scc Doc 816 Filed 09/21/18 Entered 09/21/18 11:04:39 Main Document Pg 1 of 23. : : Debtors. 1 :

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1 Pg 1 of 23 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK x In re: : : TOISA LIMITED, et al., : : Debtors. 1 : : x Chapter 11 Case No (SCC) (Jointly Administered) STATEMENT OF FEES AND OUT-OF-POCKET EXPENSES OF FOR THE PERIOD OF PJT Partners LP ( PJT ), investment banker to the above-captioned debtors and debtorsin-possession (collectively, the Debtors ), hereby submits its statement of fees and out-ofpocket expenses (the "Monthly Fee Statement") for the period of August 1, 2018 through August 31, 2018 (the Fifteenth Compensation Period ), in accordance with the Procedures Order (as hereinafter defined). In support of this Monthly Fee Statement, PJT states as follows: I. Background 1. On January 29, 2017 (the Petition Date ), each of the Debtors filed a voluntary petition for relief under chapter 11 of title 11 of the United States Code, 11 U.S.C. 101 et seq., as amended (the Bankruptcy Code ). The Debtors are operating their businesses and managing their properties as debtors-in-possession pursuant to 1107(a) and 1108 of the Bankruptcy Code. 2. On February 21, 2017, this Court entered the Order under Bankruptcy Code Sections 105(a) and 331 Establishing Procedures for Interim Compensation and Reimbursement 1 The Debtors are as follows: Trade Prosperity, Inc.; Toisa Limited; United Courage, Inc.; Trade Vision, Inc.; United Journey, Inc.; United Kalavryta, Inc.; Trade Sky, Inc.; Trade Industrial Development Corporation; United Honor, Inc.; Trade Will, Inc.; United Leadership Inc.; United Seas, Inc.; United Dynamic, Inc.; United Emblem, Inc.; United Ideal Inc.; Trade Unity, Inc.; Trade Quest, Inc.; Trade Spirit, Inc.; Trade Resource, Inc.; United Ambassador, Inc.; Edgewater Offshore Shipping, Ltd.; United Banner, Inc.; Toisa Horizon, Inc.; and Trade and Transport Inc.

2 Pg 2 of 23 of Expenses of Professionals [Docket No. 37] (the Procedures Order ) establishing procedures for interim compensation and reimbursement of expenses for professionals. 3. On April 21, 2017, the Debtors filed the Debtors Application for Entry of an Order Authorizing the Employment and Retention of PJT Partners LP as Investment Banker to the Debtors Nunc Pro Tunc to April 11, 2017 [Docket No. 117] (the Retention Application ), pursuant to which the Debtors sought authority to retain and employ PJT as its investment banker pursuant to the terms of an engagement agreement (the Engagement Agreement ) dated April 11, A copy of the Engagement Agreement was attached to the Retention Application. 4. On May 22, 2017, this Court entered the Interim Order Authorizing the Debtors to Retain and Employ PJT Partners LP as Investment Banker to the Debtors Nunc Pro Tunc to April 11, 2017 [Docket No. 175] (the Interim Retention Order ) approving on an interim basis the Retention Application and authorizing the retention and employment of PJT nunc pro tunc to April 11, 2017, pursuant to the terms of the Engagement Agreement. 5. On July 24, 2017, this Court entered the Final Order Authorizing the Debtors to Retain and Employ PJT Partners LP As Investment Banker to the Debtors Nunc Pro Tunc to April 11, 2017 [Docket No. 250] (the Final Retention Order ) approving the Retention Application and authorizing the retention and employment of PJT nunc pro tunc to April 11, 2017, pursuant to the terms of the Engagement Agreement. II. PJT s Request for Compensation and Reimbursement of Out-of-Pocket Expenses 6. For the Fifteenth Compensation Period, PJT (a) (i) earned a monthly fee in the amount of $150,000.00, and (ii) is entitled to the reimbursement of out-of-pocket expenses incurred in the amount of $6,219.21, and (b) in accordance with the Procedures Order, seeks payment in the amount of $126, (representing 80% of the total amount of PJT s earned 2

