IN THE UNITED STATES BANKRUPTCY COURT FOR THE …€¦ · Claims Recovery Group LLC 92 Union Avenue...

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IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS

EASTERN DIVISION

In re: SGK VENTURES, LLC (f/k/a Keywell L.L.C.),

Debtor.

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Chapter 11 Case No. 13-37603 Honorable Eugene R. Wedoff Hearing Date: December 23, 2014 Hearing Time: 9:30 a.m.

NOTICE OF FINAL FEE APPLICATION OF ALVAREZ & MARSAL NORTH

AMERICA, LLC, AS FINANCIAL ADVISORS TO THE OFFICIAL COMMITTEE OF UNSECURED CREDITORS OF SGK VENTURES, LLC (F/K/A KEYWELL L.L.C.),

FOR ALLOWANCE AND PAYMENT OF ADMINISTRATIVE CLAIM FOR COMPENSATION AND REIMBURSEMENT OF EXPENSES

(OCTOBER 7, 2013 THROUGH OCTOBER 21, 2014)

PLEASE TAKE NOTICE that on December 23, 2014 at 9:30 a.m. (prevailing Central Time) or as soon thereafter as Alvarez & Marsal North America, LLC may be heard, Alvarez & Marsal North America, LLC shall appear before the Honorable Bankruptcy Judge Eugene R. Wedoff or any other judge who may be sitting in his place and stead, in Courtroom 744 in the United States Courthouse, 219 South Dearborn Street, Chicago, Illinois, and present the attached Final Fee Application of Alvarez & Marsal North America, LLC, as Financial Advisors to the Official Committee of Unsecured Creditors of SGK Ventures, LLC (f/k/a Keywell L.L.C.), for Allowance and Payment of Administrative Claim for Compensation and Reimbursement of Expenses (October 7, 2013 through October 21, 2014).

PLEASE TAKE FURTHER NOTICE that you may obtain copies of any pleadings in this case for free by visiting the above-captioned debtor’s claims and noticing agent’s website at www.omnimgt.com/sgkventures or, for a fee, by visiting the Court’s website at www.ilnb.uscourts.gov and following the procedures set forth therein.

[Remainder of page intentionally left blank.]

Case 13-37603 Doc 904 Filed 11/20/14 Entered 11/20/14 15:19:01 Desc Main Document of 29

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Dated: November 20, 2014 /s/ David A. Agay

David A. Agay (ARDC No. 6244314) Sean D. Malloy (ARDC No. 6217401) Micah E. Marcus (ARDC No. 6257569) Joshua A. Gadharf (ARDC No. 6296543) McDONALD HOPKINS LLC 300 North LaSalle Street, Suite 2100 Chicago, Illinois 60654 Telephone: (312) 280-0111 Facsimile: (312) 280-8232 [email protected] [email protected] [email protected] [email protected]


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CERTIFICATE OF SERVICE

The undersigned, an attorney, hereby certifies that true and correct copies of this notice and final fee application were served upon the parties listed on the service list set forth below via ECF and/or U.S. mail as indicated below, on November 20, 2014.

Dated: November 20, 2014 /s/ David A. Agay

SERVICE LIST

Via ECF Howard L. Adelman Erich S. Buck Alexander F. Brougham Steven G. Chaiken Adelman & Gettleman LTD 53 West Jackson Blvd., Ste. 1050 Chicago, IL 60604 Counsel to the Debtor Patrick S. Layng Office of the U.S. Trustee, Region 11 219 S. Dearborn St., Room 873 Chicago, IL 60604 Gordon E. Gouveia Steven B. Towbin Terence G. Banich Peter J. Roberts Marc S. Reiser Mark L Radtke Shaw Fishman Glantz & Towbin LLC 321 N. Clark Street, Suite 800 Chicago, IL 60654 Counsel to NewKey Group, LLC, NewKey Group II, LLC, J. Mark Lozier, Ansam Metals, Pollock- Reading, Inc., S.D. Richman Sons, Inc., Staiman Recycling Corp., Anne Rizzo, Bernard E. Platt Trust UAD 12/20/95, David Horing, Dennis C. Trostle, Jill L. Hillas, Joel D. Tauber, Joel D. Tauber Trust, John A. Toth Trust, KCL Management Corp., Karen A. Beninato, Ken Kluska, Kluska Family Limited

Partnership, Laura Tauber, Lawrence Plant, Linda A. Trostle, Loganberry, L.L.C., Louis E. Wagner, Jr., Michael C. Sheffieck, Mark C. Sheffieck Trust, Michael J. Pugliese, Michael Rosenberg, Nicholas F. Cerminaro, Jr., Philip Rosenberg, Platt Family Limited Partnership, Rosenberg Family, L.L.C., Tamarack, L.P., Tauber Enterprises, LLC, Tauber- Keywell Family L.L.C., Tauber-Keywell II, LLC, and Thomas P. Bertrand Mark W. Page Kelley Drye & Warren LLP 333 W. Wacker Drive, Suite 2600 Chicago, IL 60606 Counsel to Alpert & Alpert Iron Metal, Inc. Matthew T. Gensburg Nancy A. Peterman Greenberg Traurig, LLP 77 W. Wacker Drive, Suite 3100 Chicago, IL 60601 Counsel to Cronimet Holdings, Inc. Thomas V. Askounis Alex Darcy Amrit S. Kapai Akounis & Darcy, PC 444 N. Michigan Avenue, Suite 3270 Chicago, IL 60611 Counsel to Wells Fargo Equipment Finance, Inc.


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Jacquelyn T. Vengal Chuhak & Tecson, P.C. 30 South Wacker Drive, Ste 2600 Chicago, IL 60606-7413 Counsel to TCF Equipment Finance, Inc. Eric R. von Helms Kohner, Mann & Kailas, S.C. 4650 North Port Washington Road 2nd Floor Milwaukee, WI 53212 Counsel to Banc of America Leasing & Capital, LLC Monette W. Cope Weltman, Weinberg & Reis Co. LPA 965 Keynote Circle Brooklyn Hts., OH 44131 Counsel to Toyota Motor Credit Corporation and Gibson Machinery, LLC Andrew J. Abrams Boodell & Domanskis, LLC 353 North Clark Street, Ste 1800 Chicago, IL 60654 Counsel to Loni-Jo Metal Corporation Stephen A. Yokich Cornfield and Feldman LLC 25 East Washington Street, Ste. 1400 Chicago, IL 60602-1803 Counsel to United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union Steven M. Wolock Maddin, Hauser, Wartell, Roth & Heller, P.C. 28400 Northwestern Highway, Third Floor Southfield, MI 48034 Counsel to Marwol Metals, Ltd.

Wendy Kaleta Skrobin McFadden & Dillon PC 120 South LaSalle St. Suite 1530 Chicago, Il 60603 Counsel to PNC Bank, NA and PNC Equipment Finance, LLC Miriam R. Stein Chuhak & Tecson, P.C. 30 South Wacker Drive Suite 2600 Chicago, IL 60606 Counsel to TCF Equipment Finance, Inc. Joel A. Stein Deutsch Levy & Engel, Chtd 225 W. Washington St., #1700 Chicago, IL 60606 Counsel to 75S Corp. d/b/a FMC Metals Curtis E. Kimball Rudman Winchell 84 Harlow St. – P.O. Box 1401 Bangor, Me 04402-1401 Counsel to Helm Financial Corporation and Helm-Pacific Leasing Debra J Vorhies Levine DVL Law Offices, LLC 53 W. Jackson, Suite 1001 Chicago, IL 60604 Counsel to Brami Superalliages Roger J. Higgins The Law Offices of Roger J. Higgins, LLC 1 North Bishop Street, Suite 14 Chicago, IL 60601 Counsel to Deborah S. Newman, Edward J. Newman, John D. Joyce, and Cronimet Holdings, Inc..


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Lawrence D. Mishkin Silver & Mishkin, LLC 400 Skokie Boulevard, Suite 850 Northbrook, IL 60062 Counsel to Lawrence D. Plant and Philip Rosenberg Brandy A. Sargent Stoel Rives LLP 900 SW Fifth Avenue, Suite 2600 Portland, OR 97204 Counsel to Caledonian Alloys Loren S. Cohen Wilson, Elser, Moskowitz, Edelman & Dicker 55 W. Monroe Street, Suite 3800 Chicago, Illinois 60603 Counsel to Michael and Philip Rosenberg John Eggum Foran, Glennon, Palandech, Ponzi & Rudloff 222 North LaSalle Street, Suite 1400 Chicago, IL 60601 Counsel to Commerce & Industry Insurance Company Yeny C. Estrada Edwards Wildman Palmer LLP 225 West Wacker Drive, Suite 3000 Chicago, IL 60606 Counsel to Child’s Trust Created Under the Will of Janet Nadel for the Benefit of Glen L. Nadel and Child’s Trust Created Under the Will of Janet Nadel for the Benefit of Tina Nadel Gravley William J. Barrett Barack Ferrazzano Kirschbaum & Nagelberg LLP 200 West Madison Street, Suite 3900 Chicago, IL 60606-3465 Counsel to Keywell Metals, LLC

Timothy D. Elliott Rathje & Woodward, LLC 300 E. Roosevelt Road, Suite 300 Wheaton, IL 60187 Counsel to Cronimet Holdings, Inc., Edward J. Newman, and John D. Joyce Via U.S. Mail Marc E. Shach Weinstock, Friedman & Friedman, P.A. 4 Reservoir Circle Baltimore, MD 21208 Counsel to PNC Bank, NA and PNC Equipment Finance, LLC Craig A. Wolfe Benjamin D. Feder Kelley Drye & Warren LLP 101 Park Avenue New York, NY 10178 Counsel to Alpert & Alpert Iron & Metal, Inc. Jay L. Welford Jeffe Raitt Heuer & Weiss, P.C. Suite 2500 27777 Franklin Road Southfield, MI 48034 Counsel to FPT Cleveland Kaye E. Tucker Tucker Law Firm 9440 Santa Monica Blvd., Suite 504 Beverly Hills, CA 90210 Counsel to Alpert & Alpert Iron & Metal, Inc. Thomas P. Yoder Barrett & McNagny LLP 215 East Berry Street P.O. Box 2263 Fort Wayne, IN 46801-2263 Counsel to OmniSource Corporation


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Christopher M. Candon Sheehan Phinney Bass + Green PA 1000 Elm Street Manchester, NH 03101 Counsel to wTe Recycling, Inc. and wTe Corporation Timothy P. Palmer Buchanan Ingersoll & Rooney PC One Oxford Centre, 20th Floor 301 Grant Street Pittsburgh, PA 15219-1410 Counsel to ATI Allvac and ATI Wah Chang, each a division of TDY Industries, LLC Kathleen H. Klaus Maddin,Hauser,Wartell,Roth & Heller,P.C. 28400 Northwestern Highway Third Floor Southfield, MI 48034-1839 Counsel to Marwol Metals, Ltd. ACI Industries Ltd. Attn: Jeffrey W. Lewis 970 Pittsburgh Drive Delaware, OH 43015 Richard C. Josephson Schnitzer Steel Industries, Inc. 299 SW Clay Street, Suite 350 Portland, OR 97201 Counsel to Schnitzer Steel Industries, Inc. James Devine Schnitzer Steel Industries, Inc. 12 E. 49th Street, 24th Floor New York, NY 10014 American Transport Group c/o Tom Soehike 1900 West Kinzie Chicago, IL 60622

Millis Industries Inc. Attn: Robert Valchuis 13 72 Main Street Millis, MA 02054 Robert A. Soriano, Esq. Greenberg Traurig, P.A. 625 East Twiggs Street, Suite 100 Tampa, FL 33602 Ted W. Hight III, Esq. Thompson, O'brien, Kemp & Nasuti, P.C. 40 Technology Parkway South, Suite 300 Norcross, Georgia 30092 Counsel to Mansfield Oil Company of Gainesville, Inc. Linda G. Anderson 13407 Farmington Rd., Ste. 102 Livonia, Michigan 48150 (734) 425-0379 Counsel to Marker Metal III, LLC and Three Putt Properties, LLC Elizabeth L Slaby Clark Hill Thorp Reed One Oxford Centre 301 Grant Street, 14th Floor Pittsburgh, PA 15219 Counsel to Franklin Iron & Metal Corporation & Recycling Center, Inc. Mark X. Mullin Haynes and Boone,LLP 2323 Victory Avenue Suite 700 Dallas, TX 7521 Counsel to KW Metals Acquisition LLC Cory J. Kerger Wilson, Elser, Moskowitz, Edelman & Dicker 55 W. Monroe Street, Suite 3800 Chicago, IL 60603 Counsel to Michael Rosenberg and Philip Rosenberg


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James F. Mangan Koff, Mangan, Vullo & Gartley, PC 179 S. Wyoming Ave. Kingston, PA 18704 Counsel to Louis Cohen & Son, Inc. Alan B. Patzik Patzik, Frank & Samotny Ltd 150 South Wacker Drive Suite 1500 Chicago, IL 60606 Counsel for Debtor SGK Ventures, LLC Steven M. Prebish Patzik, Frank & Samotny Ltd 150 South Wacker Drive Suite 1500 Chicago, IL 60606 Counsel for Debtor SGK Ventures, LLC Charles Kelly Saul Ewing LLP One PPG Place Suite 3010 Pittsburgh, PA 15222 Counsel for Debtor SGK Ventures, LLC Bruce White Barnes & Thornburg LLP One North Wacker Drive Suite 4400 Chicago, IL 60606 Counsel for Debtor SGK Ventures, LLC ASM Capital, L.P. 7600 Jericho Turnpike, Suite 302 Woodbury, NY 11797 Claims Recovery Group LLC 92 Union Avenue Cresskill, NJ 07626 Contrarian Funds, LLC 411 West Putnam Ave., Ste. 425 Greenwich, CT 06830

DACA VI LLC 1565 Hotel Circle S, #310 San Diego, CA 92108 Fair Harbor Capital LLC PO Box 237037 New York, NY 10023 Hain Capital Group, LLC 301 Route 17 7th Floor Rutherford, NJ 07070 Liquidity Solutions, Inc. One University Plaza Suite 312 Hackensack, NJ 07601 Rust Omni 5955 DeSoto Ave Suite 100 Woodland Hills, CA 91367 Sonar Credit Partners III, LLC 200 Business Park Drive Suite 201 Armonk, NY 10504 TR Capital Management, LLC PO BOX 633 Woodmere, NY 11598 Tannor Partners Credit Fund, LP 150 Grand Street, Suite 401 White Plains, NY 10601 Emily A. Shupe Rathje & Woodward, LLC 300 East Roosevelt Road, Suite 300 Wheaton, IL 60187 Counsel for Cronimet Holdings, Inc., John D. Joyce and Edward J. Newman


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CRT Special Investments LLC 262 Harbor Drive Stamford, CT 06902


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EASTERN DIVISION


Debtor.

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COVER SHEET FOR FINAL FEE APPLICATION OF ALVAREZ & MARSAL NORTH AMERICA, LLC AS FINANCIAL ADVISORS TO THE OFFICIAL COMMITTEE OF UNSECURED CREDITORS OF SGK VENTURES, LLC (F/K/A KEYWELL L.L.C.),

FOR ALLOWANCE AND PAYMENT OF ADMINISTRATIVE CLAIM FOR COMPENSATION AND REIMBURSEMENT OF EXPENSES


Name of Applicant: Alvarez & Marsal North America, LLC

Authorized to Provide Professional Services to:

The Official Committee of Unsecured Creditors of SGK Ventures, LLC (f/k/a Keywell L.L.C.)

Date of Order Authorizing Employment: November 5, 2013 nunc pro tunc to October 7, 2013 [Dkt. No. 184]

Period for Which Compensation and Reimbursement is Sought:

October 7, 2013 through October 21, 2014

Amount of Compensation Sought as Actual, Reasonable, and Necessary:

$325,000.00

Amount of Expense Reimbursement Sought as Actual Reasonable, and Necessary:

$25,006.81

This is a ___ interim application x final application


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Cumulative Summary:

Date Filed

Period Covered Hours

Fees Requested Fees Paid

Expenses Requested

Expenses Paid

Unpaid Balance

11/20/14 10/7/13 to 10/21/14 564.80 $325,000.00 $270,000.00 $25,006.91 $24,918.30 $55,088.61

Summary of Pending Monthly Statements and Outstanding Invoices:

Date Served



Expenses Requested

Expenses Paid

Unpaid Balance

3/3/14 10/7/13 to

1/31/14 257.90 $100,000.00 $90,000.00 $22,955.92 $22,955.92 $10,000.00

6/13/14 2/1/14 to 5/31/14 97.10 $100,000.00 $90,000.00 $19.71 $19.71 $10,000.00

9/2/14 6/1/14 to 8/31/14 145.90 $75,000.00 $67,500.00 $1,942.67 $1,942.67 $7,500.00

10/20/14 9/1/14/ to 9/30/14 33.90 $25,000.00 $22,500.00 $0.00 $0.00 $2,500.00

11/19/14 10/1/14 to 10/21/14 30.00 $25,000.00 $0.00 $88.61 $0.00 $25,088.61

Total 564.80 $325,000.00 $270,000.00 $25,006.91 $24,918.30 $55,088.61


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The Alvarez & Marsal professionals who rendered services from October 7, 2013 – October 21, 2014 are:

Professional Position Total Hours Incurred

Dean Mullett Managing Director 6.00

Albert Layne Managing Director 1.30

Kelly Stapleton Managing Director 93.00

Dan Spragg Managing Director 14.00

Rich Newman Director 401.50

Joshua Nevsky Director 16.50

Tom Downey Analyst 22.00

Mary Napoliello Paraprofessional 10.50

Total 564.80

Total Hours Billed During Final Fee Period: 564.80

Total Fees Requested During Final Fee Period: $325,000.00 Total Fees Paid During Final Fee Period: $270,000.00 Unpaid Balance: $55,088.61


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Compensation by Subject Matter:

Matter Number Matter Code Total Billed Hours

1 363 Sale 62.40

2 Case Pleadings ‐ Monitoring/Review 10.90

3 Cash Management Monitoring 14.40

4 Claims 14.70

5 Committee Correspondence/Communication 74.70

6 Court/Legal 6.00

7 Discovery/NewKey Debt 51.10

8 Fee Application 12.30

9 Financial & Operational Analysis 169.10

10 Liquidating Trust Preparation 43.70

11 Plan of Reorganization 87.00

12 Travel Time 18.50

Total 564.80

Expense Summary:

Service Description Amount Airfare $2,521.60 Lodging $235.13 Meals $125.59 Miscellaneous $69.90 Printing $45.00 RR Donnelly Document Production $20,979.00 Transportation 806.49 Wireless $224.10 Total Expenses Incurred During Final Fee Period: $25,006.81 Total Expenses Paid During Final Fee Period: ($24,918.20) Unpaid Balance: $88.61


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EASTERN DIVISION


Debtor.

