Case 9:08-bk-11457-RR Doc 2304 Filed 01/14/13 Entered … · 2014. 8. 22. · Attached hereto, as...

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DEVELOPMENT SPECIALISTS, INC. 333 S. GRAND AVE, SUITE 4070 LOS ANGELES, CA. 90071 TELEPHONE (213) 617-2717 FACSIMILE (213) 617-2718

UNITED STATES BANKRUPTCY COURT

CENTRAL DISTRICT OF CALIFORNIA

NORTHERN DIVISION

IN RE: ESTATE FINANCIAL, INC., DEBTOR.

) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

CASE NO. BK-11457-RR CHAPTER 11 EIGHTH INTERIM APPLICATION FOR COMPENSATION AND REIMBURSEMENT OF FEES AND EXPENSES OF DEVELOPMENT SPECIALISTS, INC., THE FINANCIAL ADVISOR TO THE CHAPTER 11 TRUSTEE; DECLARATIONS OF MATTHEW P. SORENSON AND THOMAS P. JEREMIASSEN IN SUPPORT THEREOF JUNE 1, 2012 - DECEMBER 31, 2012 JUDGE: THE HONORABLE ROBIN RIBLET DATE: FEBRUARY 13, 2013 TIME: 2:00PM PLACE: 1415 STATE STREET, COURTROOM 201 SANTA BARBARA, CALIFORNIA

Development Specialists, Inc. (“DSI”), solely in its capacity as the Financial

Advisor to the Chapter 11 Trustee (the “Trustee”), hereby submits this Fee Application

for Compensation and Reimbursement of Expenses (the "Application") in connection

with the services that it has rendered as Financial Advisor to the Chapter 11 Trustee of

Estate Financial, Inc. (the “Debtor”). Bradley Sharp, Senior Vice President of DSI, is

also the post confirmation Liquidating Trustee of the Estate Financial Mortgage Fund

Liquidating Trust. However, this fee application is solely for the fees and expenses DSI

Case 9:08-bk-11457-RR Doc 2304 Filed 01/14/13 Entered 01/14/13 17:55:35 Desc Main Document of 94

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incurred in its capacity as Financial Advisor to Thomas P. Jeremiassen, the Chapter 11

Trustee of Estate Financial, Inc. (“EFI Trustee”).

The Application seeks approval of fees pursuant to §§ 330 and 331 of the United

States Bankruptcy Code, 11 U.S.C. §§ 101 et seq. (the “Bankruptcy Code”), and Rule

2016 of the Federal Rules of Bankruptcy Procedure, for an order allowing the Financial

Advisor’s fees in the amount of $146,601.50 and reimbursement of expenses in the

amount of $1,959.56 for a total of $148,561.06 for the period from June 1, 2012 through

December 31, 2012 (the “Application Period”). Extended details on the time entries of

the Financial Advisor and its expenses incurred are set forth in the attached Exhibits A

and B.

I. SUMMARY OF INFORMATION FOR THIS APPLICATION

A. Type of Services Rendered by Applicant

Development Specialists, Inc. (“DSI”) serves solely in its capacity as the Financial

Advisor to the Trustee. The professional services rendered by the Financial Advisor have

required a substantial expenditure of time and effort but have continued to decrease

throughout the duration of the case while the real property portfolio is being liquidated.

From the case inception the Financial Advisor was required to perform essential services

on a number of very complicated issues relating to, among other things, assisting the

Trustee in evaluating the Debtor’s assets, evaluating the borrower’s and likelihood of

loan collection, managing the foreclosure process, managing the loan collecting process,

managing the construction completion on incomplete homes, tenant collection and

eviction, running the sales process for all loans, communication with investors as to the

status of their loans and investments, communication with investors as to the sale of their

loans, and litigation support pertaining to the portfolio analysis.

As the case progresses and the real estate assets are continually liquidated, the role


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of the financial advisor to the Trustee has diminished along with the real property

portfolio. To date DSI has assisted with selling 377 loans out of the 544 total with gross

sale proceeds equaling $77,185,521. With 83 loans currently sitting in escrow and 15

loans that are non-collectible, there are only 69 loans remaining to be liquidated which

represents roughly 12% of the portfolio.

The real property sales during this Application Period consisted of a combination

of completed homes in which the Trustee’s expended estate assets to finish construction

as well as distressed single family lot sales which required assisting the buyers with

investigation work to help determine the feasibility of the site construction. These

transactions demanded high level consulting and negotiations to help maximize and

return to investors. Also during this Application Period DSI spent a great deal of time

tracking down investors who never responded to previous sale notices mailed out over

the years and failed to return their signed settlement agreements. The Trustee is required

to hold in reserve these sale proceeds allocable to the investors’ investment until a final

resolution or settlement agreement is signed for each loan. There were over 400

investors that were tracked down to provide them with the necessary paperwork to settle

the claim distributions which will eliminate the need to pursue these investors through the

court in the future. Many of these investors simply moved and did not receive the

original notice or just missed the sale exhibit containing the documents that needed to be

signed and returned. The total number of outstanding settlement agreements was reduced

by roughly 80%.

B. Date, Chapter, and Background of Case

On June 25, 2008 (the “Petition Date”), five creditors filed an Involuntary Petition.

On July 16, 2008 this Court converted to the case to a voluntary Chapter 11. To avoid a

duplication of efforts, please refer to the case status discussion in the Pachulski, Stang,

Zihel & Jones fee application.


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C. Date and Entry of Order Approving Applicant's Employment (Local

Bankruptcy Rule 2016-1(a)(1)(B) and UST Fee Guide II.A.1.)

On August 28, 2008, the Chapter 11 Trustee filed an application to employ DSI as

his Financial Advisor. On September 26, 2008, this Court entered an order formally

granting the Trustees’ application to employ DSI as of July 28, 2008.

D. Date of Last Fee Application and Amounts Requested (Local Bankruptcy

Rule 2016-1(a)(1)(C) and UST Fee Guide II.A.2.)

This is DSI’s eighth interim application for allowance of fees and costs as

Financial Advisor. DSI’s seventh interim fee application was filed June 29, 2012 and

was heard by this court on August 3, 2012. Requested fees were $112,656.50, and

requested expenses were $788.74.

E. Summary of Fees Paid and Costs Reimbursed (Local Bankruptcy Rule

2016-1(a)(1)(C) and UST Fee Guide II.A.4.)

DSI did not receive a retainer for this matter. All fees and costs of which were

allowed by the Court have been paid in full. The chart below details all fees and costs

that have been awarded and paid to DSI pursuant to prior applications.

Period Fees Costs Total Received

First Application Period $733,451.50 $61,527.91 $794,979.41 $794,979.41Second Application Period 282,250.50 2,716.14 284,966.64 284,966.64Third Application Period 524,524.75 3,340.98 527,865.73 527,865.73Fourth Application Period 194,973.75 2,323.76 197,297.51 197,297.51Fifth Application Period 291,060.00 3,283.62 294,343.62 294,343.62Sixth Application Period 184,800.50 1,199.63 186,000.13 186,000.13Seventh Application Period 112,656.50 788.74 113,445.24 113,445.24Total $2,323,717.50 $75,180.78 $2,398,898.28 $2,398,898.28

Awarded


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F. Summary of Requested Fees and Costs (Local Bankruptcy Rule 2016-

1(a)(1)(D) and UST Fee Guide II.A.4.) Applicable Time Period 6/1/12 – 12/31/12

Hours Expended 502.20 hours

Total Fees Incurred $146,601.50

Blended Hourly Rate $291.91

Total Expenses Incurred $1,959.56 Total Fees and Expenses Incurred $148,561.06

The table above summarizes the hours and fees expended by DSI during the Application

Period.

II. PROJECT BILLING AND NARRATIVE STATEMENT OF SERVICES

A. Brief Narrative Statement of the Services Rendered and the Time Expended During the Period Covered by the Application (Local Bankruptcy Rule 2016-1(a)(1)(D) and UST Fee Guide II.A.5)

During the Application Period, 502.20 hours were recorded by the Financial

Advisor. Moreover, time and labor devoted is only one of many pertinent factors in

determining an award of fees and costs. Based on the skill brought to bear in addressing

these tasks by the Financial Advisor, the progress the estate has made, the return of

investment to investors, and the results obtained, the Financial Advisor submits that the

compensation requested herein is reasonable and appropriate.

In accordance with the Central District of California Guidelines and the UST

Guidelines, the Financial Advisor classified all services performed for which

compensation is sought into distinct categories. Attached hereto, as Exhibit C, are the

biographies of each consultant that worked on the matter during this Application Period.

The Financial Advisor attempted to place the services performed in the category that best


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relates to the service provided. However, because certain services may relate to one or

more categories, services pertaining to one category may occasionally be included in

another category. The Financial Advisor established the following billing categories for

this Application Period:

• Case Administration/General

• Fee Application/Client Billing

• Attend Court Hearing/Review of Pleadings

• Monthly Reports

• Managing Business Operations

• Real Estate Management

• Creditors/Creditors Committee Communication

• Litigation Support

• Travel at ½ Rate

• Specific Property Tasks

1. Case Administration/General

The time expended in this category includes general activities of the Financial

Advisor. All administrative activities in this Application Period were voluntarily

removed.

Total hours 0.00 Fees $0.00

2. Fee Application/Client Billing

The time expended in this category includes time expended reviewing and editing

billings on an interim basis, correspondence regarding the timing of fee applications and

drafting the seventh interim fee application.

Total hours 10.70 Fees $3,317.00


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3. Attend Court Hearings/Review Pleadings

The time expended in this category includes attending and preparing for hearings

including but not limited to the fee hearings, stacking date hearings, as well as court

auctions to sell properties.


4. Monthly Reports

The time expended in this category includes assisting the EFI Trustee and claims

agent with analysis for the monthly operating reports.


5. Managing Business Operations

Time expended in this category involves a variety of activity of which include

managing the general day-to-day activities at the various property locations as well as the

undertaking of locating missing investors who have not returned their signed settlement

agreements for properties sold. More specifically it includes periodic conference calls

with the Trustee’s and counsel to discuss current case activities, review of field

professional time and invoices, meetings with brokers, updates for the property and

bankruptcy websites, analyzing investor settlement agreements received for sold

properties as referenced above, updating collection summary reports for all loans,

preparing investor valuation summaries upon request, and general document review for

property sales. This time was spent assisting the Trustee with the organization and

understanding of the vast amount of data collected and how it is communicated to

investors.


6. Real Estate Management

Time expended in this category includes real estate work that is not associated


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with one specific loan. Such time includes meetings and discussions with field

representatives assisting with the data gathering, as well as preparing sales packets that

are sent to the Investor Committee to review and comment on upcoming real property

sales. Time was also spent analyzing and approving various utilities, property related

invoices, and insurance matters to maintain and properly upkeep the homes and

subdivisions. This application period also includes time expended analyzing and

updating the current and defaulted property taxes for all real property assets. All current

taxes are being paid when they come due and during this Application Period the Trustee

has been able to retire and pay all remaining defaulted taxes.


7. Creditor/Creditors’ Committee Communication

Time expended in this category includes telephone calls and correspondence with

the creditors, investors and their counsel to help communicate the status of individual

portfolios for the investors and not one specific property. DSI is a main line of

communication with the underlying investors and responds to investor calls as to the

various properties on a constant basis. Time in this category also pertains to dealings and

communication with the creditors committee and sub-committee’s.


8. Litigation Support

Time expended in this category includes meetings and communication with the

debtor’s counsel, Jeff Kandel, Cia Mackle, and Dave Juhnke regarding litigation claims

against EFI borrowers. Time was also expended reviewing and discussing the new

litigation claim brought by Madeleine Winn regarding the Hinds Ave property.



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9. Travel at ½ Rate

Time expended in this category includes the time spent by the Financial Advisor’s

staff traveling to inspect properties as well as attending court hearings. The Financial

Advisor is charging half of usual hourly rates for travel time.


10. Specific Property Tasks

The time expended in this category is attributable to tasks that are specifically

related to one particular development. A considerable amount of time was expended in

these various categories, some of which includes but is not limited to managing the

foreclosure of properties, analyzing the details of the property to help with

recommendations to the Trustee’s, managing the various brokers for properties that are

listed for sale, addressing issues for all properties that are placed into escrow, preparing

sales packets for the Trustee and sub-committee review and recommendations,

communication with title companies and escrow officers to address title and closing

concerns, communication with direct investors for specific sales, communicating with the

field representatives who gathered specific property data, managing the distribution and

settlement agreements with investors, as well as providing support to special counsel on

property related issues. During this Application Period 16 loans/properties have been

sold totaling roughly $5.943 million dollars. To date roughly 72% of the EFI portfolio

has been sold or disposed of with an additional 15% currently in escrow and under

contract. A detailed breakdown of time for each development is included in the attached

Exhibit A. Further, for the courts convenience, below is a breakdown of all the various

developments for the entire EFI portfolio and the amount of time spent on each

development during this Application Period.

Total hours 315.80 Fees $ 96,561.50


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Development Name Total Hours

Billed Total Fees 226 Acres, Tehachapi 2.20 $682.00 24th Street Towne Homes 0.70 $217.00 80 Acres, Rosamond 1.30 $403.00 12th Street- San Miguel 1.40 $434.00 13th Street- Encinitas 0.00 $0.00 15 Lots - Templeton 0.00 $0.00 Alan Little San Luis Obispo 31.30 $9,703.00 Arnold Drive 1.30 $403.00 Atascadero Colony 2.00 $620.00 August Liebelt 0.40 $124.00 Avila Beach 7.50 $2,325.00 Bates View 0.00 $0.00 Bayview Drive 0.00 $0.00 Bermuda Dunes 4.30 $1,333.00 Bethel Estates 0.00 $0.00 Bonta Avenue 0.00 $0.00 Brizzolara 0.00 $0.00 Buena Vista Place 1.20 $372.00 Camarillo- Hilltop 0.00 $0.00 Carmel Road 23.70 $7,090.50 Carole Deane 0.00 $0.00 Cathedral City 1.00 $310.00 Cayucos 0.00 $0.00 Charnley Land- Dinuba 3.20 $992.00 Charnley Land- Selma 0.00 $0.00 Claire Manor 9.70 $3,007.00 Coffee Shop 0.40 $124.00 Creekside Lane 2.50 $775.00 Cupertino 0.00 $0.00 Curbaril Avenue 0.00 $0.00 Desert Hot Springs 53.90 $16,709.00 Escalon 0.00 $0.00 Farralone Estates 0.00 $0.00 GHP Fresno 0.00 $0.00 Goleta Homes 0.00 $0.00 Harvest 0.00 $0.00 Highwater Estates 4.00 $1,240.00 Hinds Avenue 8.80 $2,728.00 Industrial Way 0.90 $279.00 Islay 6 0.00 $0.00 Kerman 0.00 $0.00 Madera 22.60 $7,006.00 Madison Chase 1.50 $465.00 Mission Lakes Shopping Center 0.00 $0.00 Mojave 0.00 $0.00 Monte Vista Estates 0.00 $0.00 Montebello Oaks 0.00 $0.00 Monterey 0.00 $0.00 Morningside 0.00 $0.00


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Morro Avenue Homes 0.00 $0.00 Morro Lots 0.00 $0.00 Mountain View 0.90 $279.00 Mugford Tehachapi 0.00 $0.00 N. Street San Miguel 0.00 $0.00 Norco 0.50 $155.00 Nutmeg 0.00 $0.00 Oakshores 7.70 $2,387.00 Park Street Property 0.00 $0.00 Pickerell 0.00 $0.00 Pierce Monte Vista 2.30 $713.00 Pocket Road 11.80 $3,658.00 Ranchita Canyon 1.00 $310.00 Regio Place 0.00 $0.00 Reindeer Place 0.00 $0.00 Rockview Place 17.40 $5,394.00 San Dimas 0.00 $0.00 Sandydale 0.00 $0.00 Sanger 6.00 $1,860.00 Seaside 16.70 $5,177.00 Shandon 0.00 $0.00 Spralding Construction- Fresno 0.00 $0.00 Spruce Street 1.20 $372.00 Squaw Creek 1.50 $465.00 Stimson Avenue 0.00 $0.00 The Bungalows 1.10 $341.00 Thousand Oaks 0.00 $0.00 Three Bells 0.00 $0.00 Tierra Vista Subdivision 15.90 $3,849.00 Tiffini Hughes 1.00 $310.00 Victorville 22.70 $7,037.00 Wildflower 0.00 $0.00 Willow Road 19.70 $6,107.00 Winslow 1.30 $403.00 Templeton Mixed Use Partners 1.30 $403.00 Totals: 315.80 $96,561.50

B. Detailed Listing Of All Time Spent By The Professional On The Matter For Which Compensation Is Sought (Local Rule 2016-1(a)(1)(E) and UST Fee Guide II.B.1)

Attached hereto as Exhibit A are the fees that the Financial Advisor actually

charged, corresponding to the activity categories detailed in the Narrative Summary of

Services above. In accordance with Federal Rule of Bankruptcy Procedure 2016(a), the


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itemized list identifies: (a) the DSI consultant who preformed the services; (b) hourly

rate of the consultant; (c) the date and time (by tenths of an hour) required to perform

them; and (d) the description of the services performed. To the extent possible, the

Financial Advisor described each specific task and separately allocated the time

attributable to that task. Where the nature of certain tasks and the circumstances

surrounding their performance did not allow for individual time entries, aggregate time

entries were used.

C. Listing Of Expenses (Local Rule 2016-1(a)(1)(F) and UST Fee Guide II.C)

Pursuant to § 330(a)(1)(A) of the Bankruptcy Code, the Court may award a

professional “reimbursement for actual, necessary expenses.” 11 U.S.C. § 330(a)(1)(A).

Accordingly, the Financial Advisor seeks reimbursement of the actual, necessary

expenses that DSI incurred during the period covered by this Application. The Financial

Advisor charged $0.15 per page for copies and $0.15 per page for outbound facsimiles

which is below the United States Trustee Guidelines (the “UST Guidelines”). DSI

charges mileage reimbursement for allowed travel at the approved IRS annual rate. For

2012 the IRS rate was $0.555 per mile. DSI does not charge its clients for incoming

facsimiles. Charges for travel, photocopies, overnight delivery, meals, postage, long

distance phone calls, and other out-of-pocket disbursements are based on actual amounts

paid by the Financial Advisor for those services. Attached hereto, as Exhibit B, is a

detailed description of expenses that the Financial Advisor incurred in the Application

Period.

1. Overnight Delivery

As required by the Bankruptcy Code and the Local Rules of this Court, and

circumstances of the case required, the Financial Advisor used air-courier services (such

as Federal Express) to deliver documents to creditors, investors, and counsel. Certain


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assets sales required notarized grant deed signatures from investors and were very time

sensitive. These were minimal during this application process but were imperative to

help finalize certain sale transactions. During the period covered by this Application, the

Financial Advisor incurred $161.98 in expenses in this category.

2. Photocopies

The Financial Advisor uses a computerized accounting system known to keep

track of internal photocopy charges, and bills its clients at the rate of $0.15 per page,

which is under the Central District of California guidelines of $.20 per page. During the

period covered by the Application, the Financial Advisor incurred $301.80 in expenses in

this category.

3. Postage

The Financial Advisor bills to the client the cost of transmitting mail. Postage is

logged and billed to the client through a computer system, which calculates postage costs

at the rate set by the United States Postal Service for the weight and class of a given

mailing. The Financial Advisor bills the actual costs of such services to its client without

surcharge. During the period covered by this Application, the Financial Advisor incurred

$355.70 in expenses in this category.

4. Meals

The Financial Advisor bills to the client reasonable out of pocket meal expenses

only in the event of out of office travel. These expenses were incurred while the

Financial Advisor was inspecting properties and attending City meetings. No meals are

charged to the Debtor for in-office or afterhours meetings. During the period covered by

this Application, the Financial Advisor incurred $22.68 in expenses in this category.

5 Mileage, Parking, Tolls, etc.

The Financial Advisor bills to the client reasonable out of pocket parking, tolls, or

travel costs. DSI charges mileage reimbursement for allowed travel at the approved IRS

annual rate. For 2012 the IRS rate was $0.555 per mile. These expenses were incurred

while the Financial Advisor was inspecting properties and attending case hearings.


EXHIBIT A


Page: 1Estate Financial, Inc. 01/10/2013c/o Development Specialists, Inc.333 South Grand AvenueSuite 4070Los Angeles CA 90071

HOURS06/25/2012 MPS File the project-related documents for future

reference. 0.80 n/c

Case Administration/General 0.00 0.00

06/20/2012 MPS Review of time entries for the upcoming feeapplication. 2.00

06/21/2012 MPS Continue to review and finalize changes to the timeentries for the next fee application. 2.00

06/25/2012 MPS Review the expenses for the next fee application. 0.30MPS Review the revised time entries for the next fee

application. 0.40

06/26/2012 MPS Prepare loan chart to assist with the PachulskiStang fee application; e-mail correspondence withCia Mackle regarding same. 0.20

06/27/2012 MPS Continue to prepare and finalize DSI's feeapplication and exhibits; e-mail correspondence withTom Jeremiassen for his review and declarationsignature. 4.00

06/28/2012 MPS Finalize the seventh interim fee application,exhibits and declarations; e-mail correspondencewith Tom Jeremiassen and Cia Mackle as to the finalversion for filing. 1.80

Fee Application/Client Billing 10.70 3,317.00

06/26/2012 MPS Meeting with Jeff Kandel and Bill Friedman prior tothe hearing to prepare and discuss the threeoverbids. 1.00

MPS Attend the overbid hearing with Jeff Kandel and BillFriedman; meetings with the potential buyers andoverbidders to discuss the procedure. 1.00

08/03/2012 MPS Attend hearing on fee applications as well as theoverbid for the last Avila Beach home. 0.50

09/24/2012 MPS Attend the overbid hearing on the Madera lots, aswell as the Willow Road subdivision with Jeff Kandeland Bill Friedman; time includes meetings before andafter the hearing to discuss with the brokers andpotential buyers. 2.00

Attend Court Hrgs/Rev Pleadgs 4.50 1,395.00

06/01/2012 MPS Prepare the updated loan summary information for themonthly operating reports; e-mail correspondencewith Eric Schwarz regarding same. 0.30

08/15/2012 MPS Prepare updated summary of loan files for themonthly operating reports; e-mail correspondence


Page: 2Estate Financial, Inc. 01/10/2013

HOURSwith Eric Schwarz regarding the same. 0.40

09/13/2012 MPS Prepare the updated loan status report for themonthly operating reports; e-mail correspondencewith Eric Schwarz regarding same. 0.40

09/27/2012 MPS Prepare the updated loan collection summary for themonthly operating reports; e-mail correspondencewith Eric Schwarz regarding same. 0.30

10/30/2012 MPS Prepare updated summary of loans for the monthlyoperating reports; e-mail correspondence with EricSchwarz regarding same. 0.40

11/07/2012 MPS Prepare the updated loan collection summary for themonthly operating reports; e-mail correspondencewith Eric Schwarz regarding same. 0.30

12/15/2012 MPS Prepare the updated loan collection summary reportfor the monthly operating reports; e-mailcorrespondence with Eric Schwarz regarding same. 0.40

Monthly Bktcy/Semi-Annual Rpts 2.50 775.00

06/05/2012 MPS Prepare the monthly updates for the status of allloans; e-mail correspondence with Katie Nownes torequest the updates be posted to the website. 0.40

06/12/2012 MPS E-mail correspondence with Jeff Kandel and CiaMackle to discuss the form of grant deeds used. 0.20

06/14/2012 MPS E-mail correspondence with James Armstrong torequest an updated Exhibit A for the follow-upletter to investors that have not signed. 0.20

06/15/2012 MPS Review the newly-received settlement agreements forvarious loans. 0.30

06/19/2012 MPS Review a large batch of newly-received settlementagreements; update the various loan summary reportsand request payments for these investors. 2.20

06/20/2012 MPS Telephone conference call with Jeff Kandel, TomJeremiassen, Brad Sharp, Tom Geher, Cia Mackle andDave Juhnke to discuss the status of pendinglitigation and the upcoming overbid hearing; discussthe issues with the Willow Road sale and commentsreceived from an investor. 0.60

06/25/2012 MPS Review the newly-received settlement agreements;update the loan collection summaries for the variousloans; e-mail correspondence with James Armstrongand Jessica Mao to request investor distributionsfor the newly-received agreements. 2.00

