HOLLAND HART LLPmanagementsolutionsreceivership.com/wp-content/... · Case 2:11-cv-01165-BSJ...

HOLLAND & HART LLP David K. Broadbent, #0442 Doyle S. Byers, #11440 Nathan Archibald, #14855 222 S. Main Street, Suite 2200 Salt Lake City, UT 84101 Telephone: 801-799-5800 Fax: 801-799-5700 Attorneys for Gil A. Miller, Receiver for Management Solutions, Inc., and related entities and for the assets of Wendell A. Jacobson and Allen R. Jacobson

IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF UTAH, CENTRAL DIVISION

SECURITIES AND EXCHANGE COMMISSION, Plaintiff, vs. MANAGEMENT SOLUTIONS, INC., a Texas corporation; WENDELL JACOBSON; and ALLEN R. JACOBSEN, Defendants.

MARCH 2015 FEE REQUEST OF ROCKY MOUNTAIN ADVISORY

Civil Action No. 2:11-cv-01165

Judge Bruce S. Jenkins

Gil A. Miller, (the “Receiver”) for Defendants Management Solutions, Inc. (“MSI”),

Wendell A. Jacobson, Allen R. Jacobson, and related entities, by and through counsel, and on

behalf of Rocky Mountain Advisory (“RMA”)1 submits this March 2015 Fee Request of Rocky

Mountain Advisory (the “Fee Request”) in compliance with Section 3(a) of the Order Granting

1 On March 12, 2014, this Court authorized RMA to be engaged as accountants for the receivership estate. ECF No. 1640.

Case 2:11-cv-01165-BSJ Document 2454 Filed 04/13/15 of 5

2

Receiver’s Motion for An Order Establishing Monthly Fee and Expense Reimbursement

Procedures (ECF No. 1986) (the “Fee Order”). The Receiver notes as follows:

1. This Fee Request is for the period March 1, 2015 through March 31, 2015 (the

“Fee Request Period”).

2. A detailed statement of services rendered and expenses incurred by RMA during

the Fee Request Period, including a listing of the time expended and the costs incurred during the

Application Period, is attached as Exhibit A (the “Invoice”).

3. The Invoice was served on the Securities and Exchange Commission (“SEC”)

which has approved the Invoice for payment.

4. The Receiver has approved the Invoice for payment and simultaneous with this

filing, is serving a copy of this Fee Request on all third parties who have requested notice of the

Invoice (if any), pursuant to Section 3(a) of the Fee Order.

5. The Invoice contains the following hours, fees and expenses:

Hours Fees 80% of Fees 20% of Fees (withheld)

Expenses Fee Request Amount

431.40 $93,139.50 $74,511.60 $18,627.90 $931.04 $75,442.64

6. If there is no objection to the Invoice within ten (10) calendar days of the date of

this filing, the Receiver intends to make payment of 80% of RMA’s fees and 100% of its

expenses as referred to above as the Fee Request Amount.

7. If any objection is duly filed and served, the Receiver intends to respond to that

objection according to the procedure outlined in the Fee Order.


3

8. The Receiver intends to file a fee application seeking this Court’s approval of

RMA’s fees and expenses and dealing with any duly filed objections for Q1, 2015, imminently.

RMA’s Q4 2014 fee application was filed February 12, 2015 (ECF No. 2289).

Dated this 13th day of April, 2015.

HOLLAND & HART LLP /s/ Nathan Archibald David K. Broadbent Doyle S. Byers Nathan Archibald

Attorneys for Gil A. Miller, Receiver for Management Solutions, Inc., Wendell A. Jacobson and Allen R. Jacobson


4

CERTIFICATE OF SERVICE

I hereby certify that on the13th day of April, 2015, I caused to be electronically filed the

foregoing with the Court by CM/ECF and the Court will send electronic notification to all

counsel. I also certify that I caused the foregoing to be served via first-class mail, postage prepaid

on the following:

Greg B. Bailey P. O. Box 298 Fountain Green, UT 84632 Lanny Waite Maxine Waite PO Box 192 Logandale, NV 89021

/s/ Nathan Archibald 7725169_1


5

INDEX OF EXHIBITS A: Invoice


EXHIBIT “A”

Case 2:11-cv-01165-BSJ Document 2454-1 Filed 04/13/15 Page 1 of 23

Rocky Mountain mma ADVISORY

Gil Miller, Receiver Rocky Mountain Advisory 215 S. State Street, Ste 550 Salt Lake City, UT 84111

215 South State Street Suite 550

Salt Lake City, UT 84111 801.428.1600

~(

RE: Securities & Exchange Commission vs. Management Solutions, Inc.

Previous balance 3/31/2015 Payment -Thank You. Check No. 366 3/31/2015 Payment-Thank You. Check No. 362 3/31/2015 Payment-Thank You. Check No. 363

Total payments and adjustments

Name David N. Bateman John H. Curtis Elizabeth Williams K. Luke Houston Brock Sargent Heather Young Yasir Khan Tyler Dickerson Raani Erekson Saralyn Broadbent

Professional Services Summary

April 10, 2015

Invoice # 119 31

Billing for: 03/01/15 to 03/31/15

Hours 90.90 76.90 28.60 19.40 80.00

106.50 19.00

1.30 3.00 5.80

$225,237.08 ($72,826.17)

($316.28) \ ($103,243.33)

Rate 260.00 260.00 200.00 200.00 19Q.00 190.00 190.00 125.00 80.00 80.00

($176,385.78)

$23,634.00 $19,994.00

$5,720.00 $3,880.00

$15,200.00 $20,235.00 $3,610.00

$162.50 $240.00 $464.00


Rocky Mountain Advisory, LLC

Gil Miller, Receiver

Professional Services Detail

=D~a=te~-- Init. Description

Accounting

03/02/15 JHC Reviewed incoming payments, invoices, notices and correspondence related to Receivership and determined responses (.6). Reviewed incoming wires from Retreat at Stonebridge Ranch sale, accounted for cash received according to closing statement, and confirmed proper amounts and deposit accounts (.9).

HY Prepared disbursement (.4). Updated QuickBooks records for received wire transfers (.7). Prepared check for submission to bank and updated accounting records for settlement received, updated accounting records for approved disbursements (.9). Prepared listing of deposits for City View property (.6).

03/04/15 JHC Calls with MSI investors regarding plan of distribution and claims questions (.6). Calls with D. Byers regarding Lake Ridge and notice to claimants on plan of distribution (.3).