3 Pg 3 of 23 monthly fee, and 100% of the total amount of out-of-pocket expenses incurred by PJT during the Fifteenth Compensation Period). 7. An invoice detailing the monthly fee earned and out-of-pocket expenses incurred by PJT during the Fifteenth Compensation Period is attached hereto as Appendix A. A summary of the compensation earned and out-of-pocket expenses incurred during the Fifteenth Compensation Period is outlined below: Monthly Fee, Out-Of-Pocket Fifteenth Compensation Period Monthly Fee 20% Less Holdback Expenses Amount Due August 1 31, 2018 $150, ($30,000.00) $120, $6, $126, The amount of compensation and out-of-pocket expenses sought in this Monthly Fee Statement and PJT s compensation practices are consistent with market practices both in and out of a bankruptcy context. PJT has never billed its clients based on the number of hours expended by its professionals. Accordingly, PJT does not have hourly rates for its professionals and PJT's professionals generally do not maintain detailed time records of the work performed for its clients. PJT has, however, maintained contemporaneous time records in one-half hour increments. Time records with respect to the hours expended by PJT professionals in providing investment banking services to the Debtors during the Fifteenth Compensation Period are provided in Appendix B. 9. A summary of the total amount of hours expended by PJT professionals is provided below: 3

4 Pg 4 of 23 Hours Expended By Professional Professional Title Total Jamie O Connell Partner 20.5 Avram Robbins Managing Director 58.0 Leah Lakarosky Associate Meaghan Kelley Associate 66.5 Ari Kaissar Analyst 53.5 Nad Kilani Analyst 13.5 Total Hours III. Requested Relief 10. Pursuant to the Retention Order and the Procedures Order, with respect to: (a) PJT s monthly fee in the amount of $150,000.00, and (b) PJT s out-of-pocket expenses in the amount of $6,219.21, in each case earned or incurred during the Fifteenth Compensation Period, PJT hereby requests that the Debtors make the following payments to PJT: Monthly Fee $150, Less: 20% Holdback (30,000.00) Subtotal 120, Out-Of-Pocket Expenses 6, Total Amount Due $126,

5 Pg 5 of 23 Dated: September 20, 2018 By: /s/ John James O Connell III John James O Connell III Partner 280 Park Avenue New York, NY (212)

6 Pg 6 of 23 APPENDIX A

7 Pg 7 of 23 Jason Keyes Chief Financial Officer Toisa Limited 48th Floor New York, NY September 20, 2018 Monthly Fee for the period of August 1, 2018 through August 31, 2018: $ 150, Less: 20% (30,000.00) Out-of-pocket expenses processed through September 10, 2018: (1) Airfare $ 2, Ground Transportation Communications Meals Lodging 3, , Total Amount Due $ 126, Please wire transfer funds to: First Republic Bank 1230 Avenue of the Americas New York, NY ABA# Credit Account: PJT Partners LP Finance Dept. 16th Floor Account # Invoice No (1) Expenses incurred, but not yet processed due to timing differences will be billed at a later date. PJT Partners LP 280 Park Avenue New York, NY

8 Pg 8 of 23 Toisa Limited Summary of Expenses GL Detail Total Aug-18 Expenses Airfare $ 2, $ 2, Ground Transportation Communications Employee Meals Lodging 3, , Total $ 6, $ 6, Airfare $ 2, Ground Transportation Communications Meals Lodging 3, Total Expenses $ 6,219.21

