[sheet: Cover]

Field	Value
Firm Name	Calderwood & Harkness LLP
Firm Address	599 Lexington Avenue, 34th Floor, New York, NY 10022
Invoice Date	January 31, 2024
Invoice Number	1008-00010
Client Name	Jonathan R. Caldwell
Client Address	440 East 72nd Street, Apt. 18D, New York, NY 10021
Matter Description	Caldwell v. Whitfield et al. — Fraud Claim Against Co-Investor
Court / Index No.	Supreme Court of the State of New York, Kings County — Index No. 519847/2023
Defendants	Marcus D. Whitfield; Pinnacle Greystone Capital LLC
Engagement Period	September 11, 2023 through January 31, 2024
Responsible Partner	Douglas Carmichael
Billing Partner	Francesca Morano
Matter Status	Closed — Voluntary discontinuance Without Prejudice (January 26, 2024; So-Ordered January 29, 2024)
Total Professional Fees	$287,450.00
Total Disbursements	$18,320.00
Total Invoiced	$305,770.00
Total Payments Received	$305,770.00
Balance Due	$0.00

[sheet: Timekeeper Summary]

Timekeeper	Title / Role	Hourly Rate	Total Hours	Total Fees
Douglas Carmichael	Partner (Responsible)	$1,150.00	52.0	$59,800.00
Francesca Morano	Partner (Billing)	$1,075.00	38.0	$40,850.00
Patrick Gallagher	Senior Associate (Lead)	$725.00	156.0	$113,100.00
Simone Laroche	Associate	$550.00	134.0	$73,700.00
TOTAL	380.0	$287,450.00

[sheet: Time Detail]

Date	Timekeeper	Hours	Rate	Amount	Description
09/11/2023	Douglas Carmichael	2.5	$1,150.00	$2,875.00	Initial client meeting with J. Caldwell; review of co-investment documentation for 540-548 Atlantic Avenue, Brooklyn, NY; discussion of claims against M. Whitfield and Pinnacle Greystone Capital LLC; engagement letter preparation and execution
09/11/2023	Patrick Gallagher	3.0	$725.00	$2,175.00	Review of Atlantic Yards Development Partners LLC operating agreement, Broadmark Commercial Lending Corp. loan documents, and Whitfield pro forma materials; preliminary legal research on common-law fraud and fraudulent inducement under New York law
09/12/2023	Simone Laroche	4.5	$550.00	$2,475.00	Research on elements of common-law fraud, constructive fraud, breach of fiduciary duty, and unjust enrichment claims; review of NYC real property tax lien records showing $1,340,000 in undisclosed liens on subject property
09/13/2023	Patrick Gallagher	5.0	$725.00	$3,625.00	Draft summons and verified complaint; analyze Phase II environmental assessment by Ridgepoint Environmental Consultants LLC documenting $620,000 remediation cost; review Glenmore Realty Advisors Inc. consulting agreement dated April 30, 2021 ($370,000 advisory fee)
09/14/2023	Simone Laroche	4.0	$550.00	$2,200.00	Continue drafting complaint; research aiding and abetting fraud claim against Pinnacle Greystone Capital LLC; compile exhibit list
09/15/2023	Douglas Carmichael	3.0	$1,150.00	$3,450.00	Review and revise draft complaint; conference with P. Gallagher regarding damages framework ($6,200,000 compensatory damages analysis); strategy discussion
09/15/2023	Francesca Morano	1.5	$1,075.00	$1,612.50	Review draft complaint; conflict check update; billing administration
09/16/2023	Patrick Gallagher	4.0	$725.00	$2,900.00	Finalize complaint incorporating six causes of action; prepare verification for client signature; coordinate filing with Kings County Clerk
09/18/2023	Patrick Gallagher	2.0	$725.00	$1,450.00	File summons and verified complaint in Supreme Court, Kings County (Index No. 519847/2023); arrange service of process on Marcus D. Whitfield and Pinnacle Greystone Capital LLC
09/18/2023	Simone Laroche	1.5	$550.00	$825.00	Confirm filing; prepare service affidavits; update case management system
09/19/2023	Simone Laroche	5.0	$550.00	$2,750.00	Research CPLR procedural requirements for fraud actions; organize client document production; prepare initial document index for 540-548 Atlantic Avenue transaction files
09/20/2023	Patrick Gallagher	3.5	$725.00	$2,537.50	Review proof of service affidavits; analyze defendants' time to respond; prepare litigation timeline and internal case calendar
09/21/2023	Simone Laroche	4.5	$550.00	$2,475.00	Detailed review and indexing of Broadmark Commercial Lending Corp. loan documents ($9,620,000 senior loan); prepare summary memorandum of key loan covenants and default triggers
09/22/2023	Patrick Gallagher	4.0	$725.00	$2,900.00	Research on piercing the corporate veil and alter ego liability theories for Pinnacle Greystone Capital LLC; analyze entity formation documents and operating agreement provisions
09/25/2023	Patrick Gallagher	3.5	$725.00	$2,537.50	Research preliminary injunction standards under CPLR and New York case law; begin drafting memorandum of law in support of motion for preliminary injunction
09/25/2023	Simone Laroche	3.5	$550.00	$1,925.00	Research CPLR § 6301 preliminary injunction requirements; compile case law on irreparable harm in real estate fraud actions
09/27/2023	Simone Laroche	5.0	$550.00	$2,750.00	Draft supporting affidavit of J. Caldwell for preliminary injunction motion; compile exhibits (tax lien records, Phase II environmental report, Glenmore agreement)
09/28/2023	Patrick Gallagher	4.0	$725.00	$2,900.00	Continue drafting memorandum of law in support of preliminary injunction; research balance of equities and public interest factors
09/29/2023	Douglas Carmichael	2.0	$1,150.00	$2,300.00	Review and revise preliminary injunction motion papers; strategy call with client regarding irreparable harm argument
10/02/2023	Patrick Gallagher	3.0	$725.00	$2,175.00	Finalize and file motion for preliminary injunction; serve on Ridgeway, Tanaka & Schiff LLP (Helen K. Tanaka)
10/03/2023	Simone Laroche	4.0	$550.00	$2,200.00	Prepare working copy of motion papers for court; organize courtesy copies; research anticipated opposition arguments
10/05/2023	Simone Laroche	6.0	$550.00	$3,300.00	Prepare internal case assessment memorandum analyzing strengths and weaknesses of each claim; research anticipated defenses (sophisticated investor, due diligence waiver, ratification)
10/06/2023	Patrick Gallagher	3.5	$725.00	$2,537.50	Review defendants' opposition papers to preliminary injunction motion; analyze legal arguments and cited authorities
10/10/2023	Patrick Gallagher	5.5	$725.00	$3,987.50	Continue internal case assessment memo; review Ellerby & Associates CPAs LLP rent analysis showing market rents of $1,580,000 vs. Whitfield pro forma of $2,160,000 (overstatement of ~$580,000/yr, 26.9%); damages analysis