HY Prepared disbursements for tax filings and for invoices received, prepared disbursement for TIC owner distribution from property sale proceeds, prepared letter regarding TIC distribution with J. Curtis, and prepared to submit to receiver for review (2.5). Updated accounting records for approved disbursements (.5). Responded to phone call from M. Fogerty requesting information on payments to Las Colinas Association (.3).

03/05/15 HY Prepared check to submit for deposit and updated accounting records for transactions.

03/06/15 HY Began preparing detailed listing of transactions out of balance for profit and loss report for specific classes in 2012 to send to S. Smith for review.

03/09/15 HY Reviewed email and invoices documenting amount owed to vendor, researched to determine if payments have been made, requested additional missing invoices, prepared email to management company to determine what amounts they paid the vendor, and compared invoices to payments made (1.5). Prepared disbursements for invoices received (.4). Updated accounting records in BMS for electronic and wire transactions, sent email to BMS requesting repair to QuickDocs for bank statement uploads (.6). Prepared accounting entries for approved disbursements (.7). Prepared listing of transactions for classes where profit and loss statements for 2013 by classes were not zeroed out by closing entries and sent to S. Smith for review (1.1).

Hours

1.50

2.60

0.90

3.30

0.50

0.70

4.30

Page 2

April 10, 2015

$390.00

$494.00

$234.00

$627.00

$95.00

$133.00

$817.00



Page 3

Gil Miller, Receiver April 10, 2015

Date Init. Description Hours

03/10/15 HY Received additional documentation supporting outstanding 3.30 $627.00 balance owed vendor, reviewed invoices compared to payments made, and prepared disbursement for correct amount owed (1.1). Reconciled bank statements and updated accounting records and files (1.2). Began reviewing documentation for disbursements for TIC owner distributions, prepared disbursements for TIC owner distributions and settlement, prepared letters of explanation to include with TIC owner distribution, and voided previously issued check (1.0).

03/11/15 HY Prepared disbursements for taxes (.4). Prepared deposits to submit 1.50 $285.00 to bank and updated accounting records and files (.5). Began preparing accounting entries for approved disbursements (.6).

03/12/15 HY Updated accounting records for approved disbursements. 0.50 $95.00 03/13/15 HY Prepared checks for deposit and updated accounting records for 1.60 $304.00

deposited items (.7). Prepared checks for invoices received (.9). 03/16/15 JHC Reviewed incoming payments received, invoices and 0.40 $104.00

correspondence and responded or directed staff to respond to the same.

HY Updated accounting records for approved disbursements (.5). 1.30 $247.00 Prepared checks to deposit and updated accounting records for deposited items (.8).

03/18/15 HY Prepared updated cash balance report. 0.20 $38.00 03/19/15 HY Updated accounting records for deposits received, prepared 1.10 $209.00

disbursement for security deposits not accounted for, and updated accounting recorgs and files (.7). Updated accounting records for approved disbursements (.3). Prepared disbursement for invoice received (.1).

03/20/15 HY Prepared adjusting entries for Providence and Toscana monthly 0.90 $171.00 accounting from Cortland (.8). Prepared accounting entries for approved disbursements (.1 ).

03/23/15 JHC Reviewed checks, bills and correspondence received related to 0.30 $78.00 various properties and resolved the same.

03/26/15 HY Prepared checks for deposit, prepared accounting entries for 2.00 $380.00 deposited items and withdrawals (1.6). Reviewed email from Cortland regarding final reconciliation for properties sold 90 days ago, compared balances to balances in accounting records (.4).

03/30/15 HY Updated accounting records in BMS for ACH payments made (.2). 1.00 $190.00 Prepared disbursements for invoices received (.8).

03/31/15 HY Updated accounting records for approved disbursements (.4). 0.50 $95.00 Reviewed payments and invoices (.1).



Page 4


Date I nit. Description Hours

SUBTOTAL: 28.40 $5,613.00]

Asset Disposition

03/24/15 KLH Reviewed additional property tax notices and contacted counsel 0.20 $40.00 regarding the same.

03/25/15 KLH Discussion with G. Miller regarding the analysis of 2.40 $480.00 non-multifamily properties (.2). Reviewed and updated non-multifamily property tracking spreadsheet (1.6). Additional discussion of the analysis and review with G. Miller (.3). Correspondence with counsel regarding various non-multifamily properties (.3).

03/31/15 KLH Discussion with G. Miller regarding a response to an investor 1.90 $380.00 inquiring of property held for sale (.1). Correspondence with investor B. Mabey regarding various property (.3). Assembled information related to personal property and prepared a summary schedule of receivership personal property held for sale (1.5).

SUBTOTAL: 4.50 $900.00]

Case Administration

03/02/15 DNB Coordinate website updates related to the plan of distribution. 0.30 $78.00 03/04/15 YK Uploaded documents on the website. 1.70 $323.00 03/09/15 KLH Assembled and reconciled various accounting files for document 0.70 $140.00

production. Discussion with staff regarding the same. YI< Presented claim files on request. 0.40 $76.00

03/10/15 KLH Additional review of accounting files and discussion with staff 0.30 $60.00 regarding the same.

03/11/15 YK Uploaded pleadings on the website. 1.50 $285.00 03/13/15 YI< Uploaded recent pleadings on the website. 1.30 $247.00 03/16/15 YK Made various updates to the website. 1.10 $209.00 03/17/15 DNB Call with receiver, staff, counsel and Deloitte regarding upcoming 1.70 $442.00

fee application evidentiary hearing (1.2). Meeting with Cicayda representatives to discuss renewal of data management contract (.5).

03/20/15 YI< Added documents in pleading sections on the website. 1.70 $323.00 03/25/15 HY Researched all information regarding claims 0015 and 0016, 4.50 $855.00

detailed payments made including downloading all payments from QuickBooks records, compared payments made to billings (3.2).



Page 5



Reviewed rules regarding workers compensation non-compliance billings (.5). Prepared email detailing questions still needing to be answered for claims analysis and sent to claimant (.8).

03/27/15 DNB Call with counsel regarding upcoming fee hearing (.3). Meeting 0.70 $182.00 with receiver to discuss various administrative issues (.4).

03/30/15 DNB Review fee application and attenq hearing regarding same (1.8). 4.30 $1,118.00 Meeting with SEC, receiver and counsel to discuss case status and plan of distribution (2.5).