9 Pg 9 of 23 Airfare Lakarosky (travel agency exchange fee for flight to Newark, NJ from London, UK on 07/19/18) 07/13/ Lakarosky (one-way business class flight to Newark, NJ from London, UK) 07/19/18 2, Subtotal - Airfare $ 2, Ground Transportation Lakarosky (taxi to hotel from client meeting in Farnham, UK) 07/10/ Lakarosky (taxi to hotel from train station in Farnham, UK) 07/16/ Lakarosky (taxi to client meeting from hotel in Farnham, UK) 07/17/ Subtotal - Ground Transportation Communications Lakarosky (mobile broadband access for client related work while in London, UK) 04/17/18-04/22/ Lakarosky (mobile broadband access for client related work while in London, UK) 06/05/18-06/09/ Lakarosky (mobile broadband access for client related work while in London, UK) 07/10/18-07/19/ Lakarosky (wi-fi access while traveling) 07/19/ Lakarosky (wi-fi access while traveling) 08/20/ Subtotal - Communications Employee Meals Toisa Limited Detail of Expenses Processed Through September 7, 2018 Invoice No Kelly (weeknight working dinner office while working late) 07/31/ Kilani (weeknight working dinner office while working late) 06/11/ Kilani (weeknight working dinner office while working late) 06/13/ Kilani (weeknight working dinner office while working late) 06/14/ Kilani (weeknight working dinner office while working late) 06/25/ Kilani (weeknight working dinner office while working late) 06/26/ Kilani (weeknight working dinner office while working late) 06/27/ Kilani (weeknight working dinner office while working late) 06/28/ Kilani (weeknight working dinner office while working late) 06/29/ Lakarosky (working breakfast meal while in Farnham, UK) 07/11/ Lakarosky (working dinner hotel in Farnham, UK) 07/16/ Lakarosky (working dinner hotel in Farnham, UK) 07/17/ Lakarosky (working dinner hotel in Farnham, UK) 07/18/ Subtotal - Employee Meals Lodging Lakarosky (2 day hotel stay in Farnborough, UK) 07/10/18-07/12/ Lakarosky (1 day hotel stay in London, UK) 07/12/18-07/13/ Lakarosky (1 day hotel stay in London, UK) 07/13/18-07/14/ Lakarosky (2 day hotel stay in London, UK) 07/14/18-07/16/ Lakarosky (3 day hotel stay in Farnham, UK) 07/16/18-07/19/ Subtotal - Lodging 3, Total Expenses $ 6, Page 3 of 3

10 Pg 10 of 23 APPENDIX B

11 Pg 11 of 23 SUMMARY OF HOURS FOR THE PERIOD OF Professional Title Hours Jamie O'Connell Partner 20.5 Avram Robbins Managing Director 58.0 Leah Lakarosky Associate Meaghan Kelly Summer Associate 66.5 Ari Kaissar Analyst 53.5 Nad Kilani Summer Analyst 13.5 Total 312.5

12 Pg 12 of 23 Jamie O'Connell 08/01/ Internal update on strategic bids Jamie O'Connell 08/01/ Internal update re strategic bids Jamie O'Connell 08/03/ Call with AMA Jamie O'Connell 08/03/ Review of board materials Jamie O'Connell 08/04/ Internal update re strategic bids Jamie O'Connell 08/06/ Internal update re board meeting Jamie O'Connell 08/06/ Correspondences regarding various matters Jamie O'Connell 08/06/ Prep for board meeting / review of offshore proposals Jamie O'Connell 08/07/ Board meeting (telephonic - left before finish) Jamie O'Connell 08/07/ Internal update on lender discussion materials Jamie O'Connell 08/08/ Discussion with lenders on offshore process update Jamie O'Connell 08/08/ Internal update re strategic bids Jamie O'Connell 08/08/ Call with counsel and comment on offshore process materials Jamie O'Connell 08/09/ Correspondences regarding various matters Jamie O'Connell 08/09/ Internal meeting regarding offshore matter Jamie O'Connell 08/10/ Call with offshore bidder Jamie O'Connell 08/10/ Internal update re bidder Jamie O'Connell 08/12/ Correspondences regarding various matters Jamie O'Connell 08/13/ Review and comment on offshore letter Jamie O'Connell 08/13/ Correspondences regarding various matters Jamie O'Connell 08/13/ Advisor update call Jamie O'Connell 08/14/ Call with prospective buyer Jamie O'Connell 08/14/ Call with potental legal counsel Jamie O'Connell 08/14/ Preparation of materials for counsel about lender group Jamie O'Connell 08/15/ correspondence Jamie O'Connell 08/14/ Call with special maritime counsel Jamie O'Connell 08/15/ correspondence regarding offshore process Jamie O'Connell 08/15/ Conference call with lenders and lender advisors regarding offshore process Jamie O'Connell 08/16/ Meeting with A. Robbins regarding various case matters Jamie O'Connell 08/28/ Conference call with Zolfo and internal follow-up discussion Jamie O'Connell 08/28/ Meeting with L. Lakaorsky regarding offshore process and creditor request Jamie O'Connell 08/29/ Correspondences regarding various matters Jamie O'Connell 08/29/ Conference call with counsel and lender advisors regarding recovery analyses 20.5 Page 2 of 13