10/12/2023	Simone Laroche	5.0	$550.00	$2,750.00	Research New York case law on fraud damages measurement in real estate joint venture disputes; analyze punitive damages availability; prepare damages research memorandum
10/15/2023	Francesca Morano	2.5	$1,075.00	$2,687.50	Review internal case assessment memo; conference with D. Carmichael on litigation budget; client communication
10/16/2023	Simone Laroche	4.0	$550.00	$2,200.00	Research fiduciary duty obligations of managing members under New York LLC law; analyze operating agreement provisions regarding Whitfield's management authority
10/18/2023	Douglas Carmichael	3.5	$1,150.00	$4,025.00	Finalize internal case assessment; analyze capital structure (Caldwell 40% / $5,920,000 committed equity; Whitfield 60% / $8,880,000; Broadmark senior loan $9,620,000 at 65% LTV); conference call with client
10/20/2023	Patrick Gallagher	4.0	$725.00	$2,900.00	Prepare reply memorandum in support of preliminary injunction motion; address defendants' arguments regarding adequate remedy at law
10/23/2023	Patrick Gallagher	4.0	$725.00	$2,900.00	Review defendants' answer filed by Ridgeway, Tanaka & Schiff LLP; analyze affirmative defenses; assess impact on case strategy
10/25/2023	Simone Laroche	3.5	$550.00	$1,925.00	Research defendants' affirmative defenses; prepare opposition brief outline for preliminary injunction hearing
10/26/2023	Simone Laroche	4.5	$550.00	$2,475.00	Prepare demonstrative exhibits for preliminary injunction hearing; organize chronological timeline of Whitfield misrepresentations
10/28/2023	Patrick Gallagher	4.5	$725.00	$3,262.50	Prepare for preliminary injunction hearing; draft oral argument outline; review reply papers
10/30/2023	Douglas Carmichael	4.0	$1,150.00	$4,600.00	Attend preliminary injunction hearing before Hon. Patricia Velez, J.S.C.; oral argument
10/30/2023	Patrick Gallagher	4.0	$725.00	$2,900.00	Attend preliminary injunction hearing; assist with argument preparation and courtroom support
10/30/2023	Simone Laroche	3.0	$550.00	$1,650.00	Attend preliminary injunction hearing; manage exhibits and courtroom logistics
11/01/2023	Simone Laroche	3.0	$550.00	$1,650.00	Post-hearing analysis; research additional authority in anticipation of decision
11/02/2023	Patrick Gallagher	3.5	$725.00	$2,537.50	Research case law on reconsideration standards in event of adverse ruling on preliminary injunction; update litigation strategy memorandum
11/03/2023	Simone Laroche	4.0	$550.00	$2,200.00	Prepare comprehensive fact chronology incorporating all documentary evidence; update internal case file organization
11/06/2023	Simone Laroche	3.5	$550.00	$1,925.00	Research constructive trust remedy availability in New York real estate fraud cases; prepare memorandum on equitable relief alternatives
11/08/2023	Douglas Carmichael	2.0	$1,150.00	$2,300.00	Review court order denying preliminary injunction (lack of irreparable harm); conference call with client to discuss implications and next steps
11/08/2023	Patrick Gallagher	2.0	$725.00	$1,450.00	Analyze denial order; update case strategy memorandum
11/09/2023	Simone Laroche	3.5	$550.00	$1,925.00	Research implications of preliminary injunction denial on merits claims; analyze court's findings for impact on trial strategy
11/12/2023	Francesca Morano	2.0	$1,075.00	$2,150.00	Client conference regarding settlement strategy; review of engagement budget
11/13/2023	Patrick Gallagher	4.0	$725.00	$2,900.00	Prepare detailed discovery plan; identify key document categories and custodians; draft first set of interrogatories
11/14/2023	Simone Laroche	4.5	$550.00	$2,475.00	Draft first request for production of documents; research document preservation obligations; prepare litigation hold notice
11/15/2023	Patrick Gallagher	3.5	$725.00	$2,537.50	Draft letter to Ridgeway, Tanaka & Schiff LLP regarding discovery meet-and-confer; propose discovery schedule; identify document requests (Glenmore consulting agreement, Ridgepoint Phase II report, Broadmark loan files)
11/17/2023	Simone Laroche	4.0	$550.00	$2,200.00	Prepare preliminary document request list; research CPLR Article 31 disclosure obligations; coordinate meet-and-confer logistics
11/20/2023	Patrick Gallagher	2.5	$725.00	$1,812.50	Conduct discovery meet-and-confer telephone conference with H. Tanaka and R. Feinberg of Ridgeway, Tanaka & Schiff LLP

11/22/2023	Simone Laroche	3.0	$550.00	$1,650.00	Memorialize meet-and-confer results; prepare discovery status report
11/27/2023	Patrick Gallagher	3.5	$725.00	$2,537.50	Research mediation best practices for commercial fraud disputes; prepare preliminary mediation strategy outline; coordinate with Meridian Dispute Resolution Services LLC
11/28/2023	Francesca Morano	3.0	$1,075.00	$3,225.00	Review and provide input on mediation strategy; coordinate with Meridian Dispute Resolution Services LLC regarding scheduling
11/28/2023	Simone Laroche	4.0	$550.00	$2,200.00	Research mediator Jerome Aschkenazy background and mediation style; prepare summary for litigation team; coordinate mediation logistics
11/30/2023	Douglas Carmichael	4.0	$1,150.00	$4,600.00	Draft confidential mediation statement for submission to mediator Jerome Aschkenazy, Esq.; review damages model; prepare settlement demand framework
12/01/2023	Patrick Gallagher	6.0	$725.00	$4,350.00	Continue drafting mediation statement; compile supporting exhibits; detail four categories of fraud (tax liens $1,340,000; environmental $620,000; rent overstatement $580,000/yr; Glenmore fee $370,000)
12/04/2023	Simone Laroche	5.0	$550.00	$2,750.00	Finalize mediation statement exhibits; prepare damages summary chart; coordinate with Tidewater Appraisal Group LLC (Kevin Romero) regarding retrospective appraisal report
12/05/2023	Francesca Morano	2.5	$1,075.00	$2,687.50	Review mediation statement; conference with D. Carmichael on settlement authorization ($4,750,000 initial demand)
12/06/2023	Patrick Gallagher	4.0	$725.00	$2,900.00	Prepare financial exhibits for mediation; create comparative analysis of Whitfield pro forma versus actual property performance; damages calculation workpapers
12/07/2023	Douglas Carmichael	3.0	$1,150.00	$3,450.00	Finalize mediation statement; submit to Meridian Dispute Resolution Services LLC; pre-mediation call with client to discuss strategy and settlement parameters
12/07/2023	Simone Laroche	3.5	$550.00	$1,925.00	Coordinate mediation logistics; prepare document binders; confirm attendance and scheduling details with Meridian
12/10/2023	Patrick Gallagher	3.5	$725.00	$2,537.50	Prepare mediation presentation materials; review Tidewater appraisal report; organize document binder for mediation session
12/12/2023	Simone Laroche	3.0	$550.00	$1,650.00	Final mediation preparation; update damages calculations; prepare settlement term sheet template
12/14/2023	Douglas Carmichael	7.0	$1,150.00	$8,050.00	Attend full-day mediation session before Jerome Aschkenazy, Esq. at Meridian Dispute Resolution Services LLC (100 Park Avenue, Suite 1650); present Caldwell's demand of $4,750,000; negotiate against Whitfield's initial offer of $1,200,000
12/14/2023	Francesca Morano	5.0	$1,075.00	$5,375.00	Attend mediation session; assist with negotiation strategy and financial analysis during caucus sessions
12/14/2023	Patrick Gallagher	7.0	$725.00	$5,075.00	Attend mediation session; prepare real-time financial analyses and counter-proposals; manage exhibit presentations
12/14/2023	Simone Laroche	6.0	$550.00	$3,300.00	Attend mediation session; maintain notes; assist with document production and settlement term discussions
12/15/2023	Douglas Carmichael	2.0	$1,150.00	$2,300.00	Post-mediation client debrief; prepare internal settlement analysis memorandum
12/18/2023	Patrick Gallagher	5.0	$725.00	$3,625.00	Draft internal memorandum on settlement analysis and recommendation; risk-adjusted litigation valuation; incorporate impact of PI denial; estimate remaining litigation costs ($350,000–$500,000 through trial)
12/19/2023	Francesca Morano	3.0	$1,075.00	$3,225.00	Review settlement analysis memo; provide input on recommended settlement range; coordinate with Ellerby & Associates on financial projections
12/20/2023	Douglas Carmichael	3.5	$1,150.00	$4,025.00	Finalize settlement analysis and recommendation memorandum; deliver to client; discuss settlement range and structural terms (mutual releases, confidentiality, transfer of 40% membership interest in Atlantic Yards Development Partners LLC)
12/20/2023	Simone Laroche	4.0	$550.00	$2,200.00	Prepare settlement term comparison chart; research tax implications of settlement structures; update client presentation materials
12/22/2023	Simone Laroche	2.5	$550.00	$1,375.00	Research statute of limitations issues for potential refiling; update case timeline
12/22/2023	Patrick Gallagher	3.0	$725.00	$2,175.00	Review statute of limitations analysis; prepare memorandum on preservation of claims through voluntary discontinuance without prejudice
01/03/2024	Patrick Gallagher	3.0	$725.00	$2,175.00	Review Whitfield's post-mediation correspondence; analyze continued settlement posture; prepare counter-proposal framework