YK Made updates and changes to the website. 0.50 $95.00

SUBTOTAL: 20.70 $4,433.00]

Claims Administration

03/02/15 BS Reviewed additional documents received from investor N. Morgan 1.20 $228.00 in regards to claim number 0119 and researched MSI QuickBooks files in relation to the additional information (.2). Reviewed MSI accounting records in relation to the accounting of a TIC interest of investor R. Beck (.2). Reviewed list of claims received against list of claims entered into claims database in order to identify claim forms which have not yet been entered in database (.8)

EW Various phone calls and emails with MSI vendors regarding claim 2.70 $540.00 documentation (.9). Review documents and update vendor claims and schedules in response to same (1.8).

YK Prepared and updated list of investors. 1.80 $342.00 03/03/15 BS Corresponded with investor N. Morgan and made updates to claim 2.80 $532.00

analysis (.3). Reviewed and updated claim analysis for investor R. Beck (.4). Reviewed claim 0583, prepared analysis, updated exhibit, and corresponded with investor (.5). Researched questions and corresponded with investor L. Beauchat (.5). Research questions and corresponded with investor H. Waite (.5). Updated duplicate references contained within Exhibit F (.6)

EW Email vendor regarding claim documents. 0.10 $20.00 HY Reviewed names and addresses for claimants (.7). Continued 2.60 $494.00

adding names and addresses to list of claims to ensure complete listing for mailing purposes (1. 9).

DNB Calls and correspondence with various investors regarding claim 0.40 $104.00 status.

YK Made change to the investor list and updated any incorrect or 0.90 $171.00 outdated information.

03/04/15 DNB Research related to outstanding promissory notes owed to San 1.60 $416.00 Marin and correspondence with counsel regarding same.



Page 6



03/04/15 BS Researched questions and corresponded with investor R. Taggart 3.30 $627.00 (.8). Researched questions and corresponded with investor T. Clawson (.8). Researched questions and corresponded with investor T. Hummel (1.2). Responded to inquiry from investor L. Beauchat (.2). Prepared documents to send to investor H. Waite (.3).

EW Various phone calls and emails to vendors regarding claims. 0.30 $60.00 HY Continued reviewing names and addresses of claimants to ensure 1.70 $323.00

complete list for mailing. 03/05/15 BS Researched questions and corresponded with investor J. Phillips 2.20 $418.00

(.8). Researched questions and corresponded with investor J. Allen (.7). Researched questions and corresponded with investor H. Rasmussen (.7).

HY Completed review of names and addresses in claims database to 1.20 $228.00 ensure completeness.

03/06/15 EW Various discussions with staff regarding vendor claims. 0.30 $60.00 BS Reviewed claim analysis of R. Dustin and communicated with 4.40 $836.00

investor (1.5). Reviewed claim analysis of Noall Investments and communicated with investor (2.6). Reviewed claim analysis of J. Phillips and communicated with investor (.3).

YK Extracted financial information of several MSI entities on request. 0.30 $57.00 03/09/15 BS Reviewed claim 0584, prepared claim analysis, and updated 1.70 $323.00

relevant schedules and exhibits (.9). Phone call with investor T. Morgan (.1). Phone call with investor L. Phillips (.2). Reviewed claim information of T. Clawson and communicated with investor (.5).

EW Various emails with vendors regarding claim updates. 0.20 $40.00 03/10/15 HY Began reviewing claim and additional supporting documentation. 0.60 $114.00

BS Reviewed claim information of L. Phillips and communicated with 6.00 $1,140.00 investor (.5). Prepared analysis per Receiver by removing duplicate and recorded TIC claims from Exhibit F to the Plan of Distribution to identify all claimants calculated as winners (1.1). Per request from Receiver, reviewed recorded TIC claimants and analyzed claims as if not a recorded TIC (1.3). Per request from Receiver, compiled claim form information as submitted by claimants regarding total amount owed and compared amounts to calculated claim amounts per the Plan of Distribution (2.8). Meeting with G. Miller to discuss analyses (.3).

YI< Discussion with staff regarding verifying total amount of investor 0.20 $38.00 capital.




Date Init. Description

03/11/15 DNB Preparation for and meeting with staff and S. Hansen to discuss his claim and subsequent update with receiver regarding same (2.1). Various meetings with receiver and staff to discuss treatment of claims (.5).

BS Prepared for meeting with investor S. Hansen (.4). Meeting with D. Bateman to discuss S. Hansen issues (.5). Meeting with S. Hansen to discuss claim issues (1.1). Continued work on analysis regarding claim amounts per the submitted claim form and the claim amounts determined by the Plan of Distribution (2.3). Researched claim bases in Madison Chase and made adjustments for investors Williamson, Fountain Green, LC, and Summerhays (.2).

03/12/15 DNB Research commingling of funds related to the Preferred Income Partners investment by reviewing accounting and banking records of Thunder Bay, W. Jacobson, Tennessee Park, Arboretum and Dezavala Oaks and summarized same for counsel (3.2). Call with D. Broadbent to discuss treatment of Edge Wise, LLC, and research related to same (.5). Meetings with staff to update on various claim related issues (.4).

HY Reviewed supporting documentation for claim to determine validity of vendor claim, began searching QuickBooks transactions for any payment to vendor, and began searching Cicayda to locate records related to claim.

BS Prepared documents for counsel relating to S. Hansen issues (.3). Drafted email to S. Hansen regarding Edgewise Capital (.2). Reviewed claim analysis of R. Millett in preparation for call with investor (.4). Reviewed claim analysis of D. Bradshaw, prepared adjustment, and corresponded with D. Bradshaw's CPA (.5). Continued preparing analysis requested by receiver regarding stated claim amounts versus claim amounts determined per the plan of distribution (2.2).

03/13/15 DNB Prepared documentation for receiver's signature related to assignment of Workman claim (.4). Discussed S. Hansen claim request with staff (.2).

HY Located additional payments made to vendor for claim analysis, discussed analysis with J. Curtis, and prepared email to vendor listing payments made.

EW Respond to vendor emails. BS Meeting with D. Bateman to discuss S. Hansen email (.1). Call and

follow up analysis with investor R. Millett (.9). Continued work on receiver requested analysis regarding claim amount per the claim form versus claim amounts per the plan of distribution (1.1)

Hours

2.60

4.50

4.10

3.10

3.60

0.60

0.80

0.60 2.10

Page 7

April 10, 2015

$676.00

$855.00

$1,066.00

$589.00

$684.00

$156.00

$152.00

$120.00 $399.00



Page 8



03/13/15 JHC Call with D. Broadbent and B. Thueson regarding claim 0.40 $104.00 calculation (.2). Reviewed and provided claim analysis to B. Thueson (.2).

03/16/15 BS Reviewed Lake Ridge TIC claimants analysis to ensure 0.30 $57.00 completeness and forwarded to partner.

