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BRADLEY D. SHARP AS CHAPTER 11 TRUSTEE
DEVELOPMENT SPECIALISTS, INC.
333 S. GRAND AVE, SUITE 4070
LOS ANGELES, CA. 90071
TELEPHONE (213) 617-2717
FACSIMILE (213) 617-2718


UNITED STATES BANKRUPTCY COURT

CENTRAL DISTRICT OF CALIFORNIA

NORTHERN DIVISION

IN RE:

ESTATE FINANCIAL MORTGAGE
FUND, LLC,

DEBTOR.

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CASE NO. ND 08-11535 RR

CHAPTER 11

SECOND INTERIM APPLICATION FOR
COMPENSATION AND
REIMBURSEMENT OF FEES AND
EXPENSES OF THE CHAPTER 11
TRUSTEE; DECLARATION OF
BRADLEY D. SHARP IN SUPPORT
THEREOF

FEBRUARY 1, 2009 - JUNE 30, 2009

JUDGE: THE HONORABLE ROBIN RIBLET

DATE: SEPTEMBER 14, 2009
TIME: 10:00AM
PLACE: 1415 STATE STREET,
COURTROOM 201
SANTA BARBARA, CALIFORNIA



Bradley D. Sharp, solely in his capacity as the Chapter 11 Trustee (the Trustee),
hereby submits his Fee Application for Compensation and Reimbursement of Expenses
(the "Application") in connection with the services that he has rendered as Trustee for the
Debtor, Estate Financial Mortgage Fund, LLC. (the Debtor). This Application includes
a request for fees for employees of Development Specialists, Inc. (DSI) who assisted
the Trustee in the performance of his duties and are considered employees of the Trustee
for purposes of this case. DSI is also the Financial Advisor to Thomas P. Jeremiassen,

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the Chapter 11 Trustee of Estate Financial, Inc. However, this fee application is solely
for the fees and expenses the Trustee and his staff incurred in its capacity as Chapter 11
Trustee of Estate Financial Management Fund, LLC. The Trustee is closely monitoring
the work performed for Estate Financial, Inc., but is carefully avoiding the duplication of
efforts and expenses.
The Application seeks approval of fees pursuant to 330 and 331 of the United
States Bankruptcy Code, 11 U.S.C. 101 et seq. (the Bankruptcy Code), and Rule
2016 of the Federal Rules of Bankruptcy Procedure, for an order allowing the Trustees
fees in the amount of $9,682.15 and reimbursement of expenses in the amount of $873.96
for a total of $10,556.11 based on disbursements for the period from February 1, 2009
through June 30, 2009 (the Second Application Period) and the cash on hand.
Extended details on the time entries for the Trustee and his expenses incurred are set
forth in the attached Exhibits A and B. The Trustee submitted its First Interim Fee
Application to the court for a hearing on March 25, 2009 for the period from July 25,
2008 through January 31, 2009 (the First Application Period). The court approved the
Trustees fees and expenses and it received $8,433.20 of the approved $24,094.86 on July
17, 2009. To avoid a duplication of efforts, please refer to the case status discussion in
the Jeffer, Mangels, Butler & Marmaros fee application.
I. BACKGROUND
On July 1, 2008 (the Petition Date), the Debtor filed a voluntary petition for
relief under Chapter 11 of the Bankruptcy Code. On July 15, 2008, the Office of the
United States Trustee moved for the appointment of a Chapter 11 Trustee. On July 18,
2008, this Court entered an order approving the appointment of a Chapter 11 Trustee. On
July 25, 2008, this Court entered an order formally appointing the Trustee as the Chapter
11 Trustee of the Debtors estate.
II. PROJECT BILLING AND NARRATIVE STATEMENT OF SERVICES
A. Compensation of Fees
The professional services rendered by the Trustee have required an expenditure of

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substantial time and effort. The Trustee has been required to perform essential services
on a number of very complicated issues relating to, among other things, lien analyses,
loan collections and foreclosures. During the Application Period, 224.4 hours have been
recorded by the Trustee and his staff on the instant case. Moreover, time and labor
devoted is only one of many pertinent factors in determining an award of fees and costs.
To date, the Trustee has added significant value to the estate by finding assets, locating
properties, preparing schedules and analyzing the assets of the Debtor. Based on the skill
brought to bear in addressing these tasks by the Trustee and the results obtained, the
Trustee submits that the compensation requested herein is reasonable and appropriate.
Attached hereto as Exhibit A are the fees that the Trustee actually charged,
corresponding to the activity categories detailed in the Narrative Summary of Services
below. In accordance with Federal Rule of Bankruptcy Procedure 2016(a), the itemized
list identifies: (a) the Trustee or the DSI consultant who preformed the services; (b)
hourly rate of the Trustee or consultant; (c) the date and time (by tenths of an hour)
required to perform them; and (d) the description of the services performed. To the
extent possible, the Trustee has described each specific task and separately allocated the
time attributable to that task. Where the nature of certain tasks and the circumstances
surrounding their performance did not allow for individual time entries, aggregate time
entries were used.
B. Calculation of Statutory Cap
During the application period, the Trustee and his staff have expended 224.4 hours
on this case, which would equate to $71,967.50 in fees incurred at an average hourly rate
of $320.71. However, the Trustees compensation is limited by the statutory cap
pursuant to 326(a) of the Bankruptcy Code. Since his appointment, the Trustee has
disbursed $105,599.05, $17,927.65 during the Second Application period and $87,671.40
during the Firs Application period. In addition, the Trustee currently has $233,952.42 in
cash on hand for a total of $339,551.47. Based on the calculations in 326(a), the total
statutory fee cap for the total disbursements and cash on hand is $20,157.57, as detailed

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below:
Over To Amount % Fee Fee Cap
$0 $5,000 $5,000 25% $ 1,250.00
$5,000 $50,000 $45,000 10% 4,500.00
$50,000 $1,000,000 $289,551.47 5% 14,477.57
$339,551.47 $ 20,157.57
The Trustee was awarded fees in the amount of $10,475.42 based on its First
Interim Fee Application. Therefore, this Application seeks $9,682.15 in fees based on
disbursements through June 30, 2009 and the cash on hand.
B. Reimbursement of Expenses
Pursuant to 330(a)(1)(A) of the Bankruptcy Code, the Court may award a
professional reimbursement for actual, necessary expenses. 11 U.S.C. 330(a)(1)(A).
Accordingly, the Trustee seeks reimbursement of the actual, necessary expenses that he
incurred during the period covered by this Application. The Trustee charged $0.15 per
page for copies and $0.15 per page for outbound facsimiles which is below the United
States Trustee Guidelines (the UST Guidelines). The Trustee does not charge its
clients for incoming facsimiles. Charges for travel, photocopies, overnight delivery,
meals, postage, long distance phone calls, and other out-of-pocket disbursements are
based on actual amounts paid by the Trustee for those services. Attached hereto, as
Exhibit B, is a detailed description of expenses that the Trustee incurred in the
Application Period. The summary also shows the total amount of expenses billed on a
monthly basis.
III. NARRATIVE SUMMARY OF SERVICES PERFORMED
In accordance with the Central District of California Guidelines and the UST
Guidelines, the Trustee has classified all services performed for which compensation is
sought into distinct categories. Attached hereto, as Exhibit C, are the biographies of the
Trustee and his staff. The Trustee attempted to place the services performed in the
category that best relates to the service provided. However, because certain services may
relate to one or more categories, services pertaining to one category may occasionally be

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included in another category. The Trustee has established the following billing
categories:
Case Administration/General
Fee Application/Client Billing
Attend Court Hearing/Review of Pleadings
Preparation for Bankruptcy Filing
Accounting/Auditing
Business Analysis
Plan of Reorganization / Disclosure Statements
Monthly Bankruptcy/Semi-Annual Reports
Preference Analysis
Claims Analysis
Tax Issues
Insurance Issues
New Financing
Asset Analysis and Recovery
Managing Business Operations
Sale of Assets
Real Estate Management
Creditors/Creditors Committee Communication
Shareholder Contact/Related Issues
Litigation Support
Specific Property Tasks
Loan Servicing
A. Case Administration/General
The time expended in this category includes general activities of the Trustee and
his staff, not otherwise broken down into the other categories and includes time spent
developing an understanding of the matter and work needed, meetings with the Trustees

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staff regarding the status of the case and the progress on all matters, interaction with other
professionals and communication with the Office of the U.S. Trustee.
Total hours 6.3
B. Fee Application/Client Billing
The time expended in this category includes time expended reviewing and editing
billings on an interim basis, correspondence regarding the timing of fee applications and
drafting the first interim fee application.
Total hours 32.0
C. Attend Court Hearings/Review Pleadings
The time expended in this category includes reviewing motions, attending
hearings and preparing for hearings.
Total hours 12.1
E. Accounting/Auditing
This category includes tasks performed by the Trustees staff and the Trustee
analyzing and reviewing cash receipts, forecasting future receipts, and the payment of
fees.
Total hours 10.2
F. Business Analysis
The time expended in this category includes evaluating assets in the estate,
analyzing secured advances, and general business analysis of the Debtor.
Total hours 5.8
G. Plan of Reorganization / Disclosure Statements
The time expended in this category includes the analysis and review of potential
issues with the plan.
Total hours 0.3
H. Monthly Bankruptcy/Semi-annual Reports
The time expended in this category includes the time spent in the review and
preparation of the Debtors Monthly Operating Reports.

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Total hours 1.3
I. Claims Analysis
The time expended in this category includes time spent by the Trustee analyzing
any claims.
Total Hours 0.3
J. Tax Issues
The time expended in this category relates to tax issues. Specifically, this time
relates to the analysis regarding the issuance of K-1s, tax issues arising when
reregistering investor shares and the tax treatment of the investments.
Total hours 13.6
K. Insurance Issues
Time expended in this category includes analysis of the status of the Debtors
insurance.
Total hours 1.6
K. New Financing
Time expended in this category includes reviewing the schedule of DIP collateral.
Total hours 0.4
L. Asset Analysis and Recovery
Time expended in this category includes reviewing the properties that the Debtor
has an interest in, categorizing the properties, and analyzing any issues facing the
properties.
Total hours 12.2
N. Managing Business Operations
Time expended in this category includes analyzing the general day-to-day
operations and organization of the Debtor.
Total hours 10.8
O. Sale of Assets
Time expended in this category includes analyzing title and tracing issues related

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to asset sales, analyzing potential sales of property, and reviewing motions to sell.
Total hours 6.7
Q. Real Estate Management
Time expended in this category includes real estate work that is not associated
with one specific property. This time includes discussing hiring local brokers.
Total hours 1.2
S. Creditor/Creditors Committee Contract
Time expended in this category includes dealings with the creditors and their
counsel with respect to providing information as to the sales process, and specific creditor
claims as well as preparation and attending meetings with the Creditors Committee.
Total hours 74.1
T. Shareholder Contact/Related Issues
Time expended in this category includes dealings with the investors of the Debtor.
Total hours 1.4
U. Litigation Support
Time expended in this category includes time spent by the Trustee discussing
settlements, funding, declarations in support of a settlement motion and other issues with
the legal team.
Total hours 3.0
V. Travel
Time expended in this category includes time spent by the Trustee and his staff
traveling to Creditors Committee meetings and court hearings. This time was charged at
half of the standard rate.
Total hours 7.1
V. Specific Property Tasks
The time expended in this category is related to tasks that are specifically related
to one particular property. A detailed breakdown of time for each development is
included in the attached Exhibit B. Further, attached hereto, as Exhibit D, is a

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breakdown of the amount of time spent on each development.
Total hours 18.3
W. Loan Servicing
The time expended in this category is loan related tasks that cannot be categorized
into one specific property. This time includes meetings regarding various loans and
developments as well as the status of different properties and loans.
Total hours 5.7
IV. SUMMARY OF COSTS AND EXPENSES
A. Overnight Delivery
As required by the Bankruptcy Code and the Local Rules of this Court, and
circumstances of the case required, the Trustee used air-courier services (such as Federal
Express) to deliver documents to creditors, and counsel. During the period covered by
this Application, the Trustee incurred $146.24 in expenses in this category.
B. Photocopies
The Trustee uses a computerized accounting system known to keep track of
internal photocopy charges, and bills its clients at the rate of $0.15 per page, which is
under the Central District of California guidelines of $.20 per page. During the period
covered by the Application, the Trustee incurred $375.30 in expenses in this category.
C. Postage
The Trustee bills to the client the cost of transmitting mail. Postage is logged and
billed to the client through a computer system, which calculates postage costs at the rate
set by the United States Postal Service for the weight and class of a given mailing. The
Trustee bills the actual costs of such services to its client without surcharge. During the
period covered by this Application, the Trustee incurred $126.83 in expenses in this
category.
D. Long Distance Phone
The Trustee seeks reimbursement only for its actual costs incurred for long
distance telephone calls. During the period covered by this Application, the Trustee

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incurred $61.81 in expenses in this category.
E. Record Storage
The Financial Advisor seeks reimbursement for record storage charges which are
related to storing boxed records with File Keepers. During the period covered by this
Application, the Financial Advisor incurred $163.78 in expenses in this category.

