scc Doc 1094 Filed 03/05/19 Entered 03/05/19 16:41:10 Main Document Pg 1 of 46

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1 Pg 1 of 46 BLANK ROME LLP The Chrysler Building 405 Lexington Avenue New York, New York (212) Joseph T. Gulant Special Tax and Maritime Counsel to the Debtors UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK x : In re: : Chapter 11 :, et al., : Case No (SCC) : Debtors.0F1 : (Jointly Administered) : x FEE STATEMENT OF BLANK ROME LLP AS SPECIAL TAX AND MARITIME COUNSEL TO THE DEBTORS FOR COMPENSATION AND REIMBURSEMENT OF EXPENSES FOR THE PERIOD JANUARY 1, 2019 THROUGH JANUARY 31, 2019 Blank Rome LLP ( Applicant ), as special tax and maritime counsel to the Debtors in the above-captioned chapter 11 cases, hereby submits this fee and expense statement ( Fee Statement ) covering the period January 1, 2019 through and including January 31, 2019 (the Fee Period ), pursuant to the Order Granting Debtors Motion for Order Pursuant to Bankruptcy Code Sections 105(a) and 331, Bankruptcy Rule 2016, and Local Bankruptcy Rule Establishing Procedures for Interim Compensation and Reimbursement of Expenses of Professionals, dated February 21, 2017 (the Interim Compensation Order ) [Docket No. 37]. 1 The Debtors in these chapter 11 cases, are as follows: Trade Prosperity, Inc.; Toisa Limited; United Courage, Inc.; Trade Vision, Inc.; United Journey, Inc.; United Kalavryta, Inc.; Trade Sky, Inc.; Trade Industrial Development Corporation; United Honor, Inc.; Trade Will, Inc.; United Leadership Inc.; United Seas, Inc.; United Dynamic, Inc.; United Emblem, Inc.; United Ideal Inc.; Trade Unity, Inc.; Trade Quest, Inc.; Trade Spirit, Inc.; Trade Resource, Inc.; United Ambassador, Inc.; Edgewater Offshore Shipping, Ltd.; United Banner, Inc.; Toisa Horizon, Inc.; and Trade and Transport Inc / v.1

2 Pg 2 of 46 Name of Applicant: Authorized to provide professional services to: Date of Retention: Period for which compensation and reimbursement are sought: Blank Rome LLP Debtors and Debtors in Possession May 16, 2018, nunc pro tunc to April 1, 2018 [Docket No. 593] January 1, 2019 through January 31, 2019 Total Fees Incurred: $150, Holdback (20%): $30, Total Fees Due for Fee Statement Period (80%): $120, Total Expenses Incurred: $ Total Fees and Expenses Due for Fee Period: $150, This is a(n): x monthly interim final application. Annexed hereto are the following schedules for compensation and reimbursement of expenses sought by Applicant for the Compensation Period: Exhibit A: Exhibit B: Exhibit C: Summary of Fees (by Timekeeper and Project Category). Summary of Expenses. Time and Expense Detail / v.1 2

3 Pg 3 of 46 NOTICE AND OBJECTION PROCEDURES Notice of this Fee Statement shall be given by hand or overnight delivery upon: (i) Toisa Limited et al., c/o Zolfo Cooper, Grace Building, 1114 Avenue of the Americas, Floor 41, New York, New York 10036, Attn: Joff Mitchell, Chief Restructuring Officer; (ii) counsel to the Debtors, Togut, Segal & Segal LLP, Suite 3335, New York, New York , Attn: Frank A. Oswald, Esq. (frankoswald@teamtogut.com); (iii) the Office of the United States Trustee for Region 2, U.S. Federal Office Building, 201 Varick Street, Suite 1006, New York, New York 10014, Attn: Paul Schwartzberg, Esq. (paul.schwartzberg@usdoj.gov); (iv) counsel to Citibank, N.A., Norton Rose Fulbright US LLP, 1301 Avenue of the Americas, New York, New York 10019, Attn: Louis R. Strubeck, Jr., Esq. and David Rosenzweig, Esq. (louis.strubeck@nortonrosefulbright.com and david.rosenzweig@nortonrosefulbright.com); (v) counsel to the Ad Hoc Steering Committee of Lenders, Cadwalader, Wickersham & Taft LLP, 200 Liberty Street, New York, New York 10281, Attn: Gregory Petrick, Esq. and Michele Maman, Esq. (Gregory.Petrick@cwt.com and Michele.Maman@cwt.com); and (vi) counsel to Credit Agricole, Linklaters LLP, 1345 Avenue of the Americas, New York, New York 10105, Attn: Robert Trust, Esq. and Margot Schonholtz, Esq. (robert.trust@linklaters.com and margot.schonholtz@linklaters.com) (collectively, the Notice Parties ). Objections to this Fee Statement, if any, must be served upon the Notice Parties, and by hand or overnight delivery upon the undersigned special tax and maritime counsel to the Debtors, Blank Rome LLP, The Chrysler Building, 405 Lexington Avenue, New York, New York Attn: Joseph T. Gulant, Esq. (jgulant@blankrome.com), no later than March 26, 2019 at 4:00 p.m. (prevailing Eastern Time) (the Objection Deadline ), setting forth the nature of the objection and the specific amount of fees or expenses at issue / v.1 3

4 Pg 4 of 46 If no objections to this Monthly Statement are received by the Objection Deadline, the Debtors shall promptly pay Applicant 80% of the fees and 100% of the expenses identified therein. To the extent that an objection to this Fee Statement is received on or before the Objection Deadline, the Debtors shall withhold payment of that portion of this Fee Statement to which the objection is directed and promptly pay the remainder of the fees and expenses in the percentages set forth above. To the extent such an objection is not resolved, it shall be preserved and scheduled for consideration at the next interim fee application hearing. DATED: New York, New York March 5, 2019 BLANK ROME LLP By: /s/ Joseph T. Gulant Joseph T. Gulant The Chrysler Building 405 Lexington Avenue New York, New York (212) Special Tax and Maritime Counsel to the Debtors / v.1 4

5 Pg 5 of 46 EXHIBIT A

6 Pg 6 of 46 BLANK ROME LLP Special Tax and Maritime Counsel to the Debtors Summary of Fees by Timekeeper for the Period January 1, 2019 through January 31, Name Title Department1F1 Office2F Year of First Admission Hourly Rate Hours Billed Fees Sought Partners: Salgado, R. Anthony Partner MAR DC 1987 $ $58, Partner Subtotals: $58, Of Counsel: Mintz, Josef W. Of Counsel FRB WIL 2008 $ $ Of Counsel Subtotals: 0.80 $ Associates: Roulakis, Associate MAR DC 2012 $ $8, Stefanos N. Clare, Jr., Michael K. Associate MAR DC 2013 $ $82, Associate Subtotals: $90, Paralegals: Lewis, Christopher A. Paralegal FRB WIL N/A $ $ Paralegal Subtotals: 0.50 $ TOTAL AMOUNT OF COMPENSATION SOUGHT: $150, FRB Finance, Restructuring and Bankruptcy; MAR Maritime and International Trade. 2 DC Washington, D.C.; WIL Wilmington, Delaware / v.1

7 Pg 7 of 46 Summary of Fee by Project Category for the Period January 1, 2019 through January 31, 2019 Task Code Project Category Hours Fees 08 Fee Application/Fee Statements 1.30 $ Maritime Advice $149, TOTALS: $150, / v.1 2

8 Pg 8 of 46 EXHIBIT B

9 Pg 9 of 46 BLANK ROME LLP Special Tax and Maritime Counsel to the Debtors Summary of Expenses by Category for the Period January 1, 2019 through January 31, 2019 Expense Category Expense Amount Authentication of Documents U.S. Department of State $ Travel Taxi $63.54 Courier Federal Express $98.63 TOTAL:3F1 $ Blank Rome reserves the right to request in any future fee statement or fee application reimbursement of any additional expenses incurred during the Fee Period, as such expenses may not have been accounted for yet in Blank Rome s billing system as of the date hereof / v.1

10 Pg 10 of 46 EXHIBIT C

11 Pg 11 of 46 THE CHRYSLER BUILDING 405 LEXINGTON AVENUE NEW YORK, NEW YORK (212) FAX: (212) FEDERAL TAX I.D. NO AND ITS DEBTOR AFFILIATES C/O TOGUT, SEGAL & SEGAL LLP ONE PENN PLAZA, SUITE 3335 NEW YORK, NY INVOICE DATE: MATTER NO. INVOICE NO REGARDING: SPECIAL BANKRUPTCY COUNSEL FOR MARITIME AND TAX... FOR LEGAL SERVICES RENDERED THROUGH JANUARY 31, 2019 TASK: 08 FEE APPLICATION/FEE STATEMENTS 01/04/19 TO R. SALGADO REGARDING MINTZ, JOSEF BUDGET... 01/31/19 PREPARE FEES BUDGET... LEWIS, CHRISTOPHER 01/31/19 WORK ON BUDGET (.2); S WITH C. LEWIS REGARDING SAME (.2); TO R. SALGADO REGARDING SAME (.2)... MINTZ, JOSEF FEE APPLICATION/FEE STATEMENTS TASK: 16 MARITIME ADVICE

