

disclosure on informative sessions in NYC.

0.1

Carol Flaton 3/26/2018 12 Emails w/ E. Ubarri re claims session in Orlando 0.1

Enrique R. Ubarri 3/26/2018 12 Reviewed e-mail from Rick Antonoff of New York City Bar Association re: 

document for disclosure on informative sessions in NYC.

0.1

Enrique R. Ubarri 3/27/2018 12 Examined the Presentation for Training Classes of the Creditor Information 

Sessions.

0.7

Enrique R. Ubarri 3/28/2018 12 Examined several communications from D. Barron (PH), Patricia Redmond re: 

University of Miami information sessions.

0.1

Enrique R. Ubarri 3/29/2018 12 Reviewed e-mails from D. Barron (PH), A. Dawson, R. Antonoff re: information 

sessions assisted by NYCBA and University of Miami.

0.1

Enrique R. Ubarri 3/30/2018 12 Reviewed e-mail from D. Barron (PH) re: University of Miami informative 

session.

0.1

Carol Flaton 4/2/2018 12 Email w/ S. Martinez re litigation outcomes 0.1

Enrique R. Ubarri 4/2/2018 12 Informative Session Training in Orlando; preparation and attending session. 3.0

Robert Bingham 4/2/2018 12 Call with J. Bliss (PH), S. Martinez concerning treatment of COFINA debt on 

audited financial statements 

0.1

Page 119 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 120 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Scott Martinez 4/2/2018 12 Call with J. Bliss (PH), R. Bingham concerning treatment of COFINA debt on 

audited financial statements

0.1

Scott Martinez 4/2/2018 12 Reviewed and commented on draft settlement materials to be provided to the 

UCC

1.2

Deborah Praga 4/3/2018 12 Meeting regarding COFINA expert reports with R. Bingham, R. Yenumula 0.1

Enrique R. Ubarri 4/3/2018 12 Informative Session in Orlando 2.5

Rahul Yenumula 4/3/2018 12 Meeting regarding COFINA expert reports with R. Bingham, D. Praga 0.1

Robert Bingham 4/3/2018 12 Meeting regarding COFINA expert reports with R. Yenumula, D. Praga 0.1

Robert Bingham 4/3/2018 12 Review of requested pages of Wendt report to identify critical assumptions and 

areas for potential verification

1.4

Deborah Praga 4/4/2018 12 Discussion with R. Bingham and R. Yenumula re: COFINA and GO bonds 0.3

Deborah Praga 4/4/2018 12 Reviewed emails from R. Bingham and R. Yenumula regarding S. Maza (PH) 

request

0.3

Deborah Praga 4/4/2018 12 Prepared graphs for presentation related to COFINA and GO bond yields 1.9

Enrique R. Ubarri 4/4/2018 12 Exchanged e-mails with D. Barron of Paul Hastings re: informative sessions in 

Puerto Rico; telephone conversation with D. Barron re: strategies for PR 

informative sessions.

0.3

Rahul Yenumula 4/4/2018 12 Discussion with D. Praga and R. Yenumula re: COFINA and GO bonds 0.3

Robert Bingham 4/4/2018 12 Discussion regarding rebuttal reports in the COFINA litigation with S. Martinez 0.2

Robert Bingham 4/4/2018 12 Discussion with D. Praga and R. Yenumula re: COFINA and GO bonds 0.3

Scott Martinez 4/4/2018 12 Discussion regarding rebuttal reports in the COFINA litigation with R. Bingham 0.2

Deborah Praga 4/5/2018 12 Discussion with R. Yenumula and R. Bingham re: COFINA and GO Bonds 0.1

Deborah Praga 4/5/2018 12 Reviewed COFINA and GO CUSIP analysis from R. Yenumula 0.6

Deborah Praga 4/5/2018 12 Reviewed expert report for context of analysis 0.9

Deborah Praga 4/5/2018 12 Created presentation materials based on information from R. Yenumula 2.4

Enrique R. Ubarri 4/5/2018 12 Reviewed e-mail and press release provided by D. Barron (PH) re: Puerto Rico 

informative sessions.

0.1

Enrique R. Ubarri 4/5/2018 12 Telephone call with D. Barron (PH) re: Puerto Rico informative sessions. 0.3

Enrique R. Ubarri 4/5/2018 12 Conference call with D. Barron of Paul Hastings, attorney Juan Casillas, and 

Bernardo Medina and Amarylis Torres of Kroma re: additional publicity options 

for the informative sessions.

0.8

Rahul Yenumula 4/5/2018 12 Discussion with D. Praga and R. Bingham re: COFINA and GO Bonds 0.1

Robert Bingham 4/5/2018 12 Discussion with D. Praga and R. Yenumula re: COFINA and GO Bonds 0.1

Deborah Praga 4/6/2018 12 Revised COFINA and GO yield analysis doc and created graphs for PH 2.4

Deborah Praga 4/6/2018 12 Prepared deck to support COFINA GO yield analysis 2.4

Enrique R. Ubarri 4/6/2018 12 Exchanged e-mails with D. Barron (PH) re: revised press release for Puerto Rico 

informative sessions.

0.1

Enrique R. Ubarri 4/6/2018 12 Reviewed e-mails from D. Barron (PH) and R. Antonoff of NYC Bar Association 

re: New York City Informative Sessions.

0.1

Enrique R. Ubarri 4/6/2018 12 Telephone call with D. Barron (PH) re: Puerto Rico informative sessions and 

issuance of releases.

0.1

Enrique R. Ubarri 4/6/2018 12 Reviewed e-mails from D. Barron (PH) re: Miami Informative Sessions 0.2

Enrique R. Ubarri 4/7/2018 12 Exchanged e-mails with D. Barron (PH) re: releases of informative sessions in 

Puerto Rico.

0.1

Carol Flaton 4/9/2018 12 Telephone conversation with E. Ubarri re: informative sessions process. 0.2

Enrique R. Ubarri 4/9/2018 12 Telephone conversation with C. Flaton re: informative sessions process. 0.2

Scott Martinez 4/24/2018 12 Reviewed email correspondence regarding claims process 0.2

Scott Martinez 4/29/2018 12 Discussion regarding COFINA structure with C. Flaton 0.2

Scott Martinez 5/9/2018 12 Reviewed the Committee's draft renewed rule 2004 motion 0.8

Scott Martinez 5/24/2018 12 Reviewed order denying the COFINA agent’s motion for certification of five 

questions under Puerto Rico law to the Puerto Rico Supreme Court

0.3

Scott Martinez 5/29/2018 12 Reviewed the Committee's draft reply in support of the 2004 motion 0.8

Total Hours Matter Category 12 51.9

Page 120 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 121 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Scott Martinez 3/7/2018 13 Listened to the morning session of the omnibus hearing 1.9

Enrique R. Ubarri 5/9/2018 13 Listened to (teleconference) COFINA-Commonwealth dispute hearing. 1.5

Scott Martinez 5/9/2018 13 Listened to the hearing on the motions to certify COFINA questions to the 

Puerto Rico Supreme Court

1.6

Total Hours Matter Category 13 5.0

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 3/28/2018 14 Examined the Expert Report for the Commonwealth-COFINA dispute 0.9

Mark A. Cervi 3/28/2018 14 Review expert report draft exhibit on Bond market and related emails 0.4

Carol Flaton 3/29/2018 14 Review and mark of draft expert report (COFINA) 0.4

Robert Bingham 3/29/2018 14 Review of draft expert report and reconciliation of numbers with ZC 

information

1.7

Total Hours Matter Category 14 3.4

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 2/9/2018 15 Discussion regarding pension system with S. Martinez 0.3

Eric Deichmann 2/9/2018 15 Review of report related to pension system 0.3

Eric Deichmann 2/9/2018 15 Discussion regarding pension system with S. Martinez 0.2

Scott Martinez 2/9/2018 15 Discussion regarding pension system with E. Deichmann 0.2

Scott Martinez 2/9/2018 15 Discussion regarding pension system with E. Ubarri 0.3

Carol Flaton 2/12/2018 15 Review of Milliman projections (revised) and notes from M. Westermann 0.6

Enrique R. Ubarri 2/14/2018 15 Examined the Millman Actuarial Valuation Report for the Judiciary Retirement 

System as of June 30, 2016

1.7

Enrique R. Ubarri 2/14/2018 15 Examined the Millman Actuarial Valuation Report for the Teachers Retirement 

System as of June 30, 2015

2.0

Enrique R. Ubarri 2/15/2018 15 Debrief session regarding pension system with S. Martinez, E. Deichmann 0.5

Enrique R. Ubarri 2/15/2018 15 Discussion regarding Puerto Rico Pension System with S. Gumbs and L. Park 

(FTI), S. Martinez, E. Deichmann, E. Ubarri 

1.0

Enrique R. Ubarri 2/15/2018 15 Examined the Millman Actuarial Valuation Report for the Puerto Rico 

Government Employees Retirement System as of June 30, 2015

1.9

Eric Deichmann 2/15/2018 15 Debrief session regarding pension system with S. Martinez, E. Ubarri 0.5

Eric Deichmann 2/15/2018 15 Discussion regarding Puerto Rico Pension System with S. Gumbs and L. Park 

(FTI), S. Martinez, E. Ubarri

1.0

Michael Westermann 2/15/2018 15 Review of PR pension analysis provided by other creditor advisors for additional 

understanding of pension costs

1.2

Scott Martinez 2/15/2018 15 Debrief session regarding pension system with E. Deichmann, E. Ubarri 0.5

Scott Martinez 2/15/2018 15 Prepared for meeting with FTI regarding pension system 0.8

Scott Martinez 2/15/2018 15 Discussion regarding Puerto Rico Pension System with S. Gumbs and L. Park 

(FTI), E. Deichmann, E. Ubarri

1.0

Deborah Praga 3/12/2018 15 Research related to PR pensions 2.2

Scott Martinez 3/14/2018 15 Email correspondence with M. Levinson (SEIU) regarding PayGo 0.2

Scott Martinez 3/14/2018 15 Reviewed mark-up to release letter and circulated to A. Pavel (O'Melveny) 0.4

Scott Martinez 3/27/2018 15 Reviewed pension analysis prepared by FTI 0.4

Scott Martinez 4/23/2018 15 Reviewed the Commonwealth fiscal plan and pension reform memo in regards 

to a question raised by a Committee member

0.9

Scott Martinez 4/24/2018 15 Reviewed the Commonwealth fiscal plan and pension reform memo in regards 

to a question raised by a Committee member and circulated questions to N. 

Jaresko (Executive Director - Oversight Board)

0.6

Michael Westermann 5/1/2018 15 Created pension reform slide for fiscal plan presentation 1.8

Michael Westermann 5/7/2018 15 Review of E. Deichmann's response to pension reform questions from 

committee member

0.8

Total Hours Matter Category 15 21.3

Page 121 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 122 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Elizabeth S. Kardos 3/1/2018 16 Reviewed email from S. Martinez to fee examiner to finalize settlement 0.1

Laurie Verry 5/10/2018 16 Revised and circulated hold memo re: potential litigation 0.5

Laurie Verry 5/10/2018 16 Drafted hold memo re: potential litigation 0.6

Laurie Verry 5/22/2018 16 Prepared draft supplemental affidavit re: rate changes 0.3

Laurie Verry 5/30/2018 16 Revised and circulated draft letter re: rate changes 0.2

Total Hours Matter Category 16 1.7

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 2/1/2018 17 Review and mark of ZC budget (w. S. Martinez, E. Kardos) 0.3

Elizabeth S. Kardos 2/1/2018 17 Exchanged emails with C. Flaton, J. Mitchell and S. Martinez re budget 0.2

Elizabeth S. Kardos 2/1/2018 17 Reviewed budget 0.3

Scott Martinez 2/1/2018 17 Updated the draft monthly budget for Zolfo Cooper 0.4

Laurie Verry 2/6/2018 17 Prepared professional fees and expenses for January fee application 0.8

Carol Flaton 2/12/2018 17 Review of draft ZC march budget for submission 0.2

Elizabeth S. Kardos 2/12/2018 17 Telephone call with S. Martinez re: fee application and fee examiner issues 0.2

Scott Martinez 2/12/2018 17 Telephone call with E. Kardos re: fee application and fee examiner issues 0.2

Deborah Praga 2/14/2018 17 Review of December 2017 fee statement 0.7

Laurie Verry 2/14/2018 17 Prepared professional fees and expenses for January fee application 0.3

Lisa Bonito 2/14/2018 17 Draft letter to All Parties re: service of the December 2017 monthly fee 

statement 

0.6

Scott Martinez 2/14/2018 17 Updated the draft monthly budget for Zolfo Cooper and circulated to the 

Committee for review

0.4

Deborah Praga 2/15/2018 17 Review of and revisions to December 2017 No Objection Letter 0.6

Deborah Praga 2/15/2018 17 Prepared January 2018 fee statement 3.2

Laurie Verry 2/15/2018 17 Prepared professional fees and expenses for January fee application 1.3

Lisa Bonito 2/15/2018 17 Attend to service via federal express and email to B. Williamson ZC's December 

2017 Fee Statement

0.5

Lisa Bonito 2/15/2018 17 Preparation of No Objection letter for December 2017 0.8

Carol Flaton 2/19/2018 17 Emails with/ E. Kardos and S. Martinez re FE memo/request 0.2

Elizabeth S. Kardos 2/19/2018 17 Reviewed Fee Examiner Report 0.2

Elizabeth S. Kardos 2/19/2018 17 Emails with C. Flaton and S. Martinez re: Fee Examiner Report 0.5

Deborah Praga 2/20/2018 17 Preparing January 2018 fee statement 4.1

Elizabeth S. Kardos 2/20/2018 17 Emails M. Comerford (Paul Hastings) and S. Martinez re: fee examiner report 0.3

Elizabeth S. Kardos 2/20/2018 17 Telephone call with. S. Martinez re: response to fee examiner report 0.3

Elizabeth S. Kardos 2/20/2018 17 Reviewed and analyzed Fee Examiner Report 1.5

Laurie Verry 2/20/2018 17 Researched and provided sample fee examiner response documents to S. 