V. COMPENSATION PREVIOUSLY RECEIVED
The Trustee and his staff have not received any compensation for its
representation and service performed during the Second Application Period in the above-
captioned case, nor was a retainer paid to the Trustee. The court approved the Trustees
fees and expenses related to the First Application Period and the Trustee received
$8,433.20 of the approved $24,094.86 on July 17, 2009.
1 VII. CONCLUSION
2 Giving due consideration to the nature of the services rendered, the size of this
3 case, the legal and operational complexities encountered, the experience of the Trustee,
4 the Trustee's normal and customary hourly rates for similar services, the results achieved
5 on behalf of the estate, and the time devoted by the Trustee, the Trustee respectfully
6 submits that the fees and expenses for which compensation and reimbursement are sought
7 in the Application are actual, reasonable and necessary costs of the administration of this
8 chapter 11 case. With a blended hourly rate in this Application Period of $320.71 for the
9 Trustee and DSI professionals, the Trustee has added value to the administration of this
10 chapter 11 case.
11 WHEREFORE, the Trustee respectfully requests that this Court enter an order:
12 (a) Allowing the Trustee's and DSI's fees earned and expenses incurred from February 1,
13 2008 through and including June 30, 2009 in the aggregate amount of $10,556.11; and
14 (b) authorizing the Trustee to pay the unpaid allowed a
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Dated: August 13, 2009
Bradley D. Sharp
Solely in his capacity as the Chapter 11 Trustee
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1.
DECLARATION OF BRADLEY D. SHARP
I am the Chapter 11 Trustee for the bankruptcy estate of Estate Financial
3 Mortgage Fund, LLC, a California Corporation and debtor in the above-captioned case. I
4 was appointed pursuant to order of this Court on July 25, 2008.
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2.
3.
I have personal knowledge of the facts stated in this declaration.
I have reviewed the within Interim Application for Compensation and
7 Reimbursement of Fees and Expenses of Chapter 11 Trustee and Development
8 Specialists, Inc. (the "Application"). The facts stated therein are true of my own
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knowledge, except such matters as may be stated upon information or belief, which I
believe to be true.
I declare under penalty of perjury under the laws of the United States of America
that the forgoing is true and correct and that this declaration was executed in Los
Angeles, California on August 13, 2009.
12
~ S . S H A W
SOLELY IN HIS CAPACITY AS THE CHAPTER
11 TRUSTEE
EXHIBIT A
Page: 1
Estate Financial Mortgage Fund, LLC 08/13/2009
c/o Development Specialists, Inc.
333 South Grand Avenue
Suite 4070
Los Angeles CA 90071


HOURS
02/05/2009 BDS Correspondence with Joyce Higgins regarding
timing of a conference call. 0.10
02/09/2009 BDS Correspondence with Tom Geher regarding results
of the status conference call. 0.10
02/12/2009 TLK Gather information and prepare the Semi-Annual
Bond Report. 0.40
BDS Correspondence with Tania Kingsbury regarding
inquiry from the U.S. Trustee's Office with
respect to a copy of the bank statement. 0.20
02/18/2009 BDS Correspondence with Rob Orgel and Tom
Jeremiassen regarding settlement with respect
to unrecorded assignments. 0.20
02/26/2009 BDS Correspondence with Tom Geher regarding summary
of fees. 0.10
02/27/2009 BDS Correspondence with Sam Maizel regarding timing
of a conference call update. 0.10
03/02/2009 BDS Telephone conference call with EFI regarding
current status. 0.50
03/06/2009 ECD Read facsimilies and letters sent to Brad Sharp
and begin drafting responses. 0.50
03/17/2009 TLK Review telephone logs and begin researching
investors requests; telephone calls to
investors regarding same. 4.10
Case Administration/General 6.30 1,406.00
02/11/2009 ECD Preparation of the fee application. 0.90
02/12/2009 ECD Preparation of the fee application and research
dates and motion filings using Pacer. 1.30
02/17/2009 ECD Edit draft of the fee application and review
hours. 1.20
02/18/2009 JPA Edit time entries and expenses for January 2009
fee application, discuss same with Ed Dean. 2.50
Page: 2
Estate Financial Mortgage Fund, LLC 08/13/2009


HOURS
ECD Call with Brad Sharp regarding my draft of
EFMF's fee application. 0.20
ECD Edit fee application and update it to reflect
the fee cap based on disbursements. 1.20
BDS Review of draft fee application and telephone
call with Ed Dean regarding same. 0.50
02/23/2009 ECD Review time entries for consistency. 0.90
02/24/2009 BDS Review draft fee application and correspondence
with Ed Dean regarding same. 0.50
BDS Telephone call from Ed Dean regarding draft fee
applications. 0.20
02/26/2009 CMP Review the EFMF fees and expense analysis in
preparation for the fee application, call to
Chris DePaul to write off certain expenses. 0.50
CMP Review EFMF fee application. 0.40
BDS Correspondence with Tom Geher regarding timing
of fee applications. 0.20
02/27/2009 ECD Draft the fee application. 1.50
BDS Review of fee application and telephone call
with Ed Dean regarding same. 0.30
02/28/2009 ECD Edit the fee application. 1.90
BDS Review of fee application and correspondence to
Ed Dean with comments to same. 0.30
03/01/2009 ECD Finish reviewing hours and expenses and scan
the expense and fee reports to Paula Fela for
the final exhibits. 1.20
BDS Review of LECG fee application and
correspondence to Ray Strong regarding same. 0.30
BDS Telephone conference call with Ed Dean
regarding draft fee application. 0.30
BDS Review of correspondence from Tom Geher
regarding requirements for the fee application,
correspondence to Ed Dean regarding same. 0.10
BDS Prepare revisions to the fee summary schedules,
correspondence to Tom Jeremiassen and Matt
Sorenson regarding same. 0.40
03/02/2009 ECD Finish the fee application, prepare the
exhibits and send it out for signatures. 2.90
ECD Telephone call with Tom Geher regarding changes
to EFMF's fee application. 0.20
BDS Correspondence with Tom Geher regarding cash
balances, discussions with Clare Pierce
regarding same. 0.20
BDS Review and sign declaration approving LECG
fees. 0.20
BDS Telephone call with Tom Geher regarding final
Page: 3
Estate Financial Mortgage Fund, LLC 08/13/2009


HOURS
revisions to the fee application. 0.20
BDS Review summary of fee applications prepared by
Tom Jeremiassen. 0.20
03/03/2009 ECD Update the exhibits, correct some typographical
errors found and update numbers based on the
fee cap and writing off time. 1.70
BDS Correspondence to Jennifer Braun regarding
summary of the fee applications. 0.10
BDS Correspondence with Tom Jeremiassen regarding
fee summary. 0.10
03/13/2009 BDS Correspondence with Matt Sorenson regarding fee
hearing. 0.10
03/17/2009 BDS Telephone conference call with Brian Fittipaldi
and Tom Jeremiassen regarding comments with
respect to the fee applications. 0.50
03/19/2009 MPS Review of the limited objections from the U.S.
Trustee on the fee applications; e-mail
correspondence with Brad Sharp regarding the
same. 0.20
03/20/2009 BDS Review of the U.S. Trustee's response to the
fee applications, correspondence with Matt
Sorenson regarding same. 0.30
03/22/2009 BDS Review of article regarding fees,
correspondence to Matt Sorenson regarding same. 0.20
03/24/2009 BDS Review an approve declaration regarding fee
applications, correspondence to David Poitras
regarding same. 0.20
BDS Correspondence to Tom Jeremiassen and Matt
Sorenson regarding information for the fee
hearing. 0.10
03/27/2009 BDS Review of correspondence from Sam Maizel
regarding a coordinated response to the fee
objection from the U.S. Trustee's Office,
correspondence to Matt Sorenson regarding same. 0.10
04/13/2009 JPA Review final draft of February EFI and EFMF
time entries, e-mail correspondence with Paula
Fela regarding same. 0.30
BDS Review of response to the U.S. Trustee
comments, correspondence with Ed Dean and David
Poitras regarding same. 0.30
ECD Review travel expenses for each consultant. 0.30
04/14/2009 BDS Review of draft response to the committees
filing regarding professional fees,
Page: 4
Estate Financial Mortgage Fund, LLC 08/13/2009


HOURS
correspondence to David Poitras regarding same. 0.20
04/16/2009 BDS Correspondence with Clare Pierce and Ed Dean
regarding additional information required for
the fee application. 0.20
ECD Create a summary of each consultant's time and
total amount of money billed. 0.40
04/17/2009 JPA E-mail correspondence with Chris DePaul
regarding March fee application, review
February fee application from Paula Fela. 0.20
04/27/2009 JPA E-mail correspondence with Clare Pierce, Chris
DePaul, Paula Fela and Brad Sharp regarding
February and March EFMF fees and expenses. 0.20
04/28/2009 BDS Correspondence with Sam Maizel and Matt
Sorenson regarding comments with respect to the
fee order. 0.20
CMP Review EFMF invoice for February 2009. 0.30
JPA Prepare summary of February and March time
entries. 0.40
04/29/2009 BDS Correspondence with Sam Maizel regarding fee
order. 0.10
05/01/2009 JPA Review March time entries. 0.90
05/11/2009 JPA Review April time entries, e-mail
correspondence with Paula Fela. 0.10
JPA Review March time entry report, scan, e-mail
correspondence with Clare Pierce and Paula Fela
regarding same. 0.30
05/13/2009 JPA Review March time entries, compose e-mail to
Paula Fela with revisions. 1.00
JPA Review April time entries. 0.50
05/21/2009 JPA E-mail correspondence with Paula Fela regarding
EFMF April time entries. 0.50
05/22/2009 JPA Update invoice progress spreadsheet. 0.30
05/26/2009 JPA Update fee application status spreadsheet. 0.30
06/03/2009 JPA Review April time entries, e-mail
correspondence with Paula Fela regarding May
time entries. 0.20
06/05/2009 JPA Review April time entries, e-mail revisions to
Paula Fela. 0.50
Fee Application/Client Billing 32.00 7,740.00
Page: 5
Estate Financial Mortgage Fund, LLC 08/13/2009


HOURS
02/24/2009 BDS Review correspondence from Sam Maizel regarding
results of relief from stay hearings. 0.10
03/10/2009 BDS Correspondence with Tom Geher regarding view of
pending motions. 0.10
03/24/2009 BDS Telephone conference call with Tom Jeremiassen
and counsel regarding hearing preparation. 1.00
03/25/2009 BDS Telephone call with Tom Jeremiassen regarding
hearing agenda. 0.20
BDS Meeting with Tim Jeremiassen, Sam Maizel, Dave
Poitras, Peter Susi, Larry Gabriel and Matt
Sorenson regarding issues with the committees
and planning for the hearing. 1.00
BDS Attend hearing regarding fee applications and
other issues. 2.00
04/14/2009 BDS Review of order in the Cedar Funding case. 0.50
04/16/2009 BDS Review of summary of the settlement motion and
correspondence to Tom Jeremiassen regarding
same. 0.80
04/20/2009 BDS Discussions with Matt Sorenson regarding
hearing on the settlement and professional
fees. 0.30
04/22/2009 BDS Meetings with counsel and EFI regarding
settlement hearing and hearing regarding relief
from stay with respect to the Hinds Avenue
property. 2.00
BDS Attend hearing regarding the settlement motion,
relief from stay regarding the Hinds Avenue
property and professional fee applications. 3.70
06/09/2009 BDS Review of Kimball motion for relief from stay,
correspondence to Tom Geher and Tom Jeremiassen
regarding same. 0.40
Attend Court Hrgs/Rev Pleadgs 12.10 5,989.50
02/16/2009 MPS E-mail correspondence with Tony Prada regarding
the valuation report status; prepare and send
the updated terms that are to be included in
the report. 0.40
02/24/2009 BDS Review of invoice from First American,
correspondence to Ed Dean regarding same. 0.20
03/05/2009 CMP Prepare EFMF Form 2 requested by LECG. 0.60
CMP Prepare analysis requested by LECG for income
Page: 6
Estate Financial Mortgage Fund, LLC 08/13/2009


HOURS
tax purposes for the EFMF tax return. 0.40
03/06/2009 BDS Correspondence with Peter Susi regarding
request for a budget from Omni, correspondence
to Brian Osborne regarding same. 0.20
03/12/2009 CMP Locate the EFMF cash activity file for James
Armstrong. 0.50
03/16/2009 BDS Correspondence with Brian Osborne regarding
estimated fees. 0.10
03/17/2009 BDS Correspondence with Tom Jeremiassen regarding
estimate of Omni fees. 0.10
04/03/2009 BDS Discussions with Clare Pierce regarding
allocation of EFI administrative costs. 0.30
04/08/2009 JPA E-mail correspondence with Clare Pierce
regarding incoming mail from LECG, scan and
transmit banking records to her. 0.20
04/10/2009 TLK Prepare accounts payable. 0.50
BDS Correspondence with Tom Jeremiassen regarding
cash balances. 0.10
04/13/2009 BDS Telephone conference call with Tom Jeremiassen
regarding cash balances. 0.50
04/14/2009 BDS Telephone call from Bob Berger regarding
amounts due, review of invoices and
correspondence to Tom Jeremiassen regarding
same. 0.30
04/16/2009 BDS Telephone call with Tom Jeremiassen regarding
cash balances. 0.40
BDS Correspondence with Tom Jeremiassen and Sam
Maizel regarding cash reports. 0.20
04/21/2009 BDS Correspondence with Tom Jeremiassen regarding
cash flow projections. 0.10
BDS Correspondence with Bob Berger regarding timing
of payment of invoices. 0.10
BDS Review of revised forecasted cash receipts,
correspondence with Tom Jeremiassen regarding
same. 0.30
04/23/2009 CMP Assist Tania Kingsbury in locating a payment
made by EFMF last year. 0.20
BDS Correspondence to Nicole Harris at City
National Bank regarding address change for the
bank statements. 0.10
Page: 7
Estate Financial Mortgage Fund, LLC 08/13/2009


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04/27/2009 CMP Forward March 2009 bank statement to Eric
Schwartz and follow up with him regarding the
description of the status of the case. 0.20
CMP E-mail correspondence to Patty Chan at LECG
regarding the accrual for the March 2009
monthly operating report for her firm's
professional fees. 0.20
04/28/2009 BDS Correspondence with Bob Berger regarding timing
for a conference call, correspondence with Tom
Jeremiassen regarding same. 0.20
04/29/2009 BDS Telephone call with Tom Jeremiassen regarding
cash forecast. 0.50
BDS Telephone call with Bob Berger regarding cash
flow forecast and timing of payment. 0.30
04/30/2009 CMP Respond to questions from LECG regarding
transactions occurring in 2008. 0.80
05/25/2009 BDS Correspondence to Tom Jeremiassen regarding
settlement proceeds. 0.10
05/27/2009 JPA E-mail correspondence with Eric Schwarz at Omni
regarding DSI's fees and expenses for April,
review fee summary and detail reports. 0.50
TLK Research accounting questions for Eric Schwarz. 0.40
BDS Correspondence with Tom Jeremiassen regarding
status of payment of expenses. 0.10
06/12/2009 BDS Correspondence with Tom Jeremiassen regarding
approval of settlement and cash distributions
as a result of same. 0.10
06/15/2009 BDS Correspondence with Tom Jeremiassen regarding
schedule of call to discuss the cash status. 0.10
06/22/2009 TLK Prepare deposit. 0.30
06/26/2009 CMP Discussion with Brad Sharp regarding the amount
due from EFI to EFMF and the underlying
accounting. 0.30
BDS Review of summary of cash balances,
correspondence to Tom Jeremiassen regarding
same. 0.30
Accounting/Auditing 10.20 4,064.50
02/05/2009 BDS Review professional fee summary and
correspondence to Tom Jeremiassen regarding
same. 0.20
02/13/2009 BDS Telephone conference call with EFI and EFMF
Page: 8
Estate Financial Mortgage Fund, LLC 08/13/2009