12 Pg 12 of 46 PAGE NUMBER: 2 01/02/19 ANALYZE S REGARDING THE CLOSINGS OF THE TOISA CREST, TOISA INDEPENDENT, TOISA ELAN, TOISA ENVOY, TOISA EXPLORER, TOISA WAVE, AND THE TRADE PROSPERITY (1.2); COORDINATE WITH THE U.S. DEPARTMENT OF STATE REGARDING THE LEGALIZATION OF THE BILLS OF SALE AND POAS FOR THE SALES OF TOISA ELAN, TOISA ENVOY, TOISA EXPLORER, AND THE TOISA WAVE (0.8); CONDUCT RESEARCH REGARDING THE REQUIREMENTS FOR LEGALIZATION OF DOCUMENTS WITH THE SINGAPOREAN EMBASSY IN THE UNITED STATES (0.4); OFFICE CONFERENCE WITH S. ROULAKIS REGARDING THE SELLERS' CLOSING DELIVERABLES WITH RESPECT TO THE SALE OF THE TOISA INDEPENDENT (0.2); ANALYZE S REGARDING OUTSTANDING CLOSING ISSUES WITH RESPECT TO THE TRADE PROSPERITY (0.9); OFFICE CONFERENCES WITH R. SALGADO REGARDING THE SIDE LETTER RE CHARTER HIRE WITH THE BUYERS OF THE TRADE PROSPERITY (0.5); DRAFT THE SIDE LETTER REGARDING CHARTER HIRE FOR THE TRADE PROSPERITY (0.5) , /02/19 COMMUNICATIONS WITH TOISA WORKING GROUP REGARDING ISSUES RELATING TO THE SALE OF THE TRADE PROSPERITY (1.2); OFFICE CONFERENCES WITH AND REVIEW FROM M. CLARE REGARDING SAME (0.5); REVIEW AND REVISE TO THE BUYER OF THE TRADE PROSPERITY REGARDING OPEN ISSUES (0.4); REVIEW AND REVISE DEED OF NOVATION FOR THE TRADE PROSPERITY (0.5); TELEPHONE CONFERENCES AND COMMUNICATIONS WITH M. DELMONTE OF ALIX PARTNERS REGARDING SAME AND REGARDING ISSUES RELATING TO THE SALE OF THE TRADE PROSPERITY (0.5); WITH OFFICE CONFERENCES WITH M. CLARE REGARDING LEGALIZATION OF SALE DOCUMENTATION FOR THE TOISA ELAN, TOISA ENVOY, TOISA EXPLORER AND TOISA WAVE AND TIMING OF CLOSING (0.4) ,027.50

13 Pg 13 of 46 PAGE NUMBER: 3 01/03/19 ANALYZE S REGARDING THE CLOSINGS OF THE SALES OF THE TRADE PROSPERITY, TOISA ELAN, TOISA, ENVOY, TOISA EXPLORER, AND THE TOISA WAVE (2.1); TELEPHONE CONFERENCE WITH THE U.S. DEPARTMENT OF STATE OFFICE OF AUTHENTICATIONS REGARDING THE NEW YORK STATE CERTIFICATION DEFICIENCIES FOR THE DOCUMENTATION FOR THE TOISA ELAN, TOISA ENVOY, TOISA EXPLORER, AND THE TOISA WAVE (0.3); OFFICE CONFERENCE WITH R. SALGADO REGARDING THE NEW YORK STATE CERTIFICATION DEFICIENCIES FOR THE DOCUMENTATION FOR THE TOISA ELAN, TOISA ENVOY, TOISA EXPLORER, AND THE TOISA WAVE (0.3); CONDUCT RESEARCH REGARDING LEGALIZATION PROCEDURES FOR DOCUMENTS IN SINGAPORE (1.1); DISCUSS CLOSING LOGISTICS WITH R. SALGADO (2.5); DISCUSS CLOSING LOGISITICS WITH J. KATSIGEORGIS AND M. DELMONTE (0.2); CONTINUE TO REVISE THE SELLERS' CLOSING DELIVERABLES REGARDING THE SALE OF THE TOISA EXPLORER (0.8) , /03/19 COMMUNICATIONS WITH TOISA WORKING GROUP REGARDING ISSUES RELATING TO THE SALE OF THE TRADE PROSPERITY (0.8); OFFICE CONFERENCES WITH M. CLARE REGARDING SAME (0.2); OFFICE CONFERENCES WITH AND REVIEW S FROM M. CLARE REGARDING ISSUES WITH LEGALIZATION FOR THE SALE DOCUMENTATION FOR THE TOISA ELAN, TOISA ENVOY, TOISA EXPLORER AND TOISA WAVE AND TIMING OF CLOSING (2.5); REVIEW COMMUNICATIONS FROM WORKING GROUPS REGARDING SALE OF THE TOISA ELAN, TOISA ENVOY, TOISA EXPLORER AND TOISA WAVE (0.1) ,114.00

14 Pg 14 of 46 PAGE NUMBER: 4 01/04/19 ANALYZE S REGARDING THE CLOSINGS OF THE TRADE PROSPERITY, TOISA ELAN, TOISA ENVOY, TOISA EXPLORER, AND THE TOISA WAVE (2.5); PREPARE FOR AND PARTICIPATE IN TELECONFERENCES WITH J. KEYES, J. KATSIGEORGIS, M. DELMONTE, CLARKSONS, AND THE BUYERS OF THE TOISA ELAN, TOISA ENVOY, TOISA EXPLORER, AND THE TOISA WAVE REGARDING CLOSING LOGISTICS (1.4); DRAFT S TO THE BUYERS OF THE TOISA ELAN, TOISA ENVOY, TOISA EXPLORER, AND THE TOISA WAVE REGARDING THE SELLERS' POSITION FOR THE CLOSING LOGISTICS (0.5); OFFICE CONFERENCES WITH R. SALGADO REGARDING THE CLOSING LOGISTICS INVOLVED WITH THE SALES OF THE TOISA ELAN, TOISA ENVOY, TOISA EXPLORER, AND THE TOISA WAVE (1.8); CORRESPONDENCE REGARDING THE MORTGAGEE'S POAS FOR THE DISCHARGE OF THE MORTGAGE FOR THE TRADE PROSPERITY (0.6); PROVIDE COMMENTS TO THE BUYERS REGARDING THE CLOSING DELIVERABLES FOR THE SALES OF THE TOISA ELAN, TOISA ENVOY, TOISA EXPLORER, AND THE TOISA WAVE (0.4); PROVIDE COMMENTS TO THE BUYERS REGARDING THE CLOSING DELIVERABLES FOR THE SALES OF THE TRADE PROSPERITY (0.4) , /04/19 REVIEW COMMUNICATIONS REGARDING CLOSING FOR THE SALE OF THE TOISA ELAN, TOISA ENVOY, TOISA EXPLORER AND TOISA WAVE (0.3); OFFICE CONFERENCES WITH AND REVIEW S FROM M. CLARE REGARDING SAME (1.1); REVIEW S FROM TOISA WORKING GROUP REGARDING RELEASE OF MORTGAGE ON THE TRADE PROSPERITY (0.1); OFFICE CONFERENCE AND REVIEW S FROM M. CLARE REGARDING SAME (0.2) ,470.50

15 Pg 15 of 46 PAGE NUMBER: 5 01/05/19 ANALYZE S REGARDING THE CLOSINGS OF THE TRADE PROSPERITY, TOISA ELAN, TOISA ENVOY, TOISA EXPLORER, AND THE TOISA WAVE (1.8); PREPARE FOR AND PARTICIPATE IN TELEPHONE CONFERENCES WITH J. KEYES, J. KATSIGEORGIS, M. DELMONTE, R. SALGADO, AND CLARKSONS REGARDING CLOSING LOGISTICS OF THE TOISA ELAN, TOISA ENVOY, TOISA EXPLORER, AND THE TOISA WAVE (0.8) , /05/19 CONFERENCE CALL AND COMMUNICATIONS WITH TOISA WORKING GROUP REGARDING ISSUES RELATING TO THE SALE OF THE TRADE PROSPERITY (0.7); REVIEW FROM THE BUYER OF THE TRADE PROSPERITY REGARDING SAME (0.1); TELEPHONE CONFERENCE WITH AND VOICE MAIL TO M. CLARE REGARDING SAME (0.1); CONFERENCE CALL AND COMMUNICATIONS WITH TOISA WORKING GROUP REGARDING ISSUES RELATING TO THE CLOSING FOR THE SALE OF THE TOISA ELAN, TOISA ENVOY, TOISA EXPLORER AND TOISA WAVE (0.4); TELEPHONE CONFERENCE WITH AND VOICE MAIL TO M. CLARE REGARDING SAME (0.2) , /06/19 ANALYZE S REGARDING THE CLOSINGS OF THE SALES OF THE TRADE PROSPERITY, TOISA ELAN, TOISA ENVOY, TOISA EXPLORER, AND THE TOISA WAVE