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FINAL FEE APPLICATION OF ALVAREZ & MARSAL NORTH AMERICA, LLC, AS

FINANCIAL ADVISORS TO THE OFFICIAL COMMITTEE OF UNSECURED CREDITORS OF KEYWELL L.L.C., FOR ALLOWANCE AND PAYMENT OF

ADMINISTRATIVE CLAIM FOR COMPENSATION AND REIMBURSEMENT OF EXPENSES


Alvarez & Marsal North America, LLC (“Alvarez & Marsal”), financial advisors for the

Official Committee of Unsecured Creditors (the “Committee”) of SGK Ventures, LLC (f/k/a

Keywell L.L.C.) (the “Debtor”), hereby submits its final fee application (this “Final Fee

Application”), pursuant to which it seeks: (a) final allowance and approval of compensation for

professional services rendered to the Committee in the amount of $325,000.00 for the period

from October 7, 2013 through October 21, 2014; (b) final allowance and approval of the

reimbursement of actual and necessary expenses in the amount of $25,006.91 incurred by

Alvarez & Marsal in rendering services to the Committee during the Final Fee Period; (c) the

release of all unpaid amounts on account of fees withheld during the Final Fee Period in

accordance with the Order Establishing Procedures for the Payment of Interim Compensation

and Reimbursement of Expenses of Professionals [Dkt. No. 101] (the “Interim Compensation

Order”) in the amount of $30,000.00; and (d) the payment of Alvarez & Marsal’s fees and

reimbursement of its expenses for the period from October 1, 2014 through October 21, 2014 in


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the amount of $25,088.61 (for which Alvarez & Marsal did not submit a monthly invoice to the

Debtor). In support of this Final Fee Application, Alvarez & Marsal respectfully states as

follows:

I. Introduction

1. Since its retention, Alvarz & Marsal provided critical services to the Committee

that benefited not only the Committee and its constituents, but also all other parties in interest in

this case (other than perhaps NewKey). The Committee – representing the fulcrum creditors in

this case – played a vital role in maximizing value for the estate’s creditors.

2. As detailed further below, among its services and accomplishments in this case,

Alvarez & Marsal took a lead role in: facilitating an active auction for the Debtor’s assets;

negotiating a more equitable cash collateral arrangement; investigating the Debtor’s purported

secured lenders, NewKey Group, LLC and NewKey Group II, LLC (together, “NewKey”), and

preventing NewKey from obtaining relief detrimental to the estate; preparing, soliciting, and

confirming a chapter 11 plan when the Debtor refused to cooperate on a joint plan; and providing

litigation support to the comprehensive adversary proceeding against NewKey and other insiders

that will go to trial in 2015 and could result in substantial value flowing to unsecured creditors.

3. The Committee and Alvarez & Marsal quickly engaged in all aspects of the

bankruptcy case and, in a highly compressed timeframe, pursued an investigation of the

relationship between the Debtor, NewKey, and other insiders.

4. The Committee, through McDonald Hopkins and Alvarez & Marsal, was a major

participant in the Debtor’s sale process that resulted in the sale of substantially all of the Debtor’s

assets to a purchaser that ultimately paid millions of dollars more in incremental value as

compared to the original stalking horse offer.


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5. The Committee took the lead in drafting, filing, and confirming the plan of

liquidation in this case. The plan went effective on October 21, 2014. Pursuant to the plan, a

liquidating trust now holds the estate’s assets and will make distributions to creditors.

6. Alvarez & Marsal now seeks final approval of its professional fees and expenses

incurred in its capacity of financial advisors to the Committee, which has provided a tremendous

benefit for the Committee, the Debtor’s unsecured creditors, and the Debtor’s estate as a whole.

Alvarez & Marsal has not filed an interim application in this case.

II. Jurisdiction and Venue

7. The Court has jurisdiction over this matter pursuant to 28 U.S.C. §§ 157 and

1334. This matter is a core proceeding within the meaning of 28 U.S.C. § 157(b)(2).

8. Venue is proper pursuant to 28 U.S.C. §§ 1408 and 1409.

9. The bases for the relief requested herein are section 330 of title 11 of the United

States Code (the “Bankruptcy Code”), Rule 2016 of the Federal Rules of Bankruptcy Procedure

(the “Bankruptcy Rules”), Rule 5082-1 of the Local Rules for the United States Bankruptcy

Court for the Northern District of Illinois (the “Local Rules”), and the Interim Compensation

Order.

III. Background

10. On September 24, 2013, the Debtor filed a voluntary petition for relief with this

Court under chapter 11 of the Bankruptcy Code.

11. On September 3, 2014, the Court entered on order confirming the Committee’s

Second Amended Plan of Liquidation [Dkt. No. 853] (the “Plan”). The Plan went effective on

October 21, 2014 (the “Effective Date”). (See Dkt. No. 875.)


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12. Prior to the Effective Date, the Debtor remained in possession of its assets and

continued to operate its business as a debtor in possession in accordance with Bankruptcy Code

§§ 1107 and 1108. No party has requested the appointment of a trustee or examiner.

13. On the Effective Date, all of the Debtor’s assets other than the Frewsburg Assets1

were transferred to the SGK Ventures, LLC Liquidating Trust (the “Trust”). Kelly Beaudin

Stapleton (the “Trustee”) is the initial liquidating trustee of the Trust.

14. Pursuant to the Plan, on the Effective Date, the Committee was dissolved.

IV. Retention of Alvarez & Marsal

15. On October 3, 2013 (the “Committee Formation Date”), the Office of the United

States Trustee appointed the Committee [Dkt. No. 52, amended by Dkt. Nos. 128, 632, and 752].

As of the Effective Date, the Committee consisted of five members: (a) Ferrous Processing &

Trading FPT Cleveland, (b) SA Recycling LLC, (c) OmniSource Corporation, (d) Schnitzer

Steel Industries, Inc., and (e) Schupan & Sons, Inc.

16. Shortly after the Committee Formation Date, pursuant to Bankruptcy Code

§ 1103(a), the Committee selected Alvarez & Marsal to serve as financial advisors. On October

29, 2013, the Committee filed its Application to Retain and Employ Alvarez & Marsal North

America, LLC as Financial Advisors, Nunc Pro Tunc to October 7, 2013 [Dkt. No. 163] (the

“Retention Application”).

17. On November 5, 2013, this Court entered the Order Authorizing the Retention

and Employment of Alvarez & Marsal North America, LLC as financial advisors for the Official

Committee of Unsecured Creditors of Keywell L.L.C. Nunc Pro Tunc to October 7, 2013 [Dkt.

1 Capitalized but undefined terms shall have the meanings ascribed in the Plan.


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No. 184] (the “Retention Order”), which authorized the Committee to retain Alvarez & Marsal as

financial advisors, effective as of October 7, 2013.

18. Pursuant to the Retention Order, Alvarez & Marsal was authorized to be

compensated from the Debtor’s estate at a flat rate of $25,000 per month plus a $105,000 success

fee and to be reimbursed from the Debtor’s estate for its actual and necessary out-of-pocket

expenses incurred in connection with its professional services to the Committee in accordance

with the procedures set forth in Bankruptcy Code §§ 330 and 331, the Bankruptcy Rules, the

Local Rules, the applicable guidelines issued by the United States Trustee for the Northern

District of Illinois, Eastern Division (the “U.S. Trustee Guidelines”), the Interim Compensation

Order, and any other applicable order or procedures issued by this Court. Alvarez & Marsal is

not seeking the $105,000 success fee at this time as the success fee is based on recovery to

unsecured creditors, which has not been determined at this point in the case.

19. As disclosed in the Declaration of Kelly Stapleton (the “Stapleton Declaration”),

attached as Exhibit A to the Retention Application, Alvarez & Marsal does not hold or represent

an interest adverse to the Committee, the Debtor, or its estate in the matters upon which Alvarez

& Marsal was engaged and is a “disinterested person” as that term is defined in Bankruptcy Code

§ 101(14).

20. As provided in the Stapleton Declaration, Alvarez & Marsal may have in the past

represented, may currently represent, and likely in the future will represent parties in interest in

connection with matters unrelated to the Debtor and its chapter 11 case. Further, Alvarez &

Marsal disclosed its connections to parties in interest that it was been able to ascertain using its

reasonable efforts.


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21. All of the services for which compensation is sought by Alvarez & Marsal were

rendered for or on behalf of the Committee solely in connection with this chapter 11 case. There

is no agreement or understanding between Alvarez & Marsal and any other person for the

sharing of compensation to be received for the services rendered in this chapter 11 case.

V. Disclosure of Requested Compensation

22. As part of this Final Fee Application, Alvarez & Marsal requests aggregate

compensation for the Final Fee Period of $325,000.00 as compensation for professional services

provided to the Committee and $25,006.81 for reimbursement of actual and necessary expenses,

for a total request of $350,006.81. This is the first and final fee application Alvarez & Marsal

has filed with this court.

A. Monthly Fee Statements

23. Pursuant to the Interim Compensation Order, Alvarez & Marsal was authorized to

submit monthly fee statements (each a “Monthly Statement”) to the Debtor’s counsel, the U.S.

Trustee, and counsel for NewKey. In the absence of a timely objection to a Monthly Statement,

the Debtor was authorized to pay Alvarez & Marsal 90% of its requested fees and 100% of its

actual and necessary expenses incurred and billed under each Monthly Statement, respectively.

24. Alvarez & Marsal submitted four Monthly Statements during the chapter 11 case

(October 2013 through September 2014), which are attached hereto as Exhibit A. The chart

attached hereto as Exhibit B summarizes the current status of Alvarez & Marsal’s Monthly

Statements.

25. Alvarez & Marsal did not submit a Monthly Statement for the period from

October 1, 2014 through October 21, 2014 and has not received any payment on account of its


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fees or expenses. Alvarez & Marsal’s invoice for that period (the “October 2014 Invoice”) is

attached hereto as Exhibit C.

B. Alvarez & Marsal’s Subject Matters

26. The Alvarez & Marsal professionals who rendered services during the Final Fee

Period are listed on Exhibit D. Alvarez & Marsal was compensated on a flat monthly rate of

$25,000. The professional services that Alvarez & Marsal rendered during the Final Fee Period

are grouped into numbered and titled categories of subject matters (each a “Subject Matter”).

27. The fees sought in this Final Fee Application reflect an aggregate of 564.8 hours

expended by Alvarez & Marsal professionals during the Final Fee Period rendering necessary

and beneficial financial services to the Committee. Alvarez & Marsal maintains computerized

records of the time expended in the performance of the professional services required by the

Committee. These records are maintained in the ordinary course of Alvarez & Marsal’s practice.

28. This Final Fee Application is Alvarez & Marsal’s first and final request for

compensation for services rendered and reimbursement of actual and necessary expenses

incurred as counsel to the Committee.

VI. Requested Relief

29. By this Final Fee Application, Alvarez & Marsal respectfully seeks the entry of an

order: (a) allowing Alvarez & Marsal an administrative claim in the amount of: (i) $325,000.00

as compensation for the reasonable and necessary professional services Alvarez & Marsal

rendered to the Committee during the Final Fee Period, and (ii) $25,006.81 in reimbursement for

the actual and necessary expenses that Alvarez & Marsal incurred during the Final Fee Period,

for a total allowance of $350,006.81 and (b) authorizing and directing the Trustee to immediately


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pay Alvarez & Marsal the balance of unpaid fees and expenses requested in the Monthly

Statements and the October 2014 Invoice in the amount of $55,088.61.

VII. Summary of Services Rendered

30. During the Final Fee Period, Alvarez & Marsal rendered professional services to

the Committee as requested and as necessary and appropriate in furtherance of the interests of

the Debtor’s unsecured creditors. The variety and complexity of the issues in this chapter 11

case, and the need to act or respond to such issues on an expedited basis in furtherance of the

Committee’s needs, have required the expenditure of substantial time and effort by Alvarez &

Marsal personnel on an as-needed basis.

31. Alvarez & Marsal maintains written records of the time expensed by attorneys

and paraprofessionals in the rendition of their professional services to the Committee. Such time

records were made contemporaneously with the rendition of services by the person performing

such services and in the ordinary course of Alvarez & Marsal’s practice, and are presented in a

form that is in compliance with the Local Rules.

32. Attached as Exhibit E is a detailed itemization and description of the services that

Alvarez & Marsal rendered during the Final Fee Period. Based on the services performed by

each individual during the Final Fee Period, the total reasonable value of such services rendered

during the Final Fee Period is $325,000.00. Alvarez & Marsal professionals expended a total of

564.80 hours working on this chapter 11 case during the Final Fee Period. In accordance with

the factors enumerated in Bankruptcy Code § 330, allowance of the fees Alvarez & Marsal is

requesting is fair and reasonable given: (a) the complexity of this chapter 11 case; (b) the time

expended; (c) the nature and extent of the services rendered; (d) the value of such services; and

(e) the costs of comparable services other than in a case under the Bankruptcy Code.


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33. The following summary of services rendered during the Final Fee Period is not

intended to be a detailed description of the work performed, as those day-to-day services and the

time expended in performing such services are fully set forth in Exhibit E. Rather, it is merely

an attempt to highlight certain of those areas in which servicers were rendered to the Committee,

as well as to identify some of the problems and issues that Alvarez & Marsal was required to

address during the Final Fee Period.

34. Matter 1 – 363 Sale

(Hours: 62.40)

This Subject Matter includes time spent by Alvarez & Marsal reviewing, researching and

analyzing information related to 363 sale. Alvarez & Marsal reviewed all potential bids,

remained in constant communication with the Debtor’s investment bankers, and participated at

the auction to ensure the highest and best offer was received for the Debtor’s assets

35. Matter 2 – Case Pleadings – Monitoring/Review

(Hours: 10.90)

This Subject Matter describes time spent by Alvarez & Marsal reviewing and providing

supporting analysis for case related motions and orders. Alvarez & Marsal conducted a review

of the Debtor’s cost/benefit evaluations with respect to the assumption or rejection of executory

contracts and/or unexpired leases and other matters in the pleadings filed with the court

36. Matter 3 – Cash Management Monitoring

(Hours: 14.40)

This Subject Matter describes time spent by Alvarez & Marsal reviewing the Debtor’s

cash collateral budget. Alvarez & Marsal also prepared and reviewed financial information for


{5229446:} 10

distribution to the Committee and others, including, but not limited to, cash flow projections and

budgets, cash receipts, and disbursement analysis.

37. Matter 4 – Claims

(Hours: 14.70)

This Subject Matter describes time spent by Alvarez & Marsal providing review and

support regarding claims asserted against the Debtor’s estate. Alvarez & Marsal analyzed

creditor claims by type, entity, and individual claim.

38. Matter 5 – Committee Correspondence/Communication

(Hours: 74.70)

This Subject Matter describes time spent by Alvarez & Marsal communicating with the

Committee and participating in committee conference calls and preparation of committee

presentations.

39. Matter 6 – Court/Legal

(Hours: 6.00)

This Subject Matter describes time spent by Alvarez & Marsal preparing for and

participating in court hearings.

40. Matter 7 – Discovery/NewKey Debt

(Hours: 51.10)

This Subject Matter describes time spent by Alvarez & Marsal researching and assisting

Committee counsel in the prosecution of the Debtor’s estate’s causes of action against NewKey.

Alvarez & Marsal reviewed all historical financials, email correspondence, historical transactions

and other data at the request of counsel.


{5229446:} 11

41. Matter 8 – Fee Application

(Hours: 12.30)

This Subject Matter describes time spent by Alvarez & Marsal preparing monthly

invoices in compliance with court guidelines.

42. Matter 9 – Financial & Operational Analysis

(Hours: 169.10)

This Subject Matter includes time spent by Alvarez & Marsal performing case related

financial and operational analysis. Additionally, Alvarez & Marsal reviewed

financial/operational reporting, performance of business segments, operational issues, contingent

liabilities, cost cutting/restructuring initiatives, reorganization efforts, insurance, executory

contracts, and other financial issues.

43. Matter 10 – Liquidating Trust Preparation

(Hours: 35.70)

This Subject Matter includes time spent by Alvarez & Marsal reviewing liquidating trust

documents and preparing for the confirmation of the Plan and the transition to the Trust.

44. Matter 11 – Plan of Reorganization

(Hours: 87.00)

This Subject Matter includes time spent by Alvarez & Marsal reviewing and preparing

analysis regarding the Plan. Alvarez & Marsal spent substantial amount of time preparing the

liquidation analysis for inclusion in the Disclosure Statement. Alvarez & Marsal employee

Richard Newman also prepared for and participated at his deposition.


{5229446:} 12

45. Matter 12 – Travel Time

(Hours: 18.50)

This Subject Matter includes time spent traveling while representing the Committee

during this chapter 11 case. The amounts presented for review and payment in this Final Fee

Application reflect a voluntary reduction of one-half of the charges for travel time.

VIII. Actual and Necessary Expenses

46. It is Alvarez & Marsal’s policy to charge its clients in all areas of practice for

identifiable, non-overhead expenses incurred in connection with the client’s case that would not

have been incurred except for representation of that particular client. It is also Alvarez &

Marsal’s policy to charge its clients only the amount actually incurred by Alvarez & Marsal in

connection with such items. Examples of such expenses are postage, overnight mail, courier

delivery, transportation, airfare, meals, and lodging. With respect to airfare expenses, all travel,

by all individuals, is billed at the coach class rate.

47. A summary of expenses by type, as well as a detailed itemization and description

made by Alvarez & Marsal on the Committee’s behalf during the Final Fee Period, appears on

Exhibit F. All of these disbursements comprise the requested sum for Alvarez & Marsal’s out-

of-pocket expenses, totaling $25,006.81.