Martinez

0.3

Scott Martinez 2/20/2018 17 Call to discuss fee examiner notice with E. Kardos 0.3

Scott Martinez 2/20/2018 17 Reviewed and commented on Zolfo Cooper's draft monthly fee statement in 

order to comply with fee examiner guidelines

0.4

Scott Martinez 2/20/2018 17 Reviewed fee examiner notice regarding Zolfo Cooper's first interim fee 

application

1.1

Carol Flaton 2/21/2018 17 Review of fee examiner memo/request 0.4

Carol Flaton 2/21/2018 17 Review of ZC draft response to FE request 0.4

Deborah Praga 2/21/2018 17 Discussions regarding responses to fee examiner memo with S. Martinez 0.6

Deborah Praga 2/21/2018 17 Review of fee examiner response and exhibits 1.3

Deborah Praga 2/21/2018 17 Review of previous fee statements submitted and receipts provided 2.7

Deborah Praga 2/21/2018 17 Prepared response to fee examiner 4.7

Elizabeth S. Kardos 2/21/2018 17 Emails with S. Martinez re fee examiner report 0.2

Laurie Verry 2/21/2018 17 Researched and provided additional fee examiner documents to D. Praga 0.3

Scott Martinez 2/21/2018 17 Follow up with fee subcommittee regarding Zolfo Cooper March budget 0.1

Scott Martinez 2/21/2018 17 Discussions regarding responses to fee examiner memo with D. Praga 0.6

Scott Martinez 2/21/2018 17 Reviewed and commented on the draft reply to the fee examiner's memo 0.8

Page 122 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 123 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 2/22/2018 17 Emails w/E. Kardos and S. Martinez re FE response 0.1

Carol Flaton 2/22/2018 17 Emails w/A. Bongartz (PH) re FE request 0.1

Deborah Praga 2/22/2018 17 Review of comments to fee examiner response from E. Kardos 0.3

Deborah Praga 2/22/2018 17 Revisions to response to fee examiner based on comments from E. Kardos 3.3

Deborah Praga 2/22/2018 17 Prepared response to fee examiner 4.4

Elizabeth S. Kardos 2/22/2018 17 Emails S. Martinez re Fee Examiner Report 0.3

Elizabeth S. Kardos 2/22/2018 17 Reviewed and revised response to Fee Examiner Report 1.0

Laurie Verry 2/22/2018 17 Provided additional expense details to D. Praga per fee examiner's requests 0.3

Scott Martinez 2/22/2018 17 Reviewed files to expand upon Zolfo Cooper's reply to the fee examiner's letter 0.8

Scott Martinez 2/22/2018 17 Reviewed and commented on the various draft replies to the fee examiner 

letter

1.1

Carol Flaton 2/23/2018 17 Emails w/S. Martinez and E. Kardos re response to FE 0.3

Carol Flaton 2/23/2018 17 Review of final version of response to FE 0.4

Deborah Praga 2/23/2018 17 Reviewed correspondence regarding fee examiner response 0.3

Deborah Praga 2/23/2018 17 Prepared response to Fee Examiner regarding ZC's first interim fee application 1.6

Deborah Praga 2/23/2018 17 Prepared fee statement for January 2017 1.8

Elizabeth S. Kardos 2/23/2018 17 Continued to review and revise response to Fee Examiner Report 0.4

Carol Flaton 2/26/2018 17 Emails w/ E. Kardos and S. Martinez re FE response and request 0.3

Carol Flaton 2/26/2018 17 Reviewed FE letter and proposal 0.6

Deborah Praga 2/26/2018 17 Reviewed communication related to the No Objection Letter 0.2

Deborah Praga 2/26/2018 17 Review of Fee Examiner's response regarding ZC's first interim fee application 0.2

Deborah Praga 2/26/2018 17 Review of receipts provided to Fee Examiner and compiled list of additional 

receipts requested

1.1

Deborah Praga 2/26/2018 17 Prepared invoice for January 2017 2.7

Elizabeth S. Kardos 2/26/2018 17 Emails with C. Flaton and S. Martinez re: Fee Examiner Report 0.3

Elizabeth S. Kardos 2/26/2018 17 Reviewed memo from fee examiner 1.0

Laurie Verry 2/26/2018 17 Follow up with L. Bonito and S. Martinez re January fee statement 0.2

Lisa Bonito 2/26/2018 17 Attend to service of No Objection letter for December 2017 0.3

Scott Martinez 2/26/2018 17 Reviewed communication from fee examiner regarding Zolfo Cooper's first 

interim fee application

0.3

Scott Martinez 2/26/2018 17 Compared fee examiner proposals to Zolfo counter proposal in order to 

determine response

2.4

Carol Flaton 2/27/2018 17 Review of ZC Jan invoice 0.2

Carol Flaton 2/27/2018 17 Read ZC draft proposal for FE 0.5

Carol Flaton 2/27/2018 17 Call w/E. Kardos and S. Martinez re FE request 0.6

Deborah Praga 2/27/2018 17 Reviewed analysis for response to fee examiner's response 0.4

Deborah Praga 2/27/2018 17 Review of and revisions to ZC invoice for January 2018 1.9

Elizabeth S. Kardos 2/27/2018 17 Telephone call to discuss counter response to fee examiner with S. Martinez 0.2

Elizabeth S. Kardos 2/27/2018 17 Telephone call with S. Martinez re: Fee Examiner Report 0.2

Elizabeth S. Kardos 2/27/2018 17 Reviewed schedule re fee examiner response 0.6

Elizabeth S. Kardos 2/27/2018 17 Telephone call with C. Flaton and S. Martinez to review fee examiner response 0.6

Laurie Verry 2/27/2018 17 Reviewed fee examiner's proposal re ZC's 1st interim fee application and ZC's 

analysis of same

0.2

Scott Martinez 2/27/2018 17 Call regarding counter to fee examiner letter with E. Kardos 0.2

Scott Martinez 2/27/2018 17 Call regarding counter offer to fee examiner letter with E. Kardos 0.2

Scott Martinez 2/27/2018 17 Updated analysis regarding counter proposal to fee examiner 0.3

Scott Martinez 2/27/2018 17 Call regarding fee examiner letter with C. Flaton, E. Kardos 0.6

Carol Flaton 2/28/2018 17 Emails w/ L. Capen, E. Kardos re fee application 0.1

Carol Flaton 2/28/2018 17 Review and finalization to ZC March budget 0.1

Elizabeth S. Kardos 2/28/2018 17 Telephone call with S. Martinez to prepare for fee examiner call 0.1

Elizabeth S. Kardos 2/28/2018 17 Prepared for hearing on fee examiner letter 0.2

Elizabeth S. Kardos 2/28/2018 17 Reviewed final memo from fee examiner 0.2

Elizabeth S. Kardos 2/28/2018 17 Prepared for hearing with fee examiner 1.4

Scott Martinez 2/28/2018 17 Call with K. Stadler (Godfrey Kahn) regarding ZC interim fee app 0.1

Page 123 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 124 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Scott Martinez 2/28/2018 17 Reviewed summary of negotiated settlement provided by K. Stadler (Godfrey 

Kahn)

0.2

Scott Martinez 2/28/2018 17 Call regarding Zolfo Cooper's first interim fee application with K. Stadler 

(Godfrey Kahn), E. Kardos

1.4

Deborah Praga 3/1/2018 17 Prepared January 2018 fee statement 1.4

Elizabeth S. Kardos 3/1/2018 17 Call with S. Martinez re agreement with fee examiner 0.2

Laurie Verry 3/1/2018 17 Prepared professional fees and expenses for February fee application 0.4

Lisa Bonito 3/1/2018 17 Preparation of ZC's expenses for October 2017 through January 2018 0.6

Scott Martinez 3/1/2018 17 Call with E. Kardos re agreement with fee examiner 0.2

Deborah Praga 3/2/2018 17 Prepared January 2018 fee statement 2.6

Elizabeth S. Kardos 3/2/2018 17 Reviewed correspondence and proposed order from fee examiner 0.2

Elizabeth S. Kardos 3/2/2018 17 Call with S. Martinez re fee hearing 0.3

Laurie Verry 3/2/2018 17 Retrieved documentation requested of fee examiner re ZC's first interim fee 

application

1.2

Scott Martinez 3/2/2018 17 Call with E. Kardos re fee hearing 0.3

Deborah Praga 3/5/2018 17 Review of fee examiner reduction analysis 0.4

Elizabeth S. Kardos 3/5/2018 17 Tel call with A. Bongartz (Paul Hastings) and S. Martinez re: fee examiner 

report and hearing

0.3

Laurie Verry 3/5/2018 17 Communication with E. Kardos and L. Bonito re fee hearing materials 0.4

Laurie Verry 3/5/2018 17 Reviewed materials for fee hearing on 3/7/18 0.9

Lisa Bonito 3/5/2018 17 Review transcript from retention hearing 0.3

Lisa Bonito 3/5/2018 17 Preparation of hearing binder and index on fee application hearing 1.4

Scott Martinez 3/5/2018 17 Reviewed proposed revisions to draft fee order 0.2

Scott Martinez 3/5/2018 17 Discussion regarding fee examiner proposed order with A. Bongartz (Paul 

Hastings), E. Kardos

0.3

Deborah Praga 3/6/2018 17 Review of materials prepared by L. Bonito for second interim fee application 0.6

Elizabeth S. Kardos 3/6/2018 17 Preparation for call with S. Martinez regarding tomorrow's hearing 0.3

Elizabeth S. Kardos 3/6/2018 17 Tel call with A. Bongartz (Paul Hasting), S. Martinez regarding tomorrow's 

hearing

0.3

Elizabeth S. Kardos 3/6/2018 17 Prepared for fee hearing 2.0

Laurie Verry 3/6/2018 17 Reviewed additional materials and binder for fee hearing on 3/7/18 1.1

Lisa Bonito 3/6/2018 17 Update hearing binder and index on fee application hearing 0.7

Lisa Bonito 3/6/2018 17 Preparation of Second Interim Fee Application for the Period October 1, 2017 

through January 31, 2018

1.3

Scott Martinez 3/6/2018 17 Calls with A. Bongartz (Paul Hasting), E. Kardos regarding tomorrow's hearing 0.3

Carol Flaton 3/7/2018 17 Emails w/E. Kardos re 3/7 fee hearing 0.1

Elizabeth S. Kardos 3/7/2018 17 Email to C. Flaton the outcome of fee hearing 0.2

Elizabeth S. Kardos 3/7/2018 17 Attended Court hearing via live line due to last minute shutdown of District 

Court in NYC-intended/required to participate in person

1.0

Elizabeth S. Kardos 3/7/2018 17 Prepared for fee app hearing 2.0

Lisa Bonito 3/7/2018 17 Preparation of ZC's Second Interim Fee Application for October 2017 through 

January 2018

0.8

Deborah Praga 3/8/2018 17 Preparing February 2018 fee statement 0.3

Lisa Bonito 3/9/2018 17 Email to D. Praga re: omnibus hearing date for second interim fee application 0.1

Lisa Bonito 3/9/2018 17 Review court docket re: dates and deadlines 0.2

Lisa Bonito 3/9/2018 17 Continued preparation of Second Interim Fee Application for the Period 

October 1, 2017 through January 31, 2018 and compile supporting exhibits

1.4

Deborah Praga 3/12/2018 17 Discussions regarding Zolfo Cooper second interim fee app with S. Martinez 0.3

Deborah Praga 3/12/2018 17 Review of expenses for second interim period 1.6

Elizabeth S. Kardos 3/12/2018 17 Emails to/from C. Flaton and S. Martinez re protective order 0.1

Elizabeth S. Kardos 3/12/2018 17 Reviewed revised protective order 0.5

Laurie Verry 3/12/2018 17 Provided detailed information for ZC's 2nd interim fee application 0.3

Scott Martinez 3/12/2018 17 Prepared Zolfo Cooper's draft April budget for the fee examiner 0.3

Scott Martinez 3/12/2018 17 Discussions regarding Zolfo Cooper second interim fee app with D. Praga 0.3

Carol Flaton 3/13/2018 17 Review of ZC April budget for Committee distribution 0.1

Page 124 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 125 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Deborah Praga 3/13/2018 17 Review of S. Martinez comments to second interim fee application 0.2

Deborah Praga 3/13/2018 17 Discussions regarding Zolfo Cooper second interim fee app with S. Martinez 0.3

Deborah Praga 3/13/2018 17 Revisions to second interim fee application 1.6

Elizabeth S. Kardos 3/13/2018 17 Reviewed and revised Millman release 0.5

Laurie Verry 3/13/2018 17 Revised 3rd party release re Millman material 0.4

Scott Martinez 3/13/2018 17 Discussions regarding Zolfo Cooper second interim fee app with D. Praga 0.3

Scott Martinez 3/13/2018 17 Reviewed and commented on Zolfo Cooper's draft second interim fee 

application

3.9

Carol Flaton 3/14/2018 17 Review of 2nd interim fee app 0.2

Deborah Praga 3/14/2018 17 Prepared February 2018 fee statement 0.5

Deborah Praga 3/14/2018 17 Prepared components of second interim fee application 2.4

Elizabeth S. Kardos 3/14/2018 17 Reviewed Paul Hastings' markup to access letter 0.2

Elizabeth S. Kardos 3/14/2018 17 Emails with C. Flaton and S. Martinez re comments to access letter 0.2

Laurie Verry 3/14/2018 17 Emails re 3rd party release re Millman Material 0.1

Laurie Verry 3/14/2018 17 Revised 3rd party release re Millman material 0.2

Scott Martinez 3/14/2018 17 Reviewed and commented on Zolfo Cooper's draft second interim fee 

application

0.4

Deborah Praga 3/15/2018 17 Emails with E. Kardos and S. Martinez regarding second interim fee application 0.3

Deborah Praga 3/15/2018 17 Prepared February 2018 fee statement 1.4

Deborah Praga 3/15/2018 17 Revised second interim fee application 3.1

Elizabeth S. Kardos 3/15/2018 17 Email M. Comerford (Paul Hastings) re: Milliman access letter 0.1

Elizabeth S. Kardos 3/15/2018 17 Reviewed markup of Milliman access letter 0.3

Scott Martinez 3/15/2018 17 Reviewed and commented on the draft exhibits to Zolfo Cooper's second 

interim fee app

0.3

Deborah Praga 3/16/2018 17 Call regarding Zolfo Cooper's second interim fee application with S. Martinez, 

E. Kardos

0.4

Deborah Praga 3/16/2018 17 Review of PH's draft second interim fee application 1.0

Deborah Praga 3/16/2018 17 Discussion regarding Zolfo Cooper's second interim fee application with S. 