16 Pg 16 of 46 PAGE NUMBER: 6 01/07/19 ANALYZE S REGARDING THE CLOSINGS OF THE SALES OF THE TRADE PROSPERITY, TOISA CREST, TOISA INDEPENDENT, TOISA INVINCIBLE AND THE TOISA PEGASUS (1.7); PREPARE FOR AND PARTICIPATE IN TELEPHONE CONFERENCES WITH LENDER S COUNSEL FOR THE TRADE PROSPERITY REGARDING CLOSING MECHANICS (0.9); DRAFT THE SELLERS' CLOSING DELIVERABLES WITH RESPECT TO THE TOISA PEGASUS (1.8); OFFICE CONFERENCES WITH R. SALGADO REGARDING THE SELLERS' CLOSING DELIVERABLES FOR THE TRADE PROSPERITY, TOISA ELAN, TOISA ENVOY, TOISA EXPLORER, AND THE TOISA WAVE (0.7); TELEPHONE CONFERENCE WITH THE BUYERS OF THE TOISA PISCES REGARDING POST-CLOSING DELIVERABLES (0.4); CORRESPONDENCE WITH TOGUT AND ALIX PARTNERS REGARDING THE TOISA PISCES POST-CLOSING DELIVERABLES (0.3); ANALYZE BUYERS' CLOSING DELIVERABLES FOR THE TOISA PEGASUS (0.6) , /07/19 REVIEW DOCUMENTS FOR PURPOSES OF ROULAKIS, PREPARING SALE DOCUMENTATION FOR STEFANOS THE TOISA INVINCIBLE... 01/07/19 TELEPHONE CONFERENCE WITH AND COMMUNICATIONS WITH J. KATSIGEORGIS OF ALIX PARTNERS REGARDING ISSUES RELATING TO THE JOINT INSTRUCTION LETTER AND THE NOVATION AGREEMENT FOR CHARTER OF THE TRADE PROSPERITY (0.3); OFFICE CONFERENCES WITH AND REVIEW FROM M. CLARE REGARDING SAME (0.5); TELEPHONE CONFERENCE WITH J. KATSIGEORGIS REGARDING LEGALIZATION OF DOCUMENTS FOR THE SALE OF THE TOISA ELAN, TOISA ENVOY, TOISA EXPLORER AND TOISA WAVE (0.1); OFFICE CONFERENCE WITH M. CLARE REGARDING SAME (0.1); REVIEW S FROM WORKING GROUPS REGARDING OTHER UPCOMING VESSEL SALES (0.1); OFFICE CONFERENCE WITH M. CLARE REGARDING SAME (0.1) ,038.00

17 Pg 17 of 46 PAGE NUMBER: 7 01/08/19 ANALYZE S REGARDING THE SALES OF THE TRADE PROSPERITY, TOISA PEGASUS, TOISA ELAN, TOISA ENVOY, TOISA EXPLORER, TOISA WAVE, TOISA INVINCIBLE, AND THE TOISA PALADIN (2.8); CORRESPONDENCE AND TELEPHONE CONFERENCE WITH LENDERS' REPRESENTATIVES REGARDING THE CLOSING OF THE TRADE PROSPERITY (0.8); CORRESPONDENCE WITH S. ROULAKIS REGARDING THE SELLERS' CLOSING DELIVERABLES WITH RESPECT TO THE TOISA INVINCIBLE (0.3); CORRESPONDENCE WITH THE BUYERS OF THE TOISA ELAN, TOISA ENVOY, TOISA EXPLORER, AND THE TOISA WAVE REGARDING STATUS OF THE SELLERS' CLOSING DELIVERABLES AND COORDINATION WITH THE SINGAPORE EMBASSY (0.2); CORRESPONDENCE WITH THE REPRESENTATIVES OF THE BUYERS OF THE TOISA PALADIN AND ALIX PARTNERS REGARDING THE STATUS OF THE SELLERS' CLOSING DELIVERABLES AND BUYERS' ADDITIONAL CLOSING REQUESTS (0.5); REVIEW AND REVISE THE BUYERS CLOSING DELIVERABLES FOR THE TOISA PEGASUS (1.5); DRAFT BOARD RESOLUTIONS OF APPROVING THE SALES OF THE TOISA PEGASUS, TOISA PALADIN, TOISA INVINCIBLE, AND THE TOISA CREST (1.2) , /08/19 CONTINUE REVIEWING DOCUMENTS RELATED TO SALE OF THE TOISA INVINCIBLE (0.5); REVIEW SALE ORDER AND CERTIFICATE OF REGISTRY OF THE VESSEL (0.3); CORRESPONDENCE WITH M. CLARE REGARDING SAME (0.1)... ROULAKIS, STEFANOS /08/19 REVIEW S FROM WORKING GROUPS REGARDING DOCUMENTATION RELATING TO UPCOMING VESSEL SALES (0.3); OFFICE CONFERENCES WITH M. CLARE REGARDING SAME (0.2)

18 Pg 18 of 46 PAGE NUMBER: 8 01/09/19 ANALYZE S REGARDING THE SALES OF THE TRADE PROSPERITY, TOISA PEGASUS, TOISA INDEPENDENT, TOISA INVINCIBLE, AND THE TOISA PALADIN (3.2); CORRESPONDENCE WITH LENDERS' REPRESENTATIVES REGARDING THE CLOSING OF THE TRADE PROSPERITY (0.3); DRAFT THE SELLERS' CLOSING DELIVERABLES WITH RESPECT TO THE SALE OF THE TOISA INDEPENDENT (2.1); CORRESPONDENCE AND TELEPHONE CONFERENCE WITH H. ZHANG REGARDING THE BILL OF SALE AND THE POWER OF ATTORNEY FOR THE TOISA ELAN, TOISA ENVOY, TOISA EXPLORER, AND THE TOISA WAVE (0.4); REVIEW AND REVISE BUYERS' CLOSING DELIVERABLES WITH RESPECT TO THE SALE OF THE TOISA PEGASUS (1.2); CORRESPONDENCE AND OFFICE CONFERENCES WITH R. SALGADO REGARDING DRAFT ADDENDUM NO. 2 TO THE MOA FOR THE SALE OF THE TOISA CREST (0.8); CONTINUE TO REVISE THE BOARD RESOLUTIONS FOR TOISA LIMITED'S AUTHORIZATION OF THE SALES OF THE TOISA PEGASUS, TOISA PALADIN, TOISA INVICIBLE, AND THE TOISA CREST (0.9) ,960.50

19 Pg 19 of 46 PAGE NUMBER: 9 01/09/19 REVIEW S FROM WORKING GROUPS REGARDING ISSUE RELATING TO THE NOVATION AGREEMENT FOR THE CHARTER OF THE TRADE PROSPERITY (0.3); TELEPHONE CONFERENCE WITH AND REVIEW FROM J. KATSIGEORGIS OF ALIX PARTNERS REGARDING SAME (0.4); OFFICE CONFERENCE WITH M. CLARE REGARDING SAME (0.2); OFFICE CONFERENCE WITH M. CLARE REGARDING CLOSING FOR THE TOISA ELAN, TOISA ENVOY, TOISA EXPLORER (0.2); OFFICE CONFERENCES WITH M. CLARE REGARDING BOARD RESOLUTIONS FOR UPCOMING VESSEL SALES (0.1); REVIEW PROPOSED SECOND ADDENDUM TO MOA FOR THE TOISA CREST RELATING TO BUYERS' DESIGNATION OF NOMINEE AND AMENDMENT REGARDING GUARANTOR (0.2); REVIEW S FROM THE BUYERS REGARDING SAME (0.2); REVIEW FILE WITH RESPECT TO THE SALE OF THE TOISA CREST (0.8); DRAFT TO TOISA WORKING GROUP REGARDING ISSUES RELATING TO THE SALE OF THE TOISA CREST (1.5); OFFICE CONFERENCE WITH M. CLARE REGARDING SAME (0.4); REVIEW AND REVISE BOARD RESOLUTIONS OF SELLERS APPROVING VESSEL SALES (0.2); OFFICE CONFERENCE WITH M. CLARE REGARDING SAME (0.1); OFFICE CONFERENCES WITH M. CLARE REGARDING ISSUES RELATING TO THE BUYERS CORPORATES FOR THE TOISA PEGASUS (0.6) ,498.00