13 Pg 13 of 23 Avi Robbins 08/01/ Discussion of strategic bids w / SSL / ZC Avi Robbins 08/01/ Update call with strategic re: bid Avi Robbins 08/02/ Internal Discussion on board materials Avi Robbins 08/01/ Internal update re strategic bids Avi Robbins 08/01/ correspondence Avi Robbins 08/01/ Review of strategic bids Avi Robbins 08/01/ Preparation of summary of strategic bids Avi Robbins 08/02/ Preparation of summary of strategic bids Avi Robbins 08/02/ correspondence Avi Robbins 08/02/ Prep of board materials Avi Robbins 08/03/ correspondence Avi Robbins 08/03/ Prep of board materials Avi Robbins 08/03/ Review of board materials Avi Robbins 08/03/ Internal meeting re strategic bids Avi Robbins 08/03/ Review of forecasted cash balances Avi Robbins 08/04/ correspondence Avi Robbins 08/04/ Review of board materials Avi Robbins 08/04/ Internal update re strategic bids Avi Robbins 08/05/ Internal update re strategic bids Avi Robbins 08/05/ correspondence Avi Robbins 08/05/ Review of board materials Avi Robbins 08/06/ Internal update re board meeting Avi Robbins 08/06/ Prep for board meeting Avi Robbins 08/06/ correspondence Avi Robbins 08/03/ Call with AMA re strategic bids Avi Robbins 08/06/ Update call with AMA re strategic bids Avi Robbins 08/07/ Board meeting Avi Robbins 08/07/ Update call with lender re: strategic bids Avi Robbins 08/07/ Internal update on lender discussion materials Avi Robbins 08/07/ Prep for board meeting Avi Robbins 08/07/ correspondence Avi Robbins 08/07/ Review of materials for lender call Avi Robbins 08/08/ Discussion with lenders on offshore process update Avi Robbins 08/08/ Call with management regarding strategic bids Avi Robbins 08/08/ Update call with AMA Avi Robbins 08/08/ correspondence Page 3 of 13

14 Pg 14 of 23 Avi Robbins 08/07/ Internal discussion re lender materials Avi Robbins 08/08/ Internal update re strategic bids Avi Robbins 08/09/ Internal meeting regarding offshore matter Avi Robbins 08/09/ Internal discussion regarding offhsore pathways Avi Robbins 08/10/ Prep for call with bidder Avi Robbins 08/10/ Call with offshore bidder Avi Robbins 08/10/ Call with management Avi Robbins 08/10/ Call with Zolfo Cooper Avi Robbins 08/10/ correspondence Avi Robbins 08/10/ Internal update re bidder Avi Robbins 08/11/ correspondence Avi Robbins 08/12/ correspondence Avi Robbins 08/12/ Update call with ZC Avi Robbins 08/13/ Prep of materials for strategic bidders Avi Robbins 08/13/ correspondence Avi Robbins 08/13/ Internal update re strategic bidders Avi Robbins 08/13/ Advisor update call Avi Robbins 08/13/ Discussion of strategic bid with lender Avi Robbins 08/14/ Call with prospective advisor Avi Robbins 08/15/ correspondence Avi Robbins 08/16/ Meeting with J. O'Connell regarding various case matters Avi Robbins 08/16/ correspondence Avi Robbins 08/16/ Review of materails from AMA regarding settlement Avi Robbins 08/15/ Call with lender group Avi Robbins 08/15/ Update call with counsel to lender Avi Robbins 08/17/ correspondence Avi Robbins 08/18/ correspondence Avi Robbins 08/19/ correspondence Avi Robbins 08/20/ correspondence Avi Robbins 08/20/ Internal update call re strategic bidders Avi Robbins 08/21/ Call with counsel regarding various pleadings Avi Robbins 08/21/ correspondence Avi Robbins 08/21/ Internal catch up regarding various matters Avi Robbins 08/22/ Call with Company regarding various liabilities Avi Robbins 08/22/ Call with counsel regarding strategic transaction Avi Robbins 08/22/ correspondence Page 4 of 13