JHC Directed E. Williams with respect to analysis of vendor claims. 0.20 $52.00 HY Met with E. Williams regarding outstanding issues on vendor 5.30 $1,007.00

claims (.2). Reviewed emails from vendors compared to previous documentation, prepared email to vendor requesting additional assistance comparing to payments made for claim 0015 (1.1). Reviewed vendor claims needing proof of engagement comparing to additional documentation provided for claims 0197, 0295, 0525, and 0004 (4.0).

EW Respond to vendor emails regarding claims (.2). Email H. Young 0.50 $100.00 in response to same (.1). Discuss vendor claims with H. Young (.2).

03/17/15 DNB Call with J. Warner to discuss claims detail. 0.60 $156.00 HY Continued reviewing vendor claim 0487 to ensure validity of claim 2.70 $513.00

(1.0). Reviewed claims 0525 and 0025, responded to email correspondence regarding additional information received for claim, and prepared email to D. Byers to receive clarification on post-receivership claim amounts (1.7).

JHC Reviewed vendor claims analysis with H. Young (.2). Reviewed 1.00 $260.00 Barnwell claim and responded to counsel, H. Marek, regarding treatment of claim (.3). Conference call with Deloitte regarding issues related to administrative claim for fees and issues relating to solvency and Ponzi analysis (.5).

BS Reviewed R. Millett claim analysis in order to draft response to his 0.80 $152.00 inquiry (.5). Received, copied, and filed letters from Houston Heights, LLC, regarding the payment of their claim (.3).

03/18/15 YI< Provided winners analysis information to managers and redacted 0.30 $57.00 documents.

03/19/15 BS Reviewed S. Hansen analysis and responded to his email (.1). 3.30 $627.00 Analyzed all investments included in the claim analysis and plan of distribution to determine the basis source for each investment and prepared schedule with results (2.6). Analyzed investments with a promissory note basis to determine source of that promissory note (.5). Meeting with D. Bateman to discuss analysis (.1).

HY Reviewed additional supporting documentation provided by 1.10 $209.00 claimant for claim 0015, compared to invoice documentation and requested additional information via email.



Page 9



03/19/15 DNB Meet with B. Sargent regarding analysis. 0.10 $26.00 03/20/15 BS Continued analyzing investments with a promissory note basis to 3.80 $722.00

determine source of that promissory note. 03/23/15 DNB Meeting with B. Sargent to discuss McDermott claim analysis. 0.40 $104.00

BS Call with investor G. Phillips and reviewed documents (.3). 6.80 $1,292.00 Worked on analysis requested by receiver regarding investments involving promissory notes (5.6). Began working on additional analysis requested by receiver regarding a cash in cash out analysis of McDermott family claims (.5). Meeting with D. Bateman regarding McDermott claim analysis (.4).

03/24/15 TD Compiled and organized property tax notices (.6). Retrieved claim 1.30 $162.50 files for further analysis and returned to file (.7).

YI<:. Verified amounts claimed by investors on their claims form by 4.90 $931.00 reviewing about 582 claim files (4.4). Reported sum of all claim amounts to include in expert report (.2). Meetings with staff regarding the same (.3).

BS Call from investor G. Phillips (.2). Reviewed Phillips analysis and 6.00 $1,140.00 answered questions from investor (.5). Meeting with D. Bateman regarding McDermott family cash analysis (.2). Continued work on McDermott family cash analyses (2.7). Prepared rising tide distribution spreadsheet per request by receiver (2.4).

SB Information verification of claims for investor meeting. 2.80 $224.00 DNB Call with J. Warner to discuss claims (.5). Meetings with B. Sargent 3.00 $780.00

to discuss additional analysis of McDermott claims and discussion of same with receiver and counsel (1.6). Additional research of Cicayda and Carbonite documents related to same (.7). Research on Fotheringham claim and discussion of same with receiver (.2).

03/25/15 DNB Continued research of documents for analysis of McDermott 3.10 $806.00 family claims.

BS Prepared updated copies of all claim exhibits in preparation for 4.60 $874.00 investor meeting (.3). Continued work on McDermott family cash analysis (.5). Prepared updated exhibits for investor meeting regarding the value of claims with bases from K-1s versus those with bases from promissory notes (3.8).

YK Updated investor list to include both the amounts claimed by the 1.50 $285.00 investor and RMA conclusion.

SB Continued information verification of claims for investor meeting. 2.90 $232.00 03/26/15 JHC Call with S. Edgin regarding claim and reviewing details of claim 0.40 $104.00

calculation. BS Updated exhibits for Class 5 and Class 8 claimants and forwarded 4.50 $855.00

to counsel in preparation for claim amendment filing (2.4). Call with investor G. Phillips (.2). Reviewed Phillips analysis (.1).




Date Init. Description

Prepared for meeting with investor K. Ivory by reviewing claim form and analysis (.4). Meeting with K. Ivory and G. Miller regarding claim 0500 (.9). Call with B. Ogzewalla regarding claim 0261 (.5).

03/27 /15 JHC Call with S. Hansen regarding various Hansen family claims and discussed claim calculations (.2). Compiled and provided claim analyses to S. Hansen for review and further discussion (.3).

BS Researched investments and any other interactions between MSI and investor S. Carlson (1.6). Call with investor S. Carlson (.3). Prepared contact information for all investors currently identified as winners and all insiders listed as Class 9 plan participants as requested by counsel (.8).

HY Reviewed all supporting information for claim 0567 and ensured adequate supporting documentation was prepared to send to claimant, ensured accuracy of claims calculation.

03/30/15 BS Call with investor G. Phillips and follow up emails and research (.6). Call with investor J. Pingree and follow up emails and research (.4). Call with investor T. Morgan and follow up emails and research (.3). Prepared balance sheets from certain MSI entities for D. Bateman's meeting regarding the McDermott claim issue (.4). Continued work on McDermott family cash-in cash-out analysis (4.2).

JHC Call with investor S. Edgin and provided information on claim calculation.

HY Researched bank statements to identify proof of check clearing to claimant.

YK Presented claims files as requested to the managers and documented winners' files in the database.

DNB Research basis for G. McDermott in McKamy Lakes property (.8). Review McDermott transactions with Volente and meet with R. Covington to discuss potential corrections to the McDermott claim amounts (2.5). Review documentation related to McDermott family claims provided by R. Covington against accounting and banking records and other documentation (3.1).

03/31/15 BS Completed McDermott family cash-in cash-out analysis .(1.2). Researched claim questions from investor B. Mabey and prepared email addressing his concerns (.3).

HY Reviewed late received claim, compared previous payments made to claim, prepared claim analysis to present to Receiver for determination.

