case 11-35865-bjh11 doc 413-2 filed 01/13/12 entered 01/13 ...11/1/2011 holley, joshua 1.0 11/1/2011...

Case 11-35865-bjh11 Doc 413-2 Filed 01/13/12 Entered 01/13/12 18:54:06 Desc Exhibit B of 123

Date Employee Hours

11/1/2011 Henderson, George 3.2









20.3

Date Employee Hours

11/1/2011 Dishnica, Rick 0.4




1.3

Date Employee Hours

11/1/2011 Dakan, Farley 0.6






11/1/2011 Holley, Joshua 1.0



11/1/2011 Rakunas, Ronald 0.8

Comment: -Correspondence regarding RE Loans investor lists

Comment: -updated budget

Sub Total:

Activity: Asset Analysis and Recovery

Comment: Woodbridge e-mails with borrower and discussion re response

Comment: Woodbridge e-mails with borrower

Comment: Call with Ron re: Lakeview and other loan sales.

Comment: Carlton updates

Sub Total:

Activity: Asset Disposition

Comment: call with colleagues regarding Santa Ysabel contracts

Comment: review and comment on JC Reeves contract

Comment: Pend Orielle call with attorney re: background of litigation and loan origination.

Comment: Santa Ysabel e-mails: sale of lot 26 and California DRE filing requirement for bankruptcy

Comment: -Correspondence with Perdido broker regarding potential offer

Comment: -Correspondence with Portola Borrower reagarding forbearance agreemetn

Comment: Review amended Lot 68 offer from Corliss and provide to Ausland with instructions to return.

Project Time Detail by ActivityProject: RE Loans

Project: RE Loans

Activity: Accounting / Auditing

Comment: -updated and modified budgets

Comment: -Updated and modified budgets

Comment: -variance reporting updates

Comment: -Correspondence regarding the reporting package for Wells Fargo

Comment: -Correspondence regarding the variance report and budget

Comment: -Correspondence with Kathleen Haley on Financials

Comment: - Cash-in discussion and document creation

Comment: Review amended Lot 26 offer on Ysabel.

Comment: Call with asset mangers re offers on Ysabel and disposition strategy.

Comment: Perdido sale document review and discussion.

Page 2





11/1/2011 Weissenborn, Jim 0.3

























Comment: Aquaterra sale document review and discussion.

Comment: AABW LOTT sale document review and discussion.

Comment: JC Reeves sale document review and discussion.

Comment: Review of "Noble" amended complaint

Comment: Discuss various Canyon Club issues with colleagues

Comment: review/execute Santa Ysabel lot contract

Comment: review/execute documents for sale of JC Reeves lot

Comment: respond to request by potential purchaser on process for acquiring notes/reo

Comment: Pend Orielle due diligence calls, analysis and preparation for site visit including foreclosure process in

Idaho

Comment: -Correspondece with Woodbridge borrower regarding forbearance agreement

Comment: Correspondence with Ron R re two potential new offers on Sherwood View.

Comment: Correspondence with Chelsea Ausland re new Reeves offers from Edeleman and pending offers.

Comment: Organize offers and final correspondence to asset manager requesting final signatures on Lot 4

(Ysabel) and Lot 68 (Sherwood)

Comment: Pend Orielle sale document review and discussion.



Comment: Lakeview sale document review and discussion.

Comment: Call with colleagues regarding VST questions regarding DebtX and Land Advisors

Comment: Review of Vantage Lofts settlement agreement

Comment: meeting with walton international on portfolio sales

Comment: call with counsel regarding debtx/land advisors motions for employment

Comment: status call with counsel on las colinas transaction

Comment: call with colleagues regarding lot sales contracts and disposition timing

Comment: Pend Orielle call with attorneys re: judicial foreclosure and outstanding lawsuits.

Comment: -Correspondece regarding Santa Ysabel and JC Reeves contracts

Comment: Correspondence with counsel re Santa Ysabel and JC Reeves contracts and strategy for timing

closings.

Comment: Finalize JC Reeves and Ysabel contracts with signatures.

Page 3






















Comment: Discuss with colleagues various Northlight due diligence issues

Comment: Discussions with asset manager and respond to Corliss re curent JC Reeves contract.

Comment: call with counsel regarding las colinas order

Comment: review/discuss offer for Solaris lot



Comment: Discuss with colleagues various Adams Canyon issues

Comment: Review of Vantage Lofts declaration

Comment: review disposition pipeline and pending transaction status

Comment: Pend Orielle legal review call and e-mails

Comment: Santa Ysabel lot sales e-mails

Comment: -Correspondence with Harmony and Solaris Brokers regarding potential sale

Comment: Correspondence with Jeff Feeney & Adam Green re status of listing.

Comment: Review and mark-up JC Reeves contracts provided by Corliss.

Comment: Correspondence with Ausland re JC Reeves contracts.

Comment: Correspondence with Corliss re Reeves contracts.

Comment: Correspondence with asset managers re Reeves contracts.

Comment: Weyrich Santa Ysabel sale document review and discussion.


Page 4



























Comment: Correspondence with Vickie Mullins re Lot 4 final signed paperwork.

Comment: Follow up w/Don Corliss re JC Reeves contracts.

Comment: AABW LOTT sale PSA document review and discussion.

Comment: JC Reeves sales document review and discussion.

Comment: Quincy sale document review and discussion.

Comment: Call with colleagues regarding lot sale motion

Comment: Review of Howard Street transfer documents and discuss with colleagues

Comment: Call with colleagues regarding Committee questions regarding asset sale contracts

Comment: call with counsel regarding las colinas transaction

Comment: review checklist and documents provided by counsel for las colinas settlement/disposition

Comment: Response to Ralph Slateger contract termination. Discuss Pend Orielle contract termination with

colleagues.

Comment: -Correspondence with brokers on Solaris Parcel -Conference call regarding asset sale process

Comment: Correspondence with asset mangers re finalizing Lot 4 Ysabel transaction.

Comment: Correspondence with Chelsea Ausland re amended offers on Hedges Park.

Comment: AABW-LOTT PSA document review and discussion.

Comment: Solaris sale document review and discussion.

Comment: AABW - LOTT sale PSA document review and discussion.

Comment: JC Reeves PSA document review and update.

Comment: Call with colleagues regarding various Las Colinas issues

Comment: Review of revised Vantage Lofts declaraiton and settlement motion

Comment: review/execute contracts for santa ysabel lots

Comment: conf call with counsel on las colinas transaction

Comment: Site visit with Ralph, Mike and Rick to Idaho Club and Trestle Creek properties, collateral for Pend

Oreille loan. Returned to office and reviewed collateral details and issues related to note purchase.

Comment: -correspondence regarding Solaris parcel

Comment: Travel to Sand Point Idaho for Pend Orielle. Prepared for meeting on plane. Meeting at office and

dinner with Ralph Slateger, Richard Seefried and Michael Lavigne to discuss their purchase of RE Loans

promissory note.

Page 5














11/10/2011 Dakan, Farley 0.2

11/10/2011 Dakan, Farley 0.9




Comment: Call with colleague re: Bill McComsey, broker inquiry for 6 properties. Discuss Portola, Circle H and

Cottonwood with colleagues. Asset Management general discussion with colleagues.

Comment: Call with Vickie re: Santa Ysabel

Comment: -correspondence with Solaris brokers on potential offer.

Comment: Call with counsel re LakeView, Reeves and Ysabel motion to sale individual lots and standard invoice /

foreclosure discussions.

Comment: Correspondence with Ralph (buyer) re contract on Pend Oreille.




Comment: Multiple calls with Chelsea Ausland re pending offers, threats from Jerry Reeves, and bk sales process.

Comment: Call with Vickie Mullins re DRE process, pending contracts and BK sales process.

Comment: Moses Point sale document review and discussion.

Comment: Review of Vantage Lofts final stipulation

Comment: review final lot release price schedule

Comment: asset status update with colleagues

Comment: Meeting with David and Connie Wade re: Portola @ Woodbridge.

Comment: Response to Ralph Slateger re: Pend Orielle contract termination.

Comment: -correspondence with Perdido broker on potential offer

Page 6










11/11/2011 Dakan, Farley 0.4

11/11/2011 Dakan, Farley 0.7













11/14/2011 Dakan, Farley 0.8

Comment: Review updated JC Reeves contracts (Monet's and Hedges) and provide comments to Corliss.

Comment: Provide 363 background info and foreclosure documentation to Ausland to support disposition of lots.

Comment: JC Reeves: Correspondence with Ausland and counsel re new offer on Hedges Park and implications to

current contract. Call with Chelsea Ausland re new offers on Brush, Sherwood, Tanner



Comment: AABW Brewhouse buyer document review and discussion.

Comment: Call with Committee advisors regarding asset sale contract questions

Comment: Review of MF08 asset transfer documents and discuss with colleagues

Comment: call with counsel on pending transactions

Comment: review initial draft of LOTT motion/declaration for sale

Comment: -Correspondence regarding Solaris LOI

Comment: Provide Unit 107 contract to Greg Jones to support motion to release lien on LakeView.

Comment: Multiple calls and correspondence with Chelsea Ausland re updated contracts and agreements on JC

Reeves.

Comment: Correspondence with counsel re Monet's Garden contract.

Comment: Correspondence with asset managers re communication with Alice Ford re DRE process and BK

impact on Ysabel.

Comment: AABW LOTT document review and discussion.



Comment: Review and discussion of Vantage Lofts pleadings

Comment: Call with colleagues regarding issues with asset sale contracts

Comment: -Correspondence regarding Vaught PSA

Comment: Review of draft LOTT sales motion and discussion with colleagues

Comment: call with colleagues on disposition pipeline

Page 7


11/14/2011 Dakan, Farley 0.8

11/14/2011 Dakan, Farley 0.2










11/15/2011 Dakan, Farley 0.7

11/15/2011 Dakan, Farley 0.9










11/16/2011 Dakan, Farley 0.4

11/16/2011 Dakan, Farley 0.7

Comment: AABW LOTT sale PSA document review and discussions.


Comment: Georgetown sale document review and discussion.

Comment: Review of Lakeview, JC Reeves and Santa Ysabel sales motions

Comment: Call regarding Northlight and SEI document production issues

Comment: review disposition/cash in detail, discuss with colleagues

Comment: review/execute LOTT PSA

Comment: -correspondence with Woodbridge borrower

Comment: Multiple calls and email correspondence with Chelsea Ausland and Don Corliss re changes to Hedges

Park contract.

Comment: Internal correspondence and discussions re DRE approval at Ysabel and procedures to sell assets.

Inquire with counsel.

Comment: Call with interested party on status of Jacks Ranch.



Comment: Review of MF08 filings

Comment: review santa ysabel lot release prices and call with colleagues, review of comparable data

Comment: review quincy LOI, execute, discuss with colleagues

Comment: FTI call re: Vantage, Lakeview and Santa Ysabel.

Comment: Santa Ysabel e-mail.

Comment: -correspondence contract revisions regarding the Solaris PSA

Comment: Santa Ysabel: Review correspondence from Vickie Mullins. Internal correspondence re Ysabel DRE

approval and process. Review emails and respond to counsel re request from David Long re ownership on Ysabel -

subsequent call to Alice Ford and David Long.

Comment: review counter from buyer on Solaris lot and discuss with colleagues

Comment: call with counsel on Las Colinas disposition

Comment: Pend Orielle termination letter review and comment. Administration. Krause e-mail.

Comment: -correspondence regarding Solaris LOI

Page 8











11/17/2011 Dakan, Farley 0.4

11/17/2011 Dakan, Farley 0.5








11/18/2011 Dakan, Farley 0.7









Comment: -Correspondence and PSA review for Solaris

Comment: Correspondence with counsel re LakeView release prices for model units and remaining collateral.

Comment: JC Reeves: Review multiple Ausland emails / comments and follow up with Don Corliss re Hedges Park

PSA. Review amended contract and comments from D Corliss on Hedges Park contract.

Comment: Review Quincy LOI and CA and execute and return to Ron R.

Comment: Review LOTT contract. Farley execute and return to Ron.



Comment: Solaris sale PSA document review and discussion.

Comment: review disposition pipeline and previously received proceeds with counsel, committee professionals

Comment: Discuss BK administration and process with collegues

Comment: Call with Ralph Slateger re: Pend Orielle contract termination follow-up.

Comment: -Correspondence regarding Solaris purchase

Comment: Discuss various Las Colinas closing issues with colleagues

Comment: call with counsel on las colinas transaction

Comment: Review Hedges Park contract and call with internal counsel.



Comment: Review of proposed changes to Lund Advisors and DebtX motions

Comment: review/discuss blackline of LOTT motion

Comment: Calls with colleagues re: Pecos Creek water damage

Comment: e-mail review re: Vantage BK

Comment: -correspondence with Vaught purchaser on property tax issue -correspondence with Solaris brokers

regarding PSA negotiation

Comment: JC Reeves: Multiple calls with counsel to finalize drafts of Hedges Park and Monet's Garden contract.

Focus on CC&R issues and type of deed. Calls and emails with Ausland to coordinate finalizing Hedges Park and

Monet's Garden. Review Ausland emails on additional offers.

Comment: Asset Contracts: Reduce file size and provide ABW contract and escrow receipt to Tami and Steve

Hammond. Review correspondence from asset managers and corp counsel re Quincy PSA.


Comment: Quincy sale PSA document review and discussion.

Page 9


11/20/2011 Dakan, Farley 0.3


11/21/2011 Dakan, Farley 0.4

11/21/2011 Dakan, Farley 1.5















Comment: review WFCF counsel's comments on LOTT motion

Comment: Review of comments to Sale Motion

Comment: review declaration for LOTT sale

Comment: review memo, PSA, appraisal in support of Vaught transaction

Comment: Calls and e-mails re: Vantage church lease issue.

Comment: call with colleague re: Vaught contract BK approval

Comment: -preparation, email correspondence and phone call with the Vaught tract buyer regarding the PSA

Comment: -correspondence regarding the Solaris PSA

Comment: Georgetown: review and respond to S Bucklin re interest in Georgetown.

Comment: JC Reeves: email correspondence with Ausland re Hedges Park and Monet's Garden. Additional

correspondence on other pending offers. Review 'assignment of declarant rights' document and provide

instruction to corp counsel.

Comment: Quincy: Review PSA and comments from purchaser Provide loan history / information on Quincy to

prospective purchaser of note.

Comment: Review comments from Wells and Stutman re AABW LOTT PSA motion.

Comment: Review draft Declaration re AABW LOTT transaction.

Comment: Review draft declarations re JC Reeves sales.

Comment: Preliminary closing statement review and discussions re AABW LOTT transaction.

Comment: Quincy PSA review and discussion w/buyers.

Comment: Vaught correspondence review.

Page 10







11/22/2011 Dakan, Farley 1.2

11/22/2011 Dakan, Farley 0.9









11/23/2011 Dakan, Farley 0.7









Comment: e-mail to Vickie Mullin re: response to questions about buyer proposal and general status of BK

approvals.

Comment: -Correspondence with Perdido broker regarding a potential sale

Comment: -Correspondence regarding Harmony inquiry

Comment: Review changes from counsel on Hedges Park contract. Edit Hedges Park. Update Exh B for contract

and return both to counsel. Correspondence w/counsel.

Comment: Forward final contract to Ausland w/instruction for buyer. Numerous emails re Hedges Park, Monet's

Garden and additional offers, including concerns over CCR's at Monet's Garden.

Comment: Review correspondence and PSA from buyer on Quincy. Forward to asset managers for execution.


Comment: Call with colleagues regarding various Las Colinas issues

Comment: asset management status conf call with colleagues

Comment: modify transition plan

Comment: calls with colleagues re: Vaught contract BK approval

Comment: -preparation, email correspondence and phone call with counsel regarding the Vaught Tract PSA

Comment: JC Reeves: Various emails and calls with counsel re pending transactions - focus on timing of

recordation re declarant rights transfers. Various emails and calls with Ausland re pending offers.

Comment: AABW LOTT PSA document review and discussion.

Comment: JC Reeves document review and discussion re sales.

Comment: AABW LOTT sale memo preparation.

Comment: Call with colleagues regarding various Bar date issues

Comment: Call with colleagues regarding DebtX issues

Comment: review/execute final PSA on JC Reeves lot sale

Comment: calls with colleague re: Carlton hotel restaurant lease.

Comment: Discussion with colleagues regarding Vought and Harmony sales issues

Comment: Review of Vantage Lofts/Fisher memo

Comment: Call with colleagues regarding Vantage Lofts issues

Comment: Review of LOTT PSA motion draft and discuss with colleagues

Page 11








11/28/2011 Dakan, Farley 0.8















11/29/2011 Dakan, Farley 0.5


Comment: Peridido Key sale document review and discussion.

Comment: AABW LOTT sale memo.preparation.

Comment: Quincy PSA document review and disucssion.

Comment: BK document review.

Comment: AABW brewhouse sale document review and discussion.

Comment: Review AABW sale memo and discuss with colleagues

Comment: disposition status update call with colleagues

Comment: E-mails with colleague re: Carlton Hotel financial information, management changes and restaurant

lease.

Comment: Create and review excel chart organizing current JC Reeves offers.

Comment: Numerous emails with Ausland re Monet's Garden PSA, status of declarant rights and additional

offers on JC Reeves assets.

Comment: Print and review Quincy PSA for asset manager signature.

Comment: Print and organize Hedges Park PSA for asset manager signature.

Comment: -Vaught PSA Memo preparation

Comment: -Correspondence regarding Solaris PSA

Comment: Draft new Monet's Garden (JC Reeves) Contract for Pahlisch Homes (Purchaser)

Comment: Quintero sale document review and discussion.

Comment: Moses Point sale asset review and discussion.


Comment: Read Perdido Key interest letter

Comment: Call with colleagues regarding Santa Ysabel DRE issues

Comment: Review of ISG materials

Comment: call with counsel regarding las colinas transaction status update

Comment: Call with Vickie Mullin re: Santa Ysabel sale to Mulholland and DRE process for new sales.

Page 12


























209.3

Comment: -Correspondence regarding Solaris PSA

Comment: Finalize Monet's Garden contract and provide instruction to counsel.

Comment: Print and execute Quincy PSA.

Comment: Review and mark-up offering brochure from Casey (LAO)



Comment: Call with colleagues regarding RLF settlement meeting

Sub Total:

Comment: Print and execute Monet's Garden final contract. Provide MG contract to C Ausland.

Comment: Begin draft of Brush College PSA

Comment: Review and discuss amended JC Reeves' release price schedule provided by FTI.

Comment: Review email from Holy re interested party in JC Reeves and forward to Ausland w/instruction.

Comment: Weyrich sale document review and discussion.



Comment: Meeting with colleagues regarding JC Reeves release prices

Comment: Call with colleague re: Feenune power line public hearing process.

Comment: -correspondence regarding Solaris PSA

Comment: -review Land Advisors sales brochure draft

Comment: Review multiple emails from Tom Reimers re correspondence with local brokers. Respond to Reimers

re employment of former local brokers.

Comment: Review JC Reeves' amended release price schedule with C Ausland.

Comment: Multiple discussions and emails with C Ausland re status of CC&R's and transferability of declarant

rights to buyer (Pahlisch).

Comment: Correspondence with Daniel (DebtX) re procedures for setup and scheduled call.

Comment: Finalize Quincy PSA and provide to asset manager w/escrow inquiry.

Comment: Correspondence with counsel re declaration for Quincy note sale .

Page 13


Date Employee Hours









6.8

Date Employee Hours

11/1/2011 Brennan, Mike 0.6
















Comment: Property management-Santa Ysabel Ranch/Weyrich assets updates and communication

Comment: Property manangement-Foreclosure palnning and execution Rancho Las Flores/Standard

Comment: review and discuss modifcations to DebtX motion

Comment: prepare modifications to interim budget

Comment: meeting with colleagues for updates to financial model projections

Comment: call with colleagues regarding portfolio stratifications and update/review of same.

Comment: -correspondence with regarding ordinary course professionals -correspondence regarding bank

accounts

Comment: Recirculate inventory schedules for Ysabel and Reeves to asset managers in preparation for call.

Comment: Mail GT files to J Krause re exchange agreement and WF LOC.

Comment: Bankruptcy document review and discussion.

Comment: Land Advisors document review and discussion.

Comment: Debt X document review and discussion.

Comment: Georgetown entitlement document review and discussion.

Comment: Review of expenditures and budget variance analysis

Comment: Discuss with colleagues various issues regarding IRA accounts

Activity: Business Model / Support

Comment: Business plan review and update.

Comment: Business model review and update.

Comment: Buiness model review and adjustment.






Sub Total:

Activity: Business Operations

Comment: Email communication and correspondecne supporing various properties

Page 14



























Comment: Property managment-final updates and plans for Ranch Las Flores Foreclosure

Comment: review september financial statements for submission to WFCF. discussion with colleagues regarding

financial statements

Comment: review of WFCF drawdown/paydown G/L detail

Comment: call with counsel regarding debtx, land advisors engagement

Comment: review checklist for SEC document request and discussion with counsel on items to be produced


Comment: Wells Fargo-Lender month end reporting development and communication

Comment: call with MF08 counsel on las colinas transaction

Comment: review/discussion of pend orielle transaction/options

Comment: discussion with colleagues regarding investor requests

Comment: -Draw request preparation for Fee App Professionals -Correspondence regarding ordinary course

profesionals

Comment: Manage finalizing collateral release consent docs on Adkins/Chee loan.

Comment: Correspondence with Desco and Counsel re affidavits required by BK court.

Comment: Provide J Krause with historical noteholder communications.

Comment: Otay Ranch entitlement document review and discussion.





Comment: Wells Fargo-Final lender month end reporting review and submissions

Comment: review/discuss re reno expense detail for reimbursement to re loans.

Comment: asset management call with colleagues

Comment: review compliance certificate for submission to WFCF. call with colleagues on reported figures

Comment: review reporting package contents, financial reports, cash flow actuals and budget variance reports

Comment: call with counsel on WFCF first draw and roll forward

Page 15






























Comment: sales/marketing status call with colleagues.

Comment: email correspondence with WFCF on interim budget

Comment: review invoices and sign checks for fee application professionals

Comment: review/execute foreclosure authorization for Rancho Las Flores

Comment: -Correspondence regarding ordinary course professionals

Comment: Correspondence with FTI on loan balance. Correspondence with Mike B re Ysabel property tax and

standard foreclosure services on JC Reeves Correspondence with Jeff Speigal. Correspondence with Rick D re

asset sale process (Ysabel) and Pend Oreille litigation status.

Comment: Correspondence with FTI re WF balance.




Comment: Discuss with colleagues various expenditure issues

Comment: Call with colleagues regarding various RE Reno issues

Comment: Property management-Tax appeal reviews Altus group


Comment: discuss/modify interim budget

Comment: status call on hard drive for SEC investigation

Comment: status call with WFCF

Comment: -correspondence regarding bank accounts

Comment: -correspondence regarding ordinary course professionals

Comment: Organize checks for recent draw for BK professionals.