IX. Alvarez & Marsal’s Requested Compensation and Reimbursement Should Be Allowed 48. The professional services rendered by Alvarez & Marsal required a high degree of

professional competence and expertise so that the numerous issues requiring evaluation and

determination by the Committee could be addressed with skill and dispatch and have, therefore,

required the expenditure of substantial time and effort. Alvarez & Marsal respectfully submits

that the services rendered to the Committee were performed efficiently, effectively, and


{5229446:} 13

economically, and the results benefited not only the members of the Committee, but also the

unsecured creditor body as a whole and the Debtor’s estate.

49. Bankruptcy Rule 2016(a) provides that a professional seeking final compensation

for services or reimbursement of necessary expenses must file “an application setting forth a

detailed description of (1) the services rendered, time expended and expenses incurred and

(2) the amounts requested.” Fed. R. Bankr. P. 2016(a). In addition, Local Rule 5082-1 provides

that an application for final compensation for services performed and reimbursement of expenses

incurred by a professional must include a narrative summary and a detailed statement of the

applicant’s services for which compensation is sought. Under Local Rule 5082-1(C), an

applicant’s detailed time records may constitute the detailed statement required by Bankruptcy

Rule 2016(a). This Final Fee Application and its corresponding exhibits provide a narrative and

a detailed statement of the services rendered, the time expended by each professional, the

expenses incurred, and the amounts requested by Alvarez & Marsal. Accordingly, Alvarez &

Marsal’s Final Fee Application meets the statutory requirements under Bankruptcy Rule 2016(a)

and Local Rule 5082-1.

50. With respect to the level of compensation, Bankruptcy Code § 330 provides, in

pertinent part, that the Court may award to a professional person “reasonable compensation for

actual, necessary servicers rendered. . . .” 11 U.S.C. § 330(a)(1). Further, Bankruptcy Code §

330(a)(3) provides that

In determining the amount of reasonable compensation to be awarded to . . . [a] professional person, the court shall consider the nature, the extent, and the value of such services, taking into account all relevant factors, including: (A) the time spent on such services; (B) the rates charged for such services;


{5229446:} 14

(C) whether the services were necessary to the administration of, or beneficial at the time at which the service was rendered toward the completion of, a case under this title; (D) whether the services were performed within a reasonable amount of time commensurate with the complexity, importance, and nature of the problem, issue, or task addressed; . . . and (F) whether the compensation is reasonable based on the customary compensation charged by comparably skilled practitioners in cases other than cases under this title.

11 U.S.C. § 330(a)(3). The clear Congressional intent and policy expressed in this statute is to

provide for adequate compensation in order to continue to attract qualified and competent

bankruptcy practitioners to bankruptcy cases.

51. Alvarez & Marsal respectfully submits that the professional services it provided

to the Committee during the Final Fee Period were actual and necessary and that the requested

compensation represents a fair and reasonable amount that should be allowed in full. As an

initial matter, the complexities of this chapter 11 case required substantial outlays of time and

effort by Alvarez & Marsal professionals performing an array of professional services in

connection with Alvarez & Marsal’s financial advisory services to the Committee.

52. The professional services provided by Alvarez & Marsal were performed by

professionals with broad expertise and high levels of skill in their practice area or specialty.

Additionally, Alvarez & Marsal addressed all bankruptcy-related issues and performed each task

as efficiently as possible given the time constraints and expedited nature of this case.

53. Lastly, Alvarez & Marsal’s compensation structure was disclosed in the Retention

Application and approved by the Court in the Retention Order. The compensation Alvarez &

Marsal charged in this chapter 11 case were consistent with the compensation Alvarez & Marsal


{5229446:} 15

charges to other clients in non-bankruptcy matters and are consistent with the rates of similarly

situated firms. The compensation Alvarez & Marsal seeks is also customary and reasonable

based upon customary compensation charged by comparably skilled practitioners outside of

chapter 11.

54. With respect to expenses, this Final Fee Application contains a detailed list of

expenses including the date, the type, and the amount.

55. In summary, considering the complex issues involved in this chapter 11 case and

the value provided by Alvarez & Marsal’s services to the Committee, its members, the Debtor’s

unsecured creditors, and the Debtor’s estate as a whole, this Final Fee Application meets each of

the statutory requirements of Bankruptcy Code § 330 and substantially complies in all respects

with the procedures set forth in the Interim Compensation Order, the Bankruptcy Code, the

Bankruptcy Rules, the Local Rules, and the U.S. Trustee Guidelines.

X. Notice

56. Notice of this Final Fee Application has been provided to: (a) counsel to the

Debtor; (b) the Office of the U.S. Trustee; (c) counsel to NewKey; and (d) those parties who

have requested service of papers in this case pursuant to Rule 2002 of the Federal Rules of

Bankruptcy Procedure. Under the circumstances present, Alvarez & Marsal respectfully requests

that such notice be deemed adequate and sufficient and that no further notice be required.

XI. No Prior Request

57. No prior request for the relief sought in this Final Fee Application has been made

to this or any other court.

[Remainder of page intentionally left blank.]


March 3, 2014

Via Email Delivery

Howard L. Adelman Kimberly Bacher Steven B. Towbin

Erich S. Buck Office of the US Trustee Terence B. Banich

Steven B. Chaiken 219 South Dearborn Street Gordon E. Gouveia

Alexander F. Brougham Room 873 Shaw Fishman Glantz &

Adelman & Gettleman Ltd. Chicago, Illinois 60604 Towbin LLC

53 West Jackson Blvd. [email protected] 321 North Clark Street

Suite 1050 Suite 800

Chicago, Illinois 60604 Chicago, Illinois 60654

[email protected] [email protected]



[email protected]

Re: Keywell L.L.C. Case No.13-37603

Alvarez & Marsal North America, LLC Monthly Fee Statement For Official Committee

of Unsecured Creditors October 7, 2013 through January 31, 2014

Counsel:

Enclosed please find the monthly statement of Alvarez & Marsal North America, LLC (“A&M”)

for services rendered by A&M to the Official Committee of Unsecured Creditors of Keywell

L.L.C. in the above referenced proceeding (the “Committee”) and expenses incurred by A&M for

the period October 7, 2013 through January 31, 2014 (the “Fee Statement Period”).

Pursuant to the Order Establishing Procedures for the Payment of Interim Compensation and

Reimbursement of Expenses of Professionals entered by the Bankruptcy Court on October 16,

2013 (the “Order”) A&M requests payment of $90,000.00 in fees (i.e., 90% of $100,000.00) and

$22,955.82 in expenses, for a total of $112,955.82 in fees and expenses for the Fee Statement

Period.

If none of the application recipients identified in the Order object to the Fee Statement by March

10, 2014, the Debtor is authorized to pay the total of $112,955.82.

Sincerely,

Kelly Stapleton

Managing Director

KBS/mbn

Enclosures as stated

Case 13-37603 Doc 904-1 Filed 11/20/14 Entered 11/20/14 15:19:01 Desc Exhibit A Page 1 of 47

mailto:[email protected]




Invoice for Services

Invoice Number: 1-800982

Professional Fees Amount

Covered Period Fees $100,000.00

90% of Professional Fees 90%

Fees payable $ 90,000.00

Fees represent $25,000.00 per month for October, November, December 2013 and January 2014

Expenses Amount

Covered Period Expenses $22,955.82

Expenses Payable $22,955.92

Total professional fees and expenses payable $112,955.82

Wire Instructions

Bank: J.P. Morgan Chase

ABA: 021000021

Account Name: Alvarez & Marsal, LLC

Account Number: 957347804

Reference Invoice: 1-800982

Mail Instructions:

Alvarez & Marsal

Attn: Liz Carrington

600 Madison Avenue, 8th Floor

New York, NY 10022

Reference: Invoice No. 1-800982


Keywell LLCSummary of Time Detail by Task

October 7, 2013 through January 31, 2014

Exhibit A

Task Description Sum of Hours

363 Sale 62.4

Case Pleadings - Monitoring / Review 6.4

Cash Management Monitoring 9.1

Committee Correspondence/Communication 54.2

Court/Legal 6.0

Discovery / NewKey Debt 49.8

Financial & Operational Analysis 66.5

Travel Time 3.5

257.9Total

Page 1 of 1


Keywell LLCSummary of Expense Detail by Category


Exhibit B

Expense Category Sum of Expenses

Airfare $1,206.60

Meals $28.10

Miscellaneous $21,126.22

Transportation $594.90

$22,955.82Total

Page 1 of 1


Keywell LLCSummary of Time Detail by Professional


Exhibit C

Professional Position Sum of Hours






257.9Total

Page 1 of 1


Keywell LLC Time Detail by Activity by Professional


Exhibit D

363 Sale

Date Hours ActivityProfessional

10/13/2013 0.5 Review objections to cash collateral and bid procedures motions.Kelly Stapleton

10/15/2013 0.5 Research potential buyers.Dean Mullett

10/15/2013 0.5 Review roster of potential of potential bidders.Kelly Stapleton

10/15/2013 0.7 Coordinate review of potential other bidders.Rich Newman


10/16/2013 4.5 Review of Keywell Chapter 11 documents.Joshua Nevsky


10/17/2013 4.5 Review of documents related to the sale process including potential buyers list.

Joshua Nevsky

10/18/2013 2.0 Review list of potential buyers.Dean Mullett

10/18/2013 5.0 Creation of A&M’s additional suggested buyers list.Joshua Nevsky

10/18/2013 0.1 Discuss sale with D. Agay.Rich Newman

10/20/2013 0.5 Review list of potential buyers.Rich Newman

10/21/2013 1.5 Review list of potential buyers, financials, and CIM.Kelly Stapleton

10/21/2013 1.1 Review CIM.Rich Newman


10/21/2013 3.3 Reviewed documentation provided in the data room relative to UCC request for information. Spoke with Joshua Nevsky (AM) on AM Corporate Finances assembly of additional potential bidder list.

Tom Downey


10/22/2013 0.5 Speak to Corp finance regarding potential buyers.Rich Newman

10/22/2013 0.3 Prepare and send email related to CIM.Rich Newman

10/22/2013 1.5 Prepare A&M recovery scenario.Rich Newman


10/23/2013 0.4 Speak with Eureka regarding sale and follow-up with committee advisors.

Rich Newman


10/30/2013 1.0 Review stainless steel financial model.Rich Newman

10/31/2013 0.7 Discuss sale with Eureka and prepare summary email for counsel.Rich Newman

10/31/2013 0.8 Summarize sale process.Rich Newman

Page 1 of 11




Exhibit D

363 Sale


11/4/2013 1.3 Run sensitivities on stainless model and prepare email to committee.

Rich Newman

11/4/2013 0.8 Attend call to discuss stainless model with CFO and Conway MacKenzie.

Rich Newman

11/4/2013 0.5 Prepare for Stainless call (review model).Rich Newman

11/5/2013 1.0 Review sales process to date and correspond with Eureka. Kelly Stapleton

11/5/2013 0.7 Review stainless financial model assumptions.Rich Newman

11/8/2013 0.5 Speak with Eureka regarding sale process.Rich Newman

11/8/2013 0.3 Draft sale summary email to McDonald Hopkins.Rich Newman

11/12/2013 0.6 Attend committee call and describe sale process.Rich Newman

11/13/2013 0.3 Call with attorney representing a prospective buyer.Rich Newman

11/15/2013 0.5 Call to discuss sale with Eureka.Rich Newman

11/20/2013 0.6 Call re: sale motion. Kelly Stapleton

11/20/2013 0.7 Coordinate new potential interested buyer.Rich Newman

11/22/2013 0.2 Communicate with Eureka regarding sale process.Rich Newman

11/26/2013 0.2 Speak with Eureka regarding potential bidders.Rich Newman

11/26/2013 1.2 Begin comparison of two bids.Rich Newman

11/26/2013 0.2 Correspond with Eureka regarding Cronimet earnout.Rich Newman

11/28/2013 1.1 Review sale documents from Debtor.Rich Newman

11/29/2013 0.3 Speak to M. Sheffieck regarding sale.Rich Newman

11/29/2013 1.9 Attend call with Debtor and UCC advisors regarding sale.Rich Newman

11/30/2013 0.3 Review correspondence re: sale.Kelly Stapleton


11/30/2013 0.4 Draft email regarding AK Steel customer volumes to Debtor and advisors.

Rich Newman

11/30/2013 0.5 Attend call with Debtor and UCC advisors and Cronimet regarding sale.

Rich Newman

12/1/2013 0.5 Speak with counsel regarding sale strategy.Rich Newman

12/1/2013 1.0 Prepare low and high sale scenarios.Rich Newman

12/2/2013 1.4 Monitor auction and follow up with R. Newman.Kelly Stapleton

Page 2 of 11




Exhibit D

363 Sale


12/2/2013 7.5 Attend auction.Rich Newman

12/2/2013 1.0 Prepare for auction.Rich Newman

Subtotal 62.4

Case Pleadings - Monitoring / Review


10/9/2013 0.5 Review red-lined cash collateral and bid procedures.Rich Newman

10/11/2013 0.5 Prepare retention documents.Rich Newman

10/13/2013 0.3 Review WF motions.Kelly Stapleton

10/13/2013 0.5 Review Wells Fargo motions.Rich Newman

10/13/2013 0.6 Review objections to cash collateral and bid procedures.Rich Newman

10/14/2013 1.1 Review of Notice of Objection, Cash Collateral Motion and Bid Procedures prior to court date on 10/16/2013.

Tom Downey

10/15/2013 0.3 Review objections to UCC motion.Kelly Stapleton

10/15/2013 0.4 Review senior lender's objection to committee's motion.Rich Newman

11/22/2013 1.0 Review motion to reject railcars.Rich Newman

12/23/2013 0.5 Review GECC motion.Rich Newman

12/27/2013 0.5 Review motion for sale proceeds to PNC.Rich Newman

1/21/2014 0.2 Review exclusivity motion.Rich Newman

Subtotal 6.4

Cash Management Monitoring


10/9/2013 0.3 Review revised cash collateral budget.Rich Newman


10/22/2013 0.5 Summarize cash variance.Rich Newman

12/3/2013 0.3 Review proposed cash collateral budget.Rich Newman

Page 3 of 11




Exhibit D



12/4/2013 1.0 Review proposed cash collateral budget and related emails.Rich Newman

12/11/2013 0.9 Prepare cash collateral for committee presentation.Rich Newman

12/11/2013 0.7 Prepare forecast v. actual.Rich Newman

12/17/2013 0.3 Review cash results.Rich Newman

12/31/2013 1.0 Review cash actuals.Rich Newman

1/2/2014 0.8 Review liquidating budget.Rich Newman

1/6/2014 1.5 Review wind-down budget.Rich Newman

1/6/2014 0.5 Draft and send email to McDonald Hopkins related to wind-down budget.

Rich Newman


Subtotal 9.1

Committee Correspondence/Communication


10/10/2013 2.2 Prepare committee presentation.Rich Newman

10/11/2013 0.7 Edit committee presentation.Rich Newman

10/11/2013 0.3 Attend call with McDonald Hopkins and K. Stapleton to discuss case direction.

Rich Newman

10/11/2013 1.5 Attend committee call.Rich Newman

10/11/2013 2.0 Keywell Creditor's Committee call with Rich Newman (AM), David Agey (MH), Michael Zanolli (MH), Kelly Stapleton (AM) and Keywell UCC.

Tom Downey

10/17/2013 1.5 Prepare for and attend UCC call.Kelly Stapleton


10/17/2013 1.0 Prepare for committee call.Rich Newman

10/22/2013 0.3 Speak with D. Agay re: case.Rich Newman


10/23/2013 0.5 Review and edit committee presentation.Kelly Stapleton

10/23/2013 0.2 Respond to committee question related to CIM.Rich Newman

10/23/2013 1.5 Finalize committee presentation.Rich Newman

Page 4 of 11




Exhibit D



10/23/2013 0.2 Speak with Dave Agay re: case.Rich Newman

10/23/2013 0.8 Make counsel's comments to the committee presentation.Rich Newman


10/25/2013 1.0 Prepare for and attend committee call.Kelly Stapleton



10/28/2013 1.5 Pre-meeting with UCC committee. Kelly Stapleton

10/28/2013 1.5 Prepare for committee management meeting.Kelly Stapleton

10/28/2013 4.0 Meet with committee management.Kelly Stapleton



11/4/2013 1.0 Review and edit 11/5 presentation.Kelly Stapleton

11/5/2013 0.6 Telephone call with UCC counsel re: document discovery and investigation.

Kelly Stapleton

11/5/2013 0.8 Participate in UCC call.Kelly Stapleton

11/5/2013 0.3 Finalize and send committee presentation.Rich Newman

11/5/2013 1.0 Prepare for and attend committee call.Rich Newman


11/11/2013 0.5 Review and edit UCC deck and confer with R. Newman.Kelly Stapleton

11/11/2013 0.4 Review committee presentation and send to K. Stapleton.Rich Newman

11/12/2013 0.6 Prepare and participate in UCC call.Kelly Stapleton




11/20/2013 0.5 Attend call with Eureka.Rich Newman

11/22/2013 1.0 Participate in committee call.Kelly Stapleton


11/29/2013 2.4 Prepare for and participate in call with buck re: sale.Kelly Stapleton

Page 5 of 11




Exhibit D



12/1/2013 0.2 Follow up phone call with R. Newman.Kelly Stapleton

12/1/2013 0.8 Attend call with buck counsel re: sale and updated analysis. Kelly Stapleton



12/16/2013 1.5 Prepare for and participate in UCC call.Kelly Stapleton

12/16/2013 1.0 Review draft complaint.Kelly Stapleton


1/8/2014 0.3 Review UCC correspondence re: case update.Kelly Stapleton

1/16/2014 0.2 Review memo re: claims agent. Kelly Stapleton


1/20/2014 0.7 Review and edit 1/21 UCC presentation and discuss wind down budget with R. Newman.

Kelly Stapleton

1/20/2014 0.7 Review committee presentation.Rich Newman



1/22/2014 0.1 Review request from UCC counsel re: foreign accounts.Kelly Stapleton

1/23/2014 0.1 Review email from UCC counsel to UCC re: expenses. Kelly Stapleton

1/28/2014 0.5 Begin process of first invoice.Rich Newman

1/29/2014 0.5 Organize time detail.Rich Newman

10/25/2103 2.0 Keywell Creditor's Committee update call with Rich Newman (AM), David Agey (MH), Michael Zanolli (MH), Kelly Stapleton (AM) and Keywell UCC.