Hours

0.50

2.70

1.20

5.90

0.30

0.10

0.50

6.40

1.50

3.50

Page 10

April 10, 2015

$130.00

$513.00

$228.00

$1,121.00

$78.00

$19.00

$95.00

$1,664.00

$285.00

$665.00



Page 11



03/31/15 DNB Update McDermott claim analysis based on new information 7.00 $1,820.00 provided and met with receiver and counsel to discuss same (.9). Meeting with counsel, staff, receiver, R. McDermott, S. McDermott and the McDermott's counsel to discuss their claim (3.6). Further analysis of information provided by McDermotts today and updates and modifications to claim amounts due to same (1.7). Call with D. Byers and G. Miller to discuss updates on analysis of McDermott claims (.8).

SUBTOTAL: [ 150.70 $30,257.50]

Clawback Litigation

03/16/15 DNB Research Bowler promissory notes and discuss status of demand 1.10 $286.00 on same with receiver (1.0). Request related documentation from K. Bement (.1).

03/19/15 DNB Meetings with L. Houston and receiver to discuss ability to pay 0.40 $104.00 analysis for clawback action.

03/20/15 DNB Correspondence regarding clawback negotiations. 0.20 $52.00 03/27/15 DNB Review and revise C. Nichols settlement agreement. 0.20 $52.00

SUBTOTAL: 1.90 $494.00]

Evan Jacobson/Wood Entities

03/03/15 DNB Call with S. Lau and D. Byers regarding E. Jacobson litigation. 0.30 $78.00 03/05/15 DNB Review motions for summary judgment filed by E. Jacobson, H. 2.40 $624.00

Jacobson and the Sage Canyon Entities, research statements made therein and correspond with counsel regarding findings related to same.

03/06/15 DNB Respond to requests from counsel regarding motions for summary 1.10 $286.00 judgment.

03/09/15 DNB Review transaction information for counsel, including payment of 0.80 $208.00 property taxes by Wool City (.6). Meeting with B. Sargent to discuss analysis (.2).

BS Meeting with D. Bateman to discuss analysis (.2). Reviewed 2.10 $399.00 Shepherd's Point/Pavilion cash transfer and traced funds to source (1.9).

03/10/15 DNB Assist D. Byers with research related to filings in the E. Jacobson 2.30 $598.00 litigation matter (1.8). Review draft response to motions for summary judgment (.5).



Page 12


Date I nit. Description Hours

03/10/15 BS Continued work on tracing cash from Shepherds Point/Pavilion 0.20 $38.00 transfers.

03/11/15 DNB Call with D. Byers to discuss E. Jacobson litigation and other 0.50 $130.00 issues and research related to same.

03/12/15 DNB Began preparation of supplemental expert report in the E. 1.10 $286.00 Jacobson litigation matter.

03/13/15 BS Meeting with D. Bateman to discuss Pavillion property cash 0.10 $19.00 tracing.

DNB Continued preparation of supplemental report in E. Jacobson 1.80 $468.00 matter and meeting with B. Sargent regarding same.

03/16/15 DNB Examined tracing of specific funds related to the E. Jacobson case 3.60 $936.00 related to the purchase of the Pavilion property.

03/19/15 DNB Revise and finalize draft report in E. Jacobson matter and discuss 4.30 $1,118.00 same with counsel and receiver.

03/31/15 BS Completed cash tracing analysis by researching the source of cash 3.50 $665.00 payments made from Wool City to Evan Jacobson, Wool City to the Christensen Family, and Shepherds Point to Wool City (2.8). Prepared memorandum detailing the findings of the analysis (.7).

SUBTOTAL: 24.10 $5,853.00]

Forensic /Investigation

03/06/15 HY Searched for entity paying payroll for S. Edgin. 0.10 $19.00 03/10/15 BS Meeting with L. Houston to discuss MSI QuickBooks files 1.10 $209.00

considered in J. Curtis' solvency declaration (.2). Reviewed analyses and QuickBooks files to verify exhibit included in J. Curtis' solvency declaration (.9).

03/13/15 DNB Meeting with B. Sargent to discuss details related to Cletace 1.20 $312.00 investor cash flow (.7). Review documentation provided by opposing counsel regarding outstanding note receivable and discussed same with counsel (.5).

BS Meet with D. Bateman regarding Cletace investor cash flow. 0.70 $133.00 03/16/15 DNB Researched investor interest payments and deposits made to or 1.80 $468.00

from the Wood entities. 03/20/15 HY Began researching Mountain Enterprises ownership, ownership of 2.40 $456.00

airport property, and sources of funds for airport property purchase and maintenance and sources of funds for Mountain Enterprises, LLC, ownership.



Date Init.

03/23/15 HY

03/24/15 HY

DNB

03/25/15 JHC HY

03/26/15 DNB

HY

03/27 /15 HY

03/30/15 KLH HY


Description

Continued reviewing airport property transactions tracing the flow of funds from purchase to sale, conducted research to locate supporting documentation for property (6.4). Began drafting memo preparing timeline for the transactions around the airport property and organizing supporting documentation (2.4). · Discussed findings so far with D. Bateman (.5). Reviewed claim 0345 related to airport property (.5). Continued researching airport property transactions finding additional supporting documentation for payoff of original investors, payoff of loans against property (2.1). Reviewed transactions between Mountain Enterprises, Skypark International, and other MSI-related entities (2.9). Began tracing Mountain Enterprises ownership of investments through various entities (.5). Continued drafting memo documenting findings (1.9). Meeting with H. Young to discuss analysis of Mountain Enterprise interaction with other MSI entities. Analyzed insurance payments made on behalf of certain investors. Continued tracing funds from other MSI-related entities into Mountain Enterprises. Review of Mountain Enterprises analysis and discussion of same with staff (1.2). Meeting with staff to discuss analysis of McKamy Lakes capital account balances (.4). Discussed airport property transaction with D. Bateman (.4). Discussed McKamy Lakes analysis with D. Bateman (.4). Completed memo documenting transactions related to airport property and prepared summary schedules for intercompany transactions for Mountain Enterprises and Skypark International and other MSI-related entities (2.5). Began capital account analysis for McKamy Lakes (1.0). Completed McKamy Lakes capital account analysis (2.0). Discussed McKamy Lakes analysis and accounting, entries with D. Bateman (.4). Prepared capital account analysis for Retama Hill, Retama Richards, Retama Rose, and Rock City (3.2). Discussion with J. Curtis regarding an analysis of claims. Researched to locate and tag all documents related to Nycom Apartments, prepared production of documents to send to attorneys (2.1). Completed capital account analysis for Jake & Mac and Tuscany Gardens (4.1). Prepared listing of equity accounts for Iosepa for Pine Mountain and Forest Hills (.1). Researched Volente City notes payable account for G. McDermott and prepared accounting records to present to D. Bateman (.3).