15 Pg 15 of 23 Avi Robbins 08/23/ Call with AMA regarding strategic sale Avi Robbins 08/23/ Review of cash allocations Avi Robbins 08/23/ Strategic process update with ZC Avi Robbins 08/27/ correspondence Avi Robbins 08/01/ correspondence Avi Robbins 08/28/ Conference call with Zolfo and internal follow-up discussion Avi Robbins 08/29/ Call with strategic buyer Avi Robbins 08/29/ Conference call with counsel and lender advisors regarding recovery analyses Avi Robbins 08/29/ with strategic buyer Avi Robbins 08/29/ Update call with AMA Avi Robbins 08/29/ correspondence Avi Robbins 08/30/ Call with company advisors regarding various matters 58.0 Page 5 of 13

16 Pg 16 of 23 Leah Lakarosky 08/01/ Discussion of strategic bids w / SSL / ZC Leah Lakarosky 08/01/ Update call with strategic re: bid Leah Lakarosky 08/01/ Internal update on strategic bids Leah Lakarosky 08/01/ Preparation/review of board materials and analysis Leah Lakarosky 08/01/ correspondence Leah Lakarosky 08/02/ Internal Discussion on board materials Leah Lakarosky 08/02/ Preparation/review of board materials and analysis Leah Lakarosky 08/02/ correspondence Leah Lakarosky 08/03/ Internal meeting re strategic bids Leah Lakarosky 08/03/ Call with AMA Leah Lakarosky 08/03/ Call with lender Leah Lakarosky 08/03/ Preparation/review of board materials and analysis Leah Lakarosky 08/03/ correspondence Leah Lakarosky 08/04/ Call with ZC re: cash forecast Leah Lakarosky 08/04/ Preparation/review of board materials and analysis Leah Lakarosky 08/04/ Internal update re strategic bids Leah Lakarosky 08/04/ correspondence Leah Lakarosky 08/05/ Internal update re strategic bids Leah Lakarosky 08/05/ Preparation/review of board materials and analysis Leah Lakarosky 08/05/ correspondence Leah Lakarosky 08/06/ Internal catch up Leah Lakarosky 08/06/ correspondence Leah Lakarosky 08/06/ Preparation/review of lender update materials Leah Lakarosky 08/07/ Prep for board meeting Leah Lakarosky 08/07/ Board meeting Leah Lakarosky 08/07/ Update call with lender re: strategic bids Leah Lakarosky 08/07/ Preparation/review of lender update materials Leah Lakarosky 08/07/ correspondence Leah Lakarosky 08/08/ Discussion with lenders on offshore process update Leah Lakarosky 08/08/ Call with management regarding strategic bids Leah Lakarosky 08/08/ correspondence Leah Lakarosky 08/09/ correspondence Leah Lakarosky 08/10/ correspondence Leah Lakarosky 08/12/ Review of oceangoing bid analysis Leah Lakarosky 08/12/ correspondence Leah Lakarosky 08/15/ correspondence Page 6 of 13

17 Pg 17 of 23 Leah Lakarosky 08/19/ correspondence Leah Lakarosky 08/20/ Internal update call re strategic bidders Leah Lakarosky 08/20/ correspondence Leah Lakarosky 08/21/ Call with UCC counsel Leah Lakarosky 08/21/ Call with counsel regarding various pleadings Leah Lakarosky 08/21/ Internal catch up regarding various matters Leah Lakarosky 08/21/ Call with strategic buyer Leah Lakarosky 08/21/ Call with AMA re: analysis Leah Lakarosky 08/21/ Sensitivity analysis for UCC advisors Leah Lakarosky 08/21/ correspondence Leah Lakarosky 08/21/ Recovery detail analysis materials for AMA Leah Lakarosky 08/22/ Call with Company regarding various liabilities Leah Lakarosky 08/22/ Call with counsel regarding strategic transaction Leah Lakarosky 08/22/ Updated pension analysis Leah Lakarosky 08/22/ correspondence Leah Lakarosky 08/23/ Call with SSL team re: Brazil Leah Lakarosky 08/23/ Call with AMA regarding strategic sale Leah Lakarosky 08/23/ Strategic process update with ZC Leah Lakarosky 08/23/ Updated recovery detail analysis Leah Lakarosky 08/23/ Review of Brazil diligence Leah Lakarosky 08/23/ correspondence Leah Lakarosky 08/24/ Updated recovery detail analysis Leah Lakarosky 08/24/ correspondence Leah Lakarosky 08/26/ correspondence Leah Lakarosky 08/27/ correspondence Leah Lakarosky 08/28/ Conference call with Zolfo and internal follow-up discussion Leah Lakarosky 08/28/ Meeting with J. O'Connell regarding offshore process and creditor request Leah Lakarosky 08/28/ Preparation/review of updated cash allocation materials/modeling Leah Lakarosky 08/28/ correspondence Leah Lakarosky 08/29/ Conference call with counsel and lender advisors regarding recovery analyses Leah Lakarosky 08/29/ Call with strategic buyer Leah Lakarosky 08/29/ Update call with AMA Leah Lakarosky 08/29/ Preparation/review of updated cash allocation materials/modeling Leah Lakarosky 08/29/ correspondence Leah Lakarosky 08/30/ Call with company advisors regarding various matters Leah Lakarosky 08/30/ Review of strategic buyer materials Page 7 of 13