06/28/2012 MPS Review the newly-received settlement agreements frominvestors; update the loan collection summaries;e-mail correspondence with Jessica Mao and JamesArmstrong to request distribution payments. 1.20

07/03/2012 MPS Review the June invoice for CCRES; e-mailcorrespondence with Jessica Mao to request payment. 0.20

MPS Prepare the updated loan summary sheets for the



HOURSwebsite; e-mail correspondence with Katie Nownes torequest they be posted on the site. 0.50

07/10/2012 MPS Review various settlement agreements; update theloan collection summaries and request payments beprocessed. 2.00

07/17/2012 MPS Review the newly-received settlement agreements;update the loan collection reports and requesteddistributions for investors. 0.90

07/23/2012 MPS Review the newly-received settlement agreements forloans that have sold; update all account summariesand requested payments for investors. 1.70

07/26/2012 MPS Prepare loan summary report for the court statusreport; e-mail correspondence with Cia Mackleregarding the numbers, as well as the EFMFdistributions to-date. 0.30

07/27/2012 MPS Review the newly-received settlement agreements;update loan collection summaries and requestpayments for investors. 0.50

MPS Review the CCRES July invoice; e-mail correspondencewith Jessica Mao to request payment. 0.30

08/03/2012 MPS Meetings before and after the hearing with JeffKandel, Tom Jeremiassen and others to discuss theoverbid hearing as well as the status of the case;discuss pending litigation and settlement agreementsstill outstanding. 1.00

08/08/2012 MPS Prepare updated loan summary reports for thewebsite; e-mail correspondence with Katie Nownes torequest they be posted. 0.50

MPS Review of several newly-received signed settlementagreements; update the various loan collectionreports and request distributions. 0.80

08/13/2012 MPS Review of newly-signed settlement agreements; updatethe loan collection summaries and request theirdistributions. 0.30

08/15/2012 MPS Telephone call with Tom Jeremiassen, Jeff Kandel,Tom Geher, Brad Sharp and Dave Juhnke to discuss therecent sale transactions and issues with buyers;discuss the pending agreement with Stewart Title andneed to finalize that settlement; discuss otherlitigation matters. 0.40

08/16/2012 MPS Review of the master distribution summary; discussreconciliation needed with Tom Jeremiassen. 0.30

08/21/2012 MPS Telephone call and e-mail correspondence with TomJeremiassen, Jeff Kandel, Cia Mackle and Brad Sharpto discuss the Willow Road sale and communicationfrom the creditors' committee as to the saleobjection; prepare tally of investor votes anddiscuss response. 1.00

08/31/2012 MPS Review the CCRES August invoice; e-mailcorrespondence with Jessica Mao to request payment. 0.30



HOURS

09/05/2012 MPS Review the newly-received settlement agreements;update the collection summaries and requesteddistribution payments to be processed. 0.30

MPS Update the collection worksheets; e-mailcorrespondence with Katie Nownes to have thedocuments posted to the website. 0.40

09/07/2012 MPS Review the newly-received settlement agreements;update the collection status reports and requestinvestor checks be issued. 0.40

09/13/2012 MPS Review various change of address requests received;e-mail correspondence with Katie Nownes with Omniregarding the changes. 0.20

09/14/2012 MPS Review the newly-signed settlement agreements;update the loan collection reports and requestdistributions to be processed. 0.50

09/17/2012 MPS Prepare investor letters for loans that have closedescrow and where investors have not responded orreturned their signed settlement agreements; updatethe distribution exhibits and mail out lettersrequesting responses. 3.20

09/20/2012 MPS Prepare the investor letters for loans that haveclosed escrow and where investors have not respondedor returned their signed settlement agreements;update the distribution exhibits and mail outletters requesting responses. 2.40

MPS Telephone call with Jeff Kandel, Tom Geher, TomJeremiassen, Dave Juhnke, Brad Sharp and Cia Mackleto discuss the upcoming auctions and issues withbuyers canceling escrows; discuss the status ofpending litigation and other open issues. 0.50

09/21/2012 MPS Prepare the investor letters for loans that haveclosed escrow and where investors have not respondedor returned their signed settlement agreements;update the distribution exhibits. 1.30

09/26/2012 MPS Review the newly-received settlement agreements;update the loan collection summaries and requestpayments. 0.90

09/28/2012 MPS Review the September invoice for CCRES; e-mailcorrespondence with Jessica Mao regarding same. 0.20

MPS Review the newly-received settlement agreements;update the loan collection summaries and requestdistributions for the investors. 0.40

10/01/2012 MPS Prepare the updated collection worksheets for allproperties; e-mail correspondence with Katie Nownesto request the information be posted on the website. 0.40

10/05/2012 MPS Review the newly-received settlement agreements;update the loan collection summaries and requestdistributions. 0.40

10/25/2012 MPS Review the court status report from Cia Mackle. 0.20



HOURS10/29/2012 MPS Review the monthly invoice from Omni; e-mail

correspondence with Spencer Ferrero regarding same. 0.20

11/01/2012 MPS Review the CCRES bill for October; e-mailcorrespondence with Spencer Ferrero to requestpayment. 0.30

11/02/2012 MPS Review various new settlement agreements; update theloan collection summaries and request distributions. 0.30

11/05/2012 MPS Prepare the updated worksheets for the website;e-mail correspondence with Katie Nownes regardingsame. 0.40

11/14/2012 MPS Prepare summary of new sales in which sales packetswill be needed; e-mail correspondence with Rose JaneDelarosa regarding same. 0.20

11/15/2012 MPS Review of article pertaining to the sale of theolive ranch in Paso Robles. 0.20 n/c

11/27/2012 MPS Telephone conference call with Jeff Kandel, TomJeremiassen, Brad Sharp, Cia Mackle and Dave Juhnketo discuss the status of pending litigation as wellas property-related issues. 0.40

11/30/2012 MPS Review the CCRES invoice for November; e-mailcorrespondence with Bret Prawitt and Spencer Ferreroto discuss same. 0.30

MPS Review newly-received investor settlementagreements; update the collection summary reportsand request distributions. 0.30

12/03/2012 MPS Prepare the updated loan collection worksheets forthe website; e-mail correspondence with Katie Nownesregarding same. 0.40

12/07/2012 MPS Review of the newly received investor settlementagreements; update collection summary reports andrequest distributions. 0.40

12/26/2012 MPS Review the three new sales notices; discuss samewith Cia Mackle. 0.80

12/28/2012 MPS Review the newly-received settlement agreements;update the collection database and requestdisbursements. 0.30

MPS Request new sale notices to be e-mailed to investorsin various loans. 0.20

Managing Business Operations 34.30 10,633.00

08/16/2012 MPS File property-related records for future reference. 1.00 n/c

Record Storage 0.00 0.00

06/04/2012 RJD Prepare and send e-mail to Matt Power and JimMcCormick regarding the MLS listing sheet andcomparables; prepare and send e-mail to JamesArmstrong regarding the loans reconciliation. 0.20

RJD Prepare and review the real estate sales packets. 3.40

06/05/2012 MPS Review of the current and remaining real property



HOURSlistings; discuss at length with Bill Friedman as topossible listing extensions, as well as pricereductions where required. 1.20

06/06/2012 MPS E-mail correspondence with Mel McColloch to discussthe various weed abatement issues for the remainingproperties. 0.50

06/08/2012 MPS Telephone call to the County of Tulare to discussthe delinquent tax notice received; prepare summaryof the payments made for older taxes. 0.50

06/11/2012 MPS Review the current listings with Land Advisors;review of summary on each parcel and discuss revisedlisting prices with Bill Friedman. 0.80

06/12/2012 MPS Review property-related invoices that are approvedfor payment; e-mail correspondence with Jessica Maoregarding same. 0.60

06/13/2012 MPS Review outstanding invoices from FATCO; request newcopies of unpaid bills. 0.20

06/14/2012 MPS Review of weed abatement invoices from MelMcColloch; e-mail correspondence with Jessica Mao torequest payments. 0.30

06/15/2012 MPS Review various utility invoices for finished homes;e-mail correspondence with Jessica Mao as toapproved invoices for payment. 0.40

06/18/2012 MPS Review of the court confirmation as to the overbidhearings; discuss same with Bill Friedman. 0.30

06/19/2012 MPS E-mail correspondence with Mel McColloch to discussthe status of various property re-assessments. 0.20

06/20/2012 MPS Review the notice received from the County ofTulare; telephone calls with the Tax Assessor andBankruptcy Department to discuss how these havealready been paid; prepare documents and send viafax. 1.00

06/25/2012 MPS E-mail correspondence with Jeff Kandel and CiaMackle to discuss the status of pending orders, aswell as the need for quick orders on the threeoverbids tomorrow. 0.30

MPS Review of five newly-signed sale orders; e-mailcorrespondence with Antonia Delgado and Pat Caprillito discuss same and prepare these files for closing. 0.60

MPS Prepare summary of overbids and buyers fortomorrow's hearing; discuss same with Jeff Kandel. 0.40

06/27/2012 MPS Review the new closing statements and documents forpending sale closures; e-mail correspondence withAntonia Delgado to discuss the changes. 0.40

MPS Prepare the summary of the new sales that will needsales packets; e-mail correspondence with Rose JaneDelarosa regarding same. 0.30

RJD Prepare and send e-mail to Allison Goss and LisaLewis regarding MLS listing sheet and comparables;prepare and send e-mail to James Armstrong regarding



HOURSloans reconciliation. 0.30

06/28/2012 MPS Review the tax refund documents from the county ofTulare; e-mail correspondence with Tom Jeremiassenregarding same. 0.20

RJD Prepare and review real estate sales packets. 4.40

06/29/2012 MPS E-mail correspondence back and forth with AntoniaDelgado and Cia Mackle as to the problems with fivenewly-received court order covers; discuss theimpact as to various sale closures. 0.80

MPS Review the property-related invoices; e-mailcorrespondence with Jessica Mao to request paymentfor approved invoices. 0.50

07/03/2012 MPS Review three newly-signed sale orders; e-mailcorrespondence with Antonia Delgado, Bill Friedmanand Pat Caprilli regarding same. 0.30

07/09/2012 MPS Review of various invoices for property-relatedservices; e-mail correspondence with Jessica Mao torequest payment. 0.60

MPS Review final closing statements for four sales;prepare voting tallies and requested investordistributions. 1.40

MPS E-mail correspondence with Jessica Mao and MelMcColloch to discuss the status of vendor paymentfor weed clearing. 0.20

07/11/2012 RJD Prepare and send e-mail to Jim Radler and HaroldNewton regarding the MLS listing sheet andcomparables; prepare and send e-mail to JamesArmstrong regarding loans reconciliation. 0.20

MPS Review the outstanding property taxes for the Doramasubdivision; update the working spreadsheet forfuture tax payments and assessed values. 2.00

MPS E-mail correspondence with Rose Jane Delarosa todiscuss the next sales packets needed to beprepared. 0.20

07/13/2012 MPS Review two new sale orders; e-mail correspondencewith Antonia Delgado, Bill Friedman and Pat Caprilliregarding same. 0.30

MPS E-mail correspondence with Martina Ceballos and JeffKandel to discuss the issues with the outstandingproperty tax claims received from the County ofTulare. 1.00

07/17/2012 RJD Prepare and review the real estate sales packets. 1.10

07/18/2012 RJD Prepare and review the real estate sales packets. 1.80RJD Prepare and send e-mail to Matt Powers regarding the

MLS listing sheet and comparables; prepare and sende-mail to James Armstrong regarding loanreconciliation. 0.10

07/23/2012 MPS Review property-related invoices; e-mailcorrespondence with Jessica Mao to request payments. 0.40


07/30/2012 MPS Telephone call and e-mail correspondence with Jeff



HOURSKandel to discuss the remaining assets and possiblebuyer for some of the lots. 0.20

MPS E-mail correspondence with Bill Friedman to discussvarious listing extensions. 0.30

08/02/2012 MPS Review of various invoices for property-relatedservices; e-mail correspondence with Jessica Maoregarding approved invoices. 0.40

08/08/2012 MPS Review of property-related invoices; e-mailcorrespondence with Jessica Mao as to approved onesto pay. 0.30

08/14/2012 MPS Review of various property-related invoices; e-mailcorrespondence with Jessica Mao regarding the same. 0.30

08/15/2012 MPS Prepare the overbid instructions for three upcomingsales; e-mail correspondence with Bill Friedmanregarding the same. 0.50

08/23/2012 MPS E-mail correspondence with Jessica Mao as to unpaidinvoices. 0.20

08/24/2012 MPS E-mail correspondence with James Armstrong todiscuss the Thousand Oaks sale and funds reservedfor mechanic liens. 0.20

08/28/2012 MPS E-mail correspondence with Cia Mackle to request twosale orders. 0.10

08/30/2012 MPS E-mail correspondence with Bill Friedman to discussthe various listing extensions. 0.20

09/07/2012 MPS Telephone call with Michael Davin to discuss theremaining portfolio for the estate; discuss variousprojects in-depth to see if there was a possiblepurchase interest. 0.60

09/13/2012 MPS Review various invoices for the finished homes;e-mail correspondence with Jessica Mao to requestpayments for approved invoices. 0.30

09/17/2012 MPS Telephone call and e-mail correspondence with MelMcColloch to discuss various properties and the needfor assessed values to be reduced; researchdocuments to assist with this process. 2.00

09/19/2012 MPS Review various property-related invoices; e-mailcorrespondence with Jessica Mao as to the approvedinvoices for payment. 0.40

MPS Prepare the summary of buyers and overbidders fornext week's auctions. 0.20

09/20/2012 MPS Review the summary of the property assessments fromMel McColloch; discuss what other properties need tobe reviewed. 0.50

09/24/2012 MPS E-mail correspondence with Antonia Delgado and BillFriedman to discuss the status of the two overbids. 0.20

09/26/2012 MPS Review of various sale orders for Madera, WillowRoad and Sanger; request certified copies and



HOURSnotified escrow. 0.30

MPS E-mail correspondence with Antonia Delgado todiscuss the various escrows and payments due to AllAmerican Foreclosure Services for some of theescrows. 0.20

09/28/2012 MPS Telephone call with Bill Friedman to discuss the newlistings and sale amendments outstanding. 0.30

MPS Research the outstanding default taxes for theremaining properties in San Luis Obispo County todetermine what can be paid down. 0.70

10/01/2012 MPS E-mail correspondence with Bill Friedman to discussthe outstanding declarations needed for severalsales. 0.20

10/04/2012 MPS Telephone call with Bill Friedman to discuss theminimum deposit for sales going forward. 0.20

10/05/2012 MPS Review the Sonoma County refund notice; discuss samewith Tom Jeremiassen. 0.30

MPS Review the property-related invoices for continualservices; request payments for approved invoices. 0.40

MPS E-mail correspondence with Rose Jane Delarosa toprovide information to assist with sales packets. 0.30

10/08/2012 RJD Prepare and send e-mail to Matt Powers and LisaLewis regarding the MLS listing sheet andcomparables; prepare and send e-mail to JamesArmstrong regarding loan reconciliation. 0.20



10/22/2012 MPS Review the newly-received property tax statements;discuss same with Jessica Mao to have all statementssent to our office for review. 0.30

11/02/2012 MPS Review the property-related invoices; requestpayment for all approved invoices. 0.30

11/16/2012 MPS E-mail correspondence with Jeff Kandel to discussthe issue with various sale orders. 0.20


11/21/2012 MPS E-mail correspondence with Mel McColloch to discussthe need to inspect the owned properties for weedand erosion control measures. 0.30

11/26/2012 MPS Review various fire prevention assessment notices;discuss same with Mel McColloch and Spencer Ferrero. 0.40

MPS Review various property-related invoices; e-mailcorrespondence with Spencer Ferrero to requestpayments. 0.50

11/27/2012 MPS Continue to review and prepare summaries for the2012 property tax payments that are due for allcounties. 4.00

MPS E-mail correspondence with Tom Jeremiassen todiscuss the status of available cash to help pay



HOURSdown delinquent property taxes. 0.10

MPS Review the fire protection notices for variousproperties; discuss same with Mel McColloch andSpencer Ferrero. 0.30

11/28/2012 MPS E-mail correspondence with James Armstrong todiscuss the status of the current property insurancepolicy and changes needed. 0.20

MPS Review and finalize three sales packets; e-mailcorrespondence with Tom Jeremiassen and Rose JaneDelarosa regarding same. 1.20

MPS Prepare the summary of defaulted taxes stilloutstanding on all properties owned; discuss withTom Jeremiassen to help pay down some of theseobligations. 0.50

11/29/2012 MPS Follow-up correspondence with Tom Jeremiassen todiscuss the delinquent property taxes and whatshould be paid. 0.30

11/30/2012 MPS Review various property-related invoices; e-mailcorrespondence with Spencer Ferrero as to theapproved invoices for payment. 0.30

12/03/2012 MPS Review of various property-related invoices; e-mailcorrespondence with Spencer Ferrero to requestpayments. 0.30

12/04/2012 MPS E-mail correspondence with Spencer Ferrero todiscuss the property tax payments and newinformation received. 0.30

12/19/2012 MPS Review various property-related invoices; e-mailcorrespondence with Spencer Ferrero to requestpayments. 0.60

MPS Review various refund payments, as well as notice ofuncashed checks from the San Luis Obispo TaxCollector; discuss and research with SpencerFerrero. 0.40

12/21/2012 MPS Telephone call with Bill Friedman to discuss thestatus of various pending escrows. 0.20

12/28/2012 MPS Review listing extension requests and discuss samewith Bill Friedman. 0.30

MPS Prepare the overbid summaries for three new sales;discuss same with Bill Friedman and Matt Power. 0.50

MPS Review supplemental tax bills received; discusspayment with Spencer Ferrero. 0.40

Real Estate Management 56.50 14,963.50

06/01/2012 MPS Telephone call with Mr. Brown to discuss his loans. 0.30

06/04/2012 MPS E-mail correspondence with investor Kevin Farrell todiscuss his various loans and outstanding settlementagreements. 0.20

06/08/2012 MPS E-mail correspondence back and forth with investorJohn Gilbert to update his address and contactinformation; discuss his various loans and provideupdates. 0.30



HOURS06/13/2012 MPS Telephone call with investor Virgil Dawson to

discuss his IRA account and issues with SterlingTrust; provide copies of canceled checks for loansthat have paid off in his portfolio. 0.50

06/14/2012 MPS E-mail correspondence at length with investor JohnGilbert as to his address corrections, as well ashis questions as to his loans; research and respond. 1.00

06/15/2012 MPS Telephone calls with multiple investors to discussthe letters that were sent out regarding unsignedsettlement agreements; discuss various sales and thetiming of the past letters; discuss the proposeddistribution, as well as the unsecured claimcalculations. 3.50

MPS Telephone call with investor Michael Mignone todiscuss his various accounts; e-mail correspondencewith James Armstrong to request the history for oneof the closed accounts. 0.40

06/19/2012 MPS Telephone calls with investors who received ourrecent letters as to the settlement agreements forvarious properties/loans that have closed escrow;discuss these sales, as well as the status of otherloans. 1.60

MPS E-mail correspondence with investor Ron Robbins todiscuss the status of his loans and the clubhouseproperty. 0.30


MPS Telephone call with investor Bruce Brown to discusshis loans and recent letters received; prepareupdated summary of loan status. 0.50


MPS Prepare loan summary reports for investors Dean &Maxine Thompson; e-mail correspondence with ScottEwing regarding same. 0.40

06/22/2012 MPS E-mail correspondence with investor Sherri Bell asto her loan payments. 0.20

06/25/2012 MPS Telephone calls with investors to discuss the recentletter received addressing the fact that they neverreturned the signed settlement agreements forvarious properties that have already sold; discussvarious sales and timeframe for payments to bemailed out. 0.80

06/26/2012 MPS E-mail correspondence with Sherri Bell to discussthe status of her outstanding checks. 0.20

06/27/2012 MPS E-mail correspondence with investor Richard Ward todiscuss the transfer documents. 0.20



HOURS

07/02/2012 MPS E-mail correspondence with investor Kevin Farrell todiscuss his loans and change of address. 0.20

07/05/2012 MPS E-mail correspondence with investor Jim Gerpheide todiscuss his loans and change of address request. 0.30

07/09/2012 MPS Telephone call with Virgil Dawson to discuss thestatus of his Sterling Trust transfer andinformation needed to complete the transaction;prepare letter as requested. 1.00

MPS Telephone call with investor Deborah Turner todiscuss her pending distributions and settlementoptions. 0.30

MPS Telephone call with Dennis Bradshaw to discuss hisdeceased parents' accounts and pending settlementagreements needed to be signed. 0.30

MPS Telephone call with investor Richard Helgren;prepare summary of outstanding loans and previouspayouts. 0.40

07/10/2012 MPS Telephone calls and e-mail correspondence withinvestors to help discuss the settlement agreementsfor loans that have already sold; discuss status ofthe case and future sales. 1.60

MPS Telephone call with investor Galin Brookins todiscuss his loans and unsecured claims previouslyprovided. 0.20

07/11/2012 MPS Telephone call with investor Lorraine Alltounian todiscuss her loans, as well as her neighbor BobCarlson, whom she assists; prepare summary of loansand their status. 0.30

MPS Telephone calls with investors to discuss the statusof their loans and when the proposed distributionswill be paid. 0.90

07/12/2012 MPS Telephone calls with investors to discuss the recentletter they received regarding the need to sign andreturn a settlement agreement for loans that havesold. 1.30

MPS Telephone call with investor Bob Hainsworth todiscuss his loans and payoffs. 0.30

MPS Telephone call with investor Nancy West to discussher accounts and husband Richard West. 0.20

07/16/2012 MPS Telephone call with investor John Kimm to discussthe settlement agreement and his various loans. 0.30

MPS Telephone call with investor Lorraine Alltounian;prepare an updated summary of her loan payoffs anddates paid. 0.30

MPS Telephone call and e-mail correspondence with BriceWaterman to discuss his loans and provide new copiesof settlement agreements for loans that have sold. 0.30

07/17/2012 MPS Telephone calls with investors to discuss thevarious settlement agreements and notices sent out;discuss the distribution numbers and the proposedunsecured claim. 1.20

07/18/2012 MPS E-mail correspondence with investor Dale Oesterlingto discuss his loans. 0.30



HOURS

07/23/2012 MPS Review transfer request from investor Richard Ward;prepare response letter requesting additionalinformation. 0.70

07/24/2012 MPS Telephone call with investor Judith Sills to discussthe status of her loans and IRA account problems. 0.30

MPS Telephone call with investor Bob Fowler to discusshis father's account and recent notice received. 0.20

MPS Telephone call with investor Patricia Murray todiscuss the status of her loans and settlementagreements signed to-date. 0.20

MPS Telephone call with Katherine Smith to discuss thestatus of various settlement agreement lettersreceived. 0.20

MPS Telephone call with investor Dale Oesterling todiscuss his loan accounts. 0.20

07/25/2012 MPS E-mail correspondence with John Gilbert to discusshis recent distributions. 0.20

07/26/2012 MPS Continue correspondence with John Gilbert andJessica Mao to discuss his recent distributions andtiming of checks that were mailed out. 0.30

07/27/2012 MPS Review the newly-received change of addressrequests; e-mail correspondence with Katie Nownesregarding the changes. 0.20

MPS E-mail correspondence with David Mullally to discusshis clients loans; update summary from previouscommunication. 0.30

MPS Continue correspondence with investor John Gilbertto discuss the status of his distributions. 0.20

08/02/2012 MPS Telephone call with investor Arthur Frose to discusshis settlement agreements and notices outstanding. 0.20

MPS Telephone call with Reynold Costa to discuss hisremaining loans. 0.30

MPS Telephone call with investor Matt Renner to discusshis loans and missing settlement agreements. 0.20

08/13/2012 MPS E-mail correspondence with Karin Stein to discussher father's account distributions. 0.20

08/14/2012 MPS Telephone call with investor Robin Fairbain todiscuss his loans and recent sale notices. 0.20

MPS Telephone call with investor Hugh Early to discusssettlement agreement and sale notice received. 0.20

MPS Telephone call with investor Jack Cragun to discusshis loans and what remained to be liquidated. 0.20

MPS Telephone calls with Beverly Hansen to discuss heroutstanding settlement agreements needed. 0.30

08/15/2012 MPS Telephone call with investor Art Queller to discusshis loans and status update. 0.20

08/16/2012 MPS Telephone call with Marge Jacobson to discuss herloans; prepare and mail off updated summary of herloans and distributions. 1.00