20 Pg 20 of 46 PAGE NUMBER: 10 01/10/19 ANALYZE S REGARDING THE CLOSINGS OF THE TRADE PROSPERITY, TOISA PEGASUS, TOISA PALADIN, TOISA INVINCIBLE, TOISA INDEPENDENT, AND THE TOISA CREST (2.3); PREPARE FOR AND PARTICIPATE IN TELEPHONE CONFERENCES WITH J. KATSIGEORGIS, M. DELMONTE, J. KEYES, J. FAWTHROP, AND R. SALGADO REGARDING OUTSTANDING ITEMS FOR THE CLOSING OF THE SALE OF THE TRADE PROSPERITY (0.7); OFFICE CONFERENCES WITH R. SALGADO REGARDING THE OUTSTANDING ITEMS FOR THE CLOSING OF THE SALE OF THE TRADE PROSPERITY (0.4); PREPARE THE SELLERS' CLOSING DELIVERABLES WITH RESPECT TO THE SALE OF THE TOISA PALADIN (1.5); PREPARE FOR AND PARTICIPATE IN TELEPHONE CONFERENCE WITH THE BUYERS OF THE TOISA PEGASUS REGARDING OUTSTANDING BUYERS' CLOSING DELIVERABLES (0.7); CORRESPONDENCE WITH SEALION, ALIX PARTNERS, AND THE BUYERS OF THE TOISA PALADIN REGARDING OUTSTANDING BUYERS' CLOSING DELIVERABLES (0.6); OFFICE CONFERENCES WITH R. SALGADO REGARDING ADDENDUM NO. 2 TO THE MOA FOR THE SALE OF THE TOISA CREST (0.6); CORRESPONDENCE WITH ALIX PARTNERS REGARDING THE RETURN OF EXCESS FUNDS FOR THE SALE OF THE TOISA PISCES (0.2); CORRESPONDENCE WITH THE LENDERS' FOR THE TOISA PEGASUS REGARDING CLOSING LOGISTICS (0.4) , /10/19 DRAFT DOCUMENTS RELATING TO SALE ROULAKIS, , OF THE TOISA INVINCIBLE... STEFANOS

21 Pg 21 of 46 PAGE NUMBER: 11 01/10/19 COMMUNICATIONS WITH J. FAWTHROP AND N. HOLBROOK OF CLARKSONS REGARDING ISSUES RELATING TO SECOND ADDENDUM TO MOA FOR THE TOISA CREST (0.3); TELEPHONE CONFERENCE WITH J. KATSIGEORGIS AND M. DELMONTE OF ALIX PARTNERS REGARDING SAME (0.1); REVISE SECOND ADDENDUM TO MOA FOR THE TOISA CREST (1.7); OFFICE CONFERENCES WITH AND DRAFT TO M. CLARE REGARDING SAME (0.3); DRAFT TO BUYERS OF THE TOISA CREST REGARDING SAME (0.3); CONFERENCE CALL AND COMMUNICATIONS WITH TOISA WORKING GROUP REGARDING ISSUES RELATING TO THE SALE OF THE TRADE PROSPERITY (1.2); TELEPHONE CONFERENCE WITH J. KATSIGEORGIS AND M. DELMONTE REGARDING SAME (0.1); REVIEW AND ANALYZE MOA FOR THE TRADE PROSPERITY WITH RESPECT TO ISSUES (0.3); OFFICE CONFERENCES WITH M. CLARE REGARDING SAME (0.5); REVIEW S FROM WORKING GROUP REGARDING OTHER UPCOMING VESSEL SALES (0.2); OFFICE CONFERENCE AND REVIEW S FROM M. CLARE REGARDING SAME (0.2) ,498.00

22 Pg 22 of 46 PAGE NUMBER: 12 01/11/19 ANALYZE S REGARDING THE CLOSINGS OF THE SALES OF THE TRADE PROSPERITY, TOISA INDEPENDENT, TOISA PALADIN, TOISA PEGASUS, AND THE TOISA CREST (1.8); PREPARE FOR AND PARTICIPATE IN CONFERENCE CALL WITH THE LENDERS FOR THE SALES OF THE TOISA PEGASUS AND THE TOISA PALADIN (0.6); CORRESPONDENCE WITH THE LENDERS FOR THE SALES OF THE TOISA PEGASUS AND THE TOISA PALADIN REGARDING CLOSING LOGISTICS (0.3); CONTINUE TO REVISE THE SELLER'S CLOSING DELIVERABLES WITH RESPECT TO THE SALE OF THE TOISA PALADIN (1.9); ATTEND TO LEGALIZATION OF THE BILLS OF SALE AND THE POWERS OF ATTORNEY FOR THE TOISA ELAN, TOISA ENVOY, TOISA EXPLORER, AND THE TOISA WAVE (0.3); CORRESPONDENCE WITH S. ROULAKIS REGARDING THE SELLERS' CLOSING DELIVERABLES WITH RESPECT TO THE SALE OF THE TOISA CREST (0.2); CORRESPONDENCE WITH THE BUYERS OF THE TOISA PEGASUS REGARDING STATUS OF THE OUTSTANDING CLOSING DOCUMENTS (0.4); PREPARE FOR AND PARTICIPATE IN TELEPHONE CONFERENCE WITH AFFINITY REGARDING THE STATUS OF THE DOCUMENTATION FOR THE SALES OF THE TOISA PEGASUS AND THE TOISA PALADIN (0.5) , /11/19 REVIEW DOCUMENTS RELATING TO SALE OF THE TOISA CREST (1.2); DRAFT DOCUMENTS RELATED TO SALE OF TOISA CREST (6.7)... ROULAKIS, STEFANOS , /12/19 ANALYZE S REGARDING THE SALE OF THE TOISA INDEPENDENT (0.3); CONTINUE TO REVISE THE SELLERS' CLOSING DELIVERABLES WITH RESPECT TO THE SALE OF THE TOISA PALADIN (1.5); DRAFT ADDENDUM NO. 1 TO THE MOA FOR THE SALE OF THE TOISA PALADIN (1.2) , /13/19 ANALYZE S REGARDING THE SALES OF THE TRADE PROSPERITY, TOISA CREST AND THE TOISA INVINCIBLE

23 Pg 23 of 46 PAGE NUMBER: 13 01/13/19 REVIEW DOCUMENTS RELATED TO THE ROULAKIS, SALE OF THE TOISA CREST STEFANOS... 01/14/19 PREPARE FOR AND PARTICIPATE IN CLOSING CALL FOR THE SALE OF THE TRADE PROSPERITY (3.7); ANALYZE S REGARDING THE SALES OF THE TRADE PROSPERITY, TOISA PALADIN, TOISA PEGASUS, TOISA INDEPENDENT, TOISA INVINCIBLE, TOISA CREST (2.3); REVISE THE SELLERS' CLOSING DELIVERABLES WITH RESPECT TO THE SALE OF THE TOISA INVINCIBLE (1.7); TELEPHONE CONFERENCES WITH BUYER S LAWYER, M. DELMONTE AND J. KATSIGEORGIS REGARDING THE STATUS OF THE CLOSING OF THE TOISA PEGASUS (1.5); TELEPHONE CONFERENCES WITH M. DELMONTE AND J. KATSIGEORGIS REGARDING THE STATUS OF THE CLOSING OF THE TOISA INDEPENDENT (0.4); PROVIDE COMMENTS TO THE BUYERS' CLOSING DELIVERABLES FOR THE SALE OF THE TOISA PEGASUS (1.1); TELEPHONE CONFERENCE WITH R. SALGADO REGARDING THE STATUS OF THE CLOSINGS OF THE TRADE PROSPERITY, TOISA PEGASUS, TOISA INDEPENDENT, TOISA INVINCIBLE, TOISA CREST, AND THE TOISA PALADIN (0.6) , /14/19 REVIEW COMMUNICATIONS FROM WORKING GROUPS REGARDING ISSUES RELATING TO UPCOMING VESSEL SALES (0.4); TELEPHONE CONFERENCE WITH M. CLARE REGARDING SAME AND REGARDING DOCUMENTATION FOR SAME (0.5); COMMUNICATIONS WITH THE BUYERS OF THE TOISA CREST REGARDING SALE DOCUMENTATION (0.1)

24 Pg 24 of 46 PAGE NUMBER: 14 01/15/19 PREPARE FOR AND PARTICIPATE IN CLOSING CALL WITH RESPECT TO THE SALE OF THE TOISA PEGASUS (2.1); ANALYZE S REGARDING THE SALES OF THE TOISA PEGASUS, TOISA PALADIN, TOISA INDEPENDENT, TOISA INVINCIBLE, AND THE TOISA CREST (1.8); CORRESPONDENCE WITH THE BUYERS OF THE TOISA PEGASUS REGARDING THE STATUS OF THE BUYERS' CLOSING DELIVERABLES (0.2); TELEPHONE CONFERENCE WITH THE BUYERS OF THE TOISA PEGASUS REGARDING THE STATUS OF THE BUYERS' CLOSING DELIVERABLES (0.1); CONDUCT RESEARCH REGARDING THE REGISTRATION OF VESSELS TRANSFERRED FROM THE UK-FLAG TO THE DANISH-FLAG WITH RESPECT TO THE SALE OF THE TOISA INDEPENDENT (1.3); TELEPHONE CONFERENCES WITH THE DANISH MARITIME AUTHORITY AND J. KATSIGEORGIS REGARDING THE TRANSFER OF THE UK-FLAG TOISA INDEPENDENT INTO THE DANISH-FLAG (0.8); PREPARE FOR AND PARTICIPATE IN A TELEPHONE CONFERENCE WITH BUYER'S LAWYER REGARDING THE CLOSING LOGISTICS FOR THE SALE OF THE TOISA PALADIN (0.5); DRAFT RESPONSE TO THE DIRECTORS OF EDGEWATER OFFSHORE REGARDING THE MECHANICS OF SELLING THE TOISA INDEPENDENT (0.6); OFFICE CONFERENCES WITH R. SALGADO REGARDING THE RESPONSE TO THE DIRECTORS OF EDGEWATER OFFSHORE REGARDING THE MECHANICS OF SELLING THE TOISA INDEPENDENT AND THE STATUS OF THE CLOSINGS OF THE TOISA INDEPENDENT, TOISA CREST, TOISA PALADIN, AND THE TOISA INVINCIBLE (1.5); REVIEW AND REVISE THE BUYERS' CORPORATES WITH RESPECT TO THE SALE OF THE TOISA PALADIN (1.8); DRAFT THE LIST OF CLOSING DELIVERABLES WITH RESPECT TO THE SALE OF THE TOISA CREST (0.8) ,117.50