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teams regarding status. 0.50
02/16/2009 JAP Conversation with Brad Sharp regarding
valuation issues, finalize valuation based upon
discussion, e-mail document to interested
parties, make changes based on comments and
forward Matt Sorenson raw property data. 1.80
BDS Telephone call with Ed Dean regarding status of
foreclosures and correspondence to investors. 0.30
02/19/2009 JAP Finalize valuation report. 0.30
02/27/2009 BDS Prepare summary of professional fees (.7),
correspondence to Tom Jeremiassen and Matt
Sorenson regarding same (.1). 0.80
06/10/2009 ECD Telephone conversation with Dan Komaiko, an
investor in the fund, regarding the fund's
value and the letter I sent him stating the
value. 0.30
ECD E-mail correspondence with Matt Sorenson
regarding Dan Komaiko's request to have a new
valuation letter sent to him. 0.30
06/11/2009 ECD E-mail correspondence with Dan Komaiko
regarding the valuation of the fund. 0.30
06/16/2009 BDS Review of financial summary and correspondence
to Tom Jeremiassen regarding same. 0.20
06/18/2009 ECD E-mail Brad Sharp noting the account balances
of Dan Komaiko's accounts. 0.20
06/29/2009 ECD Telephone call with Kathy Anderson regarding
reregistering her clients' shares of EFMF into
personal names from their trust. 0.20
BDS Telephone call with Tom Jeremiassen regarding
status of cash balances and need for a
forecast. 0.40
Business Analysis 5.80 1,877.50
03/07/2009 BDS Review of correspondence from Rob Orgel and
Larry Gabriel regarding potential plan issues,
correspondence with David Poitras regarding
same. 0.30
Plan of Reorg./Disclosure Stmt 0.30 148.50
02/05/2009 BDS Correspondence with Eric Schwarz and Michelle
Morice regarding status of the operating
reports. 0.10
02/06/2009 BDS Review and approve monthly operating reports. 0.40
Page: 9
Estate Financial Mortgage Fund, LLC 08/13/2009


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05/01/2009 BDS Review and approve monthly operating reports. 0.40
05/27/2009 CMP E-mail exchange with Eric Schwartz regarding
status of the EFMF monthly operating report. 0.20
06/09/2009 BDS Review and approve the monthly operating
report, correspondence to Eric Schwartz
regarding same. 0.20
Monthly Bktcy/Semi-Annual Rpts 1.30 629.50
06/22/2009 BDS Review of correspondence from Tom Jeremiassen
regarding the Avland stipulation,
correspondence to Matt Sorenson regarding same. 0.20
06/24/2009 BDS Correspondence with Matt Sorenson regarding the
Avland stipulation. 0.10
Claims Analysis/Objections 0.30 148.50
02/01/2009 BDS Correspondence with Ed Dean regarding status of
valuation letter. 0.10
02/03/2009 BDS Correspondence with Matt Sorenson regarding
inquiries from investors with respect to the
status of their K-1s. 0.10
02/12/2009 BDS Correspondence with Vernon Calder regarding
recommended tax positions. 0.20
02/16/2009 BDS Review of fund valuation and discussions with
Tony Prada regarding same. 0.30
02/17/2009 BDS Discussion with Tony Prada regarding additional
revisions to the valuation. 0.20
02/18/2009 BDS Review of correspondence from Peter Susi
regarding tax issues, correspondence to Vernon
Calder regarding same. 0.30
BDS Correspondence with Ed Dean regarding status of
the K-1s. 0.10
02/21/2009 BDS Review of correspondence from Vernon Calder
regarding tax issues, correspondence with
Vernon Calder and Peter Susi regarding same. 0.30
02/24/2009 BDS Correspondence with Vernon Calder regarding
check register, locate and correspondence to
Vernon Calder with same. 0.30
BDS Review of draft memorandum regarding tax
issues, correspondence to Vernon Calder
regarding same. 0.30
Page: 10
Estate Financial Mortgage Fund, LLC 08/13/2009


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03/02/2009 MPS Telephone call with Brad Sharp and Tom
Jeremiassen to discuss the K-1 summary that is
to be provided to the committee; discuss the
fee calculations to be discussed at the
committee meeting. 0.50
03/05/2009 BDS Review of valuation letters to trustees,
correspondence with Ed Dean with comments to
same. 0.30
03/06/2009 ECD Prepare mail merge stating the value per share
of the fund to each IRA trustee for
distributions. 0.50
03/10/2009 BDS Correspondence with Vernon Calder regarding tax
return approach. 0.20
BDS Correspondence with Vernon Calder regarding
timing of tax returns, correspondence to Peter
Susi regarding same. 0.20
03/19/2009 CMP E-mail with Leif Larsen regarding the status of
the K-1s and learn that there is a new
regulation that we must comply with. 0.30
BDS Review of correspondence from investor
regarding tax basis, correspondence with Matt
Sorenson regarding same. 0.20
03/20/2009 BDS Telephone call with Vernon Calder regarding
status of the tax returns. 0.30
03/22/2009 BDS Review of memorandum regarding tax treatment,
correspondence to Vernon Calder regarding same. 0.30
BDS Correspondence with Peter Susi regarding
position with respect to tax treatment of
investments. 0.20
03/23/2009 BDS Correspondence with Vernon Calder regarding
finalization of the theft loss position. 0.10
03/24/2009 BDS Correspondence with Peter Susi and Tom
Jeremiassen regarding status of the K-1s. 0.20
03/25/2009 ECD Draft letter from Brad Sharp and post it on the
EFMF site regarding K-1 filings. 0.30
BDS Telephone call with Vernon Calder regarding
final tax position. 0.10
BDS Telephone call to Ed Dean regarding revised K-1
notice, review and correspondence to Ed Dean
regarding same. 0.20
03/26/2009 BDS Review of correspondence from Joe Eisenberg
regarding tax questions from an investor,
correspondence to Vernon Calder regarding same. 0.20
Page: 11
Estate Financial Mortgage Fund, LLC 08/13/2009


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BDS Review of correspondence to/from Peter Susi
regarding memorandum with respect to the tax
position, correspondence to Vernon Calder
regarding same. 0.10
04/02/2009 BDS Review of modifications to the memorandum
regarding the tax position, correspondence with
Peter Susi and Vernon Calder regarding same. 0.30
04/10/2009 BDS Correspondence with Matt Sorenson and Vernon
Calder regarding investor questions with
respect to K-1s. 0.10
04/13/2009 BDS Correspondence with Matt Sorenson regarding
returned mail with tax forms. 0.10
BDS Correspondence with Peter Susi and Vernon
Calder regarding issuance of all K-1s. 0.20
04/14/2009 BDS Correspondence with Matt Sorenson regarding
investors proof of interest forms. 0.10
04/15/2009 BDS Review of correspondence from investor
regarding K-1, correspondence to Vernon Calder
regarding same. 0.20
TLK Try and locate creditors that had their K-1s
returned due to incorrect addresses; update
database accordingly. 2.10
04/17/2009 TLK Try and locate investors to send their K-1s
returned due to insufficient addresses. 1.10
04/23/2009 TLK Try and locate investors to resend their K-1s
returned due to insufficient addresses. 1.80
05/07/2009 ECD Telephone conversation with Tony Prada
regarding Beverly Fannion and a message she
left regarding questions on the quarterly
statement. 0.40
05/20/2009 ECD Meeting with Matt Sorenson regarding
reregistering an investor's shares into another
name. 0.20
ECD E-mail correspondence with Kathy Anderson
regarding reregistering her client's shares
into their own name. 0.40
05/29/2009 BDS Review of correspondence from Chris Horne
regarding K-1, correspondence to Michelle
Morice regarding same. 0.10
05/31/2009 BDS Review of correspondence from Jerry Delgado
regarding K-1s, correspondence to Michelle
Morice regarding same. 0.10
Page: 12
Estate Financial Mortgage Fund, LLC 08/13/2009


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Tax Issues 13.60 4,287.50
03/12/2009 CMP E-mail to Ed Dean regarding EFMF insurance
issues. 0.30
CMP Follow-up e-mail to Ed Dean regarding EFMF
insurance issues. 0.20
CMP E-mail to Grant Christy regarding EFMF
insurance and introduction to Ed Dean. 0.30
04/07/2009 CMP Review correspondence from James Armstrong and
determine that EFMF does not need to provide
insurance for projects that have no equity or
insurable interest, e-mail correspondence to
Brad Sharp regarding same. 0.60
BDS Review of correspondence from James Armstrong
regarding insurance on properties,
correspondence with Clare Pierce regarding
same. 0.20
Employee Ben./Pension/Insur. 1.60 694.00
02/19/2009 BDS Review of schedule of DIP collateral,
correspondence to Jeff Herrmann regarding same. 0.40
New Financing 0.40 198.00
02/02/2009 BDS Correspondence with Tom Jeremiassen regarding
draft investigation report, correspondence to
Dave Juhnke regarding same. 0.10
02/03/2009 BDS Telephone calls with Dave Juhnke regarding
information requested by the committees with
respect to the investigation (.4), telephone
call with Tom Jeremiassen (.3) regarding same. 0.70
02/04/2009 BDS Correspondence with Tom Jeremiassen regarding
timing of a conference call with Roger
Frederickson and David Juhnke. 0.10
02/06/2009 BDS Telephone conference call with Tom Jeremiassen,
Larry Gabriel, Peter Susi and Dave Juhnke
regarding status of investigation. 0.50
02/20/2009 BDS Correspondence with Rob Orgell and Tom
Jeremiassen regarding interest in financing a
project. 0.20
03/04/2009 BDS Review of correspondence to the Pillsbury firm
from Dave Juhnke regarding records,
correspondence to Tom Geher regarding same. 0.20
03/11/2009 BDS Correspondence with Dave Juhnke regarding
Department of Corporations information. 0.20
Page: 13
Estate Financial Mortgage Fund, LLC 08/13/2009


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03/12/2009 BDS Correspondence with Dave Juhnke regarding his
attendance at the hearing regarding the Guth
and Yaguda assets. 0.10
03/16/2009 BDS Review of analysis from Dave Juhnke regarding
Dorama (.3), correspondence to Tom Geher
regarding same (.1). 0.40
03/18/2009 BDS Correspondence with Tom Jeremiassen and Dave
Juhnke regarding hearing on modification of the
District Attorney's TRO. 0.20
03/27/2009 BDS Review of correspondence from Dave Juhnke
regarding Heritage Oaks Bank, correspondence to
Dave Juhnke and Tom Jeremiassen regarding same. 0.30
03/31/2009 BDS Review of declaration in support of settlement
(.3), correspondence with Sam Maizel and David
Poitras regarding same (.1). 0.40
04/01/2009 BDS Review of draft loan website, correspondence
with Matt Sorenson regarding same. 0.40
04/02/2009 BDS Review of correspondence from Dave Juhnke and
transcript of the Guth Yaguda asset hearing,
correspondence to Tom Geher and David Poitras
regarding same. 0.50
04/05/2009 BDS Review of correspondence from Tom Jeremiassen
regarding proposed asset sales. 0.30
04/08/2009 BDS Correspondence with Matt Sorenson regarding the
eviction of Steve Gardality. 0.10
04/09/2009 BDS Correspondence with Tom Geher regarding
telephone conference call with respect to the
status of the investigation. 0.10
04/10/2009 BDS Telephone conference call with Tom Jeremiassen,
Dave Juhnke and Roger Frederickson regarding
status of the investigation. 0.50
BDS Telephone call with Tom Jeremiassen (.3) and
Tom Geher (.2) regarding status of
investigation and telephone conference call
with Dave Juhnke. 0.50
04/14/2009 BDS Review of correspondence regarding the
Templeton service station sale (.3),
correspondence to Matt Sorenson (.1) and Dave
Juhnke and Tom Jeremiassen regarding same (.1). 0.50
BDS Review of draft brief to be filed in the
criminal proceeding, correspondence to Dave
Junke and Tom Geher regarding same. 0.40
Page: 14
Estate Financial Mortgage Fund, LLC 08/13/2009


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04/15/2009 BDS Review of correspondence from Dave Juhnke and
Tom Jeremiassen regarding Dorama claim,
correspondence to Dave Juhnke regarding same. 0.20
04/17/2009 BDS Review of correspondence from Dave Juhnke
regarding Heritage Oaks, correspondence with
Dave Juhnke, Tom Geher and Tom Jeremiassen
regarding same. 0.30
04/20/2009 BDS Review of various objections to the settlement,
correspondence with Tom Geher regarding same. 0.80
04/21/2009 BDS Review of draft correspondence regarding Dorama
claim, correspondence to Dave Juhnke regarding
comments to same. 0.30
04/24/2009 BDS Review of draft order granting the settlement,
correspondence to Sam Maizel regarding same. 0.30
BDS Telephone call with Dave Juhnke regarding
status of the investigation and timing of a
report. 0.50
04/28/2009 BDS Telephone call with Kyle Everett regarding
status of LRI (.2), correspondence with Tom
Willoughby regarding same (.1). 0.30
04/30/2009 BDS Correspondence with Sam Maizel and Tom
Jeremiassen regarding lead on the Templeton gas
station issue. 0.20
05/01/2009 BDS Correspondence with David Poitras regarding
claims against Karen Guth and Joshua Yaguda. 0.10
05/07/2009 BDS Correspondence with Dave Juhnke regarding
agreement with Heritage Oaks Bank. 0.10
05/13/2009 BDS Review of memorandum from Dave Juhnke regarding
status of the investigation, correspondence to
Tom Jeremiassen regarding same. 0.80
05/28/2009 BDS Telephone conference call with Tom Jeremiassen
regarding status of the investigation. 0.40
06/02/2009 BDS Correspondence with Tom Jeremiassen regarding
sharing of the investigation report. 0.10
BDS Meeting with David Poitras and Tom Geher
regarding status of the investigation and
potential causes of action. 0.30
BDS Correspondence with Ray Strong regarding status
of the review of payments to insiders. 0.20
06/05/2009 BDS Correspondence with Tom Geher regarding
Page: 15
Estate Financial Mortgage Fund, LLC 08/13/2009