Martinez

1.1

Deborah Praga 3/16/2018 17 Revisions to second interim fee application 4.9

Elizabeth S. Kardos 3/16/2018 17 Tel call with S. Martinez and D. Praga to review fee app 0.4

Elizabeth S. Kardos 3/16/2018 17 Reviewed and revised fee application 1.0

Lisa Bonito 3/16/2018 17 Email to B. Williamson (Fee Examiner) attaching January 2018 monthly fee 

statement

0.2

Lisa Bonito 3/16/2018 17 Draft letter to All Parties re: service of the January 2018 monthly fee 

statement 

0.5

Lisa Bonito 3/16/2018 17 Attend to service via federal express and email to B. William (Fee Examiner) 

ZC's January 2018 Fee Statement

0.8

Lisa Bonito 3/16/2018 17 Preparation of No Objection letter for January 2018 0.8

Scott Martinez 3/16/2018 17 Call regarding Zolfo Cooper's second interim fee application with E. Kardos, D. 

Praga

0.4

Scott Martinez 3/16/2018 17 Discussion regarding Zolfo Cooper's second interim fee application with D. 

Praga

1.1

Carol Flaton 3/17/2018 17 Fee app review 0.2

Deborah Praga 3/17/2018 17 Revisions to second interim fee application 1.9

Scott Martinez 3/17/2018 17 Reviewed and commented on Zolfo Cooper's revised second interim fee 

application

2.8

Carol Flaton 3/19/2018 17 Review of ZC second interim fee app 0.2

Carol Flaton 3/19/2018 17 Review of Feb invoice 0.3

Deborah Praga 3/19/2018 17 Discussion regarding Zolfo Cooper second interim fee app with S. Martinez 0.4

Deborah Praga 3/19/2018 17 Review of January No Objection Letter 0.4

Deborah Praga 3/19/2018 17 Review of ZC February invoice 0.6

Deborah Praga 3/19/2018 17 Revisions to second interim fee application 3.7

Laurie Verry 3/19/2018 17 Reviewed 2nd interim fee application 0.3

Page 125 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 126 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Laurie Verry 3/19/2018 17 Revised professional fees and expenses for February fee application 0.9

Lisa Bonito 3/19/2018 17 Continued preparation of No Objection letter for January 2018 1.2

Scott Martinez 3/19/2018 17 Discussion regarding Zolfo Cooper second interim fee app with D. Praga 0.4

Carol Flaton 3/20/2018 17 Review of ZC April budget 0.1

Deborah Praga 3/20/2018 17 Prepared fee statement for February 2018 1.9

Elizabeth S. Kardos 3/21/2018 17 Reviewed budget 0.2

Laurie Verry 3/21/2018 17 Review outstanding fee statements and interim application payments 0.3

Deborah Praga 3/23/2018 17 Prepared February 2018 fee statement 3.6

Scott Martinez 3/23/2018 17 Reviewed the notice from the fee examiner regarding the second revised 

stipulated disclosure agreement

0.2

Carol Flaton 3/26/2018 17 Review of ZC response to fee examiner (to share w/ A. Velazquez (SEIU)) 0.2

Laurie Verry 3/26/2018 17 Revised professional fees and expenses for February fee application 0.3

Laurie Verry 3/27/2018 17 Finalized professional fees and expenses for February fee application 0.2

Lisa Bonito 3/27/2018 17 Attend to service of no objection letter for January 2018 0.4

Deborah Praga 4/2/2018 17 Prepared fee statement February 2018 0.4

Deborah Praga 4/3/2018 17 Prepared fee statement February 2018 2.6

Laurie Verry 4/3/2018 17 Prepared professional fees and expenses for March fee application 0.4

Deborah Praga 4/4/2018 17 Prepared fee statement February 2018 1.1

Laurie Verry 4/4/2018 17 Revised professional fees and expenses for March fee application 1.3

Laurie Verry 4/9/2018 17 Revised professional fees and expenses for February fee application 0.2

Deborah Praga 4/11/2018 17 Reviewed and commented on draft fee statement for February 2018 1.4

Laurie Verry 4/12/2018 17 Prepared professional fees and expenses for the March fee application 2.6

Carol Flaton 4/13/2018 17 Review of draft May budget 0.1

Laurie Verry 4/13/2018 17 Prepared professional fees and expenses for the March fee application 0.4

Deborah Praga 4/15/2018 17 Finalized February 2018 fee statement 0.3

Carol Flaton 4/16/2018 17 Review of ZC February fee statement and May budget for distribution to UCC 0.2

Scott Martinez 4/16/2018 17 Prepared Zolfo Cooper's May budget and circulated to the Committee for 

approval

0.3

Deborah Praga 4/17/2018 17 Review of March 18 fee statement 0.4

Laurie Verry 4/19/2018 17 Email communication regarding professional fees and expenses for prior 

applications

0.5

Deborah Praga 4/20/2018 17 Prepared March 2018 fee statement 0.7

Deborah Praga 4/24/2018 17 Prepared March 2018 fee statement 4.4

Laurie Verry 4/24/2018 17 Finalize March fee application 0.8

Scott Martinez 4/24/2018 17 Call with J. Spina (O'Melveny) regarding payment process 0.2

Deborah Praga 4/25/2018 17 Prepared March 2018 fee statement 4.8

Deborah Praga 4/26/2018 17 Prepared March 2018 fee statement 0.3

Deborah Praga 4/27/2018 17 Prepared March 2018 fee statement 0.8

Laurie Verry 4/27/2018 17 Email communication re: fee application distribution to notice parties 0.1

Lisa Bonito 4/27/2018 17 Email to B. Williamson (Fee examiner) attaching February 2018 monthly fee 

statement

0.2

Lisa Bonito 4/27/2018 17 Draft letter to All Parties re: service of the February 2018 monthly fee 

statement 

0.5

Lisa Bonito 4/27/2018 17 Attend to service via federal express and email to B. Williamson ZC's February 

2018 Fee Statement

1.2

Carol Flaton 5/1/2018 17 Internal emails w/ E. Kardos re withholding tax requirement 0.1

Deborah Praga 5/1/2018 17 Review of No Objection Letter prepared by L. Bonito 0.6

Deborah Praga 5/1/2018 17 Finalized March 2018 fee statement for circulation to the Committee 0.9

Elizabeth S. Kardos 5/1/2018 17 Reviewed tax issues 0.5

Laurie Verry 5/1/2018 17 Revised and finalized professional fees and expenses for March fee statement 1.7

Lisa Bonito 5/1/2018 17 Preparation of No Objection letter for February 2018 0.8

Elizabeth S. Kardos 5/2/2018 17 Reviewed tax issues 0.2

Laurie Verry 5/2/2018 17 Prepared professional fees and expenses for April fee statement 0.2

Deborah Praga 5/4/2018 17 Reviewed and commented on no objection letter prepared by L. Bonito 0.8

Page 126 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 127 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Elizabeth S. Kardos 5/4/2018 17 Call regarding AAFAF requests regarding invoices for Puerto Rico engagement 

with S. Martinez

0.5

Lisa Bonito 5/4/2018 17 Revise No Objection letter for February 2018 0.8

Scott Martinez 5/4/2018 17 Call regarding AAFAF requests regarding invoices for Puerto Rico engagement 

with E. Kardos

0.5

Scott Martinez 5/4/2018 17 Updated no objection letter for language regarding withholding tax 0.3

Lisa Bonito 5/7/2018 17 Revise Monthly Fee Objection Statement - February 2018 0.2

Scott Martinez 5/7/2018 17 Prepared Zolfo Cooper's draft June budget 0.3

Lisa Bonito 5/8/2018 17 Attend to service of Monthly Fee Objection Statement - February 2018 0.2

Carol Flaton 5/9/2018 17 Email w/ S. Martinez re June budget 0.1

Laurie Verry 5/9/2018 17 Provided S. Martinez with estimate of fees and expenses for June budget 0.4

Deborah Praga 5/11/2018 17 Preparation of April 2018 fee statement 2.8

Carol Flaton 5/14/2018 17 Detailed evaluation of FE letter for second interim period 0.6

Deborah Praga 5/14/2018 17 Discussions regarding initial thoughts on the fee examiner letter with S. 

Martinez

0.9

Deborah Praga 5/14/2018 17 Review of fee examiner letter 1.3

Deborah Praga 5/14/2018 17 Continued drafting response to fee examiner letter 3.6

Deborah Praga 5/14/2018 17 Drafted response to fee examiner letter 4.3

Laurie Verry 5/14/2018 17 Prepared professional fees and expenses for April fee statement 1.1

Scott Martinez 5/14/2018 17 Reviewed letter received from the fee examiner regarding Zolfo Cooper's 

second interim fee application

0.7

Scott Martinez 5/14/2018 17 Discussions regarding initial thoughts on the fee examiner letter with D. Praga 0.9

Deborah Praga 5/15/2018 17 Call with E. Kardos, S. Martinez, L. Verry re: response to fee examiner letter 0.4

Deborah Praga 5/15/2018 17 Continued drafting response to fee examiner letter 2.3

Elizabeth S. Kardos 5/15/2018 17 Tel call with S. Martinez (ZC), D. Praga (ZC) and L. Verry (ZC) re: fee examiner 

report of ZC's 2nd interim fee application and ZC response

0.4

Elizabeth S. Kardos 5/15/2018 17 Reviewed fee examiner report 1.1

Laurie Verry 5/15/2018 17 Tel call with E. Kardos (ZC), S. Martinez (ZC) and D. Praga (ZC) re: response to 

fee examiner's report of ZC's second interim fee application

0.4

Laurie Verry 5/15/2018 17 Reviewed fee examiner's report of ZC's second interim fee application 0.4

Scott Martinez 5/15/2018 17 Call with E. Kardos, L. Verry, D. Praga re: response to fee examiner letter 0.4

Carol Flaton 5/16/2018 17 Review of final ZC June budget for submission 0.1

Laurie Verry 5/16/2018 17 Draft supplemental affidavit in response to fee examiner's preliminary report of

ZC's 2nd interim fee application

1.4

Lisa Bonito 5/16/2018 17 Draft letter to All Parties re: service of the March 2018 monthly fee statement 0.6

Deborah Praga 5/17/2018 17 Review of 1st letter from fee examiner 0.6

Deborah Praga 5/17/2018 17 Review of ZC's response to fee examiner's first letter 0.6

Deborah Praga 5/17/2018 17 Drafting response to fee examiner's letter related to ZC's second interim fee 

application

4.4

Laurie Verry 5/17/2018 17 Revised draft supplemental affidavit in response to fee examiner's preliminary 

report of ZC's 2nd interim fee application

1.0

Deborah Praga 5/18/2018 17 Revisions to response to fee examiner 0.9

Elizabeth S. Kardos 5/18/2018 17 Reviewed and revised draft response to fee examiner report 2.5

Laurie Verry 5/18/2018 17 Communication re: response to Fee Examiner's initial report of ZC's 2nd interim 

fee application

0.1

Laurie Verry 5/18/2018 17 Reviewed additional revisions to supplemental affidavit in response to fee 

examiner initial report of ZC's 2nd interim fee application

0.3

Scott Martinez 5/18/2018 17 Reviewed and commented on the draft response letter to the fee examiner 1.8

Deborah Praga 5/21/2018 17 Tel call with S Martinez, E. Kardos, L Verry re: revising and finalizing response 

to fee examiner’s preliminary report of ZC’s 2nd interim fee application

0.8

Deborah Praga 5/21/2018 17 Review of revised fee examiner response 0.9

Elizabeth S. Kardos 5/21/2018 17 Finalized additional changes to response to fee examiner report 0.4

Page 127 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 128 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Elizabeth S. Kardos 5/21/2018 17 Tel Cal with S. Martinez (ZC), D. Praga (ZC), L. Verry (ZC) re: revising and 

finalizing response to fee examiner report

0.8

Elizabeth S. Kardos 5/21/2018 17 Reviewed draft response to fee examiner report 0.9

Laurie Verry 5/21/2018 17 Tel call with E. Kardos (ZC), S. Martinez (ZC) and D. Praga (ZC) re: response to 

fee examiner's preliminary report of ZC's 2nd interim application

0.8

Laurie Verry 5/21/2018 17 Revised response to fee examiner's preliminary report of ZC's 2nd interim 

application

0.9

Scott Martinez 5/21/2018 17 Reviewed revised draft of Zolfo Cooper's response to the Fee Examiner 0.4

Scott Martinez 5/21/2018 17 Tel call with S Martinez, E. Kardos, D Praga, L Verry re: revising and finalizing 

response to fee examiner’s preliminary report of ZC’s 2nd interim fee 

application

0.8

Scott Martinez 5/22/2018 17 Updated response letter to fee examiner 0.4

Elizabeth S. Kardos 5/23/2018 17 Reviewed fee examiner report 0.4

Laurie Verry 5/23/2018 17 Reviewed additional revisions to response to fee examiner's preliminary report 

re: ZC's 2nd interim application

0.1

Lisa Bonito 5/23/2018 17 Preparation of No Objection Letter for March 2018 fees 1.4

Scott Martinez 5/23/2018 17 Reviewed and updated the draft response letter to the fee examiner 0.4

Carol Flaton 5/24/2018 17 Review of latest draft letter to Fee Examiner 0.2

Deborah Praga 5/24/2018 17 Reviewed response from fee examiner 0.1

Deborah Praga 5/24/2018 17 Review of revised no objection letter from L. Bonito 0.3

Deborah Praga 5/24/2018 17 Emails with S. Graham and L. Bonito regarding tax provisions 0.3

Deborah Praga 5/24/2018 17 Review and comment on of draft no objection letter from L. Bonito 0.8

Deborah Praga 5/24/2018 17 Revisions to fee examiner response based on comments from E. Kardos 0.9

Elizabeth S. Kardos 5/24/2018 17 Additional comments to re: response to fee examiner report 0.2