Tom Downey

Subtotal 54.2

Court/Legal


10/16/2013 1.5 Attend cash collateral hearing.Rich Newman

10/16/2013 2.0 Continued review of documents noted in 10/14/13 description. Attended bankruptcy court hearing on document noted in 10/14/13 description.

Tom Downey

Page 6 of 11




Exhibit D

Court/Legal


11/5/2013 1.0 Prepare for and attend court hearing.Rich Newman

12/4/2013 1.5 Attend court hearing and discuss next steps with UCC counsel.Rich Newman

Subtotal 6.0

Discovery / NewKey Debt


10/29/2013 2.5 Review documents at Corp HQ and law office for discovery.Rich Newman

10/30/2013 3.2 Review and summarize Keywell debt documents.Rich Newman

10/31/2013 3.1 Review GL 2008-2012.Rich Newman

10/31/2013 2.1 Prepare insider summary chart.Rich Newman

11/1/2013 3.2 Review 2011 and 2012 financials and note debt default history.Rich Newman

11/4/2013 0.4 Review Sheffieck email.Rich Newman

11/4/2013 1.5 Review 2008 distributions.Rich Newman

11/4/2013 1.3 Prepare summary audited financial chart.Rich Newman

11/5/2013 0.6 Review discovery financials.Rich Newman

11/5/2013 0.6 Attend discovery call with McDonald Hopkins and send equity timeline.

Rich Newman

11/7/2013 1.5 Prepare and discuss with McDonald Hopkins summary liquidation analysis.

Rich Newman

11/8/2013 0.3 Respond to McDonald Hopkins discovery emails.Rich Newman

11/11/2013 0.5 Review NewKey payments one year prior to petition and send to M. Marcus.

Rich Newman

11/14/2013 1.5 Begin analysis of monthly financials with DPO and solvency.Rich Newman

11/14/2013 0.5 Discuss discovery process with McDonald Hopkins.Rich Newman

11/18/2013 7.0 Deposition preparation.Rich Newman

11/19/2013 1.5 Review documents prior to M. Sheffieck deposition.Rich Newman

11/19/2013 8.0 M. Sheffieck deposition.Rich Newman

11/19/2013 0.4 Discuss deposition with K. Stapleton.Rich Newman

11/20/2013 0.7 Prepare debt and equity analysis with positions.Rich Newman

Page 7 of 11




Exhibit D



11/20/2013 0.6 Attend call to discuss sale motion.Rich Newman

11/21/2013 1.0 Review discovery pleadings.Rich Newman

11/21/2013 0.2 Prepare numbers for M. Marcus.Rich Newman

11/25/2013 0.7 Research Tamarack LP.Rich Newman

11/25/2013 1.3 Answer questions and work with counsel regarding discovery.Rich Newman

11/25/2013 2.0 Edit insider motion exhibit.Rich Newman

11/27/2013 0.5 Review check data received.Rich Newman

12/2/2013 0.3 Review NewKey preliminary objection.Rich Newman

12/4/2013 0.8 Research potential valuation experts for potential NewKey fight.Rich Newman

12/16/2013 1.9 Review draft complaint.Rich Newman

12/17/2013 0.1 Speak with Micah Marcus re: litigation.Rich Newman

Subtotal 49.8

Financial & Operational Analysis


10/10/2012 0.3 Coordinate due diligence with Conway and Debtor IB.Rich Newman


Rich Newman

10/8/2013 0.1 Speak with Conway to get access to data room.Rich Newman

10/8/2013 0.7 Prepare engagement letter.Rich Newman

10/9/2013 1.5 Review schedules and statements.Rich Newman

10/9/2013 0.4 Update engagement letter.Rich Newman

10/10/2013 4.0 Attend meeting with Keywell management, attorneys and financial advisors.

Rich Newman

10/11/2013 0.3 Attend call with McDonald Hopkins to discuss discovery request.Rich Newman

10/11/2013 0.2 Attend call with Eureka to discuss sale process.Rich Newman

10/15/2013 0.2 Review liquidation analysis.Kelly Stapleton

10/15/2013 1.1 Prepare brief liquidation analysis and thoughts for cash collateral hearing.

Rich Newman

Page 8 of 11




Exhibit D



10/16/2013 0.5 Telephone call with R. Newman re: cash collateral hearing and review revised budget.

Kelly Stapleton

10/16/2013 2.5 Prepare for cash collateral hearing.Rich Newman

10/18/2013 0.5 Review data room.Kelly Stapleton

10/18/2013 2.0 Review data room and begin review of documents.Rich Newman

10/20/2013 0.5 Send debt documents to counsel.Rich Newman

10/21/2013 0.9 Review historical financials in data room.Rich Newman

10/21/2013 0.1 Discuss case with D. Agay.Rich Newman

10/21/2013 0.2 Review financial summary from T. Downey.Rich Newman

10/22/2013 0.5 Review A&M recovery scenario.Kelly Stapleton

10/22/2013 3.4 Assembled 3 statement model in excel with quarterly financial statements (in .pdf) provided by Keywell management.

Tom Downey

10/23/2013 0.8 Prepare summary of debt and equity.Rich Newman

10/23/2013 0.4 Review July financials.Rich Newman

10/23/2013 4.2 Continue assembly of 3 statement model noted in 10/22/2013. Began review of DIP budget provided by Conway Mckenzie. Reviewed Keywell UCC presentation for call on 10/25/13edits/changes.

Tom Downey

10/24/2013 4.0 Assembled DIP budget variance analysis and requested explanation of variance analysis from Keywell CFO. Continued to assemble 3 statements model noted in 10/22/13 description.

Tom Downey

10/25/2013 1.0 Call with CFO and Conway to discuss recovery analysis.Rich Newman

10/25/2013 0.8 Organize discovery process.Rich Newman

10/29/2013 1.5 Prepare for committee / management meeting.Rich Newman

10/30/2013 0.3 Review stainless model.Kelly Stapleton

10/31/2013 1.6 Review sales process summary and correspondence with counsel.

Kelly Stapleton

11/5/2013 1.0 Review memo re: recapitalization.Kelly Stapleton

11/7/2013 0.7 Prepare debt to equity conversion and send to McDonald Hopkins.Rich Newman

11/12/2013 0.4 Review draft liquidating trust term sheet.Rich Newman

11/16/2013 1.5 Analysis of monthly financials with DPO and solvency.Rich Newman


Page 9 of 11




Exhibit D



11/19/2013 0.4 Telephone call with R. Newman re: case status and Sheffleck deposition.

Kelly Stapleton

11/22/2013 0.3 Review motion to reject railcars.Kelly Stapleton

12/3/2013 1.5 Prepare updated waterfall analysis.Rich Newman

12/9/2013 0.5 Organize cure costs and wind-down budget.Rich Newman

12/10/2013 0.3 Speak with Conway.Rich Newman

12/10/2013 1.1 Review PNC settlement amount.Rich Newman

12/10/2013 1.5 Prepare assumptions for wind-down budget and begin modeling.Rich Newman

12/12/2013 0.4 Respond to Frewsburg asset questions.Rich Newman

12/12/2013 1.8 Review and prepare analysis regarding cure amounts.Rich Newman

12/12/2013 1.0 Review committee presentation, waterfall and wind-down budget.Rich Newman

12/13/2013 2.5 Finalize wind-down budget, waterfall analysis and committee presentation.

Rich Newman

12/16/2013 1.0 Prepare for committee call - refresh transition services.Rich Newman

1/2/2014 0.3 Review emails re: distribution.Rich Newman

1/3/2014 0.2 Speak with D. Agay re: claims.Rich Newman

1/3/2014 0.5 Speak with Debtors regarding distributions.Rich Newman

1/4/2014 0.5 Review sale proceed motions filed by Debtor.Rich Newman

1/6/2014 0.2 Discuss director issue with counsel.Kelly Stapleton

1/7/2014 0.3 Review weekly budgets and initial wind down budget.Kelly Stapleton

1/7/2014 0.5 Discuss wind down budget with Conway.Rich Newman

1/7/2014 0.8 Prepare analysis of TSA inflows and outflows.Rich Newman

1/7/2014 0.8 Call with D. Agay and S. Malloy.Rich Newman

1/7/2014 0.2 Prepare and send budget email to Conway.Rich Newman

1/8/2014 0.3 Speak with McDonald Hopkins regarding case.Rich Newman

1/10/2014 0.2 Review email from UCC to debtor counsel re: D&O and litigation.Kelly Stapleton

1/10/2014 0.2 Review emails and coordinate meeting.Rich Newman

1/13/2014 0.3 Review wind down budget and discuss with R. Newman.Kelly Stapleton

1/13/2014 0.2 Check on budget progress.Rich Newman

Page 10 of 11




Exhibit D



1/14/2014 1.3 Prepare comparison recovery analysis.Rich Newman

1/15/2014 0.5 Prepare for call with McDonald Hopkins.Rich Newman

1/16/2014 2.3 Meet with management.Rich Newman

1/16/2014 0.2 Review KCC email.Rich Newman

1/16/2014 0.8 Prepare for meeting.Rich Newman

1/17/2014 0.2 Review transaction from Sheffieck.Rich Newman

1/22/2014 1.1 Search A&M for connections to Chinese AR.Rich Newman

1/22/2014 0.4 Review rejection of US Steel lease.Rich Newman

1/22/2014 0.4 Review outstanding AR.Rich Newman

1/29/2014 1.0 Review miscellaneous sales to KW metals.Rich Newman

1/31/2014 0.7 Download tax data.Rich Newman

1/31/2014 0.2 Prepare and send time detail to M. Napoliello (A&M).Rich Newman

1/31/2014 0.4 Speak to D. Agay re: tax and follow-up with A&M.Rich Newman

Subtotal 66.5

Travel Time


10/28/2013 3.5 NWT (1/2) to meeting.Kelly Stapleton

Subtotal 3.5

257.9Grand Total

Page 11 of 11


Keywell LLCExpense Detail by Category


Exhibit E

Airfare

Date Expense Expense DescriptionProfessional/Service

10/10/2013 $758.80 Airfare Philadelphia/Chicago.Kelly Stapleton

10/28/2013 $447.80 Airfare roundtrip Philadelphia/Chicago.Kelly Stapleton

Expense Category Total $1,206.60

Meals


10/9/2013 $3.69 Out of town breakfast - K. Stapleton.Kelly Stapleton



11/19/2013 $12.01 Working late dinner - R. Newman.Rich Newman

Expense Category Total $28.10

Miscellaneous


1/12/2014 $2.12 Wireless usage charges.Kelly Stapleton

1/12/2013 $5.47 Wireless usage charges.Rich Newman

10/24/2013 $34.95 Software to convert PDF to excel.Rich Newman


11/25/2013 $34.95 PDF conversion software.Rich Newman


2/5/2014 $8,230.00 RR Donelley - Litigation document productionRich Newman

2/5/2014 $12,749.00 RR Donelley - Patzik Litigation document production - imaging- scanning-printing

Rich Newman

11/12/2013 $25.64 Wireless usage charges.Tom Downey


Page 1 of 2




Exhibit E

Transportation


10/10/2013 $31.50 Taxi to meeting.Kelly Stapleton

10/10/2013 $43.25 Taxi to airport.Kelly Stapleton

10/11/2013 $196.00 Roundtrip taxi from home to Philadelphia Airport.Kelly Stapleton

10/28/2013 $44.45 Taxi in Chicago.Kelly Stapleton


10/10/2013 $39.00 Parking for Keywell Management meeting.Rich Newman

10/28/2013 $8.00 Taxi to special counsel office - document discovery.Rich Newman

10/28/2013 $8.00 Taxi from McDonald Hopkins to A&M.Rich Newman

10/28/2013 $8.00 Taxi from A&M to McDonald Hopkins.Rich Newman

11/18/2013 $5.45 Taxi from McDonald Hopkins - Deposition Prep.Rich Newman

11/18/2013 $8.00 Taxi - McDonald Hopkins - Dep Prep to office.Rich Newman

11/18/2013 $26.25 Taxi from train to home (work late).Rich Newman

11/19/2013 $8.00 Taxi to deposition.Rich Newman



Grand Total $22,955.82

Page 2 of 2


June 13, 2014

Via Email Delivery












[email protected]

Re: Keywell L.L.C. Case No.13-37603


of Unsecured Creditors February 1, 2014 through May 31, 2014

Counsel:




the period February 1, 2014 through May 31, 2014 (the “Fee Statement Period”).




$19.71 in expenses, for a total of $90,019.71 in fees and expenses for the Fee Statement Period.

If none of the application recipients identified in the Order object to the Fee Statement by June 20,

2014, the Debtor is authorized to pay the total of $90,019.71.

Sincerely,

Kelly Stapleton

Managing Director

KBS/mbn













Fees represent $25,000.00 per month for February, March, April and May 2014

Expenses Amount

Covered Period Expenses $19.71

Expenses Payable $19.71


PLEASE NOTE NEW WIRING INSTRUCTIONS AS A&M HAS CHANGED BANKING

INFO

Wire Instructions


ABA: 021000021


Account Number: 789 758 016


Mail Instructions:

Alvarez & Marsal



New York, NY 10022




February 1, 2014 through May 31, 2014

Exhibit A




Claims 10.7



Fee Application 6.0


Plan of Reorganization 12.7

97.1Total

Page 1 of 1


Keywell LLCSummary of Expense Detail by CategoryFebruary 1, 2014 through May 31, 2014

Exhibit B


Miscellaneous $19.71

$19.71Total

Page 1 of 1


Keywell LLCSummary of Time Detail by ProfessionalFebruary 1, 2014 through May 31, 2014

Exhibit C






97.1Total

Page 1 of 1




Exhibit D



3/1/2014 0.3 Review retention.Kelly Stapleton

3/3/2014 0.4 Final review of bill.Kelly Stapleton

3/3/2014 0.2 Review CRO motion.Rich Newman

3/6/2014 0.5 Review Cozzi Partners settlement.Rich Newman

3/6/2014 0.4 Review McDonald Hopkins pleadings.Rich Newman

3/18/2014 0.2 Review 2019.Rich Newman

3/18/2014 0.8 Review pleadings.Rich Newman

4/3/2014 0.4 Review assume and assign.Rich Newman

4/4/2014 0.8 Review insurance admin claim and Keywell Metals complaint.Rich Newman

4/8/2014 0.5 Review union motion.Rich Newman

Subtotal 4.5



2/26/2014 1.2 Review receipts and disbursement schedule and cash.Rich Newman

2/28/2014 0.3 Review cash statement.Rich Newman

3/26/2014 0.7 Review latest cash budget.Rich Newman

3/26/2014 0.5 Review forecast vs. actuals.Rich Newman

3/31/2014 0.6 Review cash collateral budget.Rich Newman

4/1/2014 0.4 Review cash collateral document.Rich Newman

4/16/2014 1.1 Review cash summaries from Conway.Rich Newman

4/18/2014 0.5 Review March cash reportRich Newman

Subtotal 5.3

Claims


2/25/2014 1.0 Review claims file.Rich Newman

Page 1 of 7




Exhibit D

Claims


3/12/2014 0.3 Review Toyota claim.Rich Newman

3/13/2014 3.2 Review unsecured claims.Rich Newman

4/8/2014 2.2 Review duplicate claims in Omni file.Rich Newman

4/8/2014 1.4 Review and prepare questions regarding Omni claims file.Rich Newman

4/9/2014 1.5 Review additional claim files from Omni.Rich Newman

4/11/2014 1.1 Review updated claims file.Rich Newman

Subtotal 10.7



2/10/2014 0.5 Prepare first invoice.Rich Newman

2/12/2014 0.2 Review email from S. Malloy.Rich Newman

2/13/2014 0.2 Review first fee application.Rich Newman

2/17/2014 0.1 Review correspondence from UCC counsel re: debtor/creditor suit.

Kelly Stapleton

2/17/2014 0.3 Review valuation fee proposal and correspond re: same.Kelly Stapleton

2/18/2014 0.1 Review correspondecen from UCC counsel re: debtor/creditor suit.

Kelly Stapleton

2/18/2014 0.1 Review email to UCC counsel re: valuation budget.Kelly Stapleton


3/10/2014 0.1 Review letter to lender counsel.Rich Newman


3/17/2014 0.2 Correspond with Conway.Rich Newman

3/24/2014 0.1 Review email from D. Agay.Rich Newman


3/26/2014 0.7 Prepare cash slides for committee presentation.Rich Newman

4/10/2014 0.1 Discuss case issues with counsel.Rich Newman

4/14/2014 0.2 Telephone call with UCC re: plan discussion.Kelly Stapleton

Page 2 of 7




Exhibit D



4/15/2014 0.8 Telephone call with UCC counsel re: plan and activities going forward.

Kelly Stapleton

4/17/2014 0.3 Telephobne call with UCC counsel re: plan and follow up with R. Newman.

Kelly Stapleton


4/22/2014 1.2 Prepare for and participate in committee call.Kelly Stapleton


5/1/2014 0.2 Speak with D. Agay.Rich Newman

5/14/2014 2.0 Review and comment on disclosure statement and participate on committee call.

Kelly Stapleton


5/19/2014 0.7 Attend all hands professional call.Rich Newman

5/20/2014 0.2 Review and respond to emails.Rich Newman



Subtotal 14.6



2/26/2014 1.3 Review NewKey pleading.Rich Newman

Subtotal 1.3

Fee Application


2/6/2014 3.2 Begin work on Keywell interim application October -- January '14 - research docket.

Mary Napoliello

2/7/2014 2.5 finalize draft of first interim - send to R. Newman for review.Mary Napoliello

3/3/2014 0.3 Incorporate edits to exhibits and send new version to R. Newman.Mary Napoliello

Page 3 of 7




Exhibit D

Fee Application


Subtotal 6.0



2/3/2014 0.2 Prepare and send time detail.Rich Newman

2/3/2014 1.0 Review tax data.Rich Newman

2/3/2014 0.2 Coordinate tax call.Rich Newman

2/3/2014 0.5 Speak to Layne Albert re: taxes.Rich Newman

2/4/2014 0.1 Review asset sale and setoff email.Rich Newman

2/4/2014 0.5 Speak to Layne Albert and McDonald Hopkins.Rich Newman

2/5/2014 0.2 Review emails from S. Malloy.Rich Newman

2/7/2014 0.2 Speak to T. Stallkamp and follow-up with attorneys.Rich Newman

2/9/2014 0.8 Review inventory sale.Rich Newman

2/10/2014 1.3 Review of finanicals and potential sales and use tax issues on sale of assets.