HOURS
potential claims against Guth and Yaguda. 0.10
06/17/2009 BDS Review of correspondence from Tom Jeremiassen
regarding cash due to EFMF from EFI. 0.10
06/19/2009 BDS Correspondence with Tom Geher and Dave Juhnke
regarding foreclosure by Heritage Oaks Bank. 0.10
06/22/2009 BDS Review of memo from Dave Juhnke regarding
recommendation with respect to Charles
Applebaum, correspondence to Dave Juhnke and
Tom Jeremiassen regarding same. 0.30
Asset Analysis and Recovery 12.20 6,039.00
02/19/2009 ECD Prepare notice to the trustees of individual
IRA accounts of the value of each share in the
fund. 1.20
02/25/2009 CMP E-mail correspondence with Grant Christy
regarding the insurance issue with EFI and
properties owned entirely by EFMF. 0.20
CMP Prepare the EFMF fee and expense analysis for
Tuesday's meeting. 0.40
CMP Continue the EFMF DSI fee analysis. 0.50
03/03/2009 MPS Lunch meeting with Tom Jeremiassen, Roger
Frederickson, Larry Gabriel and Dave Juhnke to
discuss the committee meeting agenda and
prepare for the meeting. 1.00
03/11/2009 ECD Review letters that I received back from IRA
Trustees regarding the valuation of EFMF. 0.30
03/19/2009 ECD Prepare a letter to send to an IRA Trustee
regarding the valuation of EFMF. 0.40
ECD Telephone conversation with Matt Sorenson
regarding the letter valuing shares of EFMF. 0.30
03/25/2009 ECD Telephone conversation with an IRA Trustee
regarding the valuation of EFMF. 0.30
ECD Recreate EFMF valuation spreadsheet in
anticipation of a telephone conversation with
an IRA Trustee. 0.50
04/07/2009 ECD Review the spreadsheet indicating the amount of
shares each investor owns and e-mail back and
forth with Brad Sharp regarding why some own
zero and why some are negative numbers. 0.50
04/21/2009 ECD Telephone conversations with Kathy Anderson of
Polycomp regarding reregistering her client'
shares of EFMF to other entities. 0.80
Page: 16
Estate Financial Mortgage Fund, LLC 08/13/2009


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04/24/2009 BDS Telephone conference call with Tom Jeremiassen
and counsel regarding current status. 0.50
04/29/2009 MPS Review of the EFI and EFMF transfer letters to
be sent to investors who wish to transfer
ownership rights; e-mail correspondence with
Brad Sharp and Catherine Holmes to discuss the
changes needed. 0.50
05/06/2009 ECD E-mails with Matt Sorenson regarding
re-registering investors of the fund into
different names and entities. 0.20
ECD Telephone conversation with Kathy Anderson of
PolyComp regarding several of her clients
wishes to transfer their shares of the Fund
into a different name. 0.60
05/19/2009 BDS Review of requested waiver of conflict with
respect to Sam Gilstrap and Roger Frederickson,
correspondence with Tom Jeremiassen regarding
same. 0.20
05/22/2009 MPS Prepare notices to investors regarding their
requests to change vesting title; prepare
letters and the instructions to help complete
these requests. 2.00
05/26/2009 ECD Send Dan Komaiko, an investor, a letter stating
the per share value of the fund. 0.20
05/28/2009 BDS Correspondence with Matt Sorenson regarding
status of agreement with Bill Friedman. 0.20
Managing Business Operations 10.80 2,715.50
02/06/2009 BDS Review and approve agreements to sell
properties. 0.40
02/17/2009 BDS Correspondence with Matt Sorenson regarding
potential interested buyer. 0.10
02/20/2009 BDS Review of correspondence from investors
regarding broker selection, correspondence to
Matt Sorenson regarding same. 0.20
02/27/2009 BDS Review of broker summary and correspondence to
Matt Sorenson regarding same. 0.20
03/04/2009 JPA Receive a consent to close on Pismo Beach
property from an investor, e-mail to Brad Sharp
and Matt Sorenson. 0.20
Page: 17
Estate Financial Mortgage Fund, LLC 08/13/2009


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03/11/2009 BDS Review of motions to approve asset sales,
correspondence to Matt Sorenson regarding same. 0.30
03/23/2009 JPA Correspondence with Sean Farrell regarding
facsimile from Tom Dawson. 0.20
03/25/2009 BDS Prepare summary of the broker tasks,
discussions with Matt Sorenson regarding same. 0.80
03/26/2009 JPA E-mail correspondence with Katie Knowes
regarding investor contact information updates,
conversations with several investors regarding
short pay consent, e-mail correspondence with
Matt Sorenson regarding same, overnight revised
Power of Attorney form to one investor at new
address. 0.70
03/30/2009 JPA Conversations with two investors regarding
consent to short sale of Woodland Hills
property, update records regarding same. 0.60
03/31/2009 JPA Review consents to close and related agreements
signed by investors of 2925 Bayview Drive,
Pismo Beach (B150-06) and 2920 Bayview Drive,
Pismo Beach, (B151-06), compile updated
investor contact information, prepare e-mail
correspondence to Katie Knowles at Omni
Management regarding website updates. 2.40
BDS Telephone conference call with Tom Jeremiassen
regarding the Hemet sale. 0.50
06/28/2009 BDS Review of correspondence from Peter Susi
regarding the court schedule, correspondence to
Matt Sorenson regarding same. 0.10
Sale of Assets 6.70 1,861.00
02/12/2009 BDS Review of authorization letter for the real
estate consultants, correspondence to Matt
Sorenson regarding same. 0.10
02/23/2009 MPS Telephone call with Brad Sharp and Peter Susi
to discuss the procedures in hiring local
brokers for individual projects and how the
sub-committee can be involved in those
decisions; follow-up discussion with Brad Sharp
to discuss the memorandum needed. 0.60
04/02/2009 JPA File investor consent concerning the sale of
the Pismo Beach property. 0.10
04/13/2009 BDS Review of draft letter from Larry Gabriel
regarding the broker process, correspondence to
Page: 18
Estate Financial Mortgage Fund, LLC 08/13/2009


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Matt Sorenson regarding same. 0.30
04/21/2009 JPA File various documents related to properties. 0.80 n/c
06/09/2009 BDS Correspondence with David Poitras and Matt
Sorenson regarding fire in Cathedral City. 0.10
Real Estate Management 1.20 411.50
02/02/2009 BDS Correspondence with Ed Dean regarding draft
letters to investors, review of same. 0.20
BDS Correspondence with Roger Frederickson
regarding potential meeting with the joint
committee. 0.10
BDS Correspondence to Peter Susi with information
he requested prior to the committee meeting. 0.40
02/03/2009 BDS Telephone call to Peter Susi regarding
information provided for the committee meeting. 0.20
BDS Review of draft correspondence to investors,
correspondence with Ed Dean regarding same. 0.20
BDS Correspondence with Roger Frederickson
regarding inquiry from Larry Gabriel. 0.10
02/04/2009 BDS Review of draft letter to investor and
correspondence to Ed Dean with comments to
same. 0.30
BDS Correspondence with Peter Susi regarding
information requests from the committee (.2),
telephone call with Matt Sorenson regarding
same (.3). 0.50
BDS Correspondence with Peter Susi regarding
analysis of professional fees. 0.10
02/06/2009 BDS Correspondence to Peter Susi regarding cash
balances. 0.10
BDS Review of correspondence from Larry Gabriel and
Jennifer Braun regarding the EFI committee. 0.20
BDS Correspondence with Dave Juhnke regarding
sharing of information with committee counsel. 0.10
02/07/2009 BDS Review of a summary of investor responses to
the letter to investors, correspondence to
James Armstrong and Tom Jeremiassen regarding
same. 0.30
02/09/2009 BDS Telephone call from Peter Susi regarding
presentation requested for the next committee
meeting. 0.20
BDS Correspondence with Michelle Morice regarding
status of financial information for the
committee. 0.10
Page: 19
Estate Financial Mortgage Fund, LLC 08/13/2009


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02/11/2009 BDS Review of proposal from Jim Davis,
correspondence with Sean Farrell and Tom
Jeremiassen regarding same. 0.20
02/13/2009 BDS Telephone conference call with Sean Farrell and
Tom Jeremiassen regarding request from Jim
Davis. 0.50
BDS Review of correspondence from Peter Susi
regarding insurance for the committee,
correspondence with David Poitras regarding
Court approval needed for payment of same. 0.20
02/16/2009 BDS Telephone call with Tom Jeremiassen regarding
committee meeting. 0.20
02/19/2009 BDS Correspondence with Peter Susi regarding tax
questions. 0.10
02/20/2009 RBC Valuation matters regarding quality assurance
and finalizing the analysis for the Trustee. 1.00
MPS E-mail correspondence with Brad Sharp regarding
the meeting with Peter Susi to discuss
committee questions. 0.20
BDS Correspondence with Peter Susi regarding
schedule of a conference call to discuss
concerns with respect to brokers. 0.10
02/23/2009 BDS Telephone conference call with Matt Sorenson
and Peter Susi regarding issues expressed by
the committee. 0.80
BDS Telephone call with Tom Jeremiassen regarding
issues raised by the joint committee. 0.20
02/24/2009 BDS Correspondence with Peter Susi regarding items
to be discussed at the joint committee meeting. 0.10
02/26/2009 BDS Prepare draft agenda for the joint committee
meeting, correspondence to Matt Sorenson and
Tom Jeremiassen regarding same. 0.30
BDS Correspondence to Matt Sorenson regarding
summary of broker process for discussions with
the committees. 0.10
BDS Telephone call with Tom Jeremiassen regarding
presentation for the committees. 0.50
BDS Correspondence to Peter Susi regarding agenda
for meeting with the committees. 0.10
BDS Correspondence to Peter Susi summarizing the
tax issues for the committee meeting. 0.10
BDS Review of telephone log and correspondence to
Tania Kingsbury regarding same. 0.20
02/27/2009 BDS Review of e-mail from Brian Fittipaldi
regarding committee membership, research
Page: 20
Estate Financial Mortgage Fund, LLC 08/13/2009


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regarding potential members and correspondence
to Brian Fittipaldi regarding same. 0.30
BDS Review of correspondence from Robyn Sokol
regarding fee information, correspondence to
Tom Geher regarding same. 0.20
02/28/2009 BDS Correspondence with Peter Susi regarding tax
information to present to the committees. 0.10
03/02/2009 BDS Telephone conference call with Tom Jeremiassen
and Matt Sorenson regarding meeting with the
committees. 0.50
BDS Correspondence to Roger Frederickson regarding
information for the committee. 0.10
03/03/2009 MPS Attend the creditors' committee meeting for
both EFI and EFMF with Tom Jeremiassen, Peter
Susi, Larry Gabriel, Roger Frederickson, Dave
Juhnke and the committee members to discuss the
status of the foreclosures; discuss the broker
selection process and how the committee would
like to be involved with the picking of
brokers; discuss the K-1 report for the Fund
members; discuss the professional fees that
will be submitted shortly; discuss other
committee issues and resolutions. 4.00
BDS Review of correspondence from Tom Jeremiassen
and Matt Sorenson regarding results of the
committee meeting. 0.20
03/07/2009 BDS Correspondence with Matt Sorenson regarding
proposal from Jim Davis with respect to
properties he is invested in. 0.10
03/11/2009 BDS Review of correspondence from Tom Schulties
regarding asset sale, correspondence to Matt
Sorenson regarding same. 0.20
03/16/2009 TLK Review call log; research investors requests;
forward the messages on to various parties for
action; telephone calls to investors to let
them know we are in receipt of their message
and that we are in the process of researching
their requests. 2.10
03/17/2009 BDS Correspondence with Tom Geher and Tom
Jeremiassen regarding the committee request to
meet with Bill Friedman. 0.20
BDS Review of correspondence from Tom Jeremiassen
to Jim Davis in response to his proposal. 0.10
03/18/2009 BDS Correspondence with Tom Geher regarding timing
of a conference call with the committees. 0.10
Page: 21
Estate Financial Mortgage Fund, LLC 08/13/2009