Comment: Correspondence with Speigel re diligence requests.

Comment: Respond to inquiries from Tami / WF re specific budget items.

Comment: Meeting with City of Chula Vista and all surrounding developers re Otay Ranch Village 2

entitlement/development status and issues.

Comment: Otay Ranch site tour and surrounding master planned communities and competing projects.

Comment: Lakeview site visit and tour of adjacent master plan and competing projects.

Comment: Review of RE Reno expenses and discuss with colleagues

Comment: Review of RE Loans financials and compliance certificate


Page 16


















Comment: discussion with counsel regarding compliance certificate to WFCF

Comment: call with colleagues/counsel on prep for committee call.

Comment: Call with colleagues regarding various information production issues

Comment: Call regarding various Bar-K, Lend Inc and B-4 issues

Comment: review reporting package submission to WFCF

Comment: Email communication and correspondence supporing various properties related to taxes-foreclosure-

insurance and ongoing management.

Comment: Property tax management: Tax appeal spreadhseet updates with Altus advisory group

Comment: Property management: Foreclosure planning and execution Rancho Las Flores

Comment: review foreclosure docs and status call for JC Reeves lots

Comment: call with colleagues on transfer of funds to WFCF, payment of invoices and outstanding payables

Comment: call with committee professionals on Rancho Las Flores

Comment: review lender counsel billing

Comment: review of tax analysis on re reno distribution

Comment: review draft of weyrich, jc reeves motion for lot sale approval


Comment: review/respond to document requests for production for various suits

Page 17





























Comment: Multiple calls with asset managers re DRE approval required during BK.

Comment: Lockenheath entitlement and development document review and discussion.



Comment: Call with colleagues to discuss BK protocols.

Comment: -Document gathering regarding Rancho Las Flores

Comment: Vantage Lofts document review and discussion.

Comment: Review of professionals invoices

Comment: Call with colleagues regarding Refkind production issues

Comment: Review of production documents



Comment: Property management-Foreclosure work: JC Reeves 9/23 sale problems. Work with First American

Comment: review payables and approve invoices

Comment: coordinate logistics for RE Reno member meeting, approve proposal

Comment: review accounting detail on servicing fees

Comment: call with colleagues regarding committee professionals' request for detail on engagement of debtx

Comment: call with colleagues regarding recordation of trustee deed on JC Reeves foreclosure

Comment: review investor request for account information and disputed interest calculation, research interest

calculation

Comment: review cash flow schedule

Comment: review asset level legal retainer accounts, review invoices

Comment: review re-recordation of acosta deed transfer and coordinate transfer. brief professionals

Comment: Phone calls with Alice Ford and Vickie Mullins about Santa Ysabel. Phone call status update with Bill

Brinkman about Pend Orielle meetings.

Comment: -correspondence reagarding investor accounts

Comment: Correspondence with Troy Dana re Knight Fire as unsecured creditor of Capital Salvage.

Comment: Internal correspondence with re property tax bill due on Vaught.

Comment: Continued correspondence with Debbie at Secure Tek to organize ongoing security.

Comment: JC Reeves Foreclosure document review and discussion.

Page 18

























Comment: review/modify draft transition plan for administrative functions

Comment: review proposed payoff schedule and final modifications to DIP financing proposal from WFCF

Comment: discuss exhibits to debtx engagement letter with FTI

Comment: conf call with colleagues on pend orielle

Comment: review/comment on draft lakeview motion and declaration

Comment: discuss lot release price methodology with colleagues for draft motions

Comment: Document and e-mail review re: Vantage borrower BK and settlement issues.

Comment: -preparation for meeting with Woodbridge borrower

Comment: -correspondence regarding Vaught Taxes

Comment: -Discussions regarding Cottonwood Hills forbearance

Comment: Property management: Work with Fidelity on DRE public report amendment and conditions

Comment: review vantage lofts declaration/motion modifications and strategy memo, call with colleagues on

same

Comment: call with counsel regarding debtx/land advisors compensation structure

Comment: reconcile cash summary with WFCF schedules for compliance certificate




Comment: Review of title policy documentation

Comment: Call with colleagues regarding document production issues

Comment: Review of Committee document production product

Comment: Review of RE Reno distribution detail

Comment: Review of Mendes complaint and discuss with colleagues



Page 19













11/10/2011 Brennan, Mike 0.9

11/10/2011 Brennan, Mike 0.8

11/10/2011 Brennan, Mike 0.6

11/10/2011 Brennan, Mike 1.1

11/10/2011 Dakan, Farley 0.3

11/10/2011 Dakan, Farley 0.5

11/10/2011 Dakan, Farley 0.3

11/10/2011 Dakan, Farley 0.6

11/10/2011 Dakan, Farley 0.4

11/10/2011 Dakan, Farley 0.5

11/10/2011 Dakan, Farley 0.3

11/10/2011 Dakan, Farley 0.3

11/10/2011 Dakan, Farley 0.5

11/10/2011 Dakan, Farley 0.2

11/10/2011 Dakan, Farley 0.7

11/10/2011 Dakan, Farley 0.4


Comment: Correspondence with Debbie Seyfers re request for 24 hr security.

Comment: Provide title policy insurance on Rancho to asset managers / Amy Bellman (northlight).

Comment: Discuss internally and respond to Tami re scheduled Audit.

Comment: Internal discussions and correspondence re Vaught property tax status.



Comment: Call with colleagues regarding professionals invoices and retainers

Comment: Calls with investors regarding questions



Comment: Property tax management: Tax appeal spreadhseet updates with Altus advisory group

Comment: Property management-Foreclosure work: JC Reeves 9/23 sale problems. Work with First American

Comment: Property management: Lochenheath water and sewage system permit discussions and strategy-HOA

Comment: review motion for fourth interim order, coordinate release of funds to WFCF

Comment: review vantage motion and memo to support.

Comment: follow-up on acosta transfer

Comment: Multiple calls and emails with Jeff Speigel re information requests to support accounting diligence.

Comment: Correspondence with Erin Tahany (FA) re Aquaterra title policy.

Comment: Upload Georgetown and Rancho appraisals into data room.

Comment: status call on RE Reno meeting logistics

Comment: prepare communication to members of RE Reno

Comment: review comments on Santa Ysabel and JC Reeves motion/declaration

Comment: review final vantage blacklines

Comment: review cash summary

Comment: prepare compliance certificate for submission to WFCF

Comment: review RE Reno mailings

Comment: review payables and approve invoices

Comment: review/execute Rancho Las Flores assignment documents

Page 20


















11/11/2011 Brennan, Mike 0.6

Comment: Discussion with colleagues and clean-up of files re: Portola, Pend Orielle, and Circle H. Discuss broker

inquiry from Bill McComish with colleague.


Comment: -Preparation/Meeting with Woodbridge at Portola borrower

Comment: Correspondence with Eve Karasik re paid taxes on Vantage Lofts.

Comment: Organize Pend Oreille Docs from Ralph Slategar and review correspondence.

Comment: Correspondence with Kelly Jones following up on previous diligence call with Prescott.

Comment: Status call and asset review internally with asset managers.

Comment: Correspondence with asset managers and counsel and Susie Parker re scheduling of Sienna

conference for investors.

Comment: Collect Carlton financials from M Brennan and load Carlton Financials into Data Room.

Comment: Correspondence with Ric Williams re property tax appeal on LakeView.

Comment: Correspondence with Ric Williams to support Motion to Release Liens (LakeView)

Comment: JC Reeves foreclosure document review and discussion.




Comment: Call with colleagues regarding RE Reno issues

Comment: Review and discussion of proposed RE Reno investor packages



Page 21


11/11/2011 Brennan, Mike 0.7

11/11/2011 Dakan, Farley 0.9

11/11/2011 Dakan, Farley 1.2

11/11/2011 Dakan, Farley 0.5

11/11/2011 Dakan, Farley 0.3

11/11/2011 Dakan, Farley 0.8

11/11/2011 Dakan, Farley 0.7

11/11/2011 Dakan, Farley 0.3

11/11/2011 Dakan, Farley 0.7













11/13/2011 Brennan, Mike 1.1

11/13/2011 Dakan, Farley 0.6


Comment: Provide Vantage Lofts diligence docs to Hammond at FTI

Comment: Review final motions on Vantage Lofts per Eve Karasik.

Comment: Correspondence w/Ric Williams re assessed value of LakeView and appeal for reduction in value.

Comment: Review and discussion of various RLF documents and issues

Comment: Call with colleagues regarding RLF issues

Comment: Review and discussion of DSI communications

Comment: Review correspondence from J Krause and provide response to various diligence questions.

Comment: Call with clients regarding RE Reno issues



Comment: review committee professionals request for accounting detail and discuss with colleagues

Comment: Review email correspondence from J Krause, Mike B, Stephen Hammond. Upload Otay Mesa docs to

data room.

Comment: Review DSI letter.


Comment: Review Andrews Meyers bills and get in queue for next draw.

Comment: Correspondence w/Ron Rakunas and Farely D. re carve out of Aqua Cap on Rancho per LAO

agreement.

Comment: Property management: Work with Fidelity on DRE public report amendment and conditions


Comment: review draw request to WFCF. call with colleagues on expense detail and format/process changes

Comment: review/sign checks

Comment: review WFCF comments to vantage motion/declaration

Comment: review latest DIP Loan version, discussion with colleagues

Comment: review complaint filed by Ranch Las Flores

Comment: review DSI demand letter and discuss with counsel

Comment: discuss LOTT sale with colleagues

Page 22


11/14/2011 Brennan, Mike 0.5

11/14/2011 Brennan, Mike 0.5

11/14/2011 Dakan, Farley 1.2

11/14/2011 Dakan, Farley 0.4

11/14/2011 Dakan, Farley 0.6

11/14/2011 Dakan, Farley 0.5

11/14/2011 Dakan, Farley 0.4

11/14/2011 Dakan, Farley 0.6

11/14/2011 Dakan, Farley 0.4














11/15/2011 Brennan, Mike 0.4

11/15/2011 Brennan, Mike 0.8

Comment: review affiliated account detail and historical transactions and call with colleagues

Comment: discuss affiliate loan detail with counsel

Comment: review tax detail on Santa Ysabel

Comment: call with MF08 professionals on las colinas and administrative issues

Comment: review/comment on Weyrich proposed stipulation

Comment: call with colleagues and committee professionals on motions to sell vantage, lakeview, weyrich

Comment: review/discuss budget modifications for interim financing order

Comment: -Investigation regarding investor accounts


Comment: Pend Oreille: Review correspondence and order from local counsel re hearing scheduling. Review

internal correspondence with counsel and asset managers re termination of contract with buyer.

Comment: Multiple calls with Buddy Seale re property tax concerns. Review property tax status and procedure in

Missoula - Correspondence with Altus re Circle H property tax status. Discussions with asset managers re CH

property tax concern.

Comment: Calls and emails with Debbie Syfers re security at Pecos and recent property damage.






Comment: Lochenheath broker contact and communication-Potential interest.

Comment: Review of RFS stipulation

Comment: Review and discuss draft DebtX employment application

Comment: Call with colleagues regarding DSI indemnity claim



Comment: Bankrputcy documents review and discussion.

Comment: Review and discuss Committee questions regarding B-4 accounts

Comment: Property management: Work with Fidelity on DRE public report amendment and conditions-Santa

Ysabel

Page 23


11/15/2011 Dakan, Farley 1.1

11/15/2011 Dakan, Farley 0.9

11/15/2011 Dakan, Farley 0.2

11/15/2011 Dakan, Farley 0.7

11/15/2011 Dakan, Farley 0.6











11/16/2011 Brennan, Mike 0.9

11/16/2011 Brennan, Mike 0.6

11/16/2011 Dakan, Farley 0.5

11/16/2011 Dakan, Farley 0.3

11/16/2011 Dakan, Farley 0.9

11/16/2011 Dakan, Farley 0.2

11/16/2011 Dakan, Farley 0.2

11/16/2011 Dakan, Farley 0.3


Comment: review of budget variance report and cash forecast

Comment: finalize and circulate final interim budget

Comment: call with colleagues regarding file transition and back office transition

Comment: finalize substitution of trustee on Howard Street conveyance

Comment: -correspondece regarding the interim DIP budget

Comment: -correspondence regarding investor accounts

Comment: General Asset Management: Correspondence with Debbie Syfers re damage to Pecos Creek fence.

Schedule RE Reno Conference; correspondence with Shaw Romeo. Correspondence with Troy Dana re Artemis

involvement.

Comment: Correspondence with Ausland to request comparable sales data to provide to FTI. Review comps and

email results to FTI.

Comment: Correspondence with Desco Development.





Comment: Call with colleagues regarding operatinal issues, asset sale statements and actual versus budget



Comment: Property management: Work with Fidelity on DRE public report amendment and conditions-Santa

Ysabel

Comment: coordinate modification of bank accounts with WF

Comment: discuss committee requests on Vantage with counsel

Comment: review of release price, compare to financial projections and discounted cash flows, call with

colleagues

Comment: discussion of release prices with counsel

Comment: call with counsel on release price modifications

Comment: Review RE Reno expense reimbursement detail

Page 24


11/16/2011 Dakan, Farley 0.4

11/16/2011 Dakan, Farley 0.4

11/16/2011 Dakan, Farley 0.6














11/17/2011 Brennan, Mike 0.8

11/17/2011 Brennan, Mike 1.0

11/17/2011 Dakan, Farley 0.3

11/17/2011 Dakan, Farley 0.8

11/17/2011 Dakan, Farley 1.2

11/17/2011 Dakan, Farley 0.4

11/17/2011 Dakan, Farley 0.3

11/17/2011 Dakan, Farley 0.3



Comment: Standard foreclosure-agency agreement with Lend, Inc. Development and communication

Comment: discuss budget changes with colleagues

Comment: follow up status meeting with counsel

Comment: review professional fee app detail

Comment: review committee/WFCF comments to LOTT motion

Comment: call with WFCF on budget

Comment: review re reno investor list, discuss with colleagues

Comment: Correspondence with Shawn Romeo re Reno conference. Return executed agreement.

Comment: review debtor legal invoice detail

Comment: discuss budget variance modification with colleagues/counsel

Comment: review/discuss ordinary course professional invoice detail and draw

Comment: -Correspondence regarding bank accounts

Comment: -SEC requests

Comment: Call w/asset managers and Alice Ford re DRE approval at Ysabel.

Comment: Corrections to October reporting package per Tami Barrows request.

Comment: Substitution of Trustee doc for Acosta sent to escrow officer.

Comment: Provide Reporting Package to new committee member (Dixon Collins)




Comment: BK document review and discussion.

Comment: Review revised release price schedule

Comment: Discuss comments to release prices and budget with colleagues

Page 25


11/17/2011 Dakan, Farley 0.2









11/18/2011 Brennan, Mike 0.7

11/18/2011 Brennan, Mike 1.2

11/18/2011 Dakan, Farley 0.7

11/18/2011 Dakan, Farley 0.8

11/18/2011 Dakan, Farley 0.2

11/18/2011 Dakan, Farley 0.3

11/18/2011 Dakan, Farley 1.5











Comment: Property tax appeal process-review and communication

Comment: prepare/review resolution covenant detail

Comment: meeting with counsel on litigation status and information requests

Comment: call with committee professionals on georgetown property

Comment: call with counsel regarding Alix employment

Comment: meeting with colleagues on asset status, disposition pipeline and transition plan

Comment: -correspondence and review of MOR's

Comment: -correspondence regarding Kimberly Rd property taxes

Comment: Asset Management: Discussion with Desco and asset managers re recent vandalism of Pecos Creek.

Research Kimberly Rd foreclosure docs and provide information to Jennifer Rodgers. Provide correspondence to

Randy Wilgis (Vaught purchaser) re status of contract and BK. Call with Ric Williams (LakeView) re discrepancies

in psa v closing statement.

Comment: Calls with corp counsel and emails with asset managers re status of lease agreement on Vantage

Lofts bk / motion.

Comment: Correspondence with Troy Dan re outstanding invoices and status of hearing / bk.




Comment: execute signature cards for bank account modifications

Comment: -information gathering on RE Reno

Comment: -MOR review

Comment: Internal correspondence with asset managers and Jennifer R re potential tax sale at Kimberly Rd.

Comment: Provide CA to KKR for REL diligence.

Comment: Debt X document review and disucssion.

Comment: Land Advisor document review and discussion.


Comment: Discussions regarding minimum release price list with colleagues

Page 26


11/19/2011 Dakan, Farley 0.4


11/20/2011 Dakan, Farley 0.8

11/20/2011 Dakan, Farley 0.5

11/20/2011 Dakan, Farley 0.7

11/21/2011 Brennan, Mike 1.1

11/21/2011 Brennan, Mike 1.0

11/21/2011 Brennan, Mike 1.2

11/21/2011 Dakan, Farley 0.7

11/21/2011 Dakan, Farley 0.4

11/21/2011 Dakan, Farley 0.6

11/21/2011 Dakan, Farley 0.6

11/21/2011 Dakan, Farley 0.8

11/21/2011 Dakan, Farley 0.4

11/21/2011 Dakan, Farley 1.8









11/22/2011 Brennan, Mike 0.8

Comment: Debt X document review and discussion re note listing.

Comment: Review of Lafayette transition plan and call with colleagues

Comment: Review of draft Plan of Reorganization



Comment: review memo regarding injunction against litigation from counsel

Comment: review financial model cash flows

Comment: call with counsel/colleagues regarding resolution covenants



Comment: Property tax management-Work with Altus tax on Bravo parcels

Comment: Property insurance management-Updated schedules developed and submitted for various properties.

Comment: review modified ratification agreeement

Comment: reconcile resolution amounts with WFCF

Comment: review blackline of resolution language in ratification agreement, call with counsel

Comment: review blackline of committee professional retention and call with counsel

Comment: discuss modifications to asset status report with colleagues and WFCF

Comment: call with counsel regarding budgeted general and administrative expense detail

Comment: -correspondence regarding stay notices for taxing authorities

Comment: General Asset Management: Emails with Debbie Syfers re status of fence repair, onsite amenities, and

review recent security invoice. Correspondence with asset managers re current liens and judgment search for

AABW. Respond to Lombino and emails with GH re Lombino's outstanding invoices.

Comment: Provide research and backup re FTI's inquiry re rent and overhead expense related to MF08 vs REL.

Comment: Review BK motions filed.

Comment: Land Advisors document review and discussion re REO listings.

Comment: review committee professional invoices

Comment: -correspondence regarding MOR's

Page 27


11/22/2011 Brennan, Mike 0.8

11/22/2011 Dakan, Farley 0.6

11/22/2011 Dakan, Farley 0.3

11/22/2011 Dakan, Farley 2.3

11/22/2011 Dakan, Farley 0.4

11/22/2011 Dakan, Farley 0.4

11/22/2011 Dakan, Farley 0.5

11/22/2011 Dakan, Farley 0.7

11/22/2011 Dakan, Farley 0.3















11/23/2011 Brennan, Mike 0.7

Comment: review bid authorization for Rancho Las Flores, call with colleagues to finalize foreclosure

timing/strategy

Comment: review blackline of committee professional retention application

Comment: -Due diligence regarding A/P

Comment: -Discussion and phone call regarding asset management strategy

Comment: -correspondence regarding stay notices for taxing authorities

Comment: Download AABW commercial commitment docs from Amy Bellman and provide to counsel to support

motion / transaction.

Comment: Follow up with emails and calls to local counsel re pending property tax litigation at Bravo Marshall.

Comment: Provide data to corp counsel re list of outstanding noteholders.

Comment: Review and discuss internally LakeView Draw request from Ric Williams.

Comment: Correspondence with Secure-Tek re status of payment. Subsequent internal discussions.

Comment: Execute KKR CA. Provide KKR access to DR. Update financial model and provide to KKR.

Comment: Liens and Judgement discussion and correspondence.

Comment: Property management-New CA DRE application process, communication and planning Santa Ysabel

Comment: pend orielle conf call, asset/litigation update

Comment: resend/execute MORs

Comment: review of updated title work on portfolio, call with colleagues

Comment: Land Advisors REO listing discussions.

Comment: Debt X note sale listing discussions.

Comment: Preparation for calls with various RE Reno investors

Comment: Various calls with RE Reno investors



Comment: status update call with counsel on asset dispositions

Comment: review comps to support motion for release prices, call with colleagues

Comment: review updates to LOTT memo

Page 28


11/23/2011 Brennan, Mike 0.9

11/23/2011 Brennan, Mike 0.6

11/23/2011 Brennan, Mike 0.8

11/23/2011 Dakan, Farley 0.4

11/23/2011 Dakan, Farley 0.5









11/25/2011 Brennan, Mike 0.5




11/26/2011 Brennan, Mike 0.5

11/26/2011 Brennan, Mike 0.5

11/26/2011 Dakan, Farley 0.9

11/28/2011 Brennan, Mike 1.1

Comment: call with counsel/colleagues on DSI indemnity demand

Comment: Respond to asset managers and FTI (Hammond) re status of JC Reeves contracts.

Comment: Follow up internally and respond to Debbie Syfers re unsigned check for security services.

Comment: Discuss and review internally LakeView draw request - send to asset managers to request approval

from WF.

Comment: Provide updated asset list to Dennis Zentil.

Comment: Land Advisors REO listing document review and discussion.

Comment: Property tax management-Appeal work: Final on Carlton, updated back up for other properties

Comment: Property foreclosure process-Rancho Las Flores bid sheet development and communication

Comment: Property management-Work with Stutman on CA DRE and Fidelity requirements for amended public

report-Santa Ysabel

Comment: review draw request from lakeview borrower, call with colleagues

Comment: Create RE Reno meeting agenda



Comment: Call with colleagues regarding Siena vluation and RE Reno members meeting agenda

Comment: Review of memo regarding RE Reno members meeting issues

Comment: Call with colleagues regarding RE Reno member meeting issues

Comment: Debt X note sale listing document review and discussion.

Comment: Review RE Reno investor list





Comment: review RE Reno documents, investor list, meeting prep for investor meeting



Page 29


11/28/2011 Brennan, Mike 0.9

11/28/2011 Brennan, Mike 0.8

11/28/2011 Dakan, Farley 0.4

11/28/2011 Dakan, Farley 0.8

11/28/2011 Dakan, Farley 1.2

11/28/2011 Dakan, Farley 0.8

11/28/2011 Dakan, Farley 0.7

11/28/2011 Dakan, Farley 0.5

11/28/2011 Dakan, Farley 0.7














Comment: Property tax management-Tax appeal work-Carlton Hotel, Cottonwood Hills

Comment: Property management-CA DRE application process work and development with Fidelity: Need

amendment to Public Report. Updates on legal, etc.