08/17/2012 MPS Telephone call with Tom Gallardo to discussdistribution checks sent to-date; prepare summary. 0.50



HOURS

08/20/2012 MPS Telephone call with investor Tom Beals to discusshis loans and new address. 0.30

MPS Review of correspondence from investor VivianRidenour as to account corrections; e-mailcorrespondence with Omni regarding the changes. 0.30

08/21/2012 MPS Telephone call with Alvin Paulson to discuss thedistributions that are being held for his accountand update address information provided. 0.20

09/04/2012 MPS E-mail correspondence with Kathleen Scott to discussher investments and response needed for SterlingTrust. 0.20

09/06/2012 MPS Telephone call with Mel McColloch and investorClaire Headley to discuss her account with herex-husband. 0.30

09/11/2012 MPS Telephone call with Mel McColloch to discuss thestatus of the Headley's and different requests fromthe two investors on the title. 0.20

09/12/2012 MPS Prepare an updated summary of loans for investorCatherine Lau; e-mail correspondence with herattorney David Mullally regarding same. 0.20

MPS E-mail correspondence with James Armstrong and GwenErskine regarding the account information requestfrom Dawn Pentoney. 0.20

09/13/2012 MPS E-mail correspondence with Dawn Pentoney as to herinvestments and summary of accounts. 0.20

09/18/2012 MPS E-mail correspondence with investor Linda Stewart asto her investments and status; prepare the summaryregarding same. 0.30

MPS Prepare summary of the loan investments and payoffsfor Charles W. Murray; e-mail correspondence withMel McColloch regarding same. 0.30

09/19/2012 MPS E-mail correspondence with investor Brian Jalbert todiscuss the status of his loans and outstandingpayments. 0.20

09/25/2012 MPS Telephone call with Kathleen Reneau to discuss herloans, as well as updated the address information. 0.20

MPS Telephone call with investor Marilynn Perry todiscuss the status of her missing distributioncheck; e-mail correspondence with Jessica Maoregarding same. 0.30

MPS Telephone call with investor Bruce Brown to discusshis loan summary. 0.20

09/26/2012 MPS Telephone call with Kathleen Reneau to discuss herloans and pending distributions. 0.20

MPS Telephone call with investor Marilynn Perry todiscuss her missing distribution payment; researchwith Jessica Mao. 0.30

MPS Telephone call with Bruce Brown to discuss one ofhis trust investments; prepare and mail out thesummary. 0.30



HOURS09/28/2012 MPS Telephone call with Jeff Kandel to discuss the issue

with the Headley's and their divorce. 0.20MPS Telephone call with investor Virgil Dawson to

discuss the status of his loans. 0.20MPS Telephone call with investor Margaret Snealson to

discuss her loans and status of distribution checks. 0.20MPS Telephone call with investor Jim Adams to discuss

status of his distributions and change of address. 0.30MPS Continue correspondence with investor Paul Taylor to

discuss his direct investments, as well as fundinvestment. 0.30

10/01/2012 MPS Telephone call with investor Art Queler to discusshis settlement agreement and outstanding loans. 0.20

MPS E-mail correspondence with investor Paul Taylor todiscuss the status of his payments and taxdocuments. 0.20

10/03/2012 MPS E-mail correspondence with Mike McMahon to discussthe Claire Headley investments. 0.20

MPS Telephone call with Irvin Monteith to discuss hisloan and status of the sale. 0.20

MPS Telephone call with Andy Berwick to discuss hisloans and status of the sales. 0.20

MPS Telephone call with Marilyn Beesmeyer to discuss herloans and status of the sales. 0.20

10/17/2012 MPS E-mail correspondence with investor Brice Watermanto discuss his loans and missing settlementagreements. 0.20

MPS Telephone call with investor Drew Squyer to discusshis loans and status update. 0.30

10/30/2012 MPS Telephone call with Jeff Veirs to discuss his loansand settlements. 0.20

MPS Telephone call with investor Mark Sullivan todiscuss status of his distributions. 0.20

MPS E-mail correspondence with James Armstrong andinvestor Claire Headley to provide copies ofcanceled checks from distributions. 0.30

11/02/2012 MPS Telephone call with Art Queller to discuss his loansand proposed distributions. 0.20

MPS Prepare the updated summary for all distributionsfor Virgil Dawson; telephone call to discuss samewith Mr. Dawson. 0.80

11/09/2012 MPS Telephone call with Steve Kagel to discuss status ofhis loans and unsecured claims. 0.30

MPS Telephone call with Richard Rock to discuss thestatus of his loans. 0.10

11/12/2012 MPS Prepare loan summary for Joan Monck; e-mailcorrespondence regarding same. 0.30

11/19/2012 MPS E-mail correspondence with investor Allison Hugli todiscuss the status of her loans and distributions. 0.30

12/03/2012 MPS Prepare an updated loan summary for John Gilbert;e-mail correspondence regarding same. 0.40

12/06/2012 MPS E-mail correspondence with Deanna Ryan to discuss



HOURSthe status of her settlement agreements. 0.20

12/18/2012 MPS E-mail correspondence with investor Tom Young todiscuss the status of his outstanding loans. 0.20

12/19/2012 MPS Telephone calls with investors to discuss the statusof their loans and timing of sales. 0.60

12/21/2012 MPS E-mail correspondence with Tom Jeremiassen todiscuss the investments for investor Oliver Maruna;research distributions and missing settlementagreements. 0.30

MPS E-mail correspondence with Tom Jeremiassen todiscuss communication with investor Marge Jacobsen;prepare information as requested. 0.30

12/28/2012 MPS Prepare detail investor summary report for HelenThompson; discuss report with her attorney KarenGrant and request check copies. 1.20

MPS Telephone call with investor Reynold Costa todiscuss the status of his loans. 0.20

MPS Telephone call with investor Michael Goodwin todiscuss status of his loans. 0.20

Creds./Creds.' Comm. Contact 42.70 13,237.00

09/20/2012 MPS Review the draft motion to address the Madeline Winnlitigation. 0.30

10/23/2012 MPS Telephone conference call with Jeff Kandel, TomJeremiassen, Brad Sharp, Tom Geher and Dave Juhnketo discuss the Foley Gannon relief from stay motion,as well as the Chase Bank issues; discuss otherpending litigation, as well as issues with realestate sales. 0.80

12/13/2012 MPS E-mail correspondence with Tom Jeremiassen, DaveJuhnke and Jeff Kandel to discuss the John Espositobankruptcy and possible claim for the estate on hispersonal guarantee. 0.20

12/21/2012 MPS E-mail correspondence with Dave Juhnke, TomJeremiassen and Jeff Kandel to discuss the possiblerecovery from the Esposito bankruptcy case, as wellas reporting to the U.S. Trustee as to the sharesowned in the mortgage fund that was not disclosed onhis schedules. 0.40

Litigation Support 1.70 527.00

06/26/2012 MPS Travel to and from Torrance, CA, to Santa Barbara,CA, for the overbid hearings. 5.00

08/02/2012 MPS Travel to and from Torrance, CA, to Century City,CA, for meeting with borrower. 1.50

08/03/2012 MPS Travel to and from Torrance, CA, to Santa Barbara,CA, for hearing. 5.00

08/27/2012 MPS Travel to and from Torrance, CA, to Desert HotSprings, CA, for property inspection. 5.00

09/18/2012 MPS Travel to and from Torrance, CA, to Desert Hot



HOURSSprings, CA, for the site inspection. 4.00

09/24/2012 MPS Travel to and from Torrance, CA, to Santa Barbara,CA, for the hearing. 5.00

09/25/2012 MPS Travel from Beverly Hills, CA, to Desert HotSprings, CA; travel from Desert Hot Springs, CA, toTorrance, CA. 4.00

10/12/2012 MPS Travel to and from Torrance, CA, to Desert HotSprings, CA, for meeting with broker. 4.00

Travel at 1/2 33.50 5,192.50

06/13/2012 MPS E-mail correspondence with Petar Mladenovic and TomJeremiassen to schedule a meeting to discuss theTehachapi and Rosamond projects. 0.30

06/14/2012 MPS E-mail correspondence with Tom Jeremiassen todiscuss report from Petar Mladenovic. 0.40

07/19/2012 MPS E-mail correspondence with Tom Jeremiassen todiscuss the rescheduled meeting with PetarMladenovic. 0.10

08/02/2012 MPS Meeting with Tom Jeremiassen and Petar Mladenovic todiscuss the status of the Tehachapi and Rosamondprojects and the status of completing salestransactions. 1.00

10/29/2012 MPS E-mail correspondence with Petar Mladenovic todiscuss status of the Rosamond and Tehachapiprojects. 0.20

11/01/2012 MPS Review of correspondence from Petar Mladenovic todiscuss the status of the Rosamond and Tehachapiprojects; discuss same with Tom Jeremiassen. 0.20

226 Acres, Tehachapi 2.20 682.00

10/17/2012 MPS E-mail correspondence with Jeff Kandel, Cia Mackleand Tom Jeremiassen to discuss the 24th Streettownhomes and the notice for relief from stay tohave these units foreclosed on. 0.30

11/19/2012 MPS E-mail correspondence with Jeff Kandel to discussthe status of the 24th Street condos and the relieffrom stay request. 0.20

11/30/2012 MPS E-mail correspondence with Cia Mackle and JeffKandel to further discuss the 24th Street condoissues and relief from stay requests. 0.20

24th Street, Towne Homes 0.70 217.00

08/02/2012 MPS Meeting with Tom Jeremiassen to further discuss themeeting with the Rosamond borrower; discuss thestatus of the Willow Road sale as well as theOakshores foreclosure. 0.50

08/15/2012 MPS Prepare summary for the Rosamond development;discuss need for a BPO with Bill Friedman. 0.40

08/23/2012 MPS Review of the Rosamond BPO; discuss same with Bill



HOURSFriedman and Tom Jeremiassen. 0.40

80 Acres, Rosamond 1.30 403.00

06/18/2012 MPS Telephone call and e-mail correspondence with MelMcColloch and Bill Friedman to discuss the broker'srequest for information on the San Miguel propertyand estimates to complete; research records as tothis development. 1.00

08/29/2012 MPS E-mail correspondence with Steve Relth to discussthe status of the 12th Street San Miguel property. 0.20

12/03/2012 MPS Telephone call with Bill Friedman to discuss theneed to auction the San Miguel and Mojaveproperties. 0.20

12th Street, San Miguel 1.40 434.00

06/01/2012 MPS Prepare the investor voting tally for two AlanLittle lot sales; e-mail correspondence with CiaMackle requesting the sale orders. 0.70

06/04/2012 MPS E-mail correspondence with Bill Friedman to discussthe overbid hearing scheduled for the two AlanLittle lots. 0.20

06/05/2012 MPS Telephone call with Bill Friedman to discuss the Lot2 escrow extension requests for the San Luis lot. 0.20

06/07/2012 MPS Prepare sale exhibits and related documents for thenew Alan Little lot escrow; e-mail correspondencewith James Armstrong regarding same. 0.40

06/12/2012 MPS E-mail correspondence with Cia Mackle as to thepending sales that need court orders; prepare thevote and tallies for three Alan Little lots thatwill be needed for the orders. 1.20

06/14/2012 MPS Review of extension request for the San Luis Lot 2buyer; discuss same with Bill Friedman. 0.20

MPS Telephone call with Bill Friedman to discuss theoverbidders cancellation notice received on the SanLuis Lot 16 sale; discuss same with Jeff Kandel andCia Mackle. 0.30

06/15/2012 MPS Prepare the sale exhibits and related documents forthe San Luis Lot 13 sale; e-mail correspondence withCia Mackle and James Armstrong regarding same. 0.30

06/22/2012 MPS E-mail correspondence with Cia Mackle as to variousvoting tallies for overbid sales. 0.20

06/25/2012 MPS Review the new sale notice for the Alan Little Lot13 sale; e-mail correspondence with Cia Mackleregarding same. 0.30

MPS Prepare the overbid instructions for the Alan LittleLot 13 sale; e-mail correspondence with BillFriedman as to same. 0.30

07/03/2012 MPS E-mail correspondence with Scott Ewing to discussthe status of the Alan Little lot sales to helpanswer investor questions. 0.30



HOURS

07/09/2012 MPS Telephone call with Bill Friedman to discuss the Lot2 extension request. 0.20

MPS Prepare the investor voting tally for the AlanLittle Lot 13; e-mail correspondence with Cia Mackleto request the court order. 0.30

MPS E-mail correspondence with Mel McColloch to discussthe tree issue with San Luis lots and what can bedone to help close these escrows. 0.40

07/11/2012 MPS Telephone call and e-mail correspondence with BillFriedman to discuss the water issues with the AlanLittle lots and the buyer's claim. 0.30

07/13/2012 MPS Telephone call and e-mail correspondence with BillFriedman to discuss what work was completed at theSan Luis lots to remove top soil to obtain cleanbuildable lots; discuss same with Mel McColloch whatis needed to proceed with these sales. 0.80

07/16/2012 MPS Telephone calls with Bill Friedman to discuss theproblems with the Alan Little Lots 2 and 4 and thebuyer's request to extend escrow closing; discussthe environmental report needed. 1.00

07/17/2012 MPS Telephone calls with Bill Friedman to discuss theSan Luis Lot 4 cancellation and the reason why;discuss the buyer's claim that the information wasnot disclosed. 0.30

07/18/2012 MPS Continue telephone calls with Bill Friedman and JimMcCormick to further discuss the contaminationissues with the Alan Little lots, as well as the oaktrees that need to be removed; discuss difficultywith the city and why the buyers are requestingtheir deposit to be returned. 0.80

07/23/2012 MPS Prepare the final investor tally for the Alan LittleLot 16 sale; e-mail correspondence with Jessica Maoand James Armstrong to request distributions. 0.30

MPS Review the revised soil condition report from Padresas to the Alan Little lots; discuss same with BillFriedman. 2.00

07/25/2012 MPS Telephone call and e-mail correspondence with BillFriedman to discuss the status of the Alan LittleLot 13 sale extension request. 0.20

07/26/2012 MPS E-mail correspondence with Bill Friedman as to thestatus of the Lots 7 and 8 sale or cancellation. 0.20

07/27/2012 MPS Telephone call with Jim McCormick and Bill Friedmanto discuss the status of the Lots 7 and 8 escrow andissue with the buyers and their plans for the site. 0.30

08/01/2012 MPS Telephone call with Bill Friedman to discuss theAlan Little Lots 7 and 8 buyer and the issue withthe building envelops; discuss solution. 0.40

08/03/2012 MPS Telephone call with Bill Friedman to discuss thestatus of the Alan Little lot as well as the Seasideescrow. 0.30



HOURS

08/06/2012 MPS Telephone call with Bill Friedman to discuss thestatus of the Lots 7 and 8 buyers and comments fromtheir broker. 0.20

08/07/2012 MPS Telephone call with Bill Friedman and the broker forthe buyers on Lots 7 and 8; discuss the sale termsand what could be done going forward to assist withthe property inspection and property envelopes. 0.40

MPS Telephone calls with various investors in differentAlan Little loans to discuss the status of sales anddistributions. 0.60

08/15/2012 MPS E-mail correspondence with Bill Friedman as to theSan Luis lot listings. 0.20

MPS Telephone call with Bill Friedman to discuss theAlan Little lot cancellations. 0.30

08/17/2012 MPS Prepare final tally of investor settlementagreements for the Alan Little Lot 13; e-mailcorrespondence with James Armstrong to requestinvestor distributions. 0.30

08/20/2012 MPS Telephone call and e-mail correspondence with theSan Luis Obispo fire inspector to discuss the cleanup of the remaining lots; provide information forthe buyers on the sold lots. 0.50

08/27/2012 MPS Telephone call and e-mail correspondence with BillFriedman to further discuss the progress of the AlanLittle Lots 7 and 8 buyer and what work has beendone with the city to move the escrow along. 0.20

08/29/2012 MPS Telephone call and e-mail correspondence with BillFriedman and Jim McCormick to discuss the issueswith the Lots 7 and 8 buyer and how the buyer'sbroker is not communicating our requests to thebuyer. 0.30

09/04/2012 MPS Telephone call with Bill Friedman to discuss thestatus of Lots 7 and 8 cancellations and turn overof deposit. 0.30

09/05/2012 MPS E-mail correspondence with Mel McColloch to discussthe work required on the remaining four San LuisDrive lots to help determine the building envelopand buildable square footage. 0.30

MPS Review the notice from the City of San Luis Obispoas to requirements to complete the construction ofhomes on San Luis Drive; discuss same with MelMcColloch and Bill Friedman. 0.40

MPS E-mail correspondence with Antonia Delgado, JeffKandel, Bill Friedman and Tom Jeremiassen to discussthe need for a legal letter to the Lots 7 and 8buyer to cancel the escrows and release the depositper the contract; research and provide documentsneeded for Mr. Kandel. 1.00

09/06/2012 MPS Telephone call and e-mail correspondence with JeffKandel and Bill Friedman to discuss the issues withthe Lots 7 and 8 buyer and how information is notbeing presented to the buyer from his brokers;



HOURSdiscuss the need for a legal letter to help releasethe deposits to the seller. 0.30

09/07/2012 MPS E-mail correspondence with Mel McColloch to discussthe site work needed at the remaining Alan Littlelots. 0.20

09/10/2012 MPS E-mail correspondence with Mel McColloch to discussthe status of the Alan Little lot inspections andtree removal for Lots 2 and 4, as well as 7 and 8. 0.20

09/12/2012 MPS Continue correspondence with Mel McColloch todiscuss what work needs to be completed on Lots 2and 4 and if the building envelope is an issue forthese properties. 0.30

09/13/2012 MPS Telephone call with Bill Friedman to discuss thestatus of the remaining Alan Little lots and workthat is to be performed. 0.30

09/14/2012 MPS Provide additional documents as to the Alan LittleLots 7 and 8 escrow for Jeff Kandel. 0.30

09/20/2012 MPS E-mail correspondence with Jeff Kandel to discussthe status of letter to the Alan Little Lots 7 and 8buyer. 0.20

09/21/2012 MPS E-mail correspondence with Jeff Kandel and BillFriedman as to Lots 7 and 8 cancellations and noticeto the buyer. 0.20

MPS E-mail correspondence with Bill Friedman to discussthe status of the Lot 4 cancellation and issue withthe pending escrow amendment. 0.20

MPS E-mail correspondence with Mel McColloch and BillFriedman as to the Water Quality Board report we arewaiting on for the Alan Little lots. 0.20

09/24/2012 MPS Review the correspondence from counsel to theprevious buyer of Lots 7 and 8; discuss same withBill Friedman as to the loss of deposit. 0.20

10/01/2012 MPS Review the new listing agreements for the remainingSan Luis lots; e-mail correspondence with TomJeremiassen and Bill Friedman regarding same. 0.30

10/08/2012 MPS E-mail correspondence with Bill Friedman to discussthe Lot 4 buyer and their willingness to proceedwith the purchase of the property. 0.20

MPS E-mail correspondence with Mel McColloch to discussthe status of the Water Control Board report as tothe San Luis lots. 0.10

10/23/2012 MPS Review the new offer for the Alan Little Lot 8;discuss same with Bill Friedman and Tom Jeremiassen. 0.30

10/24/2012 MPS E-mail correspondence with Tom Jeremiassen and BillFriedman to discuss the Lot 8 counteroffer. 0.20

MPS Review the State Water Board report on the AlanLittle lots; discuss same with Bill Friedman and MelMcColloch as to the impact to our remaining lots. 0.60

10/29/2012 MPS Review the new offer for the Alan Little Lot 7;



HOURSdiscuss same with Bill Friedman. 0.30

10/30/2012 MPS E-mail correspondence with Bill Friedman to discussstatus of the Lot 4 buyer and contingency removal. 0.30

MPS Review the new offer for the Lot 7 parcel; discussthe counteroffer with Bill Friedman. 0.30

11/02/2012 MPS E-mail correspondence with Mel McColloch and BillFriedman to discuss the Water Board report andability to sell the remaining lots with their landapproval. 0.40

MPS Review new offer for the Alan Little Lot 7 property;discuss counteroffer with Bill Friedman. 0.20

11/07/2012 MPS E-mail correspondence with Bill Friedman to discussthe Alan Little lots and the building's envelopeissue. 0.20

11/08/2012 MPS Review the contingency release for the Lot 4 buyer;request updated escrow documents with AntoniaDelgado. 0.20

MPS Review new offers for the Lot 7 parcel; discuss samewith Bill Friedman. 0.40

MPS E-mail correspondence with Mel McColloch to discussthe building's envelope research and issues. 0.20

11/09/2012 MPS Telephone call with Bill Friedman to discuss Lots 7and 8 offers and escrow; discuss the Hinds Avenueproperty, as well as the status of the Oakshoresforeclosure sale. 0.40

11/12/2012 MPS Research the status of previous sale deposits forthe Alan Little Lot 4 notice; discuss same with CiaMackle. 0.30

MPS Review of the proposed deed restriction for the AlanLittle lots; discuss same with Mel McColloch andJeff Kandel. 0.60

11/13/2012 MPS Continue correspondence with Mel McColloch and KevinElder to discuss the deed restriction on the twoAlan Little lots for future testing of the groundwater. 0.30

MPS Review of the finalized sale agreement for the SanLuis Lot 7; e-mail correspondence with Bill Friedmanand Tom Jeremiassen regarding the same. 0.30

11/15/2012 MPS Review of the sale order for the San Luis Lot 4;e-mail correspondence with Antonia Delgado and CiaMackle regarding same and the certified order. 0.30

11/19/2012 MPS E-mail correspondence with Mel McColloch to discussthe bond release due for the Alan Little lots. 0.20

MPS Telephone call with Bill Friedman to discuss the duediligence extension request from the Lot 8 buyer. 0.20

11/23/2012 MPS Follow-up correspondence with Mel McColloch todiscuss the status of the bond release for the SanLuis Drive lots. 0.20

11/28/2012 MPS E-mail correspondence with Mel McColloch to discussthe status of the building envelope issue for theSan Luis lots. 0.20



HOURS

11/30/2012 MPS Review the final closing statement for the San LuisLot 4; update the settlement summary for thedistribution. 0.40

12/03/2012 MPS Review update from Mel McColloch to discuss thestatus of the building's envelopes for the San Luislots; discuss same with Bill Friedman. 0.30

12/04/2012 MPS Review of the signed declarations for the AlanLittle Lots 7 and 8 properties; discuss same withBill Friedman. 0.20

MPS E-mail correspondence with Kevin Elder and MelMcColloch to discuss the status of the deedrestrictions for the San Luis lots. 0.20

12/11/2012 MPS E-mail correspondence with Mel McColloch to discussthe status of the city meetings on the San Luislots. 0.20

12/13/2012 MPS Review of new offer for the San Luis Lot 4; discusscounter with Bill Friedman. 0.30

12/15/2012 MPS E-mail correspondence with Mel McColloch to discussthe status of the San Luis Drive lots andinspections by the city arborist to approve thebuilding envelops. 0.20

12/17/2012 MPS Review the new sale agreement for the San Luis Lot 4property; e-mail correspondence with Bill Friedmanand Tom Jeremiassen regarding same. 0.30

12/18/2012 MPS Finalize the sale agreement for the San Luis Lot 2property. 0.20

12/19/2012 MPS Prepare the Exhibit A checklist, as well as othersale documents for two San Luis Drive sales; e-mailcorrespondence with James Armstrong regarding same. 1.10

12/21/2012 MPS E-mail correspondence with Kevin Elder and MelMcColloch to discuss the deed restriction on the SanLuis Drive lots. 0.20

12/24/2012 MPS E-mail correspondence back and forth with JeffKandel, Kevin Elder and Mel McColloch to discuss thedeed restrictions for Lots 2 and 4 of the San Luisdevelopment and plan moving forward now that one lothas sold and the second is in escrow. 0.50

Allan Little San Luis Obispo 31.30 9,703.00

06/01/2012 MPS Telephone calls with investors in the Arnold Driveloan; discuss the sale and proposed distributions. 0.60

06/15/2012 MPS E-mail correspondence with Jessica Mao and JamesArmstrong as to the insurance payments for theArnold Drive property. 0.20

07/05/2012 MPS E-mail correspondence with Tom Jeremiassen todiscuss the correspondence received from the SonomaCounty regarding the assessed value reduction. 0.30

