Case JKO Doc 8902 Filed 11/01/12 Page 1 of 22

Transcription

1 Case JKO Doc 8902 Filed 11/01/12 Page 1 of 22 F20UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF FLORIDA (FORT LAUDERDALE DIVISION) IN RE: TOUSA, Inc., et al., Debtors. / CASE NO JKO CHAPTER 11 Jointly Administered SUMMARY OF THIRTEENTH INTERIM APPLICATION FOR ALLOWANCE AND PAYMENT OF COMPENSATION AND REIMBURSEMENT OF EXPENSES TO ROBERT CHARLES LESSER & CO. AS REAL ESTATE ADVISORS TO THE OFFICIAL COMMITTEE OF UNSECURED CREDITORS OF TOUSA, INC., ET AL. 1. Name of Applicant: Robert Charles Lesser & Co. 2. Role of Applicant: Real Estate Advisors to the Official Committee of Unsecured Creditors. 3. Name of certifying professional: Leonard Bogorad 4. Date case filed: January 29, Date of application for employment: Filed April 22, Date of Order approving employment: May 28, 2008 (nunc pro tunc to March 27, 2008) 7. Date of this Application: November 1, Dates of services covered: May 1, 2012 through August 31, 2012

2 Case JKO Doc 8902 Filed 11/01/12 Page 2 of 22 FEES Total fees requested for this period - at 80% (From Exhibits 1) $61, Holdback fees requested from this period (% of total for 13 th period) $11, Fees paid or advanced for this period, by other sources: $3, Net amount of fees requested for this period: $72, EXPENSES Total expense reimbursement requested for this period (From Exhibit 2) $14, Expenses paid or advanced for this period, by other sources: $ Net amount of expense reimbursement requested for this period $14, Gross award requested for this period (#9 +#10+ #13) $86, Net award requested for this period (#12+#15) $86,

3 Case JKO Doc 8902 Filed 11/01/12 Page 3 of 22 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF FLORIDA (FORT LAUDERDALE DIVISION) IN RE: CASE NO JKO TOUSA, Inc., et al., CHAPTER 11 Jointly Administered Debtors. / THIRTEENTH INTERIM APPLICATION FOR ALLOWANCE AND PAYMENT OF COMPENSATION AND REIMBURSEMENT OF EXPENSES TO ROBERT CHARLES LESSER & CO. AS REAL ESTATE ADVISORS TO THE OFFICIAL COMMITTEE OF UNSECURED CREDITORS OF TOUSA, INC., ET AL. Robert Charles Lesser & Co. ( RCLCO or Applicant ), Real Estate Advisors to the Official Committee of Unsecured Creditors (the Committee ) of TOUSA Inc., et al. (collectively, the Debtors ), files this thirteenth interim application (the Application ) for allowance and payment of compensation and reimbursement of expenses. The following grounds support this Application: 1. The Committee was appointed by the United States Trustee on or about February 13, 2008 [D.E. 185]. 2. On April 22, 2008, an application to retain the Applicant as real estate advisors to the Committee was filed with the Court [D.E. # 848]. 3. By order dated May 28, 2008 [D.E. 1090] (the Retention Order ), the Court authorized the Committee to retain the Applicant, nunc pro tunc to March 27, 2008, pursuant to 11 U.S.C and Accordingly, the Applicant submits this Application, pursuant to Sections 328, 330, - 3 -

4 Case JKO Doc 8902 Filed 11/01/12 Page 4 of and 503(b) of the Bankruptcy Code, Rule 2016 of the Federal Rules of Bankruptcy Procedure (the Bankruptcy Rules ), Local Rule of the United States Bankruptcy Court, Southern District of Florida and in accordance with the Guidelines For Fee Applications For Professionals in the Southern District of Florida in Bankruptcy Cases (the Guidelines ). The Applicant requests an interim award of professional fees incurred by the Applicant during the period May 1, 2012 through and including August 31, 2012 (the Application Period ) in the amount of (a) eighty percent of $76, or $61, as compensation for services rendered; and (b) $14, as reimbursement for the actual and necessary expenses incurred by the Applicant as real estate advisors to the Committee during the Application Period; and (c) threequarters of the 20% of fees held back during the Application Period in the amount of $11, This request is the Applicant s thirteenth interim application to the Court for compensation and reimbursement of expenses. No understanding exists between the Applicant and any other person for a sharing of the compensation sought by this Application, except among the members of the Applicant. 6. In accordance with the Guidelines, the following exhibits are annexed to this application: Exhibit 1: Exhibit 2: Summary of Professional and Paraprofessional Time; Summary and Breakdown of Requested Reimbursement of Expenses and Disbursements; Exhibit 3: Exhibit 4: Certification of Leonard Bogorad and; Detailed Description of the Services Rendered