Elizabeth S. Kardos 5/24/2018 17 Reviewed revised draft of response to fee examiner report 0.8

Lisa Bonito 5/24/2018 17 Email to S. Graham re: fees 0.1

Lisa Bonito 5/24/2018 17 Revise No Objection letter 0.2

Scott Martinez 5/24/2018 17 Revised and finalized the response to the fee examiner regarding Zolfo Cooper's

2nd interim fee application

0.6

Carol Flaton 5/25/2018 17 Emails w/Fee Examiner re last letter and potential mtg 0.1

Deborah Praga 5/25/2018 17 Reviewed emails from C. Flaton, E. Kardos and S. Martinez regarding fee 

examiner communication

0.4

Deborah Praga 5/25/2018 17 Review of fee applications and fee reductions for other firms 1.7

Deborah Praga 5/25/2018 17 Analysis of all fee reductions taken by Title III professionals 1.8

Elizabeth S. Kardos 5/25/2018 17 Reviewed response from fee examiner 0.5

Scott Martinez 5/25/2018 17 Reviewed the Fee Examiner's letter in response to Zolfo Cooper's reply 0.1

Carol Flaton 5/28/2018 17 Reviewed email from E. Kardos re interim compensation, withholding taxes and 

budgets

0.1

Carol Flaton 5/28/2018 17 Review of interim compensation motion from E. Kardos (ZC) 0.2

Elizabeth S. Kardos 5/28/2018 17 Drafted email to C. Flaton (ZC), S. Martinez (ZC) and D. Praga (ZC) re motion to 

amend admin order status

0.5

Carol Flaton 5/30/2018 17 Review of draft email (from S. Martinez) to UCC re Fee Examiner letters and ZC 

responses (per Committee requirement)

0.1

Scott Martinez 5/30/2018 17 Reviewed fee examiner's report regarding second interim fee applications 0.4

Carol Flaton 5/30/2018 17 Read fee examiner 5/30 /18 report 0.3

Laurie Verry 5/30/2018 17 Revised professional fees and expenses for April fee statement 0.4

Carol Flaton 5/31/2018 17 Review of filed 2nd interim fee report 0.2

Deborah Praga 5/31/2018 17 Prepared April 2018 fee statement 4.6

Scott Martinez 5/31/2018 17 Prepared an analysis regarding adjustments to professional fees for the second 

interim fee application period

0.4

Total Hours Matter Category 17 243.8

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 2/7/2018 18 Travel from NYC - SJU 7.2

Page 128 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 129 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Rahul Yenumula 2/7/2018 18 Travel from the Hotel to N. Zamot's office with C. Flaton & S. Martinez 0.4

Rahul Yenumula 2/7/2018 18 Travel from N. Zamot's office to the hotel with C. Flaton & S. Martinez 0.5

Rahul Yenumula 2/7/2018 18 Travel from San Juan Airport to Hotel with C. Flaton & S. Martinez 0.6

Rahul Yenumula 2/7/2018 18 Travel from home to the airport 1.8

Rahul Yenumula 2/7/2018 18 Flight from Newark Airport to San Juan Airport 3.8

Scott Martinez 2/7/2018 18 Travel from New York to San Juan 6.5

Carol Flaton 2/8/2018 18 Travel from SJU - NYC 6.4

Rahul Yenumula 2/8/2018 18 Travel from hotel to San Juan Airport 0.4

Rahul Yenumula 2/8/2018 18 Travel from the hotel to PREPA's office with C. Flaton & S. Martinez (Zolfo) and 

M. Comerford (Paul Hastings)

0.5

Rahul Yenumula 2/8/2018 18 Travel from PREPA's office to the hotel with C. Flaton & S. Martinez (Zolfo) and 

M. Comerford (Paul Hastings)

0.5

Rahul Yenumula 2/8/2018 18 Travel from JFK Airport to Home 1.9

Rahul Yenumula 2/8/2018 18 Travel from San Juan Airport to JFK Airport 4.1

Scott Martinez 2/8/2018 18 Travel from San Juan to New York 6.5

Carol Flaton 2/15/2018 18 Travel to and from Court/office 0.9

Elizabeth S. Kardos 3/6/2018 18 Ground travel to participate in person at tomorrow’s fee hearing 1.0

Elizabeth S. Kardos 3/7/2018 18 Ground travel from NY Court Hearing 2.0

Eric Deichmann 3/20/2018 18 Travel to SJU for UCC meeting 7.0

Michael Westermann 3/20/2018 18 Non-Working Travel 7.0

Scott Martinez 3/20/2018 18 Travel from NYC to San Juan 7.0

Carol Flaton 3/21/2018 18 Travel from Switzerland - PR 7.0

Eric Deichmann 3/22/2018 18 Return travel SJU->NYC 5.0

Carol Flaton 3/23/2018 18 Travel from San Juan to NYC 5.8

Eric Deichmann 3/23/2018 18 Return travel SJU->NYC 1.3

Michael Westermann 3/23/2018 18 Non-Working Travel from San Juan to NYC 7.2

Scott Martinez 3/23/2018 18 Travel from San Juan to NYC 7.0

Enrique R. Ubarri 4/2/2018 18 Travel Time- Miami to Orlando 3.8

Enrique R. Ubarri 4/4/2018 18 Travel Time- Orlando to Miami 3.7

Carol Flaton 5/21/2018 18 Travel to San Juan for in-person UCC mtg 7.0

Eric Deichmann 5/21/2018 18 Travel to SJU for UCC meeting 6.2

Michael Westermann 5/21/2018 18 Non-Working Travel JFK to SJU 7.0

Scott Martinez 5/21/2018 18 Travel from New York to San Juan 7.0

Carol Flaton 5/22/2018 18 Travel back from San Juan to NYC 7.2

Eric Deichmann 5/22/2018 18 Travel SJU->NYC 7.0

Michael Westermann 5/22/2018 18 Non-working travel SJU to JFK 7.0

Scott Martinez 5/22/2018 18 Travel from San Juan to New York 7.0

Total Hours Matter Category 18 162.2

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 2/1/2018 19 Participated in Listening Session (morning session) 0.8

Carol Flaton 2/1/2018 19 Participated in Listening Session (late morning session) 1.4

Enrique R. Ubarri 2/1/2018 19 Reviewed motion filed by FOMB re: scope of hearing for PREPA financing; 

reviewed motion filed by FO Bondholders clarifying scope; reviewed Order 

issued by Judge Swain.

0.2

Enrique R. Ubarri 2/1/2018 19 Reviewed appellate filing from the PREPA bondholders, Assured, NPFGC and 

Syncora on Judge Swain’s denial of motion for stay releído to pursue receiver.

0.8

Enrique R. Ubarri 2/1/2018 19 Attended (videoconference) PREPA listening session. 5.0

Rahul Yenumula 2/1/2018 19 Discussion with S. Martinez re: PREPA's Listening session 0.4

Rahul Yenumula 2/1/2018 19 Research on receivables of PREPA 1.2

Rahul Yenumula 2/1/2018 19 Participated in FOMB Listening Session re: Future of PR Energy Sector - PREPA 6.3

Scott Martinez 2/1/2018 19 Discussion with R. Yenumula re: PREPA's Listening session 0.4

Scott Martinez 2/1/2018 19 Reviewed and updated the listing of questions on regarding the PREPA fiscal 

plan

0.4

Page 129 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 130 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Scott Martinez 2/1/2018 19 Reviewed the draft PREPA fiscal plan 1.0

Enrique R. Ubarri 2/2/2018 19 Reviewed Order from Judge Swain denying the FOMB motion to clarify the 

scope of the interim hearing on the PREPA financing.

0.1

Enrique R. Ubarri 2/2/2018 19 Assessed the Revolving Credit Loan and Security Agreement by and between 

PREPA and the Commonwealth of Puerto Rico

0.8

Enrique R. Ubarri 2/2/2018 19 Reviewed and edited document re: PREPA listening session 1.0

Enrique R. Ubarri 2/2/2018 19 Exchanged e-mails with S. Martinez and R. Yenumula re: revised draft. 0.3

Enrique R. Ubarri 2/2/2018 19 Telephone conversation R. Yenumula discussion re: PREPA Listening Session. 0.3

Enrique R. Ubarri 2/2/2018 19 Reviewed objections to motion from FOMB for the secured financing filed by 

the PREPA Bondholders; US Bank; GO Bondholders; NPFGC; AMBAC; Whitefish 

Energy; Scotiabank; Assured and Syncora; Arc American, Inc.; and Siemens; and

Statement by Solus Alternative Asset on the financing.

3.8

Rahul Yenumula 2/2/2018 19 Discussion with S. Martinez re: PREPA listening session 0.1

Rahul Yenumula 2/2/2018 19 Revision of the summary on the listening session 2.2

Rahul Yenumula 2/2/2018 19 Telephone conversation E. Ubarri discussion re: PREPA Listening Session. 0.2

Scott Martinez 2/2/2018 19 Discussion with R. Yenumula re: PREPA listening session 0.1

Scott Martinez 2/2/2018 19 Reviewed the PREPA draft fiscal plan 0.6

Scott Martinez 2/2/2018 19 Reviewed the additional critical projects that have been posted for public 

comment

1.0

Carol Flaton 2/3/2018 19 Exchanged emails w/ L. Despins (PH) and N. Mitchell (Greenberg Traurig) re 

PREPA privatization process

0.2

Carol Flaton 2/3/2018 19 Participated in PREPA Fiscal Plan Session with AAFAF and FOMB, mediation 

judges, S. Martinez, R. Bingham

2.0

Robert Bingham 2/3/2018 19 Participated in PREPA Fiscal Plan Session with AAFAF and FOMB, mediation 

judges, C. Flaton, S. Martinez

2.0

Scott Martinez 2/3/2018 19 Participated in PREPA Fiscal Plan Session with AAFAF and FOMB, mediation 

judges, C. Flaton, R. Bingham

2.0

Enrique R. Ubarri 2/4/2018 19 Evaluated reply presented by the FOMB to the multiple objection motions filed 

by several parties to the PREPA financing., including exhibits to said filing and 

the PREPA opposition to the motion to intervene filed by the GO Bondholders 

and AMBAC.

1.7

Carol Flaton 2/5/2018 19 Email w/ A. Bongartz (PH) and S. Martinez re 2/8 PREPA mtg 0.1

Carol Flaton 2/5/2018 19 Email to FGIC advisor (R. Lamont) re PREPA 2/3 materials 0.1

Carol Flaton 2/5/2018 19 Email from M. Comerford (PH) re 2/8 PREPA mtg 0.1

Carol Flaton 2/5/2018 19 Emails w/N. Zamot (PREPA) re mtg in San Juan on 2/7 0.2

Carol Flaton 2/5/2018 19 Emails w/M. Comerford (PH) re additional PREPA question for 2/8 mtg 0.2

Carol Flaton 2/5/2018 19 Review and mark of draft PREPA questions 0.3

Carol Flaton 2/5/2018 19 Review of revised PREPA 13 wk CF 0.4

Carol Flaton 2/5/2018 19 Review of 2/3 CW PREPA materials 0.6

Enrique R. Ubarri 2/5/2018 19 Reviewed FOMB letter to the PREPA re: Fiscal Plan violation and addressing the 

deficiencies on the Fiscal Plan.

0.1

Robert Bingham 2/5/2018 19 Discussion regarding PREPA with S. Martinez 0.2

Robert Bingham 2/5/2018 19 Preparation of summary of Saturday's PREPA meeting 1.4

Scott Martinez 2/5/2018 19 Discussions regarding PREPA with R. Yenumula 0.4

Scott Martinez 2/5/2018 19 Discussions regarding PREPA with R. Bingham 0.2

Scott Martinez 2/5/2018 19 Reviewed the revised PREPA 13-week cash flow analysis 0.7

Scott Martinez 2/5/2018 19 Prepared talking points for Committee call regarding PREPA fiscal plan session 0.7

Scott Martinez 2/5/2018 19 Reviewed the exhibits to the FOMB's post petition financing reply 0.8

Carol Flaton 2/6/2018 19 Emails from L. Despins (PH) re PREPA process and UCC involvement 0.1

Carol Flaton 2/6/2018 19 Emails w/ N. Zamot re mtg on 2/7 0.1

Enrique R. Ubarri 2/6/2018 19 Reviewed joint motion filed by FOMB on behalf of PREPA and AAFAF objecting 

motions filed by PREPA Bondholders, Assured, NPFGC, Syncora, and PREPA Bond

Trustee

0.2

Page 130 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 131 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 2/6/2018 19 Reviewed reply of the adhoc group of GO Bondholders in response to the PREPA 

opposition to the cross-motion to intervene; reviewed reply of the adhoc group 

of GO Bondholders in response to the PREPA opposition to the cross-motion to 

intervene

0.6

Enrique R. Ubarri 2/6/2018 19 Examined PREPA's Fiscal and Transformation Plan Progress Update 0.7

Rahul Yenumula 2/6/2018 19 Discussion regarding PREPA with R. Yenumula 0.3

Scott Martinez 2/6/2018 19 Revised the talking points for Committee call regarding PREPA fiscal plan 

session

0.3

Scott Martinez 2/6/2018 19 Discussion regarding PREPA with R. Yenumula 0.3

Scott Martinez 2/6/2018 19 Reviewed and commented on the draft presentation regarding critical projects 0.9

Scott Martinez 2/6/2018 19 Reviewed the draft order and exhibits regarding post petition financing for 

PREPA

2.0

Carol Flaton 2/7/2018 19 Reviewed PREPA FP “framework” 0.4

Carol Flaton 2/7/2018 19 Discussion with S. Martinez, R. Yenumula re: PREPA 0.4

Carol Flaton 2/7/2018 19 Reviewed PREPA DIP financing filings 1.6

Enrique R. Ubarri 2/7/2018 19 Modified and reviewed critical projects presentation; research critical projects 1.9

Rahul Yenumula 2/7/2018 19 Discussion with C. Flaton, S. Martinez re: PREPA 0.4

Scott Martinez 2/7/2018 19 Discussion with C. Flaton, R. Yenumula re: PREPA 0.4

Carol Flaton 2/8/2018 19 Debrief regarding PREPA session with S. Martinez, R. Yenumula 0.4

Carol Flaton 2/8/2018 19 Participated in a creditor meeting with PREPA, S. Martinez, R. Yenumula 7.2

Enrique R. Ubarri 2/8/2018 19 Examined and analyzed PREPA Creditors' presentation 0.5

Enrique R. Ubarri 2/8/2018 19 Attended (telephonically) PREPA Creditors' Meeting. 2.4

Rahul Yenumula 2/8/2018 19 Debrief regarding PREPA session with C. Flaton, S. Martinez 0.4

Rahul Yenumula 2/8/2018 19 Participated in a creditor meeting with PREPA, C. Flaton, S. Martinez, R. 