09/19/2012 MPS E-mail correspondence with Tom Jeremiassen to



HOURSdiscuss the status of the Arnold Drive refund. 0.20

Arnold Drive 1.30 403.00

06/28/2012 MPS Prepare letters to the investors that neverresponded to the original sale documents for theAtascadero Colony loans; prepare new copies of thevarious exhibits, as well as the updated settlementagreement that needs to be returned; prepare andmail out investor packages. 2.00

Atascadero Colony 2.00 620.00

09/20/2012 MPS Telephone call with Bill Friedman to discuss thestatus of the August Liebelt listing and possibleneed for a new broker. 0.20

10/08/2012 MPS Review of the new listing for the Germain Wayproperty; discuss same with Bill Friedman. 0.20

August Liebelt 0.40 124.00

06/01/2012 MPS Prepare the overbid instructions for the 194 Avilahome and 2279 San Luis Drive lot; e-mailcorrespondence with Bill Friedman as to the same. 0.30

MPS Review of the new sale notices for 196 Avila, aswell as San Luis Drive Lot 15; e-mail correspondencewith Cia Mackle and Katie Nownes regarding same. 0.30

06/05/2012 MPS E-mail correspondence with Diane Hansen and BillFriedman as to the possible Avila overbidder;provide the wire instructions as requested. 0.30

06/06/2012 MPS Review of the new declarations for the Avila buyer;discuss same with Diane Hansen. 0.20

MPS E-mail correspondence with Cia Mackle and JeffKandel to discuss the new overbid received for oneof the Avila Beach homes. 0.20

06/07/2012 MPS Confirm receipt of the wire transfer deposit for thenew Avila overbid; e-mail correspondence with DianeHansen and Jessica Mao regarding same. 0.20

06/11/2012 MPS E-mail correspondence with Diane Hansen and BillFriedman to discuss the new Avila overbid and theinstructions. 0.20

MPS Review of various Rockview and Avila Beachproperty-related invoices; e-mail correspondencewith Jessica Mao as to the approved invoices. 0.40

06/12/2012 MPS E-mail correspondence with Ed Poppino to discuss thestatus of the overbid procedure for the Avila Beachhome. 0.40

06/15/2012 MPS E-mail correspondence with Diane Hansen as to thetermination of utility service at the Avila homethat has sold; telephone calls with the utilitycompanies regarding same. 0.40

06/18/2012 MPS E-mail correspondence with Diane Hansen to discussthe Avila overbid process. 0.30

06/25/2012 MPS Prepare the Exhibit A checklist and othersale-related documents for the new Avila Beach sale;



HOURSe-mail correspondence with Diane Hansen and JamesArmstrong regarding same. 0.50

06/29/2012 MPS Prepare the final sale documents for the new AvilaBeach escrow; e-mail correspondence with Cia Mackleand James Armstrong regarding same. 0.40

07/02/2012 MPS E-mail correspondence with Diane Hansen to discussthe status of the Avila Beach sale closure. 0.20

07/03/2012 MPS Review the sale notice for the last Avila Beachescrow; e-mail correspondence with Cia Mackle torequest minor modifications. 0.30

07/05/2012 MPS Review the updated sale notice for the Avila Beachsale; e-mail correspondence with Katie Nownes torequest the notice be e-mailed to investors. 0.20

07/06/2012 MPS Prepare the overbid instructions for the new AvilaBeach sale; e-mail correspondence with Bill Friedmanregarding same. 0.30

07/12/2012 MPS E-mail correspondence with Diane Hansen to discussthe status of the Avila Beach overbidder. 0.20

07/16/2012 MPS E-mail correspondence with Diane Hansen, BillFriedman and Jessica Mao to discuss the overbidreceived for the final Avila Beach home and requestwire instructions for the deposit. 0.30

07/17/2012 MPS E-mail correspondence with Cia Mackle and JeffKandel to discuss the Avila Beach overbid. 0.20

07/18/2012 MPS E-mail correspondence with Diane Hansen to discussthe status of the buyer's deposit for the AvilaBeach home in which there will be an overbidhearing. 0.20

07/23/2012 MPS Prepare the final investor tally for the secondAvila Beach home sale; e-mail correspondence withJessica Mao and James Armstrong to requestdistributions, as well as calculate the EFMF securedadvance repayment. 0.40

07/30/2012 MPS Review of the Avila Beach invoices for the remaininghomes; e-mail correspondence with Jessica Mao torequest payment. 0.30

08/15/2012 MPS E-mail correspondence with Antonia Delgado toprovide the Avila Beach sale order; discuss progressof buyers loan documents. 0.30

08/21/2012 MPS E-mail correspondence with Antonia Delgado todiscuss the status of the final Avila Beach sale. 0.10

08/29/2012 MPS Prepare the tally of settlement agreements andsecured advance payoff for the final Avila Beachhome; e-mail correspondence with James Armstrong andJessica Mao to request distribution payments. 0.40

Avila Beach 7.50 2,325.00

06/11/2012 MPS Prepare letters to investors that never responded to



HOURSthe original sale documents for the Bermuda Dunesloans; prepare new copies of the various exhibits,as well as the updated settlement agreement thatneeds to be returned; prepare and mail out investorpackages. 3.50

08/29/2012 MPS Review the tax bill for parcel that appears to beapart of the Bermuda Dunes development; discuss samewith Bill Friedman. 0.20

09/05/2012 MPS E-mail correspondence with Bill Friedman to discussthe Bermuda Dunes tax notice received. 0.20

09/06/2012 MPS Continue correspondence with Bill Friedman as to theBermuda Dunes tax notice received. 0.20

09/17/2012 MPS Telephone call with Bill Friedman to discuss the taxnotice on the Bermuda Dunes property. 0.20

Bermuda Dunes 4.30 1,333.00

06/28/2012 MPS Prepare letters to investors that never responded tothe original sale documents for Buena Vista loan;prepare new copies of the various exhibits, as wellas the updated settlement agreement that needs to bereturned; prepare and mail out investor packages. 1.20

Buena Vista Place 1.20 372.00

06/20/2012 MPS E-mail correspondence with Cia Mackle to request thestatus of the Carmel Road title issue. 0.10

06/25/2012 MPS E-mail correspondence with Cia Mackle to discuss thestatus of the Hurst Financial lien removal for theCarmel Road subdivision and current communicationwith Commonwealth Title. 0.30

06/27/2012 MPS Telephone call with Matt Simple to discuss theCarmel Road title issues; e-mail correspondence withCia Mackle regarding same. 0.20

07/17/2012 MPS E-mail correspondence with Cia Mackle to discuss thestatus of her communication with counsel to Fidelityto help remove the old deed of trust on the CarmelRoad site. 0.20

08/20/2012 MPS Review of new offer and counter-offer for the CarmelRoad lots; telephone call and e-mail correspondencewith Bill Friedman to discuss the same. 0.50

08/30/2012 MPS E-mail correspondence with Bill Friedman to discussthe status of the Carmel Road sale. 0.10

08/31/2012 MPS Review the new offer for the Carmel Roadsubdivision; discuss same with Bill Friedman. 0.30

09/04/2012 MPS E-mail correspondence with Cia Mackle as to theCarmel Road subdivision and title issue. 0.20

09/07/2012 MPS Review the new counteroffer for the Carmel Roadsubdivision; discuss same with Bill Friedman. 0.20

09/10/2012 MPS Finalize the Carmel Road sale agreement; e-mail



HOURScorrespondence with Bill Friedman regarding same. 0.20

09/18/2012 MPS Review the new title report for the Camel Roadsubdivision; e-mail correspondence with Cia Mackleand Gina Axsom as to the mechanic liens that need tobe removed. 0.40

09/20/2012 MPS Telephone call with Bill Friedman to discuss thetitle concerns for the Carmel Road site andresponses to the buyer's questions. 0.20

MPS E-mail correspondence with Matt Semple and CiaMackle to further discuss the timing to clean up thetitle for the Carmel Road subdivision. 0.20

09/24/2012 MPS E-mail correspondence with Lisa Irot with FirstAmerican Title to discuss the Carmel Road sale andtitle issues. 0.20

09/28/2012 MPS Continue correspondence with Lisa Irot, Cia Mackleand Matt Semple to discuss the Hurst Financial deedissue for the Carmel Road site. 0.20

10/01/2012 MPS E-mail correspondence with Cia Mackle, Jeff Kandeland Antonia Delgado to discuss the status of theCarmel Road sale and liens that need to be removed. 0.30

10/03/2012 MPS E-mail correspondence back and forth with CiaMackle, Matt Semple, Lisa Irot and Antonia Delgadoto discuss the status of the Carmel Road liens andhow they can be resolved; discuss legal action withcounsel. 0.80

10/04/2012 MPS Research additional sale documents pertaining to theHurst Financial deed of trust that still appears onthe Carmel Road title report; e-mail correspondencewith Cia Mackle, Jeff Kandel and Matt Sempleregarding same and suggested solutions. 1.50

10/05/2012 MPS Telephone call with Jeff Kandel and Cia Mackle tofurther discuss the title problems with the CarmelRoad site and our suggested solutions; discuss samewith Bill Friedman. 0.30

10/08/2012 MPS Telephone call with Bill Friedman to discuss thestatus of the Carmel Road buyer and theircommunication with the title company. 0.20

10/10/2012 MPS Review of and finalize the sales packets for theCarmel Road subdivision, Pierce Monte Vista lots,and two Rockview homes; e-mail correspondence withTom Jeremiassen and Rose Jane Delarosa regardingsame. 1.60

10/12/2012 MPS E-mail correspondence with Cia Mackle, Matt Sempleand Bill Friedman to discuss the Carmel Road saleand title issues; discuss the desire of the buyer toproceed with the sale using Fidelity and requestedtitle officer information. 0.30

10/15/2012 MPS E-mail correspondence with Bill Friedman to discussthe status of communication with Fidelity and theimpact to the Carmel Road buyer. 0.20



HOURS

10/16/2012 MPS Follow-up correspondence with the Carmel Road buyeras well as Matt Semple to discuss the indemnityagreement and title work for this sale. 0.20

10/18/2012 MPS E-mail correspondence with Bill Friedman to discussthe Carmel Road extension request. 0.20

MPS Additional correspondence with Jeff Kandel and CiaMackle as to the issues with Fidelity Title and whatlegal remedy we have. 0.30

10/22/2012 MPS E-mail correspondence with Cia Mackle and MattSemple to further discuss the title needs for theCarmel Road sale. 0.20

10/23/2012 MPS E-mail correspondence with Matt Semple, Cia Mackleand Bill Friedman as to the status of Fidelity Titleand finding a title officer. 0.20

10/29/2012 MPS Telephone call with Bill Friedman to discuss statusof the Carmel Road sale, as well as other escrows. 0.30

MPS E-mail correspondence with Jeff Kandel, Cia Mackleand Bill Friedman as to the Carmel Road escrow andtitle insurance with Fidelity. 0.20

11/02/2012 MPS E-mail correspondence with Matt Semple and CiaMackle to further discuss status of the Carmel Roadtitle issues; review the escrow instructions andofficer contact information for the buyers. 0.40

11/05/2012 MPS E-mail correspondence with Bill Friedman and MattPower to discuss status of the Carmel Road sale andbuyer's request for information. 0.30

11/06/2012 MPS E-mail correspondence with Matt Power, BillFriedman, Cia Mackle, Jeff Kandel and others todiscuss the Carmel Road sale and schedule call todiscuss same with the title company and buyers. 0.30

11/07/2012 MPS Telephone conference call with Matt Power, BillFriedman, Monte Cool, Matt Semple and Cia Mackle todiscuss the title concerns with the Carmel Roadproperty and what could be offered by Fidelity Titleto cure the remaining title issues; discussalternative options and how to proceed. 1.00

MPS E-mail correspondence with Cia Mackle, Jeff Kandeland Tom Jeremiassen to further discuss the CarmelRoad issues and schedule a call to discuss same. 0.20

11/08/2012 MPS Telephone conference call with Jeff Kandel, CiaMackle and Tom Jeremiassen to discuss the lienissues on the Carmel Road sale and the course ofaction to help remove the title issues; discuss theHinds Avenue hearing and research needed onforeclosure noticing; discuss the Lot 4 sale andsale order needed. 1.00

11/13/2012 MPS E-mail correspondence with Cia Mackle and JeffKandel to discuss the progress on the Carmel Roadsale. 0.20

11/19/2012 MPS Correspondence with Jeff Kandel and Cia Mackle to



HOURSdiscuss the status of the Carmel Road sale andpending litigation matters. 0.20

11/27/2012 MPS E-mail correspondence with Jeff Kandel to discussthe relief from stay motion needed in the Hurstcase. 0.20

11/28/2012 MPS Prepare the Exhibit A checklist and other documentsfor the Carmel Road sale; e-mail correspondence withJames Armstrong and Cia Mackle to discuss the needfor a mock exhibit to present to the title company. 0.50

12/03/2012 MPS Research the Hurst trust deed investors listed onthe Carmel Road property; e-mail correspondence withRose Jane Delarosa to discuss the project and herassistance. 2.00

RJD Prepare and review the Carmel Road - Hurst deedinvestors spreadsheet. 1.90

12/04/2012 MPS Research the Hurst trust deed investors listed onthe Carmel Road property; e-mail correspondence withJeff Kandel and Cia Mackle regarding the finishedsummary. 3.50

MPS Review of the proposed Carmel Road sale notice;discuss same with Cia Mackle. 0.20

12/06/2012 MPS E-mail correspondence with Bill Friedman and MattPower as to the status of the Carmel Road sale. 0.20

12/07/2012 MPS E-mail correspondence with Jeff Kandel and CiaMackle as to the indemnity agreement from FidelityTitle for the Carmel Road sale. 0.20

12/10/2012 MPS E-mail correspondence with Cia Mackle as to thestatus of the title company review for the CarmelRoad sale to proceed. 0.20

12/19/2012 MPS E-mail correspondence with Bill Friedman and MattPower to further discuss the Carmel Road sale andwhat was needed to move forward with the investornotices. 0.30

12/20/2012 MPS Continue correspondence with Bill Friedman and MattPower to discuss how the sale is moving forward toget the buyer comfortable. 0.40

MPS Review the Carmel Road declarations; e-mailcorrespondence with Cia Mackle regarding same. 0.20

Carmel Road 23.70 7,090.50

06/13/2012 MPS Prepare letters to investors that never responded tothe original sale documents for various CathedralCity loans; prepare new copies of the variousexhibits, as well as the updated settlementagreement that needs to be returned; prepare andmail out investor packages. 1.00

Cathedral City 1.00 310.00

06/21/2012 MPS Review the new offer and counteroffer for theCharnely Land Dinuba property; discuss same withBill Friedman. 0.50



HOURS06/28/2012 MPS Review the counteroffer for the Dinuba property;

discuss the final offer with Bill Friedman. 0.30

07/02/2012 MPS Telephone call and e-mail correspondence with BillFriedman to discuss the new offer for the Dinubalot; e-mail correspondence with Tom Jeremiassenregarding same. 0.40

07/05/2012 MPS E-mail correspondence with Bill Friedman and AntoniaDelgado as to the incorrect parcel number for theDinuba sale. 0.20

07/24/2012 MPS Review and finalize the sales packets for theCharnely Land Dinuba sale and Pocket Road; e-mailcorrespondence with Tom Jeremiassen regarding same. 1.00

08/20/2012 MPS Telephone call with Diligent Lending to discuss theDinuba sale. 0.20

08/29/2012 MPS Prepare the vote and tally for the Dinuba sale;e-mail correspondence with Cia Mackle regardingsame. 0.30

09/26/2012 MPS Prepare the tally of investor votes and settlementagreements for the Charnely Dinuba sale; review thefinal closing statement and request investordistributions. 0.30

Charnley Land-Dinuba 3.20 992.00

06/11/2012 MPS Telephone call with Bill Friedman to discuss thestatus of the Claire Manor condo listings. 0.20

06/13/2012 MPS E-mail correspondence with Dave Juhnke, Jeff Kandeland Gina Axsom to discuss the status of the Heschkeand Thornton grant deeds. 0.20

06/15/2012 MPS Review of the revised Homeowners Association studyreport for the Claire Manor development. 0.50

MPS Telephone call with Bill Friedman to discuss his newpotential broker for the Claire Manor condos;prepare rent roll summary. 0.50

MPS E-mail correspondence with Gina Axsom to discuss thestatus of the Claire Manor grant deeds. 0.20

06/25/2012 MPS E-mail correspondence with Gina Axsom to discussdetails as to the Claire Manor loans. 0.20

06/28/2012 MPS E-mail correspondence with Bill Friedman to discussthe listing prices for the Claire Manor condos. 0.30

07/13/2012 MPS E-mail correspondence with Bill Friedman to discussthe status of the Claire Manor listing agreements. 0.20

07/19/2012 MPS Review the new listings for the Claire Manor condos;e-mail correspondence with Tom Jeremiassen regardingsame. 0.30

07/23/2012 MPS E-mail correspondence with Gina Axsom to discuss thestatus of the Claire Manor deed recording. 0.20

07/26/2012 MPS E-mail correspondence with Bill Friedman to discussthe Claire Manor listing and contact information for



HOURSthe property manager. 0.20

08/02/2012 MPS Research the approved DRE forms for the Claire Manorcondominiums; e-mail correspondence with BillFriedman regarding same. 0.80

09/26/2012 MPS E-mail correspondence with Mel McColloch to discussthe Claire Manor condos and possible reassessment. 0.30

10/22/2012 MPS E-mail correspondence with West Valley Properties todiscuss a claim received against the Claire Manordevelopment. 0.20

10/23/2012 MPS E-mail correspondence with Tom Jeremiassen and MelMcColloch to discuss the issues with the ClaireManor condos and the Homeowners Association'sdecisions being made without our input. 0.50

10/25/2012 MPS E-mail correspondence with Mel McColloch to furtherdiscuss the status of the Claire Manor Boardmeetings. 0.20

10/26/2012 MPS Continue correspondence with Mel McColloch todiscuss the Claire Manor project and the contactinformation for additional owners. 0.30

11/06/2012 MPS E-mail correspondence with Mel McColloch and BillFriedman to discuss the status of the Claire Manorinspections and lack of broker sign. 0.20

11/14/2012 MPS Telephone call with Bill Friedman to discuss theClaire Manor condominiums and issues with the site. 0.30

11/16/2012 MPS E-mail correspondence with Mel McColloch to discussthe status of the Claire Manor project and thehomeowner's association meetings. 0.30

11/23/2012 MPS Review the new offer for one of the Claire Manorcondos; discuss same with Bill Friedman. 0.30

11/26/2012 MPS Prepare the final addendum for the future ClaireManor sales; discuss same with Bill Friedman. 0.60

MPS Telephone call with Bill Friedman to discuss theClaire Manor offer and request from the buyers thatthe unit stay vacant; discuss same with the propertymanager. 0.30

12/04/2012 MPS Prepare updated summary on the status of the ClaireManor condominiums. 0.40

12/05/2012 MPS Prepare updated accounting summary sheet for theClaire Manor condominiums for potential buyers. 0.40

12/06/2012 MPS E-mail correspondence with Carole Verboon as to theoccupancy with the Claire Manor condominiums. 0.20

12/11/2012 MPS Review of new counteroffer for the Claire Manorcondo; discuss issues with Bill Friedman. 0.30

12/18/2012 MPS Review the revised contract for the Claire Manorcondo; discuss same with Bill Friedman. 0.30

MPS Review the remaining Claire Manor condos to adjust



HOURSthe listing prices; discuss same with Bill Friedman. 0.30

12/21/2012 MPS E-mail correspondence with Carole Verboom to discussthe Claire Manor units and outstanding invoices forservice. 0.20

12/28/2012 MPS Review the title report for the 1854 Claire Manorsale. 0.30

Claire Manor 9.70 3,007.00

06/08/2012 MPS Telephone calls with investors in the Coffee Shoploan to discuss the status of the sale and pendingdistributions. 0.40

Coffee Shop 0.40 124.00

06/13/2012 MPS Prepare letters to investors that never responded tothe original sale documents for various CreeksideEstate loans; prepare new copies of the variousexhibits, as well as the updated settlementagreement that needs to be returned; prepare andmail out investor packages. 2.50

Creekside Lane 2.50 775.00

06/01/2012 MPS E-mail correspondence with Arlene Bowditch and TomJeremiassen regarding the Dorama notices of defaultand the one that needs to be corrected. 0.20

06/04/2012 MPS Review of summary from Don Vaughn as to the variousoutlots for the Dorama subdivision. 0.30

06/05/2012 MPS E-mail correspondence with the Paradise SpringsHomeowners Association Board to discuss the statusof the new foreclosure sale and the various outlotsthat will need to be transferred to the HomeownersAssociation. 0.30

06/13/2012 MPS E-mail correspondence with Arlene Bowditch todiscuss the status of the Dorama foreclosure files. 0.20

06/19/2012 MPS E-mail correspondence with Diane Erickson and TomJeremiassen as to the Dorama notice of default thatneeded to be corrected. 0.30

07/03/2012 MPS E-mail correspondence back and forth with ArleneBowditch to discuss the Dorama foreclosures; reviewof the trustee's sale agreements and issues thatneed to be corrected on the title. 0.70

07/11/2012 MPS Review the trustee's sale agreements for the Doramasubdivision provided by First American Title. 2.00

07/12/2012 MPS Telephone call with Erik Christianson to discuss theDorama subdivision and potential listing; discussbankruptcy sales process and other related matters. 0.40

08/01/2012 MPS Review of various authorizations to publish for theDorama subdivision; e-mail correspondence withArlene Bowditch regarding same. 0.70

08/02/2012 MPS E-mail correspondence with Diane Erickson to furtherdiscuss the Dorama foreclosure sales; e-mail



HOURScorrespondence with Tom Jeremiassen regarding same. 0.30

08/13/2012 MPS E-mail correspondence with Jeff Kandel, Dave Juhnkeand Tom Jeremiassen to discuss the Doramasubdivision and request to record the court orderfrom First American Title. 0.30

08/15/2012 MPS E-mail correspondence with Diane Erikson to discussthe status of the Dorama foreclosures. 0.30

MPS Prepare summary for the Paradise Springsdevelopment; discuss need for multiple BPOs withBill Friedman. 0.70

MPS E-mail correspondence back and forth with RichardDodd with the Paradise Springs HOA to discuss thestatus of the foreclosure sales as well as thevacant lots that are to be deeded to the HOA. 0.50

08/17/2012 MPS E-mail correspondence with Richard Dodd to discussthe need for the gate code to inspect the ParadiseSprings subdivision. 0.20

MPS Review of the first 5 notices of default for theParadise Springs subdivision. 0.40

08/21/2012 MPS Review of the first batch of the Dorama notice ofsale documents from First American; discuss minorcorrections. 0.60

MPS E-mail correspondence with Bill Friedman to discussthe BPO for the Dorama subdivision. 0.20

08/22/2012 MPS Review of new notice of sales for the Doramasubdivision; e-mail correspondence with DianeErickson to discuss minor corrections. 0.40

MPS E-mail correspondence with Richard Bunch to discussthe need to inspect the Dorama subdivision forbidding on clean up work. 0.20

08/23/2012 MPS Review of new notice of sales for the Doramasubdivision; e-mail correspondence with DianeErickson to discuss minor corrections. 1.00

08/24/2012 MPS E-mail correspondence with Bill Friedman as to theDorama subdivision and tract number. 0.20

MPS Review of the last batch of notices of sale for theDorama subdivision. 0.40

08/27/2012 MPS Meeting with Richard Bunch to inspect the 10 homesand 25 lots within the Paradise Springs subdivision;discuss the plan to have the lots and homes cleanedup and prepared for listing. 2.00

MPS Review new BPO for the Paradise Springs subdivision;discuss same with Bill Friedman. 0.30

08/28/2012 MPS E-mail correspondence with Jeri Mupo and RichardDodd as to the various outlots and APNs that needto be transferred to the Paradise Springs HomeownersAssociation. 0.20

08/29/2012 MPS Prepare the summary of the DHS lots; e-mailcorrespondence with Kip O'Connor regarding same. 0.30

08/30/2012 MPS E-mail correspondence with Richard Bunch to discussthe clean up job at the Paradise Springs



HOURSsubdivision; review of proposal and discuss same. 0.30

09/04/2012 MPS Review the estimate to clean up the Paradise Springslots and homes; e-mail correspondence with RichardBunch regarding same. 0.40