18 Pg 18 of 23 Leah Lakarosky 08/30/ Preparation of strategic sale discussion materials Leah Lakarosky 08/30/ correspondence Leah Lakarosky 08/31/ correspondence Page 8 of 13

19 Pg 19 of 23 Meaghan Kelly 08/01/ Discussion of strategic bids w / SSL / ZC Meaghan Kelly 08/01/ Update call with strategic re: bid Meaghan Kelly 08/01/ Internal update on strategic bids Meaghan Kelly 08/01/ Preparation of board materials Meaghan Kelly 08/01/ Cash Allocation analysis Meaghan Kelly 08/02/ Preparation of board materials Meaghan Kelly 08/02/ Internal Discussion on board materials Meaghan Kelly 08/02/ correspondence Meaghan Kelly 08/03/ Call with AMA Meaghan Kelly 08/03/ Call with lender Meaghan Kelly 08/03/ Preparation of board materials Meaghan Kelly 08/04/ Preparation of board materials Meaghan Kelly 08/05/ Preparation of board materials Meaghan Kelly 08/06/ Preparation of board materials Meaghan Kelly 08/06/ correspondence Meaghan Kelly 08/06/ Reviewing / updating cash and claims analysis Meaghan Kelly 08/06/ Creating materials for lenders on strategic bids Meaghan Kelly 08/06/ Internal discussion Meaghan Kelly 08/07/ Board meeting Meaghan Kelly 08/07/ Update call with lender re: strategic bids Meaghan Kelly 08/07/ Preparing lender discussion materials Meaghan Kelly 08/07/ correspondence with debtor advisor group Meaghan Kelly 08/07/ Internal update on lender discussion materials Meaghan Kelly 08/07/ correspondence with AMA Meaghan Kelly 08/08/ Discussion with lenders on offshore process update Meaghan Kelly 08/08/ Call with management regarding strategic bids Meaghan Kelly 08/08/ Draft responses to strategic on process update Meaghan Kelly 08/08/ correspondence Meaghan Kelly 08/07/ Internal discussion re lender materials Meaghan Kelly 08/08/ Responding to lender information requests Meaghan Kelly 08/08/ Internal update re strategic bids Meaghan Kelly 08/09/ Preparing cash analysis for lenders Meaghan Kelly 08/09/ correspondence Meaghan Kelly 08/09/ Update call with Clarksons Meaghan Kelly 08/09/ Internal meeting regarding offshore matter Meaghan Kelly 08/09/ Discussion with ZC regarding cash analysis Page 9 of 13

20 Pg 20 of 23 Meaghan Kelly 08/09/ Analyzing strategic bid Meaghan Kelly 08/09/ Internal discussion regarding offhsore pathways Meaghan Kelly 08/10/ Analyzing cash bridge Meaghan Kelly 08/10/ Correspondence Meaghan Kelly 08/10/ Call with offshore bidder Meaghan Kelly 08/10/ Analysis of open items Meaghan Kelly 08/11/ Cash allocation analysis Meaghan Kelly 08/11/ Correspondence Meaghan Kelly 08/12/ Correspondence Meaghan Kelly 08/13/ Strategic process letter Meaghan Kelly 08/13/ Diligence Meaghan Kelly 08/13/ Correspondence Meaghan Kelly 08/13/ Advisor update call Meaghan Kelly 08/13/ Discussion of strategic bid with lender Meaghan Kelly 08/14/ Call with prospective advisor Meaghan Kelly 08/14/ Preparing lender overviews 66.5 Page 10 of 13