Comment: fill out bank account modification forms

Comment: review investor tax treatment memorandum, call with counsel/colleagues

Comment: prep meeting with colleagues for RE Reno meeting, review of documents

Comment: review siena appraisal, call with counsel

Comment: review WF filed complaint, call with counsel

Comment: review Rancho Las Flores settlement memorandum

Comment: review counsel memo/outline of RE Reno meeting topics

Comment: -Correspondence regarding Kimberly Rd property tax


Comment: -correspondence regarding RE Reno administration

Comment: Correspondence with asset manager and Amy Rigsby re foreclosure of declarant rights re Monet's

Garden to support current PSA.

Comment: Print Lakeview funds release doc for asset manager signature.

Comment: Correspondence with Shawn Romeo in preparation for RE Reno meeting at Marriott.

Comment: Upload visioning docs for AABW and Solaris Parcel Map into data room.

Comment: Correspondence with Jennifer Rodgers re remaining parcels at Bravo Marshall. Subsequent

correspondence with Andrews Meyers to inquire into status of property taxes and 80 acres at Bravo.

Comment: BK document review and discussions.

Comment: Land Advisors REO lisitng document review and discussion.

Comment: Debt X note sale document review and discussion.

Comment: Prepare RE Reno member meeting agenda

Comment: Call with colleagues regarding RE Reno member meeting preparation

Page 30


11/29/2011 Brennan, Mike 1.3

11/29/2011 Brennan, Mike 0.8

11/29/2011 Brennan, Mike 0.7

11/29/2011 Dakan, Farley 0.4

11/29/2011 Dakan, Farley 2.1

11/29/2011 Dakan, Farley 1.0

11/29/2011 Dakan, Farley 0.5

11/29/2011 Dakan, Farley 0.2

11/29/2011 Dakan, Farley 1.8














Comment: Debt X note sale document review and discussion.

Comment: Review of RE Reno meeting discussion points

Comment: RE Reno member meeting

Comment: Review of RLF key deveopment issues document and schedules

Comment: asset management meeting with colleagues, status update with counsel


Comment: -Correspondence and preparation for RE Reno Meeting

Comment: Print, execute and return RLF bid authorization form and LakeView draw approval .

Comment: Research CC&R status at Monet's Garden - preliminary emails and calls with Standard, C Ausland,

counsel and asset managers re verification of CC&R's at Monets Garden.

Comment: Review asset schedule provided by Case (LAO)

Comment: Provide corrective trustees deed on Foothills View to Standard.

Comment: Review updated Financials from Carlton Hotel and load into data room.


Comment: Land Advisors REO listing document review and discussion.

Comment: Property management-CA DRE application process work and development with Fidelity: Need

amendment to Public Report. Updates on legal, etc.

Comment: review agency agreement for trustee fees with northwest

Comment: RE Reno investor meeting

Comment: review Rancho Las Flores foreclosure documents, call with colleagues, review memo, prep meeting for

settlement

Comment: review committee request for modification to lot release prices at JC Reeves, discuss with

colleagues/broker

Comment: review RE Reno tax emails from counsel



Comment: Property foreclosure managment: New Trustee Agency agreement development and execution-Lend,

Inc and Northwest.

Page 31


11/30/2011 Brennan, Mike 0.8

11/30/2011 Brennan, Mike 0.9

11/30/2011 Brennan, Mike 0.6

11/30/2011 Dakan, Farley 0.7

11/30/2011 Dakan, Farley 0.5













320.7

Date Employee Hours









Comment: Property foreclosure managment: New Trustee Agency agreement development and execution-Lend,

Inc and Northwest.

Comment: Property management-Foreclosure support: JC Reeves dispute resolution and billing communication

to legal for review on any pre-petition amounts.

Comment: review october financial statements

Comment: asset status update call with colleagues

Comment: -correspondence regarding noteholder balances

Comment: -correspondence regarding Feenune Power line issue

Comment: Call with local counsel to discuss tax litigation associated with 80 acres @ Barrington and

discrepancies w/county records.

Comment: Correspondence with Troy Dana re timing of property management check.

Comment: Send RLF bid authorization form to asset manager.

Comment: Review correspondence from asset manager re Moses Point status of NOD and need for new

substitution of trustee doc.

Comment: Request for response and information re Barrington 80 acres sent to local counsel. Multiple calls with

counsel re 80 acres. Review materials provided by counsel re 80 acres. Provide information to Jennifer Rodgers

to monitor property tax status.

Comment: Review letter from Edleman attorney re exceptions to title for Lot 68 (JC Reeves) contract. Email with

Ausland and review Edleman contract.


Comment: Call with colleagues regarding RE Reno trustee candidates

Sub Total:

Activity: Case Administration

Comment: Planning discussions on BK Reporting with team

Comment: Review correspondence from Ric Williams (lakeview) re difference in contract / closing prices for

recent closings.

Comment: Correspondence with Jeff Feeney and A Green re LAO status.

Comment: review financing order mofications

Comment: review committee counsel comments to financing order

Comment: review turn of committee counterproposal, modify budget for committee professional

counterproposal

Comment: review latest bankruptcy filings

Comment: Discuss with colleagues RLF settlement issues

Page 32






















Comment: call with counsel regarding hearing details

Comment: call with colleagues regarding litigation status update and schedule for reporting package

Comment: review final changes to fourth financing order

Comment: review fee app draw request, discussion with colleagues

Comment: Upload docket filings and post to data room.

Comment: Bankruptcy billings-RE Reno submission and back up-Stutman

Comment: review/comment on vantage lofts declaration

Comment: Download docket filings and upload to Data Room.

Comment: review billing

Comment: coordinate final approval of fourth financing order and budget

Comment: call with counsel regarding fee application detail

Comment: call with counsel on fourth interim financing order and review of blackline

Comment: Review of draft CMC order

Comment: call with committee on counter proposal to WFCF

Comment: Review of October reporting package

Comment: Call with Committee advisors and colleagues regarding counter proposal

Comment: call with counsel on bk disposition procedures and process

Comment: review vantage lofts memo, call on vantage with colleagues and review of declaration

Comment: call with committee professionals regarding note/reo sales process

Comment: Review of recent bankruptcy filings

Page 33













11/10/2011 Dakan, Farley 0.8




11/11/2011 Dakan, Farley 0.2



11/14/2011 Brennan, Mike 0.8

11/14/2011 Dakan, Farley 0.4

11/14/2011 Dakan, Farley 0.4

11/14/2011 Dakan, Farley 0.7



Comment: Bankruptcy reporting-MOR support; Insurance schedules, other

Comment: prep call with colleagues on MORs

Comment: review final financing order from counsel

Comment: review preliminary fee statement

Comment: Download docket filings and upload into Data Room.

Comment: Review and discussion of Committee questions regarding related party accounts

Comment: Call with colleagues regarding DSI issues

Comment: Review of document production product

Comment: discuss budget modifications and modifications to pro forma model

Comment: Download Docket filings and load into data room.

Comment: Review of recent bankruptcy filings

Comment: Time Administration

Comment: review/execute final notice for re reno mailout

Comment: Call with colleagues regarding Committee document requests

Comment: Administration

Comment: asset management status meeting

Comment: review of doc request from FTI and coordinate with colleagues to provide information

Comment: review pleadings on mackinac employment, conf call with counsel

Comment: respond to committee professional's request for information regarding debtx and financial

statements in reporting package

Comment: Call with colleagues regarding DSI indemnity issues

Comment: Call regarding Commitee document requests

Comment: review final comments on vantage motion

Comment: Time administration

Comment: Review of revised reporting package

Page 34





11/15/2011 Dakan, Farley 0.5

11/15/2011 Dakan, Farley 0.6

11/15/2011 Dakan, Farley 0.3



11/16/2011 Dakan, Farley 1.2

11/16/2011 Dakan, Farley 0.5



11/17/2011 Dakan, Farley 1.5

11/17/2011 Dakan, Farley 1.4




11/18/2011 Dakan, Farley 1.2

11/18/2011 Dakan, Farley 0.7

11/18/2011 Dakan, Farley 0.7





Comment: Review of recent filings

Comment: Review of revised Exit Facility Committment Letter

Comment: Review and discuss latest bankruptcy budget

Comment: review comments on retention of committee professionals and call with counsel

Comment: call with committee professionals on asset dispositions

Comment: call with colleagues about SEC subpoena request items

Comment: Review recent case filings


Comment: prep call with colleagues and counsel for hearing

Comment: Review of various Committee communications and requests

Comment: prep meeting with counsel and colleagues for hearing.

Comment: hearing in Dallas, follow up meeting with counsel

Comment: Provide support to FD and J Krause in preparation for Nov 17 hearing.

Comment: Download docket filings and load into data room.

Comment: Review revised ratification agreement

Comment: conf call on MORs and review

Comment: approve/finalize fee application

Comment: call with counsel on release price exhibit

Comment: Discuss with colleagues various exit facility issues

Comment: review/approve final changes to MORs for submission

Comment: Provide support for filings due with court.

Comment: Call with colleagues regarding document production issues

Comment: Call with colleagues regarding Bar Date issues

Comment: Review of October billing

Page 35






11/21/2011 Dakan, Farley 0.7




11/22/2011 Dakan, Farley 0.8











11/28/2011 Dakan, Farley 0.8







57.9

Comment: Call with colleagues regarding October billing

Comment: Review of schedule of projected resolutions

Comment: Review of memo regarding stay issues

Comment: Review of October MOR's


Comment: Review of various stay motions and discuss with colleagues

Comment: Review of final Ratificaton and Amendment Agreement

Comment: Call with colleagues regarding signatories

Comment: Review of Hutchings brief

Sub Total:

Comment: review of statements and schedules, call with colleagues on same


Comment: Review of resolutions reconciliation and discuss with colleagues

Comment: Review of billing and discuss with colleagues

Comment: review/comment on draft of exit plan

Comment: Review various documents regarding automatic stay issues

Comment: Call with colleagues regarding automatic stay issues


Comment: Organize and upload docket filings into data room.

Comment: Review and forward orders for LAO and DebtX to asset managers.

Comment: Review DSI indemnity demand and discuss with colleagues

Comment: Review final ratification and amendment agreement

Comment: Review and update all billing for three weeks in November.

Comment: Review of motion to lift stay regaridng RLF

Comment: Call with colleagues regarding claims bar date issues

Comment: review disposition motions/declarations with colleagues

Comment: Review, organize and upload docket filings into data room.

Page 36


Date Employee Hours





















Comment: -MOR preparation and information gathering

Comment: -Draw request prepartion and special draw for approved ordinary course professionals

Comment: Deliver deposit checks to local WF bank.

Comment: -budget and variance report updates

Comment: -correspondence on the budget and cash in summary

Comment: Review individual checks for ordinary course professionals draw - mail checks to respective vendors.

Deposit property tax refund for Acanto at WF local bank.

Comment: -Correspondence regarding cash-in summary

Comment: -Correspondence regarding budget and draw requests

Comment: -Draw preparation and invoice due diligence

Comment: -lockbox report analysis



Comment: -correspondence regardiing ordinary course professionals


Comment: -Cash-in discussions and document preparation

Comment: -Wells Fargo draw requesting preparation and review

Comment: -preparation for October MOR's

Comment: -correspondence with Wells Fargo on DIP ledger

Comment: -correspondece regarding with Kathleen Haley regarding MOR's

Activity: Cash Management


Page 37





36.4

Date Employee Hours
















Comment: -invoice due diligence regarding Pend Oreille

Comment: -updated variance report

Comment: -Draw preparation

Sub Total:

Activity: Data Analysis

Comment: Update strats for Ask document

Comment: Update Exit Financing Ask Doc.

Comment: Review weekly budget and discuss modifications with asset managers.

Comment: Discuss internally, update and circulate amended lot release price schedules for Reeves, LakeView and

Ysabel.

Comment: Review modified DIP loan provided by K&L gates and make appropriate changes to BK budget.

Comment: Multiple revisions to interim dip budget per request of counsel, Tami Barows and Stephen Hammond.

Calls with internal counsel to discuss changes to interim dip budget. Internal calls and correspondence to

coordinate changes to monthly budget and weekly variance report. Internal discussions and analysis re

maximum potential amount of DIP budget.

Comment: Multiple revisions to DIP budget and focus on 110% capacity under line. Internal correspondence with

counsel and asset managers re final revision to BK budget and concerns from Hammond (FTI)

Comment: Compare revised WFCF release price schedules per FTI's request.

Comment: Update model and five year cash flow summary for Ask document.

Comment: Review modifications to weekly DIP budget versus monthly budget in advance of providing to FTI. Tie

out monthly budget to weekly bk variance report.

Comment: Revisions made to weekly variance to implement amended monthly budget in to weekly report

(w/GH).

Comment: BK Budget - discussions with FD and revision per request of Tami Barrows. Release price schedule

comparison - discussions with FD and revisions to dashboard per request of K&L and FTI. All in preparation for

Nov 17 hearing.

Comment: Review correspondence from Tami and Steve Hammond re resolutions since Jul 2011. Provide analytic

support to asset managers in issue.

Comment: Update Asset Status Report per request of Tami Barrows and respond to emails re updated report.

Emails with asset managers and counsel to support response to Tami re Status Report.

Comment: Update weekly bankruptcy budget variance to incorporate changes made to monthly DIP budget.

Page 38






25.8

Date Employee Hours




















Comment: Emails with Vickie Mullins and review comp data before supplying to Hammond per FTI request.

Comment: Emails with Chelsea Ausland and review comp data before supplying to Hammond per FTI request.

Comment: Review master tax file provided by Jennifer Rodgers and provide to Steve Hammond FTI (focus on JC

Reeves 2011 taxes)

Comment: Review and amend Rancho Las Flores CF calculation spreadsheet.

Sub Total:

Comment: Review motion to for approval to release liens. Multiple revisions internally and return comments to

Greg Jones (including revisions to declaration of F Dakan)

Activity: Due Diligence

Comment: Review Hines/Weitman correspondence on 2718.

Comment: Compile, review and organize Pend Oreille Legal docs in anticipation of site visit.

Comment: Support J Krause request for docs referenced in Oshima complaint.

Comment: Organize legal documentation associated with Pend Oreille.



Comment: Correspondence with Amy Bellman re environmental studies and Aquatera title.

Comment: Internal Correspondence re request from Tami Barrows on cash sweep and operating account

reconciliation. Also provided emails and discussed internally allegations from Matt Kelly that REL received

settlement monies.

Comment: Correspondence with asset managers and REL staff re Northlight diligence request on Aquaterra title.

Comment: Organize and email class action request items to Jeff Krause.

Comment: Emails w/corp counsel to provide historical sales data on LakeView.

Comment: Review and discuss FTI correspondence and diligence requests and information requests from

Hammond.

Comment: Additional correspondence with re title policy on Aquaterra for Northlight request.

Comment: Vantage Lofts review and comment on declaration and motion for settlement wtih Scrips and debtor.

Comment: Correspondence with asset managers and counsel re alleged improper foreclosure on JC Reeves

Foothills.

Comment: Call with colleagues regarding Northlight due diligence issues

Comment: Multiple calls with asset managers and counsel re foreclosure process at Reeves.

Comment: Vantage lofts declaration review of comments with asset managers.

Page 39






















Comment: Review Motion to Sale Lots (Reeves / Ysabel) and Declaration of F. Dakan re said Motion - provide

comments to Greg Jones.

Comment: Download Otay Mesa diligence docs.

Comment: Review of Northlight due diligence questions response

Comment: Correspondence and cal with Jennifer Rogers re Vaught property taxes and historical foreclosure

proceedings - research and find foreclosure docs to provide proof of ownership to county.

Comment: Review motion to employ DebtX and discuss internally.

Comment: FTI Support: Provide schedules to Hammond per pending motions. Discussions and correspondence

w/FTI re pricing on Reeves and Ysabel.

Comment: Additional review of Motion to approve DebtX.

Comment: Review ABW timeline and provide comments before sending to Eve K.

Comment: Review Vegas Land comps and provide information to Hammond (FTI)

Comment: Multiple calls with counsel re Motion to Approve Vantage settlement - relay concerns of FTI.

Comment: Correspondence with Desco. Asset managers to reach out to LAO. Both to try and find local land

comps per FTI request.

Comment: Discussions w/counsel re SEC investigation and request to recover emails.

Comment: Correspondence with corp counsel re. corporate status of MP for court filings.

Comment: Call with Jennifer Rogers re Circle H taxes.

Comment: Review motion to effectuate LOTT transaction. Calls with asset managers to provide counsel with

consolidated black-line for LOTT motion.

Comment: Review email from counsel and asset managers from Fir, Sat and Sun.

Comment: Bravo Marshall: Call with local counsel re outstanding property taxes and pending litigation.

Additional research to support Altus inquiry re updated parcel list. Vantage Lofts: Review and multiple

discussions with asset managers and counsel re emails from FTI re Vantage Lofts. Provide diligence and support

re Vantage Lofts request.

Comment: Research and discuss internally question from FTI re Exh D-1 and accrured interest associated

w/noteholder balance.

Comment: Call with counsel re motion to sale lots and release liens (re release price mechanism)

Comment: Acosta due diligence to support MF08 transfer and Krause diligence request.

Page 40













33.9

Date Employee Hours


0.4

Date Employee Hours











Activity: Financing

Comment: call with colleagues regarding DIP terms with WFCF

Comment: conf call with KKR representative on exit facility

Comment: Recapitalization document review and discussion.

Comment: Review of interin financing extension order and discuss with colleagues

Comment: review final interim budget, discuss with colleagues/counsel

Comment: review/update recap ask document

Comment: Alternative DIP and exit financing discussions.

Comment: review WFCF response to committee markup of financing terms sheet, call with counsel

Comment: call with MHR regarding exit facility

Comment: Alternative DIP and exit financing.

Comment: Multiple mark-ups, internal discussions and review of LOTT memo per FTI's request. Create data

tables to support LOTT memo.

Comment: Review prelim on JC Reeves (Edelman) contract and respond to inquiries from Ausland.

Comment: Per management request, finalize LOTT memo and forward to FTI (Hammond)

Comment: Research Rancho loan balance and interest calculation and discuss with asset managers.

Comment: Correspondence with Debbie Syfers re current bill and continuation of additional coverage at Pecos

Creek.

Comment: Review and provide Sienna appraisal to counsel in preparation for Tuesday's investor meeting.

Comment: Research Solaris parcel and provide parcel map / info to LAO to support setup.

Comment: Respond to FTI re AABW memo to support LOTT transaction.

Comment: Send diligence material to Corliss with instruction in anticipation of call.

Comment: Provide detail to counsel re LakeView model units to support motion.

Sub Total:

Activity: Fee / Employment Applications

Comment: Review professional invoices

Sub Total:

Comment: Correspondence with Hammond re comps at Ysabel and Reeves. Follow up with asset managers and

local brokers.

Page 41


























11/10/2011 Dakan, Farley 0.1

11/10/2011 Dakan, Farley 0.8



Comment: due diligence call with Prescott


Comment: Review of revised Committee DIP loan proposal

Comment: Review of loan paydown analysis

Comment: status call with Northlight

Comment: modify budget and cash flows with final comments from comittee and WFCF


Comment: Call with colleagues regarding revised DIP loan proposal issues

Comment: Discuss Wells Fargo DIP loan term sheet response with colleagues

Comment: conf call with potential exit facility provider, review of assets

Comment: call with WFCF on budget modfications to interim budget

Comment: respond to Northlight due diligence requests


Comment: Review latest DIP loan budget draft

Comment: Call with colleagues regarding various DIP loan proposal issues

Comment: review of committee counter-proposal to WFCF

Comment: Review of Committee counter-proposal regarding DIP loan

Comment: Review of Committee DIP proposal and sdiscuss with colleagues

Comment: Call with colleagues regarding revised Committee DIP proposal

Comment: review proposal for exit facility

Comment: review northlight due diligence material regarding title, confer with colleagues

Comment: Review of investor interest calculations and discuss with colleagues

Comment: Review of WF response to Committee proposal for DIP loan

Comment: review WFCF response to committee counterproposal

Comment: call with counsel on DIP counter-proposal

Comment: Review of DIP loan budget draft

Comment: Review of Wells Fargo draw detail

Comment: Review of Wells Fargo response to Commitee DIP loan term sheet

Page 42









11/14/2011 Dakan, Farley 0.7

11/14/2011 Dakan, Farley 0.4




11/15/2011 Dakan, Farley 0.7


11/16/2011 Dakan, Farley 0.8



11/17/2011 Dakan, Farley 0.5



11/18/2011 Dakan, Farley 0.2





11/28/2011 Dakan, Farley 0.7



48.4

Comment: Exit Financing document review and discussion.

Comment: Exit financing document review and discussion.

Sub Total:

Comment: Call with colleagues regarding DIP financing and asset sale issues

Comment: Review of Final Financing Order

Comment: Call with colleagues regarding Exit Facility and Financing Order

Comment: review of data room documents and due diligence request from potential capital provider

Comment: Review revised DIP budget

Comment: conf call with potential exit facility lender

Comment: Review revised DIP budget

Comment: Review of maximum DIP loan calculations and discuss with colleagues

Comment: follow up call on due diligence items with potential lender

Comment: Meeting with colleagues regarding proposed changes to various DIP financing documents

Comment: Review of revised DIP budget

Comment: review markup of CA from potential lender

Comment: Review of DIP budget and discuss with colleagues

Comment: Review of Committee comments regarding various DIP financing documents

Comment: Call with colleagues regarding various DIP financing motion issues

Comment: Review of proposed changes to Loan Agreement and discuss with colleagues

Comment: due diligence update call


Comment: Review and discussion of latest DIP loan proposal

Comment: Review of expenditures and budget

Comment: Review and discussion of revised DIP loan orders

Comment: Call with colleagues regarding Committee questions regarding related party loans

Comment: Review of draft DIP loan budget

Comment: Review and discuss draft Notice of Modifications to DIP financing

Comment: review exit facility commitment from WFCF

Comment: review redline of interim financing order

Page 43


Date Employee Hours



2.6

Date Employee Hours












Comment: Rancho Las Flores litigation document review and discussion.

Comment: 2718 litigation document review and discussion.


Sub Total:

Activity: Litigation




Comment: 2718 litigation document review and preparation.




Comment: 2718 ligitgation document review and discussion.

Activity: General Overview

Comment: conference call with colleagues summarizing current status and discussion of next steps.

Comment: Lunch with Kelly Ng to update on business activities for loan servicer.

Page 44

































Comment: call with Dennis Zentil re: litigation billing

Comment: Review and update litigation report.


Comment: 2718 litigation document review and discussion re FL DEP/Army Corps

Comment: call with Lombino re: Vantage title insurance update/issuance post BK settlement. e-mail colleagues

re: Pend Orielle WFF waiver.


Comment: 2718 document review and discussion re FL DEP/Army Corps

Comment: Various calls with counsel and colleagues regarding document production issues

Comment: Call with counsel and colleagues regarding 2004 exams and issues



Comment: Hearing participation

Comment: Preparation for hearing

Comment: Rancho Las Flores document review and discussion.


Comment: Quintero litigation document review and discussion.