MPS E-mail correspondence back and forth with RichardDodd, Jeri Mupo, Julie Mogolis and others with theParadise Springs Homeowners Association to discussthe clean up work and timing of foreclosure sales;discuss the future listing of the subdivision;discuss the outlots that are to be transferred tothe Homeowners Association; discuss same with TomJeremiassen. 1.00

09/05/2012 MPS E-mail correspondence with Fred Andre with the Cityof Desert Hot Springs to discuss the violationnotice we received. 0.30

09/07/2012 MPS Telephone calls and e-mail correspondence withRichard Dodd and other members of the ParadiseSprings Homeowners Association to discuss ourproposal to relieve the upcoming HomeownersAssociation dues and the status of the site cleanup; discuss the upcoming Board meeting and preparematerials for the presentation to the Board. 1.20

MPS E-mail correspondence with Lisa Irot and Dave Juhnketo discuss the Dorama lot transfers and background. 0.30

09/10/2012 MPS E-mail correspondence back and forth with RichardDodd, Richard Bunch and Tom Jeremiassen as to thestatus of the clean up work at the Paradise Springssubdivision, as well as the various lots that don'tbelong to EFI; research ownership and tract maps. 1.00

MPS Review the progress invoice for the DHS site cleanup work. 0.20

MPS E-mail correspondence with Richard Bunch to discussthe progress of the DHS clean up, as well asadditional work required. 0.30

09/13/2012 MPS Review the Dorama notice of sales from FirstAmerican Title. 0.60

MPS E-mail correspondence with Bill Friedman as to theBPO's for the Desert Hot Springs subdivision. 0.10

09/14/2012 MPS E-mail correspondence with Richard Dodd as to hisscheduled meetings with the City of Desert HotSprings to discuss the Paradise Springs subdivision;discuss status of the completion bond. 0.40

09/17/2012 MPS E-mail correspondence with Richard Bunch tocoordinate the meeting tomorrow at Desert HotSprings. 0.20

09/18/2012 MPS Meeting with Richard Bunch to inspect the clean upwork at the Paradise Springs homes and lots; inspectall of the homes and discuss the sale opportunity. 3.00

MPS Review of additional marketing material from ErikChristensen as to the Dorama listing. 0.20

MPS Follow-up communication with Dave Juhnke and GinaAxsom as to the Dorama lots that are to be deeded tothe Homeowners Association. 0.20



HOURS09/19/2012 MPS Prepare the summary of the broker price opinions for

the sub-committee discussing the Dorama subdivision. 0.80

09/20/2012 MPS Lengthy correspondence with Armin Herrera andRichard Dodd to discuss the clean up of the streetsin the Paradise Springs subdivision and provide thecontact information for our local contractor toassist with the clean up. 0.40

09/25/2012 MPS Meeting with Richard Dodd, Kevin Fernie, ArminHerrera and Julie Mogolis at the Paradise Springsclubhouse to discuss the EFI lots and loans, as wellas our request for relief on upcoming HomeownersAssociation dues; discuss the project going forwardand how relief would benefit both parties to assistfinding a bulk buyer quickly to help complete thehomes. 2.00

09/26/2012 MPS Telephone calls with potential brokers to discussthe Dorama subdivision and the upcoming foreclosuresale. 0.40

MPS E-mail correspondence with Bill Friedman to discussthe status of the Desert Hot Springs brokerselection. 0.20

MPS Review the bidding instruction forms for 20 of theDorama foreclosures; prepare the forms and discusssame with Tom Jeremiassen and Arlene Bowditch. 2.00

09/27/2012 MPS E-mail correspondence with Tom Jeremiassen andArlene Bowditch with First American Title to providethe first set of bidding instructions for the Doramasales. 0.20

09/28/2012 MPS Finalize the last batch of bidding instructions forthe Dorama foreclosures; e-mail correspondence withTom Jeremiassen regarding same. 1.20

MPS E-mail correspondence with Bill Friedman to discussthe Dorama listing and brokers. 0.30

10/01/2012 MPS E-mail correspondence with Gina Axsom to discuss thestatus of the Desert Hot Springs lots and transfers. 0.30

MPS E-mail correspondence with Bill Friedman to requestthe title history reports on various Dorama lots. 0.20

10/02/2012 MPS E-mail correspondence with Arlene Bowditch toprovide the remaining Dorama foreclosure bidinstructions. 0.20

10/03/2012 MPS Review the new listing agreement for the Doramalots; e-mail correspondence with Bill Friedman andTom Jeremiassen regarding same. 0.20

MPS Review the title history reports for various Doramalots that do not belong to EFI; discuss findingswith the Homeowners Association Board. 0.50

MPS E-mail correspondence with Erik Christensen and BillFriedman as to the Dorama subdivision and materialsthat are part of the sale. 0.30

10/04/2012 MPS Review the date down endorsements for the Doramaforeclosure sales; e-mail correspondence with ArleneBowditch regarding same. 0.40

MPS E-mail correspondence with Gina Axsom as to the



HOURSstatus of the Dorama deeds. 0.20

MPS Review the listing agreement for the Doramasubdivision. 0.20

MPS E-mail correspondence with Erik Christensen toreschedule the meeting at the site. 0.20

10/05/2012 MPS E-mail correspondence with brokers as to the newlisting in Desert Hot Springs. 0.30

MPS E-mail correspondence with Gina Axsom to requestadditional information on the Dorama lot transfersto the Homeowners Association. 0.20

MPS Review the new trustee deeds for the Doramaforeclosures; e-mail correspondence with ArleneBowditch regarding same. 0.30

10/08/2012 MPS E-mail correspondence with Richard Dodd as to theforeclosure sale notices posted on the Dorama homes. 0.20

10/10/2012 MPS E-mail correspondence with Richard Bunch and JessicaMao to discuss the status of the clean up payment. 0.20

10/11/2012 MPS Review of the marketing packet for the Doramasubdivision; discuss same with Bill Friedman andErik Christianson. 0.80

MPS Review of new deed transfer documents from FirstAmerican Title; e-mail correspondence with ArleneBowditch regarding same. 0.40

10/12/2012 MPS Meeting with Erik Christianson to review the varioushomes, clubhouse and lots associated with the Doramasubdivision; discuss the sales process and marketingperiod. 2.00

MPS Review of new foreclosure documents to be recordedfor the Dorama project; e-mail correspondence withArlene Bowditch to approve the documents. 0.30

10/15/2012 MPS E-mail correspondence with Bill Friedman and ErikChristianson to discuss the deposit for the DHSsale. 0.20

MPS Review of the updated announcement for the ParadiseSprings sale. 0.30

10/17/2012 MPS Telephone call with Nancy Smith to discuss the DHSforeclosure sales and potential listing. 0.20

MPS E-mail correspondence with Richard Dodd and theother Homeowners Association Board members todiscuss the status of the foreclosure sales beingfinalized as well as our request for HomeownersAssociation due reductions. 0.30

MPS Review of the final trustee's deeds for the ParadiseSprings foreclosure sales; e-mail correspondencewith Arlene Bowditch regarding same. 0.30

10/19/2012 MPS E-mail correspondence with Erik Christianson todiscuss the vacant lot notices to the City of DesertHot Springs and status of pending offers. 0.20

10/25/2012 MPS E-mail correspondence with Richard Dodd and othersto discuss the status of the Homeowners AssociationBoard changes and our request for relief on thefuture Homeowners Association dues. 0.20



HOURS11/08/2012 MPS E-mail correspondence with Erik Christianson to

discuss the status of bidders for the Doramaproject. 0.20

11/12/2012 MPS Review of the title report for the 36 Desert HotSpring lots; discuss modifications with BillFriedman and errors that need to be removed from thereport. 1.00

11/13/2012 MPS Telephone call and e-mail correspondence with BillFriedman and Erik Christianson to discuss the saleof just the vacant land outside of the bulk sale. 0.30

11/14/2012 MPS Review of the revised title report for the Doramasubdivision; discuss same with Bill Friedman as wellas the status of the listing and potential offers. 0.50

MPS Review of notice of violations at the Doramaproperties; e-mail correspondence with Fred Andrewith the City to discuss same. 0.20

11/16/2012 MPS Review of summary of offers for the Paradise Springssubdivision; discuss same with Bill Friedman andErik Christianson. 0.30

11/19/2012 MPS Review of offers received on the Dorama subdivision;discuss same with Bill Friedman and Tom Jeremiassen. 0.50

11/20/2012 MPS Telephone call with Bill Friedman and ErikChristianson to review and discuss the offers on theDorama subdivision; discuss the counteroffer termsand parties involved. 0.30

11/21/2012 MPS Review the counteroffers for the Dorama subdivision;discuss changes with Bill Friedman and the languagethat needs to be added as to the lot provisions. 1.20

MPS E-mail correspondence with Richard Dodd to discussthe status of the pending sale and offers for theDorama subdivision. 0.20

11/26/2012 MPS E-mail correspondence with Bill Friedman and ErikChristianson to discuss the status of thecounteroffers and possible multiple contracts thatwill be signed and returned. 0.40

11/28/2012 MPS Telephone call with Bill Friedman and ErikChristianson to discuss the counteroffers for theDorama subdivision and the winning offer; e-mailcorrespondence with Tom Jeremiassen regarding same. 1.00

MPS Prepare the exhibit for the Dorama sale agreementdetailing prices per lot; e-mail correspondence withBill Friedman and Erik Christianson regarding same. 0.40

MPS E-mail correspondence with Jeff Kandel to discussthe status of the Dorama project and pending escrow. 0.20

11/30/2012 MPS Review the signed sale agreement for the Doramaproject; discuss same with Erik Christianson andBill Friedman. 0.30

12/03/2012 MPS Review of sale documents and title report for theDorama sale. 0.50

12/06/2012 MPS E-mail correspondence with Antonia Delgado as to the



HOURSabatement costs associated with the Doramasubdivision. 0.20

MPS E-mail correspondence with Erik Christianson todiscuss the status of the homeowner's associationfinancials. 0.20

12/07/2012 MPS Review of the recorded assignments for the 35 loansthat are part of the Dorama sale. 0.80

12/15/2012 MPS E-mail correspondence with Eric Christianson andBill Friedman to discuss the timing of the Doramasale and overbid period. 0.20

12/17/2012 MPS Research parcel number regarding the Doramasubdivision; discuss with Cia Mackle, Jeff Kandeland Erik Christianson as to the findings. 0.80

MPS Lengthy correspondence with Tom Jeremiassen andJames Armstrong to discuss the upcoming Doramasubdivision sale and the need to calculate variousconsiderations for the 36 plus loans involved;discuss the timing of the sale and the litigationsettlement proceeds that should go to the investors. 0.40

12/18/2012 MPS E-mail correspondence with Richard Dodd to discussthe inspection process of our buyer, as well as thestatus of the sale for his Homeowners AssociationBoard meeting. 0.30

MPS Review the new notice from the City of Desert HotSprings as to code violations; discuss same withFred Andre. 0.30

MPS Review the Dorama estimated closing statement;discuss changes with the escrow officer. 0.30

12/20/2012 MPS Telephone call with Tom Jeremiassen and JamesArmstrong to discuss the Dorama sale and theproposed distributions for the various loans;discuss the litigation proceeds received, as well assettlements from the borrowers; review distributionmatrix and make adjustments. 1.00

MPS E-mail correspondence with Andra Mueller to discussthe Homeowners Association dues and the Doramaestimated closing statement changes. 0.30

12/21/2012 MPS Prepare the Exhibit A checklist and othersale-related documents for the bulk sale of theDorama lots and homes; e-mail correspondence withJames Armstrong regarding same. 0.60

MPS E-mail correspondence with Fred Andree to finalizethe status of the code enforcement notices receivedand how they will be amended. 0.20

12/26/2012 MPS E-mail correspondence with Andra Mueller regardingthe demand for payment by the Paradise SpringsHomeowners Association manager and impact to oursale; discuss same with Bill Friedman. 0.20

MPS E-mail correspondence with Richard Dodd and ArminHerrera to discuss the Homeowners Association'sdemand for payment and the hold up on our sale. 0.20

12/27/2012 MPS E-mail correspondence with Richard Dodd and AndraMueller to discuss the status of the HomeownersAssociation documents for our sale. 0.20



HOURS

12/28/2012 MPS E-mail correspondence with Bill Friedman and ErikChristianson to discuss the Paradise Springsextension request. 0.30

Desert Hot Springs 53.90 16,709.00

06/08/2012 MPS Prepare letters to investors that never responded tothe original sale documents for the HighwaterEstates loans; prepare new copies of the variousexhibits, as well as the updated settlementagreement that needs to be returned; prepare andmail out investor packages. 4.00

Highwater Estates 4.00 1,240.00

06/01/2012 MPS E-mail correspondence with Rae Holmes to follow upon the Hinds Avenue property and utility transfer. 0.20

06/04/2012 MPS Review of collection documents on the Hinds Avenueproperty; discuss same with Rae Holmes. 0.20

06/06/2012 MPS Review the quote to move the electric line for theHinds Avenue home; discuss same with Mel McCollochand Rae Holmes. 0.30

06/11/2012 MPS Review of electrical bids for the Hinds Avenueproperty from John Childres; e-mail correspondencewith Tom Jeremiassen regarding same. 0.40

06/13/2012 MPS Telephone call with Tom Jeremiassen to discuss thevarious bids received for the Hinds Avenueelectrical work; discuss the status of theIndustrial Way borrower communication, as well asthe Oakshores foreclosure sale. 0.40

MPS E-mail correspondence with Mel McColloch as to theelectrical work needed at the Hinds Avenue property;review various bids and discuss the plan movingforward. 0.80

06/18/2012 MPS E-mail correspondence with Mel McColloch and RaeHolmes as to the electrical work that is to beperformed at the Hinds Avenue property. 0.20

06/27/2012 MPS E-mail correspondence with Rae Holmes and Tony Wellsto discuss the Hinds Avenue electrical issues thathas been corrected. 0.20

07/13/2012 MPS Telephone call with Bill Friedman to discuss theHinds Avenue listing. 0.20

08/20/2012 MPS Review of new offer and counter-offer for the HindsAvenue property; telephone call and e-mailcorrespondence with Bill Friedman to discuss thesame. 0.50

08/21/2012 MPS E-mail correspondence with Tom Jeremiassen, JeffKandel, Cia Mackle, Josh Martin, Dave Juhnke andBrad Sharp to discuss and review the new relief fromstay motion filed by Madeline Winn; discuss atlength the history and response. 0.50

08/22/2012 MPS E-mail correspondence with Jeff Kandel and Tom



HOURSJeremiassen as to the Madeleine Winn complaint anddetails in our response. 0.30

08/23/2012 MPS Review of the response letter from Cia Mackle as tothe Foley Gannon issue; discuss same with TomJeremiassen. 0.30

09/06/2012 MPS Review the new listing agreement for Hinds Avenue. 0.20

09/25/2012 MPS Telephone call with Ray Holmes with SignatureProperties to discuss the status of Hinds Avenue. 0.20

10/19/2012 MPS E-mail correspondence with Bill Friedman to discussthe Hinds Avenue pricing and requested adjustment bythe broker. 0.20

11/08/2012 MPS Research the title defect issue for the Hinds Avenueproperty; discuss same with Jeff Kandel and how thisdoesn't appear to be a real claim. 1.00

11/13/2012 MPS Research the Hinds Avenue title issues; telephonecall and e-mail correspondence with Don Vaughn andJeff Kandel to discuss findings and additionalinformation needed to assist with the pending courtmatters on this property. 2.00

11/14/2012 MPS Review of correspondence from Don Vaughn as to theHinds Avenue foreclosure; discuss same with JeffKandel and Cia Mackle. 0.70

Hinds Avenue 8.80 2,728.00

07/16/2012 MPS E-mail correspondence with Tom Jeremiassen todiscuss the status of the Industrial Way property. 0.20

09/05/2012 MPS E-mail correspondence with Tom Jeremiassen todiscuss the status of the Industrial Way borrower. 0.20

11/27/2012 MPS Review the summary on the Industrial Way property;discuss same with Tom Jeremiassen and our actions toforeclose on the loan. 0.30

12/07/2012 MPS E-mail correspondence with Tom Jeremiassen todiscuss the industrial way property and thecommunication with the borrower. 0.20

Industrial Way 0.90 279.00

06/05/2012 MPS E-mail correspondence with Mitch Covington todiscuss the status of the buyer and why documentshave not been signed or returned. 0.10

06/06/2012 MPS E-mail correspondence with Mitch Covington todiscuss the recent cancellation notice received fromthe Madera buyer. 0.20

06/21/2012 MPS E-mail correspondence back and forth with MitchCovington to further discuss the status of theMadera buyer and if they intend to close escrow;review the new notice of completion for thesubdivision recently obtained. 0.30

06/22/2012 MPS E-mail correspondence with Antonia Delgado to



HOURSdiscuss the status of the Madera sale and if we cansign an amendment to reopen the escrow. 0.20

06/27/2012 MPS E-mail correspondence to Mitch Covington to requestan update as to the Madera sale and if the buyer isgoing to proceed with the escrow. 0.10

07/03/2012 MPS Prepare the new agreement for the Madera property;e-mail correspondence with Mitch Covington regardingsame. 0.30

07/05/2012 MPS Correspondence at length with Mitch Covington todiscuss the sale of the Madera sale and how thetrustee is not interested in selling the note;discuss the possible new buyer and timeframe for thesale. 1.00

MPS E-mail correspondence with Mitch Covington todiscuss the amounts paid to complete the subdivisionthat need to be repaid if overbid. 0.30

07/09/2012 MPS Telephone call with Mitch Covington to discuss thestatus of the Madera buyer and legal concerns he ishaving with this short sale. 0.30

07/12/2012 MPS Telephone call with Jeff Kandel to discuss theissues with the Madera sale, as well as the Seasideproperty. 0.30

07/16/2012 MPS E-mail correspondence with Antonia Delgado todiscuss the status of the Madera buyer and saledocuments. 0.20

07/17/2012 MPS E-mail correspondence and telephone call at lengthwith Mitch Covington to further discuss the salesprocess and his desire to go back to the originalbuyer to purchase the Madera lots; discuss the courtprocedure and the possibility of overbid; preparenew sale agreement for Diligent Lending. 1.10

07/18/2012 MPS E-mail correspondence with Mitch Covington todiscuss the status of various documents needed toproceed with the Madera sale. 0.20

07/19/2012 MPS E-mail correspondence with Mitch Covington andAntonia Delgado to discuss the need for the buyer'scontact information. 0.20

07/23/2012 MPS Research copies of the note, deeds and settlementagreements with Mitch Covington for the Maderaproperty; e-mail correspondence to discuss same. 1.00

07/24/2012 MPS Review the completion cost materials from MitchCovington; discuss the status of the property taxreductions. 0.80

MPS Prepare Exhibit A checklist and other relevantdocuments for the Madera sale; e-mail correspondencewith James Armstrong regarding same. 0.30

07/25/2012 MPS E-mail correspondence with James Armstrong todiscuss the Madera sale. 0.20

MPS E-mail correspondence with Jeff Kandel to discussthe status of the Madera sale and communication from



HOURSthe buyers attorney. 0.20

07/26/2012 MPS E-mail correspondence back and forth with MitchCovington to discuss the status of the sale process,as well as the issues with the inflated propertytaxes. 0.30

07/30/2012 MPS Telephone call with Katrina with Diligent Lending todiscuss the Madera sale and overbid process; discusssame with Jeff Kandel. 0.40

MPS E-mail correspondence with Jeff Kandel to discussthe Madera buyer and the need to confirm how much isbeing paid to Mitch Covington outside of the escrow. 0.30

07/31/2012 MPS E-mail correspondence with Mitch Covington todiscuss his arrangement with the buyer to repay forthe site improvement work. 0.30

08/02/2012 MPS Review of the proof of funds from the Madera buyer. 0.20

08/03/2012 MPS Review of the property tax reduction report fromMitch Covington; e-mail correspondence with AntoniaDelgado regarding same. 0.50

08/07/2012 MPS E-mail correspondence with Cia Mackle to provide thefinal documents for the Madera sale notice. 0.20

08/08/2012 MPS Telephone call with Cia Mackle to discuss the Maderasale and the special circumstances with the noticethat need to be included. 0.30

MPS Finalize the overbid form for the Madera sale;e-mail correspondence with Mitch Covington regardingthe same. 0.30

08/13/2012 MPS E-mail correspondence with Jeff Kandel to discussthe Madera overbid and parties involved. 0.30

MPS Review of the property tax reduction for the Maderasale; discuss changes on the sale exhibits withJames Armstrong. 0.30

08/14/2012 MPS Telephone call with Doug Thornton to discuss theMadera sale and issues with Mitch Covington. 0.20

08/15/2012 MPS Telephone call with Mitch Covington to discuss thesale progress and communication with DiligentLending. 0.50

08/21/2012 MPS Telephone calls with investors in the Madera loan todiscuss the sale and proposed distributions. 0.50

08/22/2012 MPS Telephone call with Joseph Boyd to discuss theMadera sale and overbid process; discuss same withJeff Kandel. 0.40

MPS Telephone calls with investors in the Madera loan todiscuss the sale and proposed distributions. 0.30

08/23/2012 MPS Telephone calls with investors in the Madera loan todiscuss the sale and proposed distributions. 0.30

MPS Telephone call with Mitch Covington to discuss theprogress of the sale and communication withpotential overbidders. 0.30

MPS E-mail correspondence with Jeff Kandel to discuss



HOURSthe overbid amounts for the Madera sale. 0.20

08/27/2012 MPS E-mail correspondence with Jeff Kandel to discussthe Madera overbidder and proof of funds; discussthe title report and request for a pro forma. 0.40

08/28/2012 MPS E-mail correspondence with Scott Ewing to discussthe investor distributions for the Madera lots sale. 0.20

08/29/2012 MPS E-mail correspondence with Jeff Kandel to discussthe Diligent Lending possible overbid and providethe notice of completion. 0.30

08/30/2012 MPS Review the Madera overbid contract and addendumincluded; discuss various title concerns withAntonia Delgado to confirm if the items in questionwill be removed through the escrow closing. 0.30

MPS E-mail correspondence with Antonia Delgado todiscuss the irrigation fee that needs to be paidthrough at the close of the Madera sale. 0.20

08/31/2012 MPS E-mail correspondence with Jeff Kandel to discussthe Madera overbid received and the need to schedulethe auction hearing. 0.20

09/05/2012 MPS Telephone call with Mitch Covington to discuss thestatus of the overbid received and auction sale;discuss his personal release of liability throughthe sale closing; request material releases from allsubcontractors in order to close the escrow. 0.80

09/06/2012 MPS E-mail correspondence with Jeff Kandel as toDiligent Lending and notice of the overbid hearing. 0.20

MPS E-mail correspondence with Mitch Covington todiscuss the Madera overbid date. 0.20

09/07/2012 MPS E-mail correspondence with Tom Jeremiassen todiscuss the Madera sale and overbid documentsreceived. 0.30

09/10/2012 MPS E-mail correspondence with Antonia Delgado todiscuss the partial reconveyance for the Maderasale. 0.20

MPS Review the foreclosure invoice from First Americanon the Madera property; request additionalinformation. 0.20

09/12/2012 MPS E-mail correspondence with Mitch Covington andAntonia Delgado to discuss the status of thesubcontractor releases and revise the summary ofexpenditures for escrow payouts. 0.20

09/13/2012 MPS E-mail correspondence with Mitch Covington tofurther discuss the overbid hearing scheduled forthe 24th. 0.20

09/19/2012 MPS E-mail correspondence with Mitch Covington todiscuss the status of the subcontractor releases. 0.30

09/20/2012 MPS Review the revised summary of payments due tosubcontractors for the Madera sale; e-mailcorrespondence with Teri Goff and Antonia Delgado



HOURSregarding same. 0.30

09/24/2012 MPS E-mail correspondence with Mitch Covington todiscuss the status of the Madera sale. 0.30

09/26/2012 MPS Telephone call with Mitch Covington to discuss thestatus of the Madera sale and timing of the closure. 0.30

09/27/2012 MPS E-mail correspondence with Jeff Kandel to discussthe status of the Madera closing. 0.20

MPS E-mail correspondence with Antonia Delgado as to thedeed in lieu for Madera and questions regarding theclosing of the sale. 0.30

09/28/2012 MPS Telephone calls with Mitch Covington and AntoniaDelgado as to the delay in the closing and what wasstill required to close the Madera sale. 0.30

10/01/2012 MPS Telephone call and e-mail correspondence with TomJeremiassen and Antonia Delgado to discuss theMadera sale and the need for deeds to be executed. 0.30