25 Pg 25 of 46 PAGE NUMBER: 15 01/15/19 COMMUNICATIONS WITH J. KATSIGEORGIS OF ALIX PARTNERS REGARDING ISSUES RELATING TO NEW FLAG SELECTED BY THE BUYERS OF THE TOISA INDEPENDENT (0.6); REVIEW REGISTRATION REQUIREMENTS OF NEW FLAG SELECTED BY THE BUYERS OF THE TOISA INDEPENDENT (0.2); OFFICE CONFERENCES WITH AND REVIEW S FROM M. CLARE REGARDING SAME (0.3); REVIEW S FROM TOISA WORKING GROUP REGARDING ISSUES RELATING TO THE CORPORATE DOCUMENTATION OF THE BUYERS OF THE TOISA INDEPENDENT (0.3); OFFICE CONFERENCES WITH M. CLARE REGARDING SAME AND REGARDING CLOSING DOCUMENTATION FOR THE TOISA INDEPENDENT (0.3); REVIEW MOA FOR THE TOISA INDEPENDENT WITH RESPECT TO SAME (0.2); COMMUNICATIONS WITH THE BUYERS OF THE TOISA CREST REGARDING CLOSING ISSUES (0.3); OFFICE CONFERENCE WITH AND REVIEW FROM M. CLARE REGARDING CLOSING CHECKLIST AND CLOSING DOCUMENTS FOR THE TOISA CREST (0.2); REVIEW S FROM WORKING GROUPS REGARDING ISSUES RELATING TO THE SALE OF THE TOISA PALADIN (0.2) ,249.00

26 Pg 26 of 46 PAGE NUMBER: 16 01/16/19 ANALYZE S REGARDING THE SALES OF THE TOISA PEGASUS, TOISA PALADIN, TOISA CREST, TOISA INVINCIBLE, AND THE TOISA INDEPENDENT (2.1); ATTEND MEETING AT THE U.S. DEPARTMENT OF STATE OFFICE OF AUTHENTICATIONS REGARDING LEGALIZATION OF THE BILLS OF SALE AND THE POWERS OF ATTORNEY FOR THE TOISA ELAN, TOISA ENVOY, TOISA EXPLORER, AND THE TOISA WAVE (0.6); ANALYZE BUYERS' COMMENTS TO THE LIST OF CLOSING DELIVERABLES WITH RESPECT TO THE SALE OF THE TOISA CREST (0.4); PREPARE FOR AND PARTICIPATE IN STATUS CONFERENCE CALL REGARDING THE SALE OF THE TOISA CREST (1.4); CONDUCT RESEARCH REGARDING THE DANISH PUBLIC COMPANIES ACT FOR REVIEW OF THE BUYERS' CLOSING DELIVERABLES (1.7); ANALYZE AND PROVIDE COMMENTS TO THE BUYERS' CLOSING DELIVERABLES WITH RESPECT TO THE TOISA CREST (1.4); REVISE THE SELLERS' CLOSING DELIVERABLES WITH RESPECT TO THE SALE OF THE TOISA CREST TO REFLECT THE LEGAL NAME OF THE BUYERS (0.9); TELEPHONE CONFERENCE WITH R. SALGADO REGARDING THE BUYERS' CLOSING DELIVERABLES WITH RESPECT TO THE TOISA CREST (0.4); TELEPHONE CONFERENCE WITH J. KATSIGEORGIS, M. DELMONTE, AND R. SALGADO REGARDING THE STATUS OF THE SALES OF THE TOISA INDEPENDENT, TOISA PALADIN, AND THE TOISA CREST (1.2); TELEPHONE CONFERENCES WITH D. TAVEIRA OF SEALION REGARDING THE REVISED SELLERS' CORPORATES WITH RESPECT TO THE SALE OF THE TOISA INDEPENDENT (0.3); OFFICE CONFERENCES WITH R. SALGADO REGARDING THE STATUS OF THE SALES OF THE TOISA INDEPENDENT, TOISA INVINCIBLE, TOISA PALADIN, AND THE TOISA CREST (1.3); CORRESPONDENCE WITH THE SINGAPOREAN EMBASSY IN THE U.S. REGARDING LEGALIZATION OF THE BILLS OF SALE AND POWERS OF ATTORNEY FOR THE SALES OF THE TOISA ELAN, TOISA ENVOY, TOISA EXPLORER, AND ,429.00

27 Pg 27 of 46 PAGE NUMBER: 17 THE TOISA WAVE (0.5)... 01/16/19 PREPARE FOR CALL WITH BUYERS OF THE TOISA CREST (0.3); CONFERENCE CALL WITH THE BUYERS OF THE TOISA CREST REGARDING GUARANTOR OF NOMINEE BUYER AND REGARDING CLOSING ISSUES (1.3); TELEPHONE CONFERENCE WITH M. CLARE REGARDING SAME (0.4); CONFERENCE CALL WITH J. KATSIGEORGIS AND M. DELMONTE OF ALIX PARTNERS AND M. CLARE REGARDING SAME AND REGARDING ISSUES RELATING TO OTHER VESSEL SALES (1.0); REVISE ADDENDUM NO. 2 FOR THE TOISA CREST (0.7); DRAFT TO THE BUYERS OF THE TOISA CREST REGARDING SAME AND REGARDING OTHER CLOSING ISSUES (0.9); REVIEW AND ANALYZE SALE ORDER FOR THE TOISA CREST WITH RESPECT TO SAME (0.2); REVIEW AND ANALYZE CORPORATE DOCUMENTATION PROVIDED BY THE BUYERS OF THE TOISA INDEPENDENT (0.4); REVIEW MATERIALS REGARDING NATIONAL CORPORATE REQUIREMENTS FOR BUYERS OF THE TOISA INDEPENDENT (0.2); OFFICE CONFERENCES WITH M. CLARE REGARDING SAME (0.3); REVIEW AND REVISE CORPORATE CERTIFICATE FROM BUYERS OF THE TOISA INDEPENDENT (0.3); OFFICE CONFERENCES WITH M. CLARE REGARDING SAME (0.2); REVIEW AND REVISE TO THE BUYERS OF THE TOISA INDEPENDENT REGARDING SAME (0.6); OFFICE CONFERENCES WITH AND REVIEW FROM M. CLARE REGARDING SAME (0.7) ,487.50

28 Pg 28 of 46 PAGE NUMBER: 18 01/17/19 ANALYZE S REGARDING THE SALES OF THE TOISA PALADIN, TOISA INDEPENDENT, TOISA INVINCIBLE, AND THE TOISA CREST (2.5); ANALYZE REVISED BUYERS' CORPORATES REGARDING THE SALE OF THE TOISA INDEPENDENT (.9); CONDUCT FURTHER RESEARCH REGARDING CORPORATE FORMS AND CLOSING DOCUMENTS FOR DANISH COMPANIES (2.8); OFFICE CONFERENCES WITH R. SALGADO REGARDING THE STATUS OF THE BUYERS' CLOSING DELIVERABLES FOR THE TOISA INVINCIBLE (2.7); CORRESPONDENCE WITH THE BUYERS OF THE TOISA INDEPENDENT REGARDING DEFICIENCIES IN THE REQUIREMENTS UNDER THE MOA (1.6); PREPARE FOR AND PARTICIPATE IN TELEPHONE CONFERENCE WITH J. KATSIGEORGIS REGARDING THE STATUS OF THE CLOSING DELIVERABLES FOR THE SALE OF THE TOISA INDEPENDENT (0.3); ANALYZE AND PROVIDE COMMENTS TO THE BUYERS' CLOSING DELIVERABLES WITH RESPECT TO THE SALE OF THE TOISA INVINCIBLE (0.9); CORRESPONDENCE WITH LENDERS' COUNSEL REGARDING THE STATUS OF THE SALE OF THE TOISA PALADIN (0.2); ANALYZE BUYERS COMMENTS TO THE SELLERS' CLOSING DELIVERABLES WITH RESPECT TO THE SALE OF THE TOISA PALADIN (0.5); CORRESPONDENCE TO THE BUYERS OF THE TOISA PALADIN REGARDING THE REVISED SELLERS' CLOSING DELIVERABLES AND THE CLOSING MECHANICS (0.7) ,829.50