Albert Layne

2/10/2014 0.2 Respond to counsel's questions regarding financials.Rich Newman

2/11/2014 0.1 Telephone call with R. Newman and G. Frantzen re: testimony and work plan.

Kelly Stapleton

2/11/2014 0.4 Prepare and send documents to valuation.Rich Newman

2/11/2014 0.5 Discuss Keywell with valuation group.Rich Newman

2/17/2014 0.1 Review email to counsel re: valuation budget.Kelly Stapleton

2/17/2014 0.2 Research and respond to interest question.Rich Newman

2/19/2014 0.8 Respond to inventory sale.Rich Newman

2/25/2014 0.1 Review litigation summary.Rich Newman

2/28/2014 1.2 Prepare for and participate on call re: claims reconcilation with counsel.

Kelly Stapleton

2/28/2014 0.3 Reconcile expenses.Rich Newman

3/3/2014 0.4 Review final fee application.Rich Newman

3/3/2014 0.2 Speak with McDonald Hopkins.Rich Newman

Page 4 of 7




Exhibit D



3/11/2014 0.3 Speak with T. Stallkamp re: case.Rich Newman

3/12/2014 0.2 Review litigation pleading.Rich Newman

3/15/2014 0.3 Review receipts and disbursements.Rich Newman

3/19/2014 1.0 Review budget and prepare questions.Rich Newman

3/20/2014 1.5 Begin update of waterfall analysis.Rich Newman

3/24/2014 0.9 Review updated cash budget.Rich Newman

3/24/2014 0.3 Review operating report.Rich Newman

3/27/2014 0.5 Review and send dividend distribution list.Rich Newman

3/28/2014 1.4 Prepare insider payment summary.Rich Newman

3/28/2014 2.2 Reconcile 2008 tax payments to 2007 distributions.Rich Newman

3/28/2014 0.6 Finalize presentation.Rich Newman

3/31/2014 2.4 Review updated schedules and statements.Rich Newman



4/9/2014 0.3 Review claims issues.Kelly Stapleton

4/15/2014 0.5 Attend plan call.Rich Newman

4/15/2014 0.4 Draft convenience class.Rich Newman

4/15/2014 1.0 Begin waterfall analysis.Rich Newman

4/16/2014 1.3 Finish convenience class analysis and send to counsel.Rich Newman

4/17/2014 0.6 Speak with counsel re: NewKey and POR.Rich Newman

4/18/2014 0.7 Update waterfall analysis.Rich Newman

4/21/2014 0.5 Review LIFO reserve work.Rich Newman

4/22/2014 2.8 Review responses to NewKey pleading.Rich Newman

4/22/2014 0.6 Review budget workbook.Rich Newman

4/23/2014 0.6 Review PNC term sheet.Rich Newman

4/23/2014 0.5 Finalize review of response to NewKey pleading.Rich Newman

4/24/2014 0.1 Speak with M. Marcus.Rich Newman

4/24/2014 0.2 Review ownership figures.Rich Newman

Page 5 of 7




Exhibit D



4/28/2014 0.4 Review latest winddown and confer with R. Newman and counsel.Kelly Stapleton

4/28/2014 0.2 Review and respond to email.Rich Newman

4/29/2014 0.2 Review and respond to liquidation analysis emails.Rich Newman

5/1/2014 0.9 Review liquidation analysis.Rich Newman

5/1/2014 1.2 Review assumed contracts and other paid claims.Rich Newman

5/1/2014 0.5 Review contingency earnout.Rich Newman

5/1/2014 0.5 Speak with T. Stallkamp.Rich Newman

5/1/2014 1.1 Review amended complaint.Rich Newman

5/5/2014 0.5 Review TI / NB inventory request.Rich Newman

5/5/2014 1.0 Attend Debtor / Creditor advisor call.Rich Newman

5/5/2014 1.6 Prepare POR vs. Chapter 7 analysis.Rich Newman

5/12/2014 0.2 Review emails.Rich Newman

5/12/2014 0.4 Review data from T. Stallkamp.Rich Newman

5/13/2014 0.3 Speak with counsel.Rich Newman

5/22/2014 0.2 Speak with CRO.Rich Newman

5/22/2014 0.3 Review Newman complain.Rich Newman

Subtotal 42.0

Plan of Reorganization


2/13/2014 2.5 Review draft Plan and exhibits.Rich Newman

2/17/2014 0.2 Review tax emails.Rich Newman

5/6/2014 1.5 Prepare charts for liquidation analysis.Rich Newman

5/6/2014 3.1 Begin drafting notes for liquidation analysis.Rich Newman

5/7/2014 0.5 Update liquidation analysis for comments received.Rich Newman

5/7/2014 1.0 Review plan.Rich Newman

5/13/2014 0.8 Update liquidation analysis.Rich Newman

Page 6 of 7




Exhibit D




5/15/2014 0.8 Discuss liquidation analysis with counsel follow-up questions with CRO.

Rich Newman


5/16/2014 0.4 insert figures into disclosure statement.Rich Newman

Subtotal 12.7

97.1Grand Total

Page 7 of 7



February 1, 2014 through March 31, 2014

Exhibit E

Miscellaneous


5/12/2014 $2.00 Wireless usage chargesKelly Stapleton

5/12/2014 $17.71 Wireless usage chargesRich Newman


Grand Total $19.71

Page 1 of 1


September 2, 2014

Via Email Delivery












[email protected]

Re: SGK Ventures LLC (f/k/a Keywell LLC). Case No.13-37603


of Unsecured Creditors June 2014 through August 2014

Counsel:




the period June 1, 2014 through August 31, 2014 (the “Fee Statement Period”).



2013 (the “Order”) A&M requests payment of 67,500.00 in fees (i.e., 90% of $75,000.00) and

$1,942.67 in expenses, for a total of $69,442.67 in fees and expenses for the Fee Statement Period.

If none of the application recipients identified in the Order object to the Fee Statement by

September 9, 2014, the Debtor is authorized to pay the total of $69,442.67.

Sincerely,

Kelly Stapleton

Managing Director

KBS/mbn













Fees represent $25,000.00 per month for June, July and August 2014

Expenses Amount

Covered Period Expenses $1,942.67

Expenses Payable $1,942.67


Wire Instructions


ABA: 021000021




Mail Instructions:

Alvarez & Marsal



New York, NY 10022



Keywell LLC Exhibit A

Summary of Time Detail by Task

June 1, 2014 through August 31, 2014



Fee Application 4.5



Travel (1/2 Time) 15.0

Total 145.9


Keywell LLC Exhibit B

Summary of Expense Detail by Category



Airfare 1,315.00$

Hotel 235.13

Miscellaneous 83.46

Meals 97.49

Taxi 211.59

Total 1,942.67$


Keywell LLC Exhibit C

Summary of Time Detail by Professional






Total 145.9


Keywell LLC Exhibit D

Time Detail by Activity by Professional



Professional Date Hours Activity

Rich Newman 6/3/2014 0.4 Attend call with counsel and discuss internally

Rich Newman 6/27/2014 0.2 Prepare for committee call

Rich Newman 6/27/2014 1.7 Attend committee call

Rich Newman 7/7/2014 0.2 Review emails

Rich Newman 7/8/2014 0.1 Speak with D. Agay

Rich Newman 7/28/2014 0.5 Attend committee call

Kelly Stapleton 6/27/2014 1 Prepare for and participate on committee call

Kelly Stapleton 7/2/2014 0.8 Meet with ucc counsel and attend hearing

Subtotal 4.9

Fee Application


Mary Napoliello 6/12/2014 3.3 Prepare fee application

Mary Napoliello 6/13/2014 1.2 Prepare fee application

Subtotal 4.5



Rich Newman 6/2/2014 0.5 Review docket

Rich Newman 6/10/2014 1.4 Review pleadings and LA testimony

Rich Newman 6/11/2014 1 Review settlement proposal

Rich Newman 6/12/2014 1.5 prepare for and speak to Tim Stallkamp

Rich Newman 6/12/2014 0.5 Call with McDonald Hopkins

Rich Newman 6/12/2014 0.9 Review updated settlement worksheet

Rich Newman 6/13/2014 0.6 Prepare for call with Debtors

Rich Newman 6/13/2014 1.3 Call with Debtors & follow-up

Rich Newman 6/19/2014 0.4 Review cash report

Rich Newman 6/23/2014 1 Review settlement proposal

Rich Newman 6/24/2014 0.5 Respond to DS questions

Rich Newman 6/27/2014 1.3 Review EBITDA earnout

Rich Newman 6/27/2014 0.6 Prepare KW counter

Rich Newman 6/30/2014 0.3 Review KW Metals list of terms

Rich Newman 6/30/2014 0.5 Discuss term sheet

Rich Newman 7/8/2014 1.2 Review and edit claim analysis

Rich Newman 7/8/2014 0.2 Speak with T. Stallkamp re: proposed settlement offer

Rich Newman 7/8/2014 0.1 Draft email regarding settlement offer

Rich Newman 7/9/2014 2.5 Review settlement motion & related documents outline key points

Rich Newman 7/9/2014 0.3 Review APA hearing

Rich Newman 7/10/2014 1.2 Analyze contingent payment

Rich Newman 7/14/2014 0.2 Review Debtor response to settlement objection by committee

Rich Newman 7/15/2014 0.3 Review emails related to settlement and pull order

Rich Newman 7/16/2014 2.1 Review value of EBITDA contingency

Rich Newman 7/16/2014 0.5 Prepare for call with Debtor

Rich Newman 7/16/2014 0.4 Speak with T. Stallkamp and follow up internally

Rich Newman 7/16/2014 0.2 Speak with T. Stallkamp

Rich Newman 7/17/2014 1.5 Review Frewsburg file

Rich Newman 7/18/2014 2 Review documents related to compilation of liquidation analysis

Rich Newman 7/25/2014 1.1 Review ATI Documents





Rich Newman 7/28/2014 2.5 Prepare ATI analysis

Rich Newman 7/28/2014 1.1 Negotiate earn-out

Rich Newman 7/29/2014 0.2 Discuss executory contracts

Rich Newman 7/30/2014 0.3 Review Cronimet objection

Rich Newman 7/30/2014 0.7 Speak with T. Stallkamp re: contracts and follow-up

Rich Newman 7/30/2014 0.3 Speak with McDonald Hopkins re: contracts

Rich Newman 8/2/2014 4 Prepare for deposition

Rich Newman 8/5/2014 0.5 Review gas contract

Rich Newman 8/6/2014 0.2 Speak to McDonald Hopkins re: litigation and follow-up

Rich Newman 8/7/2014 0.3 Frewsburg utilities

Rich Newman 8/7/2014 0.4 Discuss NFR contract with CRO & review if makes sense to reject

Rich Newman 8/7/2014 0.3 Discuss NFR contract with McDonald Hopkins

Rich Newman 8/11/2014 0.4 NFR Contract

Rich Newman 8/12/2014 0.5 Research Goldmine road

Rich Newman 8/14/2014 1.5 Prepare for confirmation hearing

Rich Newman 8/14/2014 0.2 NFR Contract

Rich Newman 8/15/2014 1.6 Attend call with Debtors and M. Marcus

Rich Newman 8/18/2014 0.5 Call discuss declaration

Rich Newman 8/18/2014 1 Speak with CRO and follow-up

Rich Newman 8/19/2014 0.8 Speak with counsel regarding declaration and follow-up emails

Rich Newman 8/19/2014 2.2 Review deposition

Rich Newman 8/19/2014 0.2 Pull exhibit and witness lists

Rich Newman 8/22/2014 2.2 Review documents

Rich Newman 8/22/2014 0.5 Run NewKey interest calculations

Rich Newman 8/23/2014 1.9 Prepare for testimony

Rich Newman 8/26/2014 1.6 NFR calculation

Rich Newman 8/27/2014 0.5 Internal committee call

Rich Newman 8/27/2014 0.5 Discuss NFR with their counsel

Rich Newman 8/28/2014 0.2 Discuss NFR with McDonald Hopkins

Subtotal 53.2



Rich Newman 6/10/2014 1.3 LA prep for confirmation hearing

Rich Newman 6/19/2014 1.5 Review DS and POR

Rich Newman 6/24/2014 2.5 Prepare for DS hearing

Rich Newman 6/25/2014 1.4 Review liquidation analysis

Rich Newman 6/25/2014 0.5 Attend disclosure statement hearing

Rich Newman 6/26/2014 0.4 Review changes to DS

Rich Newman 6/30/2014 0.5 Discuss DS

Rich Newman 6/30/2014 0.7 Review backline DS and other items

Rich Newman 7/1/2014 0.4 Prepare for disclosure statement hearing

Rich Newman 7/2/2014 0.5 Attend disclosure statement hearing

Rich Newman 7/3/2014 0.3 Attend strategy call with counsel

Rich Newman 7/21/2014 3.1 Review LA files

Rich Newman 7/21/2014 2.1 Review LA testimony

Rich Newman 7/22/2014 1.2 Begin detailed review of POR

Rich Newman 7/23/2014 1.3 Continue detailed review of POR

Rich Newman 7/24/2014 0.7 Prepare liquidating trustee slides

Rich Newman 7/28/2014 0.8 Review and summarize liquidating trust agreement





Rich Newman 8/3/2014 2 Prepare for Deposition with McDonald Hopkins

Rich Newman 8/3/2014 2.2 Review plan materials

Rich Newman 8/3/2014 2 Prepare for deposition

Rich Newman 8/4/2014 2.5 Review liquidation, POR recovery and other files for depo

Rich Newman 8/4/2014 1.2 Meet with McDonald Hopkins

Rich Newman 8/4/2014 4 Attend deposition

Rich Newman 8/6/2014 1 Review objection to POR

Rich Newman 8/7/2014 0.7 Attend POR call with counsel

Rich Newman 8/18/2014 0.8 Prepare update POR recovery

Rich Newman 8/19/2014 1.3 Revise updated POR recovery numbers

Rich Newman 8/20/2014 0.6 Speak with CRO and counsel

Rich Newman 8/20/2014 0.6 Review Sheffieck deposition

Rich Newman 8/20/2014 0.6 Review NK FA deposition

Rich Newman 8/20/2014 0.3 Begin review of Lozier deposition

Rich Newman 8/21/2014 4 Review confirmation documents

Rich Newman 8/22/2014 0.2 Speak with counsel regarding declaration and follow-up emails

Rich Newman 8/22/2014 2 Review documents in prep for hearing

Rich Newman 8/24/2014 7 Prepare for confirmation

Rich Newman 8/24/2014 3.1 Prepare for confirmation

Rich Newman 8/25/2014 3.9 Prepare and confirmation hearing

Rich Newman 8/27/2014 0.7 Attend confirmation hearing

Kelly Stapleton 7/3/2014 0.5 confirmation strategy call

Kelly Stapleton 8/6/2014 0.4 T/c w/ R Newman re:hearing; review correspondence - ucc counsel

Kelly Stapleton 8/22/2014 2.5 Review memo of law and declarations of Newman and Stallkamp

Kelly Stapleton 8/24/2014 2.5 Review liq analysis & pleadings- preparation for confirmation hearing

Kelly Stapleton 8/24/2014 2.5 Meet with advisors in preparation for confirmation hearing

Subtotal 68.3

Travel (1/2 Time)


Kelly Stapleton 7/1/2014 3.0 NWT Philadelphia-Chicago for DS hearing (1/2 Time)

Kelly Stapleton 7/5/2014 3.5 NWT Chicago-Philadelphia (1/2 Time)

Kelly Stapleton 8/22/2014 5.0 NWT to Chicago for confirmation hearing (1/2) Time)

Kelly Stapleton 8/24/2014 3.5 NWT with respect to advisor meeting to prep for hearing (1/2 time)

Subtotal 15.0

Grand Total 145.9


Keywell LLC Exhibit E

Expense Detail by Category


Miscellaneous

Professional/Service Date Expense Expense Description

Kelly Stapleton 6/1/14 0.82 Wireless usage Charge



Rich Newman 6/12/2014 6.47 Wireless usage Charge

Rich Newman 7/12/2014 7.34 Wireless usage Charge

Rich Newman 7/22/2014 45.00 Printing

Rich Newman 8/5/2014 9.95 Internet - plane

Rich Newman 8/6/2014 9.95 Internet - plane

Expense Category Total 83.5$

Airfare


Kelly Stapleton 6/27/14 635.00 Roundtrip from PHL

Rich Newman 7/28/2014 680.00 Airfare - return from vacation for depo

Expense Category Total 1,315.00$

Hotel


Kelly Stapleton 7/1/14 235.13 Hotel - 1 night


Meal


Kelly Stapleton 7/1/14 37.65 Meal

Kelly Stapleton 7/2/14 42.79 Meal

Rich Newman 7/28/2014 17.05 Lunch during depo with counsel


Taxi


Kelly Stapleton 7/1/14 97.50 Taxi: American Cab - home to PHL

Kelly Stapleton 7/2/14 8.94 Taxi: Cab in Chicago

Kelly Stapleton 7/5/14 97.50 Taxi: American Cab - PHL to home

Rich Newman 8/4/2014 7.65 Taxi from Deposition to office


Total Expenses 1,942.67$


October 20, 2014

Via Email Delivery












[email protected]

Re: SGK Ventures LLC (f/k/a Keywell LLC). Case No.13-37603


of Unsecured Creditors September 1, 2014 through September 30, 2014

Counsel:




the period September 1, 2014 through September 30, 2014 (the “Fee Statement Period”).




zero in expenses, for a total of $22,500.00 in fees and expenses for the Fee Statement Period.

If none of the application recipients identified in the Order object to the Fee Statement by October

27, 2014, the Debtor is authorized to pay the total of $22,500.00.

