1023-00002
· Ironside Capital Management LP · Client Correspondence
quarterly-litigation-budget-q1-2025.xlsx
DOCUMENT
Litigation
[sheet: Cover]
| Field | Value |
| Report Title | Quarterly Litigation Budget and Fee Report — Q1 2025 |
| Report Date | April 1, 2025 |
| Prepared By | Linda Osei, Billing Partner — Calderwood & Harkness LLP |
| Firm Address | 51 West 52nd Street, 40th Floor, New York, NY 10019 |
| To | Katherine Lim, General Counsel & CCO, Ironside Capital Management LP |
| Cc | Rajiv Subramanian, CFO, Ironside Capital Management LP |
| Client | Ironside Capital Management LP |
| Client Address | 680 Park Avenue, 34th Floor, New York, NY 10065 |
| Matter | Ironside Capital Management LP v. Vantor Holdings Corp. |
| Court | NY Supreme Court, Commercial Division, New York County |
| Index No. | 650312/2025 |
| Assigned Justice | Hon. Richard Torrance, J.S.C. |
| Reporting Period | January 1, 2025 – March 31, 2025 |
| Engagement Reference | C&H Matter No. 1023-00002 |
| FAA Reference No. | VHC-ICM-2017-0615 |
| Evergreen Retainer on Account | $500,000 |
[sheet: Timekeeper Summary]
| Timekeeper | Title / Role | Hourly Rate | Hours Billed | Total Fees | % of Total Fees |
| Samuel Eklund | Responsible Partner, Litigation | $1,475.00 | 142.0 | $209,450.00 | 24.7% |
| Linda Osei | Billing Partner, Litigation | $1,350.00 | 68.0 | $91,800.00 | 10.8% |
| Yuki Nakamura | Lead Associate, Litigation | $875.00 | 384.0 | $336,000.00 | 39.7% |
| Carlos Espinoza | Working Associate, Litigation | $650.00 | 323.0 | $209,950.00 | 24.8% |
| TOTAL | 917.0 | $847,200.00 | 100.0% | ||
| Rounding Adjustment | $50.00 | ||||
| TOTAL FEES (AS REPORTED) | 917.0 | $847,250.00 |
[sheet: Monthly Detail — Fees]
| Month | Timekeeper | Hourly Rate | Hours | Fees | Primary Activities |
| January 2025 | Samuel Eklund | $1,475.00 | 52.0 | $76,700.00 | Complaint finalization; pre-filing review; client strategy sessions; expert coordination with Kessler Forensic Accounting Group (Ref: KF-2025-0110-ICM) |
| January 2025 | Linda Osei | $1,350.00 | 18.5 | $24,975.00 | Engagement oversight; billing review; client reporting |
| January 2025 | Yuki Nakamura | $875.00 | 138.0 | $120,750.00 | Drafting and finalizing Verified Complaint (87 paragraphs, 7 causes of action); preparing exhibits; coordinating filing logistics; reviewing Kessler damages report (Jan. 10, 2025) |
| January 2025 | Carlos Espinoza | $650.00 | 115.0 | $74,750.00 | Complaint research and drafting support; exhibit preparation; preparing draft first set of document requests (52 requests) and interrogatories (25 interrogatories); Kessler report review |
| January 2025 Subtotal | 323.5 | $297,175.00 | |||
| February 2025 | Samuel Eklund | $1,475.00 | 48.0 | $70,800.00 | Review of Vantor's Motion to Dismiss (filed Feb. 28, 2025); strategic assessment; client update memo preparation; discovery plan oversight |
| February 2025 | Linda Osei | $1,350.00 | 24.0 | $32,400.00 | D&O policy analysis review (Veltrano Mutual, $50M/occurrence); budget management; client reporting |
| February 2025 | Yuki Nakamura | $875.00 | 124.0 | $108,500.00 | Discovery Plan and Proposed Schedule (Feb. 1); D&O policy memo (Feb. 20); analysis of Vantor MTD arguments; begin opposition brief drafting |
| February 2025 | Carlos Espinoza | $650.00 | 108.0 | $70,200.00 | Draft document requests and interrogatories finalized (Feb. 15); research on MTD issues; exhibit compilation |
| February 2025 Subtotal | 304.0 | $281,900.00 | |||
| March 2025 | Samuel Eklund | $1,475.00 | 42.0 | $61,950.00 | Opposition brief review and strategy (filed Mar. 21); MTD strategy memo (Mar. 5); client update memo (Mar. 7) |