01/03/2024	Simone Laroche	3.0	$550.00	$1,650.00	Research recent case law developments relevant to fraud claims; update internal case assessment
01/05/2024	Francesca Morano	2.0	$1,075.00	$2,150.00	Client call regarding settlement strategy; review of financial terms
01/05/2024	Patrick Gallagher	2.5	$725.00	$1,812.50	Prepare financial analysis of Whitfield's post-mediation position; draft internal memorandum on negotiation strategy
01/08/2024	Douglas Carmichael	2.5	$1,150.00	$2,875.00	Telephone conference with client regarding Whitfield's anticipated final offer; discuss minimum acceptable terms
01/08/2024	Simone Laroche	3.0	$550.00	$1,650.00	Prepare comparison of litigation costs versus settlement scenarios; update financial projections for client review
01/10/2024	Patrick Gallagher	2.0	$725.00	$1,450.00	Review Whitfield's final offer of $2,350,000 received via Ridgeway, Tanaka & Schiff LLP (contingent on mutual releases, confidentiality, transfer of Caldwell's 40% interest); analyze gap
01/10/2024	Simone Laroche	2.0	$550.00	$1,100.00	Analyze financial terms of Whitfield's final offer; prepare comparative analysis memorandum
01/12/2024	Douglas Carmichael	2.5	$1,150.00	$2,875.00	Conference with client regarding Whitfield's $2,350,000 final offer; discuss counter-proposal strategy; authorize $3,600,000 counteroffer
01/12/2024	Simone Laroche	2.5	$550.00	$1,375.00	Draft settlement term sheet reflecting $3,600,000 counteroffer; research structural settlement provisions
01/15/2024	Patrick Gallagher	3.0	$725.00	$2,175.00	Draft letter to Ridgeway, Tanaka & Schiff LLP conveying Caldwell's final counteroffer of $3,600,000; detail structural terms
01/17/2024	Douglas Carmichael	2.0	$1,150.00	$2,300.00	Finalize and transmit revised settlement proposal letter to H. Tanaka at RTS; note $1,250,000 gap between parties
01/17/2024	Francesca Morano	1.5	$1,075.00	$1,612.50	Review final counteroffer letter; billing review
01/17/2024	Simone Laroche	2.0	$550.00	$1,100.00	Prepare file copies of settlement correspondence; update case chronology and negotiation log
01/22/2024	Douglas Carmichael	3.0	$1,150.00	$3,450.00	Receive and review mutual written communication terminating settlement discussions; conference call with client to discuss three options (proceed to trial, discontinue without prejudice, discontinue and close); draft email to client outlining options
01/22/2024	Patrick Gallagher	2.5	$725.00	$1,812.50	Assist with client communication regarding settlement collapse; research CPLR § 3217(a)(2) voluntary discontinuance procedures
01/22/2024	Simone Laroche	2.5	$550.00	$1,375.00	Research voluntary discontinuance procedures and effect on statute of limitations; prepare memorandum on client options
01/23/2024	Francesca Morano	2.0	$1,075.00	$2,150.00	Client conference regarding discontinuance decision; review billing status
01/23/2024	Patrick Gallagher	3.0	$725.00	$2,175.00	Research CPLR § 205(a) tolling provisions; prepare memorandum on preservation of refiling rights under voluntary discontinuance without prejudice
01/24/2024	Douglas Carmichael	2.0	$1,150.00	$2,300.00	Receive client instructions to proceed with voluntary discontinuance without prejudice; telephone call with H. Tanaka to obtain defendants' consent
01/24/2024	Patrick Gallagher	3.0	$725.00	$2,175.00	Draft stipulation of voluntary discontinuance without prejudice pursuant to CPLR § 3217(a)(2); coordinate with Ridgeway, Tanaka & Schiff LLP for execution
01/25/2024	Simone Laroche	2.0	$550.00	$1,100.00	Finalize stipulation; obtain signatures from all parties; prepare for filing
01/26/2024	Patrick Gallagher	1.5	$725.00	$1,087.50	File stipulation of voluntary discontinuance without prejudice in Kings County; confirm filing with court clerk
01/29/2024	Simone Laroche	1.0	$550.00	$550.00	Receive and file so-ordered stipulation from Hon. Patricia Velez, J.S.C.; update case management system
01/29/2024	Patrick Gallagher	2.0	$725.00	$1,450.00	Review so-ordered stipulation; prepare closing memorandum on case status and preservation of rights
01/30/2024	Francesca Morano	3.0	$1,075.00	$3,225.00	Prepare final billing summary; reconcile all time entries and disbursements; review trust account