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BDS Review of correspondence from investors
regarding fees. 0.20
BDS Telephone call to Tom Jeremiassen regarding
concerns expressed by investors. 0.30
03/19/2009 TLK Review call log; research investors requests;
forward the messages on to various parties for
action; telephone calls to investors to let
them know we are in receipt of their message
and that we are in the process of researching
their requests. 2.60
MPS Telephone call from Gerhard Stuewe to discuss
his father's account with the mortgage fund and
the issues they are having with the IRA account
which their fund investment resides; discuss
letter required with Brad Sharp and Ed Dean;
review and revise letter for mailing to the IRA
Trustee. 1.00
03/20/2009 TLK Review call log; research investors requests;
forward the messages on to various parties for
action; telephone calls to investors to let
them know we are in receipt of their message
and that we are in the process of researching
their requests. 1.80
BDS Telephone conference call with Peter Susi,
Larry Gabriel, Matt Sorenson, Tom Geher, Tom
Jeremiassen and Sam Maizel regarding the
committee's concern with respect to the real
estate broker. 1.00
03/22/2009 BDS Correspondence to Peter Susi regarding
estimated fees for Omni. 0.10
03/23/2009 BDS Correspondence with Peter Susi regarding final
tax position. 0.10
BDS Telephone call with Bob Berger, President of
Omni Management Group, regarding inquiries from
investors, review of call log and
correspondence with Tania Kingsbury and Matt
Sorenson regarding same. 0.40
03/24/2009 BDS Correspondence with Tom Jeremiassen and Sam
Maizel regarding information for the investors
to be posted on the website. 0.20
03/25/2009 TLK Review call log; research investors requests;
forward the messages on to various parties for
action; telephone calls to investors to let
them know we are in receipt of their message
and that we are in the process of researching
their requests. 2.10
BDS Meeting with Tom Jeremiassen, Peter Susi, Larry
Page: 22
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Gabriel, Bill Friedman, Matt Sorenson and the
joint committees regarding use of real estate
brokers. 1.50
BDS Discussions with Matt Sorenson and Tom
Jeremiassen regarding results of meeting with
the joint committee. 0.40
03/26/2009 TLK Review call log; telephone calls to investors
to let them know that we are in the process of
reviewing their requests and that we will be in
contact soon. 6.10
BDS Review of correspondence from Sam Maizel
regarding information for the website,
correspondence with Tom Jeremiassen regarding
same. 0.20
03/30/2009 TLK Telephone conversations with investors who have
left messages to determine what their inquiry
is; answer or research their questions; forward
messages to Matt Sorenson and LECG as needed. 3.10
03/31/2009 TLK Telephone calls with investors to
answer/research their questions; forward
messages to Matt Sorenson and LECG as needed. 2.10
BDS Review of investor inquiry regarding notices,
correspondence to Brian Osborne and Tania
Kingsbury regarding same. 0.10
04/01/2009 BDS Review of investor call log and correspondence
with Tania Kingsbury regarding responses to
same. 0.20
04/02/2009 TLK Review call and e-mail logs; contact creditors
and research their questions; forward messages
to Matt Sorenson and LECG as needed. 2.10
BDS Correspondence with Brian Osborne regarding
postings on the website. 0.10
04/04/2009 BDS Review of correspondence from Larry Gabriel
regarding timing of a plan and other issues
(.2), correspondence with Peter Susi (.1) and
Tom Jeremiassen regarding same (.1). 0.40
04/06/2009 TLK Telephone calls from investors; research their
questions; forward messages to Matt Sorenson
and LECG as needed. 1.60
BDS Correspondence to Matt Sorenson and Tom Geher
regarding disclaimer on the web site. 0.10
BDS Correspondence with Larry Gabriel regarding
comments from investors. 0.10
04/07/2009 TLK Review call and e-mail logs; contact creditors
and research their questions; forward messages
Page: 23
Estate Financial Mortgage Fund, LLC 08/13/2009


HOURS
to Matt Sorenson and LECG as needed. 2.10
BDS Review of draft disclaimer for the website and
correspondence to Tom Geher regarding same. 0.20
BDS Correspondence with Ed Dean regarding per share
investor data. 0.10
BDS Review of shareholder data (.2) and
correspondence with Ed Dean (.1) and Vernon
Calder (.1) regarding same. 0.40
BDS Review of correspondence from Larry Gabriel
regarding potential offer from Jim Davis,
correspondence to David Poitras regarding same. 0.20
BDS Review of correspondence from William Adams
regarding real estate brokers, correspondence
with Tom Jeremiassen regarding same. 0.20
04/08/2009 TLK Review call log and call back investors;
research their questions and forward messages
to Matt Sorenson and LECG as needed. 1.50
04/10/2009 BDS Prepare check requests regarding payment of
insurance for the committee. 0.20
BDS Correspondence to Peter Susi regarding concerns
with respect to request by William Adams. 0.10
BDS Review of information request from Larry
Gabriel, correspondence to Matt Sorenson
regarding same. 0.20
MPS Telephone calls from investors who have
questions regarding transferring their interest
to another entity; discuss questions regarding
their K-1s received; telephone call and e-mail
correspondence with Vernon Calder of LECG to
discuss further questions. 1.00
04/11/2009 BDS Telephone conference call with Peter Susi
regarding concerns of the committee with
respect to the engagement of a real estate
broker. 0.40
04/13/2009 BDS Correspondence with Terizza Miller regarding
timing of a conference call. 0.10
04/14/2009 BDS Telephone conference call with Matt Sorenson
and Tom Jeremiassen regarding the committee's
request with respect to the real estate broker. 0.50
BDS Telephone conference call with Karen Roza and
Terizza Miller regarding investors concerns
with respect to the settlement. 1.00
BDS Correspondence with Matt Sorenson regarding
roll out of the property website. 0.20
04/15/2009 TLK Review the call and e-mail log; call back
investors to determine what their inquiry is;
respond accordingly or forward messages to LECG
Page: 24
Estate Financial Mortgage Fund, LLC 08/13/2009


HOURS
or Matt Sorenson as needed. 2.20
04/16/2009 BDS Correspondence with Leif Larsen and David
Poitras regarding transfer of investor
accounts. 0.10
ECD Send a letter to three different investors
stating the per share value of the fund. 0.40
04/17/2009 MPS Telephone call with Vicky Lewis to discuss the
transfer of ownership interest for an investors
account; e-mail correspondence with Brad Sharp
and Tom Geher to discuss the process for
transferring. 0.50
TLK Review call and e-mail log; telephone calls to
creditors/investors to answer their inquiries;
forward messages to LECG and Matt Sorenson as
needed. 1.30
04/20/2009 BDS Correspondence with Peter Susi regarding letter
with respect to share values. 0.20
04/22/2009 BDS Attend meeting with Tom Jeremiassen, Peter Susi
and Larry Gabriel after the hearing regarding
continued discussions with respect to the use
of a real estate broker. 1.50
MPS Meeting with Brad Sharp to discuss the various
letters and calls we have received regarding
investor claims to transfer ownership to a new
entity or another party; discuss that a
checklist is needed from counsel to help change
the ownership record. 0.30
04/23/2009 BDS Review of correspondence from Roger
Frederickson regarding investor comments,
correspondence with Tom Jeremiassen regarding
same. 0.20
04/24/2009 TLK Review call and e-mail log; correspondence with
the creditors to determine their requests;
forward messages to LECG and Matt Sorenson as
needed. 1.20
04/27/2009 MPS Telephone call with Catherine Holmes to discuss
the multiple requests from fund investors that
wish to transfer their interest; discuss the
outline of the transfer documents needed to be
received by the Trustee to process such a
request; e-mail correspondence with Ed Dean to
discuss the same requests and proposed timeline
to complete. 1.00
04/29/2009 TLK Review telephone and e-mail log; correspondence
with the creditors to determine their requests;
Page: 25
Estate Financial Mortgage Fund, LLC 08/13/2009


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forward messages to LECG and Matt Sorenson as
needed. 1.60
05/01/2009 BDS Telephone call with Peter Susi regarding agenda
for the committee meeting. 0.30
05/04/2009 TLK Review the telephone and e-mail logs; respond
to investors inquiries. 1.10
BDS Review of draft report to investors,
correspondence with Tom Jeremiassen regarding
same. 0.30
05/05/2009 BDS Review of draft letters regarding transfer of
claims, correspondence with Matt Sorenson
regarding same. 0.20
05/06/2009 BDS Correspondence with Sam Maizel regarding
potential relief from stay for single
investors. 0.20
BDS Correspondence to David Poitras and Tom
Jeremiassen regarding draft letters with
respect to transfer of claims. 0.10
BDS Review of correspondence from William Adams
regarding committee meetings, correspondence to
Peter Susi regarding same. 0.20
BDS Review of correspondence from Sam Gilstrap
regarding meeting with the committee members,
correspondence to Matt Sorenson and Tom
Jeremiassen regarding same. 0.20
05/07/2009 BDS Correspondence with Matt Sorenson and Tom
Jeremiassen regarding interaction with the
committee. 0.10
05/12/2009 BDS Review of correspondence from Sam Maizel
regarding input from the committee with respect
to brokers, correspondence to David Poitras and
Matt Sorenson regarding same. 0.20
05/14/2009 BDS Review of correspondence from William Adams
regarding property tax appeals, correspondence
to Peter Susi regarding same. 0.20
05/19/2009 BDS Correspondence with Tom Jeremiassen regarding
the Kimball relief from stay. 0.10
05/25/2009 TLK Review the telephone and e-mail logs; respond
to creditor inquiries. 1.10
TLK Research addresses of investors that have not
received their K-1s due to insufficient
addresses. 1.50
BDS Correspondence with Peter Susi regarding
replacement K-1s, correspondence to Michelle
Page: 26
Estate Financial Mortgage Fund, LLC 08/13/2009


HOURS
Morice regarding same. 0.10
BDS Correspondence with Ed Dean regarding inquiry
from investor. 0.10
05/28/2009 CMP E-mail to Ed Dean to confirm that he sent a
letter to an investor asking for confirmation
of his claim and follow-up with Vernon Calder
at LECG regarding same. 0.10
05/31/2009 BDS Review of e-mail from Karen Kalpakoff regarding
need for litigation against Karen Guth,
correspondence to David Poitras and Tom
Jeremiassen regarding response needed to same. 0.10
06/02/2009 BDS Review of status report from Matt Sorenson,
correspondence to Matt Sorenson regarding
posting of same to the web site. 0.30
06/05/2009 TLK Review telephone and e-mail log; correspondence
with creditors and research their questions. 1.10
BDS Correspondence with Tom Geher and David Poitras
regarding calendar posting. 0.10
06/08/2009 TLK Review the telephone and e-mail logs, telephone
and e-mail creditors to answer their questions. 1.50
06/11/2009 BDS Telephone call with Dan Komaiko regarding
information regarding valuation of the shares
in the fund. 0.30
06/18/2009 TLK Review the telephone and e-mail logs, contact
creditors to respond to their inquires. 1.10
BDS Prepare correspondence to Dan Komaiko regarding
his questions on the value of his investment. 0.50
Creds./Creds.' Comm. Contact 74.10 20,469.00
02/24/2009 ECD Review EFMF correspondence and draft letters in
response. 1.40
Shareholdr Contact/Rltd Issues 1.40 245.00
03/09/2009 BDS Review of revised settlement agreement with EFI
(.3), correspondence to David Poitras regarding
same (.1). 0.40
03/30/2009 BDS Correspondence with Sam Maizel regarding
comments to the settlement motion. 0.20
04/01/2009 BDS Prepare final revisions to declaration in
support of settlement, correspondence to Sam
Maizel and David Poitras regarding same. 0.30
04/06/2009 BDS Correspondence to the legal team regarding
Page: 27
Estate Financial Mortgage Fund, LLC 08/13/2009


HOURS
delay of the conference call. 0.10
04/08/2009 BDS Correspondence with Dave Juhnke regarding
questions from the committee with respect to
the litigation. 0.20
04/09/2009 BDS Review of investor letter regarding concerns
with respect to Dave Juhnke's firm, review of
correspondence from Peter Susi regarding same. 0.30
04/10/2009 BDS Telephone call with Peter Susi regarding
insurance and potential litigation. 0.30
BDS Correspondence with Terizza Miller regarding
her concerns with respect to the settlement
with EFI. 0.20
04/13/2009 BDS Telephone conference call with EFI and EFMF
teams regarding status update. 0.40
04/14/2009 BDS Correspondence with David Poitras and Peter
Susi regarding the Cedar Funding order. 0.20
04/28/2009 BDS Review of correspondence from Roger
Frederickson regarding MKA, correspondence and
telephone call with David Poitras regarding
same. 0.30
06/03/2009 BDS Correspondence with Roger Frederickson and Tom
Geher regarding telephone conference call to
discuss Spondulix. 0.10
Litigation Support 3.00 1,485.00
03/03/2009 MPS Travel from Paso Robles, CA, to San Luis
Obispo, CA, for the meeting with the creditors'
committees. 0.50
03/25/2009 BDS Travel to Santa Barbara, CA, for hearing
regarding fee applications. 2.00
BDS Travel from Santa Barbara, CA, to Los Angeles,
CA, after the hearing. 1.60
04/22/2009 BDS Travel to and from Santa Barbara, CA, for
hearing regarding settlement motion and fee
applications. 3.00
Travel at 1/2 7.10 1,696.00
03/02/2009 BDS Review of correspondence from Dan Lloyd,
correspondence to Matt Sorenson regarding same. 0.10
226 Acres, Tehachapi 0.10 49.50
03/12/2009 BDS Correspondence with Ed Dean regarding proposed
course of action. 0.10
Page: 28
Estate Financial Mortgage Fund, LLC 08/13/2009


HOURS
August Liebelt 0.10 49.50
02/03/2009 BDS Correspondence with Cia Mackle regarding status
of the lien reserve. 0.20
02/11/2009 BDS Review of final declaration of nonopposition to
the distribution and correspondence to Matt
Sorenson regarding same. 0.20
Bates View 0.40 198.00
04/21/2009 BDS Review of correspondence from Jan Davison
regarding fire in the Cathedral City project,
correspondence with Matt Sorenson regarding
same. 0.20
06/15/2009 BDS Review of correspondence from Tom Geher and
David Poitras regarding issues with respect to
the project, correspondence with Matt Sorenson
regarding same. 0.20
Cathedral City 0.40 198.00
02/03/2009 BDS Correspondence with Ed Dean regarding status of
documentation of agreement with Mr. Thornton. 0.20
BDS Correspondence with Roger Frederickson
regarding question raised by Mr. Thornton. 0.10
02/09/2009 BDS Correspondence with Ed Dean regarding status of
documentation of the agreement with Mr.
Thornton. 0.10
02/17/2009 ECD Correspondence with Hal Thornton regarding the
proposed deal for him to buy out EFMF's share
of the property. 0.40
BDS Correspondence with Ed Dean and Tom Jeremiassen
regarding settlement with Mr. Thornton. 0.20
02/18/2009 ECD Telephone call with Hal Thornton regarding the
sale of EFMF's interest in Claire Manor. 0.20
BDS Correspondence with Ed Dean regarding revisions
to the agreement with Mr. Thornton. 0.20
02/19/2009 BDS Correspondence with Tom Jeremiassen and Ed Dean
regarding settlement with Hal Thornton. 0.10
02/23/2009 ECD Telephone call with Hal Thornton regarding the
agreement to buy out EFMF's interest in Claire
Manor. 0.30
03/02/2009 ECD Telephone conversation with Hal Thornton
regarding his buying EFMF's interest in Clare
Manor. 0.30
Page: 29
Estate Financial Mortgage Fund, LLC 08/13/2009