5 Case JKO Doc 8902 Filed 11/01/12 Page 5 of 22 I. RETENTION OF APPLICANT, DISCLOSURE OF COMPENSATION AND REQUESTED AWARD 7. The Applicant has expended a total of hours during the period covered by this Application in rendering necessary and substantially beneficial financial advisory services to the Committee. Exhibit 1 contains a list of Applicant s professionals and paraprofessionals who rendered services during the Application Period, the hourly rate charged by each, and a summary of time expended by each. Exhibit 4 includes a daily description of the services rendered and the hours expended by the various professionals of Applicant who performed services in this case. Applicant has prepared Exhibit 4 based on contemporaneous daily time records maintained by partners and staff of the Applicant who rendered services in this case. 8. The Applicant has only applied for reimbursement of actual and necessary out-ofpocket disbursements in accordance with 330(a)(2) of the Bankruptcy Code, the Bankruptcy Rules, the Local Rules and the Guidelines. The expenses listed on Exhibit 2 were actual and necessary expenses incurred by the Applicant in connection with its service to the Committee. The Applicant would typically bill all such expenses to its non-bankruptcy clients. II. DESCRIPTION OF SERVICES 9. The services that Applicant has rendered for the Committee include, but are not limited to, the following a. Review the Debtors project-specific business plans, with particular emphasis on the Debtors assumptions relating to future home prices and absorption rate

6 Case JKO Doc 8902 Filed 11/01/12 Page 6 of 22 b. Review and prepare fundamentals-based forward market assessments for the homebuilding industry for each of the markets where the Debtors have homebuilding and/or land development activities. c. Prepare project analyses and valuations. d. Provide litigation support and expert testimony, as required, in connection with the foregoing; and e. Provide such other services as reasonably requested by the Committee. III. EVALUATION OF SERVICES RENDERED: FIRST COLONIAL CONSIDERATIONS 10. This Application has presented the nature and extent of the professional services Applicant has rendered in connection with its services to the Debtors for which Applicant seeks compensation. The recitals set forth in the daily diaries attached hereto constitute only a summary of the time spent. A mere reading of the time summary annexed hereto cannot completely reflect the full range of services Applicant rendered and the complexity of the issues and the pressures of time and performance which have been placed on Applicant in connection with the case. 11. American Benefit Life Ins. Co. v. Baddock (In re First Colonial Corp.), 544 F.2d 1291 (5th Cir.), cert. denied, 431 U.S. 904 (1977), enumerates twelve factors a bankruptcy court should evaluate in awarding fees. First Colonial remains applicable in the Eleventh Circuit to the determination of reasonableness of fees to be awarded under the Bankruptcy Code. Grant v. George Schuman Tire & Battery Co., 908 F.2d 874 (11th Cir. 1990); 2 Collier on Bankruptcy & [2][a] at through (L. King 15th ed. 1991); see also Bonner v. City of Prichard, 661 F.2d 1206, 1209 (11th Cir. 1981). The twelve factors are: 1. The time and labor required; 2. The novelty and difficulty of the questions presented; - 6 -

7 Case JKO Doc 8902 Filed 11/01/12 Page 7 of The skill required to perform the professional services properly; 4. The preclusion from other employment by the professionals due to acceptance of the case; 5. The customary fee for similar work in the community; 6. Whether the fee is fixed or contingent; 7. The time limitations imposed by the client or circumstances; 8. The amount involved and results obtained; 9. The experience, reputation and ability of the professionals; 10. The undesirability of the case; 11. The nature and length of the professional relationship with the client; and 12. Awards in similar cases. First Colonial, 544 F.2d at Based on the standards set forth in 330 of the Bankruptcy Code and First Colonial, Applicant believes that the fair and reasonable value of its services rendered during the period covered by this Application is the total amount of $76, plus expenses of $14, A. Time, Nature and Extent of Services Rendered, Results Obtained and Related First Colonial Factors 13. The foregoing summary, together with the Exhibits attached hereto, detail the time, nature and extent of the professional services Applicant rendered for the benefit of the Committee during the period covered by this Application. The total number of hours expended, 2.80, reveals the extensive time devoted to this matter by Applicant on a vast spectrum of issues that have arisen in this case during the Application

8 Case JKO Doc 8902 Filed 11/01/12 Page 8 of 22 B. Novelty and Difficulty of Questions Presented 14. The issues that have arisen in this case during the period encompassed by this Application demanded a high level of skill and perseverance of Applicant. The Applicant spent considerable time preparing and reviewing necessary documents, reports and analysis in this case. C. Skill Requisite to Perform Services Properly 15. In rendering services to the Committee, the Applicant demonstrated substantial real estate advisory skills and expertise. employment. D. Preclusion from Other Employment by Professional Due to Acceptance of Case 16. Applicant s representation in this case did not preclude it from accepting other E. Customary Fee 17. The hourly rates of Applicant as set forth in Exhibits 1 and 4 reflect the hourly rates Applicant bills to its clients in other bankruptcy and commercial cases in which client payment is made on a frequent, periodic basis. F. Whether Fee is Fixed or Contingent 18. The Applicant s compensation in this matter is subject to approval of the Court and therefore contingent. The Court should consider this factor, which militates in favor of a fee in the amount requested. The amount requested is consistent with the fees which the Applicant would charge its clients in other non-contingent, bankruptcy and commercial cases. G. Time Limitations Imposed by Client or Other Circumstances 19. The circumstances of this case occasionally imposed serious time constraints on Applicant due to the necessity for rapid resolution of significant issues