29 Pg 29 of 46 PAGE NUMBER: 19 01/17/19 REVIEW COMMUNICATIONS FROM WORKING GROUPS REGARDING ISSUES RELATING TO UPCOMING VESSEL SALES (0.3); OFFICE CONFERENCES WITH AND REVIEW S FROM M. CLARE REGARDING SAME (0.3); REVIEW FROM THE BUYERS OF THE TOISA CREST REGARDING REVISIONS TO ADDENDUM NO. 2 TO MOA (0.2); DRAFT TO TOISA WORKING GROUP REGARDING SAME (0.3); REVIEW AND ANALYZE S AND CORPORATE DOCUMENTATION FROM THE BUYERS OF THE TOISA INDEPENDENT (0.4); OFFICE CONFERENCES WITH AND REVIEW S FROM M. CLARE REGARDING ISSUES RELATING TO CORPORATE DOCUMENTATION PROVIDED BY THE BUYERS OF THE TOISA INDEPENDENT (0.7); REVIEW AND REVISE S TO THE BUYERS OF THE TOISA INDEPENDENT AND TO THE TOISA WORKING GROUP REGARDING SAME (0.6); OFFICE CONFERENCES WITH AND REVIEW S FROM M. CLARE REGARDING SAME (0.3); REVIEW S FROM J. KATSIGEORGIS OF ALIX PARTNERS REGARDING SAME (0.2) ,854.50

30 Pg 30 of 46 PAGE NUMBER: 20 01/18/19 ANALYZE S REGARDING THE SALES OF THE TOISA INDEPENDENT, TOISA PALADIN, TOISA CREST, AND THE TOISA INVINCIBLE (1.8); PREPARE FOR AND PARTICIPATE IN TELEPHONE CONFERENCE WITH J. KATSIGEORGIS, M. DELMONTE, K. SCOTT, AND R. SALGADO REGARDING THE STATUS OF THE CLOSING FOR THE TOISA INDEPENDENT (0.7); TELEPHONE CONFERENCE WITH THE SINGAPOREAN EMBASSY IN THE U.S. REGARDING THE STATUS OF THE APPOINTMENT FOR LEGALIZATION OF THE BILLS OF SALE AND THE POAS FOR THE FOUR VESSELS TO BE SENT TO SINGAPORE (0.2); OFFICE CONFERENCES WITH R. SALGADO REGARDING THE BUYERS' CLOSING DELIVERABLES FOR THE TOISA INDEPENDENT, AND THE STATUS OF THE CLOSINGS OF THE TOISA PALADIN AND THE TOISA INVINCIBLE (2.1); DRAFT THE JOINT CERTIFICATION OF THE DIRECTORS AND SHAREHOLDERS OF THE BUYERS OF THE TOISA INVINCIBLE (1.2); CORRESPONDENCE TO THE BUYERS OF THE TOISA INDEPENDENT REGARDING OUTSTANDING REQUIREMENTS FOR CLOSING (1.0); CORRESPONDENCE TO ALIX PARTNERS AND TOGUT REGARDING STATUS OF THE CLOSING DOCUMENTATION FOR THE TOISA INVINCIBLE (0.8) ,471.00

31 Pg 31 of 46 PAGE NUMBER: 21 01/18/19 PREPARE FOR AND ATTEND CONFERENCE CALL WITH TOISA WORKING GROUP REGARDING ISSUES RELATING TO UPCOMING VESSEL SALES (0.7); REVIEW COMMUNICATIONS WITH TOISA WORKING GROUP REGARDING SAME (0.5); OFFICE CONFERENCES WITH AND REVIEW S FROM M. CLARE REGARDING SAME (1.2); REVIEW AND ANALYZE S AND CORPORATE DOCUMENTATION FROM THE BUYERS OF THE TOISA INDEPENDENT (0.4); OFFICE CONFERENCES WITH AND REVIEW FROM M. CLARE REGARDING ISSUES RELATING TO CORPORATE DOCUMENTATION PROVIDED BY THE BUYERS OF THE TOISA INDEPENDENT (0.8); DRAFT TO B. MOORE OF TOGUT AND J. KATSIGEORGIS OF ALIX PARTNERS REGARDING SAME (0.5); DRAFT TO J. FAWTHROP AND N. HOLBROOK OF CLARKSONS REGARDING POSSIBLE CHANGES TO FORM OF MOA FOR REMAINING VESSEL SALES (0.2); OFFICE CONFERENCE WITH AND REVIEW FROM M. CLARE REGARDING CLOSING OF THE SALE OF THE TOISA ELAN, TOISA ENVOY, TOISA EXPLORER AND TOISA WAVE (0.2) , /19/19 CORRESPONDENCE WITH THE LENDERS OF THE TOISA PALADIN REGARDING CLOSING LOGISTICS (0.2); DRAFT SIDE LETTER REGARDING THE RETURN OF THE PURCHASE PRICE TO THE BUYERS OF THE TOISA PALADIN AND THE RELATED TRANSMITTAL (0.9); DRAFT THE BILL OF SALE ON THE UK REGISTRY FORM FOR THE SALE OF THE TOISA PALADIN (0.6); CORRESPONDENCE WITH M. DELMONTE AND J. KATSIGEORGIS REGARDING THE BILL OF SALE AND THE AMENDMENT TO THE CSR WITH THE U.K. REGISTRY (0.3); CONTINUE TO REVISE THE SELLERS' CLOSING DELIVERABLES WITH RESPECT TO THE SALE OF THE TOISA INDEPENDENT REFLECTING THE NEW NAME OF THE BUYERS (0.8); REVISE THE SELLERS' CLOSING DELIVERABLES WITH RESPECT TO THE TOISA INVINCIBLE REFLECTING THE BUYERS COMMENTS (0.8) ,602.00

32 Pg 32 of 46 PAGE NUMBER: 22 01/19/19 REVIEW FROM J. FAWTHROP OF CLARKSONS REGARDING POSSIBLE CHANGES TO FORM OF MOA FOR REMAINING VESSEL SALES /21/19 ANALYZE S REGARDING THE CLOSINGS OF THE SALE OF THE TOISA INDEPENDENT, TOISA INVINCIBLE, AND THE TOISA PALADIN (1.3); CORRESPONDENCE WITH THE BUYERS OF THE TOISA INDEPENDENT REGARDING THE CORPORATE DEFICIENCIES (0.9); CONTINUE TO REVISE THE JOINT CERTIFICATE REGARDING THE APPROVAL OF THE BUYERS' PURCHASE OF THE TOISA INDEPENDENT (0.7); CONTINUE TO REVISE SELLERS' CLOSING DELIVERABLES WITH RESPECT TO THE SALE OF THE TOISA INVINCIBLE REFLECTING BUYERS' COMMENTS (0.4); CORRESPONDENCE WITH R. SALGADO REGARDING THE SIDE LETTER TO THE BUYERS OF THE TOISA PALADIN (0.5); CORRESPONDENCE TO THE BUYERS OF THE TOISA PALADIN REGARDING THE CLOSING MECHANICS (0.6); CONTINUE TO DRAFT THE SELLERS' CLOSING DELIVERABLES WITH RESPECT TO THE SALE OF THE TOISA CREST (0.8) ,314.00

33 Pg 33 of 46 PAGE NUMBER: 23 01/21/19 REVIEW AND REVISE SIDE LETTER TO THE BUYERS OF THE TOISA PALADIN REGARDING CLOSING PAYMENT (0.4); COMMUNICATIONS WITH M. CLARE REGARDING SAME (0.2); REVIEW AND REVISE TO BUYERS OF THE TOISA PALADIN REGARDING SIDE LETTER AND CLOSING PROCEDURES (0.4); COMMUNICATIONS WITH M. CLARE REGARDING SAME (0.1); COMMUNICATIONS WITH J. KATSIGEORGIS OF ALIX PARTNERS REGARDING ISSUES WITH RESPECT TO CORPORATE DOCUMENTATION PROVIDED BY THE BUYERS OF THE TOISA INDEPENDENT (0.2); REVIEW AND REVISE JOINT CERTIFICATE OF DIRECTORS AND SHAREHOLDERS OF THE BUYERS OF THE TOISA INDEPENDENT (1.3); COMMUNICATIONS WITH M. CLARE REGARDING SAME (0.2); REVIEW AND REVISE TO BUYERS OF THE TOISA INDEPENDENT REGARDING ISSUES RELATING TO THEIR CORPORATION DOCUMENTATION (1.0); COMMUNICATIONS WITH M. CLARE REGARDING SAME (0.2); REVIEW COMMUNICATIONS FROM WORKING GROUPS REGARDING SALE OF THE TOISA INVINCIBLE AND TOISA PALADIN (0.2) ,633.00

34 Pg 34 of 46 PAGE NUMBER: 24 01/22/19 ANALYZE S REGARDING THE CLOSINGS OF THE SALE OF THE TOISA INDEPENDENT, TOISA PALADIN, TOISA INVINCIBLE, AND THE TOISA CREST (1.9); CORRESPONDENCE WITH AFFINITY SHIPS, TOGUT AND ALIX PARTNERS REGARDING THE STATUS OF THE TOISA PALADIN CLOSING (0.5); CORRESPONDENCE WITH TOGUT REGARDING THE OPERATION OF THE DEPOSIT ACCOUNT WITH RESPECT TO THE CLOSING OF THE TOISA INVINCIBLE (0.5); CORRESPONDENCE WITH THE BUYERS OF THE TOISA PALADIN REGARDING THE STATUS OF THE CLOSING AND CLOSING MECHANICS (0.4); CONTINUE TO REVISE SELLERS' CLOSING DELIVERABLES FOR THE SALE OF THE TOISA INVINCIBLE (0.4); REVISE THE SIDE LETTER FOR THE TOISA CREST (0.3); OFFICE CONFERENCES WITH R. SALGADO REGARDING THE STATUS OF THE SALES OF THE TOISA INDEPENDENT, TOISA PALADIN, TOISA INVINCIBLE, AND THE TOISA CREST (0.8); CONTINUE TO REVISE THE SELLERS' CLOSING DELIVERABLES FOR THE SALE OF THE TOISA CREST (0.6) ,403.00