Sincerely,

Kelly Stapleton

Managing Director

KBS/mbn


1












Expenses Amount

Covered Period Expenses $0.00

Expenses Payable $0.00


Wire Instructions


ABA: 021000021




2


Keywell LLC Exhibit A

Summary of Time Detail by Task

September 1 through September 30, 2014


Claims 4.0


Fee Application 1.8


Liquidating Trust Preparation 21.6

Total 33.9

3


Keywell LLC Exhibit B

Summary of Expense Detail by Category



Airfare -$

Hotel -

Miscellaneous -

Meals -

Taxi -

Total -$

4


Keywell LLC Exhibit C

Summary of Time Detail by Professional




Daniel Spragg Managing Director 6.0


Total 33.9

5


Exhibit D

Keywell LLC



Claims


Rich Newman 9/8/2014 3.0 Review POCsRich Newman 9/17/2014 1.0 High level review of admin and priority claimSubtotal 4.0



Rich Newman 9/10/2014 0.4 Attend call with counselRich Newman 9/15/2014 0.6 Attend committee callSubtotal 1.0

Fee Application


Rich Newman 9/2/2014 1.5 Prepare invoiceKelly Stapleton 9/2/2014 0.3 Review and edit June/July billSubtotal 1.8



Rich Newman 9/10/2014 1.0 Prepare for and attend call with valuationRich Newman 9/15/2014 0.2 Speak with T. StallkampRich Newman 9/16/2014 0.4 Pre-call with counsel and K. StapletonRich Newman 9/16/2014 1.2 Attend call with committee professionals, K. Stapleton and

debtor professionalsRich Newman 9/18/2014 0.5 Attend call with T. StallkampRich Newman 9/29/2014 0.8 Cash collateral and trust adminKelly Stapleton 9/3/2014 0.1 Review correspondence re:confirmation and litigation strategy

Kelly Stapleton 9/10/2014 0.1 Follow up on valuation call

Kelly Stapleton 9/16/2014 1.2 Attend call with committee professionals, R. Newman and debtor professionals

Subtotal 5.5

Liquidating Trust Preparation


Rich Newman 9/18/2014 1.5 Transition to trust itemsRich Newman 9/19/2014 1.1 Transition to trust itemsRich Newman 9/22/2014 0.5 Transition to trust itemsRich Newman 9/24/2014 3.2 Prepare recovery analysis - liq trust documentsRich Newman 9/26/2014 1.1 Trust preparationRich Newman 9/30/2014 1.2 Review disbursement docs and trust docs

Daniel Spragg 9/18/2014 1.1 Investigate insurance options for liquidating trustee / Frewsburg admin




6


Exhibit D

Keywell LLC






Kelly Stapleton 9/16/2014 2.0 Prepare for and participate in all hands professional calls re:transfer to the liquidating trust

Kelly Stapleton 9/18/2014 0.5 Call with T Stalkamp re:insuranceKelly Stapleton 9/22/2014 0.5 Confer with banks re:trust account

Kelly Stapleton 9/23/2014 1.0 Review proposals for trust account and confer with S Horwitz

Kelly Stapleton 9/25/2014 2.0 Review liquidating trust agreement, arrange logistics for tax filings and set up trust account, review insurance quote

Kelly Stapleton 9/26/2014 1.0 Confer with counsel and CRO’s counsel re:Stalkamp engagement letter

Subtotal 21.6

Grand Total 33.9

7


Exhibit B

Summary of Pending Monthly Statements and Outstanding Invoices:

Date Served



Expenses Requested

Expenses Paid

Unpaid Balance

3/3/14 10/7/13 to

1/31/14 257.9 $100,000.00 $90,000.00 $22,955.92 $22,955.92 $10,000.00

6/13/14 2/1/14 to 5/31/14 97.10 $100,000.00 $90,000.00 $19.71 $19.71 $10,000.00

9/2/14 6/1/14 to 8/31/14 145.9 $75,000.00 $67,500.00 $1,942.67 $1,942.67 $7,500.00

10/20/14 9/1/14/ to 9/30/14 33.90 $25,000.00 $22,500.00 $0.00 $0.00 $2,500.00

11/19/14 10/1/14 to 10/21/14 30.00 $25,000.00 $0.00 $88.61 $0.00 $25,088.61

Total 564.80 $325,000.00 $270,000.00 $25,006.91 $24,918.30 $55,088.61

Case 13-37603 Doc 904-2 Filed 11/20/14 Entered 11/20/14 15:19:01 Desc Exhibit B Page 1 of 1



Exhibit C


363 Sale 62.4



Claims 14.7


Court/Legal 6.0


Fee Application 12.3


Liquidating Trust Preparation 43.7


Travel Time 18.5

564.8Total

Page 1 of 1

Case 13-37603 Doc 904-3 Filed 11/20/14 Entered 11/20/14 15:19:01 Desc Exhibit C Page 1 of 6



Exhibit C



$88.61Total

Page 1 of 1


Keywell LLCSummary of Time Detail by Professional


Exhibit C





30.0Total

Page 1 of 1




Exhibit C



8/28/2014 0.4 NFR settlement.Kelly Stapleton

10/20/2014 1.5 Prepare invoice.Rich Newman

Subtotal 1.9



10/1/2014 0.5 Review liquidating trust docs / include internal counsel.Kelly Stapleton

10/1/2014 0.5 Review engagement letter.Rich Newman


10/6/2014 1.2 Review insurance option.Kelly Stapleton

10/6/2014 1.0 TSA.Rich Newman

10/7/2014 1.0 Correspondence and advisory on independent contractor status.Dan Spragg

10/7/2014 0.5 Liquidation trust preparation - insurance.Rich Newman

10/8/2014 1.0 Collect and forward trust information for broker.Dan Spragg


10/9/2014 2.0 Review of AIG alternative.Dan Spragg

10/9/2014 1.0 Review insurance.Rich Newman

10/13/2014 0.7 Prepare for effective date - liquidating trust requirements.Kelly Stapleton



10/15/2014 0.5 Trust insurance.Rich Newman

10/16/2014 1.0 Trust admin.Rich Newman

10/17/2014 1.0 Follow up with Rich on quote and status.Dan Spragg



10/20/2014 1.0 Questions on Pollution coverage and broker call.Dan Spragg

10/21/2014 2.0 Binding request, binder review and broker call.Dan Spragg

Page 1 of 2




Exhibit C



10/21/2014 0.2 Speak with A&M .Rich Newman

10/21/2014 2.0 Respond to questions re: gong effective.Rich Newman

10/21/2014 0.7 Review September cash report.Rich Newman

Subtotal 22.1



8/25/2014 1.5 Prep for confirmation hearing.Kelly Stapleton

8/26/2014 4.5 Prepare for and attend confirmation hearing 8/27.Kelly Stapleton

Subtotal 6.0

30.0Grand Total

Page 2 of 2




Exhibit C

Miscellaneous


10/12/2014 $67.71 Wireless usage charges (Sept - Oct).Kelly Stapleton

10/12/2014 $20.90 Wireless usage charges (Sept - Oct).Rich Newman


Grand Total $88.61

Page 1 of 1


Exhibit D

Professional Position Total Hours Incurred









Total 564.80

Case 13-37603 Doc 904-4 Filed 11/20/14 Entered 11/20/14 15:19:01 Desc Exhibit D Page 1 of 1



Exhibit E

363 Sale


10/13/2013 0.5 Review objections to cash collateral and bid procedures motions.Kelly Stapleton


10/15/2013 0.5 Review roster of potential of potential bidders.Kelly Stapleton

10/15/2013 0.7 Coordinate review of potential other bidders.Rich Newman


10/16/2013 4.5 Review of Keywell Chapter 11 documents.Joshua Nevsky


10/17/2013 4.5 Review of documents related to the sale process including potential buyers list.

Joshua Nevsky



10/18/2013 0.1 Discuss sale with D. Agay.Rich Newman


10/21/2013 1.5 Review list of potential buyers, financials, and CIM.Kelly Stapleton


10/21/2013 1.1 Review CIM.Rich Newman

10/21/2013 3.3 Reviewed documentation provided in the data room relative to UCC request for information. Spoke with Joshua Nevsky (AM) on AM Corporate Finances assembly of additional potential bidder list.

Tom Downey


10/22/2013 0.5 Speak to Corp finance regarding potential buyers.Rich Newman

10/22/2013 0.3 Prepare and send email related to CIM.Rich Newman

10/22/2013 1.5 Prepare A&M recovery scenario.Rich Newman


10/23/2013 0.4 Speak with Eureka regarding sale and follow-up with committee advisors.

Rich Newman


10/30/2013 1.0 Review stainless steel financial model.Rich Newman

10/31/2013 0.8 Summarize sale process.Rich Newman

10/31/2013 0.7 Discuss sale with Eureka and prepare summary email for counsel.Rich Newman

Page 1 of 24

Case 13-37603 Doc 904-5 Filed 11/20/14 Entered 11/20/14 15:19:01 Desc Exhibit E Page 1 of 24



Exhibit E

363 Sale


11/4/2013 1.3 Run sensitivities on stainless model and prepare email to committee.

Rich Newman

11/4/2013 0.8 Attend call to discuss stainless model with CFO and Conway MacKenzie.

Rich Newman

11/4/2013 0.5 Prepare for Stainless call (review model).Rich Newman

11/5/2013 1.0 Review sales process to date and correspond with Eureka. Kelly Stapleton

11/5/2013 0.7 Review stainless financial model assumptions.Rich Newman

11/8/2013 0.5 Speak with Eureka regarding sale process.Rich Newman

11/8/2013 0.3 Draft sale summary email to McDonald Hopkins.Rich Newman

11/12/2013 0.6 Attend committee call and describe sale process.Rich Newman

11/13/2013 0.3 Call with attorney representing a prospective buyer.Rich Newman

11/15/2013 0.5 Call to discuss sale with Eureka.Rich Newman

11/20/2013 0.6 Call re: sale motion. Kelly Stapleton

11/20/2013 0.7 Coordinate new potential interested buyer.Rich Newman

11/22/2013 0.2 Communicate with Eureka regarding sale process.Rich Newman

11/26/2013 0.2 Correspond with Eureka regarding Cronimet earnout.Rich Newman

11/26/2013 0.2 Speak with Eureka regarding potential bidders.Rich Newman

11/26/2013 1.2 Begin comparison of two bids.Rich Newman

11/28/2013 1.1 Review sale documents from Debtor.Rich Newman

11/29/2013 0.3 Speak to M. Sheffieck regarding sale.Rich Newman


11/30/2013 0.3 Review correspondence re: sale.Kelly Stapleton

11/30/2013 0.4 Draft email regarding AK Steel customer volumes to Debtor and advisors.

Rich Newman


11/30/2013 0.5 Attend call with Debtor and UCC advisors and Cronimet regarding sale.

Rich Newman

12/1/2013 1.0 Prepare low and high sale scenarios.Rich Newman

12/1/2013 0.5 Speak with counsel regarding sale strategy.Rich Newman

12/2/2013 1.4 Monitor auction and follow up with R. Newman.Kelly Stapleton

Page 2 of 24




Exhibit E

363 Sale


12/2/2013 7.5 Attend auction.Rich Newman

12/2/2013 1.0 Prepare for auction.Rich Newman

Subtotal 62.4



10/9/2013 0.5 Review red-lined cash collateral and bid procedures.Rich Newman

10/11/2013 0.5 Prepare retention documents.Rich Newman

10/13/2013 0.3 Review WF motions.Kelly Stapleton

10/13/2013 0.5 Review Wells Fargo motions.Rich Newman

10/13/2013 0.6 Review objections to cash collateral and bid procedures.Rich Newman

10/14/2013 1.1 Review of Notice of Objection, Cash Collateral Motion and Bid Procedures prior to court date on 10/16/2013.

Tom Downey

10/15/2013 0.3 Review objections to UCC motion.Kelly Stapleton

10/15/2013 0.4 Review senior lender's objection to committee's motion.Rich Newman

11/22/2013 1.0 Review motion to reject railcars.Rich Newman

12/23/2013 0.5 Review GECC motion.Rich Newman

12/27/2013 0.5 Review motion for sale proceeds to PNC.Rich Newman

1/21/2014 0.2 Review exclusivity motion.Rich Newman

3/1/2014 0.3 Review retention.Kelly Stapleton

3/3/2014 0.4 Final review of bill.Kelly Stapleton

3/3/2014 0.2 Review CRO motion.Rich Newman

3/6/2014 0.5 Review Cozzi Partners settlement.Rich Newman

3/6/2014 0.4 Review McDonald Hopkins pleadings.Rich Newman

3/18/2014 0.2 Review 2019.Rich Newman

3/18/2014 0.8 Review pleadings.Rich Newman

4/3/2014 0.4 Review assume and assign.Rich Newman

4/4/2014 0.8 Review insurance admin claim and Keywell Metals complaint.Rich Newman

Page 3 of 24




Exhibit E



4/8/2014 0.5 Review union motion.Rich Newman

Subtotal 10.9





10/22/2013 0.5 Summarize cash variance.Rich Newman

12/3/2013 0.3 Review proposed cash collateral budget.Rich Newman

12/4/2013 1.0 Review proposed cash collateral budget and related emails.Rich Newman

12/11/2013 0.7 Prepare forecast v. actual.Rich Newman

12/11/2013 0.9 Prepare cash collateral for committee presentation.Rich Newman

12/17/2013 0.3 Review cash results.Rich Newman

12/31/2013 1.0 Review cash actuals.Rich Newman

1/2/2014 0.8 Review liquidating budget.Rich Newman


1/6/2014 0.5 Draft and send email to McDonald Hopkins related to wind-down budget.

Rich Newman


2/26/2014 1.2 Review receipts and disbursement schedule and cash.Rich Newman

2/28/2014 0.3 Review cash statement.Rich Newman

3/26/2014 0.5 Review forecast vs. actuals.Rich Newman

3/26/2014 0.7 Review latest cash budget.Rich Newman

3/31/2014 0.6 Review cash collateral budget.Rich Newman

4/1/2014 0.4 Review cash collateral document.Rich Newman

4/16/2014 1.1 Review cash summaries from Conway.Rich Newman

4/18/2014 0.5 Review March cash reportRich Newman

Page 4 of 24




Exhibit E



Subtotal 14.4

Claims


2/25/2014 1.0 Review claims file.Rich Newman

3/12/2014 0.3 Review Toyota claim.Rich Newman


4/8/2014 2.2 Review duplicate claims in Omni file.Rich Newman

4/8/2014 1.4 Review and prepare questions regarding Omni claims file.Rich Newman

4/9/2014 1.5 Review additional claim files from Omni.Rich Newman

4/11/2014 1.1 Review updated claims file.Rich Newman

9/8/2014 3.0 Review POCs.Rich Newman

9/17/2014 1.0 High level review of admin and priority claim.Rich Newman

Subtotal 14.7






Rich Newman

10/11/2013 0.7 Edit committee presentation.Rich Newman

10/11/2013 2.0 Keywell Creditor's Committee call with Rich Newman (AM), David Agey (MH), Michael Zanolli (MH), Kelly Stapleton (AM) and Keywell UCC.

Tom Downey

10/17/2013 1.5 Prepare for and attend UCC call.Kelly Stapleton




Page 5 of 24




Exhibit E



10/22/2013 0.3 Speak with D. Agay re: case.Rich Newman


10/23/2013 0.8 Make counsel's comments to the committee presentation.Rich Newman


10/23/2013 0.2 Speak with Dave Agay re: case.Rich Newman

10/23/2013 0.2 Respond to committee question related to CIM.Rich Newman


10/25/2013 1.0 Prepare for and attend committee call.Kelly Stapleton



10/28/2013 4.0 Meet with committee management.Kelly Stapleton

10/28/2013 1.5 Pre-meeting with UCC committee. Kelly Stapleton

10/28/2013 1.5 Prepare for committee management meeting.Kelly Stapleton



11/4/2013 1.0 Review and edit 11/5 presentation.Kelly Stapleton

11/5/2013 0.6 Telephone call with UCC counsel re: document discovery and investigation.

Kelly Stapleton

11/5/2013 0.8 Participate in UCC call.Kelly Stapleton

11/5/2013 0.3 Finalize and send committee presentation.Rich Newman

11/5/2013 1.0 Prepare for and attend committee call.Rich Newman


11/11/2013 0.5 Review and edit UCC deck and confer with R. Newman.Kelly Stapleton

11/11/2013 0.4 Review committee presentation and send to K. Stapleton.Rich Newman

11/12/2013 0.6 Prepare and participate in UCC call.Kelly Stapleton



11/20/2013 0.5 Attend call with Eureka.Rich Newman

Page 6 of 24




Exhibit E




11/22/2013 1.0 Participate in committee call.Kelly Stapleton


11/29/2013 2.4 Prepare for and participate in call with buck re: sale.Kelly Stapleton

12/1/2013 0.8 Attend call with buck counsel re: sale and updated analysis. Kelly Stapleton

12/1/2013 0.2 Follow up phone call with R. Newman.Kelly Stapleton



12/16/2013 1.0 Review draft complaint.Kelly Stapleton

12/16/2013 1.5 Prepare for and participate in UCC call.Kelly Stapleton


1/8/2014 0.3 Review UCC correspondence re: case update.Kelly Stapleton

1/16/2014 0.2 Review memo re: claims agent. Kelly Stapleton


1/20/2014 0.7 Review and edit 1/21 UCC presentation and discuss wind down budget with R. Newman.

Kelly Stapleton

1/20/2014 0.7 Review committee presentation.Rich Newman



1/22/2014 0.1 Review request from UCC counsel re: foreign accounts.Kelly Stapleton

1/23/2014 0.1 Review email from UCC counsel to UCC re: expenses. Kelly Stapleton

1/28/2014 0.5 Begin process of first invoice.Rich Newman

1/29/2014 0.5 Organize time detail.Rich Newman

2/10/2014 0.5 Prepare first invoice.Rich Newman

2/12/2014 0.2 Review email from S. Malloy.Rich Newman

2/13/2014 0.2 Review first fee application.Rich Newman

2/17/2014 0.3 Review valuation fee proposal and correspond re: same.Kelly Stapleton

2/17/2014 0.1 Review correspondence from UCC counsel re: debtor/creditor suit.

Kelly Stapleton

Page 7 of 24




Exhibit E



2/18/2014 0.1 Review correspondecen from UCC counsel re: debtor/creditor suit.