Comment: Review of Ng Chapter 7 documents





Comment: Discuss various indemnification claims with counsel and colleagues



Comment: Call with Mike Gehret re: Arlin Geophysical IRS litigation and impact of BK

Page 45












60.0

Date Employee Hours














Comment: Prescott Diligence: Review diligence questions from Prescott. Call with Prescott to underwrite assets -

upload asset level docs to data room (canyon club, aquaterra, Carlton financials). Follow up with appropriate

asset managers re requests from Prescott.

Comment: Meeting with colleagues regarding DIP loan proposals and asset sale contracts

Comment: Meeting with colleagues regarding asset sales and management issues

Comment: Calls with David Weyrich and James Ballentine re: Jack's Ranch litigation and David's deposition.

Comment: Rancho Las Flores litigation document review and discussion preparation for settlement discussions

11/30.

Comment: Settlement conference with Rancho Las Flores principals and attorneys.

Comment: Review of GT and WF complaints to stay litigation and discuss with colleagues

Comment: Preparation for 12/6 omnibus hearing

Sub Total:

Activity: Meetings / Preparation

Comment: Update call with asset managers re JC Reeves offers, Georgetown status (Matt), and BK / DIP status.

Comment: Call with asset manger re 2718 and missing files.

Comment: Call with asset managers re Weyrich assets (Ysabel: offers and DRE status, Carlton: assessor inquiries,

and Jack's litigation update)

Comment: Asset management meeting with collagues


Comment: Call with local counsel and asset managers re Pend Oreille and strategy re foreclosure and MF'08

Comment: Call w/counsel and asset managers re bankruptcy sales process.

Comment: Correspondence with Troy Dana re property management invoice.

Comment: Meeting with colleagues regarding various reporting package issues

Comment: Pend Oreille: Meeting with MF08 (Brinkman) re Pend Oreille pending contract. Pend Oreille review

call with asset managers following discussions with MF08.

Comment: Various calls with counsel and colleagues regarding document production issues

Comment: E-mails with Rick Stacey re: Pend Orielle mechanics lien status



Comment: Review of RLF Joint Litigation Agreement memo and discuss with colleagues

Page 46

























36.2

Comment: Call with Casey at LAO to review strategy for data room construction and procedure for reviewing

offers.

Comment: Discussions with counsel and asset managers re preparation for and administer RE Reno conference.

Comment: Review with counsel and asset managers inquiries posed by FTI re LOTT transaction.

Comment: Review letter from Jerry Reeves to Standard - Discuss with counsel threat of Jerry Reeves allegations.

Discuss with asset manager.

Comment: Discuss with counsel and asset managers strategy re RLF settlement meeting.

Comment: Prelim discussions w/counsel re Quincy PSA and Reeves' PSA / CC&R issues. Organize call for Wed.

Comment: Meeting with colleagues to prepare for RE Reno meeting

Comment: Meeting with colleagues regarding preparation for RLF settlement meeting

Comment: Detailed review of Monet's Garden CC&R's, DOT and declarant rights issues to support transaction.

Sub Total:

Comment: Internal call re Rancho docs to support legal due diligence and ABW Lott transaction / Mike

Courtnage.

Comment: Multiple internal calls and discussions with asset managers re DPO proposal by San Luis Obispo

county.

Comment: Asset level diligence call with FTI pertaining to motions filed with the court.

Comment: Call with S Hammond re Vantage Lofts property tax issue and collateral value.

Comment: Meeting with colleagues regarding various issues with resolution payments

Comment: Meeting with counsel and colleagues regarding hearing preparation

Comment: BK update and status meeting with asset managers following hearing on 9/17.

Comment: Organize internal status update call for 11/22 (multiple calls and emails to each participant).

Comment: Internal discussions re process and template for request for consent from committee and WF.

Comment: Call with Steve Hammond (FTI) re JC Reeves property tax status. Subsequent email to Jennifer

Rodgers requesting update on JC Reeves prop taxes.

Comment: Internal update and BK status call with asset managers.

Comment: Preparation for staff status meeting

Comment: Staff status meeting


Page 47


Date Employee Hours




1.6

Date Employee Hours



10.2

Date Employee Hours





1.6

873.4

Sub Total:

Activity: Tax Issues

Comment: Review of RE Reno tax issues memo

Comment: Call with colleagues regarding Carlton Hotel tax issues

Comment: Review RE Reno taxation memorandum

Comment: Discuss RE Reno taxation issues with colleagues

Sub Total:

Report Grand Total:

Activity: Meetings of Creditors

Comment: Call with colleagues regarding settlement discussions regarding RLF

Comment: Call with colleagues regarding FTI information request issues

Comment: Review FTI retention agreement and discuss issues with counsel

Sub Total:

Activity: Organization / Field Work

Comment: Due diligence meeting with Buyer on Pend Oreille in Sandpoint.

Comment: Diligence meeting, site visit and visit comparable tracts in Sandpoint (Pend Oreille) and discuss

project.

Page 48


Date Employee Description Amount

10/25/2011 Henderson, George Charlotte, NC - Austin, TX - 10/31 433

10/31/2011 Holley, Joshua Spokane, WA - San Francisco, CA, one way 238

10/31/2011 Holley, Joshua Austin, TX - Spokane, WA - one way 297

11/1/2011 Henderson, George Fulton Cty., MO - San Francisco, CA - 11/13 495

11/1/2011 Henderson, George San Francisco, CA - Palm Beach, FL - 11/11 324

11/1/2011 Henderson, George Austin, TX - San Francisco, CA - 11/7 425

11/1/2011 Henderson, George San Francisco, CA - Charlotte, NC - 11/18 431

11/2/2011 Holley, Joshua Oakland, CA - Kansas City, KS - one way 283

11/2/2011 Weissenborn, Jim Detroit, MI - Dallas, TX with change fee 1,140

11/8/2011 Dishnica, Rick SFO-CEG roundtrip 423

11/9/2011 Henderson, George San Francisco, CA - Detroit, MI 157

11/9/2011 Henderson, George Charlotte, NC - San Francisco, CA - 11/28 548

11/14/2011 Holley, Joshua Detroit, MI - San Francisco, CA - one way 274

11/14/2011 Holley, Joshua Austin, TX - San Francisco, CA, RT 814

11/14/2011 Rakunas, Ronald Orange County, CA - Oakland, CA 204

11/16/2011 Rakunas, Ronald Oakland, CA - Orange County, CA 204

11/19/2011 Dakan, Farley Austin, TX - San Francisco, CA, RT 497

11/21/2011 Holley, Joshua San Francisco, CA - Austin, TX 280

11/22/2011 Weissenborn, Jim Detroit, MI - San Francisco, CA 1,320

8,787


11/4/2011 Holley, Joshua Avis Rental (10/31 - 11/4) 325

11/7/2011 Holley, Joshua Avis Toll Fee 12

11/8/2011 Holley, Joshua Avis Rental Spokane 203

11/11/2011 Henderson, George Car Rental 344

11/11/2011 Holley, Joshua Avis One Day (Walnut Creek) 73

11/16/2011 Rakunas, Ronald OAK-Lafayette-OAK 317

11/18/2011 Henderson, George Rental Car 5 days 439

1,712


10/28/2011 Henderson, George Parking - Charlotte airport 30

10/28/2011 Henderson, George Bay Bridge Toll 6

11/3/2011 Holley, Joshua Parking - Austin airport 12


11/16/2011 Rakunas, Ronald Parking - Orange County airport 44

11/18/2011 Henderson, George Parking = Charlotte airport 114


218

Client Expense Detail by Project and Expense TypeReport Date Range: 11/1/2011 to 11/30/2011

Client / Project: RE Loans / RE Loans

Expense Type: Airfare

Sub Total:

Sub Total:

Sub Total:

Expense Type: Gas / Parking / Tolls

Expense Type: Car Rental

Page 49



10/28/2011 Henderson, George Renaissance Club Sport 695

11/4/2011 Holley, Joshua Renaissance Hotel (3 nights) 609

11/7/2011 Henderson, George Lafayette Park 1 night 184

11/8/2011 Holley, Joshua Best Western Edgwater (2 rooms, Rick Included) 201

11/9/2011 Henderson, George Lafayette Park Hotel 11/8 193

11/11/2011 Henderson, George Renaissance Walnut Creek 11/9-11/10 366

11/12/2011 Holley, Joshua Renaissance Hotel (3 Nights) 946

11/12/2011 Holley, Joshua Renaissance Hotel (Breakfast) 4

11/16/2011 Rakunas, Ronald Renaissance Walnut Creek - 2 nights 479

11/18/2011 Dakan, Farley hotel in dallas (2 nights) 520

11/18/2011 Henderson, George Renaissance Walnut Creek 11/13 - 11/18 994

11/18/2011 Weissenborn, Jim Dallas, TX - 2 nights 382

5,574


10/24/2011 Henderson, George Dinner 76

10/26/2011 Henderson, George Lunch 57

10/31/2011 Holley, Joshua Lunch 23

10/31/2011 Holley, Joshua Food 45


11/2/2011 Holley, Joshua Dinner 19

11/3/2011 Holley, Joshua Dinner 17

11/7/2011 Dishnica, Rick Dinner 278




11/8/2011 Dishnica, Rick Breakfast - R. Dishnica, J. Holley 22


11/9/2011 Henderson, George Dinner - G. Henderson, F. Dakan, R. Rakunas, J. Holey 73

11/9/2011 Henderson, George Lunch - G. Henderson, F. Dakan, R. Rakunas, J. Holley 36


11/10/2011 Holley, Joshua Dinner - J. Holley, G. Henderson 83





11/15/2011 Henderson, George Dinner - G. Henderson, F. Dakan, R. Rakunas, J. Holey 48



11/16/2011 Weissenborn, Jim Refreshments 43

11/17/2011 Dakan, Farley dinner - F. Dakan, J. Weissenborn, O'Neil 36


11/17/2011 Weissenborn, Jim Dinner - J. Weissenborn, F. Dakan 220



11/30/2011 Dishnica, Rick Lunch- R. Dishnica, Kelly Ng 64


1,515

Expense Type: Lodging

Expense Type: Meals & Entertainment

Sub Total:

Sub Total:

Page 50



11/19/2011 Dakan, Farley mileage to from Austin/Dallas [422.00@$0.5100] 215

215


11/18/2011 Brennan, Mike Pandesa-ShareVault Monthly file storage-27,787 page count 2,062

2,062


11/8/2011 Holley, Joshua BART Train Ticket 20

20


11/4/2011 Holley, Joshua Conference Call Service 15








178

$ 20,282Report Grand Total:

Sub Total:

Expense Type: Telecommunications (Internet/Cell)

Sub Total:

Sub Total:

Expense Type: Mileage

Sub Total:

Expense Type: Miscellaneous

Expense Type: Taxi / Trains

Page 51


180 High Oak Road, Bloomfield Hills, MI 48304

November 17, 2011

SERVICES RENDEREDBy Mackinac Partners, LLC for the period October 1, 2011 through October 31, 2011in the role as Chief Restructuring Officer

Hours Rate TotalFees

James Weissenborn 132.3 560$ 74,088Farley Dakan 171.3 440$ 75,372Ron Rakunas 179.3 430$ 77,099Rick Dishnica 27.9 410$ 11,439Mike Brennan 56.1 335$ 18,794George Henderson 128.0 300$ 38,400Josh Holley 174.9 275$ 48,098Kyle Koger 13.0 250$ 3,250

Sub Total 882.8 346,539

Out-of-Pocket Expenses:Detail attached 26,122

372,661$

***PLEASE NOTE NEW WIRE INSTRUCTIONS BELOW EFFECTIVE MAY 5, 2010

Bank: Bank of America, N.A.ABA Routing No.: 026009593

Account: Merrill Lynch Account 6550113516For Final Credit of 689-03306Mackinac Partners, LLC

Re: RE Loans, LLC

Wiring Instructions:


Date Employee Hours






10/21/2011 Henderson, George 1



15

Date Employee Hours













Project Time Detail by ActivityItem Date Range: 10/1/2011 to 10/31/2011

RE Loans

Project: RE Loans


Comment: -Prepared and reviewed draw request

Comment: -Updated revenue budget

Comment: -Finalized Draw Request

Comment: -correspondence regarding draw request

Comment: -updated budget and variance report

Comment: -updated budget

Comment: -Updated Bankruptcy budget

Comment: -budget analysis

Sub Total:


Comment: Cottonwood note modification proposal

Comment: Cottonwood Hills e-mails re: loan modification

Comment: Jack's Ranch e-mails re: litigation/bankruptcy

Comment: Jack's Ranch e-mails re: foreclosure notice and stay of litigation

Comment: Jack's Ranch litigation and bankruptcy interaction

Comment: Woodbridge preparation for discussion with borrower on loan modification

Comment: Cottonwood discussion of loan modification

Comment: Pend Orielle e-mails re: tax analysis

Comment: Cottonwood discussion re: loan modification

Comment: Jack's Ranch call re: litigation analysis

Comment: Cottonwood borrower inquiry re: note sale

Comment: Pecos Creek update e-mail






8.3

Date Employee Hours




















Comment: Jack's Ranch e-mails re: escrow account tax ID issue

Comment: Pecos Creek update e-mails

Comment: -Correspondence with Woodbridge regarding forbearance agreement

Comment: -Consolidated timeline document creation

Sub Total:


Comment: Review of Vantage Lofts settlement agreement and discuss with colleagues

Comment: review contract and modify language for bankruptcy approval process

Comment: asset management status update with colleagues

Comment: Santa Ysabel e-mails for sale of lot #4.

Comment: Vantage bankruptcy & litigation e-mails

Comment: LOTT transaction document review and discussions with colleagues, LOTT officials.

Comment: Document review and discussion with potential buyers of Quintero.

Comment: Document review and discussions with potential buyers of Moses Point.

Comment: Discussion of MF08 CRO inquiries

Comment: review revisions to broker agreements

Comment: Review call for DebtX pricing schedule and discuss release price per asset.

Comment: Multiple discussions with Jeff Feeney re new listing agreement and new pricing structure.

Comment: Review correspondence on LOTT sale proposal.


Comment: JC Reeves document review and discussion.

Comment: Bravo Marshall discussion and document review regarding second closing.

Comment: call with potential note purchaser

Comment: execute contracts for lot sales

Comment: send georgetown documents to potential purchaser









10/6/2011 Holley, Joshua 1








10/10/2011 Dakan, Farley 0.7








Comment: Santa Ysabel e-mails: sale of lot # 4 and overall update.

Comment: Vantage bankruptcy & litigation e-mails

Comment: Review counter offer on Ysabel lot 4. Call w/Vickie Mullins to discuss process and additional BK

Language.

Comment: Multiple calls re Land Advisors and DebtX agreement.

Comment: call with colleagues on asset level broker agreements

Comment: Santa Ysabel calls and e-mails re: sales program with Land Advisors and Prudential

Comment: Vantage Lofts calls and e-mails re: bankruptcy

Comment: Discussions with counsel and asset managers re employment of LA and DX - review contracts.

Comment: Emails w/broker re Edleman contract on JC Reeves

Comment: Emails w/potential buyer on Pinnacle Georgetown.

Comment: call with colleagues regarding lakeview closing and pending contracts

Comment: Update call with Asset Manger to discuss DebtX status.

Comment: Call with Chelsea Ausland re CC&R's / HOA at Sherwood View.

Comment: Call with Shawn Buklin re. interest in Georgetown.

Comment: Discuss MF08/Las Colinas issues with colleagues

Comment: review land advisors listing agreement and discuss with colleagues

Comment: Discussion with Josh to prepare for meeting with Bill Brinkman, CRO for MF'08. Meeting with Bill

Brinkman to discuss Mortgage Fund '08 and RE Loans coordination on Pend Orielle and Los Colinas, assets in

common, and process to move forward operationally as each entity transitions through bankruptcy.

Comment: -preparation and revision of canyon club memo

Comment: Review offer on Georgetown and discuss with asset managers.

Comment: Bravo Marshall document review and discussion regarding 2nd closing.

Comment: AABW LOTT document review and discussion regarding sale.

Comment: Discussion of various MF08 issues with colleagues

Comment: Discuss with colleagues various REO issues


10/11/2011 Dishnica, Rick 1










10/12/2011 Dakan, Farley 0.4

10/12/2011 Dakan, Farley 0.3













Comment: Pend Orielle e-mail and call re: foreclosure process in Idaho

Comment: Santa Ysabel e-mails re: lot #4

Comment: -Updated and reviewed disposition status report

Comment: Inquiry to counsel re. motion to consummate Forestar transaction.

Comment: Provide information to Ron re. JC Reeves declarant issues. Correspondence with Ausland re JC

Reeves and Edelman contract.

Comment: Review offer on Georgetown with Ron and provide feedback to buyer.

Comment: Correspondence to Jeff Feeney re. engagement and relationship w/Land Advisers.

Comment: Moses Point document review and discussion.

Comment: Quintero document review and discussion.

Comment: JC Reeves document review and discussion.

Comment: review pipeline report and discuss with asset managers

Comment: meeting regarding broker/note sales

Comment: Santa Ysabel calls and discussion re: sales program

Comment: Discussion of asset dispositions through bankruptcy process

Comment: Quintero document review and discussion.


Comment: AABW marketing document review and discussions.

Comment: Discuss investor interest in Otay Mesa and Adams Canyon with colleagues

Comment: Discussion of foreclosure status and issues with colleagues

Comment: Discuss Bravo Marshall/Forestar issues with colleagues

Comment: Santa Ysabel calls re: asset sales

Comment: General information call requests







10/14/2011 Dakan, Farley 1

10/14/2011 Dakan, Farley 0.7








10/17/2011 Dakan, Farley 0.4












Comment: Review REO and note marketing status

Comment: Review of Aquaterra appraisal

Comment: Review of Georgetown appraisal

Comment: Review contract on georgetown property

Comment: Call with colleagues on Bravo Marshall contract and closing

Comment: Note Sale program with Debt X: discussion

Comment: -correspondence regarding Cottonwood Hills borrower

Comment: Review commercial contract on georgetown with asset managers.

Comment: AABW sales document review and discussion.



Comment: Discuss various Debt X issues with colleagues

Comment: review Santa Ysabel Ranch contract

Comment: Pend Orielle e-mails re: foreclosure

Comment: Santa Ysabel sale lot #4

Comment: Vantage e-mails re: bankruptcy

Comment: -Correspondence regarding Canyon Club tax parcels

Comment: -Correspondence with Woodbridge borrower regarding forbearance agreement

Comment: -Correspondence regarding potential DIP Loan

Comment: Correspondence with asset managers re property tax files and Ysabel counter offer status.

Comment: Correspondence and review of Don Corliss comments re JC Reeves Sherwood View contract.

Comment: Bravo Marshall document review and discussion.


Comment: Quincy sale document review and discussions.









10/19/2011 Dakan, Farley 0.2

10/19/2011 Dakan, Farley 0.7

10/19/2011 Dakan, Farley 0.8

10/19/2011 Dakan, Farley 0.4









10/20/2011 Dakan, Farley 0.6

10/20/2011 Dakan, Farley 0.2



Comment: Review Pend Orielle documents and prepare strategy for next steps if buyer fails to close

Comment: Review, execute and distribute Final Land Advisor's and DebtX agreements.

Comment: Review counsel's comments on JC Reeves' offer and implement revisions to contract.



Comment: Bravo Marshall sale document review and discussion.

Comment: Call with colleagues regarding Debt X status and issues

Comment: Call with MF08 on las colinas transaction

Comment: Conference call with colleagues regarding Forestar transaction

Comment: review and execute final debtx and land advisors contracts

Comment: review pend orielle loan balance and contract

Comment: Pend Orielle updates for interest charges and information for foreclosure process and asset sale

per contract.

Comment: Discuss process with colleagues.

Comment: Follow up w/Don Corliss re JC Reeves contract. Forward information to Chelsea Ausland. Forward

information to Greg Jones for processing with BK court.




Comment: Review of Debt X timelines

Comment: Call with Committee counsel regarding commitment letter issues

Comment: call with counsel regarding las colinas

Comment: review/sign demand for lakeview unit

Comment: Review and discuss Pend Orielle documents. Phone discussion with Ralph Slateger, buyer of Pend

Orielle. Prepare for site visit and interview with Ralph.

Comment: Carlton Hotel restaurant opening status







10/21/2011 Dakan, Farley 0.5

10/21/2011 Dakan, Farley 0.6









10/23/2011 Dakan, Farley 0.5







10/25/2011 Dakan, Farley 0.4

Comment: Vantage broker inquiry

Comment: Calls and emails with Mike Sim re interest in Vegas properties.




Comment: review lakeview contract

Comment: discuss MF08 court order with counsel and transaction update

Comment: -emails with Woodbridge borrower regarding forbearance agreement

Comment: Review and execute LakeView demand letter for 2 unit closings.

Comment: Call with David Howes - interested party in Vantage Lofts to provide background on property and

status of bk/litigation.

Comment: Correspondence and update w/ Chelsea Ausland - Review revised offer on lot 68 and discuss with

asset managers.




Comment: Discussion of Las Colinas settlement order with colleagues

Comment: review debtx application

Comment: -Correspondence with Feenune Broker regarding potential sale

Comment: Correspondence with Adam Green & Jeff Feeney re listing at Triple S and role of Land Advisors.

Comment: Correspondence with Chelsea Ausland re pending offers and process for future assets (JC Reeves) -

correspondence with D. Corliss re lot 68 offer in Sherwood. Additional correspondence re offer on Monet's

Garden w/Chelsea, Ron and Don.




Comment: Review/comment on declaration on for employment of land advisors


10/25/2011 Dakan, Farley 1.1

10/25/2011 Dakan, Farley 0.7

10/25/2011 Dakan, Farley 0.3









10/26/2011 Dakan, Farley 0.8






10/27/2011 Dakan, Farley 0.8

10/27/2011 Dakan, Farley 0.5

10/27/2011 Dakan, Farley 0.2



Comment: Meeting with potential purchaser on Georgetown

Comment: call with MF08 advisors on las colinas transaction

Comment: call with colleagues regarding due diligence requests

Comment: -Correspondence with Feenune broker

Comment: Calls and emails with Chelsea Ausland re pending LOI's on JC Reeves. Internal discussions on

viability of offers. Correspondence with Don Corliss re pending LOI's on JC Reeves.

Comment: DebtX diligence support: create data room profiles for DebtX team, upload payment history data

for all notes Populate data tape for every loan at DebtX request. Internal discussions re DebtX procedure and

strategy.

Comment: Correspondence with each local broker (Ausland, Feeney, and Mullins) to obtain consent for

application to employ. Discussions with Greg and Ron re application(s) to employ.



Comment: Lockenheath sale document review and discussion.

Comment: Discussion of Debt X auction issues with Committee counsel and colleagues

Comment: review contracts on SYR lots

Comment: Correspondence with each local broker (Ausland, Feeney, and Mullins) to obtain consent for

application to employ. Discussions with Greg and Ron re application(s) to employ.

Comment: Review and correspondence with Vickie Mullins re. two new LOI's on Ysabel.



Comment: Lakeview sale document review and discussion.