9 Case JKO Doc 8902 Filed 11/01/12 Page 9 of 22 H. Experience, Reputation and Ability of Professionals 20. Applicant is an established accounting and consulting firm and its members and professionals working on this case are highly experienced in matters of this kind. I. Undesirability of Cases 21. These cases are not undesirable. The Applicant is privileged to have the opportunity to provide professional services to the Committee and appear before the Court in this proceeding. J. Nature and Length of Professional Relationship with Client 22. The Applicant does not have a previous professional relationship with the Committee. K. Awards in Similar Cases 23. The amount requested by the Applicant is reasonable in terms of awards in cases of similar magnitude and complexity. The compensation which the Applicant requests comports with the mandate of the Bankruptcy Code, which directs that services be evaluated in light of comparable services performed in non-bankruptcy cases in the community. The total fee requested by the Applicant, $76, reflects an average hourly rate of $ for total hours of service. Considering the complexity of the issues addressed during the periods covered by this application, this rate is entirely appropriate. The costs which the Applicant seeks reimbursement of were necessarily incurred as a result of this engagement. Such costs are not, therefore, implicit in the Applicant s hourly rates. WHEREFORE, the Applicant respectfully requests the Court to enter an order (i) awarding the Applicant eighty percent (80%) of its total fees of $76, or $61, as interim compensation for services rendered, and $14, as interim reimbursement for actual and - 9 -

10 Case JKO Doc 8902 Filed 11/01/12 Page 10 of 22 necessary expenses incurred during the course of the Applicant s representation of the Committee during the Application period; (ii) awarding the Applicant an additional $11,487.75, representing three-quarters of the 20% of fees held back during the Application period in the amount of $11, for a total of $86,876.04; (iii) authorizing and directing the Debtors to pay the Applicant the sum of $86,876.04, representing the total fees and costs sought by the Applicant herein; and (iv) granting such other and further relief as the Court deems just, proper and equitable. Dated: November 1, 2012 ROBERT CHARLES LESSER & CO Wisconsin Avenue, Suite 1110 Bethesda, MD By: /s/ Leonard Bogorad Leonard Bogorad

11 Case JKO Doc 8902 Filed 11/01/12 Page 11 of 22 Case JKO EXHIBIT 1 SUMMARY OF PROFESSIONAL AND PARAPROFESSIONAL TIME FOR THE PERIOD 05/01/2012 through 08/31/2012 PROFESSIONALS: Level Total Hours Hourly Rate Total Fee PROFESSIONAL Leonard Bogorad Managing Director $ $ 27, Charles Hewlett Managing Director $ $ 25, Patrick Lynch Senior Associate $ $ 18, Jennifer Burka Associate $ $ 5, Darrel Dorsey Accounting Staff 1.00 $ $ TOTAL NET FEES $ 76, BLENDED AVERAGE HOURLY RATE $ Page 1 of 1

12 Case JKO Case JKO Doc 8902 Filed 11/01/12 Page 12 of 22 EXHIBIT 1A SUMMARY OF SERVICES RENDERED BY SERVICE CODE FOR THE PERIOD 05/01/2012 through 08/31/2012

13 Case JKO Doc 8902 Filed 11/01/12 Page 13 of 22 Case JKO TOUSA, INC., et al. For the period May 1, 2012 through August 31, 2012 Summary of Service Rendered by Service Code Category Description of Task Hours Fee 1 Business Analysis 0.00 $ - 2. Asset Analysis 0.00 $ - 3 Fee/Employment Applications 4 Meetings of Creditors 5 Litigation Consulting 14 Interim Prep 1.00 $ Committee Call 0.00 $ - Committee Calls 0.00 $ - Conference Calls 8.50 $ 3, D&O analysis $ 59, Metro Study Cost Data 1.00 $ Data Availability 2.00 $ Property review and analysis $ 11, Status update 1.00 $ $ 76, Page 1 of 1

14 Case JKO Doc 8902 Filed 11/01/12 Page 14 of 22 Case JKO EXHIBIT 2 SUMMARY OF REQUESTED REIMBURSEMENT OF EXPENSES AND DISBURSEMENTS FOR THE PERIOD 05/01/2012 through 08/31/ Filing Fees $ - 2. Process Service Fees $ - 3. Witness Fees $ - 4. Court Report & Transcripts $ - 5. CD/DVD Duplication $ - 6. Photocopies $ - (a) In-house copies (@.15) $ - (b) Outside copies (@.15) including tax) $ - $ - 7. Postage $ - 8. Overnight Delivery Charges $ Outside Courier/Messenger Service $ Long Distance Telephone Charges $ Long Distance Telephone Charges - Outside Service $ Computerized Research $ Research Materials $ 13, Travel $ - a. Parking, Taxis, Mileage $ - b. Airfare/Train fare $ - c. Hotel $ - d. Meals $ - TOTAL AMOUNT OF REQUESTED DISBURSEMENT $ 14, Page 1 of 1