Kelly Stapleton

2/18/2014 0.1 Review email to UCC counsel re: valuation budget.Kelly Stapleton



3/10/2014 0.1 Review letter to lender counsel.Rich Newman

3/17/2014 0.2 Correspond with Conway.Rich Newman

3/24/2014 0.1 Review email from D. Agay.Rich Newman

3/26/2014 0.7 Prepare cash slides for committee presentation.Rich Newman


4/10/2014 0.1 Discuss case issues with counsel.Rich Newman

4/14/2014 0.2 Telephone call with UCC re: plan discussion.Kelly Stapleton

4/15/2014 0.8 Telephone call with UCC counsel re: plan and activities going forward.

Kelly Stapleton

4/17/2014 0.3 Telephobne call with UCC counsel re: plan and follow up with R. Newman.

Kelly Stapleton


4/22/2014 1.2 Prepare for and participate in committee call.Kelly Stapleton



5/14/2014 2.0 Review and comment on disclosure statement and participate on committee call.

Kelly Stapleton



5/20/2014 0.2 Review and respond to emails.Rich Newman



6/3/2014 0.4 Attend call with counsel and discuss internally.Rich Newman

6/27/2014 1.0 Prepare for and participate on committee call.Kelly Stapleton


Page 8 of 24




Exhibit E




7/2/2014 0.8 Meet with UCC counsel and attend hearing.Kelly Stapleton




9/10/2014 0.4 Attend call with counsel.Rich Newman


10/25/2103 2.0 Keywell Creditor's Committee update call with Rich Newman (AM), David Agey (MH), Michael Zanolli (MH), Kelly Stapleton (AM) and Keywell UCC.

Tom Downey

Subtotal 74.7

Court/Legal


10/16/2013 1.5 Attend cash collateral hearing.Rich Newman

10/16/2013 2.0 Continued review of documents noted in 10/14/13 description. Attended bankruptcy court hearing on document noted in 10/14/13 description.

Tom Downey

11/5/2013 1.0 Prepare for and attend court hearing.Rich Newman

12/4/2013 1.5 Attend court hearing and discuss next steps with UCC counsel.Rich Newman

Subtotal 6.0



10/29/2013 2.5 Review documents at Corp HQ and law office for discovery.Rich Newman

10/30/2013 3.2 Review and summarize Keywell debt documents.Rich Newman

10/31/2013 3.1 Review GL 2008-2012.Rich Newman

10/31/2013 2.1 Prepare insider summary chart.Rich Newman

11/1/2013 3.2 Review 2011 and 2012 financials and note debt default history.Rich Newman

Page 9 of 24




Exhibit E



11/4/2013 0.4 Review Sheffieck email.Rich Newman

11/4/2013 1.5 Review 2008 distributions.Rich Newman

11/4/2013 1.3 Prepare summary audited financial chart.Rich Newman

11/5/2013 0.6 Attend discovery call with McDonald Hopkins and send equity timeline.

Rich Newman

11/5/2013 0.6 Review discovery financials.Rich Newman

11/7/2013 1.5 Prepare and discuss with McDonald Hopkins summary liquidation analysis.

Rich Newman

11/8/2013 0.3 Respond to McDonald Hopkins discovery emails.Rich Newman

11/11/2013 0.5 Review NewKey payments one year prior to petition and send to M. Marcus.

Rich Newman

11/14/2013 1.5 Begin analysis of monthly financials with DPO and solvency.Rich Newman

11/14/2013 0.5 Discuss discovery process with McDonald Hopkins.Rich Newman

11/18/2013 7.0 Deposition preparation.Rich Newman

11/19/2013 1.5 Review documents prior to M. Sheffieck deposition.Rich Newman

11/19/2013 8.0 M. Sheffieck deposition.Rich Newman

11/19/2013 0.4 Discuss deposition with K. Stapleton.Rich Newman

11/20/2013 0.6 Attend call to discuss sale motion.Rich Newman

11/20/2013 0.7 Prepare debt and equity analysis with positions.Rich Newman

11/21/2013 1.0 Review discovery pleadings.Rich Newman

11/21/2013 0.2 Prepare numbers for M. Marcus.Rich Newman

11/25/2013 0.7 Research Tamarack LP.Rich Newman

11/25/2013 2.0 Edit insider motion exhibit.Rich Newman

11/25/2013 1.3 Answer questions and work with counsel regarding discovery.Rich Newman

11/27/2013 0.5 Review check data received.Rich Newman

12/2/2013 0.3 Review NewKey preliminary objection.Rich Newman

12/4/2013 0.8 Research potential valuation experts for potential NewKey fight.Rich Newman

12/16/2013 1.9 Review draft complaint.Rich Newman

12/17/2013 0.1 Speak with Micah Marcus re: litigation.Rich Newman

2/26/2014 1.3 Review NewKey pleading.Rich Newman

Page 10 of 24




Exhibit E



Subtotal 51.1

Fee Application


2/6/2014 3.2 Begin work on Keywell interim application October -- January '14 - research docket.

Mary Napoliello

2/7/2014 2.5 Finalize draft of first interim - send to R. Newman for review.Mary Napoliello

3/3/2014 0.3 Incorporate edits to exhibits and send new version to R. Newman.Mary Napoliello

6/12/2014 3.3 Prepare fee application.Mary Napoliello

6/13/2014 1.2 Prepare fee application.Mary Napoliello

9/2/2014 0.3 Review and edit June/July bill.Kelly Stapleton


Subtotal 12.3




Rich Newman

10/8/2013 0.7 Prepare engagement letter.Rich Newman

10/8/2013 0.1 Speak with Conway to get access to data room.Rich Newman

10/9/2013 0.4 Update engagement letter.Rich Newman

10/9/2013 1.5 Review schedules and statements.Rich Newman

10/10/2013 0.3 Coordinate due diligence with Conway and Debtor IB.Rich Newman

10/10/2013 4.0 Attend meeting with Keywell management, attorneys and financial advisors.

Rich Newman

10/11/2013 0.3 Attend call with McDonald Hopkins to discuss discovery request.Rich Newman

10/11/2013 0.2 Attend call with Eureka to discuss sale process.Rich Newman

10/15/2013 0.2 Review liquidation analysis.Kelly Stapleton

Page 11 of 24




Exhibit E



10/15/2013 1.1 Prepare brief liquidation analysis and thoughts for cash collateral hearing.

Rich Newman

10/16/2013 0.5 Telephone call with R. Newman re: cash collateral hearing and review revised budget.

Kelly Stapleton

10/16/2013 2.5 Prepare for cash collateral hearing.Rich Newman

10/18/2013 0.5 Review data room.Kelly Stapleton

10/18/2013 2.0 Review data room and begin review of documents.Rich Newman

10/20/2013 0.5 Send debt documents to counsel.Rich Newman

10/21/2013 0.2 Review financial summary from T. Downey.Rich Newman

10/21/2013 0.1 Discuss case with D. Agay.Rich Newman

10/21/2013 0.9 Review historical financials in data room.Rich Newman

10/22/2013 0.5 Review A&M recovery scenario.Kelly Stapleton

10/22/2013 3.4 Assembled 3 statement model in excel with quarterly financial statements (in .pdf) provided by Keywell management.

Tom Downey

10/23/2013 0.8 Prepare summary of debt and equity.Rich Newman

10/23/2013 0.4 Review July financials.Rich Newman

10/23/2013 4.2 Continue assembly of 3 statement model noted in 10/22/2013. Began review of DIP budget provided by Conway Mckenzie. Reviewed Keywell UCC presentation for call on 10/25/13edits/changes.

Tom Downey

10/24/2013 4.0 Assembled DIP budget variance analysis and requested explanation of variance analysis from Keywell CFO. Continued to assemble 3 statements model noted in 10/22/13 description.

Tom Downey

10/25/2013 0.8 Organize discovery process.Rich Newman

10/25/2013 1.0 Call with CFO and Conway to discuss recovery analysis.Rich Newman

10/29/2013 1.5 Prepare for committee / management meeting.Rich Newman

10/30/2013 0.3 Review stainless model.Kelly Stapleton

10/31/2013 1.6 Review sales process summary and correspondence with counsel.

Kelly Stapleton

11/5/2013 1.0 Review memo re: recapitalization.Kelly Stapleton

11/7/2013 0.7 Prepare debt to equity conversion and send to McDonald Hopkins.Rich Newman

11/12/2013 0.4 Review draft liquidating trust term sheet.Rich Newman


Page 12 of 24




Exhibit E




11/19/2013 0.4 Telephone call with R. Newman re: case status and Sheffleck deposition.

Kelly Stapleton

11/22/2013 0.3 Review motion to reject railcars.Kelly Stapleton

12/3/2013 1.5 Prepare updated waterfall analysis.Rich Newman

12/9/2013 0.5 Organize cure costs and wind-down budget.Rich Newman

12/10/2013 1.5 Prepare assumptions for wind-down budget and begin modeling.Rich Newman

12/10/2013 1.1 Review PNC settlement amount.Rich Newman

12/10/2013 0.3 Speak with Conway.Rich Newman

12/12/2013 0.4 Respond to Frewsburg asset questions.Rich Newman

12/12/2013 1.8 Review and prepare analysis regarding cure amounts.Rich Newman

12/12/2013 1.0 Review committee presentation, waterfall and wind-down budget.Rich Newman

12/13/2013 2.5 Finalize wind-down budget, waterfall analysis and committee presentation.

Rich Newman

12/16/2013 1.0 Prepare for committee call - refresh transition services.Rich Newman

1/2/2014 0.3 Review emails re: distribution.Rich Newman

1/3/2014 0.2 Speak with D. Agay re: claims.Rich Newman

1/3/2014 0.5 Speak with Debtors regarding distributions.Rich Newman

1/4/2014 0.5 Review sale proceed motions filed by Debtor.Rich Newman

1/6/2014 0.2 Discuss director issue with counsel.Kelly Stapleton

1/7/2014 0.3 Review weekly budgets and initial wind down budget.Kelly Stapleton

1/7/2014 0.8 Call with D. Agay and S. Malloy.Rich Newman

1/7/2014 0.2 Prepare and send budget email to Conway.Rich Newman

1/7/2014 0.5 Discuss wind down budget with Conway.Rich Newman

1/7/2014 0.8 Prepare analysis of TSA inflows and outflows.Rich Newman

1/8/2014 0.3 Speak with McDonald Hopkins regarding case.Rich Newman

1/10/2014 0.2 Review email from UCC to debtor counsel re: D&O and litigation.Kelly Stapleton

1/10/2014 0.2 Review emails and coordinate meeting.Rich Newman

1/13/2014 0.3 Review wind down budget and discuss with R. Newman.Kelly Stapleton

Page 13 of 24




Exhibit E



1/13/2014 0.2 Check on budget progress.Rich Newman

1/14/2014 1.3 Prepare comparison recovery analysis.Rich Newman

1/15/2014 0.5 Prepare for call with McDonald Hopkins.Rich Newman

1/16/2014 0.2 Review KCC email.Rich Newman

1/16/2014 0.8 Prepare for meeting.Rich Newman

1/16/2014 2.3 Meet with management.Rich Newman

1/17/2014 0.2 Review transaction from Sheffieck.Rich Newman

1/22/2014 1.1 Search A&M for connections to Chinese AR.Rich Newman

1/22/2014 0.4 Review rejection of US Steel lease.Rich Newman

1/22/2014 0.4 Review outstanding AR.Rich Newman

1/29/2014 1.0 Review miscellaneous sales to KW metals.Rich Newman

1/31/2014 0.4 Speak to D. Agay re: tax and follow-up with A&M.Rich Newman

1/31/2014 0.7 Download tax data.Rich Newman

1/31/2014 0.2 Prepare and send time detail to M. Napoliello (A&M).Rich Newman

2/3/2014 0.2 Prepare and send time detail.Rich Newman

2/3/2014 1.0 Review tax data.Rich Newman

2/3/2014 0.2 Coordinate tax call.Rich Newman

2/3/2014 0.5 Speak to Layne Albert re: taxes.Rich Newman

2/4/2014 0.1 Review asset sale and setoff email.Rich Newman

2/4/2014 0.5 Speak to Layne Albert and McDonald Hopkins.Rich Newman

2/5/2014 0.2 Review emails from S. Malloy.Rich Newman

2/7/2014 0.2 Speak to T. Stallkamp and follow-up with attorneys.Rich Newman

2/9/2014 0.8 Review inventory sale.Rich Newman

2/10/2014 1.3 Review of finanicals and potential sales and use tax issues on sale of assets.

Albert Layne

2/10/2014 0.2 Respond to counsel's questions regarding financials.Rich Newman

2/11/2014 0.1 Telephone call with R. Newman and G. Frantzen re: testimony and work plan.

Kelly Stapleton

2/11/2014 0.4 Prepare and send documents to valuation.Rich Newman

Page 14 of 24




Exhibit E



2/11/2014 0.5 Discuss Keywell with valuation group.Rich Newman

2/17/2014 0.1 Review email to counsel re: valuation budget.Kelly Stapleton

2/17/2014 0.2 Research and respond to interest question.Rich Newman

2/19/2014 0.8 Respond to inventory sale.Rich Newman

2/25/2014 0.1 Review litigation summary.Rich Newman

2/28/2014 1.2 Prepare for and participate on call re: claims reconcilation with counsel.

Kelly Stapleton

2/28/2014 0.3 Reconcile expenses.Rich Newman

3/3/2014 0.2 Speak with McDonald Hopkins.Rich Newman

3/3/2014 0.4 Review final fee application.Rich Newman

3/11/2014 0.3 Speak with T. Stallkamp re: case.Rich Newman

3/12/2014 0.2 Review litigation pleading.Rich Newman

3/15/2014 0.3 Review receipts and disbursements.Rich Newman

3/19/2014 1.0 Review budget and prepare questions.Rich Newman

3/20/2014 1.5 Begin update of waterfall analysis.Rich Newman

3/24/2014 0.9 Review updated cash budget.Rich Newman

3/24/2014 0.3 Review operating report.Rich Newman

3/27/2014 0.5 Review and send dividend distribution list.Rich Newman

3/28/2014 2.2 Reconcile 2008 tax payments to 2007 distributions.Rich Newman

3/28/2014 1.4 Prepare insider payment summary.Rich Newman

3/28/2014 0.6 Finalize presentation.Rich Newman

3/31/2014 2.4 Review updated schedules and statements.Rich Newman



4/9/2014 0.3 Review claims issues.Kelly Stapleton

4/15/2014 1.0 Begin waterfall analysis.Rich Newman

4/15/2014 0.5 Attend plan call.Rich Newman

4/15/2014 0.4 Draft convenience class.Rich Newman

Page 15 of 24




Exhibit E



4/16/2014 1.3 Finish convenience class analysis and send to counsel.Rich Newman

4/17/2014 0.6 Speak with counsel re: NewKey and POR.Rich Newman

4/18/2014 0.7 Update waterfall analysis.Rich Newman

4/21/2014 0.5 Review LIFO reserve work.Rich Newman

4/22/2014 2.8 Review responses to NewKey pleading.Rich Newman

4/22/2014 0.6 Review budget workbook.Rich Newman

4/23/2014 0.6 Review PNC term sheet.Rich Newman

4/23/2014 0.5 Finalize review of response to NewKey pleading.Rich Newman

4/24/2014 0.2 Review ownership figures.Rich Newman

4/24/2014 0.1 Speak with M. Marcus.Rich Newman

4/28/2014 0.4 Review latest winddown and confer with R. Newman and counsel.Kelly Stapleton

4/28/2014 0.2 Review and respond to email.Rich Newman

4/29/2014 0.2 Review and respond to liquidation analysis emails.Rich Newman

5/1/2014 0.5 Review contingency earnout.Rich Newman



5/1/2014 1.1 Review amended complaint.Rich Newman

5/1/2014 1.2 Review assumed contracts and other paid claims.Rich Newman

5/5/2014 1.6 Prepare POR vs. Chapter 7 analysis.Rich Newman

5/5/2014 0.5 Review TI / NB inventory request.Rich Newman

5/5/2014 1.0 Attend Debtor / Creditor advisor call.Rich Newman


5/12/2014 0.4 Review data from T. Stallkamp.Rich Newman

5/13/2014 0.3 Speak with counsel.Rich Newman

5/22/2014 0.3 Review Newman complain.Rich Newman

5/22/2014 0.2 Speak with CRO.Rich Newman

6/2/2014 0.5 Review docket.Rich Newman

6/10/2014 1.4 Review pleadings and LA testimony.Rich Newman

Page 16 of 24




Exhibit E



6/11/2014 1.0 Review settlement proposal.Rich Newman

6/12/2014 0.5 Call with McDonald Hopkins.Rich Newman

6/12/2014 1.5 prepare for and speak to Tim Stallkamp.Rich Newman

6/12/2014 0.9 Review updated settlement worksheet.Rich Newman

6/13/2014 0.6 Prepare for call with Debtors.Rich Newman

6/13/2014 1.3 Call with Debtors & follow-up.Rich Newman

6/19/2014 0.4 Review cash report.Rich Newman

6/23/2014 1.0 Review settlement proposal.Rich Newman

6/24/2014 0.5 Respond to DS questions.Rich Newman

6/27/2014 0.6 Prepare KW counter.Rich Newman

6/27/2014 1.3 Review EBITDA earnout.Rich Newman

6/30/2014 0.5 Discuss term sheet.Rich Newman

6/30/2014 0.3 Review KW Metals list of terms.Rich Newman

7/8/2014 0.2 Speak with T. Stallkamp re: proposed settlement offer.Rich Newman

7/8/2014 0.1 Draft email regarding settlement offer.Rich Newman

7/8/2014 1.2 Review and edit claim analysis.Rich Newman

7/9/2014 0.3 Review APA hearing.Rich Newman

7/9/2014 2.5 Review settlement motion and related documents outline key points.