HOURS
03/05/2009 ECD Telephone conversation with Roger Frederickson
regarding the contract with Hal Thornton to
sell EFMF's interest in Claire Manor. 0.30
ECD Review the latest draft of the contract to sell
EFMF's interest in Claire Manor. 0.50
BDS Correspondence with Ed Dean regarding agreement
with Hal Thornton. 0.10
03/06/2009 ECD Telephone conversations and e-mail
correspondence with Hal Thornton regarding the
purchase of EFMF's portion of Claire Manor. 0.80
03/09/2009 ECD Telephone conversations with Roger Frederickson
regarding the sale of EFMF's 1.4% interest in
Claire Manor. 0.50
BDS Review of correspondence from Roger
Frederickson regarding agreement with Mr.
Thornton, correspondence to Ed Dean regarding
same. 0.20
03/11/2009 ECD Conference call with Brad Sharp and Roger
Frederickson regarding the Hal Thornton's
purchase of EFMF's 1.4% of Claire Manor. 0.40
BDS Telephone call with Ed Dean regarding agreement
with Mr. Thornton (.2), telephone call with
Roger Frederickson regarding same (.2). 0.40
03/13/2009 ECD Telephone call with Hal Thornton regarding his
purchase of 1.4% of EFMF's interest in Claire
Manor. 0.40
03/17/2009 ECD E-mail correspondence with Hal Thronton
regarding his buyout of EFMF's 1.4% interest in
Claire Manor. 0.30
03/27/2009 ECD Telephone conversation with Roger Frederickson
regarding issues in locating the trust deed
reflecting EFMF's 1.404% interest in Claire
Manor. 0.20
BDS B140-05 Correspondence with Roger Frederickson
and Ed Dean regarding reconciliation of loan. 0.20
04/15/2009 ECD E-mail correspondence with Hal Thornton
regarding the sale of EFMF's share of Claire
Manor. 0.30
04/27/2009 BDS Review of filing by Mr. Thornton, telephone
calls with Ed Dean and Tom Geher regarding
same. 0.30
BDS Review of correspondence from Tom Geher
regarding status of approval regarding the
agreement with Mr. Thornton. 0.10
ECD Telephone conversation with Brad Sharp
Page: 30
Estate Financial Mortgage Fund, LLC 08/13/2009


HOURS
regarding the sale of EFMF's interest in Claire
Manor. 0.20
04/29/2009 ECD Review the Claire Manor agreement and send
comments to Brad Sharp. 0.30
05/11/2009 BDS Correspondence with Roger Frederickson
regarding status of the settlement with Mr.
Thornton. 0.20
05/29/2009 ECD Meeting with Matt Sorenson regarding Hal
Thornton's purchase of EFMF's interest in
Claire Manor and whether he is entitled to
rent. 0.30
Claire Manor 8.10 2,185.50
02/10/2009 BDS Review of correspondence with John Smith
regarding information needed for release of the
easement, correspondence to Matt Sorenson
regarding same. 0.10
04/03/2009 BDS Review of recommendations from Roger
Frederickson, correspondence to Tony Prada
regarding same. 0.10
Creekside Lane 0.20 99.00
02/03/2009 BDS Review of lis pendens filed on the property and
correspondence to Rick Gruber, Tom Jeremiassen
and Kristin Mohnike regarding same. 0.30
02/09/2009 BDS Correspondence with Kristin Mohnike regarding
status of closing, correspondence to Matt
Sorenson regarding same. 0.10
02/10/2009 BDS Correspondence with Rick Gruber regarding
status of the sale closing. 0.10
02/16/2009 BDS Correspondence to Kristin Mohnike and Matt
Sorenson regarding disbursement of proceeds. 0.20
02/20/2009 BDS Correspondence with Kristin Mohnike regarding
requested changes, correspondence with Matt
Sorenson regarding same. 0.20
02/25/2009 BDS Review and sign closing documents for sale,
correspondence with Matt Sorenson regarding
same. 0.30
Curbaril Avenue 1.20 594.00
02/10/2009 BDS Review of response from investor filed with the
Court (.2), correspondence with Tom Jeremiassen
regarding same (.1). 0.30
Page: 31
Estate Financial Mortgage Fund, LLC 08/13/2009


HOURS
GHP Fresno 0.30 148.50
03/04/2009 BDS Correspondence with Sam Maizel regarding
potential buyers. 0.10
Highwater Estates 0.10 49.50
02/16/2009 BDS Review of correspondence from Tom Jeremiassen
regarding proposal with respect to the
property. 0.20
03/06/2009 BDS Review of correspondence from Larry Gabriel
regarding property status, correspondence with
Tom Jeremiassen and Matt Sorenson regarding
same. 0.10
BDS Correspondence to John Goodell again requesting
any correspondence to investors in the
property. 0.10
BDS Correspondence with John Goodell regarding his
communication to investors, review of same. 0.20
BDS Telephone call with Tom Geher regarding
correspondence from John Goodell,
correspondence to Tom Geher with same. 0.30
03/20/2009 MPS Telephone call with Brad Sharp to discuss the
Hinds Avenue proposal and issues with this
loan. 0.20
BDS Telephone call with Tom Geher regarding relief
from stay hearing. 0.20
BDS Review of motion for relief from stay, response
to same and correspondence from Larry Gabriel
of Jenkins Mulligan & Gabriel with a proposal
to resolve the issues. 0.50
04/01/2009 BDS Review of correspondence from Larry Gabriel
regarding meeting with investors,
correspondence with Tom Geher regarding same. 0.30
04/02/2009 BDS Review of revised letter from Larry Gabriel and
correspondence to Tom Geher regarding same. 0.30
BDS Telephone calls with Tom Jeremiassen regarding
proposal to investors. 0.30
04/03/2009 BDS Review of letter from Larry Gabriel regarding
proposed settlement terms, correspondence to
Larry Gabriel regarding same. 0.30
04/06/2009 BDS Correspondence with Tom Jeremiassen regarding
timing of the conference call with Larry
Gabriel. 0.10
04/14/2009 BDS Review of revised joinder and limited objection
to Goodell's motion for relief from stay,
Page: 32
Estate Financial Mortgage Fund, LLC 08/13/2009


HOURS
correspondence with Tom Jeremiassen regarding
same. 0.50
04/27/2009 BDS Review of correspondence from John Goodell
(.2), correspondence with Tom Jeremiassen
regarding same (.1). 0.30
05/29/2009 BDS Review of draft stipulation with Foley Gannon,
correspondence to Tom Geher regarding same. 0.30
06/11/2009 BDS Correspondence with Sam Maizel regarding
results of the hearing and a potential buyer. 0.10
06/24/2009 BDS Correspondence with Jeff Kandel regarding
position with respect to foreclosure on Foley
Gannon. 0.10
Hinds Avenue 4.40 2,129.00
03/06/2009 BDS Correspondence with Matt Sorenson regarding
status of foreclosure of the Morro Homes. 0.10
Morro Avenue Homes 0.10 49.50
03/12/2009 MPS Telephone call with Tom Geher to discuss the
Ranchita Canyon home and the funds segregated
for the Fund; discuss the language in the
agreement and any potential changes needed. 0.20
Ranchita Canyon 0.20 50.00
04/02/2009 BDS Correspondence with Matt Sorenson regarding
status of property at Regio Place. 0.10
Regio Place 0.10 49.50
02/13/2009 BDS Review of mechanics lien litigation and
correspondence with Matt Sorenson regarding
status of the project. 0.30
BDS Correspondence with Tom Geher regarding Shelton
Construction litigation. 0.10
San Dimas 0.40 198.00
02/05/2009 BDS Review of draft letter to investors regarding
confusion with respect to the loan,
correspondence to Tom Jeremiassen regarding
same. 0.10
02/07/2009 BDS Correspondence with Dave Juhnke regarding
modifications to letter to investor. 0.10
02/10/2009 BDS Review of information from Tiffani Hughes and
correspondence with Tom Jeremiassen regarding
same. 0.30
Page: 33
Estate Financial Mortgage Fund, LLC 08/13/2009


HOURS
03/02/2009 BDS Review of memorandum regarding Tiffini Hughes
(.4), telephone conference call with Dave
Juhnke, Roger Frederickson and Tom Jeremiassen
regarding same (.4). 0.80
03/03/2009 BDS Review of draft correspondence to lender,
correspondence to Dave Juhnke regarding same. 0.20
03/05/2009 BDS Correspondence with Dave Juhnke regarding
action plan. 0.10
04/29/2009 BDS Correspondence with Roger Frederickson
regarding timing of a telephone conference call
to discuss the options. 0.10
BDS Telephone conference call with Roger
Frederickson, Dave Juhnke and Tom Jeremiassen
regarding potential litigation with Spondulix. 0.40
Tiffini Hughes 2.10 1,039.50
06/28/2009 BDS Review of correspondence from Dan Lloyd
regarding status of the loan, correspondence to
Matt Sorenson regarding same. 0.10
Willow Road 0.10 49.50
02/02/2009 ECD Edit letter to Mike Knecht discussing the
status of the properties. 0.30
02/03/2009 BDS Review of updated report from Roger
Frederickson regarding pending collection
matters, correspondence to Ed Dean and Matt
Sorenson regarding same. 0.30
02/09/2009 BDS Review of estimated foreclosure costs,
correspondence to Matt Sorenson regarding
budget for same. 0.20
02/13/2009 BDS Review of collection status spreadsheet,
correspondence to Ed Dean and Matt Sorenson
regarding same. 0.30
02/16/2009 BDS Review of draft budget regarding foreclosure
costs. 0.30
02/18/2009 BDS Correspondence with Tom Jeremiassen and Matt
Sorenson regarding foreclosure budget. 0.10
BDS Review of collection status summary,
correspondence with Ed Dean regarding same. 0.30
02/19/2009 BDS Correspondence with Matt Sorenson regarding
status of discussions with Dan Lloyd,
correspondence to Matt Sorenson forwarding
same. 0.20
Page: 34
Estate Financial Mortgage Fund, LLC 08/13/2009


HOURS
BDS Correspondence with Ed Dean regarding
collection summaries. 0.10
03/05/2009 BDS Correspondence with Sam Maizel regarding
conference call to discuss status with Andy
Fetyko. 0.10
BDS Telephone conference call with Roger
Frederickson and Sam Maizel regarding position
with respect to Andy Fetyko. 0.50
BDS Review of collection summary reports and
correspondence with Ed Dean regarding same. 0.20
03/06/2009 BDS Telephone conference call with Tom Jeremiassen
and Roger Frederickson regarding status of
discussions with Andy Fetyko. 0.30
03/10/2009 BDS Review of credit report regarding Andy Fetyko. 0.20
03/12/2009 BDS Review of memorandum regarding Dorama loans
(.3), telephone conference call with Tom
Jeremiassen, Tom Geher and Roger Frederickson
regarding same (.5). 0.80
BDS Correspondence with Roger Frederickson
regarding cancellation of examination of Andy
Fetyko regarding his illness. 0.20
03/22/2009 BDS Correspondence with Ed Dean regarding updated
servicing information. 0.10
03/24/2009 BDS Review of collection status report and
correspondence to Ed Dean with comments to
same. 0.20
03/30/2009 BDS Correspondence with Ed Dean regarding an update
of the loan servicing numbers. 0.10
05/13/2009 BDS Review of proposed action plan with respect to
Oakshores, correspondence to Tony Prada and Tom
Jeremiassen regarding same. 0.30
05/29/2009 BDS Review of First American Title's invoice. 0.10
05/30/2009 BDS Review of recommendations from Dave Juhnke
regarding Viana Development, correspondence
with Dave Juhnke regarding same. 0.30
06/19/2009 BDS Correspondence with Matt Sorenson and Roger
Frederickson regarding action plan with respect
to Stephen Ching. 0.10
06/23/2009 BDS Correspondence with Tom Jeremiassen and Dave
Juhnke regarding recommendations in the
Charnley/Selma matter. 0.10
Page: 35
Estate Financial Mortgage Fund, LLC 08/13/2009


HOURS
Loan Servicing 5.70 2,725.50
FOR THE FOREGOING PROFESSIONAL SERVICES RENDERED: 224.40 71,967.50
RECAPITULATION
CONSULTANT HOURS HOURLY RATE TOTAL
B. D. Sharp 6.60 $247.50 $1,633.50
B. D. Sharp 95.90 495.00 47,470.50
C. M. Pierce 7.50 425.00 3,187.50
M. P. Sorenson 0.50 125.00 62.50
M. P. Sorenson 13.60 250.00 3,400.00
R. B. Calvert 1.00 490.00 490.00
E. C. Dean 32.50 175.00 5,687.50
T. L. Kingsbury 51.60 150.00 7,740.00
J. P. Adle 13.10 140.00 1,834.00
J. A. Prada 2.10 220.00 462.00
TOTAL CURRENT WORK 71,967.50
BALANCE DUE $71,967.50
EXHIBIT B

Dat e : 08/ 12/2009


Client Da t e P C 'l'ed
Detail Cost Transac tio n File List
Deve l opment Speci al ists , Inc .
Rate Aalount
Client ID 3 0534. DO Es t ate Fi nanci a l Mo rtqageFund , LLC
30 534 .00 02/06/2009 p 61
30 534 .00 02/10/2009 p 61
30 534 .00 02/19/2009 p 61
30 534 .00 03/03/2009 p 61
30 534 .00 03/03/2009 p 61
::t U!:>::S4 .UU
30 534 .00
30 534 .00
30 534 .00
30 534 .00
30 534 .00