Yenumula

7.2

Robert Bingham 2/8/2018 19 Participation in Meeting with PREPA Management 1.3

Scott Martinez 2/8/2018 19 Debrief regarding PREPA session with C. Flaton, R. Yenumula 0.4

Scott Martinez 2/8/2018 19 Participated in a creditor meeting with PREPA, C. Flaton, R. Yenumula 7.2

Enrique R. Ubarri 2/9/2018 19 Reviewed Order from Judge Swain granting motion to intervene 0.1

Enrique R. Ubarri 2/9/2018 19 Reviewed supplemental objection from GO Bondholders; US Bank, as Trustee; 

Assured; Whitefish; NPFGC; and Syncora for Interim Financing for PREPA

1.2

Michael Westermann 2/9/2018 19 Read Reorg article related to PREPA DIP objections 0.3

Michael Westermann 2/9/2018 19 Review the PREPA presentation provided at the in-person meeting and analysis 

on it's effect to CW fiscal plan

2.3

Michael Westermann 2/9/2018 19 Read overview of objections to PREPA DIP 2.5

Rahul Yenumula 2/9/2018 19 Discussion with R. Bingham re: PREPA 0.4

Rahul Yenumula 2/9/2018 19 Reviewing data room for documents re: PREPA 1.8

Robert Bingham 2/9/2018 19 Discussion with R. Yenumula re: PREPA 0.4

Scott Martinez 2/9/2018 19 Reviewed supplemental objections to the PREPA DIP motion 1.2

Carol Flaton 2/11/2018 19 Emails w/ E. Ubarri and S. Martinez re PREPA explosion in San Juan 0.2

Enrique R. Ubarri 2/12/2018 19 Examined PREPA cash flows actual and projected until May 2018 0.1

Enrique R. Ubarri 2/12/2018 19 Reviewed Solus and Scotiabank reply in support of PREPA secured financing. 0.2

Enrique R. Ubarri 2/12/2018 19

Reviewed AAFAF and FOMB reply in further support of PREPA secured financing,

1.1

Michael Westermann 2/12/2018 19 Review of updated PREPA DIP and effect on CW liquidity 2.5

Scott Martinez 2/12/2018 19 Reviewed the updated PREPA cash flow forecast 0.4

Scott Martinez 2/12/2018 19 Reviewed articles regarding the power outage in Puerto Rico 0.5

Scott Martinez 2/12/2018 19 Reviewed the AAFAF/FOMB reply regarding post petition financing for PREPA 0.8

Enrique R. Ubarri 2/13/2018 19 Reviewed omnibus opposition to the motions to dismiss filed by FOMB, the 

Commonwealth, PREPA and the individual defendants.

1.2

Rahul Yenumula 2/13/2018 19 Review of reports related to PREPA 0.4

Rahul Yenumula 2/13/2018 19 Prepared a summary of PREPA's creditor meeting held on February 8, 2018 2.6

Scott Martinez 2/13/2018 19 Reviewed and edited talking points for Committee call regarding creditor 

meeting with PREPA management

0.3

Page 131 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 132 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 2/14/2018 19 Call regarding alternative PREPA DIP proposal with M. Comerford (Paul 

Hastings), S. Martinez, E. Deichmann

0.2

Carol Flaton 2/14/2018 19 Review and mark up of DIP summary slide for UCC 0.3

Carol Flaton 2/14/2018 19 Review of Syncora DIP term sheet 0.8

Carol Flaton 2/14/2018 19 Discussions regarding the alternative DIP financing for PREPA with S. Martinez, 

E. Deichmann

1.0

Enrique R. Ubarri 2/14/2018 19 Examined the PREPA liquidity model and forecast. 0.1

Enrique R. Ubarri 2/14/2018 19 Reviewed e-mail from A. Bongartz (PH) re: competing PREPA financing 

proposal.

0.1

Enrique R. Ubarri 2/14/2018 19 Reviewed motion filed by AAFAF and FOMB re: proposed financing presented by 

PREPA Bondholders and Syncora.

0.3

Enrique R. Ubarri 2/14/2018 19 Assessed the PREPA Bondholders motion and notice of joint proposal to offer 

financing to the PREPA.

0.6

Eric Deichmann 2/14/2018 19 Call regarding alternative PREPA DIP proposal with M. Comerford (Paul 

Hastings), C. Flaton, S. Martinez

0.2

Eric Deichmann 2/14/2018 19 Discussion regarding the alternative DIP financing for PREPA with S. Martinez 0.6

Eric Deichmann 2/14/2018 19 Discussions regarding the alternative DIP financing for PREPA with C. Flaton, S. 

Martinez

1.0

Eric Deichmann 2/14/2018 19 Analysis of Syncora/Ad Hoc PREPA bondholders' alternative DIP proposal costs 

and covenants

2.9

Robert Bingham 2/14/2018 19 Read PREPA Dip motion and responses to objections 0.4

Scott Martinez 2/14/2018 19 Call regarding alternative PREPA DIP proposal with M. Comerford (Paul 

Hastings), C. Flaton, E. Deichmann

0.2

Scott Martinez 2/14/2018 19 Discussion regarding the alternative DIP financing for PREPA with E. Deichmann 0.6

Scott Martinez 2/14/2018 19 Reviewed the motion of the ad hoc PREPA creditors regarding alternative DIP 

financing

0.8

Scott Martinez 2/14/2018 19 Discussions regarding the alternative DIP financing for PREPA with C. Flaton, E. 

Deichmann

1.0

Scott Martinez 2/14/2018 19 Prepared an analysis comparing the Commonwealth DIP proposal to that of the 

ad hoc PREPA bondholders

1.1

Carol Flaton 2/15/2018 19 Update call regarding PREPA DIP hearing with S. Martinez 0.2

Carol Flaton 2/15/2018 19 Emails with/ E. Deichmann and S. Martinez re potential comp research (DIP) 0.2

Carol Flaton 2/15/2018 19 Review of overnight Oversight Board filings re DIP 0.7

Carol Flaton 2/15/2018 19 Attended PREPA DIP hearing 9.5

Enrique R. Ubarri 2/15/2018 19

Reviewed e-mail from A. Bongartz of Paul Hastings re: PREPA financing hearing.

0.1

Enrique R. Ubarri 2/15/2018 19 Attended hearing on PREPA Financing hearing (part of morning session; full 

afternoon session).

4.4

Eric Deichmann 2/15/2018 19 Clarification of PREPA alternative DIP cost with S. Martinez 0.3

Michael Westermann 2/15/2018 19 Review competing DIP proposal and Puerto Rico DIP comps slides sent by A. 

Bongartz (PH)

1.0

Michael Westermann 2/15/2018 19 Partial participation in PREPA DIP hearing 3.4

Robert Bingham 2/15/2018 19 Call regarding PREPA with D. Barron (Paul Hastings), S. Martinez 0.3

Robert Bingham 2/15/2018 19 Preparation of summary of accounting and cash flow related to fuel purchases 

requested by D. Barron (PH)

0.6

Scott Martinez 2/15/2018 19 Update call regarding PREPA DIP hearing with C. Flaton 0.2

Scott Martinez 2/15/2018 19 Call regarding PREPA with D. Barron (Paul Hastings), R. Bingham 0.3

Scott Martinez 2/15/2018 19 Clarification of PREPA alternative DIP cost with E. Deichmann 0.3

Scott Martinez 2/15/2018 19 Reviewed response from ad hoc PREPA creditors regarding alternative financing 0.4

Scott Martinez 2/15/2018 19 Reviewed reply from FOMB/Commonwealth regarding proposed DIP for PREPA 0.5

Scott Martinez 2/15/2018 19 Listened to hearing regarding PREPA DIP financing 3.3

Carol Flaton 2/16/2018 19 Email w/L. Despins (PH), N. Mitchell (Greenberg) re PREPA (transformation) 

mtg w/ GT, Rothschild

0.2

Carol Flaton 2/16/2018 19 Read emails from Proskauer and creditors prior to DIP call 0.2

Carol Flaton 2/16/2018 19 Review of filings from Proskauer related to revised DIP 0.4

Page 132 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 133 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 2/16/2018 19 Review of PREPA reporting package prior to 2/16 update call 0.4

Carol Flaton 2/16/2018 19 Participated in PREPA DIP conference call with S. Martinez, Proskauer, 

Greenberg, O'Melveny and Creditors

1.0

Carol Flaton 2/16/2018 19 Participated in Bi-Weekly PREPA Creditor Update call with R. Bingham, R. 

Yenumula

1.5

Enrique R. Ubarri 2/16/2018 19 Reviewed e-Mail from A. Bongartz of Paul Hastings re: revised PREPA financing 0.2

Enrique R. Ubarri 2/16/2018 19 Reviewed Order from Judge Swain on PREPA financing. 0.1

Enrique R. Ubarri 2/16/2018 19 Reviewed FOMB and AAFAF's Urgent Application and Notice of Revised $300M 

loan from the Commonwealth to PREPA

0.3

Michael Westermann 2/16/2018 19 Participated in PREPA DIP discussion with oversight board counsel 0.7

Michael Westermann 2/16/2018 19 Write up of notes and comments from PREPA DIP call 0.8

Michael Westermann 2/16/2018 19 Review of Judge Swain rulings based on reorg article for the DIP 0.8

Michael Westermann 2/16/2018 19 Updated fiscal plan diligence list for new PREPA questions 0.9

Michael Westermann 2/16/2018 19 Review of revised DIP motion and proposed order for $300mm sized DIP 2.4

Rahul Yenumula 2/16/2018 19 Reviewed the Bi-Weekly Creditor Update material 1.6

Rahul Yenumula 2/16/2018 19 Participated in Bi-Weekly PREPA Creditor Update call with R. Bingham, C. 

Flaton

1.5

Robert Bingham 2/16/2018 19 Participated in Bi-Weekly PREPA Creditor Update call with R. Yenumula, Flaton 1.5

Scott Martinez 2/16/2018 19 Reviewed summary of bi-weekly PREPA update call 0.2

Scott Martinez 2/16/2018 19 Reviewed the revised financing motion for PREPA 0.6

Scott Martinez 2/16/2018 19 Participated in PREPA DIP conference call with C. Flaton, Proskauer, 

Greenberg, O'Melveny and Creditors

1.0

Scott Martinez 2/16/2018 19 Reviewed PREPA bi-weekly reporting package 1.1

Enrique R. Ubarri 2/18/2018 19 Examined Assured's response and reservation of rights to AAFAF and FOMB 

revised application for PREPA financing.

0.1

Enrique R. Ubarri 2/18/2018 19 Reviewed Reservation of Rights filed by GO Bondholders to AAFAF and FOMB 

filing for application for PREPA financing.

0.1

Enrique R. Ubarri 2/18/2018 19 Reviewed limited objection of the PREPA Bond Trustee to the AAFAF and FOMB 

filing for application for the PREPA financing.

0.1

Enrique R. Ubarri 2/18/2018 19 Assessed limited reply from Scotiabank and Solus to AAFAF and FOMB 

application for PREPA financing.

0.1

Enrique R. Ubarri 2/18/2018 19 Reviewed joinder from Knighthead Capital Management to objections and 

responses to the AAFAF and FOMB filing for the revised application for 

financing.

0.1

Enrique R. Ubarri 2/18/2018 19 Reviewed revised Order from Judge Swain re: PREPA financing. 0.1

Enrique R. Ubarri 2/18/2018 19 Reviewed limited response filed by the PREPA Bondholders to the AAFAF and 

FOMB filing for application for the PREPA financing.

0.2

Enrique R. Ubarri 2/18/2018 19 Reviewed Red-line of Credit Agreement 0.2

Enrique R. Ubarri 2/18/2018 19 Assessed NPFGC's response to AAFAF and FOMB revised application for PREPA 

financing.

0.3

Enrique R. Ubarri 2/18/2018 19 Examined AAFAF and FOMB Omnibus Reply to the responses for the revised 

proposed application for PREPA financing.

0.8

Enrique R. Ubarri 2/19/2018 19 Reviewed final order from Judge Swain re: PREPA financing. 0.2

Carol Flaton 2/20/2018 19 Email w/L. Despins (PH) re PREPA (GT, R, ZC, PH) mtg 0.2

Rahul Yenumula 2/20/2018 19 Discussion regarding PREPA with S. Martinez 0.4

Rahul Yenumula 2/20/2018 19 Indexing of documents uploaded to PREPA folder on Intralinks 4.6

Scott Martinez 2/20/2018 19 Reviewed report regarding PREPA hiring a firm for federal compliance services 0.2

Scott Martinez 2/20/2018 19 Discussion regarding PREPA with R. Yenumula 0.4

Carol Flaton 2/21/2018 19 Emails w/ L. Despins (PH) re PREPA 0.1

Rahul Yenumula 2/21/2018 19 Indexing of documents uploaded to PREPA folder on Intralinks 3.6

Scott Martinez 2/21/2018 19 Reviewed report regarding PREPA privatization 0.2

Carol Flaton 2/22/2018 19 Internal preparation session re: PREPA meeting with L. Despins and M. 

Comerford (Paul Hastings), R. Bingham, S. Martinez

1.0

Carol Flaton 2/22/2018 19 Review of PREPA fiscal plan (mtg prep) 0.9

Page 133 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 134 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Carol Flaton 2/22/2018 19 Meeting to discuss PREPA transformation with L. Despins and M. Comerford 

(Paul Hastings), N. Mitchell (Greenberg), S. Pratt (Rothschild), R. Bingham, S. 

