Contract analysis

1. I recommend discussing both scope expansion items — lender consent and the supplemental IRS submission — with Stefan Dalmqvist and Priya Narasimhan on the next client call, ideally before the end of this week. We need a decision on the lender consent scope in particular before the August 15 submission date, as the timeline for consent negotiations will run in parallel with the IRS ruling process.

2. I am finalizing Quarterly Budget Update #1 (the Q3 2025 budget-to-actual comparison) and suggest we provide it to Solara as a formal written budget update, clearly identifying the scope expansion items and their fee implications.

3. On the billing cycle: invoices through June have been issued under the standard net-30-day terms. The July invoice is currently being prepared and will reflect the heaviest drafting period of the engagement — expect it to be the single largest monthly invoice.

4. Given the overall engagement economics and the fact that the $1.8 million to $2.4 million range was a time-and-materials estimate without a fee cap, would you like to set up a dedicated budget call with Douglas Wexford and Priya Narasimhan to walk through the fee trajectory? I think it would be well received and demonstrates the kind of proactive financial transparency that strengthens the relationship.

5. Finally, from a matter management perspective, the team is performing efficiently. Garrett Simmons in particular has been highly productive on the research and modeling work — his output on the § 752 liability allocation modeling and the analogous PLR survey has been excellent, and his hours reflect real substantive contribution rather than inefficiency. Leonard, I am happy to discuss any of this by phone at your