01/30/2024	Simone Laroche	3.0	$550.00	$1,650.00	Organize complete case file for archival; prepare document index; coordinate return of client original documents
01/31/2024	Douglas Carmichael	2.0	$1,150.00	$2,300.00	Draft and send client letter regarding matter closure, preservation of rights (Discontinuance without prejudice), file retention policy, and final billing; close matter
01/31/2024	Simone Laroche	2.5	$550.00	$1,375.00	Prepare client document return package; organize and archive matter files; assist with final invoice preparation
01/31/2024	Francesca Morano	2.5	$1,075.00	$2,687.50	Finalize invoice; confirm payment receipt; close billing records
TOTAL	380.0	$287,450.00

[sheet: Disbursements]

Date	Description	Vendor / Payee	Amount
09/18/2023	Court filing fee — Summons and Verified Complaint, Supreme Court, Kings County (Index No. 519847/2023)	Kings County Clerk	$210.00
09/18/2023	Request for Judicial Intervention (RJI) filing fee	Kings County Clerk	$95.00
09/20/2023	Service of process — Marcus D. Whitfield (personal service)	Empire Process Servers Inc.	$125.00
09/20/2023	Service of process — Pinnacle Greystone Capital LLC (330 Furman Street, Suite 410, Brooklyn, NY 11201)	Empire Process Servers Inc.	$125.00
10/02/2023	Filing fee — Motion for Preliminary Injunction	Kings County Clerk	$45.00
10/15/2023	Certified copies of NYC real property tax lien records — 540-548 Atlantic Avenue, Brooklyn, NY 11217	NYC Department of Finance	$85.00
11/01/2023	PACER / court record retrieval and research databases	Various	$340.00
11/15/2023	Courier and delivery charges (multiple)	Metro Express Couriers LLC	$280.00
12/01/2023	Retrospective appraisal of 540-548 Atlantic Avenue, Brooklyn, NY 11217	Tidewater Appraisal Group LLC (Kevin Romero, MAI)	$7,500.00
12/10/2023	Mediation fee — December 14, 2023 session (Caldwell share)	Meridian Dispute Resolution Services LLC (Jerome Aschkenazy, Esq.)	$6,250.00
12/14/2023	Conference room rental and mediation facility charges	Meridian Dispute Resolution Services LLC	$750.00
12/14/2023	Printing, binding, and copying of mediation materials and exhibits	In-house reprographics	$415.00
01/26/2024	Filing fee — Stipulation of Voluntary discontinuance	Kings County Clerk	$45.00
Various	Telephone, videoconference, and technology charges	Various	$580.00
Various	Postage and overnight delivery (Severin Partners LLC / Halcyon Partners LLC)	Various	$475.00
Various	Miscellaneous (notarization, document certification, etc.)	Various	$1,000.00
TOTAL DISBURSEMENTS	$18,320.00

[sheet: Invoice Summary]

Category	Amount
Professional Fees — Douglas Carmichael (Partner, 52.0 hrs @ $1,150/hr)	$59,800.00
Professional Fees — Francesca Morano (Partner, 38.0 hrs @ $1,075/hr)	$40,850.00
Professional Fees — Patrick Gallagher (Senior Associate, 156.0 hrs @ $725/hr)	$113,100.00
Professional Fees — Simone Laroche (Associate, 134.0 hrs @ $550/hr)	$73,700.00
Subtotal — Professional Fees	$287,450.00
Total Disbursements (see Disbursements tab for detail)	$18,320.00
TOTAL INVOICED	$305,770.00
Less: Payments Received (Invoice SC-2024-00312, Nov. 30, 2023)	($125,000.00)
Less: Payments Received (Invoice SC-2024-00398, Dec. 31, 2023)	($100,000.00)
Less: Payments Received (Invoice 1008-00010, Jan. 31, 2024 — Final)	($80,770.00)
Total Payments Received	($305,770.00)
BALANCE DUE	$0.00

[sheet: Matter Information]

Field	Detail
Matter Name	Caldwell v. Whitfield et al.
Index Number	519847/2023
Court	Supreme Court of the State of New York, Kings County
Assigned Justice	Hon. Patricia Velez, J.S.C.
Plaintiff	Jonathan R. Caldwell / Caldwell Urban Ventures LLC (EIN: 86-4031278)
Defendant (Individual)	Marcus D. Whitfield
Defendant (Entity)	Pinnacle Greystone Capital LLC (EIN: 83-2917465; 330 Furman Street, Suite 410, Brooklyn, NY 11201)
Subject Property	540-548 Atlantic Avenue, Brooklyn, NY 11217 (42,000 sq. ft.; 0.38 acres; Zoning: C6-2A)
Project SPV	Atlantic Yards Development Partners LLC (EIN: 87-1253946)
Caldwell Membership Interest	40%
Whitfield Membership Interest	60%
Acquisition Price	$14,800,000
Senior Lender	Broadmark Commercial Lending Corp. (Loan: $9,620,000; 65% LTV)
Total Caldwell Committed Equity	$5,920,000
Compensatory Damages Sought	$6,200,000
Claims Asserted	Common-law fraud; Fraudulent inducement; Constructive fraud; Breach of fiduciary duty; Unjust enrichment; Aiding and abetting fraud
Defendants' Counsel	Ridgeway, Tanaka & Schiff LLP (Helen K. Tanaka; Robert Feinberg) — 1 MetroTech Center, Suite 2200, Brooklyn, NY 11201
Mediator	Jerome Aschkenazy, Esq. — Meridian Dispute Resolution Services LLC (100 Park Avenue, Suite 1650, New York, NY 10017)
Mediation Date	December 14, 2023
Caldwell Initial Demand	$4,750,000
Whitfield Initial Offer	$1,200,000
Whitfield Final Offer (Jan. 10, 2024)	$2,350,000
Caldwell Final Counteroffer (Jan. 17, 2024)	$3,600,000
Settlement Gap at Collapse	$1,250,000

Settlement Discussions Terminated	January 22, 2024
Discontinuance Filed	January 26, 2024 (CPLR § 3217(a)(2), without prejudice)
So-Ordered	January 29, 2024
Matter Closed	January 31, 2024
Engagement Letter Date	September 11, 2023
Billing Arrangement	Hourly
Accountant	Ellerby & Associates CPAs LLP (Grace Ellerby, CPA) — 757 Third Avenue, Suite 1800, New York, NY 10017
Appraiser	Tidewater Appraisal Group LLC (Kevin Romero, MAI) — 26 Court Street, Suite 901, Brooklyn, NY 11242
Environmental Consultant (Pre-Acquisition)	Ridgepoint Environmental Consultants LLC
Side-Deal Recipient	Glenmore Realty Advisors Inc. (Neil Osterberg, Principal) — $370,000 advisory fee
Registered Agent (SPV)	National Filing Services Inc. — 28 Liberty Street, New York, NY 10005