MPS E-mail correspondence with Terri Goff and AntoniaDelgado to review and approve the subcontractorpayments and escrow adjustments. 0.20

10/02/2012 MPS Telephone call with Mitch Covington to discuss hisfinal release once the Madera sale is closed;discuss same with Kevin Elder. 0.30

10/03/2012 MPS Review the final closing statement for the Maderaproperty; e-mail correspondence with Antonia Delgadoto discuss the subcontractor payments and wiretransfer to the estate. 0.40

MPS Review and prepare the final version of the covenantnot to sue for the Madera property; e-mailcorrespondence with Kevin Elder and Tom Jeremiassenregarding same. 0.40

10/04/2012 MPS E-mail correspondence with Jessica Mao and TomJeremiassen as to the buyer's deposit received forthe Madera sale and the need to return the funds. 0.30

MPS E-mail correspondence with Mitch Covington as to thecovenant not to sue. 0.30

10/05/2012 MPS Telephone call and e-mail correspondence with TerriGoff to discuss the status of the subcontractorfinal releases. 0.20

MPS Prepare the final tally of investor settlementagreements for the Madera sale; e-mailcorrespondence with Jessica Mao and James Armstrongto request distributions. 0.50

10/09/2012 MPS E-mail correspondence with Terri Goff to provide theexecuted copy of the covenant not to sue for theMadera loan. 0.20

10/10/2012 MPS E-mail correspondence with Holli Ogle with FirstAmerican Title to discuss the cancellation of theMadera foreclosure file. 0.20

Madera 22.60 7,006.00

06/12/2012 MPS Prepare letters to investors that never responded to



HOURSthe original sale documents for various MadisonChase loans; prepare new copies of the variousexhibits, as well as the updated settlementagreement that needs to be returned; prepare andmail out investor packages. 1.50

Madison Chase 1.50 465.00

08/16/2012 MPS E-mail correspondence with Stacy Maldonado and JamesArmstrong to discuss the status of the Mountain Viewbond. 0.20

08/30/2012 MPS E-mail correspondence with Dennis Drennan to requestthe status of the Mountain View project and if thebond can be released. 0.10

10/24/2012 MPS E-mail correspondence with Stacy Maldonado, JamesArmstrong and Dennis Drennan to discuss the statusof the Mountain View bond releases. 0.20

10/29/2012 MPS E-mail correspondence with Stacy Maldonado, JamesArmstrong and Dennis Drennan to discuss the MountainView bond release that is now being processed. 0.20

10/30/2012 MPS Review the Mountain View bond release; e-mailcorrespondence with Stacey Maldonado and JamesArmstrong regarding same. 0.20

Mountain View 0.90 279.00

06/28/2012 MPS Prepare letters to investors that never responded tothe original sale documents for the Norco loan;prepare new copies of the various exhibits, as wellas the updated settlement agreement that needs to bereturned; prepare and mail out investor packages. 0.50

Norco 0.50 155.00

06/08/2012 MPS E-mail correspondence with Liz Ryan to furtherdiscuss the Oakshores foreclosure invoices. 0.20

MPS Telephone call with Tom Jeremiassen to discuss hiscommunication with Jack Munari and the Oakshoressubdivision; discuss possible settlement scenariosand timeline to accept. 0.40

06/27/2012 MPS Telephone calls with Tom Jeremiassen to discuss thestatus of the Oakshores foreclosure sale and hiscommunication with Jack Munari. 0.30

06/28/2012 MPS Telephone call with Tom Jeremiassen to discuss thepossible postponement for the Oakshores foreclosuresale. 0.30

06/29/2012 MPS E-mail correspondence with Tamu Brown to discuss thestatus of the Oakshores foreclosure sale; provideupdated calculations if the sale is to go forward. 0.50

07/03/2012 MPS E-mail correspondence with Tom Jeremiassen todiscuss the Oakshores foreclosure sale postponement. 0.10

07/05/2012 MPS E-mail correspondence with Tom Jeremiassen todiscuss the property tax payment due for theOakshores property. 0.20



HOURS07/24/2012 MPS E-mail correspondence with Bill Friedman to discuss

the outstanding note obligation on the Oakshoresproperty; review of e-mails from Charlie Richardsonas to his potential buyer. 0.40

08/07/2012 MPS Telephone call with Tom Jeremiassen to discuss thestatus of the Oakshores property. 0.20

MPS Review of offer on the Oakshores property; discusswith Bill Friedman as to issues with the offer. 0.40

08/08/2012 MPS Prepare updated loan payoff numbers for theOakshores foreclosure; e-mail correspondence withJames Armstrong, Tom Jeremiassen and First AmericanTitle regarding the same. 0.50

MPS Research the outstanding property taxes on theOakshores loan; telephone call with the taxcollector's office to discuss the status of apending refund and if these monies would be usedagainst the outstanding taxes. 0.60

08/10/2012 MPS E-mail correspondence with First American Title topostpone the Oakshores foreclosure sale. 0.20

09/07/2012 MPS Telephone calls with Tom Jeremiassen to discuss theOakshores project and his communication with JackMunari; discuss the Dorama subdivision and theupcoming meeting with the Homeowners Association. 0.30

09/24/2012 MPS E-mail correspondence with Tom Jeremiassen, GinaAxsom and Kacee Hatley to discuss the status of theOakshores foreclosure sale. 0.30

10/05/2012 MPS Telephone call with the San Luis Obispo County TaxCollector's Office to find more information as tothe Oakshores past due taxes; discuss findings withTom Jeremiassen. 0.50

10/23/2012 MPS E-mail correspondence with Erica Barnes and TomJeremiassen to discuss the need for updated loanbalances for the Oakshores foreclosure sale. 0.30

10/24/2012 MPS E-mail correspondence with Erica Barnes and DeeAnnGregory to discuss the Oakshores foreclosure saleand documents. 0.20

10/25/2012 MPS Telephone call with Tom Jeremiassen to discuss thestatus of the Oakshores foreclosure sale andpostponement agreement with Jack Munari; requestpostponement with First American ForeclosureServices. 0.30

10/26/2012 MPS E-mail correspondence with Tom Jeremiassen and EricaBarnes to confirm the foreclosure sale postponementfor the Oakshores loan. 0.20

11/09/2012 MPS E-mail correspondence with Tom Jeremiassen todiscuss status of the Oakshores foreclosure andpossible sale. 0.10

11/13/2012 MPS Review of the updated loan collection numbers forthe Oakshores property; e-mail correspondence withTom Jeremiassen and Erica Barnes with First American



HOURSto assist with the foreclosure sale. 0.20

11/14/2012 MPS Provide additional information to Erica Barnes andEryka Batiste with First American to assist with theOakshores foreclosure sale. 0.30

MPS Telephone call with Tom Jeremiassen to discuss thestatus of the Oakshores foreclosure and postponementof the sale. 0.20

12/10/2012 MPS Telephone call with Tom Jeremiassen to discuss thestatus of the Oakshores foreclosure sale. 0.20

12/11/2012 MPS Prepare the foreclosure sale postponement; discusssame with First American Title and Tom Jeremiassen. 0.30

Oakshores 7.70 2,387.00

09/10/2012 MPS Telephone call and e-mail correspondence with BillFriedman to discuss the Pierce Monte Vista listingand possible price reduction. 0.30

09/19/2012 MPS Review the new offer for the Pierce lots; discussand review the counteroffer from Bill Friedman. 0.30

09/20/2012 MPS Review the new sales contract for the Pierce MonteVista lots; discuss same with Bill Friedman and TomJeremiassen. 0.20

10/18/2012 MPS Telephone call with Bill Friedman to discuss thestatus of the title objections from the Pierce MonteVista buyer; discuss the status of the Seaside saleas well. 0.30

10/25/2012 MPS Telephone call with Bill Friedman to discuss thestatus of the Pierce lots sale, as well as theSeaside findings. 0.30

11/01/2012 MPS Review the new correspondence from the Piercebuyers; discuss extension to remove contingencieswith Matt Power and Bill Friedman. 0.20

11/13/2012 MPS Review of the closing statement and other escrowfiles for the Pierce Monte Vista sale; discusschanges with Antonia Delgado. 0.30

11/26/2012 MPS Telephone call with Bill Friedman to discuss statusof the Pierce Monte Vista buyers, as well as theTierra Vista. 0.40

Pierce Monte Vista 2.30 713.00

06/12/2012 MPS Review the new listing agreement for the Pocket Roadproperty; e-mail correspondence with Bill Friedmanand Tom Jeremiassen regarding same. 0.30

06/20/2012 MPS Review the new offer for the Pocket Road property;discuss same with Bill Friedman. 0.30

06/22/2012 MPS Telephone call and e-mail correspondence with BillFriedman and Tom Jeremiassen as to the new offerreceived for the Pocket Road property; review of newcounteroffers to both potential buyers. 0.50



HOURS06/25/2012 MPS Telephone call and e-mail correspondence with Bill

Friedman to discuss the status of the twocounteroffers for the Pocket Road property. 0.20

06/27/2012 MPS Review the new counteroffer for the Pocket Roadsubdivision. 0.20

07/16/2012 MPS Prepare Exhibit A checklist and other sale-relateddocuments for the Pocket Road sale; e-mailcorrespondence with James Armstrong regarding same. 0.50

07/23/2012 MPS Telephone call with Bill Friedman to discuss thestatus of the Pocket Road sale, as well as otherpending escrows. 0.30

07/24/2012 MPS E-mail correspondence with James Armstrong todiscuss the status of the Pocket Road review for thesale notice. 0.20

07/25/2012 MPS E-mail correspondence with Bill Friedman and JimRadler to discuss the status of the Pocket Roadsale. 0.20

07/30/2012 MPS Review of the sale exhibits for the Pocket Roadsale; discuss additional funds with James Armstrong. 0.40

07/31/2012 MPS Prepare final exhibits and additional sale documentsfor the Pocket Road sale; e-mail correspondence withCia Mackle regarding same. 0.30

08/02/2012 MPS E-mail correspondence with Cia Mackle and JamesArmstrong to discuss the Josh Yaguda investment inthe Pocket Road loan and how it needs to bedisclosed. 0.20

08/03/2012 MPS Review of the final sale notice for the Pocket Roadsale. 0.20

08/07/2012 MPS Prepare the overbid instructions for the Pocket Roadsale; e-mail correspondence with Bill Friedmanregarding the same. 0.20

MPS Review of the final sale notice for the Pocket Roadsale; request the notices be e-mailed out by Omni. 0.30

08/08/2012 MPS Telephone calls with investors in the Pocket Roadloan to discuss the sale and settlement options. 0.70

08/09/2012 MPS E-mail correspondence with investor Lori Oleson todiscuss the Pocket Road sale and to provide anothercopy of the sale notice. 0.20

08/17/2012 MPS Telephone calls with investors in the Pocket Roadloan to discuss the sale and distribution options. 0.50

08/20/2012 MPS Prepare the investor voting tally for the PocketRoad sale; e-mail correspondence with Cia Mackle andBill Friedman regarding the same. 0.40

08/21/2012 MPS E-mail correspondence with Cia Mackle and JeffKandel to discuss the Pocket Road sale order. 0.30

09/04/2012 MPS Review the signed order for the Pocket Road



HOURSsubdivision; e-mail correspondence with AntoniaDelgado regarding same. 0.20

09/10/2012 MPS E-mail correspondence with Bill Friedman and AntoniaDelgado to discuss the Pocket Road extension of timeto close the escrow. 0.20

09/19/2012 MPS Telephone call and e-mail correspondence with BillFriedman to discuss the extension request from thePocket Road buyer and possible cancellation. 0.30

09/21/2012 MPS E-mail correspondence with Bill Friedman as to thePocket Road cancellation and other possible buyers. 0.20

09/24/2012 MPS Telephone call and e-mail correspondence with BillFriedman to discuss the Pocket Road cancellation andloss of deposit. 0.20

09/26/2012 MPS Telephone call with Bill Friedman to discuss theresponse from the Pocket Road buyer as to theirrequest for deposit return. 0.20

09/27/2012 MPS E-mail correspondence with Mel McColloch to discussthe Pocket Road clean up notice and objection tothis fine. 0.20

09/28/2012 MPS Research documents pertaining to the Pocket Roadclean up to assist with our objection to the City ofSacramento. 0.40

10/01/2012 MPS Telephone call with Bill Friedman to discuss thestatus of the Pocket Road buyer; reviewcorrespondence from the buyer's broker. 0.20

MPS Review correspondence from Mel McColloch to disputethe clean up invoices received from the CodeEnforcement Department regarding the Pocket Roadsite. 0.20

10/04/2012 MPS Telephone call with Bill Friedman to discuss thestatus of the Pocket Road buyer. 0.20

MPS E-mail correspondence with Bill Friedman as to thenew offer received for the Pocket Road property. 0.30

10/05/2012 MPS Review the new offer for the Pocket Road property;discuss and review the counteroffer with BillFriedman. 0.30

MPS E-mail correspondence with Jeff Kandel as to thePocket Road escrow and the need for legal letter. 0.20

10/09/2012 MPS E-mail correspondence with Cia Mackle to discuss thePocket Road notice to turn over the secured deposit. 0.20

10/15/2012 MPS E-mail correspondence with Mel McColloch to discussthe issues with the Pocket Road fire notices andpayment due. 0.20

10/22/2012 MPS E-mail correspondence back and forth with Cia Mackleand Bill Friedman as to the Pocket Road cancellationinstructions and signature required from the buyer. 0.30

11/01/2012 MPS Review the new offer for the Pocket Road property;discuss counteroffer with Bill Friedman. 0.20



HOURS

11/05/2012 MPS Review the new offer for the Pocket Road property;e-mail correspondence with Bill Friedman and TomJeremiassen regarding same. 0.30

11/08/2012 MPS E-mail correspondence with Antonia Delgado and BillFriedman to discuss the status of the Pocket Roaddeposit. 0.20

11/27/2012 MPS E-mail correspondence with Antonia Delgado todiscuss the Pocket Road estimated closing statementand changes needed. 0.20

12/04/2012 MPS E-mail correspondence with Bill Friedman to discussthe Pocket Road extension request. 0.10

12/21/2012 MPS Prepare Exhibit A checklist and other sale-relateddocuments for the Pocket Road sale; e-mailcorrespondence with James Armstrong regarding same. 0.40

Pocket Road 11.80 3,658.00

06/06/2012 MPS Review the Ranchita Canyon summaries and proposeddistributions; e-mail correspondence with JamesArmstrong and Cia Mackle regarding same. 0.30

06/14/2012 MPS E-mail correspondence with Cia Mackle and TomJeremiassen to discuss the various Ranchita Canyonsettlement letters that are to go out. 0.40

06/19/2012 MPS E-mail correspondence with Katie Nownes as to theRanchita Canyon notices that can be e-mailed out toinvestors. 0.10

07/10/2012 MPS E-mail correspondence with James Armstrong as to theRanchita Canyon secured advance payoff. 0.20

Ranchita Canyon 1.00 310.00

06/04/2012 MPS Review of new offer for the Rockview home; discusssame with Bill Friedman. 0.30

06/05/2012 MPS Telephone calls with investors in the Rockview loansto discuss the recent sales notice and status of theremaining homes to be sold. 0.40

06/08/2012 MPS Review new counteroffer for one of the Rockviewhomes; discuss counteroffer with Bill Friedman. 0.40

06/11/2012 MPS E-mail correspondence with Bill Friedman and TomJeremiassen as to the new Rockview agreement. 0.20

06/13/2012 MPS E-mail correspondence with Dave Juhnke to discussthe status of the Rockview escrows that have closedto-date. 0.30

06/19/2012 MPS Review the title report for the 3352 Rockview sale;e-mail correspondence with Antonia Delgado todiscuss the blanket liens. 0.20

07/03/2012 MPS E-mail correspondence with Bill Friedman to discussthe status of the Rockview escrow. 0.20

MPS Review the final closing statement for one of the



HOURSRockview homes; request distribution to the fund topay down the secured advance. 0.20

07/10/2012 MPS Review various Rockview and Avila Beach home utilityinvoices; e-mail correspondence with Jessica Maoregarding same. 0.50

MPS Prepare Exhibit A checklist and other sale-relateddocuments for the next Rockview sale; e-mailcorrespondence with James Armstrong regarding same. 0.40

MPS Telephone call with investor Sherri Bell to discussthe status of Rockview and other nearby projects. 0.20

07/11/2012 MPS Review and finalize the sales packets for the fourthRockview escrow and the Seaside property; e-mailcorrespondence with Rose Jane Delarosa and TomJeremiassen. 0.80

07/13/2012 MPS Review the proposed sale exhibits for the newRockview sale; e-mail correspondence with JamesArmstrong and Cia Mackle to request changes. 0.40

07/16/2012 MPS Review Rockview-related invoices; e-mailcorrespondence with Jessica Mao to request paymenton approved invoices. 0.30

07/26/2012 MPS E-mail correspondence with investor JonathanMielziner to discuss the status of the Rockviewproject, as well as notice received as to theStewart Title settlement. 0.30

07/27/2012 MPS E-mail correspondence with Bret Prawitt and LisaLewis to discuss the status of possible water leakat the Rockview home. 0.20

07/30/2012 MPS Telephone call and e-mail correspondence with KamiMedina and Tom Jeremiassen to discuss theoutstanding homeowners' association dues for theremaining Rockview units; request payment. 0.50

08/08/2012 MPS Telephone call with Bill Friedman to discuss thestatus of the Rockview escrow. 0.20

08/10/2012 MPS E-mail correspondence with Bill Friedman and CiaMackle to discuss the Rockview sale. 0.20

MPS Prepare price reductions for the remaining Rockviewhomes; discuss same with Tom Jeremiassen and BillFriedman. 0.30

08/14/2012 MPS Telephone calls with investors in the Rockview loansto discuss the sale notice. 0.60

08/15/2012 MPS Review of the final sale notices for the RockviewLot 9, Dinuba lot, Willow lots, and the Maderasubdivision; e-mail correspondence with Cia Mackleand Katie Nownes to request the notices be e-mailedout. 1.00

08/17/2012 MPS Review of new offer for the Rockview home; discusscounter-offer and review of draft; discuss with BillFriedman. 0.40

08/24/2012 MPS Review of the new counter-offer for the Rockview



HOURShome; e-mail correspondence with Bill Friedman andTom Jeremiassen regarding the same. 0.30

08/28/2012 MPS Review the newly-signed Rockview sale agreement;e-mail correspondence with Bill Friedman and TomJeremiassen regarding same. 0.20

09/05/2012 MPS Review the property-related invoices for theRockview subdivision; e-mail correspondence withJessica Mao and Kami Medina regarding the HomeownersAssociation dues. 0.50

09/07/2012 MPS Telephone call with Bill Friedman to discuss thestatus of the pending Rockview sales. 0.20

MPS Review the signed sale orders for Rockview andSanger; e-mail correspondence with Antonia Delgadoand Bill Friedman regarding same. 0.20

09/10/2012 MPS Review of service invoices for the Rockview homes;discuss water issues with Bret Prawitt and requestinspections. 0.40

09/11/2012 MPS E-mail correspondence with Bill Friedman as to theremoval of contingencies from the Rockview buyer. 0.10

09/17/2012 MPS Review the new offer for the 3344 Rockview home;telephone call with Bill Friedman and review of thecounteroffer. 0.30

MPS E-mail correspondence with Antonia Delgado todiscuss the status of the 3366 Rockview escrow andtitle concerns. 0.20

09/18/2012 MPS Review the new counteroffer for the 3344 Rockviewhome; discuss same with Bill Friedman. 0.30

09/20/2012 MPS Prepare the Exhibit A checklist and othersale-related documents for the 3366 Rockview sale;e-mail correspondence with James Armstrong regardingsame. 0.40

09/21/2012 MPS E-mail correspondence with Bill Friedman to furtherdiscuss the 3344 Rockview counteroffer. 0.20

09/24/2012 MPS Review the new Rockview sale agreement; e-mailcorrespondence with Bill Friedman and TomJeremiassen regarding same. 0.30

09/25/2012 MPS E-mail correspondence with Jessica Mao to requestpayment for the Rockview Homeowners Associationdues. 0.10

09/26/2012 MPS Review the new sales agreement for the 3344 Rockviewhome; e-mail correspondence with Bill Friedman, TomJeremiassen and Lisa Lewis regarding same. 0.30

10/03/2012 MPS Prepare the overbid instructions for the nextRockview sale. 0.20

10/16/2012 MPS Prepare the Exhibit A checklist and othersale-related documents for the 3344 Rockview sale;e-mail correspondence with James Armstrong regardingsame. 0.30



HOURS

10/18/2012 MPS E-mail correspondence with Cia Mackle to providedocumentation to assist with the new Rockview sale. 0.20

10/19/2012 MPS Review of the sale order for the 3366 Rockview home;e-mail correspondence with Antonia Delgado and PatCaprilli to request the certified order. 0.30

10/22/2012 MPS E-mail correspondence with Bret Prawitt to discussthe issues with the Rockview utilities. 0.20

MPS Prepare the overbid instructions for the 3344Rockview sale. 0.30

10/23/2012 MPS Continue correspondence with Bret Prawitt to furtherdiscuss the Rockview utility invoices. 0.20

10/29/2012 MPS Review the final closing statement for 3366Rockview; e-mail correspondence with James Armstrongregarding same. 0.20

10/30/2012 MPS E-mail correspondence with James Armstrong torequest payment for the Rockview HomeownersAssociation dues. 0.20

11/06/2012 MPS Request sale orders for the Rockview and Victorvilleescrows. 0.10

11/13/2012 MPS E-mail correspondence with Lisa Lewis to discusspossible price reductions on the remaining Rockviewhomes. 0.20

11/19/2012 MPS Telephone call and e-mail correspondence with CiaMackle and Bill Friedman to discuss the status ofthe Rockview sale order and closure of the escrow. 0.20

11/20/2012 MPS Review the signed sale order for the Rockview home;request the certified copy and discuss the closingwith Antonia Delgado. 0.40

11/21/2012 MPS E-mail correspondence with Bill Friedman and TomJeremiassen to discuss the price reductions for thelast 3 Rockview homes. 0.20

11/26/2012 MPS Review the final closing statement for the 3344Rockview home; e-mail correspondence with JamesArmstrong regarding the distribution. 0.20

11/28/2012 MPS Review the new offer on the 3338 Rockview home;discuss the counteroffer with Bill Friedman. 0.40

11/30/2012 MPS E-mail correspondence with investor Sherri Bell todiscuss the status of the Rockview homes. 0.20

12/11/2012 MPS Review of new offer for the 3338 Rockview home;discuss counteroffer with Bill Friedman. 0.30

12/17/2012 MPS Review the new counteroffer for the Rockview home;discuss final counteroffer with Bill Friedman. 0.30

12/19/2012 MPS Review the new sale agreement for 3338 Rockview;e-mail correspondence with Bill Friedman and TomJeremiassen regarding same. 0.30



HOURSRockview Place 17.40 5,394.00

06/14/2012 MPS E-mail correspondence with Mel McColloch to furtherdiscuss the Sanger project and his potential buyer. 0.30

06/29/2012 MPS Review the new offer for the Sanger subdivision;discuss same with Bill Friedman. 0.30

07/02/2012 MPS E-mail correspondence with Bill Friedman to discussthe Sanger sale. 0.20

07/09/2012 MPS Review new offer for the Sanger lots; discuss samewith Bill Friedman. 0.40

07/12/2012 MPS Follow-up correspondence with Bill Friedman as tothe Sanger property and acceptance of new offer;review the counteroffer. 0.40

07/30/2012 MPS Review of and finalize the sales packet for theSanger subdivision; e-mail correspondence with RoseJane Delarosa and Tom Jeremiassen regarding same. 0.40

08/17/2012 MPS Telephone call and e-mail correspondence with BillFriedman to discuss the Sanger sale and contingencyremoval. 0.20

MPS Prepare the sale exhibits for the Sanger sale;e-mail correspondence with James Armstrong regardingthe same. 0.30

08/20/2012 MPS Prepare sale exhibits for the Sanger sale; e-mailcorrespondence with Cia Mackle to discuss the saleand property history. 0.40

09/05/2012 MPS Prepare the minimum overbid instructions for theSanger lot; e-mail correspondence with Bill Friedmanregarding same. 0.30

MPS Review the final sale notice for the Sanger lots;request notices be e-mailed out to the investors. 0.30

09/07/2012 MPS Review the Sanger title documents; discuss issueswith Matt Power and Bill Friedman and how thisimpacts our potential overbidder. 0.80