Hours

8.80

8.40

0.50

0.50 1.90

1.60

4.30

5.60

0.20 6.60

Page 13

April 10, 2015

$1,672.00

$1,596.00

$130.00

$130.00 $361.00

$416.00

$817.00

$1,064.00

$40.00 $1,254.00



Page 14



03/30/15 JHC Discussion with L. Houston regarding claims analysis. 0.20 $52.00 03/31/15 KLH Reviewed investors claims 0001 through 0100 for certain debt 5.10 $1,020.00

characteristics (2.6). Prepared a summary of investor claims and debt characteristics (.8). Calculated interest rates and holding periods applicable to investors (.9). Reviewed investor analysis for fixed payments (.8).

HY Completed capital account analysis for Snow Palm, prepared 4.30 $817.00 revision to capital account analysis for Tuscany Gardens (1.8). Prepared listing of general journal entries highlighting certain transfers (.4). Began preparing equity analysis equity ownership in McKamy Lakes, Retama Richards, Retama Rose, Retama Hill, Rock City, Rose Hill, and Jake and Mac and compared to appraised value of owned property as of December 31, 2008 (2.1).

SUBTOTAL: 55.30 $10,966.00]

Liquidation & Distribution Pln

03/02/15 DNB Review and revise G. Miller letter to claimants and meeting with 0.30 $78.00 G. Miller to discuss same.

03/03/15 JHC Compiled investor email addresses and provided to G. Miller for 1.70 $442.00 sending information to investors on proposed plan of distribution (.6). Call with D. Byers regarding notice to claimants (.2). Reviewed notice, plan and motion and directed Y. Khan in updating website (.6). Directed B. Sargent in preparing listing of claimant addresses (.3).

YK Discussion with J. Curtis regarding updating website. 0.20 $38.00 BS Meeting with J. Curtis regarding claimant addresses. 0.30 $57.00

03/05/15 JHC Correspondence with B. Larsen regarding claimant address data 1.60 $416.00 and other information for sending notice as required per Court Order (.3). Reviewed claimant data for missing claimants (. 7). Prepared data file of claimant addresses and provided to B. Larsen for providing notice of Plan of Distribution and related documents (.6).

03/06/15 DNB Meeting with B. Fotheringham regarding his claim treatment under 0.30 $78.00 the plan.

03/10/15 JHC Responded to D. Broadbent and G. Miller regarding discovery and 3.30 $858.00 production of documents and data pursuant to J. Covey request (.3). Call with D. Broadbent and D. Bateman regarding production of documents and data to J. Covey (.4). Reviewed and prepared various solvency analysis exhibits and spreadsheets in native format for production pursuant to request (2.6).



Page 15



03/10/15 DNB Call with]. Curtis and D. Broadbent to discuss document request 2.70 $702.00 from J. Covey and began preparation of documents responsive to same.

03/11/15 JHC Prepared DVD copies of files and financial information for 1.30 $338.00 production to J. Covey and J. Anderson pursuant to document and data requests (.9). Reviewed and verified information on disks (.4).

DNB Prepare document production as requested by]. Covey related to 1.30 $338.00 Ponzi calculation support.

03/17/15 DNB Preparation for and meetings with J. Curtis and receiver to discuss 3.30 $858.00 investor meeting presentation (3.1). Meetings with B. Sargent to discuss assignments related to same (.2).

JHC Prepared for meeting with G. Miller and D. Bateman (.2). Meeting 4.30 $1,118.00 with D. Bateman and G. Miller to prepare for investor meeting on plan of distribution and various slides and format to be presented (2.8). Prepared presentation slides, including proposed timeline of first interim distribution for investor meeting (1.3).

03/18/15 JHC Prepared presentation slides for investor meeting setting forth 3.60 $936.00 various aspects of plan of distribution, including calculation of claims, and claims distribution timeline (2.2). Analyzed various components of cash available for distributions and updated cash availability summary for investor meeting presentation (1.4).

03/19/15 JHC Meet with G. Miller to review presentation for investor meeting 4.80 $1,248.00 and discuss revisions (.8). Made revisions to presentation slides and analyses for presentation at investor meeting (.9). Prepared for meeting with counsel (.3). Meeting with counsel, G. Miller and D. Bateman to review presentation for investor meeting and discuss issues related to presentation (2.0). Revised presentation for investor meeting based upon meeting with counsel and Receiver (.8).

DNB Meeting with receiver, counsel and]. Curtis to discuss presentation 2.20 $572.00 for upcoming investor meeting and other plan related issues (2.0). Meeting with L. Houston and G. Miller regarding C. Nichols ability to pay (.2).

03/25/15 JHC Reviewed correspondence from G. Miller regarding revisions to 7.10 $1,846.00 investor meeting presentation and revised and updated various slides and figures for meeting (1.6). Meeting with G. Miller to review investor presentation and discuss further changes (1.1). Reviewed declaration on insolvency to prepare for investor meeting (1.2). Prepared for and attended investor meeting including questions from individual investors after meeting (3.2).

DNB Preparation for and attendance at receiver's investor meeting to 5.70 $1,482.00 discuss the plan of distribution.



Page 16



03/25/15 RE Assist with investor meeting. 3.00 $240.00 03/26/15 DNB Follow up on issues raised at the investor meeting and discussion 2.60 $676.00

of same with receiver and counsel. JHC Reviewed ame:µded exhibits for Class 5 and Class 8 investors in 1.50 $390.00

detail and discussed changes from prior exhibit with B. Sargent (1.3). Discussed amendment to plan of distribution with G. Miller (.2).

03/27/15 DNB Review relevant portions of testimony from the 2013 Ponzi 2.70 $702.00 hearing in preparation for arguments in the upcoming plan confirmation hearing (1.8). Discussions with staff and counsel regarding mailing of amendment to plan (.4). Call with]. Parrish regarding plan of distribution and treatment of a specific claim (.5).

JHC Reviewed objections to plan of distribution filed by preferred 2.10 $546.00 equity investors (.3). Reviewed SEC memorandum in support of plan of distribution (.6). Prepared email to investors including amendment to plan of distribution, reviewed addresses, revised correspondence and sent to investors (.8). Calls with various investors regarding plan of distribution and questions related thereto (.4).