03/ 25/2009
03/ 2 6/2009
05/01/2009
05/01/2009
05/05/2009
Sub t o t al for Tcode 61
30 534 .00
30 534 .00
30 534 .00
30 534 .00
30 534 .00
30 534 .00
30 534 .00
30 534 .00
02/28/2009
03/ 31/2009
03/ 31/2009
04/ 3 0/2009
04/ 3 0/2009
05/ 31/2009
05/ 31/2009
0 6/3 0/2009
Sub t o t al for Tcode 63
30 534 .00
30 534 .00
30 534 .00
3 0 534 .00
30 534 .00
30 534 .00
02/ 28/2009
03/02/2009
03/ 31/2009
04/30/2 009
05/ 31/2009
0 6/3 0/2009
Subtot al for Tcode 65
30 534 .00
30 534 .00
30 534 .00
30 534 .00
30 534 .00
30 534 .00
30 534 .00
30 534 .00
02/10/2009
02/21/2009
03/10/2009
04/28/2009
04/ 28/2009
05/10/2009
0 6/10/2009
0 6/3 0/2009
Subtot al for Tcode 72
30 534 .00 02/ 28/2009
30 534 .00 03/18/2009
30 534 .00 03/ 31/2009
30 534 .00 05/01/2009
30 534 .00 0 6/01/2009
30 534 .00 0 6/01/2009
Subtot al for Tcode 7 5
Tot a l for Client I D 3 0534 .00
1'
p
p
p
p
p
p
p
p
p
p
p
p
p
p
p
p
p
p
p
p
p
p
p
p
p
p
p
p
p
p
p
p
p
bl
61
61
61
61
61
63
63
63
63
63
63
63
63
65
65
65
6 5
65
65
72
72
72
72
72
72
72
72
75
75
75
75
75
75
Billabl e
Billabl e
Billabl e
Billabl e
Billabl e
Billable
10 .14 Delivery Charges - Eric Sc hwartz (Fedex - Ck#28 98)
12 . 3 6 Delivery Charges - David A. J uhnke (Fedex - Ck#2898)
16 .12 Delivery Charges - J im Smi th (Fedex - Ck /12931 )
16 . 3 6 Delivery Charges - J im Smi th (Fedex - Inv. No. 9 - 112- 30249)
14,72 Delivery Charges - Joshua H. Horowitz (Fedex - Inv , No ,
9 - 112- 3 0249 )
14 . 'I 'J. t:narges - Josnua M . ttorow1.tz ( rectex - t:KtJ::SUlb)
14.37 Delivery Charges - Robert A. Hainsworth (Fedex - Cki3153)
12 . 75 Delivery Charges - Annabelle S . Brooki ns (Fedex - Ck#3153)
14. 62 Delivery Charges - Matt Sor enson 04/23/2009 (Fedex -
Ck#331 9)
10 ,04 Delivery Charges - Eric Sc hwartz (Fedex - Ck#3319)
10 ,04 Delivery Charges - Eric Sc hwarz (Fedex - Ck#3319)
146 . 24 Delivery Charges
30 .15 Photocopy Charg es - LA (February 2 009 - 201 @$0 . 15)
2 4.00 Photocopy Charges - Chicago (!!ar c h 2009 - 160 @40 . 15)
241 . 35 Photocopy Charg es - LA (!!arch 2009 - 1609 @$0 .15 )
2 . 25 Photocopy Charg es - Chicago (April 200 9 - 15 @$0 .15)
37 . 80 Photocopy Charg es - LA (April 2009 - 252 @$0 . 15)
5 . 25 Photocopy Charg es - Chicago (May 2 009 - 35 @$0 .15)
33 . 90 Photocopy Charg es - LA (May 2009 - 226 @$0 . 15)
D. 60 Photocopy Charg es - LA (June 2009 - 4 @$0 .15)
3 75 . 30 Photocopy Charges
16 .17 Postage - LA (February 2009)
10 . 55 Postage - Amex 02/25/09 (Ck#3079 - MMorice)
82 .07 Postage - LA (March 2009)
17 .16 Po sta ge - LA. (Apri. l 2 009)
D. 44 Postage - LA (May 2009)
D. 44 Postage - LA (J une 2009)
126 . 83 Postage
12 . 5 6 Long Distance Tel e ph one - LA (AT&T - Ck#2908)
D. 07 Long Distance Tel e phone - Ch i cago (AT&T - 02/21/2009)
5 . 66 Long Distance Tel e ph one - LA (AT&T - Ck#3117)
8 . 24 Long Distance Tel e phone - Pacer Service Cen ter (Ck /132 08)
10 . 87 Long Distance Tel e ph one - LA (AT&T - Ck#3205)
8 . 96 Long Distance Tel e ph one - LA (AT&T - Ck#3448)
5 . 77 Long Distance Tel e ph one - LA (AT&T - Ck#3614)
9 . 68 Long Distance Tel e phone - Pa cer Service Center (07/06/2009)
61 . 81 Long Distance Tel ephone
5 . 61 Record Storage Charges - Filekeepers (Storage f ee - Feb.
2009)
5 . 61 Record Storage Charges - Filekeepers (Storage Fee - March
2009)
5 . 61 Record Storage Charges - Filekeepers (Ck#3166 - Stor age f o r
April 2 009)
117 . 77 Record Storage Charges - Filekeepers 04/ 30/09 (Ck#3357 -
Stor a ge Fee f o r May 2009)
14.59 Record Storage Charges - Filekeepers (Ck#3682 - Record
Stor a ge fee f o r May 2009)
14.59 Record Storage Charges - Filekeepers (ck#3682 - Record
Stor a ge Fee f o r J une 2 009)
163 . 78 Record Storage Charges
873 . 96 Estate Financial Mortgage Fund
1
LLC
EXHIBIT C

BRADLEY D. SHARP
PROFESSIONAL QUALIFICATIONS
Bradley Sharp is a Senior Vice President and has been a professional with DSIs Los Angeles
office since 1993. He has substantial experience in providing crisis management and consulting
services to companies in various industries including consumer finance, high tech and
agriculture. He has operated and sold public and privately held troubled companies in and out of
bankruptcy. Mr. Sharp is also an expert witness with respect to banking, finance and
securitizations.
Mr. Sharp has recently been appointed the chapter 11 trustee for Estate Financial Mortgage
Fund, LLC (EFMF), currently pending in Santa Barbara, California. EFMF received
investments from almost 1,700 individual investors and in turn invested more than $170 million
through Estate Financial, Inc. (EFI), the former manager of EFMF. Through its engagement by
Mr. Sharp and by the chapter 11 trustee of EFI, DSI has been tasked with collecting or
foreclosing on more than 544 loans with a principal balance of more than $315 million. As a part
of this process, Mr. Sharp and the DSI team are developing and implementing action plans to
maximize the value of more than 90 residential real estate development projects in California.
Mr. Sharp is now concluding his appointment as the chapter 11 trustee for Reynaldos Mexican
Food Manufacturer, Inc., a manufacturer and distributor of Mexican food in Los Angeles. As
trustee, Mr. Sharp and his team were able to stabilize the operations and run a very successful
sales process. As a result of active bidding, the assets were sold for sufficient value to pay
unsecured creditors in full.
Mr. Sharp has provided testimony as a U.S. banking expert in the High Court of Justice, Queens
Bench Division, London England, in a dispute involving two European commercial banks. Mr.
Sharp is also providing testimony as a banking expert in the Parmalat litigation on behalf of Food
Holdings, Ltd.
Mr. Sharp was the consulting expert for the liquidating trustee of HomeFed Corp., the holding
company of a San Diego California based savings and loan. Mr. Sharp developed the evidence
related to the loan loss analysis and the underwriting policies of the savings and loan. The cases
were settled favorably shortly before trial.
Prior to joining DSI, Mr. Sharp was a Vice President and Senior Commercial Loan Collection
Officer with Bank of America, NT&SA. He had been with the bank, through its acquisition of
Security Pacific National Bank, since 1985.
Mr. Sharp has a Bachelors of Science in accounting, with an emphasis in business computer
information systems, from Mesa College in Grand Junction, Colorado.



CLARE M. PIERCE
PROFESSIONAL QUALIFICATIONS
Ms. Pierce has been providing financial and management consulting services since 1986 in
Miami, Florida and around the country. She is an accountant and businesswoman with
experience in a variety of engagements involving financial analysis, preparation of business
plans and long-range financial planning, crisis management, negotiating, administrative
operations, forecasting, and forensic accounting. Ms. Pierce has performed consulting and
turnaround services on behalf of businesses in out-of-court restructurings, and as Debtors-In-
Possession. She has advised secured lenders, post-confirmation plan trustees, federal and state
court receivers and assignees under assignment for the benefit of creditors and has provided
interim management services to two long term health care providers, a fragrance manufacturer,
and a fuel tank manufacturer.
Her industry experience includes, but is not limited to, manufacturing, telecommunications,
retail, finance and banking, television, marketing and healthcare.
Ms. Pierce's investigative accounting experience includes exposing "Ponzi" schemes, thefts of
assets, financial statement fraud, securities fraud, and telemarketing fraud. She has provided
assistance to prosecuting and plaintiffs' attorneys in connection with civil or criminal trials
arising from these matters.
Since joining DSIs Miami office in 1994, Ms. Pierce has been involved in a number of
significant engagements, including, the crafting of an exit strategy and the sale of one of the
largest independent distributors of business telephone systems. This resulted in full payment to
the secured lender and a substantial distribution to the unsecured creditors. She has participated
in the evaluation of the operating structure of many retail companies to identify areas of excess
costs to improve cash flows, and the development of a business model for a sub-prime lender to
manage its loan portfolio and business operations and ultimately emerge from Chapter 11
Reorganization.
She was a member of the Litigation and Corporate Recovery Group for Price Waterhouse before
joining DSI. Ms. Pierce received a Bachelor of Arts degree in Accounting from the University of
South Florida.
Ms. Pierce is licensed in the State of Florida as a Certified Public Accountant. She is also a
member of the American Institute of Certified Public Accountants, the Florida Institute of
Certified Public Accountants, the American Bankruptcy Institute, and the Association of
Insolvency and Restructuring Advisors




MATTHEW P. SORENSON
PROFESSIONAL QUALIFICATIONS
Mr. Sorenson joined the professional staff of DSI in December 2000, in the Los Angeles office.
Mr. Sorensons areas of expertise include operational and human resource management,
budgeting and schedules, cash management, preferential and fraudulent transfer analysis,
tangible asset valuation, intellectual property sales, estate closures, and final collections of
remaining estate accounts receivable.
Since joining DSI, Mr. Sorenson has been directly involved in assisting senior level consultants
with the onsite management and wind down operations in a number of matters. Mr. Sorenson
was most recently tasked as the senior project manager in the Estate Financial Inc./Estate
Financial Mortgage Fund, LLC bankruptcy where he is in charge of the disposition of the
estates distressed real estate assets throughout California for the chapter 11 trustees. He was also
appointed Chief Financial Officer in the wind down of the Rehabilitation Institute at Santa
Barbara, an inpatient medical rehabilitation facility, and has been integrally involved with the
post-confirmation liquidating trusts of USA Commercial Mortgage, Horizon Natural Resources,
and Vista Hospital Systems, Inc. (French Hospital Medical Center, Arroyo Grande Community
Hospital, and Corona Regional Medical Center).
Mr. Sorenson has also been involved in a wide variety of out of court liquidations and
assignments for the benefit of creditors. Some of these cases include American Dental Supply,
Capital Coin, CHL Mortgage, Cue Paging Corp., Dillingham Construction, Industrial Electric
Manufacturing, Medical Self Care, Inc., Morgan Confections Co., Pasadena Paper, Smith
Environmental Co., and Wingcast LLC.
Prior to joining DSI, Mr. Sorensons professional experiences include an internship at Luthi
Engineering for two years where he was primarily responsible for implementing the AutoCad
standards related to machinery for the Food Service Industry. He was also appointed to the
Senior Engineers Special Project Team where priorities included the restructuring of mechanical
data sheets and the implementation of dated drawing materials to usable applications.
Mr. Sorenson received his Bachelors Degree from the University of Arizona in Economics with
a minor in Business Administration. He is a member of the American Bankruptcy Institute,
Turnaround Management Association, and the California Bankruptcy Forum.






R. BRIAN CALVERT
PROFESSIONAL QUALIFICATIONS
Mr. Calvert is a vice president at Development Specialists, Inc., with over 20 years experience
encompassing strategic planning, operations, corporate finance, valuation, mergers and
acquisitions, and complex financial restructurings. Mr. Calvert has performed engagements in
connection with acquisitions, divestitures, partial investments on minority and majority bases,
joint ventures, settlement agreements, plan confirmation matters and determining the value
impact of various strategic operating and financing decisions. He has significant international
experience, has performed analyses over a broad range of industries and markets and has
provided expert testimony in solvency matters. Mr. Calvert has written about off-balance sheet
financing techniques and lectured extensively at various graduate schools of business in the areas
of finance and creating shareholder value.
Prior to joining the firm, Mr. Calvert was with L.E.K. Consulting, a global management
consulting firm specializing in corporate strategy. Mr. Calvert was primarily involved in the
Executive Education Practice where he assisted companies in implementing value-based
management techniques and employing sound corporate finance analysis to improve their
decision-making process. He also assisted commercial banks and other financial advisors in
using corporate finance analysis to understand their clients strategies and their value creation
potential, and to structure capital market solutions that addressed key client needs.
In 1997, Mr. Calvert joined the Office Products Group of General Binding Corporation (GBC)
as Vice President of Business Development. In that capacity he was responsible for all
acquisitions, divestitures, and joint ventures on a worldwide basis. Additionally, Mr. Calvert led
acquisition integration initiatives that included the rationalization of product lines, distribution
channels, manufacturing and warehousing facilities, as well as certain personnel. Mr. Calvert
was responsible for developing the Office Product Groups North American Strategic Plan and
he had operating responsibility for the Groups troubled Australian operations.
Prior to joining GBC, Mr. Calvert was a Manager in the Financial and Economic Advisory
Consulting Services Group of Arthur Andersen LLP. Mr. Calvert assisted clients in a variety of
merger and acquisition engagements that included transaction structuring, valuation, and
negotiation. Further, Mr. Calvert assisted clients in developing appropriate capital structures and
in raising financing.
Before joining Arthur Andersen, Mr. Calvert was a Relationship Manager for National Bank of
Detroit, providing senior debt financing to Fortune 500 and middle market companies.
Mr. Calvert has significant international experience, including an expatriate assignment in
Brussels, Belgium. He has performed transaction-oriented assignments in the following



countries: Australia, The Netherlands, Belgium, New Zealand, Canada, Portugal, Denmark,
Sweden, Egypt, Switzerland, France, United Kingdom, Germany, and the United States.
Mr. Calvert has served on the board of directors of private companies in the office products
manufacturing industry and the commercial printing industry. He presently serves on the board
of directors of the Lookingglass Theatre Company in Chicago.
Mr. Calvert has been a guest lecturer and instructor at various executive education programs
such as the Andersen-sponsored Korean M&A School and Business Valuation School. He has
served on the faculty of the Merger Week program offered by the J.L. Kellogg Graduate School
of Management at Northwestern University. Mr. Calvert has been an instructor at the American
Institute of Banking and authored The Application and Effects of In-Substance Defeasance in
The Journal of Commercial Lending and co-authored the Due Diligence chapter in Bankruptcy
Business Acquisitions, 2d Edition, American Bankruptcy Institute 2006.
Mr. Calvert received a Masters of Business Administration from the University of Chicagos
Graduate School of Business with specializations in Finance and Marketing. He also holds a
Bachelors Degree in Policy and Administration from Indiana University.