09/10/2012 MPS Prepare the investor voting tally for the Sangersale; e-mail correspondence with Cia Mackleregarding same and request for the sale order. 0.40

10/10/2012 MPS Telephone call with Bill Friedman to discuss theSanger sale and the extension request. 0.30

10/12/2012 MPS Telephone calls and e-mail correspondence with BillFriedman and Mark Utman to discuss the cancellationof the Sanger sale. 0.30

10/24/2012 MPS E-mail correspondence with Bill Friedman and MattPower to discuss the status of the Sangercancellation. 0.20

11/05/2012 MPS E-mail correspondence with James Armstrong todiscuss deposits into the Sanger account. 0.20

11/09/2012 MPS Telephone call with Kathleen Reneau to discuss



HOURSstatus of the Sanger sale. 0.10

12/17/2012 MPS Review the new offer for the Sanger property;discuss same with Bill Friedman. 0.20

Sanger 6.00 1,860.00

06/01/2012 MPS Review of the new offer for the Fremont lot; discusssame with Bill Friedman; review of counteroffer. 0.30

06/05/2012 MPS Telephone call and e-mail correspondence with BillFriedman as to the new counteroffer on the Seasidelot. 0.20

06/14/2012 MPS Review new counteroffer for the Seaside lot; discusssame with Bill Friedman. 0.40

06/18/2012 MPS Review the new sale agreement for the Seaside lot. 0.20

07/06/2012 MPS E-mail correspondence with Bill Friedman to discussthe status of the Seaside sale. 0.20

07/10/2012 MPS Telephone call with Bill Friedman to discuss theSeaside extension request; discuss the status of thesite inspections and issues with title. 0.30

07/12/2012 MPS E-mail correspondence with Jeff Kandel and MelMcColloch to discuss the status of the Seaside CC&Rsand if they were ever completed; research documentson the project from the document room to assist withthe Joseph Kim agreement removal. 1.30

07/13/2012 MPS Follow-up correspondence with Jeff Kandel and MelMcColloch to discuss findings as to the Seasideproject. 0.30

07/16/2012 MPS Continue correspondence with Jeff Kandel to discussthe Joseph Kim agreement on the title for theSeaside lot; discuss if the contract could be voidedby the trustee. 0.20

07/20/2012 MPS E-mail correspondence with Jeff Kandel to discussthe Seaside issues with the title. 0.20

07/24/2012 MPS Telephone calls with Jeff Kandel and Bill Friedmanto discuss the lien issue on the Seasidedevelopment; discuss what is needed in order toassist with the removal of the agreement on title. 0.70

MPS E-mail correspondence with Mel McColloch to discussthe status of the Seaside sale and what is neededfrom the county as to the old plans for the site. 0.20

07/25/2012 MPS E-mail correspondence with Mel McColloch to discussthe Seaside sale and information from the city as tothe old plan being cancelled. 0.30

07/27/2012 MPS Telephone call with Jeff Kandel and Bill Friedman tofurther discuss the Seaside project and the solutionto remove the Joseph Kim agreement on title. 0.60

08/02/2012 MPS E-mail correspondence with Mel McColloch and JeffKandel to discuss and review the notice from theCity of Seaside as to the Point Project no longer



HOURSexisting. 0.30

MPS Telephone calls with Bill Friedman and Jeff Kandelto further discuss the Seaside sale and the Kimagreement that needs to be removed from the title;discuss status of sale and communication with JosephKim. 0.40

08/07/2012 MPS Telephone call and e-mail correspondence with JeffKandel and Bill Friedman to discuss the Kim signedagreement for the Seaside property. 0.30

08/08/2012 MPS Review of the revised counter-offer for the Seasideproject. 0.20

MPS Telephone call with Bill Friedman and Jeff Kandel todiscuss the issues with the Seaside buyer and needfor legal assistance. 0.20

08/09/2012 MPS E-mail correspondence with Jeff Kandel to furtherdiscuss the Seaside sale issues. 0.20

08/10/2012 MPS Telephone call with Bill Friedman and Jeff Kandel todiscuss the issues with the Seaside buyer andescrow. 0.30

08/13/2012 MPS E-mail correspondence with Jeff Kandel to discussthe Phase 1 report for the Seaside project and ifthis can be transferred to the new buyer. 0.20

08/15/2012 MPS Telephone call with Bill Friedman to discuss theSeaside agreement with Mr. Kim. 0.20

08/16/2012 MPS E-mail correspondence with Antonia Delgado and BillFriedman as to the Seaside sale and the payment tothe previous buyer for the Phase 1 report. 0.30

08/20/2012 MPS Review of letter from Seaside buyer as to changes inthe sale agreement; discuss same with Bill Friedmanand Jeff Kandel. 0.50

08/21/2012 MPS E-mail correspondence with Bill Friedman and TomJeremiassen to discuss the Seaside sale. 0.30

08/22/2012 MPS Review of the revised Seaside counter-offer; discusssame with Bill Friedman. 0.20

08/28/2012 MPS Telephone call with Jeff Kandel to discuss theSeaside sale, as well as prepare for our call withLarry Gabriel. 0.30

08/31/2012 MPS E-mail correspondence with Jeff Kandel as to thestatus of the Seaside buyer and how they haven'treturned their signed agreement. 0.20

09/05/2012 MPS E-mail correspondence with Bill Friedman and JeffKandel to further discuss the timing of the saleagreement signatures for the Seaside lot. 0.20

09/07/2012 MPS Telephone call with Jeff Kandel to discuss theissues with the Seaside buyer and his communicationwith the new potential buyer. 0.30

09/12/2012 MPS E-mail correspondence with Jeff Kandel and Bill



HOURSFriedman to discuss the status of the Seasideagreement. 0.20

09/14/2012 MPS Telephone call and e-mail correspondence with BillFriedman, Jeff Kandel and Joseph Kim to discuss thestatus of the Seaside agreement; review of contract. 0.30

09/17/2012 MPS E-mail correspondence with Jeff Kandel regardingPhase II testing at the Seaside site. 0.30

09/18/2012 MPS Review the AEI contract to test the Seasideproperty; discuss issues with Bill Friedman. 0.30

09/20/2012 MPS E-mail correspondence with Bill Friedman, JeffKandel and Tom Jeremiassen as to the AEI contract totest the Seaside site. 0.30

09/28/2012 MPS Telephone call with Jeff Kandel and Bill Friedman todiscuss the status of the Seaside buyer and Phase IIrequest. 0.20

10/11/2012 MPS Telephone call with Bill Friedman to discuss theSeaside inspection as well as the Pocket Roadcancellation. 0.40

10/22/2012 MPS E-mail correspondence with Jeff Kandel to furtherdiscuss the Seaside sale and communication with Mr.Kim. 0.20

10/31/2012 MPS E-mail correspondence with Jeff Kandel to discussthe status of the Seaside buyer. 0.20

11/07/2012 MPS E-mail correspondence with Mel McColloch to discussthe Seaside issue and inspection. 0.20

11/08/2012 MPS Review the proposal to clean up the Seaside propertyand remove the underground tank; discuss same withMel McColloch and Jeff Kandel. 0.30

11/13/2012 MPS E-mail correspondence with Jeff Kandel and TomJeremiassen to discuss the Seaside property andissues with the storage tank. 0.20

11/21/2012 MPS Telephone conference call with Dave Juhnke, JeffKandel, Cia Mackle and Tom Jeremiassen to discussthe Seaside property and the environmental concernswith the property; discuss possible abandonment. 0.60

MPS E-mail correspondence with Mel McColloch to discussthe Seaside property and the need for hisinspections and review on the underground tankissue. 0.40

11/23/2012 MPS Review the Phase II report for the Seaside property;discuss same with Mel McColloch. 1.10

11/27/2012 MPS E-mail correspondence with Mel McColloch to furtherdiscuss the Seaside issues. 0.30

12/06/2012 MPS Review of lengthy report from Mel McColloch as tothe Seaside project and the underground storagetanks; e-mail correspondence with Jeff Kandel, TomJeremiassen, Cia Mackle and Dave Juhnke regarding



HOURSsame. 0.80

12/07/2012 MPS E-mail correspondence with Jeff Kandel and TomJeremiassen to further discuss the issues with theSeaside property and the potential distribution ifsold. 0.20

12/12/2012 MPS E-mail correspondence with Mel McColloch to furtherdiscuss the status of the Seaside property andrequest to find an as-is buyer. 0.20

Seaside 16.70 5,177.00

06/12/2012 MPS Prepare letters to investors that never responded tothe original sale documents for the Spruce Streetloans; prepare new copies of the various exhibits,as well as the updated settlement agreement thatneeds to be returned; prepare and mail out investorpackages. 1.20

Spruce Street 1.20 372.00

06/13/2012 MPS Prepare letters to investors that never responded tothe original sale documents for various Squaw Creekloans; prepare new copies of the various exhibits,as well as the updated settlement agreement thatneeds to be returned; prepare and mail out investorpackages. 1.50

Squaw Creek 1.50 465.00

06/28/2012 MPS Prepare letters to investors that never responded tothe original sale documents for The Bungalows lotloans; prepare new copies of the various exhibits,as well as the updated settlement agreement thatneeds to be returned; prepare and mail out investorpackages. 1.10

The Bungalows 1.10 341.00

06/01/2012 MPS Review of the new offer for the Tierra Vistasubdivision; telephone call and e-mailcorrespondence with Bill Friedman to discuss thecounteroffer. 0.40

06/11/2012 MPS Review of counteroffer on the Tierra Vistasubdivision; telephone call with Bill Friedman todiscuss same. 0.30

06/27/2012 MPS Telephone calls with Bill Friedman to discuss theDinuba and Tierra Vista offers and counteroffers. 0.30

06/28/2012 MPS E-mail correspondence with Mel McColloch as to theTierra Vista piping and payment of sales tax. 0.20

07/17/2012 MPS E-mail correspondence with Bill Friedman to discussthe status of the Tierra Vista buyer. 0.20

08/07/2012 MPS Telephone call with Bill Friedman to discuss thestatus of the Tierra Vista buyer. 0.20

08/09/2012 MPS Prepare sale exhibits and other related documentsfor the Dinuba sale; e-mail correspondence withJames Armstrong regarding the same. 0.30



HOURS08/10/2012 MPS Prepare additional sale documents for the Dinuba

sale; e-mail correspondence with Cia Mackleregarding the same. 0.20

08/22/2012 MPS Review of new offer and counter-offer for the TierraVista subdivision; discuss same with Bill Friedman. 0.30

08/23/2012 MPS Review of the Tierra Vista counter-offer; discusssame with Bill Friedman. 0.30

08/27/2012 MPS Review the new offer for the Tierra Vistasubdivision; review counteroffer and discuss samewith Bill Friedman. 0.30

08/29/2012 MPS Review the new counteroffer for the Tierra Vistasubdivision; discuss same with Bill Friedman. 0.30

08/31/2012 MPS Review the new offer for the Tierra Vistasubdivision; review counteroffer and discuss samewith Bill Friedman. 0.30

09/04/2012 MPS Review the new counteroffer for the Tierra Vistasubdivision; telephone call with Bill Friedman todiscuss same. 0.40

09/05/2012 MPS E-mail correspondence with Tom Jeremiassen and BillFriedman to discuss the new agreement for the TierraVista subdivision. 0.20

09/06/2012 MPS Telephone call and e-mail correspondence with BillFriedman and Tom Jeremiassen to discuss the TierraVista sale. 0.20

09/11/2012 MPS E-mail correspondence with Bill Friedman regardingthe Tierra Vista escrow cancellation. 0.20

09/13/2012 MPS Telephone call with Bill Friedman to discuss theTierra Vista cancellation and the need to have asigned amendment with the escrow. 0.10

10/08/2012 MPS Review of new offer and counteroffer for the TierraVista subdivision. 0.20

10/09/2012 MPS Telephone call with Bill Friedman to further discussthe Tierra Vista counteroffer and the materials thatare included with this sale. 0.20

10/22/2012 MPS Telephone call and e-mail correspondence with BillFriedman to discuss the Dinuba counteroffer andlanguage adjustments. 0.30

10/23/2012 MPS E-mail correspondence with Bill Friedman to discussthe amendment for the Tierra Vista sale documents. 0.20

10/31/2012 MPS Telephone call with Bill Friedman to discuss thestatus of the Tierra Vista sale documents, as wellas the response from the Pierce buyers as to theirtitle concerns. 0.30

11/02/2012 MPS Review the final offers for the Tierra Vista andPocket Road properties; e-mail correspondence withTom Jeremiassen and Bill Friedman regarding same. 0.30



HOURS

11/05/2012 MPS Review the new offer for the Tierra Vista property;e-mail correspondence with Bill Friedman and TomJeremiassen regarding same. 0.20

11/21/2012 RJD Telephone conversation with Dan Avila Tierraregarding Vista property MLS and comparables. 0.20

11/28/2012 MPS E-mail correspondence with Bill Friedman to discussthe status of the Tierra Vista buyer and possiblecancellation. 0.20

11/29/2012 RJD Review and calculate the loan reconciliation;prepare an analysis summary for the Tierra Vistaloans. 4.00

12/10/2012 MPS Telephone call and e-mail correspondence with BillFriedman to discuss the status of the Tierra Vistaproperty and the new offer. 0.30

12/11/2012 MPS Review of the counteroffers for the Tierra Vistasubdivision; discuss same with Bill Friedman. 0.30

12/13/2012 MPS Review of the signed sale agreement for the TierraVista subdivision; e-mail correspondence with BillFriedman and Tom Jeremiassen regarding same. 0.20

12/18/2012 RJD Prepare and review real estate sales packets. 3.80

12/27/2012 MPS Review the title report for the Tierra Vistasubdivision; discuss issues with Bill Friedman andescrow. 0.50

Tierra Vista Subdivision 15.90 3,849.00

06/12/2012 MPS Prepare letters to investors that never responded tothe original sale documents for the Tiffani Hughesloan; prepare new copies of the various exhibits, aswell as the updated settlement agreement that needsto be returned; prepare and mail out investorpackages. 1.00

Tiffini Hughes 1.00 310.00

06/01/2012 MPS Telephone calls with investors in the Victorvilleloan to discuss the grant deed documents and discussthe status of the property. 0.70

MPS E-mail correspondence with Christine Velarde toschedule notary services for the Victorvilleinvestors. 0.30

MPS Telephone call with Tom Jeremiassen to discuss thestatus of calls from investors on the Victorvillesale. 0.20

06/05/2012 MPS Telephone calls with investors in the Victorvilleloan to discuss the grand deed documents andpotential sale of the property. 0.70

06/08/2012 MPS Telephone calls with investors in the Victorvilleloan to discuss the grant deed and various saledocuments they received. 0.50

06/11/2012 MPS Review of signed grant deeds and investor documents



HOURSfor the Victorville sale; communication withinvestors to discuss the sale. 0.80

MPS Telephone call with Bill Friedman to discuss thestatus of the Victorville escrow and the finalcounteroffer from the trustee; discuss the depositfrom the buyer and how this will be lost if hewalks. 0.30

06/15/2012 MPS Telephone calls with investors to discuss theVictorville paperwork received and deed transfers. 0.40

06/21/2012 MPS E-mail correspondence with Tom Gallardo to discussthe status of his paperwork for the Victorvillesale. 0.20

MPS Review 29 of the signed grant deed and saledocuments for the Victorville escrow; e-mailcorrespondence with Antonia Delgado and BillFriedman as to the progress; prepare FedEx to senddocuments to escrow. 1.20

06/27/2012 MPS Telephone call and e-mail correspondence with LisaIrot and Bill Friedman to discuss the lien releasesthat need to be recorded for the Victorvilleproperty. 0.30

06/28/2012 MPS E-mail correspondence with Antonia Delgado, LisaIrot and Gina Axsom to discuss the Victorvillemechanic lien releases. 0.30

07/09/2012 MPS Review the newly-received grant deed and saledocuments from Victorville investors; discuss statuswith Antonia Delgado. 1.30

07/17/2012 MPS E-mail correspondence with Antonia Delgado todiscuss the Victorville sale and the need for newgrant deed packets for missing investors. 0.20

07/27/2012 MPS E-mail correspondence with Christine Velarde todiscuss her notary services to assist with theVictorville sale. 0.20

07/31/2012 MPS Review of the sale documents and forms needed to befilled out by the remaining Victorville investors;discuss forms with Antonia Delgado. 0.80

08/02/2012 MPS Telephone call with investor Darrel Stinchfield todiscuss the Victorville documents and communicationwith A&A Escrow. 0.20

08/07/2012 MPS Prepare files for Mel McColloch to assist withlocating the remaining Victorville investors. 1.00

08/09/2012 MPS Telephone call with Mel McColloch to discuss hisprogress on the Victorville sale notices and issueswith certain documents being requested by escrow onthe sale. 0.30

08/13/2012 MPS E-mail correspondence with Mel McColloch to furtherdiscuss the Victorville investors that need toreturn sale documents. 0.20

MPS Telephone call with Victorville investors to discussthe possible sale. 0.30



HOURS

08/20/2012 MPS E-mail correspondence with Mel McColloch to discussthe Victorville sale documents; search trackingnumber for document status. 0.30

08/21/2012 MPS Review of the packet of signed sale documents fromvarious Victorville investors; discuss same with MelMcColloch and Antonia Delgado. 0.40

08/27/2012 MPS E-mail correspondence with Bill Friedman as to theVictorville sale and possible cancellation. 0.20

08/31/2012 MPS E-mail correspondence with Bill Friedman as to thestatus of the Victorville buyer. 0.20

09/05/2012 MPS Review the newly-received sale documents for theVictorville property; discuss same with BillFriedman. 0.30

09/06/2012 MPS E-mail correspondence with Bret Prawitt to discusscommunication with various Victorville investors tohelp move the sale forward. 0.30

09/13/2012 MPS E-mail correspondence with Jeff Kandel to discussthe issues with the Victorville buyer; review thedrafts of the demand letter and discuss same withBill Friedman. 0.80

09/17/2012 MPS E-mail correspondence with Antonia Delgado todiscuss the status of the Victorville sale andinvestor documents. 0.30

09/19/2012 MPS E-mail correspondence with Jeff Kandel to furtherdiscuss the status of the Victorville buyer andresponse to our demand to cancel or move forwardwith the sale agreement; discuss same with BillFriedman. 0.20

09/28/2012 MPS E-mail correspondence with Antonia Delgado todiscuss the status of the Victorville investors anddocuments needed to close the escrow. 0.20

10/01/2012 MPS E-mail correspondence with Antonia Delgado and CiaMackle as to the status of the Victorville buyer andsignature needed on the sale amendment. 0.20

10/11/2012 MPS Prepare the sale documents and exhibits for theVictorville sale; e-mail correspondence with JamesArmstrong regarding same. 0.30

10/12/2012 MPS E-mail correspondence with James Armstrong todiscuss the Victorville sale and the variousmechanic liens. 0.20

MPS Prepare additional sale documents for theVictorville sale; e-mail correspondence with CiaMackle regarding same. 0.20

10/24/2012 MPS Review the Victorville notice to investors; preparethe overbid instructions for the brokers and requestthe notices be e-mailed to investors. 0.60

10/29/2012 MPS Telephone call and e-mail correspondence with Tom



HOURSJeremiassen to discuss the Victorville sale andnotice to investors; discuss various investor callsreceived to-date. 0.30

10/30/2012 MPS Telephone calls with investors in the Victorvilleloan to discuss the sale proposal, as well asvarious options for distribution; discuss the issueswith the property and the low payout. 0.90

11/02/2012 MPS Telephone calls with investors to discuss status ofthe Victorville sale and the two distributionoptions. 0.70

11/07/2012 MPS Prepare the investor tally and voting report for theVictorville sale; e-mail correspondence with CiaMackle regarding same. 1.00

11/08/2012 MPS Telephone call with investor Craig Kushen to discussthe Victorville sale and payment options. 0.30

11/13/2012 MPS Telephone call with Bill Friedman to discuss thestatus of the Victorville sale and investorcommunication. 0.20

11/20/2012 MPS Review the signed sale order for the Victorvilleproperty; discuss same with Antonia Delgado. 0.20

11/26/2012 MPS Review the new sale documents for the Victorvillesale; e-mail correspondence with Antonia Delgadoregarding same. 1.10

11/30/2012 MPS Follow-up correspondence with Antonia Delgado todiscuss the Victorville sale and what documents arestill needed from investors to close the sale. 0.40

12/03/2012 MPS E-mail correspondence with Antonia Delgado and MelMcColloch to further discuss the missing documentsfrom the Victorville investors that are needed tocomplete the sale. 0.40

12/04/2012 MPS Telephone call and e-mail correspondence with MelMcColloch and Antonia Delgado to discuss theShaffner trust agreement and issues with theVictorville sale documents. 0.30

MPS Telephone call with investor Barbara Barney todiscuss the Victorville deed paperwork. 0.20

12/10/2012 MPS E-mail correspondence with Antonia Delgado todiscuss the final documents needed from investorsfor the Victorville sale. 0.20

12/13/2012 MPS Review of the newly signed deeds from the finalVictorville investors; e-mail correspondence withAntonia Delgado and Mel McColloch regarding same. 0.20

12/14/2012 MPS E-mail correspondence with Antonia Delgado todiscuss the changes to the vesting title for theVictorville buyer. 0.20

12/17/2012 MPS E-mail correspondence with Antonia Delgado as to thefinal documents for the Victorville sale, as well asthe property taxes for 2013 that were paid; e-mail



HOURScorrespondence with Mel McColloch regarding theremaining documents needed. 0.30

12/21/2012 MPS E-mail correspondence with Antonia Delgado todiscuss the status of the final sale documents forthe Victorville sale. 0.20

12/26/2012 MPS E-mail correspondence with Andra Mueller and MelMcColloch to discuss the final documents needed fromthe Victorville investors to help close the escrow. 0.30

12/27/2012 MPS E-mail correspondence with Mel McColloch to discussthe status of tracking down the final Victorvilleinvestor. 0.20

Victorville 22.70 7,037.00

06/04/2012 MPS E-mail correspondence with Leslie Hopkins as to theissues with the DRE amendment for the Willow Roadsite. 0.40

06/05/2012 MPS Telephone call with Leslie Hopkins to discuss theWillow Road DRE issues; e-mail correspondence withMel McCollogh and Tom Jeremiassen regarding same;review of the amendment application. 0.30

MPS Review of and finalize the sales packets for theWillow Road and Alan Little Lot 15 escrows; e-mailcorrespondence with Rose Jane Delarosa and TomJeremiassen regarding same. 0.90

06/06/2012 MPS E-mail correspondence with Leslie Hopkins and TomJeremiassen to discuss the Willow Road DRE amendmentand documents needed. 0.30

06/12/2012 MPS Telephone call with Bill Friedman to discuss thesale agreement for the Willow Road site; discuss theDRE approval for the individual lots and if thatform is needed to be signed. 0.20

MPS Review the revised DRE amendment for the Willow Roadsite; e-mail correspondence with Leslie Hopkins todiscuss same. 0.40

06/13/2012 MPS E-mail correspondence with Tom Jeremiassen as tocommunication received from investor Tom Schultheison the Willow Road sale. 0.20

06/19/2012 MPS Prepare brief analysis on the Willow Road propertyand escrow for discussion with the trustees. 0.50

06/25/2012 MPS Review the amended public report for the Willow Roadsubdivision from Leslie Hopkins. 0.30

MPS Review the broker report as to the Willow Roadescrow to support the current sale price and localcomps. 0.50

06/27/2012 MPS Review the revised broker report for the Willow Roadsubdivision; discuss same with Tom Jeremiassen andBill Friedman. 0.40

07/13/2012 MPS Telephone call with Bill Friedman to discuss thestatus of the Willow Road buyers and escrow movingforward. 0.20

MPS Prepare Exhibit A checklist and other sale-related



HOURSdocuments for the Willow Road sale; e-mailcorrespondence with James Armstrong regarding same. 0.50

07/23/2012 MPS E-mail correspondence with Tom Jeremiassen todiscuss the status of the Willow Road sale. 0.20

07/24/2012 MPS E-mail correspondence with Antonia Delgado torequest the status of the recorded assignmentcopies. 0.20

07/25/2012 MPS Prepare summary of proposed recorded assignments forthe Willow Road site; e-mail correspondence withAntonia Delgado regarding same. 0.30

07/30/2012 MPS E-mail correspondence with Antonia Delgado todiscuss the Willow Road assignments. 0.30