Comment: update call with counsel on Las Colinas

Comment: call with colleagues on asset dispositions

Comment: review JC Reeves pricing

Comment: Create disposition schedule for JC Reeves offers to analyze current LOI's.

Comment: Correspondence with asset managers and Vickie Mullins re pending offers on Ysabel. Additional

calls with asset managers to discuss Ysabel offers.





10/28/2011 Dakan, Farley 0.8

10/28/2011 Dakan, Farley 0.3

10/28/2011 Dakan, Farley 0.7

10/28/2011 Dakan, Farley 0.4

10/28/2011 Dakan, Farley 0.3

















Comment: Triple S sale document review and discussion.


Comment: Review Debtx modifications

Comment: Call regarding Pend Orielle note sale

Comment: call with counsel on Las Colinas

Comment: Status update call on dispositions

Comment: Call regarding Pend Orielle note sale

Comment: JC Reeves sale document review and discussions..



Comment: review pend orielle note sale documents

Comment: review counteroffers on lot sales

Comment: Pend Orielle analysis and administrative matters

Comment: Santa Ysabel e-mails and call re: lot 15 & 26

Comment: Outline bk approval timeline for offers received on JC Reeves (instruct Chelsea Ausland) Additional

correspondence with Chelsea Ausland re status of offers and procedure moving forward.

Comment: Correspondence with Don Corliss re current offers on JC Reeves - instruct to convert LOI's to

contracts and dictate terms to Corliss.

Comment: Internal discussions with asset managers re Ysabel offers.

Comment: Correspondence with asset managers and Jeff Cantor re amendment to DebtX contract.




Comment: Review schedule of revised release prices





132.4

Date Employee Hours













9.8

Date Employee Hours







Comment: Discuss revised release prices with colleagues

Comment: Discuss Las Colinas issues with colleagues

Comment: Review analysis of revised release prices

Sub Total:

Activity: Business Model / Support

Comment: Review and update business model.





Comment: Review and update business model.







Sub Total:


Comment: Review email correspondence from weekend and detail tasks for week of Oct 3.

Comment: Email correspondence and communication-various

Comment: Property managment-lona modification Cottonwood Hills

Comment: Property foreclousre execution-final documentation JC Reeves

Comment: Review and comment on vantage lofts settlement agreeement

Comment: Read SEC subpoena








10/4/2011 Brennan, Mike 1

















Comment: discuss data delivery standards of information to SEC

Comment: Organize JC Reeves foreclosure docs and invoices. Load to data room. JC Reeves transaction

detail.

Comment: Review Vantage Lofts motion for settlement with Rick and discuss credit bid analysis.

Comment: Review of Otay Ranch site, surrounding master plan and competition, including market data

collection and discussions with surrounding property owners and their representatives.

Comment: Otay Ranch discussions with City officials.

Comment: Bankruptcy document review.


Comment: Property foreclsoure execution and planning-Jack's Ranch

Comment: End of month lender reporting-Wells Fargo

Comment: review litigation schedule,

Comment: status call on jack's ranch litigation,

Comment: call with colleagues and counsel on committee request

Comment: review SYR inventory listing

Comment: review committee agenda outline

Comment: Multiple discussions re Ysabel Ranch listing detail, pricing schedule and process for reviewing

offers, etc.

Comment: Bankruptcy filing document review and discussion.


Comment: AABW property management document review and discussions.


Comment: End of month lender reporting-Wells Fargo

Comment: Property insurance calls and document prep

Comment: Review Rancho Las Flores notice of default

Comment: Meeting with colleagues for creation of org chart and task list


























Comment: conf call with MF08 representatives

Comment: review portfolio audit document with colleagues

Comment: Upload JC Reeves foreclosure docs into data room.

Comment: Provide information to counsel to support utility motion.

Comment: Call w/Dan Freeman re Pecos Creek and status of permits and remainder of $100k retainer. Call

w/Walt at Focus re Pecos Creek status of permits.


Comment: Property tax management and updates-Cottonwood Hills, Acanto legal claim

Comment: Discuss Las Colinas order with counsel

Comment: review and execute contract on lakeview unit

Comment: call with MF08 representative on Las Colinas order

Comment: review updated committee agenda outline and provide comment

Comment: review reporting package contents and documents for submission to WF

Comment: review carlton hotel update report

Comment: Load docket filings into data room.

Comment: Coordinate w/local counsel re order to approve consummation of Forestar transaction.

Comment: Review of organization chart and discuss with colleagues


Comment: Property discussions with team: Weyrich, Brokerage companies and Lochenheath

Comment: Property tax updates-Altus discussions and correspondence

Comment: status update call with counsel


Comment: review org chart and roles/responsibilities document

Comment: Email correspondence with Jeff Krause and Greg Jones re statements and schedules and

application to employ Hines.

Comment: Debt X document review and discussions.





10/10/2011 Brennan, Mike 0.6

10/10/2011 Brennan, Mike 0.4

10/10/2011 Brennan, Mike 0.9

10/10/2011 Dakan, Farley 1.3

10/10/2011 Dakan, Farley 1.1







10/11/2011 Brennan, Mike 1.2

10/11/2011 Brennan, Mike 0.6

10/11/2011 Brennan, Mike 0.8

10/11/2011 Dakan, Farley 0.7

10/11/2011 Dakan, Farley 0.5







Comment: Review of revised org chart

Comment: Preparation of bankruptcy schedules

Comment: Email correspondence and communication-various properties

Comment: Property tax discussions on stay notice-Altus

Comment: Property managment support: Georgetown deeds, note reconciliation for Wells, expense draw

submissions

Comment: review and comment on security interest document from counsel


Comment: -Preparation and review of bankruptcy schedules

Comment: -prepared for creditor meeting




Comment: Review and discussion of overhead numbers and issues


Comment: Property litigation work-Weyrich/Jack's Ranch updates

Comment: Property insurance updates to support Trustee request.

Comment: reply to MF08 regarding allocation agreements and transaction documents

Comment: review and approve draw request

Comment: -Prepared and reviewed schedules

Comment: Load docket filings to data room.

Comment: Land Advisors discussion and document review.




10/12/2011 Brennan, Mike 0.8

10/12/2011 Brennan, Mike 0.4


10/12/2011 Dakan, Farley 0.3

10/12/2011 Dakan, Farley 0.8

10/12/2011 Dakan, Farley 0.6










10/13/2011 Brennan, Mike 0.9

10/13/2011 Brennan, Mike 0.8

10/13/2011 Brennan, Mike 0.6

10/13/2011 Dakan, Farley 0.8

10/13/2011 Dakan, Farley 0.4






Comment: Property management-Loan modifcation calls with Cottonwood Hills borrower

Comment: status update meeting in lafayette on operations

Comment: respond to noteholder request for information

Comment: review current insurance coverage

Comment: review property tax update

Comment: -Preparation of SOFAs and schedules

Comment: Download docket files and upload to data room.

Comment: Status update with Dan Freeman. Discussions on Pecos Creek remaining funds.

Comment: Land Advisors correspondence and discussion.



Comment: Discussion of RE Reno expenses with colleagues

Comment: Discussion of various Department of Labor issues with colleagues

Comment: Review of Department of Labor tolling agreement


Comment: Property management-Litigation follow up work on Weyrich/Jack's Ranch

Comment: Property management-continuation of water system discussions-LochenHeath

Comment: discuss transaction closing details with counsel on One South/RE Reno

Comment: address cash management/bank accounts with colleagues

Comment: -Finalized SOFA's and Schedules

Comment: -Correspondence with Wells Fargo regading bank accounts

Comment: -Document generation for Monthly Operating Reports

Comment: Correspondence with Eve re RE Reno bank account. Work with George and back office to setup

new RE Reno account.







10/14/2011 Brennan, Mike 0.8

10/14/2011 Brennan, Mike 0.5

10/14/2011 Brennan, Mike 0.6

10/14/2011 Dakan, Farley 0.4

10/14/2011 Dakan, Farley 0.8

10/14/2011 Dakan, Farley 0.4

10/14/2011 Dakan, Farley 0.6









10/16/2011 Dakan, Farley 0.4


10/17/2011 Brennan, Mike 0.8

10/17/2011 Brennan, Mike 0.6

Comment: Lockenheath entitlelment document review and discussion.




Comment: Discuss various bank account issues with staff


Comment: Property management-Loan modification discussions Cottonwood Hills borrower

Comment: Property management-Foreclosure planning updates

Comment: review pecos creek update

Comment: call with counsel regarding SEC investigation

Comment: review loan document for transfer capability

Comment: call with colleagues regarding DIP loan

Comment: -correspondence regardng regarding bank accounts

Comment: -Document generation regarding ordinary course professionals

Comment: Download docket reports and load to data room. Add FTI member and Akin Gump to data room.

Comment: Follow up with Krause and Kelly re Reno bank account for distribution of funds.

Comment: JC Reeves Foreclosure document review and discussion.


Comment: AABW property management document review and discussion.


Comment: review property tax detail update

Comment: -disposition schedule update


Comment: Property tax management-Updates on various


10/17/2011 Brennan, Mike 0.6


10/17/2011 Dakan, Farley 0.6

10/17/2011 Dakan, Farley 1.2













10/18/2011 Brennan, Mike 1.2

10/18/2011 Brennan, Mike 0.4

10/18/2011 Brennan, Mike 0.6

10/18/2011 Dakan, Farley 0.6

10/18/2011 Dakan, Farley 0.8


10/18/2011 Dakan, Farley 1.9


Comment: Property management support-Cottonwood Hills loan discussions

Comment: review testimony for hearing

Comment: review property tax detail for submission to committee and DIP lender

Comment: coordinate with colleagues on bank accounts, review payables

Comment: -MOR document preparation

Comment: -Bank account correspondence

Comment: -Docment generation for Ordinary course professionals

Comment: Correspondence and calls with Eve and JW re Siena fund distributions.

Comment: Download and review docket filings. Upload to data room.

Comment: Correspondence with MB and RR re viability of Quincy foreclosure.

Comment: Organize Data Room Index for Thursdays Exhibits.


Comment: Quincy foreclosure document review and discussion.

Comment: Document review and discussion regarding insurance at various assets.

Comment: Lockenheath entitlement document review and discussion.



Comment: Property management-foreclosure planning Quincy

Comment: Property management support: LochenHeath offer

Comment: discuss potential transaction on moses point with colleagues.

Comment: discussion about debtx and land advisors agreements with colleagues

Comment: speak with potential purchaser of georgetown asset.

Comment: prepare and review testimony preparation items for upcoming hearing

Comment: -MOR document generation










10/19/2011 Brennan, Mike 0.6

10/19/2011 Brennan, Mike 0.5

10/19/2011 Dakan, Farley 0.9










10/20/2011 Brennan, Mike 0.8

10/20/2011 Brennan, Mike 0.7

10/20/2011 Brennan, Mike 0.2

10/20/2011 Dakan, Farley 0.5

Comment: -Docment generation for Ordinary course professionals

Comment: -SEC Subpeana document preparation

Comment: Provide model and background to model submitted to WFCF in July 2011 timeframe.

Comment: Provide signed order to Andy V re consummation of Forestar transaction.

Comment: Download docket filings and upload to data room.





Comment: Property management support-Wells Fargo reporting

Comment: call with SEC counsel

Comment: -MOR preparation

Comment: -SEC inquiry data gathering

Comment: -phone call and emails with counsel

Comment: Follow up w/Andy Vanbuskirk on TIRZ closing. Discuss strategy w/asset mangers re obtaining

$1.8mm in TIRZ.

Comment: Download docket filings and load to data room.


Comment: 2718 foreclosure document review and discussion.




Comment: Property foreclosure planning and execution-Rancho LF

Comment: Property Tax support-Altus discussions-various

Comment: review final revisions to pend orielle account balance


10/20/2011 Dakan, Farley 0.7














10/21/2011 Brennan, Mike 0.8

10/21/2011 Brennan, Mike 0.5

10/21/2011 Dakan, Farley 0.6


10/21/2011 Dakan, Farley 0.8





Comment: review revised budget for interim financing

Comment: -phone call and email with counsel

Comment: -Reviewed and submitted MOR's for september

Comment: -Correspondence with bank regarding Bravo Marshall proceeds

Comment: Follow up w/Andy, asset managers, WF local, title co, to verify receipt of $1.8mm on Bravo TIRZ.

Comment: Download and review Docket Filings. Upload to data room.

Comment: Follow up with Tami Barrows re ability to post appraisals to data room. Review appraisal release

letter from Tami Barrows. Drop release letter into all WF appraisals and individually load all appraisals into

data room. Notify FTI of available appraisals.

Comment: Review and organize asset & entity filing system.

Comment: Provide direction to Altus to support future MOR data re property tax developments.






Comment: Property management-Tax appeals process work

Comment: Property support-Wells Fargo requests various


Comment: review budget and variance report for draw period

Comment: discuss due diligence items with northlight counsel

Comment: -emails and phone call with counsel regarding ordinary couse professionals

Comment: Coordinate property visit to Pend Oreille.

Comment: Received updated appraisal release letter from Tami Barrows. Load release letter into new

appraisals and upload to data room.

Comment: Download and review docket filings - load into data room.





10/24/2011 Brennan, Mike 0.6

10/24/2011 Brennan, Mike 0.4

10/24/2011 Brennan, Mike 0.5

10/24/2011 Dakan, Farley 0.3

10/24/2011 Dakan, Farley 0.5

10/24/2011 Dakan, Farley 0.9

10/24/2011 Dakan, Farley 0.3

10/24/2011 Dakan, Farley 0.3

10/24/2011 Dakan, Farley 0.8












10/25/2011 Brennan, Mike 0.8




Comment: Property Tax Management-Appeals process various assets

Comment: Property management-Lochenheath buyer discussions and correspondence

Comment: Property management-Pinnacle/Georgetown quit claim deeds

Comment: review amended property tax assessments

Comment: update call with counsel on las colinas transaction

Comment: prepare/review budget for third interim financing

Comment: address bank account process

Comment: address transfer of pecos creek proceeds

Comment: review accounting procedures

Comment: -Wells Fargo DIP Loan draw preparation and review


Comment: -correspondence and data gathering regarding noteholder balances and the RE Loans website

Comment: Review Pecos Creek security invoices.

Comment: Corrections to data room access for DebtX (J Cantor)

Comment: Discussions with Mike B. re rancho las flores foreclosure and altus monthly reporting for MOR's.




Comment: Pecos Creek entitlement document review and update.

Comment: Discussion of Lafayette transition plan and issues with colleagues

Comment: Email Correspondence and follow up-various properties


10/25/2011 Brennan, Mike 0.8

10/25/2011 Brennan, Mike 0.6

10/25/2011 Dakan, Farley 0.3


10/25/2011 Dakan, Farley 0.3

10/25/2011 Dakan, Farley 0.3


10/25/2011 Dakan, Farley 0.4

10/25/2011 Dakan, Farley 0.5












10/26/2011 Brennan, Mike 0.6

10/26/2011 Brennan, Mike 0.7

10/26/2011 Dakan, Farley 0.5

10/26/2011 Dakan, Farley 0.4

Comment: Property management-foreclosure planning-Rancho Las Flores

Comment: Property Management-Santa Ysabel Ranch lot sale discussions-broker

Comment: faciliate noteholder mail-out

Comment: coordinate bravo marshall closing proceeds transfer

Comment: review noteholder letter

Comment: call with colleagues on ranch las flores foreclosure

Comment: review publication materials for RLF foreclosure

Comment: review updated BK budget

Comment: review variance report

Comment: -Document generation for Debt X

Comment: -Updated disposition report

Comment: -Revising noteholder communication letter

Comment: -Correspondence regarding noteholder communication

Comment: Provide data room access to Artemis team.

Comment: Download and review docket filings and upload to data room.

Comment: Review correspondence from FD and J Krause re Pecos Creek funds to be returned to WF.




Comment: Review of Department of Labor letter regarding Bar-K

Comment: Property Tax Management-Appeals Carlton Hotel w/County Assessor

Comment: Property management-tax updates and planning

Comment: review RE Reno invoices

Comment: address bank acount items


10/26/2011 Dakan, Farley 0.7


10/26/2011 Dakan, Farley 0.8

10/26/2011 Dakan, Farley 0.3












10/27/2011 Brennan, Mike 1.2

10/27/2011 Brennan, Mike 0.7


10/27/2011 Dakan, Farley 0.8

10/27/2011 Dakan, Farley 0.5

10/27/2011 Dakan, Farley 0.5




Comment: review budget updates

Comment: review draw modifications

Comment: asset management status update call

Comment: review lockbox proceeds

Comment: -Updated variance reports

Comment: -Correspondence regarding ordinary course professional

Comment: -updating budget

Comment: -finalization of draw request to Wells Fargo

Comment: Correspondence with asset magers re DebtX inquiries from Tami Barrows.

Comment: Review correspondence form Moses Point borrower (Tallman)

Comment: Review, download and upload docket filings to data room.




Comment: Discuss ordinary course professional issues with colleagues


Comment: Property management-Foreclosure file submissions various assets

Comment: review pipeline report

Comment: discuss budget items with WF

Comment: prepare/discuss process timeline

Comment: review complaint filed by RLF borrower

Comment: process changes to budget


Comment: -Updating and finalizing draw request











10/28/2011 Brennan, Mike 1.4

10/28/2011 Brennan, Mike 0.8

10/28/2011 Dakan, Farley 0.4

10/28/2011 Dakan, Farley 0.9

10/28/2011 Dakan, Farley 0.4












Comment: Review draw request to be submitted to WF.

Comment: Review, download and upload docket filings to data room.

Comment: Provide data room access to additional Akin Gump individuals.

Comment: Review invoices from Desco Development re Pecos Creek and Vantage Lofts.




Comment: Discuss operating expenses and asset activity with colleagues


Comment: Property management-Lochenheath HOA water system issues

Comment: review class action response email

Comment: review modifications to publication of RLF foreclosure

Comment: review noteholder letter



Comment: Execute Georgetown quit claim deeds.

Comment: Correspondence with Tami Barrows and Marc Hines re Rancho trust account. Review

correspondence with Jeff Krause and Marc Hines re Rancho Las Flores legal status.

Comment: Review draw and individual checks prior to mailing out.




Comment: Review Lafayette workload analysis

Comment: Review and respond to corporate counsel email.


10/31/2011 Brennan, Mike 0.4

10/31/2011 Brennan, Mike 0.7


10/31/2011 Dakan, Farley 0.5

10/31/2011 Dakan, Farley 0.7

10/31/2011 Dakan, Farley 0.3

10/31/2011 Dakan, Farley 0.7








284.7

Date Employee Hours










Comment: Property management-Santa Ysable Ranch offers and communciation with broker

Comment: Property tax management: Tax appeal spreadhseet updates

Comment: asset status update

Comment: generate budget updates

Comment: review open payables

Comment: amend debtx agreement


Comment: Conference call with asset managers and corp counsel regarding Pend Oreille foreclosure and JC

Reeves threatened litigation. Following call, provide diligence materials on Reeves & Pend Oreille.

Comment: Correspondence with Tom Reimers and Greg Jones re status of consent from local brokers.

Comment: Review and upload Docket filings to ShareVault




Sub Total:


Comment: Vendor calls on case and process-various

Comment: Call with counsel on motions/pleadings

Comment: Call with committee professionals on budget and financial model

Comment: Call with colleagues on updates to asset expense detail

Comment: Review property tax detail

Comment: Discussion of Oakland US Trustee inquiries

Comment: status call with colleagues

Comment: review committee request for information from AG














10/7/2011 Weissenborn, Jim 1


10/10/2011 Brennan, Mike 1.2


10/10/2011 Dakan, Farley 0.9



10/11/2011 Brennan, Mike 0.8

10/12/2011 Brennan, Mike 1.8

10/12/2011 Dakan, Farley 0.8

10/12/2011 Dakan, Farley 0.8


Comment: Bankruptcy reporting month end-taxes

Comment: review statements and schedules with colleagues

Comment: review data delivery standards document

Comment: read counsel memo to Oakland UST

Comment: call with counsel on hearing prep

Comment: Bakruptcy reporting and updates-taxes, insurance

Comment: Attend hearing in Dallas

Comment: Review of letter to US Trustee regarding venue issues and discuss with colleagues

Comment: Review of non-disclosure agreement and discuss issues with colleagues

Comment: review UST monthly operating report requirements

Comment: review applications to employ professionals

Comment: review statement of financial affairs checklist

Comment: Review of September reporting package

Comment: discuss final statement of financial affairs submission

Comment: Bankruptcy reporting Schedule E-Tax items

Comment: review of MF08 filings

Comment: review of plan draft

Comment: Review of recent court filings

Comment: Review of California privacy standards and discuss with colleagues

Comment: Bankruptcy reporting Schedule E-Altus discussions and development

Comment: Trustee Interviews-Insurance updates

Comment: respond to requests for due diligence items from FTI

Comment: discuss and review response to UST follow up questions

Comment: Review RE Future statement and schedules



10/13/2011 Brennan, Mike 0.3

10/13/2011 Dakan, Farley 0.3

10/13/2011 Dakan, Farley 0.7





10/14/2011 Dakan, Farley 0.7

10/14/2011 Dakan, Farley 0.5





10/17/2011 Dakan, Farley 1.2


10/18/2011 Brennan, Mike 1.4



10/19/2011 Brennan, Mike 0.8




10/20/2011 Brennan, Mike 0.7

Comment: Discuss noteholder questions/response with colleagues

Comment: Team discussions-additional process

Comment: review DIP objections

Comment: update call with SEC counsel

Comment: Review noteholder questions/responses

Comment: Discuss statement and schedule questions with staff

Comment: Review RE Loans statements and schedules

Comment: Discuss RE Reno distribution issues with colleagues

Comment: Review and respond to asset DIP order

Comment: review fee application list of professionals

Comment: Review of case filings

Comment: Discuss Committee confidentiality issues with colleagues

Comment: Status call with colleagues and preparation


Comment: review testimony notes and declaration draft

Comment: Preparation for testimony for 10/20 hearing

Comment: Bankruptcy reporting-MOR Insurance

Comment: Testimony preparation for 10/20 hearing

Comment: 341a hearing preparation

Comment: Bankruptcy reporting-Tax updates-MOR

Comment: prepare, review, comment on monthly operating reports

Comment: 10/20 hearing testimony preparation


Comment: RE Team discussions; Various BK related on process




10/20/2011 Dakan, Farley 0.2







10/22/2011 Dakan, Farley 0.6

10/24/2011 Brennan, Mike 0.3

10/24/2011 Dakan, Farley 0.5

10/24/2011 Dakan, Farley 0.7

10/24/2011 Dakan, Farley 0.8

10/24/2011 Dakan, Farley 0.5

10/24/2011 Dakan, Farley 0.3





10/26/2011 Brennan, Mike 0.6


10/27/2011 Brennan, Mike 0.5


Comment: omnibus hearing and 341A hearing

Comment: review initial trustee interview exhibits

Comment: sign off on final MOR to trustee

Comment: Support organization of monthly reporting due to courts.