Martinez

1.5

Michael Westermann 2/22/2018 19 Review government comments re: liquidity impact of $300mm PREPA loan 0.2

Robert Bingham 2/22/2018 19 Debrief from PREPA transformation meeting with S. Martinez 0.3

Robert Bingham 2/22/2018 19 Internal preparation session re: PREPA meeting with L. Despins and M. 

Comerford (Paul Hastings), C. Flaton, S. Martinez

1.0

Robert Bingham 2/22/2018 19 Meeting to discuss PREPA transformation with L. Despins and M. Comerford 

(Paul Hastings), N. Mitchell (Greenberg), S. Pratt (Rothschild), C. Flaton, S. 

Martinez

1.5

Scott Martinez 2/22/2018 19 Debrief from PREPA transformation meeting with R. Bingham 0.3

Scott Martinez 2/22/2018 19 Internal preparation session re: PREPA meeting with L. Despins and M. 

Comerford (Paul Hastings), C. Flaton, R. Bingham

1.0

Scott Martinez 2/22/2018 19 Meeting to discuss PREPA transformation with L. Despins and M. Comerford 

(Paul Hastings), N. Mitchell (Greenberg), S. Pratt (Rothschild), C. Flaton, R. 

Bingham

1.5

Scott Martinez 2/23/2018 19 Reviewed, commented on and submitted Zolfo Cooper's reply to the fee 

examiner letter

2.1

Deborah Praga 2/26/2018 19 Reviewed reports related to PREPA loan 0.8

Scott Martinez 2/26/2018 19 Email correspondence with M. Comerford (Paul Hastings) regarding PREPA 0.2

Carol Flaton 2/27/2018 19 Email w/ M. Comerford (PH) re PREPA update 0.1

Carol Flaton 2/27/2018 19 Emails w/PH (L. Despins, M. Comerford, A. Tenzer) re PREPA DIP 0.2

Scott Martinez 2/27/2018 19 Call with M. Comerford (Paul Hastings) regarding PREPA 0.2

Scott Martinez 2/27/2018 19 Prepared talking points for Committee call regarding PREPA update meeting 0.4

Carol Flaton 2/28/2018 19 Emails w/M. Comerford (PH) re PREPA insurance 0.2

Enrique R. Ubarri 2/28/2018 19 Reviewed the Sur-reply filed by AAFAF in the Instituto de Competitividad y 

Sostenibilidad Economica de Puerto Rico case.

0.3

Rahul Yenumula 2/28/2018 19 Review of Reorg Research articles on PREPA 1.3

Rahul Yenumula 2/28/2018 19 Reviewed the RFPs floated by CRRO for appointing agencies for Energy Mission 

and Housing Mission

1.4

Carol Flaton 3/1/2018 19 Emails w/ M. Hindman and M. Kopacz (Phoenix) re prepa calls 0.2

Carol Flaton 3/1/2018 19 Review of white box filing re Cofina 0.6

Michael Westermann 3/1/2018 19 Review of PREPA documents updated to Intralinks 0.4

Scott Martinez 3/1/2018 19 Email correspondence with M. Comerford and B. Gray (Paul Hastings) regarding 

FEMA project worksheets for PREPA

0.1

Scott Martinez 3/1/2018 19 Prepared talking points for UCC update call regarding PREPA 0.3

Scott Martinez 3/1/2018 19 Reviewed files based on request from M. Comerford and B. Gray (Paul Hastings) 

regarding FEMA project worksheets

0.3

Scott Martinez 3/1/2018 19 Reviewed PREPA documents uploaded to the Intralinks website 1.6

Carol Flaton 3/2/2018 19 Emails w/ M. Belanger (A&M) re PREPA materials 0.1

Carol Flaton 3/2/2018 19 Emails with M. Comerford (PH), R. Yenumula re PREPA financing proposals 0.2

Carol Flaton 3/2/2018 19 Participated in the bi-weekly PREPA creditor update call with S. Martinez, R. 

Yenumula, R. Bingham

1.3

Rahul Yenumula 3/2/2018 19 Debrief session regarding PREPA update call with S. Martinez 0.2

Rahul Yenumula 3/2/2018 19 Revision of summary notes based on comments from S. Martinez 0.9

Rahul Yenumula 3/2/2018 19 Participated in the bi-weekly PREPA creditor update call with C. Flaton, S. 

Martinez, R. Bingham

1.3

Robert Bingham 3/2/2018 19 Participated in the bi-weekly PREPA creditor update call with C. Flaton, S. 

Martinez, R. Yenumula

1.3

Scott Martinez 3/2/2018 19 Debrief session regarding PREPA update call with R. Yenumula 0.2

Scott Martinez 3/2/2018 19 Participated in the bi-weekly PREPA creditor update call with C. Flaton, R. 

Yenumula, R. Bingham

1.3

Enrique R. Ubarri 3/5/2018 19 Examined the PREPA Reporting Materials Related to $300M Loan 0.2

Page 134 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 135 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 3/5/2018 19 Reviewed adversary complaint for Declaratory Judgment and request for 

injunctive relief filed by the Puerto Rico Energy Commission; motion for 

expedited consideration of preliminary injunction; and Memorandum of Law

2.0

Rahul Yenumula 3/5/2018 19 Analyzed the PREPA term sheets 2.8

Scott Martinez 3/5/2018 19 Reviewed reports regarding PREPA cost per kilowatt hour 0.2

Deborah Praga 3/6/2018 19 Reviewed reports regarding Gov. Rossello's proposed bill to privatize PREPA 0.3

Enrique R. Ubarri 3/6/2018 19 Reviewed Order from Judge Swain re: scheduling for PREC Preliminary 

Injunction.

0.1

Enrique R. Ubarri 3/6/2018 19 Reviewed opposition filed by the FOMB for expedited consideration of 

Preliminary Injunction filed by the PREC; joinder of AAFAF to opposition filed 

by the FOMB; and Reply in Support of PREC’s Proposed Briefing Schedule on 

Motion for Preliminary Injunction.

0.7

Michael Westermann 3/6/2018 19 Review of recent PREPA financing update 0.1

Rahul Yenumula 3/6/2018 19 Discussion regarding PREPA Term Sheets with M. Comerford (Paul Hastings), S. 

Martinez, R. Bingham

0.2

Rahul Yenumula 3/6/2018 19 Prepared notes on the PREPA term sheets 1.2

Robert Bingham 3/6/2018 19 Discussion regarding PREPA Term Sheets with M. Comerford (Paul Hastings), S. 

Martinez, R. Yenumula

0.2

Robert Bingham 3/6/2018 19 Review of PREPA financing terms sheets in preparation for call with Paul 

Hastings

0.4

Scott Martinez 3/6/2018 19 Discussion regarding PREPA Term Sheets with M. Comerford (Paul Hastings), R. 

Bingham, R. Yenumula

0.2

Scott Martinez 3/6/2018 19 Reviewed reports regarding Gov. Rossello's proposed bill to privatize PREPA 0.3

Scott Martinez 3/6/2018 19 Reviewed PREPA financing term sheets 0.9

Carol Flaton 3/7/2018 19 Review of PREPA posted files (13 wk, grid and generation status, etc.) 0.6

Rahul Yenumula 3/7/2018 19 Prepared notes on PREPA files 1.2

Rahul Yenumula 3/7/2018 19 Reviewed PREPA bi-weekly reporting package files uploaded to Intralinks 3.2

Scott Martinez 3/7/2018 19 Reviewed documents posted to Intralinks regarding PREPA 1.1

Carol Flaton 3/9/2018 19 Review of PREPA FEMA materials 0.4

Carol Flaton 3/9/2018 19 Participated in PREPA call re: FEMA issues with R. Yenumula, R. Bingham, S. 

Martinez 

1.3

Enrique R. Ubarri 3/9/2018 19 Reviewed Presentation on the Overview of the PR Office of Contract 

Procurement and the Cobra Services Contract Procurement.

0.3

Enrique R. Ubarri 3/9/2018 19 PREPA Conference Call re FEMA Issues 1.2

Rahul Yenumula 3/9/2018 19 Participated in PREPA call re: FEMA issues with C. Flaton, R. Bingham, S. 

Martinez 

1.3

Rahul Yenumula 3/9/2018 19 Prepared summary notes on the bi-weekly PREPA creditor call 3.3

Robert Bingham 3/9/2018 19 Review discussion materials in preparation of call with PREPA management and 

advisors

0.6

Robert Bingham 3/9/2018 19 Participated in PREPA call re: FEMA issues with C. Flaton, S. Martinez and R. 

Yenumula 

1.3

Scott Martinez 3/9/2018 19 Reviewed PREPA presentation materials regarding contract and procurement 

compliance 

0.7

Scott Martinez 3/9/2018 19 Participated in PREPA call re: FEMA issues with C. Flaton, R. Bingham and R. 

Yenumula

1.3

Carol Flaton 3/10/2018 19 Read email /attachment from E. Ubarri re 4 energy projects 0.2

Carol Flaton 3/12/2018 19 Review of PREPA revised 13 wk cf 0.3

Enrique R. Ubarri 3/12/2018 19 Reviewed letter from Congress to PREPA. 0.1

Enrique R. Ubarri 3/12/2018 19 Examined the PREPA updated reporting materials, including cash flow forecast. 0.2

Rahul Yenumula 3/12/2018 19 Discussion with S. Martinez re: PREPA Meeting 0.3

Robert Bingham 3/12/2018 19 Review and comment on summary of 3/9 PREPA Call 0.3

Robert Bingham 3/12/2018 19 Discussion regarding PREPA with S. Martinez 0.3

Scott Martinez 3/12/2018 19 Discussion regarding PREPA with R. Bingham 0.3

Scott Martinez 3/12/2018 19 Reviewed summary of Friday's creditor update call with PREPA 0.6

Deborah Praga 3/13/2018 19 Review of letter from committee on natural recourses to PREPA 0.3

Page 135 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 136 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 3/13/2018 19 Reviewed reply from the FOMB, the Commonwealth and PREPA in support of 

their motion to dismiss the Amended Adversary Complaint filed by UTIER.

0.4

Michael Westermann 3/13/2018 19 Review of letter from Congress to PREPA and governor 0.4

Scott Martinez 3/13/2018 19 Reviewed the House letter to PREPA regarding mismanagement and corruption 0.2

Carol Flaton 3/14/2018 19 Review of Rothschild analysis of prepa plans (from mediation) 0.7

Enrique R. Ubarri 3/14/2018 19 Reviewed FOMB's response to AAFAF's motion to intervene in adversary 

proceeding filed by PREC

0.1

Enrique R. Ubarri 3/14/2018 19 Reviewed motion to intervene filed by NPFGC, Assured, Syncora and members 

of the Ad Hoc Group of PREPA Bondholders in the adversary proceeding filed by 

the PREC.

0.1

Enrique R. Ubarri 3/14/2018 19 Reviewed notice of removal filed by AAFAF and PREPA in the Puerto Rico 

Energy Commission case.

0.3

Enrique R. Ubarri 3/14/2018 19 Reviewed AAFAF motion to intervene in adversary proceeding filed by the PR 

Energy Commission.

0.4

Rahul Yenumula 3/14/2018 19 Review of PREPA reporting package material uploaded to Intralinks 1.8

Robert Bingham 3/14/2018 19 Call with D. Barron (PH) concerning classification and treatment of fuel 

purchases

0.2

Enrique R. Ubarri 3/15/2018 19 Reviewed Grid Status update. 0.1

Enrique R. Ubarri 3/15/2018 19 Reviewed e-mail and attachment from A. Bongartz (PH) re: Joinder re: 

Oversight Board’s Opposition to PREC’s Motion to Enjoin Oversight Board from 

Certifying Fiscal Plan for PREPA

0.8

Rahul Yenumula 3/15/2018 19 Review of PREPA reporting package material uploaded to Intralinks 2.3

Carol Flaton 3/16/2018 19 Review of PREPA reports (grid, liquidity, accounts, etc.) 0.6

Enrique R. Ubarri 3/16/2018 19 Reviewed Judge Dein's Order re: intervention of AAFAF if PREC case. 0.1

Enrique R. Ubarri 3/16/2018 19 Reviewed Judge Dein's Order re: Bond Insurers Limited Right to Intervene and 

be Heard on Preliminary Injunction

0.1

Rahul Yenumula 3/16/2018 19 Participated in bi-weekly PREPA creditor call with R. Bingham, S. Martinez 1.2

Rahul Yenumula 3/16/2018 19 Prepared summary notes on the bi-weekly PREPA creditor call 3.6

Robert Bingham 3/16/2018 19 Participated in bi-weekly PREPA creditor call with S. Martinez, R. Yenumula 1.2

Scott Martinez 3/16/2018 19 Participated in bi-weekly PREPA creditor call with R. Bingham, R. Yenumula 1.2

Carol Flaton 3/19/2018 19 Emails w/ S. Martinez re Zamot mtg 0.1

Enrique R. Ubarri 3/19/2018 19 Reviewed motion filed by PREPA Trustee to intervene in the PREC lawsuit 

Against FOMB and PREPA

0.1

Enrique R. Ubarri 3/19/2018 19 Reviewed AAFAF's response and joinder to the FOMB and PREPA's opposition to 

the PREC motion for preliminary injunction.

0.7

Enrique R. Ubarri 3/19/2018 19 Reviewed opposition of the FOMB and PREPA to the PREC motion for 

preliminary injunction.

0.8

Rahul Yenumula 3/19/2018 19 Revision of summary notes on the bi-weekly PREPA creditor call based on 

comments from R. Bingham

1.1

Robert Bingham 3/19/2018 19 Review and email comments on updated R. Yenumula summary of 3/16 PREPA 

call

0.3

Robert Bingham 3/19/2018 19 Review and email comments on R. Yenumula summary of 3/16 PREPA call 0.6

Scott Martinez 3/19/2018 19 Reviewed a report on PREPA's public meetings regarding privatization 0.3

Carol Flaton 3/21/2018 19 Review of bi-weekly PREPA postings 0.6

Enrique R. Ubarri 3/21/2018 19 Reviewed Order from Judge Dein re: PREPA Bond Trustee intervention. 0.1

Enrique R. Ubarri 3/21/2018 19 Examined the PREPA updated cash flow forecast as of March 21, 2018. 0.2

Enrique R. Ubarri 3/21/2018 19 Reviewed PREC reply in support of its motion for a preliminary injunction to 

the FOMB.