08/07/2012 MPS E-mail correspondence with Tom Jeremiassen todiscuss the timing as to the Willow Road notice andif comments have been received from thesub-committee. 0.20

MPS E-mail correspondence with Cia Mackle to provide thefinal documents for the Willow Road sale notice. 0.30

08/16/2012 MPS Telephone calls with investors in the Willow Roadloan to discuss the sale and proposed distribution. 0.50

08/17/2012 MPS E-mail correspondence with Jeff Kandel to discussand provide the broker opinion on the Willow Roadproperty to support our current sale. 0.20

08/20/2012 MPS Telephone calls with investors in the Willow Roadloans to discuss the sale and proposeddistributions. 0.60



08/23/2012 MPS E-mail correspondence with investor Sherri Bell todiscuss the Willow Road property and title concerns. 0.20

MPS Telephone call with Bill Friedman to discuss thestatus of the Willow Road sale. 0.30

MPS Telephone calls with investors in the Willow Roadloans to discuss the sale and proposeddistributions. 0.30

08/24/2012 MPS E-mail correspondence with Jeff Kandel and TomJeremiassen as to the status of the Willow Road saleand votes. 0.20

MPS E-mail correspondence with Larry Gabriel, JeffKandel and Tom Jeremiassen to discuss settingschedule to discuss the Willow Road sale and thecommittee's objection to the sale. 0.30

08/27/2012 MPS Telephone call and e-mail correspondence with BillFriedman to discuss the possible overbid for theWillow Road subdivision. 0.20



HOURSMPS E-mail correspondence with Jeff Kandel to provide

the BPO and other property-related documents for theWillow Road subdivision. 0.30

MPS Review the Willow Road overbid contract; discusssame with Jeff Kandel and Tom Jeremiassen. 0.20

08/28/2012 MPS Telephone conference call with Jeff Kandel and LarryGabriel to discuss the Willow Road property andlisting; discuss the committee's objection to thesale and how this may change; discuss the history ofthe listing and offers to-date. 0.50

MPS Review the overbidder's declarations for the WillowRoad sale; e-mail correspondence with Cia Mackle andBill Friedman regarding same. 0.20

08/29/2012 MPS Review the revised Willow Road declarations; discusssame with Cia Mackle and Bill Friedman. 0.20

MPS Review of marketing materials and other documentsrequested by Larry Gabriel and the committee toevaluate the Willow Road sale; e-mail correspondencewith Jeff Kandel regarding same. 0.60

08/30/2012 MPS E-mail correspondence with Sherri Bell regarding herchange of vote on the Willow Road sale; e-mailcorrespondence with Jeff Kandel and Tom Jeremiassenregarding same. 0.20

MPS Telephone call with Tom Jeremiassen to discuss thestatus of the Willow Road sale and the committee'sdecision not to object to the sale. 0.20

MPS E-mail correspondence with Cia Mackle to discuss theminimum overbid for the Willow Road sale and noticeto the court. 0.20

MPS Prepare a summary of investors that have notreturned their voting instructions; e-mailcorrespondence with Mel McColloch to requestassistance in locating these investors to requesttheir voting instructions. 0.30

08/31/2012 MPS E-mail correspondence with Bill Friedman as to theoverbid hearing for the Willow Road sale. 0.10

MPS Review new votes for the Willow Road sale; e-mailcorrespondence with Jeff Kandel, Tom Jeremiassen andCia Mackle as to the updated status. 0.30

09/04/2012 MPS E-mail correspondence with Sherri Bell to discussthe status of the Willow Road sale. 0.20

MPS Update the Willow Road sales tally; e-mailcorrespondence with Jeff Kandel regarding same. 0.20

09/05/2012 MPS Prepare the updated investor voting for the Maderaand Willow Road sales; discuss the overbids receivedfor both sales and the court date for the auctions. 0.50

09/07/2012 MPS E-mail correspondence with Sherri Bell to discussthe status of the Willow Road sale. 0.20

09/10/2012 MPS Telephone calls with investors in the Willow Roadloan to discuss the sale and overbid auction. 0.40

09/12/2012 MPS Review the updated list of investor address andcontact information from Mel McColloch regarding theWillow Road investors; e-mail correspondence with



HOURSScott Ewing to request the updates. 0.20

MPS Telephone call and e-mail correspondence with BillFriedman to discuss the new potential overbidder forthe Willow Road subdivision. 0.30

09/13/2012 MPS Update the Willow Road votes and settlementagreements received. 0.30

09/14/2012 MPS Telephone call with Jeff Kandel to discuss thepossible investor overbid for the Willow Roadproperty; discuss same with Bill Friedman. 0.30

09/19/2012 MPS Telephone call and e-mail correspondence with BillFriedman and Matt Power to discuss the status of theWillow Road sale and new overbidder. 0.30

09/20/2012 MPS Telephone calls with Bill Friedman and Jeff Kandelto discuss the third overbidder for the Willow Roadproperty. 0.40

09/21/2012 MPS Review the materials from the new Willow Roadoverbidder. 0.40

09/24/2012 MPS E-mail correspondence with Jeff Kandel and AntoniaDelgado to discuss the legal titles to be used forthe Willow Road sale order. 0.20

09/28/2012 MPS Telephone call and e-mail correspondence with BillFriedman and Antonia Delgado to discuss the WillowRoad sale and the buyer's request to postpone theclosing. 0.30

10/11/2012 MPS E-mail correspondence with Antonia Delgado torequest the return of deposits from the Willow Roadbuyers that did not succeed at the auction. 0.20

10/12/2012 MPS Review of the final closing statement for the WillowRoad sale; discuss with Antonia Delgado as to themissing payment to AAFS. 0.20

MPS Prepare final tally of investor votes for the WillowRoad sale; e-mail correspondence with Jessica Maoand James Armstrong to request distributions. 0.40

10/15/2012 MPS E-mail correspondence with James Armstrong as to thereturn of deposit for the Willow Road overbidderswho did not win the sale. 0.20

10/26/2012 MPS E-mail correspondence with James Armstrong andAntonia Delgado as to the return of the Willow Roadoverbidder deposit. 0.20

10/30/2012 MPS E-mail correspondence with Sherri Bell to discussthe Willow Road distribution. 0.10

10/31/2012 MPS E-mail correspondence with Tom Schultheis, TomJeremiassen and James Armstrong to discuss thestatus of payment for the Willow Road loans. 0.30

11/13/2012 MPS E-mail correspondence with James Armstrong todiscuss the status of payments on the Willow Roadsale. 0.20

Willow Road 19.70 6,107.00



HOURS

06/12/2012 MPS E-mail correspondence with John Mussell to discussthe status of the Winslow sale. 0.20

07/03/2012 MPS Prepare investor voting tally for the Winslow lot;e-mail correspondence with Cia Mackle to request thesale order. 0.30

07/23/2012 MPS Review the Winslow Homeowners Association invoice;discuss same with Antonia Delgado. 0.20

MPS E-mail correspondence with Antonia Delgado todiscuss the Homeowners Association invoice receivedfor the Winslow lot. 0.20

07/27/2012 MPS Prepare the tally of investor settlement agreementsfor the final Winslow sale; e-mail correspondencewith Jessica Mao and James Armstrong regarding thesame and requested investor distributions. 0.40

Winslow 1.30 403.00

09/07/2012 MPS E-mail correspondence with Matt Power and MelMcColloch to discuss the potential buyer for theTempleton Mixed Use site. 0.30

11/02/2012 MPS Review the notice as to requested easement for theTempleton Mixed Use property; discuss with MelMcColloch to find more information. 0.40

11/06/2012 MPS E-mail correspondence with Mel McColloch to discussthe easement request for the Templeton Mixed UseSite and his investigation. 0.30

11/15/2012 MPS E-mail correspondence with Tom Jeremiassen todiscuss the inspection of the Templeton mixed useproperty. 0.30

Templeton Mixed Use 1.30 403.00

FOR THE FOREGOING PROFESSIONAL SERVICES RENDERED: 502.20 146,601.50

RECAPITULATIONCONSULTANT HOURS HOURLY RATE TOTALM. P. Sorenson 33.50 $155.00 $5,192.50M. P. Sorenson 439.90 310.00 136,369.00R. J. Delarosa 28.80 175.00 5,040.00

TOTAL CURRENT WORK 146,601.50

BALANCE DUE $146,601.50


EXHIBIT B


Date: 01/07/2013 Detail Cost Transaction File List Page: 1Development Specialists, Inc.

Trans H B Tcode/Client Date Cons P C Task Code Rate Amount

Tcode 61 Delivery Charges10387.00 06/15/2012 P 61 18.80 Delivery Charges - Tom Jeremiassen (Fedex - Ck#9978)

Estate Financial, Inc.10387.00 06/21/2012 P 61 20.84 Delivery Charges - Antonia Delgado (Fedex - Ck#10094)



Estate Financial, Inc.10387.00 08/08/2012 P 61 13.07 Delivery Charges - Antonia Delgado (Fedex - Inv. No.

7-988-93093)Estate Financial, Inc.

10387.00 08/21/2012 P 61 13.07 Delivery Charges - Antonia Delgado (Fedex - Ck#10370)Estate Financial, Inc.


10387.00 09/11/2012 P 61 13.25 Delivery Charges - Matt Sorenson from Mel McColloch (Fedex -Ck#10460)Estate Financial, Inc.


10387.00 09/25/2012 P 61 13.25 Delivery Charges - Tom Jeremiassen (Fedex - Ck#10542)Estate Financial, Inc.


Total for Tcode 61 Billable 161.98 Delivery Charges

Tcode 63 Photocopy Charges10387.00 06/30/2012 P 63 4.65 Photocopy Charges - San Francisco (June 2012 - 31 @$0.15)

Estate Financial, Inc.10387.00 06/30/2012 P 63 187.95 Photocopy Charges - LA (June 2012 - 1253 @$0.15)

Estate Financial, Inc.10387.00 07/31/2012 P 63 2.70 Photocopy Charges - San Francisco (July 2012 - 18 @$0.15)

Estate Financial, Inc.10387.00 07/31/2012 P 63 49.80 Photocopy Charges - LA (July 2012 - 332 @$0.15)

Estate Financial, Inc.10387.00 07/31/2012 P 63 0.15 Photocopy Charges - Chicago (July 2012 - 1 @$0.15)

Estate Financial, Inc.10387.00 08/31/2012 P 63 0.90 Photocopy Charges - LA (August 2012 - 6 @$0.15)

Estate Financial, Inc.10387.00 08/31/2012 P 63 0.15 Photocopy Charges - Chicago (August 2012 - 1 @$0.15)

Estate Financial, Inc.10387.00 09/30/2012 P 63 28.35 Photocopy Charges - LA (Sept. 2012 - 189 @$0.15)

Estate Financial, Inc.10387.00 09/30/2012 P 63 0.30 Photocopy Charges - Chicago (Sept. 2012 - 2 @$0.15)

Estate Financial, Inc.10387.00 10/31/2012 P 63 0.75 Photocopy Charges - Chicago (October 2012 - 5 @$0.15)

Estate Financial, Inc.10387.00 10/31/2012 P 63 11.10 Photocopy Charges - LA (October 2012 - 74 @$0.15)

Estate Financial, Inc.10387.00 10/31/2012 P 63 6.75 Photocopy Charges - San Francisco (October 2012 - 45 @$0.15)

Estate Financial, Inc.10387.00 11/30/2012 P 63 2.70 Photocopy Charges - San Francisco (November 2012 - 18 @$0.15)

Estate Financial, Inc.10387.00 11/30/2012 P 63 1.20 Photocopy Charges - LA (November 2012 - 8 @$0.15)

Estate Financial, Inc.10387.00 11/30/2012 P 63 1.05 Photocopy Charges - Chicago (November 2012 - 7 @$0.15)

Estate Financial, Inc.10387.00 12/31/2012 P 63 3.30 Photocopy Charges - LA (December 2012 - 22 @$0.15)

Estate Financial, Inc.

Total for Tcode 63 Billable 301.80 Photocopy Charges

Tcode 65 Postage10387.00 06/30/2012 P 65 235.65 Postage - LA (June 2012)

Estate Financial, Inc.10387.00 07/31/2012 P 65 71.80 Postage - LA (July 2012)

Estate Financial, Inc.10387.00 08/31/2012 P 65 3.80 Postage - LA (August 2012)

Estate Financial, Inc.10387.00 09/30/2012 P 65 37.80 Postage - LA (Sept. 2012)

Estate Financial, Inc.10387.00 10/31/2012 P 65 0.90 Postage - LA (October 2012)

Estate Financial, Inc.10387.00 11/30/2012 P 65 1.80 Postage - LA (November 2012)

Estate Financial, Inc.10387.00 12/31/2012 P 65 3.95 Postage - LA (December 2012)


Total for Tcode 65 Billable 355.70 Postage

Tcode 68 Meals10387.00 09/21/2012 62 P 68 7.85 Meals - Expense report for week ending 09/21/2012 (Matt

Sorenson - Ck#10534)Estate Financial, Inc.

10387.00 09/28/2012 62 P 68 6.98 Meals - Expense report for week ending 09/28/2012 (MattSorenson - Ck#10534)Estate Financial, Inc.

10387.00 10/12/2012 P 68 7.85 Meals - Expense report for week ending 10/12/2012 (MattSorenson - Ck#10678)Estate Financial, Inc.

Total for Tcode 68 Billable 22.68 Meals

Tcode 71 Transportation10387.00 06/29/2012 62 P 71 133.20 Transportation - Expense report for week ending 06/29/2012

(Matt Sorenson - Ck#10044)Estate Financial, Inc.

10387.00 08/03/2012 62 P 71 133.20 Transportation - Expense report for week ending 08/03/2012(Matt Sorenson - Ck#10261)Estate Financial, Inc.


Date: 01/07/2013 Detail Cost Transaction File List Page: 2Development Specialists, Inc.

Trans H B Tcode/Client Date Cons P C Task Code Rate Amount

Tcode 71 Transportation10387.00 08/31/2012 62 P 71 138.75 Transportation - Expense report for week ending 08/31/2012

(Matt Sorenson - Ck#10362)Estate Financial, Inc.

10387.00 09/21/2012 62 P 71 138.75 Transportation - Expense report for week ending 09/21/2012(Matt Sorenson - CK#10534)Estate Financial, Inc.



Total for Tcode 71 Billable 954.60 Transportation

Tcode 72 Long Distance Telephone10387.00 06/10/2012 P 72 0.43 Long Distance Telephone - LA (AT&T - Ck#9941)

Estate Financial, Inc.10387.00 07/06/2012 P 72 86.60 Long Distance Telephone - Pacer Service Center (Ck#10170)

Estate Financial, Inc.10387.00 07/10/2012 P 72 2.40 Long Distance Telephone - LA (AT&T - Ck#10145)




Estate Financial, Inc.10387.00 11/16/2012 P 72 69.10 Long Distance Telephone - Pacer Service Center (Ck#10699)



Total for Tcode 72 Billable 162.80 Long Distance Telephone

GRAND TOTALS

Billable 1,959.56


EXHIBIT C


Matthew P. Sorenson

Professional Qualifications

Mr. Sorenson joined the professional staff of DSI in December 2000, in the Los Angeles office. Mr. Sorenson’s areas of expertise include operational and human resource management, budgeting and schedules, cash management, preferential and fraudulent transfer analysis, tangible asset valuation, intellectual property sales, estate closures, and final collections of remaining estate accounts receivable.

Since joining DSI, Mr. Sorenson has been directly involved in assisting senior level consultants with the onsite management and wind down operations in a number of matters. Mr. Sorenson was most recently tasked as the senior project manager in the Estate Financial Inc./Estate Financial Mortgage Fund, LLC bankruptcy where he is in charge of the disposition of the estates’ distressed real estate assets throughout California for the chapter 11 trustees. He was also appointed Chief Financial Officer in the wind down of the Rehabilitation Institute at Santa Barbara, an inpatient medical rehabilitation facility, and has been integrally involved with the post-confirmation liquidating trusts of USA Commercial Mortgage which was at that time the single largest bankruptcy filed in the state of Nevada, Horizon Natural Resources, and Vista Hospital Systems, Inc. (French Hospital Medical Center, Arroyo Grande Community Hospital, and Corona Regional Medical Center).

Mr. Sorenson has also been involved in a wide variety of out of court liquidations and assignments for the benefit of creditors. Some of these cases include American Dental Supply, Capital Coin, CHL Mortgage, Cue Paging Corp., Dillingham Construction, Industrial Electric Manufacturing, Medical Self Care, Inc., Morgan Confections Co., Pasadena Paper, Smith Environmental Co., and Wingcast LLC.

Prior to joining DSI, Mr. Sorenson’s professional experiences include an internship at Luthi Engineering for two years where he was primarily responsible for implementing the AutoCad standards related to machinery for the Food Service Industry. He was also appointed to the Senior Engineers Special Project Team where priorities included the restructuring of mechanical data sheets and the implementation of dated drawing materials to usable applications.

Mr. Sorenson received his Bachelor’s Degree from the University of Arizona in Economics with a minor in Business Administration. He is a member of the American Bankruptcy Institute, California Receivers Forum, Turnaround Management Association, and the California Bankruptcy Forum.


Rose Jane Delarosa

Professional Qualifications Rose Jane Delarosa joined DSI’s San Francisco office in 2005. Ms. Delarosa provides financial analysis and accounting expertise in areas that include claims and analysis, creditor distributions, preference analysis, wind-down of operations and payroll, sales and other tax-related issues. She has direct experience in all types of insolvency proceedings including Chapter 7 and Chapter 11 bankruptcy cases, receiverships, assignments for the benefit of creditors and creditors’ trusts. Her DSI portfolio includes Dillingham Trust, Paige’s Security Services, Aladdin Creditors’ Trust, Condor Systems, Michael J Schneider and 3dfx Interactive, Inc. Previous to DSI, Ms. Delarosa focused in the consumer banking and hospitality business sectors as account manager and reservations manager, respectively, Ms. Delarosa had extensive experience in managing complex business situations with high profile clientele. She was responsible for managing the processes in the business customer interface. Her specific role was to provide the business services to the customers accomplishing technical and human factor objectives as specified by the company. An example of using her accounting background to achieve a technical company goal was to perform month end financial analysis reports and balance daily workload activities for various departments within the respective companies. Exceeding customer expectations well within the requirements of the company was the norm. The result of her technical skill and behavior allowed her to cultivate a loyal client base while achieving and protecting company interests. Ms. Delarosa received her Bachelor of Science degree in accounting from the University of San Agustin, Philippines. She is fluent in English, Tagalog and Hiligaynon.


This form is mandatory. It has been approved for use by the United States Bankruptcy Court for the Central District of California.

June 2012 F 9013-3.1.PROOF.SERVICE

PROOF OF SERVICE OF DOCUMENT I am over the age of 18 and not a party to this bankruptcy case or adversary proceeding. My business address is:

Pachulski Stang Ziehl & Jones LLP, 10100 Santa Monica Blvd., 13th Floor, Los Angeles, CA 90067 A true and correct copy of the foregoing document entitled (specify): EIGHTH INTERIM APPLICATION FOR COMPENSATION AND REIMBURSEMENT OF FEES AND EXPENSES OF DEVELOPMENT SPECIALISTS, INC., THE FINANCIAL ADVISOR TO THE CHAPTER 11 TRUSTEE; DECLARATIONS OF MATTHEW P. SORENSON AND THOMAS P. JEREMIASSEN IN SUPPORT THEREOF will be served or was served (a) on the judge in chambers in the form and manner required by LBR 5005-2(d); and (b) in the manner stated below: 1. TO BE SERVED BY THE COURT VIA NOTICE OF ELECTRONIC FILING (NEF): Pursuant to controlling General Orders and LBR, the foregoing document will be served by the court via NEF and hyperlink to the document. On (date) January 14, 2013, I checked the CM/ECF docket for this bankruptcy case or adversary proceeding and determined that the following persons are on the Electronic Mail Notice List to receive NEF transmission at the email addresses stated below:

See NEF for confirmation of electronic transmission to the U.S. Trustee and any trustee in this case, and to any attorneys who receive service by NEF.

Service information continued on attached page 2. SERVED BY UNITED STATES MAIL: On (date) January 14, 2013, I served the following persons and/or entities at the last known addresses in this bankruptcy case or adversary proceeding by placing a true and correct copy thereof in a sealed envelope in the United States mail, first class, postage prepaid, and addressed as follows. Listing the judge here constitutes a declaration that mailing to the judge will be completed no later than 24 hours after the document is filed. Service information continued on attached page 3. SERVED BY PERSONAL DELIVERY, OVERNIGHT MAIL, FACSIMILE TRANSMISSION OR EMAIL (state method for each person or entity served): Pursuant to F.R.Civ.P. 5 and/or controlling LBR, on (date) January 14, 2013, I served the following persons and/or entities by personal delivery, overnight mail service, or (for those who consented in writing to such service method), by facsimile transmission and/or email as follows. Listing the judge here constitutes a declaration that personal delivery on, or overnight mail to, the judge will be completed no later than 24 hours after the document is filed. Via Federal Express The Honorable Robin Riblet United States Bankruptcy Court Central District of California 1415 State Street Santa Barbara, CA 93101 Service information continued on attached page I declare under penalty of perjury under the laws of the United States that the foregoing is true and correct. January 14, 2013 Megan Wertz /s/ Megan Wertz Date Printed Name Signature




1. SERVED VIA NEF

Franklin C Adams [email protected], [email protected];[email protected];[email protected]

William C Beall , [email protected];[email protected] Mark Bradshaw [email protected] Martin J Brill [email protected] James L Brunello [email protected] Christopher Celentino [email protected] Jerome S Cohen [email protected] Caroline Djang [email protected] Joseph A Eisenberg [email protected] John D. Faucher [email protected], [email protected] Brian D Fittipaldi [email protected] John W Fricks [email protected] Larry W Gabriel [email protected] Thomas M Geher [email protected] Philip J Giles [email protected] David Gould [email protected] Matthew Grimshaw [email protected] Jacqueline A Gruber [email protected] Steven T Gubner [email protected], [email protected] Ralph P Guenther [email protected] David R Haberbush [email protected] Asa S Hami [email protected] Thomas P Jeremiassen (TR) [email protected] David A Juhnke [email protected] Brian M Kandel [email protected] Jeffrey L Kandel [email protected] Mark J Krone [email protected], [email protected];[email protected] Lewis R Landau [email protected] rene Lastreto [email protected] John T Madden [email protected] Samuel R Maizel [email protected], [email protected] Frank F McGinn [email protected] Alexis M McGinness [email protected], [email protected];[email protected] Krikor J Meshefejian [email protected] Dawn A Messick [email protected] Craig Millet [email protected], [email protected];[email protected] Jennifer L Nelson [email protected] Jeffrey P Nolan [email protected] Robert B Orgel [email protected], [email protected] David M Poitras [email protected] Dean G Rallis Jr [email protected] Edwin J Rambuski [email protected], [email protected] Paul F Ready [email protected] John P Reitman [email protected], [email protected];[email protected] Christopher O Rivas [email protected] Martha E Romero [email protected]




Kenneth N Russak [email protected], [email protected];[email protected] John M Samberg [email protected] Evan D Smiley [email protected] Robyn B Sokol [email protected], [email protected] Peter Susi [email protected], [email protected] Cathy Ta [email protected], [email protected];[email protected] United States Trustee (ND) [email protected] Darlene C Vigil [email protected] Marshall C Wallace [email protected] Corey R Weber [email protected], [email protected] Edward T Weber [email protected] Katherine M Windler [email protected] Jennifer C Wong [email protected] Kelly A Woodruff [email protected] Jonathan R Zeko [email protected] Aleksandra Zimonjic [email protected], [email protected];[email protected]

2. SERVED VIA U.S. MAIL

UNITED STATES TRUSTEE (ND) Office of the U.S. Trustee Attn: Brian Fittipaldi 21051 Warner Center Lane, Suite 115 Woodland Hills, CA 91367 U.S. TRUSTEE’S COUNSEL Office of the U.S. Trustee Brian Fittipaldi 128 E. Carrillo St. Santa Barbara, CA 93101


Case 9:08-bk-11457-RR Doc 2304 Filed 01/14/13 Entered … · 2014. 8. 22. · Attached hereto, as...

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Transcript of Case 9:08-bk-11457-RR Doc 2304 Filed 01/14/13 Entered … · 2014. 8. 22. · Attached hereto, as...