| March 2025 | Linda Osei | $1,350.00 | 25.5 | $34,425.00 | Opposition brief review; Nakamura affirmation review; billing and budget reporting |
| March 2025 | Yuki Nakamura | $875.00 | 122.0 | $106,750.00 | Memorandum of Law in Opposition to MTD (45 pages, filed Mar. 21); Affirmation with 14 exhibits (Mar. 21); Proposed Order Denying MTD (Mar. 20); MTD strategy memo (Mar. 5) |
| March 2025 | Carlos Espinoza | $650.00 | 100.0 | $65,000.00 | Table of Key Authorities (28 cases, Mar. 15); Exhibit List and Index for Nakamura Affirmation with Bates ranges (Mar. 19); opposition brief research and cite-checking |
| March 2025 Subtotal | 289.5 | $268,125.00 | |||
| GRAND TOTAL | 917.0 | $847,250.00 |
[sheet: Costs & Disbursements]
| Date | Category | Description | Vendor / Payee | Amount |
| 2025-01-21 | Filing Fees | Filing fee — Verified Complaint, NY Supreme Court, Commercial Division, Index No. 650312/2025 | NY County Clerk | $210.00 |
| 2025-01-21 | Filing Fees | Request for judicial intervention (RJI) filing fee | NY County Clerk | $95.00 |
| 2025-01-23 | Process Service | Service of Summons and Verified Complaint on Vantor Holdings Corp. (principal office: 1400 Brickell Avenue, Suite 2200, Miami, FL 33131) | Apex Process Servers LLC | $385.00 |
| 2025-01-23 | Process Service | Service of Summons and Verified Complaint on Palmetto Corporate Services Inc. (DE registered agent: 850 New Burton Road, Suite 201, Dover, DE 19904) | Apex Process Servers LLC | $275.00 |
| 2025-01-28 | Court Fees | Motion fee — anticipated preliminary conference request | NY County Clerk | $45.00 |
| 2025-02-01 | Courier / Delivery | Overnight delivery of discovery plan to chambers of Hon. Richard Torrance, J.S.C. | National Express Courier | $42.50 |
| 2025-02-15 | Reproduction / Copying | Copying and binding of draft discovery requests (document requests and interrogatories) for internal review | C&H Reprographics Dept. | $187.30 |
| 2025-03-04 | Mediation Costs | Final invoice — share of mediator fees for pre-suit mediation before Hon. Sandra Kwan (Ret.) at Brookstone ADR Services LLC (Ref: BADR-2024-00391); sessions concluded Dec. 6, 2024; final billing processed Q1 2025 | Brookstone ADR Services LLC | $32,500.00 |
| 2025-03-19 | Reproduction / Copying | Copying, binding, and tabbing of Nakamura Affirmation with 14 exhibits (6 copies for court and counsel) | C&H Reprographics Dept. | $1,245.20 |
| 2025-03-21 | Filing Fees | E-filing fee — Opposition to Motion to Dismiss, Nakamura Affirmation, Proposed Order | NYSCEF | $30.00 |
| 2025-03-21 | Courier / Delivery | Courtesy copies to chambers (Hon. Richard Torrance) | National Express Courier | $38.50 |
| 2025-03-25 | Research Services | Westmark Data Systems / legal research charges (Q1 2025 allocation to ICM v. VHC matter) | Pemberton & Co. | $2,890.00 |
| 2025-03-31 | Miscellaneous | Long-distance telephone / conference call charges (Q1 allocation) | C&H Telecom | $676.50 |
| TOTAL COSTS & DISBURSEMENTS | $38,620.00 |
[sheet: Invoice Summary]
| Line Item | Amount |
| Professional Fees (917.0 hours) | $847,250.00 |
| Costs & Disbursements | $38,620.00 |
| Total Current Charges | $885,870.00 |
| Retainer Balance — Beginning of Period (Jan. 1, 2025) | $500,000.00 |
| Application of Retainer to Q1 Fees | ($500,000.00) |
| Retainer Replenishment Received (Feb. 15, 2025) | $500,000.00 |
| Retainer Balance — End of Period (Mar. 31, 2025) | $500,000.00 |
| Amount Applied from Retainer to Q1 Charges | $500,000.00 |
| Net Amount Due (Total Charges Less Retainer Applied) | $385,870.00 |
| Payment Terms | Net 30 days from date of invoice (due May 1, 2025) |
[sheet: Matter Activity Log]