[sheet: Cover]
Field | Value
Firm Name | Calderwood & Harkness LLP
Firm Address | 599 Lexington Avenue, 34th Floor, New York, NY 10022
Invoice Date | January 31, 2024
Invoice Number | 1008-00010
Client Name | Jonathan R. Caldwell
Client Address | 440 East 72nd Street, Apt. 18D, New York, NY 10021
Matter Description | Caldwell v. Whitfield et al. — Fraud Claim Against Co-Investor
Court / Index No. | Supreme Court of the State of New York, Kings County — Index No. 519847/2023
Defendants | Marcus D. Whitfield; Pinnacle Greystone Capital LLC
Engagement Period | September 11, 2023 through January 31, 2024
Responsible Partner | Douglas Carmichael
Billing Partner | Francesca Morano
Matter Status | Closed — Voluntary discontinuance Without Prejudice (January 26, 2024; So-Ordered January 29, 2024)
Total Professional Fees | $287,450.00
Total Disbursements | $18,320.00
Total Invoiced | $305,770.00
Total Payments Received | $305,770.00
Balance Due | $0.00
[sheet: Timekeeper Summary]
Timekeeper | Title / Role | Hourly Rate | Total Hours | Total Fees
Douglas Carmichael | Partner (Responsible) | $1,150.00 | 52.0 | $59,800.00
Francesca Morano | Partner (Billing) | $1,075.00 | 38.0 | $40,850.00
Patrick Gallagher | Senior Associate (Lead) | $725.00 | 156.0 | $113,100.00
Simone Laroche | Associate | $550.00 | 134.0 | $73,700.00
TOTAL | 380.0 | $287,450.00
[sheet: Time Detail]
Date | Timekeeper | Hours | Rate | Amount | Description
09/11/2023 | Douglas Carmichael | 2.5 | $1,150.00 | $2,875.00 | Initial client meeting with J. Caldwell; review of co-investment documentation for 540-548 Atlantic Avenue, Brooklyn, NY; discussion of claims against M. Whitfield and Pinnacle Greystone Capital LLC; engagement letter preparation and execution
09/11/2023 | Patrick Gallagher | 3.0 | $725.00 | $2,175.00 | Review of Atlantic Yards Development Partners LLC operating agreement, Broadmark Commercial Lending Corp. loan documents, and Whitfield pro forma materials; preliminary legal research on common-law fraud and fraudulent inducement under New York law
09/12/2023 | Simone Laroche | 4.5 | $550.00 | $2,475.00 | Research on elements of common-law fraud, constructive fraud, breach of fiduciary duty, and unjust enrichment claims; review of NYC real property tax lien records showing $1,340,000 in undisclosed liens on subject property
09/13/2023 | Patrick Gallagher | 5.0 | $725.00 | $3,625.00 | Draft summons and verified complaint; analyze Phase II environmental assessment by Ridgepoint Environmental Consultants LLC documenting $620,000 remediation cost; review Glenmore Realty Advisors Inc. consulting agreement dated April 30, 2021 ($370,000 advisory fee)
09/14/2023 | Simone Laroche | 4.0 | $550.00 | $2,200.00 | Continue drafting complaint; research aiding and abetting fraud claim against Pinnacle Greystone Capital LLC; compile exhibit list
09/15/2023 | Douglas Carmichael | 3.0 | $1,150.00 | $3,450.00 | Review and revise draft complaint; conference with P. Gallagher regarding damages framework ($6,200,000 compensatory damages analysis); strategy discussion
09/15/2023 | Francesca Morano | 1.5 | $1,075.00 | $1,612.50 | Review draft complaint; conflict check update; billing administration
09/16/2023 | Patrick Gallagher | 4.0 | $725.00 | $2,900.00 | Finalize complaint incorporating six causes of action; prepare verification for client signature; coordinate filing with Kings County Clerk
09/18/2023 | Patrick Gallagher | 2.0 | $725.00 | $1,450.00 | File summons and verified complaint in Supreme Court, Kings County (Index No. 519847/2023); arrange service of process on Marcus D. Whitfield and Pinnacle Greystone Capital LLC
09/18/2023 | Simone Laroche | 1.5 | $550.00 | $825.00 | Confirm filing; prepare service affidavits; update case management system
09/19/2023 | Simone Laroche | 5.0 | $550.00 | $2,750.00 | Research CPLR procedural requirements for fraud actions; organize client document production; prepare initial document index for 540-548 Atlantic Avenue transaction files
09/20/2023 | Patrick Gallagher | 3.5 | $725.00 | $2,537.50 | Review proof of service affidavits; analyze defendants' time to respond; prepare litigation timeline and internal case calendar
09/21/2023 | Simone Laroche | 4.5 | $550.00 | $2,475.00 | Detailed review and indexing of Broadmark Commercial Lending Corp. loan documents ($9,620,000 senior loan); prepare summary memorandum of key loan covenants and default triggers
09/22/2023 | Patrick Gallagher | 4.0 | $725.00 | $2,900.00 | Research on piercing the corporate veil and alter ego liability theories for Pinnacle Greystone Capital LLC; analyze entity formation documents and operating agreement provisions
09/25/2023 | Patrick Gallagher | 3.5 | $725.00 | $2,537.50 | Research preliminary injunction standards under CPLR and New York case law; begin drafting memorandum of law in support of motion for preliminary injunction
09/25/2023 | Simone Laroche | 3.5 | $550.00 | $1,925.00 | Research CPLR § 6301 preliminary injunction requirements; compile case law on irreparable harm in real estate fraud actions
09/27/2023 | Simone Laroche | 5.0 | $550.00 | $2,750.00 | Draft supporting affidavit of J. Caldwell for preliminary injunction motion; compile exhibits (tax lien records, Phase II environmental report, Glenmore agreement)
09/28/2023 | Patrick Gallagher | 4.0 | $725.00 | $2,900.00 | Continue drafting memorandum of law in support of preliminary injunction; research balance of equities and public interest factors
09/29/2023 | Douglas Carmichael | 2.0 | $1,150.00 | $2,300.00 | Review and revise preliminary injunction motion papers; strategy call with client regarding irreparable harm argument
10/02/2023 | Patrick Gallagher | 3.0 | $725.00 | $2,175.00 | Finalize and file motion for preliminary injunction; serve on Ridgeway, Tanaka & Schiff LLP (Helen K. Tanaka)
10/03/2023 | Simone Laroche | 4.0 | $550.00 | $2,200.00 | Prepare working copy of motion papers for court; organize courtesy copies; research anticipated opposition arguments
10/05/2023 | Simone Laroche | 6.0 | $550.00 | $3,300.00 | Prepare internal case assessment memorandum analyzing strengths and weaknesses of each claim; research anticipated defenses (sophisticated investor, due diligence waiver, ratification)
10/06/2023 | Patrick Gallagher | 3.5 | $725.00 | $2,537.50 | Review defendants' opposition papers to preliminary injunction motion; analyze legal arguments and cited authorities