35 Pg 35 of 46 PAGE NUMBER: 25 01/22/19 OFFICE CONFERENCES WITH AND REVIEW S FROM M. CLARE REGARDING ISSUES RELATING TO CLOSINGS FOR UPCOMING VESSEL SALES (0.8); REVIEW COMMUNICATIONS FROM WORKING GROUPS REGARDING SAME (0.3); DRAFT SIDE LETTER TO THE BUYERS OF THE TOISA CREST REGARDING CLOSING PAYMENT (0.7); REVIEW FROM M. CLARE REGARDING SAME (0.1); REVISE ADDENDUM NO. 2 TO THE MOA FOR THE TOISA CREST (0.2); COMMUNICATIONS WITH K. SCOTT OF TOGUT REGARDING FILING ADDENDUM NO. 2 TO THE MOA FOR THE TOISA CREST WITH THE BANKRUPTCY COURT (0.1); DRAFT TO THE BUYERS OF THE TOISA CREST REGARDING ADDENDUM NO. 2 TO THE MOA AND REGARDING SIDE LETTER REGARDING CLOSING PAYMENT (0.5); COMMUNICATIONS WITH J. KATSIGEORGIS OF ALIX PARTNERS REGARDING DISPUTE WITH BUYERS OF THE UNITED DYNAMIC, UNITED EMBLEM AND UNITED IDEAL CONCERNING LEASED INMARSAT SATELLITE EQUIPMENT LEFT ON BOARD AT THE BUYERS' REQUEST (0.2); REVIEW SUMMARY OF DISPUTE (0.2); OFFICE CONFERENCE WITH M. CLARE REGARDING SAME (0.2) ,854.50

36 Pg 36 of 46 PAGE NUMBER: 26 01/23/19 ANALYZE S REGARDING THE SALES OF THE TOISA INDEPENDENT, TOISA PALADIN, TOISA INVINCIBLE, TOISA CREST, TOISA ELAN, TOISA EXPLORER, TOISA ENVOY, AND THE TOISA WAVE (2.2); MEETING AT AND CORRESPONDENCE WITH THE SINGAPOREAN EMBASSY REGARDING LEGALIZATION OF THE BILLS OF SALE AND THE POAS FOR THE TOISA ELAN, TOISA EXPLORER, TOISA ENVOY, AND THE TOISA WAVE (1.4); ANALYZE BUYERS' JOINT CERTIFICATE REGARDING THE SALE OF THE TOISA INDEPENDENT (0.3); CONTINUE TO REVISE THE JOINT INSTRUCTION LETTER AND THE PROTOCOL OF DELIVERY AND ACCEPTANCE REGARDING THE SALE OF THE TOISA INDEPENDENT (0.4); PREPARE FOR AND PARTICIPATE IN CLOSING CONFERENCE CALL FOR THE TOISA INDEPENDENT (0.9); OFFICE CONFERENCE WITH R. SALGADO REGARDING ISSUES RAISED AT THE CLOSING OF THE TOISA INDEPENDENT (0.6); PREPARE FOR AND PARTICIPATE IN TELEPHONE CONFERENCES WITH TOGUT, ALIX PARTNERS, AND CLARKSONS REGARDING ISSUES RAISED AT THE CLOSING OF THE TOISA INDEPENDENT AND THE INMARSAT ISSUES WITH THE TRADE EMBLEM, TRADE DYNAMIC, AND THE TRADE IDEAL (1.8); CONTINUE TO REVISE THE SELLERS' CLOSING DELIVERABLES WITH RESPECT TO THE SALE OF THE TOISA CREST (2.1); ANALYZE THE EXECUTED ADDENDUM NO. 1 TO THE MOA FOR THE TOISA PALADIN AND CORRESPONDENCE WITH THE BUYERS AND ALIX PARTNERS REGARDING THE STATUS OF THE CLOSING (0.7) ,628.00

37 Pg 37 of 46 PAGE NUMBER: 27 01/23/19 REVIEW FROM BUYERS OF THE TOISA INDEPENDENT REGARDING JOINT CERTIFICATE OF DIRECTORS AND SHAREHOLDERS (0.2); CONFERENCES WITH M. CLARE REGARDING SAME (0.1); REVIEW S FROM WORKING GROUP REGARDING ISSUES RELATING TO THE CLOSING OF THE SALE OF THE TOISA INDEPENDENT (0.4); OFFICE CONFERENCES WITH AND REVIEW S FROM M. CLARE REGARDING SAME (0.9); CONFERENCE CALL WITH TOISA WORKING GROUP REGARDING SAME (0.2); COMMUNICATIONS WITH THE BUYERS OF THE TOISA CREST REGARDING ADDENDUM NO. 2 AND THE SIDE LETTER REGARDING THE CLOSING PAYMENT (0.5); CONFERENCE CALL WITH ALIX PARTNERS AND TOGUT WORKING GROUPS REGARDING ISSUES RELATING TO SAME (0.2); OFFICE CONFERENCE WITH AND REVIEW FROM M. CLARE REGARDING SAME AND REGARDING SELLERS' CLOSING DOCUMENTATION FOR THE TOISA CREST (0.3); REVIEW FROM THE BUYERS OF THE TOISA INVINCIBLE REGARDING OPEN ISSUES (0.1); CONFERENCE CALL WITH ALIX PARTNERS AND TOGUT WORKING GROUPS REGARDING CLOSING SCHEDULE FOR UPCOMING VESSEL SALES (0.2); OFFICE CONFERENCE WITH M. CLARE REGARDING SAME (0.5); CONFERENCE CALL WITH ALIX PARTNERS AND TOGUT WORKING GROUPS REGARDING DISPUTE WITH BUYERS OF THE UNITED DYNAMIC, UNITED EMBLEM AND UNITED IDEAL CONCERNING LEASED INMARSAT SATELLITE EQUIPMENT LEFT ON BOARD AT THE BUYERS' REQUEST (0.4); REVIEW S FROM WORKING GROUPS REGARDING UPCOMING VESSEL SALES (0.2) ,633.00

38 Pg 38 of 46 PAGE NUMBER: 28 01/24/19 ANALYZE S REGARDING THE CLOSINGS OF THE SALES OF THE TOISA INVINCIBLE, TOISA CREST, TOISA PALADIN, TOISA ELAN, TOISA EXPLORER, TOISA ENVOY, AND THE TOISA WAVE (1.8); COORDINATE WITH THE SINGAPOREAN EMBASSY REGARDING THE LEGALIZED SET OF BILLS OF SALE AND POAS FOR THE SALES OF THE TOISA ELAN, TOISA EXPLORER, TOISA ENVOY, AND THE TOISA WAVE (1.9); DRAFT LETTER TO ALIX PARTNERS REGARDING SAME (0.4); CONTINUE TO REVISE THE SIDE LETTER REGARDING RETURN OF THE BALANCE OF THE PURCHASE PRICE FOR THE SALE OF THE TOISA PALADIN (0.3); ANALYZE EXECUTED SELLERS' CLOSING DELIVERABLES FOR THE SALE OF THE TOISA PALADIN (0.9); CORRESPONDENCE WITH ALIX PARTNERS REGARDING THE CLOSING LOGISTICS FOR THE SALE OF THE TOISA PALADIN (0.8); OFFICE CONFERENCES WITH R. SALGADO REGARDING THE STATUS OF THE CLOSING OF THE SALE OF THE TOISA CREST AND ADDENDUM NO. 2 TO THE MOA (0.7); ANALYZE BUYERS' CLOSING DELIVERABLES FOR THE SALE OF THE TOISA PALADIN (0.5); THE SELLERS' CLOSING DELIVERABLES TO THE BUYERS OF THE TOISA PALADIN (0.3) ,382.00

39 Pg 39 of 46 PAGE NUMBER: 29 01/24/19 REVIEW COMMUNICATIONS FROM WORKING GROUPS REGARDING UPCOMING CLOSINGS FOR VESSEL SALES (0.6); OFFICE CONFERENCE WITH M. CLARE REGARDING SAME (0.2); REVIEW S FROM BUYERS OF TOISA CREST REGARDING CANCELLING DATE, REGARDING ISSUES RELATING TO ADDENDUM NO. 2 TO MOA, AND REGARDING CLOSING DOCUMENTATION (0.5); TELEPHONE CONFERENCE AND COMMUNICATIONS WITH J. KATSIGEORGIS OF ALIX PARTNERS REGARDING SAME (0.4); OFFICE CONFERENCES WITH M. CLARE REGARDING SAME (0.2); REVIEW MOA FOR THE TOISA CREST WITH RESPECT TO CLOSING REQUIREMENTS (0.2); OFFICE CONFERENCE WITH M. CLARE REGARDING CLOSING DOCUMENTATION FOR THE TOISA ELAN, TOISA ENVOY, TOISA EXPLORER AND TOSIA WAVE (0.2); OFFICE CONFERENCE WITH AND REVIEW S FROM M. CLARE REGARDING ISSUES RELATING TO CLOSING DOCUMENTATION FOR THE TOISA PALADIN (0.8) ,681.50