15 Case JKO Doc 8902 Filed 11/01/12 Page 15 of 22 Case JKO EXHIBIT 3 CERTIFICATION 1. I have been designated by RCLCO (the Applicant ) as the professional with responsibility in this case for compliance with the Guidelines for Fee Applications for Professionals in the Southern District of Florida in Bankruptcy Case (the Guidelines ). 2. I have read the Applicant s application for compensation and reimbursement of expenses (the Application ). The Application complies with the Guidelines, and the fees and expenses sought fall within the Guidelines, except as specifically noted in this certification and described in the Application. 3. The fees and expenses sought are billed at rates and in accordance with practices customarily employed by the Applicant and generally accepted by the Applicant s clients. 4. In seeking reimbursement for the expenditures described on Exhibit 2, the Applicant is seeking reimbursement only for the actual expenditure and has not marked up the actual cost to provide a profit or to recover the amortized cost of investment in staff time or equipment or capital outlay (except to the extent that the Applicant has elected to charge for in-house photocopies and outgoing facsimile transmissions at the maximum rates permitted by the Guidelines). 5. In seeking reimbursement for any service provided by a third party, the Applicant is seeking reimbursement only for the amount actually paid by the Applicant to the third party.

16 Case JKO Doc 8902 Filed 11/01/12 Page 16 of 22 Case JKO 6. The following are the variances with provisions of the Guidelines, the date of each court order approving the variances, and the justification for the variance: NONE I hereby certify that the foregoing is true and correct. Dated: November 1, 2012 By: /s/leonard Bogorad Leonard Bogorad

17 Case JKO Doc 8902 Filed 11/01/12 Page 17 of 22 EXHIBIT 4 DETAILED DESCRIPTION OF THE SERVICES RENDERED FOR THE PERIOD 05/01/2012 through 08/31/2012