10/10/2023 | Patrick Gallagher | 5.5 | $725.00 | $3,987.50 | Continue internal case assessment memo; review Ellerby & Associates CPAs LLP rent analysis showing market rents of $1,580,000 vs. Whitfield pro forma of $2,160,000 (overstatement of ~$580,000/yr, 26.9%); damages analysis
10/12/2023 | Simone Laroche | 5.0 | $550.00 | $2,750.00 | Research New York case law on fraud damages measurement in real estate joint venture disputes; analyze punitive damages availability; prepare damages research memorandum
10/15/2023 | Francesca Morano | 2.5 | $1,075.00 | $2,687.50 | Review internal case assessment memo; conference with D. Carmichael on litigation budget; client communication
10/16/2023 | Simone Laroche | 4.0 | $550.00 | $2,200.00 | Research fiduciary duty obligations of managing members under New York LLC law; analyze operating agreement provisions regarding Whitfield's management authority
10/18/2023 | Douglas Carmichael | 3.5 | $1,150.00 | $4,025.00 | Finalize internal case assessment; analyze capital structure (Caldwell 40% / $5,920,000 committed equity; Whitfield 60% / $8,880,000; Broadmark senior loan $9,620,000 at 65% LTV); conference call with client
10/20/2023 | Patrick Gallagher | 4.0 | $725.00 | $2,900.00 | Prepare reply memorandum in support of preliminary injunction motion; address defendants' arguments regarding adequate remedy at law
10/23/2023 | Patrick Gallagher | 4.0 | $725.00 | $2,900.00 | Review defendants' answer filed by Ridgeway, Tanaka & Schiff LLP; analyze affirmative defenses; assess impact on case strategy
10/25/2023 | Simone Laroche | 3.5 | $550.00 | $1,925.00 | Research defendants' affirmative defenses; prepare opposition brief outline for preliminary injunction hearing
10/26/2023 | Simone Laroche | 4.5 | $550.00 | $2,475.00 | Prepare demonstrative exhibits for preliminary injunction hearing; organize chronological timeline of Whitfield misrepresentations
10/28/2023 | Patrick Gallagher | 4.5 | $725.00 | $3,262.50 | Prepare for preliminary injunction hearing; draft oral argument outline; review reply papers
10/30/2023 | Douglas Carmichael | 4.0 | $1,150.00 | $4,600.00 | Attend preliminary injunction hearing before Hon. Patricia Velez, J.S.C.; oral argument
10/30/2023 | Patrick Gallagher | 4.0 | $725.00 | $2,900.00 | Attend preliminary injunction hearing; assist with argument preparation and courtroom support
10/30/2023 | Simone Laroche | 3.0 | $550.00 | $1,650.00 | Attend preliminary injunction hearing; manage exhibits and courtroom logistics
11/01/2023 | Simone Laroche | 3.0 | $550.00 | $1,650.00 | Post-hearing analysis; research additional authority in anticipation of decision
11/02/2023 | Patrick Gallagher | 3.5 | $725.00 | $2,537.50 | Research case law on reconsideration standards in event of adverse ruling on preliminary injunction; update litigation strategy memorandum
11/03/2023 | Simone Laroche | 4.0 | $550.00 | $2,200.00 | Prepare comprehensive fact chronology incorporating all documentary evidence; update internal case file organization
11/06/2023 | Simone Laroche | 3.5 | $550.00 | $1,925.00 | Research constructive trust remedy availability in New York real estate fraud cases; prepare memorandum on equitable relief alternatives
11/08/2023 | Douglas Carmichael | 2.0 | $1,150.00 | $2,300.00 | Review court order denying preliminary injunction (lack of irreparable harm); conference call with client to discuss implications and next steps
11/08/2023 | Patrick Gallagher | 2.0 | $725.00 | $1,450.00 | Analyze denial order; update case strategy memorandum
11/09/2023 | Simone Laroche | 3.5 | $550.00 | $1,925.00 | Research implications of preliminary injunction denial on merits claims; analyze court's findings for impact on trial strategy
11/12/2023 | Francesca Morano | 2.0 | $1,075.00 | $2,150.00 | Client conference regarding settlement strategy; review of engagement budget
11/13/2023 | Patrick Gallagher | 4.0 | $725.00 | $2,900.00 | Prepare detailed discovery plan; identify key document categories and custodians; draft first set of interrogatories
11/14/2023 | Simone Laroche | 4.5 | $550.00 | $2,475.00 | Draft first request for production of documents; research document preservation obligations; prepare litigation hold notice
11/15/2023 | Patrick Gallagher | 3.5 | $725.00 | $2,537.50 | Draft letter to Ridgeway, Tanaka & Schiff LLP regarding discovery meet-and-confer; propose discovery schedule; identify document requests (Glenmore consulting agreement, Ridgepoint Phase II report, Broadmark loan files)
11/17/2023 | Simone Laroche | 4.0 | $550.00 | $2,200.00 | Prepare preliminary document request list; research CPLR Article 31 disclosure obligations; coordinate meet-and-confer logistics
11/20/2023 | Patrick Gallagher | 2.5 | $725.00 | $1,812.50 | Conduct discovery meet-and-confer telephone conference with H. Tanaka and R. Feinberg of Ridgeway, Tanaka & Schiff LLP
11/22/2023 | Simone Laroche | 3.0 | $550.00 | $1,650.00 | Memorialize meet-and-confer results; prepare discovery status report
11/27/2023 | Patrick Gallagher | 3.5 | $725.00 | $2,537.50 | Research mediation best practices for commercial fraud disputes; prepare preliminary mediation strategy outline; coordinate with Meridian Dispute Resolution Services LLC
11/28/2023 | Francesca Morano | 3.0 | $1,075.00 | $3,225.00 | Review and provide input on mediation strategy; coordinate with Meridian Dispute Resolution Services LLC regarding scheduling
11/28/2023 | Simone Laroche | 4.0 | $550.00 | $2,200.00 | Research mediator Jerome Aschkenazy background and mediation style; prepare summary for litigation team; coordinate mediation logistics
11/30/2023 | Douglas Carmichael | 4.0 | $1,150.00 | $4,600.00 | Draft confidential mediation statement for submission to mediator Jerome Aschkenazy, Esq.; review damages model; prepare settlement demand framework
12/01/2023 | Patrick Gallagher | 6.0 | $725.00 | $4,350.00 | Continue drafting mediation statement; compile supporting exhibits; detail four categories of fraud (tax liens $1,340,000; environmental $620,000; rent overstatement $580,000/yr; Glenmore fee $370,000)
12/04/2023 | Simone Laroche | 5.0 | $550.00 | $2,750.00 | Finalize mediation statement exhibits; prepare damages summary chart; coordinate with Tidewater Appraisal Group LLC (Kevin Romero) regarding retrospective appraisal report
12/05/2023 | Francesca Morano | 2.5 | $1,075.00 | $2,687.50 | Review mediation statement; conference with D. Carmichael on settlement authorization ($4,750,000 initial demand)
12/06/2023 | Patrick Gallagher | 4.0 | $725.00 | $2,900.00 | Prepare financial exhibits for mediation; create comparative analysis of Whitfield pro forma versus actual property performance; damages calculation workpapers