03/30/15 JHC Reviewed McDermott draft objection to plan of distribution and 4.20 $1,092.00 worked on response (1.8). Meeting with G. Miller, D. Broadbent, D. Byers and D. Bateman regarding McDermott objection (1.2). Call with McDermott attorneys regarding objection and determination of McDermott claim (.8). Meeting with D. Bateman and D. Byers regarding McDermott claim after meeting with R. Covington (.4).

DNB Preparation for meeting to discuss potential McDermott objection 3.30 $858.00 to the plan of distribution and attend meeting with receiver and counsel regarding same.

03/31/15 JHC Prepare for meeting with McDermott investors regarding claims 1.40 $364.00 and plan of distribution (.3). Meeting with McDermott parties and counsel regarding claims and plan (.6). Meeting with G. Miller and D. Bateman regarding tax issues on plan and claim issues (.5).

DNB Meeting with receiver, counsel and S. Pickett to discuss tax issues 2.70 $702.00 related to the Plan of Distribution.

SUBTOTAL: 67.50 $16,975.00]

Litigation Consulting

03/05/15 DNB Researching responses to M. Barneck requests for documents and 1.70 $442.00 discuss same with A. Sjoblom.




03/18/15 KLH Reviewed various financial documents and prepared an ability to pay analysis for investor C. Nichols.

03/19/15 KLH Meeting with G. Miller and D. Bateman to discuss the C. Nichols ability to pay documents.

03/27 /15 KLH Reviewed trial transcript of G. Fujimoto and D. Barrett (4.9). Summarized certain testimony of the same (.7).

03/30/15 KLH Finished reviewing trial transcript of D. Barrett and counsel's closing arguments (1.6). Updated summary of testimony regarding the same (.5).

SUBTOTAL:

Multi-family Housing Sale

03/02/15 JHC Reviewed various drafts and iterations of closing statements for Seneca, Valley View and City View properties, confirmed figures, responded to various emails (1.7). Reviewed property tax amounts included in closings of three properties and performed additional due diligence (1.1). Arranged for wire of funds to close Valley View sale (.4). Analyzed TIC payment to RR Beck related to City View, confirmed figures to closing statement on property, confirmed cash flow figures and requested additional information (1.1 ).

03/03/15 JHC Received incoming wires related to City View and Valley View and accounted for the same (.4). Analyzed Buyer's allocation vs. Receiver's allocation and effect on Receivership estate for discussion with D. Byers (1.1). Updated multi-family sales schedule for sold properties to reflect actual amounts from closing statements (.8). Reviewed Holbrook settlement to update analysis of multi-family sales (.3).

03/05/15 JHC Call with C. Talbot regarding details of Valley View and Seneca sales for responding to Court inquries (.2). Calls with D. Byers regarding details of amounts paid to lender LNR on Brooksedge, Retama Ranch and Stonebridge sales and amounts of holdbacks (.4).

03/06/15 JHC Reviewed and responded to correspondence from B. Hoover regarding Toscana financial information (.2). Searched for, compiled and provided financial information to B. Hoover (.6). Call with C. Talbot regarding Lake Ridge (.2). Analyzed Lake Ridge funds raised from investors and use of such funds (.7).

Page 17

April 10, 2015

Hours

0.70 $140.00

0.20 $40.00

5.60 $1,120.00

2.10 $420.00

10.30 $2,162.00]

4.30 $1,118.00

2.60 $676.00

0.60 $156.00

1.70 $442.00



Page 18



03/09/15 JHC Call with D. Byers regarding Lakeridge and property issues (.2). 0.50 $130.00 Compiled and provided analyses on Lakeridge TIC owners to D. Byers (.3).

03/10/15 JHC Call with C. Talbot regarding figures on Valley View and Seneca to 1.30 $338.00 prepare for hearing on the same (.2). Calculated payments to Holbrook parties related to settlement and escrow funds received (.5). Confirmed amounts paid to LNR for settlement (.6).

HY Began conducting research locating information regarding original 2.10 $399.00 purchase of Lake Ridge and documentation regarding money used for purchase, loans against property, and when investors purchased their TIC interest.

03/11/15 JHC Correspondence with C. Talbot regarding Valley View and Seneca 0.70 $182.00 closings and amounts to be paid related to remaining balances owed to Cascade Lending (.3). Reviewed various documents related to payoff of Cascade Lending on Valley View and Seneca and responded to C. Talbot (.4).

HY Reviewed Lake Ridge purchase, located documentation associated 4.80 $912.00 with purchase including settlement statement, loan, investor money, traced cash transactions related to Lake Ridge, and summarized findings to present to]. Curtis.

03/12/15 JHC Correspondence with G. Miller and D. Byers regarding Lakeridge 1.30 $338.00 (.3). Call with]. Anderson regarding investrnent in Lakeridge (.3). Calls with G. Miller and D. Byers regarding findings on analysis of purchase of Lakeridge, investor money raised, and related issues and evidence of impropriety (.7).

03/13/15 JHC Reviewed LNR settlement agreement and confirmed all figures 1.20 $312.00 and amounts to closing statements and other documents (.8). Searched for and provided mortgage payoff statement and claim related to Providence Estates to A. Sjoblom (.4).

03/16/15 JHC Analyzed Lake Ridge TIC investor transactions and 2.80 $728.00 documentation to determine potential treatrnent with respect to evidence of overselling of property and other related issues (1.3). Reviewed opposition to motion of Fannie Mae (.8). Confirmed figures in Fannie Mae motion related to holdback funds (.3). Compiled documents to confirm and recalculate prepayment penalties (.4).

03/17/15 JHC Reviewed document to prepare calculations of prepayment 0.80 $208.00 premiums on Oak Hill and Meadow Walk.

03/18/15 JHC Analyzed Lake Ridge TIC owner distributions based on equity 1.50 $390.00 interests but for alleged improper equity valuation at time of sale of TIC interest.



Date Init.