Comment: Discussion of various October hearing issues

Comment: Preparation for hearing

Comment: 10/20 hearing participation


Comment: 341a hearing and follow-up

Comment: review revised debtx application for employment

Comment: Tax schedule development-MOR schedules

Comment: review ordinary course applications for employment

Comment: review schedule of vendors/professionals ordinary course

Comment: review third interim financing order

Comment: review FBI letter

Comment: discuss process for providing investor statements

Comment: Review of filings

Comment: Review and discuss FBI victim's letter

Comment: Review of database security letter to noteholders

Comment: Review of Brier letter

Comment: Tax schedule development-MOR schedules Altus follow up


Comment: Vendor disclosure affidavits support

Comment: review pleadings



10/28/2011 Dakan, Farley 0.6

10/28/2011 Dakan, Farley 0.6

10/28/2011 Dakan, Farley 0.7



10/31/2011 Dakan, Farley 1.1




72.5

Date Employee Hours





2.6

Date Employee Hours








Comment: Review case filings

Comment: prepare reports to creditor committee

Comment: call with counsel regarding DIP terms

Comment: budget review with counsel

Comment: Review proposed Greeberg Traugh correspondence and discuss with colleagues

Comment: review motions for submission to court

Comment: call with counsel regarding modification to employment apps for debtx and land advisors

Comment: Discuss various information request issues with colleagues


Comment: Discuss Greenberg Traugh/Committee information request with colleagues

Sub Total:


Comment: Review of actual and projection dispositions and discuss with colleagues

Comment: Review of updated bankruptcy budget, projected draws and actuals and dsicussion with

colleagues

Comment: Discussion of Peros Creek cash collateral issues

Comment: Review draw request

Sub Total:


Comment: Receive, review and print asset level invoices.

Comment: Variance Report for WFCF reporting package.

Comment: *Prepared draw request

Comment: Update loan strats,12 month bk budget, and model summary for creditors meeting on 10/11.

Print and organize materials for meeting.

Comment: budget variance anaylsis updating

Comment: Update financial model and provide to Tami.

Comment: -Update Budget Variance report






















Comment: Respond to diligence request from Hayman. Access to data room to FTI.

Comment: Provide update to counsel on Pend Oreille foreclosure by Pacific.

Comment: Detailed review of variance report with FTI.

Comment: BK Diligence: Follow up internally and with counsel re utility escrow account per court order.

Review fee app for professionals chart. Discuss and review internally.

Comment: cost/benefit discussion re Quincy foreclosure

Comment: Financial model update focused on property taxes in preparation for Northlight call. Provide

updated data to FD.

Comment: Update Northlight strats for specific assets. Update model and dashboard strat and distribute to

Jim/Jeff/Farley for Thursday hearing preparation.

Comment: Correspondence with Kathleey and GH re fees charged by WFCF. Review terms of DIP to verify fee

schedule.

Comment: Analytic review of viability of cash collateral motion - how long will cash support operations w/o

DIP.

Comment: Review MOR's and respond to Kathleen's inquiries on each entity.

Comment: Review Pend Oreille delinquent interest calculation and provide information to Dishnica.

Comment: Review MOR's. (Cap Sal, REL, REF) and provide missing data to Kathleen.

Comment: Update weekly variance report with disposition assumptions and expense assumptions to build

out 13 wk rolling CF.

Comment: Finalize MOR's and convert into print format.

Comment: Review 52 week budget finalized by George H.

Comment: Update call with Farley and George re BK budget and Northlight Commitment fee (update bk

budget file).

Comment: BK budget review and update.

Comment: Upload payment history data for all notes and populate DebtX data tape for every loan.

Comment: 12 month BK budget amendments and review - follow up with GH re formatting into weekly

budget.

Comment: BK budget review w/internal team - update 12 month budget and correlate to weekly variance

report.



34.1

Date Employee Hours






10/12/2011 Brennan, Mike 1.1



10/17/2011 Brennan, Mike 0.4

10/17/2011 Dakan, Farley 0.7

10/17/2011 Dakan, Farley 1.5

10/18/2011 Dakan, Farley 1.5

10/19/2011 Dakan, Farley 0.5


27.1

Date Employee Hours





Comment: Review amended release price schedule from WFCF and create variance chart against previous

release price schedule. Review variance report with FTI / Alfonso. Variance report discussion and review with

George H.Sub Total:

Activity: Document Generation

Comment: Property marketing support-interested party Lochenheath

Comment: Property tax appeal notifications and summary on various assets

Comment: Draft statements and schedules and request information from asset managers.

Comment: Draft statements and schedules

Comment: Statements and Schedules. Schedule E review. SOFA Review.

Comment: Property management: Weyrich/Santa Ysabel lot sale pricing matrix development for BK

approval.

Comment: Statements and Schedules. Correspondence with Greg Jones and back office accounting.

Comment: Statements and schedules and correspondence with counsel.

Comment: Property tax managment: Appeal update calls

Comment: email counsel modified property tax detail

Comment: prepare exhibits for testimony and declaration

Comment: production of documents for SEC investigation and call with counsel regarding same

Comment: produce documents for 341A hearing

Comment: Property foreclosure summary files-all

Sub Total:


Comment: Review Vantage Lofts Motion to approve settlement in Vantage BK case. Feedback to J Krause

and F Dakan.

Comment: Review JC Reeves PSA and provide feedback to Corliss and Rakunas.

Comment: Vantage Lofts legal description diligence to support motion prepared by Jeff Krause. (verify legal

descriptions and parcel numbers with county website)

Comment: Multiple calls and emails and DD with Counsel and team re Vantage Lofts strategy for settlement

agreement and history of asset.
























Comment: Review Corliss markup of Land Advisers agreement and DebtX agreement and respond

w/comments.

Comment: Review vantage email from Krause and review valuation on 3 acres. Draft email response on

secured vs general unsecured claims. Respond to Krause' email re deficiency claim on Vantage Lofts.

Comment: Provide documents to Farley re. fortress valuation, entity org chart, detail on historic draws from

WF and use of draws.

Comment: Multiple calls with re SEC subpoena and information request from creditors committee.

Comment: Review statements and schedules.

Comment: Respond to information request from Hayman Woods.

Comment: Review, discuss and update organizational chart and documents for 10/11 creditors meeting.

Comment: Call with Hayman to walk through financial model in detail.

Comment: Call with Louis Rothemel (Prescott) to discuss individual assets.

Comment: Gather and organize NDA's for Jeff Krause in preparation for creditors meeting.

Comment: Provide diligence information to Hayman Woods Respond to FTI inquiries.

Comment: Provide diligence materials to Brinkman re. Las Colinas.

Comment: Review final DebtX proposal and provide to Greg Jones and Farley Dakan.

Comment: Emails w/Richard Stacey to support SOFA litigation questions.

Comment: Provide diligence materials to party expressing interest in "Notes". (Ziegler)

Comment: Print and review schedules and statements with managers.

Comment: Review DIP term sheet from Northlight.

Comment: Review objection to DIP financing filed by noteholder comittee.

Comment: Email update to Tami re Pecos Creek permits and settlement.

Comment: Provide contracts on LakeView and Ysabel to Krause to request for approval. Included inventory of

assets.

Comment: Correspondence with FTI re recent transactions.

Comment: Research and provide additional backup to counsel and asset mangers re Pacific Cap foreclosure

on Pend Oreille























Comment: Review Docket Filings.

Comment: Finalize email to Tami re. Pecos Creek update.

Comment: Respond to Milazzo inquiry re status of unsecured creditors.

Comment: Respond to diligence emails from FTI.

Comment: Review new appraisals on Georgetown and Aquatera

Comment: Provide counsel with information and support on motion to sell units at Ysabel, LakeView.

Comment: Correspondence and review of property information on Canyon Club for insurance purposes.

Verify tax parcels and acreage. Review DIP filing by Vantage BK attorney and verification of legal description

associated with "9.5 acre" parcel.

Comment: Response to Greg Jones re Creditors Committee inquiry into professionals to be retained: Altus,

Kathleen, Andrews Meyers, Pend Oreille counsel.

Comment: Review mortgage receivable files and organize to zip file to be sent to SEC attorney.

Comment: Provide exhibits to Krause for JW's hearing on 10/20.

Comment: Provide bank account (current and closed) information to FD for SEC investigation.

Comment: Conversation with local counsel re status of Pend Oreille litigation. Provide feedback to Greg

Jones to include in response to applications to employ ordinary course professionals.

Comment: Research on recovery of data from hardrive to access REL emails (SEC request).

Comment: Provide backup to JK diligence questions in preparation for 341a hearing 10/20.

Comment: Review Corliss comments on Pend Oreille

Comment: Review quote from first american re liens and judgment search for northlight assets.

Comment: Review email from Eve Karasik re Reno BK case status and subsequent conversation re

distribution of funds and timing of such.

Comment: Provide support to Amy Bellman in office to support diligence by Baker & Hostetler, counsel for

northlight.


Northlight. Provide additional support to Jerry Best of Artemis in office.


Northlight. Provide additional support to Jerry Best of Artemis in office.

Comment: Multiple conversations with corporate counsel re title policy assurance for Northlight and Artemis.

Additional calls with asset managers and corporate counsel re title policy assurance and prep for Northlight

call.







46.3

Date Employee Hours





10/17/2011 Dakan, Farley 0.3

10/18/2011 Dakan, Farley 0.4



3.8

Date Employee Hours

10/17/2011 Dakan, Farley 0.4

10/18/2011 Dakan, Farley 0.3

10/20/2011 Dakan, Farley 1.5

2.2

Date Employee Hours




Comment: Respond to document / diligence request from asset magers for Northlight (pipeline, LAO and DX

contracts, and 12 month bk budget)

Comment: Load borrower detail into data room to support DebtX diligence.

Comment: Upload new appraisal approval letter for Georgetown and Aquatera and load into data room.

Comment: Correspondence with counsel re. REO properties and Motion to Sell Property application being

prepared.

Comment: Review GT files to support Stutman diligence efforts.

Sub Total:


Comment: Review proposed amendment to interim fee application motion and discuss with colleagues

Comment: Review and discuss various employment applications

Comment: Review of various professionals invoices

Comment: Review response to Committee regarding retention issues

Comment: produce past invoice detail

Comment: production of staffing plan and professional fee budget

Comment: Review of expedited due diligence fee motion and discussion with colleagues

Comment: Review of application to employ Debt X

Sub Total:

Activity: Fee / Employment Objections

Comment: discuss employment with committee professionals,

Comment: discussion of fee breakdown with FTI

Comment: review, prepare billings and fee application

Sub Total:

Activity: Financing

Comment: review projections and term sheet on exit proposals

Comment: provide model to potential exit financing party

Comment: Discussions with colleagues regarding recapitalization.


















10/10/2011 Dakan, Farley 0.7

10/10/2011 Dakan, Farley 0.4

10/10/2011 Dakan, Farley 0.3



10/12/2011 Dakan, Farley 0.6

10/12/2011 Dakan, Farley 0.5


Comment: Discussion with potential recapitalization sources.

Comment: Conf Call with Hayman Woods on Exit

Comment: conf call with fortress to update financing status

Comment: call with wells fargo to discuss broker agreements

Comment: review CA modifications from Northlight

Comment: call with Northlight

Comment: Document review and discussion regarding recapitalization.

Comment: Document review and discussions regarding recapitalization.

Comment: call with northlight regarding CA modifications

Comment: discussion with northlight regarding DIP loan

Comment: call with potential recap investor

Comment: Recapitalization document review and discussions.

Comment: Discuss various DIP budget issues with colleagues

Comment: Call with Z Cap regarding potential DIP and exit financing

Comment: Review of MHR termsheet

Comment: Review of Northlight/Specialty Trust documents

Comment: produce NDAs from potential lenders/investors

Comment: conf call with northlight on DIP terms

Comment: produce past memos for recap

Comment: Document review and discussions regarding recapitalization.

Comment: Recapitalization discussion.

Comment: respond to due diligence questions from potential recap partner

Comment: review DIP term sheet







10/14/2011 Dakan, Farley 0.7

10/14/2011 Dakan, Farley 0.5

10/14/2011 Dakan, Farley 0.3






10/15/2011 Dakan, Farley 1.3

10/15/2011 Dakan, Farley 0.8

10/15/2011 Dakan, Farley 0.6



10/16/2011 Dakan, Farley 0.7

10/16/2011 Dakan, Farley 0.6






Comment: Review Northlight termsheet and discuss with colleagues

Comment: Review DIP financing objections


Comment: Review Capital Salvage statements and schedules

Comment: review Northlight DIP proposal

Comment: call with colleagues on DIP term sheet

Comment: call with committee


Comment: Review of Vantage Lofts DIP order

Comment: Prepare analysis of Northlight termsheet

Comment: Review revised Northlight termsheet

Comment: Call with colleagues regarding Northlight termsheet and hearing preparation

Comment: Discuss Northlight term sheet with Jeff Krause and Jim Weissenborn

Comment: review WF terms and Northlight terms

Comment: provide budget to colleagues

Comment: Review of draft response to DIP financing objection

Comment: call with counsel and colleagues on DIP

Comment: call with committee on DIP terms

Comment: review DIP term sheet

Comment: Preparation for call regarding Northlight and DIP financing

Comment: Call with Northlight and colleagues regarding termsheet

Comment: Review of testimony parameters

Comment: Review of draft reply to objections to motion for DIP financing

Comment: Call with colleagues regarding comments to "reply" draft





10/17/2011 Dakan, Farley 1.2

10/17/2011 Dakan, Farley 0.8






10/18/2011 Dakan, Farley 0.8

10/18/2011 Dakan, Farley 0.7

10/18/2011 Dakan, Farley 0.2

10/18/2011 Dakan, Farley 0.3

10/18/2011 Dakan, Farley 0.5








10/19/2011 Dakan, Farley 0.6

10/19/2011 Dakan, Farley 0.6

Comment: Call with colleagues regarding Northlight due diligence requests

Comment: Review of exhibit list regarding "reply" motion

Comment: Review of Master Tax detail file (Northlight due diligence)

Comment: call with counsel and colleagues prep for committee conf call

Comment: committee and advisor conf call regarding DIP


Comment: Call with colleagues regarding comments to Exhibits

Comment: Review of Exhibits regarding draft "reply"

Comment: Call with colleagues regarding Northlight due diligence items

Comment: Review of draft reply motion and discuss comments with colleagues

Comment: conf call with JDI regarding potential DIP loan

Comment: multiple calls with representatives of Prescott Realty on potential DIP financing proposal

Comment: email to Northlight All American offers

Comment: discussion with FTI regarding DIP collateral pool and title/lien issues

Comment: review of modified terms on DIP proposal

Comment: Draft proposed DIP structure to Kelly Jones.

Comment: Gather loan security docs and title policies for 9 assets to be reviewed by Northlight. Request for

updated policy information from First American - Erin.


Comment: Call with colleagues regarding additional (2) DIP financing proposals and issues

Comment: Call with colleagues regarding various Northlight due diligence issues

Comment: Call with colleagues regarding DIP financing motion and Northlight termsheet issues

Comment: meeting with potential exit facility provider

Comment: discuss final DIP terms

Comment: review exit facility proposal from prescott and conf call with representative of same





10/20/2011 Dakan, Farley 0.8




10/21/2011 Dakan, Farley 0.8

10/21/2011 Dakan, Farley 1.1






10/22/2011 Dakan, Farley 0.9




10/24/2011 Dakan, Farley 0.7







Comment: Review of Northlight termsheet and discussion with colleagues

Comment: Review of Prescott/Pimco DIP financing proposal

Comment: discussion with counsel colleagues regarding DIP terms

Comment: Discussion with WF issues and timing regarding DIP financing negotiations

Comment: Discussion with colleagues regarding hearing follow-up and issues

Comment: coordinate due diligence process and information with Northlight's counsel

Comment: confirm title work pricing for updated liens and judgment searches

Comment: review due diligence item request and information


Comment: Review of and discussion with colleagues regarding updated DIP budget

Comment: Review of and discussion with colleagues regarding DIP financing termsheets

Comment: Discussion of various Northlight due diligence issues with colleagues

Comment: Discussion regarding DIP financing renegotiation parameters with colleagues

Comment: review revisions to northlight term sheet

Comment: Review of revised Northlight termsheet

Comment: Call with colleagues regarding Northlight termsheet issues

Comment: Review of Northlight commitment letter

Comment: discuss DIP term sheet items with counsel


Comment: Call with colleagues and Committee advisors regarding DIP financing

Comment: Call with colleagues regarding call follow-up

Comment: Discussion with colleagues regarding Northlight due diligence fee issues

Comment: Review of Third Interim Financing order




10/25/2011 Dakan, Farley 1.3

10/25/2011 Dakan, Farley 0.6






10/26/2011 Dakan, Farley 0.7

10/26/2011 Dakan, Farley 0.2

10/26/2011 Dakan, Farley 0.9












10/28/2011 Dakan, Farley 0.9

Comment: Discussion with colleagues regarding Northlight termsheet issues

Comment: Call with colleagues regarding PIMCO DIP and exit financing interest

Comment: review multiple turns of term sheet from WF

Comment: review final redline of term sheet from WF


Comment: Call with colleagues regarding termsheet constructs

Comment: Review of termsheet and discussion with counsel

Comment: Review of modified DIP budget

Comment: Discussion of Northlight due diligence issues with colleagues

Comment: send due diligence correspondence to DIP lender

Comment: approve due diligence payment and send same

Comment: review final committee proposal


Comment: Review modified DIP budget

Comment: Preparation for Committee call regarding DIP financing

Comment: Discuss various Northlight due diligence issues with colleagues

Comment: Call with Committee regarding DIP financing

Comment: Review Committee counter proposal for DIP financing


Comment: Review revised DIP budget and discuss with colleagues

Comment: Review Northlight information request

Comment: Review modified DIP budget

Comment: Review Third Interim Financing order

Comment: Due diligence conf call with Northlight


10/28/2011 Dakan, Farley 0.7

10/28/2011 Dakan, Farley 0.6



10/30/2011 Dakan, Farley 0.8

10/30/2011 Dakan, Farley 0.6




10/31/2011 Dakan, Farley 0.7

10/31/2011 Dakan, Farley 0.5

10/31/2011 Dakan, Farley 0.9

10/31/2011 Dakan, Farley 0.7

10/31/2011 Dakan, Farley 0.3




100

Date Employee Hours







Comment: review Prescott due diligence questions

Comment: review redline to dip/exit form WF


Comment: Review WF proposal for revised DIP financing

Comment: call with counsel and colleagues on DIP

Comment: review WF comments to DIP

Comment: Preparation for WF DIP proposal call

Comment: Call with colleagues regarding WF DIP proposal

Comment: Review revised WF Committee proposal

Comment: committee call and professionals,

Comment: call with colleagues on motions and declarations,

Comment: modify financing document,

Comment: update portfolio summary

Comment: conf call with recap lender


Comment: Call with Committee advisors regarding WF proposal and preparation

Comment: Review Committee response to WF DIP proposal

Sub Total:


Comment: Rancho Las Flores document review and discussions with colleagues regarding litigation.

Comment: 2718 litigation document review and discussion with colleagues.

Comment: Review of SEC subpoena

Comment: Discussion of SEC subpoena and production issues


Comment: Discuss various SEC subpoena issues with colleagues


























Comment: Rancho Las Flores document review and discussion regarding litigation.

Comment: 2718 discussion regarding litigation.

Comment: JC Reeves potential litigation issues discussion and document review.


Comment: Weyrich Jack's Ranch litigation document review and discussion.








Comment: Dept. of Labor litigation e-mails



Comment: Discussion of distribution issues regarding Siena settlement

Comment: Call with colleagues regarding new asset level litigation

Comment: Call with colleagues regarding SEC subpoena production issues



Comment: Review SEC litigation hold memos

Comment: Review of B4 disbursements for 2006-20009 (SEC subpoena)

Comment: Review of historical entity bank acounts (SEC subpoena)

Comment: Review various other SEC buspoena production items
















43.6

Date Employee Hours









Comment: Discussion of Triple S litigation and indemnity issues

Comment: Review of 10/20 testimony questions and discuss with colleagues











Comment: Rancho Las Flores document review and discussion.

Comment: Discuss Oshima litigation issues with colleagues

Sub Total:


Comment: exchange information with MF08 professionals and update on assets with joint ownership

Comment: Portfolio model review w/FTI.

Comment: Conversation with Dan Freeman re Pecos Creek: update from friday and interested party - Johnny

Lau.

Comment: discuss committee's request for information with colleagues

Comment: Multiple calls/discussions with counsel s re application to employ brokers.

Comment: Call to assist PIMCO in data room access and functionality of the site. Including multiple calls to

ShareVault customer service.

Comment: Discussions with Chelsea Ausland re. status of current contract.

Comment: conf call with colleagues on SEC subpoena





10/5/2011 Koger, Kyle 3




10/6/2011 Koger, Kyle 9



10/7/2011 Koger, Kyle 1

10/10/2011 Dakan, Farley 0.7

10/11/2011 Dakan, Farley 5.2









Comment: conf call with counsel on SEC subpoena

Comment: Call w/Kendra Johnson re schedules and addresses for utilities.

Comment: Preparation for Tues (10/11) creditors meeting.

Comment: Bankruptcy meeting preparation: Built list of Mackinac Partners responsibilities on overall RE

Loans management for upcoming trustee presentation.

Comment: hearing prep w/ counsel

Comment: Conference call with asset mangers to discuss Vickie Mullins and brokers' concern with Land

Advisors engagement.

Comment: Status call internally to discuss statements and schedules.

Comment: Bankruptcy meeting preparation: Built organizational charts for trustee presentation on overall

RE Loans management.

Comment: Call with attorney for Johnny Lau - interested party in Vantage Lofts and Pecos Creek.

Comment: Call with counsel to walk through reporting package in detail.

Comment: Bankruptcy meeting preparation: Built organizational charts for trustee presentation on overall

RE Loans management.

Comment: call with counsel and colleagues to prep for committee meeting

Comment: prep for meeting with committee and professionals

Comment: meeting with committee members and professionals

Comment: Internal status update and strategy review .

Comment: Update call with Rick Stacey re. litigation on Pend Oreille.

Comment: Review property tax file and status with FD in response to Northlight inquiries. Review cash

collateral viability with FD and JK.

Comment: Discussions with JK re title request submitted by Northlight. Discussions with FTI re title request

submitted by Northlight. Update / status call with JW and FD in prep for FTI call and follow up to northlight

request. FTI call with JW and FD.

Comment: Call w/Kathleen Haley and GH to discuss MOR's.

Comment: Coordinate with FTI and its counsel re visit to REL office. Calls and emails with (Baker Law) to

provide background and schedule for Monday on-site diligence. Review updated asset list from Northlight -

review and discuss pricing schedule from First American.

Comment: Call with Alfonso (FTI) to discuss variance report and develop balance on WFCF line.