21 Pg 21 of 23 Ari Kaissar 08/06/ Updating the model and general diligence Ari Kaissar 08/06/ Internal catch up Ari Kaissar 08/07/ Board meeting Ari Kaissar 08/07/ Update call with lender re: strategic bids Ari Kaissar 08/08/ Discussion with lenders on offshore process update Ari Kaissar 08/08/ Call with management regarding strategic bids Ari Kaissar 08/08/ Preparing materials for response to lenders Ari Kaissar 08/08/ Model adjustments and general diligence Ari Kaissar 08/09/ Update call with Clarksons Ari Kaissar 08/09/ Internal discussion regarding offshore pathways Ari Kaissar 08/09/ Analyzing strategic bid Ari Kaissar 08/09/ Internal preparation for discussions with management Ari Kaissar 08/09/ Updating model for new scenarios Ari Kaissar 08/10/ Analysis of cash forecasts Ari Kaissar 08/10/ Call with offshore bidder Ari Kaissar 08/10/ Call with Zolfo Cooper Ari Kaissar 08/13/ Advisor update call Ari Kaissar 08/13/ Model adjustments Ari Kaissar 08/13/ Preparing materials for correspondance Ari Kaissar 08/13/ Discussion of strategic bid with lender Ari Kaissar 08/14/ Call with prospective advisor Ari Kaissar 08/14/ Preparing lender overviews Ari Kaissar 08/15/ Analysis of diminution claims Ari Kaissar 08/16/ Data Room Updating Ari Kaissar 08/16/ Correspondance Ari Kaissar 08/20/ Correspondance Ari Kaissar 08/21/ UCC Call Ari Kaissar 08/21/ Internal Catch Up Ari Kaissar 08/21/ Call with counsel regarding various pleadings Ari Kaissar 08/21/ correspondence Ari Kaissar 08/21/ Data Room Updating Ari Kaissar 08/21/ Review of various pleadings Ari Kaissar 08/22/ Call with Company regarding various liabilities Ari Kaissar 08/22/ Call with counsel regarding strategic transaction Ari Kaissar 08/22/ correspondence Ari Kaissar 08/22/ Call with AMA regarding strategic sale Page 11 of 13

22 Pg 22 of 23 Ari Kaissar 08/22/ Strategic process update with ZC Ari Kaissar 08/23/ correspondence Ari Kaissar 08/23/ Update call with ZC Ari Kaissar 08/23/ Review of cash allocations Ari Kaissar 08/24/ Updating model Ari Kaissar 08/24/ correspondence Ari Kaissar 08/28/ Conference call with Zolfo and internal follow-up discussion Ari Kaissar 08/29/ Conference call with counsel and lender advisors regarding recovery analyses Ari Kaissar 08/30/ Cash allocation materials/modeling Ari Kaissar 08/30/ Strategic sale materials/modeling 53.5 Page 12 of 13

23 Pg 23 of 23 Nad Kilani 08/01/ Preparation of materials for 6 Aug board meeting Nad Kilani 08/01/ Discussion of strategic bids w / SSL / ZC Nad Kilani 08/01/ Update call with strategic re: bid Nad Kilani 08/02/ Internal Discussion on board materials Nad Kilani 08/02/ Preparation of materials for 6 Aug board meeting Nad Kilani 08/03/ Call with AMA Nad Kilani 08/03/ Call with lender Nad Kilani 08/04/ Preparation of materials for 6 Aug board meeting Nad Kilani 08/05/ Preparation of materials for 6 Aug board meeting Nad Kilani 08/06/ Internal catch up Nad Kilani 08/07/ Board meeting Nad Kilani 08/07/ Update call with lender re: strategic bids Nad Kilani 08/08/ Internal update re strategic bids Nad Kilani 08/08/ Discussion with lenders on offshore process update Nad Kilani 08/08/ Call with management regarding strategic bids Nad Kilani 08/08/ Preparing materials for response to lenders Nad Kilani 08/09/ Update call with Clarksons Nad Kilani 08/09/ Internal discussion regarding offhsore pathways 13.5 Page 13 of 13