0.4

Enrique R. Ubarri 3/21/2018 19 Examined the reply in support of the motion for a preliminary injunction filed 

by NPFGC, Assured , Syncora , U.S. Bank NA as PREPA bond trustee, and the ad 

hoc group of PREPA bondholders.

0.4

Scott Martinez 3/21/2018 19 Reviewed PREPA documents uploaded to the Intralinks website 1.7

Enrique R. Ubarri 3/23/2018 19 Reviewed informative motion from FOMB on the PREPA financing. 0.1

Michael Westermann 3/23/2018 19 Review of PREPA financing needs details 0.3

Carol Flaton 3/24/2018 19 Reviewed 3.23 PREPA FP 2.8

Page 136 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 137 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 3/24/2018 19 Examined the PREPA Amended and Restated Fiscal Plan. 2.4

Scott Martinez 3/24/2018 19 Reviewed the revised draft PREPA fiscal plan 1.2

Robert Bingham 3/26/2018 19 Discussion regarding the PREPA draft fiscal plan with S. Martinez 0.4

Robert Bingham 3/26/2018 19 Review and extract information from latest PREPA fiscal plan 2.7

Scott Martinez 3/26/2018 19 Discussion regarding the PREPA draft fiscal plan with R. Bingham 0.4

Scott Martinez 3/26/2018 19 Reviewed the revised draft PREPA fiscal plan 0.8

Robert Bingham 3/27/2018 19 Discussions regarding the PREPA fiscal plan with S. Martinez 0.3

Robert Bingham 3/27/2018 19 Summary of PREPA fiscal plan 1.7

Scott Martinez 3/27/2018 19 Discussions regarding the PREPA fiscal plan with R. Bingham 0.3

Scott Martinez 3/27/2018 19 Reviewed the revised draft PREPA fiscal plan 1.4

Enrique R. Ubarri 3/28/2018 19 Assessed letter from FOMB re: additional requirements for PREPA fiscal plan 

certification 

0.1

Enrique R. Ubarri 3/28/2018 19 Reviewed Judge Swain's Order denying PREC's preliminary injunction. 0.1

Enrique R. Ubarri 3/28/2018 19 Reviewed Order from Judge Swain denied remand on PREC rate order. 0.2

Enrique R. Ubarri 3/28/2018 19 Reviewed UTIER's omnibus surreply in support of its opposition to the motions 

to dismiss filed by the FOMB, the Commonwealth, PREPA and individual 

defendants of the Commonwealth and FOMB.

0.2

Robert Bingham 3/28/2018 19 Call regarding PREPA fiscal plan with M. Comerford (Paul Hastings), S. Martinez 0.6

Robert Bingham 3/28/2018 19 Thorough read of PREPA fiscal plan to extract significant information 3.3

Scott Martinez 3/28/2018 19 Reviewed FOMB letter regarding PREPA fiscal plan 0.2

Scott Martinez 3/28/2018 19 Call regarding PREPA fiscal plan with M. Comerford (Paul Hastings), R. Bingham 0.6

Robert Bingham 3/30/2018 19 Review of advance materials for bi-weekly PREPA Call 0.7

Robert Bingham 3/30/2018 19 Participation in bi-weekly PREPA call 1.0

Enrique R. Ubarri 4/2/2018 19 Examined the PREPA updated reporting materials, including cash flow forecast. 0.2

Robert Bingham 4/2/2018 19 Preparation of summary memo on Friday's PREPA call 0.9

Rahul Yenumula 4/3/2018 19 Prepared analysis on PREPA restoration status 2.9

Carol Flaton 4/6/2018 19 Email w/ R. Yenumula and S. Martinez re PREPA plan 0.2

Rahul Yenumula 4/6/2018 19 Review of PREPA fiscal plan dated March 21, 2018 2.6

Robert Bingham 4/6/2018 19 Review and verify graphs of COFINA information prepared by R. Yenumula 0.4

Robert Bingham 4/6/2018 19 Read and extract relevant information from latest PREPA fiscal plan 2.3

Scott Martinez 4/6/2018 19 Reviewed the revised draft fiscal plan for PREPA 1.1

Enrique R. Ubarri 4/7/2018 19 Examined the PREPA updated Fiscal Plan 2.1

Rahul Yenumula 4/9/2018 19 Analysis of draft fiscal plans of PREPA 2.3

Robert Bingham 4/9/2018 19 Review and comment on R. Yenumula presentation of PREPA Financial Plan 1.6

Enrique R. Ubarri 4/10/2018 19 Reviewed voluntary dismissal filed by the PREC. 0.1

Robert Bingham 4/10/2018 19 Review and comment on R. Yenumula presentation of PREPA Financial Plan 0.4

Carol Flaton 4/12/2018 19 Review of PREPA flash reporting 0.1

Rahul Yenumula 4/12/2018 19 Updated the graphs on PREPA restoration status 0.8

Robert Bingham 4/12/2018 19 Review PREPA documents posted in preparation for 4/13/18 PREPA 

professionals call

0.7

Scott Martinez 4/12/2018 19 Reviewed PREPA weekly reporting package 1.1

Carol Flaton 4/13/2018 19 Emails from N. Mitchell (Greenberg) re PREPA status 0.2

Carol Flaton 4/13/2018 19 Participated in bi-weekly PREPA creditor call with R. Bingham and R. Yenumula 

(partial)

0.6

Rahul Yenumula 4/13/2018 19 Participated in bi-weekly PREPA creditor call with R. Bingham and C. Flaton 0.8

Robert Bingham 4/13/2018 19 Participated in bi-weekly PREPA creditor call with R. Yenumula and C. Flaton 0.8

Enrique R. Ubarri 4/16/2018 19 Examined the PREPA updated reporting materials, including cash flow forecast 

(April 11, 2018)

0.2

Robert Bingham 4/16/2018 19 Discussion regarding PREPA fiscal plan with S. Martinez 0.2

Scott Martinez 4/16/2018 19 Discussion regarding PREPA fiscal plan with R. Bingham 0.2

Deborah Praga 4/18/2018 19 Reviewed PREPA's revised fiscal plan 1.3

Robert Bingham 4/18/2018 19 Review and extract relevant information from PREPA fiscal plan draft 1.6

Scott Martinez 4/18/2018 19 Reviewed the FOMB prepared fiscal plan for PREPA 1.1

Carol Flaton 4/19/2018 19 Watched FOMB meeting to certify CW, Prasa and PREPA FP’s 4.3

Page 137 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 138 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 4/20/2018 19 Examined the PREPA Pension Trustees’ complaint challenging Receivership 

Executive Order.

0.6

Enrique R. Ubarri 4/20/2018 19 Examined the proposed Fiscal Plan from the FOMB for PREPA 2.6

Enrique R. Ubarri 4/23/2018 19 Analyzed the PREPA updated reporting materials, including the 13-week 

cashflow update dated April 18, 2018

0.2

Robert Bingham 4/23/2018 19 Review and extract relevant information from PREPA certified fiscal plan 1.8

Enrique R. Ubarri 4/24/2018 19

Reviewed ad hoc PREPA Bondholders, Assured, Syncora, and NPFGC brief 

before the First Circuit appealing the Order from Judge Swain seeking the 

appointment of a receiver for PREPA; FOMB brief to affirm Judge Swain's ruling;

and reply brief from ad hoc PREPA Bondholders, Assured, Syncora, and NPFGC. 

2.8

Scott Martinez 4/24/2018 19 Email correspondence with M. Comerford (Paul Hastings) regarding PREPA 0.2

Rahul Yenumula 4/25/2018 19 Comparison of PREPA's certified fiscal plan with the draft fiscal plan 1.7

Rahul Yenumula 4/25/2018 19 Review of PREPA's certified fiscal plan 2.1

Robert Bingham 4/25/2018 19 Discussion regarding PREPA fiscal plan with S. Martinez 0.3

Robert Bingham 4/25/2018 19 Review and comment on R. Yenumula PREPA fiscal plan presentation 0.7

Scott Martinez 4/25/2018 19 Discussion regarding PREPA fiscal plan with R. Bingham 0.3

Carol Flaton 4/26/2018 19 Review of Prepa reporting package (CF forecast, A/P, operating performance) 0.6

Enrique R. Ubarri 4/26/2018 19 Examined letter from FOMB to Puerto Rico government re: fiscal 2019 revenue 

forecasts and revised budget timelines for PREPA

0.1

Robert Bingham 4/26/2018 19 Discussion regarding questions to be raised to PREPA with S. Martinez 0.3

Robert Bingham 4/26/2018 19 Review of Prepa reporting package (CF forecast, A/P, operating performance) 1.0

Scott Martinez 4/26/2018 19 Reviewed report regarding US House of Representatives draft bill to privatize 

PREPA

0.3

Scott Martinez 4/26/2018 19 Discussion regarding questions to be raised to PREPA with R. Bingham 0.3

Scott Martinez 4/26/2018 19 Reviewed weekly PREPA materials posted to the data room 1.1

Carol Flaton 4/27/2018 19 Participated in PREPA bi-weekly creditor call with R. Yenumula 1.0

Rahul Yenumula 4/27/2018 19 Participated in PREPA bi-weekly creditor call with C. Flaton 1.0

Carol Flaton 4/30/2018 19 Review of PREPA litigation filings (2) 0.4

Carol Flaton 4/30/2018 19 Review of CW last draft FP for PREPA 0.4

Enrique R. Ubarri 4/30/2018 19 Reviewed the Notice of Removal filed by the FOMB to case commenced in the 

San Juan Court of First Instance to federal court by the PREPA Employee 

Retirement System board of trustees.

0.2

Enrique R. Ubarri 4/30/2018 19 Examined the PREPA updated reporting materials, including cash flow forecast 

(April 25, 2018)

0.2

Enrique R. Ubarri 5/3/2018 19 Reviewed PR Energy Commission Order. 0.2

Scott Martinez 5/3/2018 19 Reviewed weekly files uploaded to the PREPA data room 0.8

Carol Flaton 5/4/2018 19 Email from S. Martinez re PREPA status and model 0.1

Enrique R. Ubarri 5/7/2018 19 Examined the PREPA updated reporting materials, including cash flow forecast 

(May 2, 2018)

0.2

Scott Martinez 5/7/2018 19 Email exchanges with M. Comerford (Paul Hastings) regarding PREPA 0.2

Carol Flaton 5/7/2018 19 Emails w/ M. Kopacz (Phoenix) re PREPA model 0.1

Enrique R. Ubarri 5/8/2018 19 Reviewed PREPA objection to the joinder filed by Assured, NPFGC, PREPA 

bondholders, Syncora and US Bank to the commonwealth movants’ motion 

seeking to compel AAFAF and FOMB to comply with the order for the production

of fiscal plan development materials.

0.2

Enrique R. Ubarri 5/8/2018 19 Viewed (videoconference) the Full Committee Hearing to Examine Puerto Rico's 

Electric Grid at the U.S. Senate Committee on Energy and Natural Resources .

2.4

Rahul Yenumula 5/8/2018 19 Viewed US Senate Committee on Energy and Natural Resources Meeting - PREPA

Grid Status and Proposals for Future Operations

2.0

Rahul Yenumula 5/8/2018 19 Review of PREPA Fiscal Plan Model 3.1

Scott Martinez 5/8/2018 19 Reviewed PREPA fiscal plan models 1.1

Michael Westermann 5/8/2018 19 Review of Governor's letter to FOMB re: PREPA fiscal plan 0.3

Scott Martinez 5/8/2018 19 Listened to the US Senate Committee on Energy and Natural Resources Meeting 

regarding PREPA Grid Status and Proposals for Future Operations

2.5

Page 138 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 139 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 5/9/2018 19 Examined the PREPA financial statements for the fiscal year ended June 30, 

2015

4.0

Scott Martinez 5/9/2018 19 Reviewed report regarding critical projects for PREPA 0.3

Rahul Yenumula 5/10/2018 19 Preparation of deck on PREPA Fiscal Plan 4.8

Scott Martinez 5/10/2018 19 Reviewed the PREPA fiscal plan model 1.1

Rahul Yenumula 5/11/2018 19 Preparation of deck on PREPA Fiscal Plan 3.8

Robert Bingham 5/11/2018 19 Discussion regarding PREPA fiscal plan presentation materials with S. Martinez 0.2

Scott Martinez 5/11/2018 19 Discussion regarding PREPA fiscal plan presentation materials with R. Bingham 0.2

Scott Martinez 5/11/2018 19 Reviewed report regarding PREPA's privatization bill 0.5

Enrique R. Ubarri 5/14/2018 19 Examined the PREPA updated reporting materials, including cash flow forecast 

(May 9, 2018)

0.2

Enrique R. Ubarri 5/14/2018 19 Reviewed motion filed by the retiree committee to direct the appointment of 

the retiree committee to represent the retirees of PREPA

0.2

Rahul Yenumula 5/14/2018 19 Preparation of notes on responses received from Ankura / Rothschild 4.8

Carol Flaton 5/15/2018 19 Emails w/ S. Martinez re PREPA transition plan 0.1

Enrique R. Ubarri 5/15/2018 19 Reviewed the reply filed by Assured, NPFGC, Ad Hoc Group of PREPA 

Bondholders, Syncora, and U.S. Bank National Association to PREPA’s 

Opposition to Joinder

0.3

Rahul Yenumula 5/15/2018 19 Preparation of questions on PREPA Fiscal Plan model 2.7

Rahul Yenumula 5/15/2018 19 Preparation of deck on PREPA Fiscal Plan 3.4

Scott Martinez 5/15/2018 19 Reviewed P3 report regarding Tesla proposal for energy storage 0.5

Rahul Yenumula 5/16/2018 19 Prepared for PREPA fiscal plan session with R. Bingham, S. Martinez 0.4

Rahul Yenumula 5/16/2018 19 Debrief of PREPA fiscal plan session with R. Bingham, S. Martinez 0.5

Rahul Yenumula 5/16/2018 19 Revision of PREPA deck based on comments from S. Martinez & R. Bingham 4.5

Rahul Yenumula 5/16/2018 19 Participated in the Oversight Board and Commonwealth meeting regarding 

PREPA's certified fiscal plan with R. Bingham, S. Martinez

6.1

Robert Bingham 5/16/2018 19 Prepared for PREPA fiscal plan session with R. Yenumula, S. Martinez 0.4

Robert Bingham 5/16/2018 19 Debrief of PREPA fiscal plan session with R. Yenumula, S. Martinez 0.5

Robert Bingham 5/16/2018 19 Participated in the Oversight Board and Commonwealth meeting regarding 

PREPA's certified fiscal plan with R. Yenumula, S. Martinez 

6.1

Scott Martinez 5/16/2018 19 Prepared for PREPA fiscal plan session with R. Bingham, R. Yenumula 0.4

Scott Martinez 5/16/2018 19 Debrief of PREPA fiscal plan session with R. Bingham, R. Yenumula 0.5

Scott Martinez 5/16/2018 19 Reviewed PREPA documents uploaded to the data room 0.9

Scott Martinez 5/16/2018 19 Participated in the Oversight Board and Commonwealth meeting regarding 

PREPA's certified fiscal plan with R. Bingham, R. Yenumula

6.1

Enrique R. Ubarri 5/17/2018 19 Reviewed communication from the FOMB to the US Senate re: overview of the 

PREPA fiscal plan.