40 Pg 40 of 46 PAGE NUMBER: 30 01/25/19 ANALYZE S REGARDING THE CLOSINGS OF THE SALES OF THE TOISA PALADIN, TOISA CREST, TOISA ELAN, TOISA ENVOY, TOISA EXPLORER, AND THE TOISA WAVE (1.8); TELEPHONE CONFERENCES WITH M. DELMONTE AND R. SALGADO REGARDING THE OUTSTANDING ISSUES WITH RESPECT TO SALES OF THE TOISA CREST, TOISA INVINCIBLE AND THE TOISA PALADIN (1.6); TELEPHONE CONFERENCES AND CORRESPONDENCE WITH THE TOGUT AND ALIX PARTNERS TEAMS REGARDING THE ISSUE OF THE WIRE TRANSFERS FOR THE OUTSTANDING BALANCE FOR THE SALE OF THE TOISA CREST (0.9); ANALYZE WIRE TRANSFER CONFIRMATIONS FROM THE BUYERS REGARDING THE SALE OF THE TOISA CREST (0.5); ANALYZE BUYERS COMMENTS AND REVISE THE SELLERS' CLOSING DELIVERABLES FOR THE SALE OF THE TOISA CREST (1.5); ANALYZE THE MOA FOR THE SALE OF THE TOISA CREST REGARDING BUYERS' S (0.4); OFFICE CONFERENCES WITH R. SALGADO REGARDING THE BUYERS COMMENTS TO THE SELLERS' CLOSING DELIVERABLES FOR THE SALE OF THE TOISA CREST (0.7); CORRESPONDENCE WITH THE BUYERS OF THE TOISA PALADIN REGARDING OUTSTANDING ISSUES FOR CLOSING (0.9) ,693.50

41 Pg 41 of 46 PAGE NUMBER: 31 01/25/19 REVIEW S FROM THE BUYERS OF THE TOISA PALADIN REGARDING CLOSING PAYMENT (0.2); REVIEW S FROM E. RODRIGUEZ OF SIGNATURE BANK REGARDING SAME (0.2); OFFICE CONFERENCES WITH AND REVIEW S FROM M. CLARE REGARDING SAME (0.7); REVIEW FROM THE BUYERS OF THE TOISA ELAN, TOISA ENVOY, TOISA EXPLORER AND TOSIA WAVE REGARDING DELAY IN CLOSING (0.1); REVIEW S FROM TOISA WORKING GROUP REGARDING SAME (0.1); OFFICE CONFERENCES WITH AND DRAFT S TO M. CLARE REGARDING SAME (0.3); REVIEW FROM M. DELMONTE OF ALIX PARTNERS REGARDING SAME (0.1); OFFICE CONFERENCES WITH M. CLARE REGARDING ISSUES RELATING TO THE SALE OF THE TOISA CREST (0.5); CONFERENCE CALL WITH M. DELMONTE AND M. CLARE REGARDING ISSUES RELATING TO UPCOMING VESSEL SALES (0.8) , /27/19 ANALYZE S REGARDING OUTSTANDING ISSUES RELATING TO THE SALE OF THE TOISA CREST AND THE TOISA PALADIN (0.5); CONTINUE TO REVISE THE SELLERS' CLOSING DOCUMENTATION FOR THE SALE OF THE TOISA CREST BASED ON ALIX PARTNERS' COMMENTS (1.4) /27/19 COMMUNICATIONS WITH M. DELMONTE OF ALIX PARTNERS REGARDING ISSUES RELATING TO THE CLOSING OF THE SALE OF THE TOISA CREST (0.1); DRAFT TO M. CLARE REGARDING SAME (0.1)

42 Pg 42 of 46 PAGE NUMBER: 32 01/28/19 ANALYZE S REGARDING THE CLOSING OF THE SALES OF THE TOISA PALADIN, TOISA CREST, TOISA ELAN, TOISA ENVOY, TOISA EXPLORER, AND THE TOISA WAVE (1.7); TELEPHONE CONFERENCES WITH M. DELMONTE AND R. SALGADO REGARDING THE DELAY IN DELIVERY FOR THE TOISA PALADIN AND THE TOISA CREST (1.5); OFFICE CONFERENCES WITH R. SALGADO REGARDING THE DELAY IN DELIVERY FOR THE TOISA PALADIN AND THE TOISA CREST (1.5); CORRESPONDENCE WITH THE TOGUT AND ALIX PARTNERS TEAMS AND THE BUYERS OF THE TOISA PALADIN REGARDING THE AGREEMENT TO DELAY DELIVERY (1.2); CONTINUE TO REVISE SELLERS' CLOSING DELIVERABLES WITH RESPECT TO THE SALE OF THE TOISA CREST (0.8); CONTINUE TO REVISE SELLERS' CLOSING DELIVERABLES WITH RESPECT TO THE TOISA ELAN, TOISA ENVOY, TOISA EXPLORER, AND THE TOISA WAVE (0.7) , /28/19 REVIEW COMMUNICATIONS FROM WORKING GROUPS REGARDING UPCOMING VESSEL SALES AND CLOSINGS (0.5); OFFICE CONFERENCES WITH AND REVIEW S FROM M. CLARE REGARDING SAME (0.5); CONFERENCE CALL WITH J. KATSIGEORGIS AND M. DELMONTE OF ALIX PARTNERS AND M. CLARE REGARDING ISSUES RELATING TO SALE OF THE TOISA PALADIN AND TOISA CREST (0.4); REVIEW AND REVISE TO THE BUYERS OF THE TOISA PALADIN REGARDING THEIR PAYMENT OF LIQUIDATED DAMAGES FOR THEIR DELAY IN PERFORMANCE (0.7); OFFICE CONFERENCES AND REVIEW FROM M. CLARE REGARDING SAME (0.3); DRAFT TO THE BUYERS OF THE TOISA CREST REGARDING CLOSING ISSUES (0.5) ,508.50

43 Pg 43 of 46 PAGE NUMBER: 33 01/29/19 ANALYZE S REGARDING THE SALES OF THE TOISA PALADIN, TOISA CREST, TOISA INVINCIBLE, TOISA ELAN, TOISA ENVOY, TOISA EXPLORER, AND THE TOISA WAVE (1.9); PREPARE FOR AND PARTICIPATE IN TELEPHONE CONFERENCES WITH M. DELMONTE REGARDING THE STATUS OF THE AGREEMENT TO DELAY CLOSING WITH RESPECT TO THE TOISA PALADIN (0.7); TELEPHONE CONFERENCE WITH M. DELMONTE REGARDING THE PRE-CLOSING MEETING FOR THE TOISA ELAN, TOISA ENVOY, TOISA EXPLORER, AND THE TOISA WAVE (0.4); CONTINUE TO REVISE SELLERS' CLOSING DELIVERABLES WITH RESPECT TO THE SALES OF THE TOISA ELAN, TOISA ENVOY, TOISA EXPLORER, AND THE TOISA WAVE (0.8); OFFICE CONFERENCES WITH R. SALGADO REGARDING ADDENDUM NO. 2 AND THE SIDE LETTER FOR THE SALE OF THE TOISA CREST, AND THE OUTSTANDING ITEMS WITH RESPECT TO THE CLOSING OF THE SALE OF THE TOISA PALADIN (0.7); PREPARE FOR AND PARTICIPATE IN PRE-CLOSING CONFERENCE CALL WITH CLARKSONS, THE ALIX PARTNERS TEAM, AND THE BUYERS OF THE TOISA ELAN, TOISA ENVOY, TOISA EXPLORER, AND THE TOISA WAVE (1.4); CONTINUE TO REVISE THE JOINT INSTRUCTION LETTER FOR THE SALE OF THE TOISA PALADIN (0.4) , /29/19 OFFICE CONFERENCES WITH AND REVIEW S FROM M. CLARE REGARDING ISSUES RELATING TO THE SALE OF THE TOISA PALADIN (0.4); REVIEW S FROM TOISA WORKING GROUP REGARDING SAME (0.1); REVIEW FROM BUYERS OF TOISA CREST REGARDING CLOSING OF THE SALE (0.1); OFFICE CONFERENCES WITH M. CLARE REGARDING SAME (0.1); COMMUNICATIONS WITH J. KATSIGEORGIS OF ALIX PARTNERS REGARDING SAME (0.3); OFFICE CONFERENCES WITH M. CLARE REGARDING THE CLOSING OF THE SALE OF THE TOISA ELAN, TOISA ENVOY, TOISA EXPLORER AND TOSIA WAVE (0.2) ,038.00