18 Case JKO Doc 8902 Filed 11/01/12 Page 18 of 22 Case JKO TOUSA, INC., et al. RCLCO Time Detail May 1, 2012 through August 31, 2012 Date Professional Activity Description Hours Rate Fee 6/22/12 Bogorad, Leonard L-Litigation ConsultingReview documents re D&O case 3.2, call with 4.30 $ $ 1, /25/12 Bogorad, Leonard L-Litigation ConsultingCall with JH Cohn and Moelis re D&O case 0.90 $ $ /27/12 Bogorad, Leonard L-Litigation ConsultingCall with counsel 0.50 $ $ /28/12 Bogorad, Leonard L-Litigation ConsultingPreliminary investigation re D&O analysis 1.20 $ $ /31/12 Bogorad, Leonard Data identification and analysis for D&O L-Litigation Consultinglitigation 2.50 $ $ 1, /1/12 Bogorad, Leonard L-Litigation ConsultingCommittee calls 1.10 $ $ /2/12 Bogorad, Leonard L-Litigation ConsultingD&O Analysis 4.10 $ $ 1, /6/12 Bogorad, Leonard L-Litigation ConsultingD&O Analysis 8.80 $ $ 3, /8/12 Bogorad, Leonard L-Litigation ConsultingD&O Analysis 7.20 $ $ 3, /9/12 Bogorad, Leonard Meet with P. Lynch re D&O Analysis 0.6,Call L-Litigation Consultingwith C. Boyd.2,D&O Analysis $ $ 2, /14/12 Bogorad, Leonard Meet with C Hewlett and P Lynch re D&O Analysis.5, D&O Analysis 2, Call with Zolfo L-Litigation Consultingand counsel re databases $ $ 1, /15/12 Bogorad, Leonard L-Litigation ConsultingD&O Analysis 2.40 $ $ 1, /16/12 Bogorad, Leonard L-Litigation ConsultingMeet with P Lynch and C Hewlett re D&O Analy 0.10 $ $ /17/12 Bogorad, Leonard Meet with P Lynch re D&O Analysis.9, D&O L-Litigation ConsultingAnalysis $ $ 2, /20/12 Bogorad, Leonard L-Litigation ConsultingD&O Analysis 1.80 $ $ /21/12 Bogorad, Leonard L-Litigation ConsultingMeet with P Lynch and J Burka re D&O Analys 0.90 $ $ /22/12 Bogorad, Leonard L-Litigation ConsultingMeet with P Lynch and J Burka re D&O Analys 1.10 $ $ /23/12 Bogorad, Leonard L-Litigation ConsultingD&O Analysis 6.50 $ $ 2, /27/12 Bogorad, Leonard L-Litigation ConsultingCall with P Lynch re D&O Analysis 0.50 $ $ /30/12 Bogorad, Leonard L-Litigation ConsultingD&O Analysis 2.00 $ $ /31/12 Bogorad, Leonard L-Litigation ConsultingD&O Analysis 1.00 $ $ Bogorad, Leonard Total $ 27, /22/12 Hewlett, Charles L-Litigation ConsultingCall with Adam H JHC 0.50 $ $ /27/12 Hewlett, Charles L-Litigation ConsultingCall with JHC 0.50 $ $ /28/12 Hewlett, Charles L-Litigation ConsultingConference call and work plan 2.00 $ $ /29/12 Hewlett, Charles L-Litigation ConsultingMetro Study Cost Data 1.00 $ $ /3/12 Hewlett, Charles L-Litigation ConsultingData availability 2.00 $ $ /30/12 Hewlett, Charles L-Litigation ConsultingData source analysis 8.00 $ $ 3, /31/12 Hewlett, Charles L-Litigation ConsultingData source analysis 8.00 $ $ 3, /1/12 Hewlett, Charles L-Litigation ConsultingData source analysis 4.00 $ $ 1, /2/12 Hewlett, Charles L-Litigation ConsultingData source analysis 4.00 $ $ 1, /13/12 Hewlett, Charles L-Litigation ConsultingCall with Counsel 0.50 $ $ /20/12 Hewlett, Charles L-Litigation ConsultingProperty review and analysis 5.00 $ $ 2, /21/12 Hewlett, Charles L-Litigation