| Date | Activity / Milestone | Lead Timekeeper(s) | Est. Hours | Notes |
| 2025-01-10 | Receipt and review of Kessler Forensic Accounting Group damages report (Ref: KF-2025-0110-ICM) | Nakamura, Espinoza | 18.0 | Report covers: direct losses $287M (Fund I $156.4M, Fund II $88.7M, Fund III $41.9M); investor redemption overpayments $43.2M (217 redemptions); regulatory remediation $2.8M; investor litigation defense costs $6.1M (3 pending LP arbitrations); reputational/AUM loss $38.6M (~$860M outflows, capitalized) |
| 2025-01-15 | Internal memo summarizing Kessler damages analysis | Espinoza | 6.0 | Memo to file authored by Espinoza |
| 2025-01-21 | Filing of Verified Complaint — 7 causes of action (fraud, fraudulent concealment, negligent misrepresentation, breach of contract, breach of fiduciary duty, aiding and abetting fraud, unjust enrichment); verified by Elliot Brennan | Eklund, Nakamura, Espinoza | 24.0 | Index No. 650312/2025; seeking $287M compensatory + $50M consequential + punitive damages |
| 2025-01-22 | Client update letter to Elliot Brennan and Katherine Lim confirming filing | Eklund | 2.0 | Letter from Eklund |
| 2025-02-01 | Discovery Plan and Proposed Schedule prepared (fact discovery close Sept. 30, 2025; expert discovery close Jan. 31, 2026; dispositive motions April 2026; trial Sept. 2026) | Nakamura | 8.0 | Contingent on denial of MTD |
| 2025-02-15 | Draft First Set of Document Requests (52 requests) and Interrogatories (25 interrogatories) to Vantor Holdings Corp. | Espinoza, Nakamura | 32.0 | Targeting valuation models, broker-quote sourcing, internal comms (Nathan Orris, Deepa Rajaram), QC records Q1 2021–Q3 2023 |
| 2025-02-20 | Memo: Analysis of Vantor D&O Policy (Veltrano Mutual Insurance Co., $50M/occurrence) and collectability | Nakamura, Osei | 14.0 | Assessment of coverage for fraud allegations and likelihood of carrier disclaimer |
| 2025-02-28 | Receipt and initial review of Vantor's Motion to Dismiss (filed by Whitfield, Dane & Corcoran LLP; lead: Gregory Dane) | Eklund, Nakamura | 12.0 | 5 grounds: (i) fraud duplicative of contract / CPLR § 3016(b); (ii) no fiduciary duty; (iii) § 9.3 liability cap ($2.98M); (iv) unjust enrichment precluded; (v) economic loss doctrine |
| 2025-03-05 | Internal strategic assessment: Vantor MTD — strengths, weaknesses, strategy | Nakamura, Eklund, Osei | 20.0 | Assesses each of 5 MTD arguments; recommends opposition strategy |
| 2025-03-07 | Client update memo to Brennan, Dao, and Lim re: MTD analysis and proposed opposition strategy | Eklund, Osei | 8.0 | |
| 2025-03-15 | Table of Key Authorities (28 cases) organized by issue with parenthetical descriptions | Espinoza | 10.0 | Fraud particularity, liability cap, fiduciary duty, economic loss, unjust enrichment |
| 2025-03-19 | Exhibit List and Index for Nakamura Affirmation (14 exhibits with Bates ranges and authentication notes) | Espinoza | 6.0 | Exhibits include FAA, amendments, Vantor emails, Harmon-Bryce summary (HBVA-2023-0922-IRON), Kessler summary, correspondence |
| 2025-03-20 | Draft Proposed Order Denying Motion to Dismiss | Nakamura | 3.0 | Directs Vantor to answer within 20 days |
| 2025-03-21 | Filing of Memorandum of Law in Opposition to MTD (45 pages) and Affirmation of Yuki Nakamura with 14 exhibits | Nakamura, Espinoza, Eklund | 40.0 | Arguments: fraud distinct from contract; fiduciary duty from discretionary valuation; § 9.3 cap unenforceable for fraud; unjust enrichment pled alternatively; economic loss doctrine inapplicable to intentional torts |
| 2025-03-31 | Quarter-end billing review, time entry finalization, budget reconciliation | Osei | 4.0 |