12/07/2023 | Douglas Carmichael | 3.0 | $1,150.00 | $3,450.00 | Finalize mediation statement; submit to Meridian Dispute Resolution Services LLC; pre-mediation call with client to discuss strategy and settlement parameters
12/07/2023 | Simone Laroche | 3.5 | $550.00 | $1,925.00 | Coordinate mediation logistics; prepare document binders; confirm attendance and scheduling details with Meridian
12/10/2023 | Patrick Gallagher | 3.5 | $725.00 | $2,537.50 | Prepare mediation presentation materials; review Tidewater appraisal report; organize document binder for mediation session
12/12/2023 | Simone Laroche | 3.0 | $550.00 | $1,650.00 | Final mediation preparation; update damages calculations; prepare settlement term sheet template
12/14/2023 | Douglas Carmichael | 7.0 | $1,150.00 | $8,050.00 | Attend full-day mediation session before Jerome Aschkenazy, Esq. at Meridian Dispute Resolution Services LLC (100 Park Avenue, Suite 1650); present Caldwell's demand of $4,750,000; negotiate against Whitfield's initial offer of $1,200,000
12/14/2023 | Francesca Morano | 5.0 | $1,075.00 | $5,375.00 | Attend mediation session; assist with negotiation strategy and financial analysis during caucus sessions
12/14/2023 | Patrick Gallagher | 7.0 | $725.00 | $5,075.00 | Attend mediation session; prepare real-time financial analyses and counter-proposals; manage exhibit presentations
12/14/2023 | Simone Laroche | 6.0 | $550.00 | $3,300.00 | Attend mediation session; maintain notes; assist with document production and settlement term discussions
12/15/2023 | Douglas Carmichael | 2.0 | $1,150.00 | $2,300.00 | Post-mediation client debrief; prepare internal settlement analysis memorandum
12/18/2023 | Patrick Gallagher | 5.0 | $725.00 | $3,625.00 | Draft internal memorandum on settlement analysis and recommendation; risk-adjusted litigation valuation; incorporate impact of PI denial; estimate remaining litigation costs ($350,000–$500,000 through trial)
12/19/2023 | Francesca Morano | 3.0 | $1,075.00 | $3,225.00 | Review settlement analysis memo; provide input on recommended settlement range; coordinate with Ellerby & Associates on financial projections
12/20/2023 | Douglas Carmichael | 3.5 | $1,150.00 | $4,025.00 | Finalize settlement analysis and recommendation memorandum; deliver to client; discuss settlement range and structural terms (mutual releases, confidentiality, transfer of 40% membership interest in Atlantic Yards Development Partners LLC)
12/20/2023 | Simone Laroche | 4.0 | $550.00 | $2,200.00 | Prepare settlement term comparison chart; research tax implications of settlement structures; update client presentation materials
12/22/2023 | Simone Laroche | 2.5 | $550.00 | $1,375.00 | Research statute of limitations issues for potential refiling; update case timeline
12/22/2023 | Patrick Gallagher | 3.0 | $725.00 | $2,175.00 | Review statute of limitations analysis; prepare memorandum on preservation of claims through voluntary discontinuance without prejudice
01/03/2024 | Patrick Gallagher | 3.0 | $725.00 | $2,175.00 | Review Whitfield's post-mediation correspondence; analyze continued settlement posture; prepare counter-proposal framework
01/03/2024 | Simone Laroche | 3.0 | $550.00 | $1,650.00 | Research recent case law developments relevant to fraud claims; update internal case assessment
01/05/2024 | Francesca Morano | 2.0 | $1,075.00 | $2,150.00 | Client call regarding settlement strategy; review of financial terms
01/05/2024 | Patrick Gallagher | 2.5 | $725.00 | $1,812.50 | Prepare financial analysis of Whitfield's post-mediation position; draft internal memorandum on negotiation strategy
01/08/2024 | Douglas Carmichael | 2.5 | $1,150.00 | $2,875.00 | Telephone conference with client regarding Whitfield's anticipated final offer; discuss minimum acceptable terms
01/08/2024 | Simone Laroche | 3.0 | $550.00 | $1,650.00 | Prepare comparison of litigation costs versus settlement scenarios; update financial projections for client review
01/10/2024 | Patrick Gallagher | 2.0 | $725.00 | $1,450.00 | Review Whitfield's final offer of $2,350,000 received via Ridgeway, Tanaka & Schiff LLP (contingent on mutual releases, confidentiality, transfer of Caldwell's 40% interest); analyze gap
01/10/2024 | Simone Laroche | 2.0 | $550.00 | $1,100.00 | Analyze financial terms of Whitfield's final offer; prepare comparative analysis memorandum
01/12/2024 | Douglas Carmichael | 2.5 | $1,150.00 | $2,875.00 | Conference with client regarding Whitfield's $2,350,000 final offer; discuss counter-proposal strategy; authorize $3,600,000 counteroffer
01/12/2024 | Simone Laroche | 2.5 | $550.00 | $1,375.00 | Draft settlement term sheet reflecting $3,600,000 counteroffer; research structural settlement provisions
01/15/2024 | Patrick Gallagher | 3.0 | $725.00 | $2,175.00 | Draft letter to Ridgeway, Tanaka & Schiff LLP conveying Caldwell's final counteroffer of $3,600,000; detail structural terms
01/17/2024 | Douglas Carmichael | 2.0 | $1,150.00 | $2,300.00 | Finalize and transmit revised settlement proposal letter to H. Tanaka at RTS; note $1,250,000 gap between parties
01/17/2024 | Francesca Morano | 1.5 | $1,075.00 | $1,612.50 | Review final counteroffer letter; billing review
01/17/2024 | Simone Laroche | 2.0 | $550.00 | $1,100.00 | Prepare file copies of settlement correspondence; update case chronology and negotiation log
01/22/2024 | Douglas Carmichael | 3.0 | $1,150.00 | $3,450.00 | Receive and review mutual written communication terminating settlement discussions; conference call with client to discuss three options (proceed to trial, discontinue without prejudice, discontinue and close); draft email to client outlining options
01/22/2024 | Patrick Gallagher | 2.5 | $725.00 | $1,812.50 | Assist with client communication regarding settlement collapse; research CPLR § 3217(a)(2) voluntary discontinuance procedures
01/22/2024 | Simone Laroche | 2.5 | $550.00 | $1,375.00 | Research voluntary discontinuance procedures and effect on statute of limitations; prepare memorandum on client options
01/23/2024 | Francesca Morano | 2.0 | $1,075.00 | $2,150.00 | Client conference regarding discontinuance decision; review billing status
01/23/2024 | Patrick Gallagher | 3.0 | $725.00 | $2,175.00 | Research CPLR § 205(a) tolling provisions; prepare memorandum on preservation of refiling rights under voluntary discontinuance without prejudice