ConsultingProperty review and analysis 6.50 $ $ 2, /22/12 Hewlett, Charles L-Litigation ConsultingProperty review and analysis 4.50 $ $ 2, /23/12 Hewlett, Charles L-Litigation ConsultingProperty review and analysis 5.00 $ $ 2, /24/12 Hewlett, Charles L-Litigation ConsultingProperty review and analysis 4.00 $ $ 1, /29/12 Hewlett, Charles L-Litigation ConsultingStatus update 1.00 $ $ Hewlett, Charles Total $ 25, /21/12 Burka, Jennifer L-Litigation ConsultingResearch and Analysis for D&O Litigation 8.00 $ $ /22/12 Burka, Jennifer L-Litigation ConsultingResearch and Analysis for D&O Litigation 8.00 $ $ /24/12 Burka, Jennifer L-Litigation ConsultingResearch and Analysis for D&O Litigation 4.00 $ $ /27/12 Burka, Jennifer L-Litigation ConsultingResearch and Analysis for D&O Litigation 7.00 $ $ /28/12 Burka, Jennifer L-Litigation ConsultingResearch and Analysis for D&O Litigation 8.00 $ $ /29/12 Burka, Jennifer L-Litigation ConsultingResearch and Analysis for D&O Litigation 6.00 $ $ /30/12 Burka, Jennifer L-Litigation ConsultingResearch and Analysis for D&O Litigation 5.00 $ $ /31/12 Burka, Jennifer L-Litigation ConsultingResearch and Analysis for D&O Litigation 7.00 $ $ Burka, Jennifer Total $ 5, /9/12 Lynch, Patrick L-Litigation ConsultingDiscussion with LB regarding data sources 0.50 $ $ /14/12 Lynch, Patrick Discuss data needs and conference call to L-Litigation Consultingdiscuss database access 1.00 $ $ /16/12 Lynch, Patrick L-Litigation ConsultingResearch and Analysis for D&O Litigation 4.25 $ $ /17/12 Lynch, Patrick L-Litigation ConsultingResearch and Analysis for D&O Litigation 7.00 $ $ 1, /20/12 Lynch, Patrick L-Litigation ConsultingResearch and Analysis for D&O Litigation 7.25 $ $ 1, /21/12 Lynch, Patrick L-Litigation ConsultingResearch and Analysis for D&O Litigation 6.25 $ $ 1, /22/12 Lynch, Patrick L-Litigation ConsultingResearch and Analysis for D&O Litigation 8.50 $ $ 1, /23/12 Lynch, Patrick L-Litigation ConsultingResearch and Analysis for D&O Litigation 8.50 $ $ 1, /24/12 Lynch, Patrick L-Litigation ConsultingResearch and Analysis for D&O Litigation 7.75 $ $ 1, /27/12 Lynch, Patrick L-Litigation ConsultingResearch and Analysis for D&O Litigation 6.00 $ $ 1, /28/12 Lynch, Patrick Research and Analysis for D&O Litigation; Training session re: Tousa databases in NY; L-Litigation Consultingtravel from NY to DC 7.50 $ $ 1, /29/12 Lynch, Patrick L-Litigation ConsultingResearch and Analysis for D&O Litigation 8.50 $ $ 1, Page 1 of 2

19 Case JKO Doc 8902 Filed 11/01/12 Page 19 of 22 Case JKO TOUSA, INC., et al. RCLCO Time Detail May 1, 2012 through August 31, 2012 Date Professional Activity Description Hours Rate Fee 8/30/12 Lynch, Patrick L-Litigation ConsultingResearch and Analysis for D&O Litigation 9.25 $ $ 1, /31/12 Lynch, Patrick L-Litigation ConsultingResearch and Analysis for D&O Litigation 8.00 $ $ 1, Lynch, Patrick Total $ 18, /2/12 Dorsey, Darrel F-Fee/Emplyment Ap Data Processing 1.00 $ $ Dorsey, Darrel Total 1.00 $ Grand Total $ 76, Page 2 of 2