10/24/2011 Dakan, Farley 1.1






10/26/2011 Dakan, Farley 1.4

10/26/2011 Dakan, Farley 0.7





55.8

Date Employee Status Hours






Comment: Discussions with asset managers re Pend Oreille status of transaction and plan for trip. Discuss

Vantage Lofts interested party.

Comment: Internal status update with asset mangers re bankruptcy budget, lakeview closing and cash into

lockbox.

Comment: conf call with committee counsel and fa

Comment: Multiple discussion with asset managers re land advisors' and debtx' access to data room and

docs available. Direct discussions with DebtX re timing associated with process.

Comment: Internal discussions re utility account setup required by bk. Internal discussions on processes

related to providing information to individual noteholders so that they might access account balances more

efficiently (related to FBI questionnaire) Review bank account list and discuss strategy of bank accounts.

Comment: Correspondence from Tami Barows re Pecos Creek $70k depsoit - Subsequent conversation with

asset managers / corporate counsel.

Comment: DebtX conference call to discuss process and timing. Update call w/FD and GH re DebtX, Pecos

Creek funds, noteholder letter, diligence support to Northlight, etc.

Comment: Call with asset managers and corporate counsel to discuss Northlight diligence efforts and

counsel requests, JC Reeves LOI's, DebtX commitment fee and diligence request list.

Comment: call with colleagues and counsel on DIP modifications

Comment: call with committee professionals

Comment: Conference call with Land Advisors, corp counsel and asset managers.

Comment: Multiple internal review calls with asset managers re, application to employ LAO, Pecos Creek

funds, and request from Tami Barrows re amendment to bk budget, and questions re DebtX agreement.

Comment: Diligence call with Northlight, Artemis, corp counsel, asset level counsel and asset managers.

Provide documents requested during diligence call.

Comment: Prep for Northlight diligence call. Continue asset diligence call with Northlight and Artemus.

Sub Total:


Comment: Discussion of FTI questions and inquiries

Comment: Discussion of various Committee issues and proposed response

Comment: Call with Committee members regarding various Committee issues

Comment: Review of and discussion of materials for 10/11 Committee meeting

Comment: Review of FTI/AG information request
























32.5

Comment: Discussion of various issues regarding 10/6 hearing

Comment: Discussion of agenda for discussion topics regarding 10/11 Committee meeting

Comment: Discussion of issues and production regarding FTI/AG information request

Comment: Discuss draft agenda with colleagues

Comment: Create draft agenda for Committee meeting

Comment: Call with colleagues to review Committee agenda and meeting preparation

Comment: Review of various documents for Committee meeting

Comment: Discussion of Committee meeting documents with colleagues

Comment: Review of Committee document request and discuss with colleagues

Comment: Review of Committee presentation and preparation

Comment: Preparation for presentation to Committee

Comment: Review revised Committee agenda with colleagues

Comment: Presentation and meeting to Creditor's Committee

Comment: Debriefing meeting with colleagues regarding Committee meeting

Comment: Review committee document request/response and discuss with colleagues

Comment: Review Committee correspondence regarding professional retention and discuss with colleagues

Comment: Preparation for and call with FTI regarding various budget issues

Comment: Discussion with FTI regarding negotiation parameters and protocol

Comment: Preparation for call with Committee advisors and counsel

Comment: Preparation for Committee advisor call

Comment: Preparation for Committee advisor call regarding DIP financing

Comment: Call with advisors regarding DIP financing

Sub Total:


Date Employee Hours




2.5

Date Employee Hours

10/11/2011 Dakan, Farley 1.4


10/14/2011 Dakan, Farley 1.2

4.6

Date Employee Hours


1.2

Date Employee Hours






3.8

882.8

Activity: Plan and Disclosure Statement

Comment: Review of revised Plan of Reorganization and discussion with colleagues

Comment: Review of latest Plan of Reorganization

Comment: Review of revised Disclosure statement

Sub Total:

Activity: Report / Document Creation

Comment: prepare documents (forensic, org charts, roles and responsibilities, asset status/strats) for

creditor committee meeting.

Comment: Review Statements and Schedules prior to submission

Comment: prepare disposition schedules and model scenarios

Sub Total:

Activity: Strategic Planning

Comment: Internal RECAP call: Review PIMCO access and Prescott access with Ron Rakunas. As well as

review of process to engage RECAP partner. Continued discussions on application to employ.

Sub Total:

Sub Total:

Project Grand Total:

Activity: Tax Issues

Comment: Lockenheath discussion and document review regarding taxes.

Comment: Quintero discussion and document review regarding taxes.

Comment: Quintero property tax document review and discussion.

Comment: AABW tax document review and discussion.

Comment: AABW property tax document review and discussions.



9/26/2011 Rakunas, Ronald Orange County, CA - Oakland, CA, RT 401



10/4/2011 Holley, Joshua San Francisco, CA - Austin, TX - one way 342

10/5/2011 Weissenborn, Jim Detroit, MI - San Francisco, CA 1,541

10/9/2011 Dakan, Farley Austin, TX - San Francisco, CA - one way 397

10/9/2011 Holley, Joshua Austin, TX - San Francisco, CA - one way 387



10/10/2011 Holley, Joshua San Francisco, CA - Austin, TX - one way 310

10/10/2011 Rakunas, Ronald Orange County, CA - San Francisco, CA, RT 371

10/12/2011 Dakan, Farley San Francisco, CA - Austin, TX - one way 397



10/14/2011 Weissenborn, Jim Detroit, MI - Dallas, TX 1,500

10/17/2011 Rakunas, Ronald Orange County, CA - San Francisco, CA, RT 389

10/27/2011 Holley, Joshua Austin, TX - San Francisco, CA, RT 809

9,284


9/23/2011 Weissenborn, Jim Austin, TX - 3 days 176

9/29/2011 Henderson, George Avis rental 300

9/29/2011 Rakunas, Ronald OAK-Lafayette-OAK 574


10/13/2011 Rakunas, Ronald SJO-Lafayette-OAK 640

10/13/2011 Weissenborn, Jim San Francisco, CA - 3 days 249

10/14/2011 Dakan, Farley San Francisco 331


3,039


9/23/2011 Weissenborn, Jim Parking - Detroit Metropolitan Airport 50

9/28/2011 Henderson, George Gas for Rental Car 41

9/29/2011 Henderson, George Gas for Rental Car 17

9/29/2011 Rakunas, Ronald SNA parking 76


10/12/2011 Henderson, George Parking 9

10/13/2011 Holley, Joshua Parking at AUS (10/10 - 10/13) 80




10/14/2011 Henderson, George Parking at CLT 30


10/21/2011 Henderson, George Parking CLT 30

10/21/2011 Henderson, George refuel rental car 48




859


9/29/2011 Rakunas, Ronald Renaissance Walnut Creek 3 nights 549



10/10/2011 Dakan, Farley San Francisco (2 nights) 765



Sub Total:


Sub Total:



Sub Total:



10/13/2011 Holley, Joshua Lafayette Park Hotel (3 Nights) 498


10/13/2011 Weissenborn, Jim San Francisco, CA - 3 nights 825

10/15/2011 Henderson, George Renaissance Park 787

10/18/2011 Henderson, George 10/16 night in SF 196


10/21/2011 Dakan, Farley Dallas (2 nights) 650

10/21/2011 Henderson, George Renaissance Club Sport remainder of week 775

10/21/2011 Weissenborn, Jim Dallas, TX - 2 nights 650


8,349


9/21/2011 Weissenborn, Jim Dinner in hotel room 54

9/22/2011 Weissenborn, Jim Lunch - J. Weissenborn, F. Dakan, J. Holley, K. Koger 96


9/27/2011 Rakunas, Ronald Lunch @ Chow's in Lafayette, CA 20

10/2/2011 Holley, Joshua Safeway - Food 43

10/2/2011 Holley, Joshua Dinner - Quiznos 9

10/3/2011 Holley, Joshua Lunch - Whole Foods 22

10/4/2011 Holley, Joshua Lunch - Chow 23

10/5/2011 Holley, Joshua Lunch - Whole Foods 15



10/6/2011 Holley, Joshua Max's SFO Airport 17

10/10/2011 Holley, Joshua 7-Eleven (Food) 19

10/10/2011 Holley, Joshua Food - AUS Airport 9

10/10/2011 Holley, Joshua Lunch - Farley, George and Rick included 80

10/11/2011 Dakan, Farley Dinner - F. Dakan, J. Weissenborn, J Krause 250

10/11/2011 Holley, Joshua Dinner - George and Ron included 129

10/11/2011 Holley, Joshua Lunch - George and Ron included 60

10/11/2011 Weissenborn, Jim Breakfast in hotel room 40

10/12/2011 Weissenborn, Jim Dinner - J. Weissenborn, F. Dakan, J. Holley, K. Koger, R. Dishnica 200


10/13/2011 Holley, Joshua Max's SFO Airport 18



10/18/2011 Henderson, George Dinner - G. Henderson, F. Dakan, J. Holley, R. Rakunas, R. Dishnica 105

10/19/2011 Henderson, George Lunch - G. Henderson, F. Dakan, J. Holley, R. Rakunas, R. Dishnica 77


10/20/2011 Dakan, Farley Lunch - F. Dakan, J. Weissenborn, J. Krause 67

10/20/2011 Dakan, Farley Dinner - F. Dakan, J. Weissenborn 73



10/21/2011 Weissenborn, Jim Refreshments in hotel room 10

10/24/2011 Holley, Joshua Lunch (George Included) 21

10/24/2011 Holley, Joshua Food (AUS Airport) 10

10/25/2011 Holley, Joshua Food (7-Eleven) 14


10/25/2011 Holley, Joshua Dinner (George included) 49

10/26/2011 Henderson, George Lunch - G. Henderson, F. Dakan, J. Holley, R. Rakunas, R. Dishnica 156

10/26/2011 Holley, Joshua Dinner (George included) 72


10/27/2011 Holley, Joshua Max's (SFO Airport Food) 17

2,120


10/6/2011 Dakan, Farley Mileage to/from dfw [420.00@$0.5100] 214

10/20/2011 Dakan, Farley Mileage to/from DFW [417.00@$0.5100] 213

427

Sub Total:


Sub Total:

Sub Total:




10/17/2011 Brennan, Mike ShareVault File Storage Monthly chrg-(20,550 pages) 1,711

1,711


9/25/2011 Holley, Joshua FedEx Overnight JC Reeves 36

36


10/6/2011 Holley, Joshua Taxi from AUS Airport 34

10/12/2011 Dakan, Farley taxi from airport in aus 34

10/13/2011 Holley, Joshua BART ticket 20

10/17/2011 Henderson, George BART 20

108







10/11/2011 Dakan, Farley internet service/printing charges 10

10/19/2011 Dakan, Farley Internet/printing charges 14

10/20/2011 Brennan, Mike In Flight Internet-Monthly chrg-GoGo Service 35



190

$26,122Report Grand Total:

Sub Total:


Sub Total:


Sub Total:


Sub Total:

Expense Type: Postage / Delivery


180 High Oak Road, Bloomfield Hills, MI 48304

October 20, 2011

SERVICES RENDEREDBy Mackinac Partners, LLC for the period September 13, 2011 through September 30, 2011in the role as Chief Restructuring Officer

Hours Rate TotalFees

James Weissenborn 81.8 560$ 45,808 Farley Dakan 130.7 440$ 57,508 Ron Rakunas 118.6 430$ 50,998 Rick Dishnica 12.7 410$ 5,207

Re: RE Loans, LLC

Rick Dishnica 12.7 410$ 5,207 Mike Brennan 37.5 335$ 12,563 George Henderson 89.0 300$ 26,700 Matt Matthews 6.7 275$ 1,843 Josh Holley 90.4 275$ 24,860 Kyle Koger 2.0 250$ 500

Sub Total 569.4 225,986

Out-of-Pocket Expenses:Detail attached 17,183

243,169$

***PLEASE NOTE NEW WIRE INSTRUCTIONS BELOW EFFECTIVE MAY 5, 2010

Bank: Bank of America, N.A.ABA Routing No.: 026009593

Account: Merrill Lynch Account 6550113516For Final Credit of 689-03306Mackinac Partners, LLC

Wiring Instructions:


Date Employee Hours








17

Date Employee Hours


0.5

Date Employee Hours


















Comment: *Correspondence with Aquaterra and Perdido Brokers

Comment: *Updated pipeline report

Comment: Discussion of Bravo Marshall and Las Colinas closing and cash collateral issues

Comment: Discussion regarding listing prices and REO and notes receivable marketing strategies

Comment: *Spoke to Tom Julian regarding asset disposition *Correspondence with Perdido broker

Comment: Review draft of Las Colinas settlement motion and discuss with colleagues

Comment: Review and discuss Dakan declaration regarding Las Colinas/Forestar

Comment: *correspondence with Perdido Broker *correspondence with prospective buyer for Jack's Ranch

note

Comment: *Correspondence with Cottonwood borrower regarding loan modification *Correspondence with

Don Corliss regarding Woodbridge loan modification

Comment: Call with J. Krause regarding MF08 issues regarding Las Colinas

Comment: *Prepared RE Reno Schedule documenting expenses advanced by RE Loans

Comment: *Start Draw request preparation

Comment: *Analyzed noteholder accounts balances

Comment: *Worked on Draw Request

Comment: *Modified and Prepared Draw Request to Wells Fargo *Updated variance report template

Comment: *Worked on BK budget and draw

Project Time Detail by ActivityItem Date Range: 9/13/2011 to 9/30/2011

Project: RE Loans


Comment: Prepared final draw request bk

Comment: *Responded to a Solaris offer

Comment: Review draft sale motions regarding Las Colinas/Barvo Marshall

Comment: Discuss draft sale motions with colleagues

Comment: Discuss Jack's Ranch foreclosure issues with colleagues

Comment: Discuss with colleagues Las Colinas issues regarding MF08 involuntary petition

Comment: Review Las Colinas settlement motion and discuss issues with colleagues

Sub Total:


Comment: Discuss pending foreclosures and possible postponement

Sub Total:

















28.7

Date Employee Hours











Comment: Model review of disposition assumptions of whole portfolio. Calls with colleagues to discuss

assumptions

Comment: Prepare final documents for entry of filing. Review of all documents used for filing. Meeting with

employees and colleagues to discuss modified processes.

Comment: Property foreclosure execution: JC Reeves, Jack's Ranch

Comment: Property tax lawsuit management: Georgetown

Comment: Property foreclosure execution JC Reeves

Comment: Property tax planning various properties

Comment: Email correspondence various properties

Comment: *Worked on setting up new bank accounts and organizing/closing existing accounts

*Correspondence with Portola Borrower regarding property tax appeals *Acanto closing

Comment: Data room organization.

Comment: 1.8 Calls and document review re AABW environmental assessment, LOTT transaction, litigation,

entitlements and penidng RE BK. 1.3 Bravo Marshall calls and review of security agreement, Bravo BK hearing

and pending closing. .6 JC Reeves issues associated with pending foreclosure and subsequent listing with

Metro. 2.1 RE BK doc review and preparation. .5 Acanto closing review and discussion of remaining issues. 1.5

Debt X and Land Advisors listing proposal review, discussions and calls. 1.5 Potential recapitalization

discussion and calls. .4 Calls regarding litigation at Rancho Las Flores and 2718.

Comment: Review listing prices vs. SFCF release prices

Comment: Meeting with F. Dakan regarding listing contracts

Comment: discuss process for las colinas and bravo marshall transactions

Comment: Discussion regarding MF08/Las Colinas settlement issues

Sub Total:


Comment: Discuss Las Colinas w/ local counsel

Comment: Call with J. Krause and F. Dakan regarding Las Colinas and WF issues

Comment: Review of Las Colinas price allocation analysis

Comment: Call with colleagues regarding price allocation

Comment: Call with colleagues regarding MF08 settlement issues regarding Las Colinas

Comment: Review of price allocations and background memo regarding Las Colinas

Comment: Discussion regarding JC Reeves foreclosure

Comment: Discussion of asset purchase inquiries

Comment: Review of proposed committee Confidentiality Agreement and discussion of issues






9/14/2011 Matthews, Matt 0.1

Comment : provide diligence support to Forestar (Justine K.)









Comment : provide diligence support to Forestar (Justine K.). Conversation with Shawn

Bucklin to set up site visit and review initial property questions. 9/15/2011 Rakunas, Ronald 8.6












Comment: Discuss status of Bravo, Las Colinas. Update call with asset managers on potential dispositions

Comment: Discussion with asset managers on status of dispositions

Comment: Discussion with MF'08 representatives regarding Las Colinas and involuntary BK impact

Comment: Review of DebtX and Land Advisors engagement letters. Review of disposition exhbits with asset

managers. Discussion with multiple vendors on bankruptcy filing. G&A budget review.

Comment: Property tax file updates-various

Comment: Property management and correspondence: Weyrich

Comment: Email correspondence-various

Comment: *Prepared/updated disposition status report *Phone call with Alice Ford regarding Feenune HOA

issue *Review Vaught buyer status report *Updated creditor address list

Comment: Email correspondence with Greg Jones re Bravo. Email correspondence with Bailes re JC Reeves

and Ysabel. Spoke with Matt Matthews re. Shawn Bucklin and Georgetown site-visit. Email correspondence

with Shawn Bucklin re Georgetown. Spoke with Pete Herzog of Fulcrum re CA draft. Email correspondence

with Greg Jones and created data room access.

Comment: 4 BK prep at Gardere's offices. 2 BK hearing. .3 Calls re litigation at Rancho Las Flores and 2718. .7

Calls re AABW issues, LOTT, valuation, marketing, prop mgt. .5 Calls re Bravo Marshall upcoming BK hearing

and closing. .4 Calls re listing agreements with Debt X and Land Advisors. .5 Calls re recapitalization.


Comment: Property tax discussions and planning: Quintero, Acanto

Comment: *Updated Entity Creditor Lists *Worked on DIP bank account set up *Sent CA and to prospective

buyer

Comment: Data room Organization and BK preparation / organization. Email correspondence with interested

broker(s).

Comment: 4 BK preparation at Gardere 2 Business plan review and analysis. 1 JC Reeves Foreclosure review

and calls. .9 Calls and document review re Bravo Marshall BK and closing. .7 Calls re LOTT transaction and

related issues.

Comment: Property management; LochenHeath, Acme Twsp.

Comment: Property tax call: Altus update

Comment: Email correspondence and communication various properties

Comment: *Worked on Portola restructuring document

Comment: 2 JC Reeves foreclosure review and calls. 1.5 Bravo Marshall BK hearing review and calls. 2 RE BK

document review and preparation. 1 Calls and docuemnt review of 2718 litigation issues. 2 Business plan

review, updates and calls related to recapitalization.

Comment: Property foreclsure planning and documentation-various




Comment: *Correspondence with Canyon Club counsel regarding RE Loans Automaic Stay *Correspondence

with Portola borrower regarding Tax appeals










9/20/2011 Matthews, Matt 2

Comment: attend bankruptcy hearing on release of TIRZ from estate.

9/20/2011 Rakunas, Ronald 8









Comment : JC Reeves foreclosure, Bravo Marshall / Forestar, DebtX proposal, Land Advisor

proposal, Quintero sale and tax issues, bankruptcy filings. 9/22/2011 Brennan, Mike 1



Comment: Review of Claims/noticing proposals. Budget modification and review. Circulate budget.

Preparation of Noteholder list for committee formation and discussion of same internally. Discuss formation

of modified website.

Comment: Review modification to Alix agreement. Review and comment on standard Noteholder letter and

process for Lend Inc. response. Update call with Counsel and colleagues on transition.

Comment: Team discussions-various items

Comment: *Correspondence with Wells regarding DIP accounts *Created website for RE Loans Bankruptcy

reporting

Comment: JC Reeves foreclosure. Print, review and sign docs related to JC Reeves foreclosure. Overnight DOT

transfer docs. Status update with Dan Freeman. Status update with Chelsea Ausland. Status update with Ron

Rakunas re DebtX, Land Advisors, Chelsea and other brokers to be engaged. Also discussed status of Bravo

Marshall TIRZ transaction.

Comment: Email correspondence and communication

Comment: Property insurance call-Sibert agency


Comment: *Correspondence with Stutman regarding Noteholder address changes *Correspondence with

Wells Fargo regarding DIP accounts

Comment: Email correspondence with Farley Dakan. Phone call with Farley Dakan re Triple S Ranch counter

offer, Pecos Creek asset level expenditures, signatory authority and ability to engage asset level counsel.

Follow up with title company re Bravo Marshall utility bills. Phone conversation with Farley re. Friday motions

and specifically the TIRZ motion. Email correspondence with Andy Vanbuskirk re Friday's motion to release

TIRZ. Email correspondence with and discussions around Triple S counter offer with Jeff Feeney (broker for

triple S).

Comment: 2.0 Document review and calls regarding Debt X and Land Advisors proposals and listing

agreements. 1.0 Document review and preparation for Bravo Marshall BK hearing. 2.0 Bravo Marshall BK

hearing. .4 Calls with Forestar re Bravo Marshall BK hearing and terms of closing. .6 Calls re AABW LOTT sale,

litigation and other issues. 1.0 Document review and calls re AABW tax appeal. 1.0 Calls and document review

re Moses Point sale.

Comment: Property tax appeal discussions: Altus


Comment: Email correspondence with Marc Bailes. Discussion around asset valuation on Portland and Ysabel

assets. Determine new process for accepting and reviewing CA's / vetting of potential recap partners.

Barrington utility review. Pecos security invoices review and American Fence replacement invoice.

Comment: .5 Quintero Tax Appeal review and calls. .8 AABW review and calls sale of tanks, LOTT, property

management. 1.8 Document review and calls regarding 2718 litigation, specifically Wadsworth, Martydm,

and FL DEP. 2 Document review and calls in preparation for Bravo Marshall BK hearing. 1 Document review

and calls regarding upcoming Forestar closing. 1.5 Debt X and Land Advisors listings calls and document

review. 1.5 Document review and calls re Quintero and Moses Point sales.

Comment: Property management-Lochenheath water system

Comment: Property foreclosoure planning and execution: JC Reeves







Comment : Moses Point PSA, Rancho Las Flores litigation and water issues, Recapitalization

discussions, Santa Ysabel, Acanto, bankruptcy filings. 9/23/2011 Brennan, Mike 1







Comment : touring existing houses and meeting with occupants. Met with Shawn Bucklin and

provided property tour and overview of surrounding comparable projects.











Comment: *Phone call to Gardere regarding Debtor Interview and preparation of schedule *Phone call to JK

regarding asset level issues *Prepared vendor notification letter *Prepared Outstanding Check letter for Wells

Fargo

Comment: Review email from weekend and previous week. Email correspondence with Marc Hines / Don

Corliss re. WF lien status. Email with Jim Dignan re. confidentiality agreement for new prospective buyer on

Moses Point. Download new Filings and Upload to ShareVault Email correspondence with Chelsea Ausland.