Rich Newman

7/10/2014 1.2 Analyze contingent payment.Rich Newman

7/14/2014 0.2 Review Debtor response to settlement objection by committee.Rich Newman

7/15/2014 0.3 Review emails related to settlement and pull order.Rich Newman

7/16/2014 2.1 Review value of EBITDA contingency.Rich Newman

7/16/2014 0.5 Prepare for call with Debtor.Rich Newman

7/16/2014 0.4 Speak with T. Stallkamp and follow up internally.Rich Newman


7/17/2014 1.5 Review Frewsburg file.Rich Newman

7/18/2014 2.0 Review documents related to compilation of liquidation analysis.Rich Newman

Page 17 of 24




Exhibit E



7/25/2014 1.1 Review ATI Documents.Rich Newman

7/28/2014 2.5 Prepare ATI analysis.Rich Newman

7/28/2014 1.1 Negotiate earn-out.Rich Newman

7/29/2014 0.2 Discuss executory contracts.Rich Newman

7/30/2014 0.3 Review Cronimet objection.Rich Newman

7/30/2014 0.7 Speak with T. Stallkamp re: contracts and follow-up.Rich Newman

7/30/2014 0.3 Speak with McDonald Hopkins re: contracts.Rich Newman

8/2/2014 4.0 Prepare for deposition.Rich Newman

8/5/2014 0.5 Review gas contract.Rich Newman

8/6/2014 0.2 Speak to McDonald Hopkins re: litigation and follow-up.Rich Newman

8/7/2014 0.3 Discuss NFR contract with McDonald Hopkins.Rich Newman

8/7/2014 0.4 Discuss NFR contract with CRO & review if makes sense to reject.Rich Newman

8/7/2014 0.3 Frewsburg utilities.Rich Newman

8/11/2014 0.4 NFR Contract.Rich Newman

8/12/2014 0.5 Research Goldmine road.Rich Newman

8/14/2014 1.5 Prepare for confirmation hearing.Rich Newman

8/14/2014 0.2 NFR Contract.Rich Newman

8/15/2014 1.6 Attend call with Debtors and M. Marcus.Rich Newman

8/18/2014 1.0 Speak with CRO and follow-up.Rich Newman

8/18/2014 0.5 Call discuss declaration.Rich Newman

8/19/2014 0.2 Pull exhibit and witness lists.Rich Newman

8/19/2014 0.8 Speak with counsel regarding declaration and follow-up emails.Rich Newman

8/19/2014 2.2 Review deposition.Rich Newman

8/22/2014 2.2 Review documents.Rich Newman

8/22/2014 0.5 Run NewKey interest calculations.Rich Newman

8/23/2014 1.9 Prepare for testimony.Rich Newman

8/26/2014 1.6 NFR calculation.Rich Newman

8/27/2014 0.5 Internal committee call.Rich Newman

Page 18 of 24




Exhibit E



8/27/2014 0.5 Discuss NFR with their counsel.Rich Newman

8/28/2014 0.4 NFR settlement.Kelly Stapleton

8/28/2014 0.2 Discuss NFR with McDonald Hopkins.Rich Newman

9/3/2014 0.1 Review correspondence re: confirmation and litigation strategy.Kelly Stapleton

9/10/2014 0.1 Follow up on valuation call.Kelly Stapleton

9/10/2014 1.0 Prepare for and attend call with valuation.Rich Newman


9/16/2014 1.2 Attend call with committee professionals, R. Newman and debtor professionals.

Kelly Stapleton

9/16/2014 0.4 Pre-call with counsel and K. Stapleton.Rich Newman

9/16/2014 1.2 Attend call with committee professionals, K. Stapleton and debtor professionals.

Rich Newman

9/18/2014 0.5 Attend call with T. Stallkamp.Rich Newman

9/29/2014 0.8 Cash collateral and trust admin.Rich Newman


Subtotal 169.1



9/16/2014 2.0 Prepare for and participate in all hands professional calls re: transfer to the liquidating trust.

Kelly Stapleton

9/18/2014 1.1 Investigate insurance options for liquidating trustee / Frewsburg admin.

Dan Spragg

9/18/2014 0.5 Call with T. Stalkamp re: insurance.Kelly Stapleton

9/18/2014 1.5 Transition to trust items.Rich Newman


Dan Spragg



Dan Spragg

9/22/2014 0.5 Confer with banks re: trust account.Kelly Stapleton

Page 19 of 24




Exhibit E





Dan Spragg

9/23/2014 1.0 Review proposals for trust account and confer with S. Horwitz.Kelly Stapleton

9/24/2014 3.2 Prepare recovery analysis - liq trust documents.Rich Newman


Dan Spragg

9/25/2014 2.0 Review liquidating trust agreement, arrange logistics for tax filings and set up trust account, review insurance quote.

Kelly Stapleton


Dan Spragg

9/26/2014 1.0 Confer with counsel and CRO’s counsel re: Stalkamp engagement letter.

Kelly Stapleton

9/26/2014 1.1 Trust preparation.Rich Newman


Dan Spragg

9/30/2014 1.2 Review disbursement docs and trust docs.Rich Newman


10/1/2014 0.5 Review engagement letter.Rich Newman


10/6/2014 1.2 Review insurance option.Kelly Stapleton

10/6/2014 1.0 TSA.Rich Newman

10/7/2014 1.0 Correspondence and advisory on independent contractor status.Dan Spragg


10/8/2014 1.0 Collect and forward trust information for broker.Dan Spragg


10/9/2014 2.0 Review of AIG alternative.Dan Spragg

10/9/2014 1.0 Review insurance.Rich Newman




10/15/2014 0.5 Trust insurance.Rich Newman

Page 20 of 24




Exhibit E




10/17/2014 1.0 Follow up with Rich on quote and status.Dan Spragg



10/20/2014 1.0 Questions on Pollution coverage and broker call.Dan Spragg

10/21/2014 2.0 Binding request, binder review and broker call.Dan Spragg

10/21/2014 2.0 Respond to questions re: gong effective.Rich Newman

10/21/2014 0.7 Review September cash report.Rich Newman

10/21/2014 0.2 Speak with A&M .Rich Newman

Subtotal 43.7



2/13/2014 2.5 Review draft Plan and exhibits.Rich Newman

2/17/2014 0.2 Review tax emails.Rich Newman

5/6/2014 3.1 Begin drafting notes for liquidation analysis.Rich Newman

5/6/2014 1.5 Prepare charts for liquidation analysis.Rich Newman

5/7/2014 0.5 Update liquidation analysis for comments received.Rich Newman

5/7/2014 1.0 Review plan.Rich Newman



5/15/2014 0.8 Discuss liquidation analysis with counsel follow-up questions with CRO.

Rich Newman


5/16/2014 0.4 insert figures into disclosure statement.Rich Newman

6/10/2014 1.3 LA prep for confirmation hearing.Rich Newman

6/19/2014 1.5 Review DS and POR.Rich Newman

6/24/2014 2.5 Prepare for DS hearing.Rich Newman

Page 21 of 24




Exhibit E




6/25/2014 0.5 Attend disclosure statement hearing.Rich Newman

6/26/2014 0.4 Review changes to DS.Rich Newman

6/30/2014 0.7 Review backline DS and other items.Rich Newman

6/30/2014 0.5 Discuss DS.Rich Newman

7/1/2014 0.4 Prepare for disclosure statement hearing.Rich Newman

7/2/2014 0.5 Attend disclosure statement hearing.Rich Newman

7/3/2014 0.5 confirmation strategy call.Kelly Stapleton

7/3/2014 0.3 Attend strategy call with counsel.Rich Newman

7/21/2014 3.1 Review LA files.Rich Newman

7/21/2014 2.1 Review LA testimony.Rich Newman

7/22/2014 1.2 Begin detailed review of POR.Rich Newman

7/23/2014 1.3 Continue detailed review of POR.Rich Newman

7/24/2014 0.7 Prepare liquidating trustee slides.Rich Newman

7/28/2014 0.8 Review and summarize liquidating trust agreement.Rich Newman

8/3/2014 2.0 Prepare for Deposition with McDonald Hopkins.Rich Newman

8/3/2014 2.2 Review plan materials.Rich Newman

8/3/2014 2.0 Prepare for deposition.Rich Newman

8/4/2014 2.5 Review liquidation, POR recovery and other files for depo.Rich Newman

8/4/2014 1.2 Meet with McDonald Hopkins.Rich Newman

8/4/2014 4.0 Attend deposition.Rich Newman

8/6/2014 0.4 T/c w/ R. Newman re: hearing; review correspondence - UCC counsel.

Kelly Stapleton

8/6/2014 1.0 Review objection to POR.Rich Newman

8/7/2014 0.7 Attend POR call with counsel.Rich Newman

8/18/2014 0.8 Prepare update POR recovery.Rich Newman

8/19/2014 1.3 Revise updated POR recovery numbers.Rich Newman

8/20/2014 0.3 Begin review of Lozier deposition.Rich Newman

Page 22 of 24




Exhibit E



8/20/2014 0.6 Speak with CRO and counsel.Rich Newman

8/20/2014 0.6 Review Sheffieck deposition.Rich Newman

8/20/2014 0.6 Review NK FA deposition.Rich Newman

8/21/2014 4.0 Review confirmation documents.Rich Newman

8/22/2014 2.5 Review memo of law and declarations of Newman and Stallkamp.Kelly Stapleton

8/22/2014 0.2 Speak with counsel regarding declaration and follow-up emails.Rich Newman

8/22/2014 2.0 Review documents in prep for hearing.Rich Newman

8/24/2014 2.5 Meet with advisors in preparation for confirmation hearing.Kelly Stapleton

8/24/2014 2.5 Review liq analysis & pleadings- preparation for confirmation hearing.

Kelly Stapleton

8/24/2014 7.0 Prepare for confirmation.Rich Newman

8/24/2014 3.1 Prepare for confirmation.Rich Newman

8/25/2014 1.5 Prep for confirmation hearing.Kelly Stapleton

8/25/2014 3.9 Prepare and confirmation hearing.Rich Newman

8/26/2014 4.5 Prepare for and attend confirmation hearing 8/27.Kelly Stapleton

8/27/2014 0.7 Attend confirmation hearing.Rich Newman

Subtotal 87.0

Travel Time


10/28/2013 3.5 NWT (1/2) to meeting.Kelly Stapleton

7/1/2014 3.0 NWT Philadelphia-Chicago for DS hearing (1/2 Time).Kelly Stapleton

7/5/2014 3.5 NWT Chicago-Philadelphia (1/2 Time).Kelly Stapleton

8/22/2014 5.0 NWT to Chicago for confirmation hearing (1/2) Time).Kelly Stapleton

8/24/2014 3.5 NWT with respect to advisor meeting to prep for hearing (1/2 time).

Kelly Stapleton

Subtotal 18.5

Page 23 of 24




Exhibit E

564.8Grand Total

Page 24 of 24




Exhibit F


Airfare $2,521.60

Lodging $235.13

Meals $125.59


Printing $45.00

RR Donelley Document Production $20,979.00

Transportation $806.49

Wireless $224.10

$25,006.81Total

Page 1 of 1

Case 13-37603 Doc 904-6 Filed 11/20/14 Entered 11/20/14 15:19:01 Desc Exhibit F Page 1 of 5



Exhibit F

Airfare


10/10/2013 $758.80 Airfare Philadelphia/New York.Kelly Stapleton

10/28/2013 $447.80 Airfare roundtrip Philadelphia/Chicago.Kelly Stapleton

6/27/2014 $635.00 Roundtrip from Philadelphia.Kelly Stapleton

7/28/2014 $680.00 Airfare - return from vacation for depo.Rich Newman


Lodging


7/1/2014 $235.13 Hotel - 1 night.Kelly Stapleton


Meals





7/1/2014 $37.65 Meal.Kelly Stapleton

7/2/2014 $42.79 Meal.Kelly Stapleton

11/19/2013 $12.01 Working late dinner - R. Newman.Rich Newman

7/28/2014 $17.05 Lunch during depo with counsel.Rich Newman


Miscellaneous


10/24/2013 $34.95 Software to convert PDF to excel.Rich Newman

11/25/2013 $34.95 PDF conversion software.Rich Newman

Page 1 of 4




Exhibit F

Miscellaneous



Printing


7/22/2014 $45.00 Printing.Rich Newman


RR Donelley Document Production


2/5/2014 $8,230.00 RR Donelley - Litigation document productionRich Newman

2/5/2014 $12,749.00 RR Donelley - Patzik Litigation document production - imaging- scanning-printing

Rich Newman


Transportation


10/10/2013 $31.50 Taxi to meeting.Kelly Stapleton

10/10/2013 $43.25 Taxi to airport.Kelly Stapleton


10/28/2013 $44.45 Taxi in Chicago.Kelly Stapleton


7/1/2014 $97.50 Taxi: American Cab - home to Philadelphia.Kelly Stapleton

7/2/2014 $8.94 Taxi: Cab in Chicago.Kelly Stapleton

7/5/2014 $97.50 Taxi: American Cab - Philadelphia to home.Kelly Stapleton

10/10/2013 $39.00 Parking for Keywell Management meeting.Rich Newman

10/28/2013 $8.00 Taxi from McDonald Hopkins to A&M.Rich Newman

10/28/2013 $8.00 Taxi from A&M to McDonald Hopkins.Rich Newman

Page 2 of 4




Exhibit F

Transportation


10/28/2013 $8.00 Taxi to special counsel office - document discovery.Rich Newman

11/18/2013 $5.45 Taxi from McDonald Hopkins - Deposition Prep.Rich Newman


11/18/2013 $8.00 Taxi - McDonald Hopkins - Dep Prep to office.Rich Newman


11/19/2013 $8.00 Taxi to deposition.Rich Newman

8/4/2014 $7.65 Taxi from Deposition to office.Rich Newman


Wireless


1/12/2014 $2.12 Wireless usage charges.Kelly Stapleton

5/12/2014 $2.00 Wireless usage chargesKelly Stapleton

6/1/2014 $0.82 Wireless usage charge.Kelly Stapleton



10/12/2014 $67.71 Wireless usage charges (Sept - Oct).Kelly Stapleton




5/12/2014 $17.71 Wireless usage chargesRich Newman

6/12/2014 $6.47 Wireless usage charge.Rich Newman

7/12/2014 $7.34 Wireless usage charge.Rich Newman

8/5/2014 $9.95 Internet - plane.Rich Newman

8/6/2014 $9.95 Internet - plane.Rich Newman

10/12/2014 $20.90 Wireless usage charges (Sept - Oct).Rich Newman

11/12/2013 $25.64 Wireless usage charges.Tom Downey

Page 3 of 4




Exhibit F

Wireless



Grand Total $25,006.81

Page 4 of 4


Rev: 20130104_bko

UNITED STATES BANKRUPTCY COURTNORTHERN DISTRICT OF ILLINOIS

In Re: ) BK No.:)) Chapter:)))

Debtor(s) )

SGK VENTURES, LLC (f/k/a KEYWELL L.L.C.)

13-37603

11

Eastern Division

Honorable Eugene R. Wedoff

ORDER GRANTING FINAL FEE APPLICATION OF ALVAREZ & MARSAL NORTH AMERICA, LLC AS FINANCIAL ADVISOR TO THE OFFICIAL COMMITTEE OF UNSECURED CREDITORS OF SGK

VENTURES, LLC (F/K/A KEYWELL, L.L.C.), FOR ALLOWANCE AND PAYMENT OF AN ADMINISTRATIVE CLAIM FOR COMPENSATION

AND REIMBURSEMENT OF EXPENSES (OCTOBER 7, 2013 THROUGH OCTOBER 21, 2014)

Upon the final fee application (the “Application”) of Alvarez & Marsal North America, LLC (“Alvarez & Marsal”), financial advisors for the Official Committee of Unsecured Creditors (the "Committee") of SGK Ventures, LLC (f/k/a Keywell L.L.C.) (the "Debtor") for entry of an order (this “Order”) pursuant to section 330 of title 11 of the United States Code, Rule 2016 of the Federal Rules of Bankruptcy Procedure, Rule 5082-1 of the Local Rules for the United States Bankruptcy Court Northern District of Illinois, the Order Authorizing the Retention and Employment of Alvarez & Marsal North America, LLC as Financial Advisors for the Official Committee of Unsecured Creditors of Keywell L.L.C. Nunc Pro Tunc to October 7, 2013 [Docket No. 184], and the Order Establishing Procedures for the Payment of Interim Compensation and Reimbursement of Expenses for Professionals [Docket No. 101], (a) granting Alvarez & Marsal an administrative expense claim in the sum of $350,006.81, comprised of (i) $325,000 as compensation for reasonable and necessary professional services rendered to the Committee, and (ii) $25,006.81 for reimbursement of actual and necessary costs and expenses incurred and (b) directing the Trustee to immediately pay to Alvarez & Marsal the balance of unpaid fees and expenses requested in Alvarez & Marsal's Monthly Statements and the October 2014 Invoice; the Court having jurisdiction to consider the Application and the relief requested therein pursuant to 28 U.S.C. §§ 157 and 1334; consideration of the Application and the relief requested therein being a core proceeding pursuant to 28 U.S.C. § 157(b)(2); venue being proper before this Court pursuant to 28 U.S.C. §§ 1408 and 1409; it appearing that notice of the Application and opportunity for a hearing on the Application was appropriate under the circumstances and that no other or further notice need be given; it appearing that the relief requested in the Application is in the best interests of the Committee, the Debtor's estate, the Debtor's creditors, and all other parties in interest; and after due deliberation and sufficient cause appearing therefor, it is HEREBY ORDERED THAT: 1. The Application is approved as set forth herein. 2. For the period of October 7, 2013 through October 21, 2014, Alvarez & Marsal is granted an administrative allowance in the sum of $325,000 for necessary professional services rendered and $25,006.81 for actual and necessary expenses incurred, for a total of $350,006.81. 3. The Trustee is hereby authorized and directed to immediately pay Alvarez & Marsal the balance of unpaid fees and expenses requested in Alvarez & Marsal's Monthly Statements and the October 2014 Invoice.

Rev: 20130104_bko

4. The Trustee is directed to take all actions necessary to effectuate the relief granted pursuant to this Order in accordance with the Application. 5. The terms and conditions of this Order shall be immediately effective and enforceable upon its entry. 6. This Court has jurisdiction with respect to all matters arising from or related to the implementation of this Order. 7. Capitalized but undefined terms shall have the meanings set forth in the Application.

Enter:

United States Bankruptcy JudgeDated:

Prepared by:David A. Agay (ARDC No. 6244314) Sean D. Malloy (ARDC No. 6217401) Micah E. Marcus (ARDC No. 6257569) Joshua A. Gadharf (ARDC No. 6296543) McDonald Hopkins LLC 300 North LaSalle Street Suite 2100 Chicago, Illinois 60654 Telephone: (312) 280-0111 Facsimile: (312) 280-8232 [email protected] [email protected] [email protected] [email protected]

IN THE UNITED STATES BANKRUPTCY COURT FOR THE …€¦ · Claims Recovery Group LLC 92 Union Avenue...

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