0.1

Enrique R. Ubarri 5/17/2018 19 Reviewed PREPA's response to the PREC resolution and order on rates for 

FY2019.

0.2

Rahul Yenumula 5/17/2018 19 Discussion with R. Bingham re: PREPA Fiscal Plan 0.3

Rahul Yenumula 5/17/2018 19 Review of deck on PREPA Fiscal Plan 1.2

Rahul Yenumula 5/17/2018 19 Revision of deck on PREPA Fiscal Plan 1.9

Rahul Yenumula 5/17/2018 19 Revision of deck on PREPA Fiscal Plan 2.3

Robert Bingham 5/17/2018 19 Discussion with R. Yenumula re: PREPA Fiscal Plan 0.3

Robert Bingham 5/17/2018 19 Outline changes to PREPA presentation 0.4

Robert Bingham 5/17/2018 19 Meeting to outline changes to PREPA presentation with S. Martinez 0.6

Robert Bingham 5/17/2018 19 Draft sections of PREPA presentation to incorporate agreed-upon changes 0.9

Scott Martinez 5/17/2018 19 Meeting to outline changes to PREPA presentation with R. Bingham 0.6

Scott Martinez 5/17/2018 19 Reviewed and commented on the PREPA presentation materials prepared for 

the Committee

1.6

Carol Flaton 5/18/2018 19 Review of PREPA FP and Review and mark of ZC PREPA materials for UCC mtg 1.7

Enrique R. Ubarri 5/18/2018 19 Analyzed the Overview of the PREPA Fiscal Plan for the mediation session 

presented by the FOMB.

0.3

Eric Deichmann 5/18/2018 19 Review/edits of PREPA deck for in-person meeting 0.9

Page 139 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 140 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Rahul Yenumula 5/18/2018 19 Discussion regarding the PREPA presentation materials for in-person Committee 

meeting with S. Martinez

1.1

Rahul Yenumula 5/18/2018 19 Revised the PREPA deck based on the discussion 3.4

Scott Martinez 5/18/2018 19 Revised the PREPA presentation materials prepared for the Committee 0.8

Scott Martinez 5/18/2018 19 Discussion regarding the PREPA presentation materials for in-person Committee 

meeting with R. Yenumula

1.1

Enrique R. Ubarri 5/20/2018 19 Reviewed PREPA Certified Fiscal Plan. 0.2

Enrique R. Ubarri 5/21/2018 19 Examined the PREPA updated reporting materials, including cash flow forecast 

(May 16, 2018)

0.2

Scott Martinez 5/21/2018 19 Prepared talking points for Committee in-person meeting regarding PREPA 1.2

Robert Bingham 5/23/2018 19 Call regarding PREPA with M. Comerford (Paul Hastings), S. Martinez 0.3

Scott Martinez 5/23/2018 19 Reviewed email from mediation team regarding follow up questions on 

Commonwealth and PREPA fiscal plans

0.1

Scott Martinez 5/23/2018 19 Call regarding PREPA with M. Comerford (Paul Hastings), R. Bingham 0.3

Rahul Yenumula 5/25/2018 19 Participated in bi-weekly PREPA creditor call with R. Bingham 1.0

Rahul Yenumula 5/25/2018 19 Prepared summary on the bi-weekly PREPA creditor call 2.7

Robert Bingham 5/25/2018 19 Participated in bi-weekly PREPA creditor call with R. Yenumula 1.0

Scott Martinez 5/25/2018 19 Participated in PREPA bi-weekly call with creditors 1.0

Enrique R. Ubarri 5/29/2018 19 Assessed the PREPA Pension Trustee and FOMB status report and the motion 

filed by the pension trustees to review impact of the challenge to the PREPA 

pension assets of the Retirement System 

0.4

Carol Flaton 5/31/2018 19 Read IEEFA analysis of PREPA FP and critique of overall proposal 1.1

Enrique R. Ubarri 5/31/2018 19 Telephone discussion with R. Yenumula re: PREPA Privatization bill 0.1

Enrique R. Ubarri 5/31/2018 19 Examined the PREPA updated reporting materials, including cash flow forecast 

(May 31, 2018)

0.2

Enrique R. Ubarri 5/31/2018 19 Analysis of PREPA privatization bill for R. Yenumula 0.5

Rahul Yenumula 5/31/2018 19 Discussion with E. Ubarri re: PREPA Privatization bill 0.1

Rahul Yenumula 5/31/2018 19 Research on the amendments to the PREPA Privatization bill 2.4

Rahul Yenumula 5/31/2018 19 Reviewed the PREPA Reporting package and updated the graphs on restoration 

status

1.8

Scott Martinez 5/31/2018 19 Reviewed PREPA's weekly reporting package 1.7

Total Hours Matter Category 19 424.4

Name Date

Matter 

Category Narrative Hours 

Michael Westermann 2/12/2018 20 Review HTA appeal 0.1

Michael Westermann 2/21/2018 20 Analyze HTA mediation materials posted to Intralinks 0.9

Enrique R. Ubarri 2/27/2018 20 Examined the Debt Service Paid to GDB’s Public HTA Bond Portfolio 0.1

Enrique R. Ubarri 2/27/2018 20 Reviewed opinion and order from Judge Swain in the AMBAC Assurance 

Corporation adversary proceeding against the Highway Transportation Authority

.

0.9

Michael Westermann 2/27/2018 20 Review Judge Swain ruling on HTA adversary proceeding 0.5

Michael Westermann 2/27/2018 20 Review of HTA mediation documents posted to Intralinks 0.9

Michael Westermann 2/28/2018 20 Review of HTA mediation documents related to vendors posted to Intralinks 0.4

Michael Westermann 2/28/2018 20 Review of top 20 creditors list for HTA and comparison to previous list 0.8

Michael Westermann 2/28/2018 20 Reviewed HTA documents posted to Intralinks 0.9

Enrique R. Ubarri 3/25/2018 20 Examined the PRHTA Final Fiscal Plan 2018-2023. 1.4

Enrique R. Ubarri 4/2/2018 20 Reviewed FOMB violation notice to the HTA fiscal plan. 0.1

Michael Westermann 4/2/2018 20 Review of HTA FOMB comments letter 0.5

Michael Westermann 4/2/2018 20 Created summary overview for HTA fiscal plan 2.4

Michael Westermann 4/6/2018 20 Brief review of HTA fiscal plan 1.3

Enrique R. Ubarri 4/8/2018 20 Examined the PRHTA Final Fiscal Plan 2018-2023. 1.5

Michael Westermann 4/19/2018 20 Brief review of HTA fiscal plan 0.9

Enrique R. Ubarri 4/21/2018 20 Examined the PRHTA Fiscal Plan Approved by the FOMB. 2.3

Scott Martinez 5/1/2018 20 Reviewed HTA annual financial information for FY 2017 1.3

Page 140 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 141 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Michael Westermann 5/2/2018 20 Brief review of HTA fiscal plan model posted today 0.6

Enrique R. Ubarri 5/3/2018 20 Examined motion filed by Siemens re: escrow account. 0.2

Enrique R. Ubarri 5/4/2018 20 Examined the FOMB fiscal year 2019 revenue forecasts for the PRHTA 0.1

Michael Westermann 5/4/2018 20 Comparison of HTA budget to fiscal plan 1.1

Enrique R. Ubarri 5/8/2018 20 Examined the Reply Brief filed by Peaje Investments filed in the US Courts of 

Appeals for the First Circuit

0.5

Enrique R. Ubarri 5/9/2018 20 Reviewed the brief filed by the FOMB, the Commonwealth and HTA in the US 

Courts of Appeals for the First Circuit in the Peaje litigation.

1.2

Enrique R. Ubarri 5/16/2018 20 Reviewed filing presented by AAFAF and the GDB re: objection to Siemens' 

motion to preserve funds held in escrow ; response of FOMB to Siemens' motion 

to preserve funds held in escrow; for impact to GDB restructuring plan.

0.3

Carol Flaton 5/17/2018 20 Emails w/ E. Ubarri re HTA 0.1

Michael Westermann 5/18/2018 20 Updated HTA deck for S. Martinez comments 0.7

Michael Westermann 5/18/2018 20 Created HTA presentation for next week in-person meeting 0.8

Scott Martinez 5/18/2018 20 Reviewed and commented on the draft HTA presentation materials for the inperson Committee meeting0.5

Scott Martinez 5/18/2018 20 Reviewed report regarding HTA lawsuit 0.6

Michael Westermann 5/19/2018 20 Updated HTA deck for Paul Hastings comments 0.2

Enrique R. Ubarri 5/20/2018 20 Reviewed HTA Certified Fiscal Plan. 0.2

Michael Westermann 5/20/2018 20 Prepared commentary for HTA in-person meeting 2.2

Enrique R. Ubarri 5/30/2018 20 Examined the Motion to Dismiss and Memorandum of Law filed by the FOMB on 

behalf of the HTA in the adversary proceeding submitted by Siemens or impact 

on certain HTA funding held in escrow that could affect transaction.

0.4

Total Hours Matter Category 20 26.9

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 2/12/2018 21 Examined ERS presentation prepared by GLC 0.2

Carol Flaton 2/16/2018 21 Review of retiree summary of pension system/ERS structure (notes from 8/17) 0.4

Carol Flaton 2/16/2018 21 Review of ERS structure (GLC presentation from 8/17) 0.6

Enrique R. Ubarri 2/16/2018 21 Research re: operational resources for the ERS 0.2

Carol Flaton 2/26/2018 21 Read ERS mediation memo from Judge Houser 0.1

Carol Flaton 2/26/2018 21 Email w/A. Bongartz re ERS filings 0.1

Carol Flaton 2/26/2018 21 Reviewed all ERS filings (Zip file) in prep for mediation 3.3

Scott Martinez 2/26/2018 21 Prepared for ERS mediation session by reviewing mediation statements, key 

pleadings and the draft Retiree presentation

3.8

Carol Flaton 2/27/2018 21 Participated in the ERS mediation session held at Proskauer's office 2.5

Scott Martinez 2/27/2018 21 Participated in the ERS mediation session held at Proskauer's office 2.5

Enrique R. Ubarri 3/12/2018 21 Reviewed Order from Judge Swain in ERS bondholder dispute. 0.1

Enrique R. Ubarri 3/12/2018 21 Reviewed U.S. reply in support of its motion to dismiss and in response to the 

opposition to the dismissal request filed by the ERS bondholder plaintiffs’.

0.6

Carol Flaton 3/14/2018 21 Email w/ E. Ubarri re ERS issues 0.1

Enrique R. Ubarri 3/15/2018 21 Exchange several e-mails with S. Martinez re: ERS operations information; 

exchanged several e-mails with Hector Mayol re: ERS operations information; 

telephone conversation with H. Mayol re: ERS operations.

0.3

Carol Flaton 3/20/2018 21 Email w/ S. Martinez and E. Ubarri re pension claims and ERS 0.2

Enrique R. Ubarri 3/20/2018 21 Exchanged e-mails with Hector Mayol re: ERS operational matters; exchanged emails with C. Flaton, S. Martinez and L. Despins (PH) re: exchange with H. 

Mayol.

0.2

Enrique R. Ubarri 3/21/2018 21 Research re: ERS operations; exchanged e-mails with S. Martinez re: ERS 

research.

0.1

Enrique R. Ubarri 3/21/2018 21 Research re: ERS allocation issues and proposed solutions in similar situations. 0.6

Page 141 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 142 of 143
Exhibit C - Time Descriptions

Name Date

Matter 

Category Narrative Hours 

Enrique R. Ubarri 3/23/2018 21 Reviewed the Supplemental Brief filed by the ERS in Support of its Motion for 

Summary Judgment; ERS Bondholders’ Supplemental Memorandum in Support 

of Motion for Summary Judgment; Supplemental Brief from the Retirees' 

Committee.

0.9

Carol Flaton 3/27/2018 21 Reviewed email from L. Park (FTI) re ERS data 0.2

Enrique R. Ubarri 3/29/2018 21 Reviewed the Reply Brief of ERS to ERS Bondholders’ Supplemental 

Memorandum in Support of Motion for Summary Judgment; Reply from the 

Retirees’ Committee to ERS Bondholders Supplemental Memorandum in Support

of Motion for Summary Judgment; and the ERS Bondholders’ Supplemental 

Reply in Support of Motion for Summary Judgment

0.7

Enrique R. Ubarri 4/9/2018 21 Examined motion filed by the ERS Bondholders re: information provided by 

Governor Rossello to the FOMB in a communication relates to the pension 

obligations.

0.1

Enrique R. Ubarri 4/12/2018 21 Reviewed response from the Employees Retirement System to the informative 

motion filed by the ERS Bondholders.

0.1

Total Hours Matter Category 21 17.9

Total Hours Third Interim Fee Application 4,866.6

Page 142 of 142

Case:17-03283-LTS Doc#:3565-3 Filed:07/16/18 Entered:07/16/18 20:36:28 Desc:

Exhibit C Page 143 of 143