Update and status call with Matt Matthews re Georgetown and Barrington. Review cancellation of contract

document from Jeff Feeney and have Falrey execute. Scan and email back to Feeney. Email Correspondence

and phone conversation with Andy Vanbuskirk re status of BK and impact on Forestar transaction.

Comment: BK document review and preparation. Calls regarding various assets. Review and update of various

pricing strategies on assets.


Comment: Conference calls with Ron Rakunas and Greg Jones to discuss process for application for

employment. Discussions with Ron Rakunas re. employment of DebtX, LA and individual brokers. Discussion of

listing price per asset and general strategy re. disposition of assets.

Comment: 2.0 Recapitalization discussion. 3.0 Document review and calls re Debt X and Land Advisors

proposals. .5 Document review and calls re Moses Point sale. 1.5 Document review and calls re AABW LOTT

sale and other sale opportunities.

Comment: Email correspondecne and communication-various properties

Comment: Property management-Carlton hotel FB agrremnt convenant work

Comment: Property tax management call-Altus updates

Comment: Define new accounting Review preliminary draw request Budget/Variance review Reporting

Comment: *Created bankruptcy communication letter *Phone call with JK and JW *Wells Fargo Bank account

set-up *Website set-up *Meeting with Focus Realty regarding Feenune/NV Engery issue

Comment: Discuss process and procedures related to back office and ongoing business operations. Delegation

of responsibility, etc. Contact with all brokers to inquiry about conflict check. Organization of all docket filings

and upload to data room. Follow up on JC Reeves foreclosure. Provide access to data room for new users.

Discussion with vendors re. pre-petition expenses and post-petition services.


Comment: Property foreclosure updates-JC Reeves, Jack's Ranch

Comment: Property tax suit discussions-Legal and Altus-Acanto

Comment: *Wells fargo bank accounts *Canceled outstanding checks

Comment: Property foreclsoure execution-Various

Comment: Update meeting on budget and process with colleagues. Review outstanding payables and

forecasted amounts.

Comment: Review declarations for status hearing. Conf call with colleagues on updates to model and

schedules. Review of model and reports.






Comment: Phone conversation with Tami Barrows re appraisals. Email correspondence and discussion with

team re appraisals and properties which should be of focus. Email correspondence with Jim Dignan re Moses

Point. Received CA. Review, sign, and return CA. Provide updated information on Moses point to Dignan /

buyer. Review LakeView draw and approve draw to be funded by Vincent. Email with Ron Rakunas and

Chelsea Ausland re bulk offer on Reeves portfolio.

Comment: Property insurance research and communication-all properties

Comment: *Preparation for Debtor Interview

Comment: Review current appraisals and coordinate WF request for updates. Review modifications to DebtX

proposal. Discuss process with colleagues and counsel.





















323.10

Comment: AABW LOTT discussions and document review. Debt X and Land Advisors discussions and document

review. Recap discussions and document review and preparation. BK document preparation.

Sub Total:

Comment: Rancho litigation issues. Recap document preparations and discussions. BK document preparation

and process overview. Discussion re LOTT sales issues at AABW


Comment: Property foreclsoure planning updates: JC Reeves, Jack's Ranch

Comment: Property insurance certificates update work-various

Comment: Status update call with colleagues on documents and financial model updates and review of same.

Comment: Renegotiate fence renewal at Pecos Creek and provide copy of the check to American Fence.

Discussions with American Fence, Focus Real Estate to install new fence to secure property. Phone calls with

Secure Tek to secure property while fence is not intact. Download docket filings and load into data room.

Upload last two months reporting packages to data room. Provide document dump to J. Dignan re Moses

Point. Review email correspondence from counsel on Rancho Las Flores litigation. Email to Chelsea Ausland to

explain new compensation structure. Discussions and emails with Don Corliss re JC Reeves transaction. Access

to data room for FTI. Model to Kelly Jones.

Comment: Email correspondence with Jim DIgnan, Farley Dakan, Jim Weissenborn, Don Corliss, Dan Freeman,

Chelsea Ausland and George Henderson.

Comment: Discussion re AABW issues, including LOTT transaction, entitlement and other marketing issues.

Rancho Las Flores litigation discussion. Moses Point discussions and document review regarding potential sale

to borrower or other alternatives. Land Advisors documents and calls. BK document review and preparation.


Comment: Propery loan modification work-Cottonwood Hills

Comment: Review of financial model and DIP budget with colleagues. Discussion with colleagues regarding

foreclosure action on JC Reeves. Approval of funds regarding development agreement at Pecos Creek. Call

with counsel regarding methodology and document verification of liens and security interests of all entities.

Comment: Review email correspondence from Tues/Wed. Download docket reports and load into ShareVault.

Review and update data room security settings for Level I users. Print and execute CA from DK Partners. Add

DK partners to sharevault. Add FTI new member to Sharevault and contact list. Email correspondence

w/Chelsea Ausland. Review offer and compare to model. Discuss viability of offer and logistics of contract.

Email cancellation of contract to Adam Green (Triple S Ranch) Direct Don Corliss to draft up JC Reeves

contract and outline terms of deal. Review and mail checks from recent draw. Direct Jim Dignan in data room

and dd on Moses Point. Provide Vantage Lofts report to Farley. Print and review application to employ

brokers.

Comment: BK documents and process issues. Foreclosure discussions regarding various assets. JC Reeves

discussion regarding foreclosure and subsequent listing. Recap discussions. Adjusting model for

recapitalization discussions as well as asset level issues. Various litigation issues such as Rancho Las Flores

and 2718.


Comment: Property tax reporting-Altus: various

Comment: Update call with management/counsel on Trustee Interview. Meeting with colleagues regarding

asset dispositions. Call with colleagues regarding report deadline to lender. Prepare/Review reporting

package.

Comment: *Preparation for debtor interview *Debtor interview in Dallas *Phone call with FTI


Date Employee Hours



























Comment: Review motion modification regarding las colinas and forestar. Prepare/review/discuss RE Reno

admin expenses

Comment: Review confidentiality agreement

Comment: Review terms for stipulation to resolve objections to DIP financing for Vantage Lofts and discuss

with colleagues

Comment: Review and discuss US Trustee meeting guidelines

Comment: Discuss with EK latest noticing and claims proposals

Comment: Review, discuss and sign revised Ratification Agreement

Comment: Property tax obligation summary development-various

Comment: Prepare DIP budget for modified amounts. Discuss new DIP bank accounts with staff and

colleagues.

Comment: Preparation with Gardere/J. Krause regarding first date hearing

Comment: Document prep-tax files

Comment: First day hearing preparation

Comment: First day hearings

Comment: Review of hearings/redraft of motions

Comment: Review of claims/noticing proposals

Comment: Review U.S. Trustee interview materials

Comment: Review blog sites an discuss with colleagues communications response

Comment: Discuss with colleagues various bank account issues

Comment: Discussion with J. Krause Nunn venue question

Comment: RE Loans team discussions-BK

Comment: Discuss with EK noticing issues

Comment: Review of declaration for first day hearings. Provide documentation and comment to counsel on

memo. Review Noteholder letter for filing. Discuss with colleagues modifiction of pending foreclosures.

Comment: First Day hearing preparation with counsel and first day hearing.


Comment: Case notification calls various properites

Comment: Case notification calls various properties

Comment: Review and discuss Dow Jones Newswire response

Comment: Call with counsel on necessary backup and review of filing documents. Discussion with vendors and

local counsel on filing. Production of petition regarding petition to local counsel for pending transactions.

Coordinate with counsel on production of information for first day hearings. Review of trustee interview

documents and requirements.





























72

Date Employee Hours


Comment: Call with colleagues regarding status hearing. Discuss claims admin and noticing changes to staff

and colleagues.

Comment: Prep for committee conf call. Review of model with colleagues. Committee conf call.

Comment: Status hearing. Meeting with counsel regarding declarations.

Sub Total:


Comment: Trustee Interview

Comment: Case notification and discussions: Weyrich HOA

Comment: preparation and review of follow up items requested by UST

Comment: Administration/time

Comment: Team phone calls on BK update

Comment: review of work product from counsel regarding security interest in REO and Notes Receivable for

incorporation into declaration. Status update call with counsel and colleagues on disposition timing, reporting,

and case admin

Comment: Administration/time

Comment: BK Taxing authority stay notice work-all properties

Comment: Prepare ordinary course professional budget/lists/schedules Prepare outline for interview

Comment: Review materials and discuss with F. Dakan preparation for US Trustees meeting

Comment: Review Mackinac Partners function outline

Comment: Trustee interview support-Property insurance validation

Comment: Review US Trustee interview package and preliminary schedules

Comment: Preparation for OCC introduction call

Comment: OCC introduction call

Comment: Review of reporing package formats

Comment: Review of form of stipulation regarding plaintiff time extension

Comment: Review Trustee requirements for MORs Prepare templates for MORs

Comment: Call with colleagues regarding Bravo/Barrington bankruptcy order

Comment: Discuss with colleagues latest FBI investigation developments

Comment: Discuss with colleagues proposed meeting of RE Reno members

Comment: Discuss with colleagues new informational website

Comment: Discuss with WFCF and colleagues issues with post-petition bank accounts

Comment: Case notification and discussions: Weyrich-Carlton







Comment: Review and discussion of Joint Stipulation regarding interim DIP order

Comment: Review terms for stipulation to resolve objections to DIP financing for Vantage Lofts and discuss

with colleagues

Comment: Discuss with colleagues various bank account issues

Comment: Review DIP loan, employment declarations

Comment: Discussion with J. Krause/Gardere regarding Gibbs objectives to interim DIP order

Comment: Review draft of Joint Stipulaton regarding interim DIP order





8.3

Date Employee Hours



0.5

Date Employee Hours


1

Date Employee Hours




1.7

Date Employee Hours









12.8

Date Employee Hours


1

Date Employee Hours






Comment: Property tax sumamry development-Acanto legal

Comment: Organize, format and review document tracking template for review of WF lien status.

Activity: Development of Cash Projections

Comment: Review revised budgets

Sub Total:

Activity: Document Generation

Comment: Property tax authority notice work-all

Comment: Property tax appeal worksheet development-All


Comment: Model preparation for distribution to MHR. Email exchange with Farley.

Comment: Model review and prep for MHR Call. Review sensitivities and varying discount rates.

Comment: Update and print asset / portfolio stratification(s) in preparation for creditor committee call. Asset

level analytic review to prepare for creditor committee call. Review of recent closings and progress toward

$25mm amortization. Update REO listing status stratification.

Comment: Update financial model for FTI. Update and review 12 month BK Budget.

Sub Total:

Sub Total:

Activity: Creditor Requests

Comment: Discuss with colleagues noteholder inquiries regarding hearing

Comment: Review of distributions to noteholders for submission to UST and discuss with colleagues

Comment: Call with colleagues with respect to various noteholder inquiries and proposed response

Sub Total:

Activity: Claims Administration and Objections

Comment: Review of revised noticing/claims contract

Comment: Discussion of Pend Oreilli lien issues

Sub Total:

Activity: Contracts

Comment: Discuss contract issues with colleagues

Comment: Review and discussion of updated bankruptcy budget

Comment: Review and discussion of cash collateral order

Comment: Discussion of latest marketing and expenditure activity

Sub Total:





5.1

Date Employee Hours










11.1

Date Employee Hours









3.9

Date Employee Hours



Comment: Conf call with MHR Fund Mgmt on term sheet. Discussion with Davidson Kempner regarding

potential financing.

Comment: Review Land Advisors contracts

Comment: Review JAW contract

Sub Total:

Activity: Financing

Comment: Preparation of interim DIP budget for first day hearings.

Comment: Review revised employment order

Comment: Revised revised Debt X engagement letter and listing prices

Comment: Review revised Debt X proposal

Comment: Review revised Land advisor proposal

Comment: Review of application and declaration to employ brokers

Comment: Review Debt X contracts

Comment: Review Moses Point collateral schedule in lieu of expressed interest from Jim Dignan. Review and

provide feedback on letter to vendors circulated by George.

Comment: Review Las Colinas appraisal. Review valuation for Las Colinas and declaration to effectuate

transaction.

Comment: Review application to employ brokers, declaration of Farley Dakan, etc. Review Land Adviser's

amended proposal.

Comment: Review amended DebtX proposal provided by Jeff Cantor on 9/27.

Sub Total:


Sub Total:


Comment: Email exchange with Greg Jones re 1. Bravo Marshall order 2. Current listing status on all listed

REO. Information on agents. 3. Detail on JC Reeves.

Comment: Review Fulcrum CA. Review Bravo Marshall DOT and Trustee Sale Guarantee docs for Capital

Salvage. Review recent closing data w/George Henderson.

Comment: Review Desist and Refrain Order Research past due tax obligation for Las Colinas. Call with Mike

Brennan. Email exchange with Pam (Altus). Review Bravo Marshall motion to finalize TIRZ transaction. Review

Weissenborn/Dakan declaration of Bravo transaction.

Comment: Review plan provided by debtors of Vantage Lofts.

Comment: Creation of commission structure chart to summarize compensation due to brokers and Land

Advisors on joint representation.

Comment: Property insurance summary report-team

Comment: Review and update strats to send to Jim in preparation for FTI meeting.

Comment: Create working group list to distribute to FTI. Draft response letter to Dan Freeman re Pecos Creek

channel lining settlement.
















16.1

Date Employee Hours











7.0

Date Employee Hours





Sub Total:


Comment: Discussion internally about bankruptcy preparation.

Comment: Review Mortydin complaint

Comment: Review of complaints; discuss Mortydin complaint with colleagues

Comment: Reivew CA Dept. of Corps cease and desist order and discuss with colleagues

Comment: Review and discuss Forestar motion

Comment: Review and discuss SEC subpoena

Comment: Discussion regarding pending SEC subpoena and discussion with SEC counsel

Comment: Call with EK regarding Sienna settlement

Comment: Discussion of Euby Black litigation issues

Comment: Review and discussion of Vantage Lofts Stipulation in Aid of Confirmation fund

Comment: call with MHR regarding DIP/Exit financing.

Comment: Discussion of issues related to continuance of final DIP financing motion

Comment: Review and discussion of interim DIP budget

Comment: Discussion of alternative DIP financing options

Sub Total:


Comment: Discussion of necessary revisions to DIP budget

Comment: Term Sheet review with MHR FInancial Model review with MHR

Comment: Reviewed MHR, DIP and Exit Term Sheets

Comment: Call with MHR to discuss termsheets

Comment: Review of CA from potential lender. Grant access to data room. Conf call with potential lenders

MHR, DK.

Comment: Review and discussion of MHR termsheets

Comment: Conf call with MHR. Discuss interim DIP draw procedures with colleagues.

Comment: Status update call with colleagues. First day hearing preparation.

Comment: Review of SEC subpoena and discussion with colleagues about document production

Comment: Review and discussion regarding DIP budget items

Comment: Review of DIP draw

Comment: Review model and DIP terms. .















9/26/2011 Koger, Kyle 2






45.3

Date Employee Hours



Comment: First day hearing update with colleagues. Status update on scheduled asset dispositions.

Comment: Asset disposition status meeting. Prep with counsel on status update hearing.

Comment: Meeting with colleagues on staff changes and go-forward needs and modifications to org

structure.

Comment: Discussions with Rick Dishnica, Ron Rakunas, Greg Jones and Farley Dakan re application(s) to

employ broker(s).

Sub Total:


Comment: Review and discussion regarding agenda for Committee introduction call

Comment: Call with colleagues regarding various matters with respect to Committee formation

Comment: Conf Call w/ counsel prep for Trustee Interview Review/prep documents submitted to Trustee

Comment: Review and organize for 9/28 meeting. Conference call with Marc Hines and Don Corliss re. history

of WF lien recordation. Conference call with Gardere re. monthly operating statements and preparation for

trustee interview. Phone conversation with Mike Brennan re. document tracking system and WF lien history.

Conference call with Jeff Krause re status of Vantage Lofts and debtors attempts to consummate a global

resolution. Also discussed Pend Oreille re state litigation, and impact of REL and MF08 filing. Delegation or

responsibility and organization of statements and schedules for Oct 13 and monthly reporting requirements

(first due oct 20).

Comment: Bankruptcy meeting preparation: Built list of Mackinac Partners responsibilities on overall RE Loans

management for upcoming trustee presentation.

Comment: Conversation with Dan Freeman and Farley Dakan re Las Colinas Valuation and allocation of

proceeds.

Comment: Conf call with counsel

Comment: Call with Steve Hammond (FTI). Asset status call with Farley, Rick and Ron.

Comment: Meeting with colleages to review Trustee interview materials.

Comment: Detailed discussions around budget (6 week and 13 week rolling cash flows) in preparation for first

day motions.

Comment: MHR Call on model and cash flows. Call with Lisa Norman for preparation of trustee motion to

abandon TIRZ under Bravo Marshall BK and hearing in Houston, TX. Review Bravo Marshall detail with Ron in

preparation for Tuesday hearing. Multiple calls with Jeff Krause to prepare for Fiday's (9/23) status update

hearing, 9/28 trustee interview and 10/6 hearing.

Comment: Preparation for Bravo Marshall TIRZ hearing. Attend Bravo Marshall hearing.

Comment: Preparation for 9/23 hearing primarily focused on motion to approve Bravo Marshall transaction.

Discussion and preparation re. 9/28 interview with BK court. Preparation of reporting documents.

Comment: Preparation for creditor committee update and introductory call. Discussions re. offer on Moses

Point. Clarify strategy and direction with current interested parties. Additional discussions with Farley

regarding preparation for Sep 28th hearing. Print, organize and review docket reports for Friday hearing

(23rd).

Comment: Preparation for and attend hearing on 9/23.

Comment: Call with colleagues regarding SEC investigation items. Asset status update meeting.

Comment: Meetings with colleagues for status update hearing prep regarding dispositons of Las Colinas and

Forestar.











8

Date Employee Hours




2.6

Date Employee Hours



1.1

Date Employee Hours



1.5

Date Employee Hours


1

569.40

Activity: Report / Document Creation

Sub Total:

Activity: Vendor Discussions

Comment: Review notice/claim vendor proposals and discuss with colleagues

Sub Total:

Project Grand Total:

Comment: Discuss revised disclosure statement and POR with colleagues

Sub Total:

Activity: Relief from Stay Proceedings

Comment: Discuss with J. Krause Notice of Stay as it applies to pending litigation

Comment: Review of Notice of Stay and discussion of various matters related thereto

Sub Total:

Comment: Discussion of various Committee issues

Comment: Review and discussion of FTI initial information requests and issues

Sub Total:

Activity: Plan and Disclosure Statement

Comment: Review of Revised Plan

Comment: Review revised Plan of Reorganization

Comment: Discussion of initial committee issues and requests

Comment: Call with colleagues regarding committee FA inquries

Comment: Discussion regarding Committee FA inquiries

Comment: Call with J. Krause regarding Committee confidentiality and communication

Comment: Preparation for introduction call with AG and FTI

Comment: Introduction call with AG and FTI

Comment: Discussion of agenda for Committee call



9/8/2011 Holley, Joshua One way on United (SFO - AUS) 342

9/8/2011 Holley, Joshua One way on United (AUS - SFO) 515

9/12/2011 Holley, Joshua One way on United (SFO - DEN) 266

9/12/2011 Rakunas, Ronald SNA-OAK-SNA 386

9/13/2011 Henderson, George SFO to CLT 9/23 387

9/14/2011 Henderson, George SFO to CLT 9/15 323

9/14/2011 Holley, Joshua Round Trip on United (SFO - CLT) (9/30) 688

9/14/2011 Holley, Joshua United Change Fee to Denver 150

9/15/2011 Dakan, Farley SFO - AUS 342

9/15/2011 Henderson, George Change Fee 150

9/15/2011 Rakunas, Ronald SNA-DFW-SNA 989

9/19/2011 Holley, Joshua Round Trip on United (AUS - IAH) 509

9/19/2011 Holley, Joshua One way on United (AUS - SFO) 420

9/20/2011 Henderson, George AUS CLT 9/25 to 9/29 648

9/20/2011 Holley, Joshua United Airlines Change Fee 20

9/20/2011 Rakunas, Ronald LAX-IAH-SNA 1,234

9/20/2011 Weissenborn, Jim Detroit, MI - Austin, TX 1,500

9/21/2011 Holley, Joshua One way on Southwest (DAL - AUS) 181

9,049


9/8/2011 Holley, Joshua Avis Toll Charge 16

9/15/2011 Dakan, Farley Avis Rental 317


9/23/2011 Henderson, George Avis 372

883


9/14/2011 Dakan, Farley Parking AUS 60


9/20/2011 Holley, Joshua Parking downtown Houston 6



9/23/2011 Henderson, George Bay Bridge 6

9/23/2011 Henderson, George Fill up rental car 24

9/23/2011 Holley, Joshua Cab from AUS Airport 51

243




Sub Total:


Sub Total:


Sub Total:




9/13/2011 Rakunas, Ronald Renaissance Walnut Creek 1 night 164

9/13/2011 Dakan, Farley Hotel Lafayette (2 nights) 368



9/15/2011 Rakunas, Ronald Lafayette Park Hotel - 2 nights 310

9/15/2011 Dakan, Farley Hotel Dallas - 1 Night 248

9/16/2011 Rakunas, Ronald Magnolia Hotel - 1 night 202

9/17/2011 Weissenborn, Jim Dallas, TX - 1 night 208

9/19/2011 Weissenborn, Jim Austin, TX - 2 nights 550


4,049



9/12/2011 Holley, Joshua Safeway - Food 34


9/12/2011 Rakunas, Ronald Dinner 41


9/13/2011 Holley, Joshua Dinner - Farley, Ron and George included 84

9/14/2011 Holley, Joshua Dinner - George included 51

9/14/2011 Holley, Joshua Lunch - Ron, Farley and George included 82


9/15/2011 Holley, Joshua Food - SFO Airport 13

9/15/2011 Weissenborn, Jim Stephan Phyles, Dallas 300





9/20/2011 Holley, Joshua Breakfast - Starbucks 9

9/20/2011 Holley, Joshua Lunch - Ron included 54


9/22/2011 Holley, Joshua Lunch - Farley and Jim included 30

1,019


9/23/2011 Matthews, Matt Drive from Houston to Austin [150.00@$0.5100] 77

9/24/2011 Matthews, Matt Georgetown Site Visit [64.00@$0.5100] 33

109


9/20/2011 Brennan, Mike ShareVault File Storage-Montly Chrg (18,978

pgs)

1,580

1,580

Sub Total:


Sub Total:


Sub Total:


Sub Total:



9/12/2011 Rakunas, Ronald Taxi OAK-Lafayette 80

9/14/2011 Dakan, Farley BART ticket to SFO 20

9/15/2011 Holley, Joshua Taxi from DEN airport 76

176





77

$17,183

Sub Total:

Report Grand Total:


Sub Total:



case 11-35865-bjh11 doc 413-2 filed 01/13/12 entered 01/13 ...11/1/2011 holley, joshua 1.0 11/1/2011...

Documents