03/19/15 JHC

HY

03/23/15 JHC

03/25/15 JHC

03/27/15 JHC

03/31/15 JHC

SUBTOTAL:

03/01/15 EW

03/02/15 EW


Description

Prepare summary of Lake Ridge TIC investor distribution analysis for discussion with G. Miller and D. Byers (.9). Discuss Lake Ridge with G. Miller (.3). Meeting with G. Miller and D. Byers regarding Lake Ridge TIC distributions and analysis of financial issues (.9). Reviewed prepayment premium request by Fannie Mae to determine if calculation was correct for Meadow Walk and Oak Hill properties. Compiled information on Retreat at Stonebridge Ranch for G. Miller and T. Clark and met to discuss holdback amounts related to servicer fees (.9). Met with G. Miller regarding call with lender on Retreat at Stonebridge Ranch and potential resolution (.3). Call with potential buyers on Toscana property (.9). Call with N. Archibald regarding P. Cook application (.3). Analyzed Lake Ridge TIC owner distributions based on alternative scenario (1.1). Discussed Lake Ridge analysis with G. Miller and D. Byers (.4). Reviewed order on LNR settlement motion and prepared instructions for wire transfers to comply with agreement (.9). Calls with D. Byers regarding proposed treatment of TIC owner distributions from Lake Ridge sale (.3). Prepared and provided various Lake Ridge analyses to D. Byers (1.1). Reviewed Toscana offer from competing bidder to prepare for meeting (.8). Call with E. Bishop regarding competing offer and sale hearing (.2). Prepared for hearing on sale of Toscana (.6). Meeting with R. Wing and clients regarding competing bid on Toscana (.9). Attended hearing on Toscana sale (1.6). Analyzed income and losses of Lake Ridge property and other assertions of M. Miller, TIC owner, based on TIC statements in order to respond to TIC owners (1.7).

Tax Issues

Review federal and state tax returns for 12 corporate entities and prepare for signature. Review tax return schedule and discuss same with staff (.3). Review King George tax returns (.4). Prepare for and meet with G. Miller to sign corporate tax returns (.8). Discuss tax payments with H. Young (.1). Email R. Jepson regarding tax returns (.1).

Page 19

April 10, 2015

Hours

2.10 $546.00

2.30 $437.00

2.40 $624.00

2.40 $624.00

1.40 $364.00

5.80 $1,508.00

42.60 $10,432.00]

3.40 $680.00

1.70 $340.00



Page 20



03/03/15 EW Review prior tax returns and case notes to determine outstanding 3.50 $700.00 tax filings (.9). Various emails and phone call with S. Smith regarding same (.5). Review updated corporate tax returns for accuracy and update schedules (.6). Review and reconcile Ohio Commercial Activity Tax returns (.6). Submit IRS and state signature forms to Wisan Smith for filing (.4). Prepare tax payment requests and submit to H. Young (.3). Compile Hawaii and Louisiana corporate returns for filing (.2).

03/04/15 EW Compile and email list of outstanding entity filings to S. Smith (.3). 1.70 $340.00 Provide tax information to H. Young (.2). Review tax payments for accuracy and compile for submission to taxing authorities (1.0). Verify taxing authority addresses for staff (.2).

03/05/15 EW Email R. Jepson regarding tax extensions (.1). Compile tax 0.40 $80.00 information in response to same (.2). Discuss property valuations with S. Pickett (.1).

03/06/15 EW Meet with S. Smith and H. Young regarding receivership 1.50 $300.00 QuickBooks in preparation for tax returns (1.1 ). Update tax preparation notes in response to same (.2). Compile and email Cala Seniors tax notices to M. Fogarty (.2).

HY Meeting with E. Williams and S. Smith regarding accounting 1.20 $228.00 records for receivership return compared to entity tax returns and method of extracting correct accounting records (1.1). Met with E. Williams summarizing findings regarding receivership returns (.1).

03/07/15 EW Update tax files and schedules with recent tax notices. 0.50 $100.00 03/09/15 EW Prepare 2014 extensions and submit payment request to H. Young 0.80 $160.00

(.7). Phone call with D. Broadbent regarding tax returns (.1). 03/10/15 EW Compile extension filings and payments for submission. 1.10 $220.00

YI< Prepared and updated 2014 tax extension form. 0.20 $38.00 03/11/15 EW Update extension filings. 0.30 $60.00 03/12/15 EW Establish tax account and pay Texas franchise tax for Yellow Rose 1.00 $200.00

Apartments (.5). Email R. Jepson regarding IRS online payments of tax (.1). Email G. Miller regarding 2014 LLC tax returns (.1). Phone call with Texas Franchise Tax Board regarding tax due on Cala Seniors (.2). Email M. Fogarty regarding same (.1).

03/16/15 EW Register for IRS electronic payment system for various MSI 2.10 $420.00 entities (.7). Prepare IRS tax payments (1.1). Pay Ohio taxes (.3).

03/18/15 EW Phone call with investor regarding 2014 K-1. 0.10 $20.00 03/20/15 EW Review outstanding Ohio tax payments. 0.20 $40.00 03/23/15 EW Review quarterly Ohio Commercial Activity Tax reports (.8). Pay 1.80 $360.00

Ohio Commercial Activity Tax (.9). Email R. Jepson regarding same (.1).



Date Init.

03/24/15 EW 03/25/15 EW

03/26/15 EW

03/30/15 EW SB

SUBTOTAL:


Description

Discuss property tax notices with staff and update tax schedules. Prepare and submit Ohio Commercial Activity Tax payments (.7). Review and submit Form 1096 to IRS for issued 1099 Misc and 1099 s (.3). Continue payment of Ohio Commercial Activity Taxes (1.7). Prepare and submit IRS tax payments (.5). Review Ohio tax notices and discuss same with staff. Document preparation for Wisan Smith.

Total for professional services rendered

Expenses

=D=a=te"---- Init. Description

Copies

03/31/15 RE Copying cost (1052 copies at $.15 per copy)

SUBTOTAL:

Other

03/13/15 GAM Computer rental in Washington to sign and transmit MSI documents 03/24/15 RE Room charges for MSI Investor Meeting.

SUBTOTAL:

Parking

03/25/15 GAM Parking for Investor Meeting 03/26/15 RE Parking for Investor Meeting 03/31/15 RE Parking validations for various meetings at RMA

SUBTOTAL:

Hours

0.30 1.00

2.20

0.30 0.10

25.40

431.40

Page 21

April 10, 2015

$60.00 $200.00

$440.00

$60.00 $8.00

$5,054.00]

$93,139.50

$157.80

$157.80]

$17.87 $480.00

$497.87]

$7.50 $9.00

$44.00

$60.50]




Page 22

April 10, 2015

Date Init. =D'--=e=sc=r=rip=ti=o=n _______________________ _

03/31/15 RE

SUBTOTAL:

03/03/15 EW 03/09/15 HY

SUBTOTAL:

03/25/15 RE

SUBTOTAL:

Total expenses

Total new charges

Balance due

Postage

Postage

Software

Software needed for specific client. Software needed for specific client.

Supplies

Supplies for Investor Meeting.

$81.38

$81.38]

$53.41 $53.41

$106.82]

$26.67

$26.67]

$931.04

$94,070.54

$142,921.84


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