EDWARD C. DEAN
PROFESSIONAL QUALIFICATIONS
Edward Dean joined the professional staff of DSIs Los Angeles office in July 2008. Among his
responsibilities at DSI, Mr. Dean is currently organizing and managing the accounts receivable
for Heller Ehrman, a now-defunct law firm that once boasted more than 700 attorneys and
offices worldwide. Mr. Dean is also overseeing the foreclosure process in the Estate Financial
matter, which had in excess of 500 outstanding loans with a principal balance of more than $315
million, as well as the wind-down and asset liquidation of BioVerdant, Inc., a biopharmaceutical
company.
Prior to joining DSI, Mr. Deans professional experiences included an internship in Washington,
DC with the Public Company Accounting Oversight Board. The Sarbanes-Oxley Act established
the Public Company Accounting Oversight Board to investigate the accounting practices of
publicly traded companies. His responsibilities included drafting proposed regulations,
researching and drafting legal memoranda, drafting questions for depositions and attending
depositions.
Mr. Dean received a Bachelor of Arts in Economics from the University of Maryland. After
completing his Bachelors degree, he attended the Washington College of Law at American
University in Washington, DC. While working on his law degree, Mr. Dean spent a summer
studying international economic law in Paris, London, Brussels, and Geneva. Mr. Dean was an
Associate for the American University International Law Review during his second and third
year of law school. He received his Juris Doctor degree in 2007. Mr. Dean is an active member
of the State Bar of California, the American Bar Association and the American Bankruptcy
Institute.










TANIA L. KINGSBURY
PROFESSIONAL QUALIFICATIONS
Tania Kingsbury joined the professional staff of DSI in 2002 in the Los Angeles office. Since
joining DSI, Ms. Kingsbury has provided financial and accounting assistance to senior level
consultants with such matters as claims research and analysis, creditor distributions, preference
analysis, state and federal payroll, sales, franchise and other tax issues, cash management and
financial analysis. Ms. Kingsbury has experience in all types of insolvency proceedings,
including Chapter 7 and Chapter 11 bankruptcy cases, assignments for the benefit of creditors
and creditors trusts and her DSI case experience includes Smith Engineering, Tri Valley
Growers, Store of Knowledge, Industrial Electric and Wattshealth Foundation.
Ms. Kingsbury brought to DSI a diverse background of accounting and financial experience.
Immediately prior to joining DSI, Ms. Kingsbury was Senior Accountant for an investment
company specializing in high net worth individuals, trusts and various real estate investment
entities, where her responsibilities included general ledger accounting through financial
statements, including cash management, capital calls, weekly cash flows, libor loan schedules
and quarterly bank financial packages and, additionally, all facets of human resources. Her
experience also includes her work with a certified public accountancy firm and a commercial and
residential property management company.
Ms. Kingsbury received her Bachelor of Science in accounting from the University of Cal Poly
Pomona, California.












JENNIFER ADLE
PROFESSIONAL QUALIFICATIONS
Jennifer Adle joined the professional staff of Development Specialist, Inc.s Los Angeles office
in October 2007, and has since gained considerable experience in complex litigation arising from
bankruptcy cases and assignments for the benefit of creditors. Her experience includes forensic
accounting, research of complex real estate transactions, funds tracing and managing Medicare
Administrative Appeals. She is also involved in the administration of fiduciary matters such as
financial reporting, claim disputes, distributions and collections.
Prior to joining DSI, Ms. Adles real estate related experience included working as a real estate
consultant with Keller Williams in Los Angeles, California, and as a loan processor at
CrossTown Mortgage in Salt Lake City, Utah.
Ms. Adle also has experience working in the in-house legal department of a labor contracting
firm in Los Angeles. There, Ms. Adle coordinated the companys temporary, non-immigrant
labor program and gained litigation experience in federal, state and administrative court matters.
Ms. Adle graduated from UCLA Extension with a Certificate in the Attorney Assistant Training
Program with an emphasis is litigation. This accredited program is offered in cooperation with
the UCLA School of Law. Ms. Adle has a bachelors degree from the University of California at
Santa Barbara, where she majored in both Global Studies and Studio Art. As part of the Global
Studies curriculum, Ms. Adle focused on the socio-economics and politics of Europe by studying
abroad for one semester at the Universidad de Cordoba in Cordoba, Spain and one semester at
Carlos III Universidad in Madrid, Spain.









J. ANTONIO PRADA

PROFESSIONAL QUALIFICATIONS

J. Antonio Prada joined the Los Angeles office of DSI in early 2008, after having recently received
his Master of Business Administration, with a concentration in Finance and International
Management, from the University of Texas at Austin, McCombs School of Business.

Mr. Pradas prior experience demonstrates his leadership, analytical and negotiation skills. At
Comstock Capital Partners, he led a $1 million intellectual property project from vision to funding.
This project involved Mr. Pradas meeting regularly with the license holder, creating a financial
model and valuing projections, and negotiating a waterfall payout structure between management
and capital partners.

Prior to attending business school, Mr. Prada worked for 8 years in the construction industry and
held both operational and managerial positions. Working for both sub and general contractors, Mr.
Prada has been involved in a wide variety of high profile projects in both private and public sectors.

At Proven Management, Inc., a San Francisco based general contractor, Mr. Prada was Project
Manager for the expansion of San Joses McEnery Convention Center, a project built to house the
annual eBay Live Convention. Because of budget and time constraints, this controversial project
was closely watched by the media. Mr. Prada built and managed this turnkey project, controlling the
schedule and managing the daily construction activities of 35 union field employees and five
subcontractors. He directed the McEnery project to an on-time completion despite the addition of
$1million in contract work.

Mr. Prada also served as Lead Estimator for other public works projects at Proven Management,
Inc. In that capacity, he led a team that was awarded more than $60 million in project contracts,
analyzed profit and resource allocation, and developed and managed project budgets. As Project
Engineer and OSHA Safety Representative, for a City of San Francisco Hetch Hetchy Watershed
Project, Mr. Prada led safety meetings that contributed to a perfect zero accidents for 100 full-time
employees.

Mr. Prada began his career with Joseph J. Albanese Inc., a large Bay Area concrete subcontractor.
At Albanese, he had the opportunity to work with some of the most talented craftsmen and project
managers, on Silicon Valleys largest high tech campus projects.
Mr. Prada received his Business Administration degree in Marketing from the University of
Phoenix and has completed all three levels of the Certified Turnaround Professional examination.
He is also a member of the Turnaround Management Association and the American Bankruptcy
Institute. While working on his Master of Business Administration, he studied abroad at, and played
basketball for the college team of, Fundao Getulio Vargas in Sao Paulo, Brazil.


EXHIBIT D
Dat e : 08/12/2009
Summary Fee Transaction File List
Deve l opment Special ists , Inc .
B o u ~ : : :
to Bill Amount
Subtot al f or Ca tegory 300 Bi llabl e 0 .10 49 . 50 226 Acres
1
Tehachapi
Subtot al f or Ca tegory 309 Bi llabl e 0 .10 49 . 50 Augus t Liebelt
Subtot al f or Ca tegory 311 Bi llabl e 0 . 40 198 . 00 Bat es View
Subtot al f or Ca tegory 321 Bi llabl e 0 . 40 198 . 00 Ca thedral Ci t y
Subtot al f or Ca tegory 326 Bi llabl e 8 .10 2185 . 50 Clai re Manor
Subtot al f or Ca tegory 328 Bi llabl e 0 . 20 99 . 00 Creekside Lane
Subtot al f or Ca tegory 330 Bi llabl e 1. 20 594 . 00 CUrbaril Avenue
Subtot al f or Ca tegory 335 Bi llabl e 0 .30 148 . 50 GHP Fresno
Subtot al f or Ca tegory 338 Bi llabl e 0 .10 49 . 50 Hiqhwater Est ates
Subtot al f or Ca tegory 339 Bi llabl e 4 . 40 2129 . 00 Hinds Avenue
Subtot al f or Ca tegory 352 Bi llabl e 0 .10 49 . 50 Morro Avenue Homes
Subtot al f or Ca tegory 365 Bi llabl e 0 . 20 50 . 00 Ranchita Canyon
Subtot al f or Ca tegory 366 Bi llabl e 0 .10 49 . 50 Reqio Pl ace
Subtot al f or Ca tegory 369 Bi llabl e 0 . 40 198 . 00 San Dimas
Subtot al f or Ca tegory 382 Bi llabl e 2 .10 1039 . 50 Tiffi ni Hughes
Subtot al f or Ca tegory 385 Bi llabl e 0 .10 49 . 50 Wi llow Roa d
Tot al f or Cl ient I D 30534 .00 Bi llabl e 18 .30 7136 . 50 Es t ate Fi nancial Mortgage Fund, LLC
In re:
Estate Financial Mortgage Fund, LLC,
a California limited liability company,
Debtor(s).
CH<\PTER 11
CASE NUMBER 9:06-bk-11535-RR
NOTE: When using this form to indicate service of a proposed order, DO NOT list any person or entity in Category I.
Proposed orders do not generate an NEF because only orders that have been entered are placed on the CM/ECF docket.
PROOF OF SERVICE OF DOCUMENT
I am over the age of 18 and not a party to this bankruptcy case or adversary proceeding. My business address is:
JEFFER, MANGELS, BUTLER & MARMARO LLP
1900 Avenue of the Stars, 7th Floor
Los Angeles, CA 90067
The foregoing document described SECOND INTERIM APPLICATION FOR COMPENSATION AND REIMBURSEMENT
OF FEES AND EXPENSES OF CHAPTER 11 TRUSTEE; DECLARATION OF BRADLEY D. SHARP IN SUPPORT
THEREOF will be served or was served (a) on the judge in chambers in the form and manner required by LBR 5005-2(d);
and (b) in the manner indicated below:
I. TO BE SERVED BY THE COURT VIA NOTICE OF ELECTRONIC FILING ("NEF"l- Pursuant to controlling General
Order(s) and Local Bankruptcy Rule(s) ("LBR"), the foregoing document will be served by the court via NEF and hyperlink
to the document. On August 14, 2009, I checked the CM/ECF docket for this bankruptcy case or adversary proceeding
and determined that the following person(s) are on the Electronic Mail Notice List to receive NEF transmission at the email
address(es) indicated below:
William C Beall artyc@aol.com
Mark Bradshaw mbradshaw@shbllp.com
James L Brunella kateover66@yahoo.com
Jerome S Cohen jsc@jscbklaw.com
Caroline Djang crd@jmbm.com
Joseph A Eisenberg jae@jmbm.com
BrianD Frrtipaldi brian.fittipaldi@usdoj.gov
Thomas M Geher tmg@jmbm.com
David Gould dgould@davidgouldlaw.com
Robert E Hurlbert bob@hurlbettlaw.com
Lewis R Landau lew@landaunet.com
Leib M Lerner leib.lerner@alston.com
Samuel R Maize! smaizel@pszjlaw.com, smaizel@pszjlaw.com
David M Poitras dpoitras@jmbm.com
Dean G Rallis Jr drallis@sulmeyerlaw.com
Robyn B Sokol ecf@ebg-law.com, rsokol@ebg-law.com
Peter Susi cheryl@msmlaw.com, peter@msmlaw.com
United States Trustee (NO) ustpregion16.nd.ecf@usdoj.gov
Katherine M Windler katherine.windler@bryancave.com
Jonathan R Zeko jzeko@grantandzeko.com
D Service information continued on attached page
ll. SERVED BY U.S. MAIL OR OVERNIGHT MAIL(indicate method for each person or entity served):
On August 14, 20091 served the following person(s) and/or entity(ies) at the last known address(es) in this bankruptcy
case or adversary proceeding by placing a true and correct copy thereof in a sealed envelope in the United States Mail,
In re:
Estate Financial Mortgage Fund, LLC,
a California limited liability company,
Debtor(s).
CHAPTER 11
CASE NUMBER 9:08-bk-11535-RR
This form is mandatory. It has been approved for use by the United States Bankruptcy Court for the Central District of California.
January 2009 F 9013-3.1
first class, postage prepaid, and/or with an overnight mail service addressed as follows. Listing the judge here constitutes
a declaration that mailing to the judge will be completed no later than 24 hours after the document is filed.
Robin L. Riblet
United States Bankruptcy Court
1415 State Street, Suite 103
Santa Barbara, CA 93101-2511
Service information continued on attached page
III. SERVED BY PERSONAL DELIVERY, FACSIMILE TRANSMISSION OR EMAIL (indicate method for each person or
entity served): Pursuant to F.R.Civ.P. 5 and/or controlling LBR, on I served the following
person(s) and/or entity(ies) by personal delivery, or (for those who consented in writing to such service method), by
facsimile transmission and/or email as follows. Listing the judge here constitutes a declaration that personal delivery on
the judge will be completed no later than 24 hours after the document is filed.
Service information continued on attached page
I declare under penalty of perjury under the laws of the United States of America that the foregoing is true and correct.
August 14, 2009 Claudean Brandon
Date Type Name Signature