20 Case JKO Doc 8902 Filed 11/01/12 Page 20 of 22 Case JKO TOUSA, INC., et al. RCLCO Time Detail May 1, 2012 through August 31, 2012 Date Professional Activity Description Hours Rate Fee 7/2/12 Dorsey, Darrel F-Fee/Emplyment Application Data Processing 1.00 $ $ Fee/Emplyment App Total 1.00 $ /22/12 Hewlett, Charles L-Litigation Consulting Call with Adam H JHC 0.50 $ $ /22/12 Bogorad, Leonard L-Litigation Consulting Review documents re D&O case 3.2, call with 4.30 $ $ 1, /25/12 Bogorad, Leonard L-Litigation Consulting Call with JH Cohn and Moelis re D&O case 0.90 $ $ /27/12 Hewlett, Charles L-Litigation Consulting Call with JHC 0.50 $ $ /27/12 Bogorad, Leonard L-Litigation Consulting Call with counsel 0.50 $ $ /28/12 Hewlett, Charles L-Litigation Consulting Conference call and work plan 2.00 $ $ /28/12 Bogorad, Leonard L-Litigation Consulting Preliminary investigation re D&O analysis 1.20 $ $ /29/12 Hewlett, Charles L-Litigation Consulting Metro Study Cost Data 1.00 $ $ /3/12 Hewlett, Charles L-Litigation Consulting Data availability 2.00 $ $ /30/12 Hewlett, Charles L-Litigation Consulting Data source analysis 8.00 $ $ 3, /31/12 Hewlett, Charles L-Litigation Consulting Data source analysis 8.00 $ $ 3, /1/12 Hewlett, Charles L-Litigation Consulting Data source analysis 4.00 $ $ 1, /2/12 Hewlett, Charles L-Litigation Consulting Data source analysis 4.00 $ $ 1, /13/12 Hewlett, Charles L-Litigation Consulting Call with Counsel 0.50 $ $ /20/12 Hewlett, Charles L-Litigation Consulting Property review and analysis 5.00 $ $ 2, /21/12 Hewlett, Charles L-Litigation Consulting Property review and analysis 6.50 $ $ 2, /22/12 Hewlett, Charles L-Litigation Consulting Property review and analysis 4.50 $ $ 2, /23/12 Hewlett, Charles L-Litigation Consulting Property review and analysis 5.00 $ $ 2, /24/12 Hewlett, Charles L-Litigation Consulting Property review and analysis 4.00 $ $ 1, /29/12 Hewlett, Charles L-Litigation Consulting Status update 1.00 $ $ /21/12 Burka, Jennifer L-Litigation Consulting Research and Analysis for D&O Litigation 8.00 $ $ /22/12 Burka, Jennifer L-Litigation Consulting Research and Analysis for D&O Litigation 8.00 $ $ /24/12 Burka, Jennifer L-Litigation Consulting Research and Analysis for D&O Litigation 4.00 $ $ /27/12 Burka, Jennifer L-Litigation Consulting Research and Analysis for D&O Litigation 7.00 $ $ /28/12 Burka, Jennifer L-Litigation Consulting Research and Analysis for D&O Litigation 8.00 $ $ /29/12 Burka, Jennifer L-Litigation Consulting Research and Analysis for D&O Litigation 6.00 $ $ /30/12 Burka, Jennifer L-Litigation Consulting Research and Analysis for D&O Litigation 5.00 $ $ /31/12 Burka, Jennifer L-Litigation Consulting Research and Analysis for D&O Litigation 7.00 $ $ /9/12 Lynch, Patrick L-Litigation Consulting Discussion with LB regarding data sources 0.50 $ $ /14/12 Lynch, Patrick L-Litigation Consulting Discuss data needs and conference call to discuss database access 1.00 $ $ /16/12 Lynch, Patrick L-Litigation Consulting Research and Analysis for D&O Litigation 4.25 $ $ /17/12 Lynch, Patrick L-Litigation Consulting Research and Analysis for D&O Litigation 7.00 $ $ 1, /20/12 Lynch, Patrick L-Litigation Consulting Research and Analysis for D&O Litigation 7.25 $ $ 1, /21/12 Lynch, Patrick L-Litigation Consulting Research and Analysis for D&O Litigation 6.25 $ $ 1, /22/12 Lynch, Patrick L-Litigation Consulting Research and Analysis for D&O Litigation 8.50 $ $ 1, /23/12 Lynch, Patrick L-Litigation Consulting Research and Analysis for D&O Litigation 8.50 $ $ 1, /24/12 Lynch, Patrick L-Litigation Consulting Research and Analysis for D&O Litigation 7.75 $ $ 1, /27/12 Lynch, Patrick L-Litigation Consulting Research and Analysis for D&O Litigation 6.00 $ $ 1, /28/12 Lynch, Patrick L-Litigation Consulting Research and Analysis for D&O Litigation; Training session re: Tousa databases in NY; travel from NY to DC 7.50 $ $ 1, /29/12 Lynch, Patrick L-Litigation Consulting Research and Analysis for D&O Litigation 8.50 $ $ 1, /30/12 Lynch, Patrick L-Litigation Consulting Research and Analysis for D&O Litigation 9.25 $ $ 1, /31/12 Lynch, Patrick L-Litigation Consulting Research and Analysis for D&O Litigation 8.00 $ $ 1, /31/12 Bogorad, Leonard L-Litigation Consulting Data identification and analysis for D&O litigation 2.50 $ $ 1, /1/12 Bogorad, Leonard L-Litigation Consulting Committee calls 1.10 $ $ /2/12 Bogorad, Leonard L-Litigation Consulting D&O Analysis 4.10 $ $ 1, /6/12 Bogorad, Leonard L-Litigation Consulting D&O Analysis 8.80 $ $ 3, /8/12 Bogorad, Leonard L-Litigation Consulting D&O Analysis 7.20 $ $ 3, /9/12 Bogorad, Leonard L-Litigation Consulting Meet with P. Lynch re D&O Analysis 0.6,Call with C. Boyd.2,D&O Analysis $ $ 2, /14/12 Bogorad, Leonard L-Litigation Consulting Meet with C Hewlett and P Lynch re D&O Analysis.5, D&O Analysis 2, Call with Zolfo and counsel re databases $ $ 1, /15/12 Bogorad, Leonard L-Litigation Consulting D&O Analysis 2.40 $ $ 1, /16/12 Bogorad, Leonard L-Litigation Consulting Meet with P Lynch and C Hewlett re D&O Anal 0.10 $ $ /17/12 Bogorad, Leonard L-Litigation Consulting Meet with P Lynch re D&O Analysis.9, D&O Analysis $ $ 2, /20/12 Bogorad, Leonard L-Litigation Consulting D&O Analysis 1.80 $ $ /21/12 Bogorad, Leonard L-Litigation Consulting Meet with P Lynch and J Burka re D&O Analys 0.90 $ $ /22/12 Bogorad, Leonard L-Litigation Consulting Meet with P Lynch and J Burka re D&O Analys 1.10 $ $ /23/12 Bogorad, Leonard L-Litigation Consulting D&O Analysis 6.50 $ $ 2, /27/12 Bogorad, Leonard L-Litigation Consulting Call with P Lynch re D&O Analysis 0.50 $ $ /30/12 Bogorad, Leonard L-Litigation Consulting D&O Analysis 2.00 $ $ /31/12 Bogorad, Leonard L-Litigation Consulting D&O Analysis 1.00 $ $ Page 1 of 2

21 Case JKO Doc 8902 Filed 11/01/12 Page 21 of 22 Case JKO TOUSA, INC., et al. RCLCO Time Detail May 1, 2012 through August 31, 2012 Date Professional Activity Description Hours Rate Fee Litigation Consulting Total $ 76, Grand Total $ 76, Page 2 of 2

22 Case JKO Doc 8902 Filed 11/01/12 Page 22 of 22 Case JKO TOUSA, INC., et al. RCLCO Time Detail May 1, 2012 through August 31, 2012 Date Professional Activity Description Hours Rate Fee 6/22/12 Hewlett, Charles L-Litigation Consulting Call with Adam H JHC 0.50 $ $ /22/12 Bogorad, Leonard L-Litigation Consulting Review documents re D&O case 3.2, call with A 4.30 $ $ 1, /25/12 Bogorad, Leonard L-Litigation Consulting Call with JH Cohn and Moelis re D&O case 0.90 $ $ /27/12 Hewlett, Charles L-Litigation Consulting Call with JHC 0.50 $ $ /27/12 Bogorad, Leonard L-Litigation Consulting Call with counsel 0.50 $ $ /28/12 Hewlett, Charles L-Litigation Consulting Conference call and work plan 2.00 $ $ /28/12 Bogorad, Leonard L-Litigation Consulting Preliminary investigation re D&O analysis 1.20 $ $ /29/12 Hewlett, Charles L-Litigation Consulting Metro Study Cost Data 1.00 $ $ /2/12 Dorsey, Darrel F-Fee/Emplyment Application Data Processing 1.00 $ $ /3/12 Hewlett, Charles L-Litigation Consulting Data availability 2.00 $ $ /30/12 Hewlett, Charles L-Litigation Consulting Data analysis 8.00 $ $ 3, /31/12 Bogorad, Leonard L-Litigation Consulting Data identification and analysis for D&O litigation 2.50 $ $ 1, /31/12 Hewlett, Charles L-Litigation Consulting Data source analysis 8.00 $ $ 3, /1/12 Bogorad, Leonard L-Litigation Consulting Committee calls 1.10 $ $ /1/12 Hewlett, Charles L-Litigation Consulting Data source analysis 4.00 $ $ 1, /2/12 Bogorad, Leonard L-Litigation Consulting D&O Analysis 4.10 $ $ 1, /2/12 Hewlett, Charles L-Litigation Consulting Data source analysis 4.00 $ $ 1, /6/12 Bogorad, Leonard L-Litigation Consulting D&O Analysis 8.80 $ $ 3, /8/12 Bogorad, Leonard L-Litigation Consulting D&O Analysis 7.20 $ $ 3, /9/12 Bogorad, Leonard L-Litigation Consulting Meet with P. Lynch re D&O Analysis 0.6,Call with C. Boyd.2,D&O Analysis $ $ 2, /9/12 Lynch, Patrick L-Litigation Consulting Discussion with LB regarding data sources 0.50 $ $ /13/12 Hewlett, Charles L-Litigation Consulting call with counsel 0.50 $ $ /14/12 Bogorad, Leonard L-Litigation Consulting Meet with C Hewlett and P Lynch re D&O Analysis.5, D&O Analysis 2, Call with Zolfo and counsel re databases $ $ 1, /14/12 Lynch, Patrick L-Litigation Consulting Discuss data needs and conference call to discuss database access 1.00 $ $ /15/12 Bogorad, Leonard L-Litigation Consulting D&O Analysis 2.40 $ $ 1, /16/12 Bogorad, Leonard L-Litigation Consulting Meet with P Lynch and C Hewlett re D&O Analys 0.10 $ $ /16/12 Lynch, Patrick L-Litigation Consulting Analysis for D&O litigation 4.25 $ $ /17/12 Bogorad, Leonard L-Litigation Consulting Meet with P Lynch re D&O Analysis.9, D&O Analysis $ $ 2, /17/12 Lynch, Patrick L-Litigation Consulting Research and analysis for D&O litigation 7.00 $ $ 1, /20/12 Bogorad, Leonard L-Litigation Consulting D&O Analysis 1.80 $ $ /20/12 Hewlett, Charles L-Litigation Consulting Property review and analysis 5.00 $ $ 2, /20/12 Lynch, Patrick L-Litigation Consulting Research and analyis for D&O litigation 7.25 $ $ 1, /21/12 Bogorad, Leonard L-Litigation Consulting Meet with P Lynch and J Burka re D&O Analysis 0.90 $ $ /21/12 Burka, Jennifer L-Litigation Consulting Research and analysis for D&O litigation 8.00 $ $ /21/12 Hewlett, Charles L-Litigation Consulting Property review and analysis 6.50 $ $ 2, /21/12 Lynch, Patrick L-Litigation Consulting Analysis for D&O litigation 6.25 $ $ 1, /22/12 Bogorad, Leonard L-Litigation Consulting Meet with P Lynch and J Burka re D&O Analysis 1.10 $ $ /22/12 Burka, Jennifer L-Litigation Consulting Research and analysis for D&O litigation 8.00 $ $ /22/12 Hewlett, Charles L-Litigation Consulting Property review and analysis 4.50 $ $ 2, /22/12 Lynch, Patrick L-Litigation Consulting Research and analysis for D&O litigation 8.50 $ $ 1, /23/12 Bogorad, Leonard L-Litigation Consulting D&O Analysis 6.50 $ $ 2, /23/12 Hewlett, Charles L-Litigation Consulting Property review and analysis 5.00 $ $ 2, /23/12 Lynch, Patrick L-Litigation Consulting Research and analysis for D&O litigation 8.50 $ $ 1, /24/12 Burka, Jennifer L-Litigation Consulting Research and analysis for D&O litigation 4.00 $ $ /24/12 Hewlett, Charles L-Litigation Consulting Property review and analysis 4.00 $ $ 1, /24/12 Lynch, Patrick L-Litigation Consulting Research and analysis for D&O litigation 7.75 $ $ 1, /27/12 Bogorad, Leonard L-Litigation Consulting Call with P Lynch re D&O Analysis 0.50 $ $ /27/12 Burka, Jennifer L-Litigation Consulting Research and analysis for D&O litigation 7.00 $ $ /27/12 Lynch, Patrick L-Litigation Consulting Research and analysis for D&O litigation 6.00 $ $ 1, /28/12 Burka, Jennifer L-Litigation Consulting Research and analysis for D&O litigation 8.00 $ $ /28/12 Lynch, Patrick L-Litigation Consulting Research and analysis for D&O litigation; Training session re: TOUSA databases in NY; travel from NY to DC 7.50 $ $ 1, /29/12 Burka, Jennifer L-Litigation Consulting Research and analysis for D&O litigation 6.00 $ $ /29/12 Hewlett, Charles L-Litigation Consulting status update 1.00 $ $ /29/12 Lynch, Patrick L-Litigation Consulting Research and analysis for D&O litigation 8.50 $ $ 1, /30/12 Bogorad, Leonard L-Litigation Consulting D&O Analysis 2.00 $ $ /30/12 Burka, Jennifer L-Litigation Consulting Research and analysis for D&O litigation 5.00 $ $ /30/12 Lynch, Patrick L-Litigation Consulting Research and analysis for D&O litigation 9.25 $ $ 1, /31/12 Bogorad, Leonard L-Litigation Consulting D&O Analysis 1.00 $ $ /31/12 Burka, Jennifer L-Litigation Consulting Research and analysis for D&O litigation 7.00 $ $ /31/12 Lynch, Patrick L-Litigation Consulting Research and analysis for D&O litigation 8.00 $ $ 1, $ 76, Page 1 of 1