01/24/2024 | Douglas Carmichael | 2.0 | $1,150.00 | $2,300.00 | Receive client instructions to proceed with voluntary discontinuance without prejudice; telephone call with H. Tanaka to obtain defendants' consent
01/24/2024 | Patrick Gallagher | 3.0 | $725.00 | $2,175.00 | Draft stipulation of voluntary discontinuance without prejudice pursuant to CPLR § 3217(a)(2); coordinate with Ridgeway, Tanaka & Schiff LLP for execution
01/25/2024 | Simone Laroche | 2.0 | $550.00 | $1,100.00 | Finalize stipulation; obtain signatures from all parties; prepare for filing
01/26/2024 | Patrick Gallagher | 1.5 | $725.00 | $1,087.50 | File stipulation of voluntary discontinuance without prejudice in Kings County; confirm filing with court clerk
01/29/2024 | Simone Laroche | 1.0 | $550.00 | $550.00 | Receive and file so-ordered stipulation from Hon. Patricia Velez, J.S.C.; update case management system
01/29/2024 | Patrick Gallagher | 2.0 | $725.00 | $1,450.00 | Review so-ordered stipulation; prepare closing memorandum on case status and preservation of rights
01/30/2024 | Francesca Morano | 3.0 | $1,075.00 | $3,225.00 | Prepare final billing summary; reconcile all time entries and disbursements; review trust account
01/30/2024 | Simone Laroche | 3.0 | $550.00 | $1,650.00 | Organize complete case file for archival; prepare document index; coordinate return of client original documents
01/31/2024 | Douglas Carmichael | 2.0 | $1,150.00 | $2,300.00 | Draft and send client letter regarding matter closure, preservation of rights (Discontinuance without prejudice), file retention policy, and final billing; close matter
01/31/2024 | Simone Laroche | 2.5 | $550.00 | $1,375.00 | Prepare client document return package; organize and archive matter files; assist with final invoice preparation
01/31/2024 | Francesca Morano | 2.5 | $1,075.00 | $2,687.50 | Finalize invoice; confirm payment receipt; close billing records
TOTAL | 380.0 | $287,450.00
[sheet: Disbursements]
Date | Description | Vendor / Payee | Amount
09/18/2023 | Court filing fee — Summons and Verified Complaint, Supreme Court, Kings County (Index No. 519847/2023) | Kings County Clerk | $210.00
09/18/2023 | Request for Judicial Intervention (RJI) filing fee | Kings County Clerk | $95.00
09/20/2023 | Service of process — Marcus D. Whitfield (personal service) | Empire Process Servers Inc. | $125.00
09/20/2023 | Service of process — Pinnacle Greystone Capital LLC (330 Furman Street, Suite 410, Brooklyn, NY 11201) | Empire Process Servers Inc. | $125.00
10/02/2023 | Filing fee — Motion for Preliminary Injunction | Kings County Clerk | $45.00
10/15/2023 | Certified copies of NYC real property tax lien records — 540-548 Atlantic Avenue, Brooklyn, NY 11217 | NYC Department of Finance | $85.00
11/01/2023 | PACER / court record retrieval and research databases | Various | $340.00
11/15/2023 | Courier and delivery charges (multiple) | Metro Express Couriers LLC | $280.00
12/01/2023 | Retrospective appraisal of 540-548 Atlantic Avenue, Brooklyn, NY 11217 | Tidewater Appraisal Group LLC (Kevin Romero, MAI) | $7,500.00
12/10/2023 | Mediation fee — December 14, 2023 session (Caldwell share) | Meridian Dispute Resolution Services LLC (Jerome Aschkenazy, Esq.) | $6,250.00
12/14/2023 | Conference room rental and mediation facility charges | Meridian Dispute Resolution Services LLC | $750.00
12/14/2023 | Printing, binding, and copying of mediation materials and exhibits | In-house reprographics | $415.00
01/26/2024 | Filing fee — Stipulation of Voluntary discontinuance | Kings County Clerk | $45.00
Various | Telephone, videoconference, and technology charges | Various | $580.00
Various | Postage and overnight delivery (Severin Partners LLC / Halcyon Partners LLC) | Various | $475.00
Various | Miscellaneous (notarization, document certification, etc.) | Various | $1,000.00
TOTAL DISBURSEMENTS | $18,320.00
[sheet: Invoice Summary]
Category | Amount
Professional Fees — Douglas Carmichael (Partner, 52.0 hrs @ $1,150/hr) | $59,800.00
Professional Fees — Francesca Morano (Partner, 38.0 hrs @ $1,075/hr) | $40,850.00
Professional Fees — Patrick Gallagher (Senior Associate, 156.0 hrs @ $725/hr) | $113,100.00
Professional Fees — Simone Laroche (Associate, 134.0 hrs @ $550/hr) | $73,700.00
Subtotal — Professional Fees | $287,450.00
Total Disbursements (see Disbursements tab for detail) | $18,320.00
TOTAL INVOICED | $305,770.00
Less: Payments Received (Invoice SC-2024-00312, Nov. 30, 2023) | ($125,000.00)
Less: Payments Received (Invoice SC-2024-00398, Dec. 31, 2023) | ($100,000.00)
Less: Payments Received (Invoice 1008-00010, Jan. 31, 2024 — Final) | ($80,770.00)
Total Payments Received | ($305,770.00)
BALANCE DUE | $0.00
[sheet: Matter Information]
Field | Detail
Matter Name | Caldwell v. Whitfield et al.
Index Number | 519847/2023
Court | Supreme Court of the State of New York, Kings County
Assigned Justice | Hon. Patricia Velez, J.S.C.
Plaintiff | Jonathan R. Caldwell / Caldwell Urban Ventures LLC (EIN: 86-4031278)
Defendant (Individual) | Marcus D. Whitfield
Defendant (Entity) | Pinnacle Greystone Capital LLC (EIN: 83-2917465; 330 Furman Street, Suite 410, Brooklyn, NY 11201)
Subject Property | 540-548 Atlantic Avenue, Brooklyn, NY 11217 (42,000 sq. ft.; 0.38 acres; Zoning: C6-2A)
Project SPV | Atlantic Yards Development Partners LLC (EIN: 87-1253946)
Caldwell Membership Interest | 40%
Whitfield Membership Interest | 60%
Acquisition Price | $14,800,000
Senior Lender | Broadmark Commercial Lending Corp. (Loan: $9,620,000; 65% LTV)
Total Caldwell Committed Equity | $5,920,000
Compensatory Damages Sought | $6,200,000
Claims Asserted | Common-law fraud; Fraudulent inducement; Constructive fraud; Breach of fiduciary duty; Unjust enrichment; Aiding and abetting fraud
Defendants' Counsel | Ridgeway, Tanaka & Schiff LLP (Helen K. Tanaka; Robert Feinberg) — 1 MetroTech Center, Suite 2200, Brooklyn, NY 11201
Mediator | Jerome Aschkenazy, Esq. — Meridian Dispute Resolution Services LLC (100 Park Avenue, Suite 1650, New York, NY 10017)
Mediation Date | December 14, 2023
Caldwell Initial Demand | $4,750,000
Whitfield Initial Offer | $1,200,000
Whitfield Final Offer (Jan. 10, 2024) | $2,350,000
Caldwell Final Counteroffer (Jan. 17, 2024) | $3,600,000
Settlement Gap at Collapse | $1,250,000
Settlement Discussions Terminated | January 22, 2024
Discontinuance Filed | January 26, 2024 (CPLR § 3217(a)(2), without prejudice)
So-Ordered | January 29, 2024
Matter Closed | January 31, 2024
Engagement Letter Date | September 11, 2023
Billing Arrangement | Hourly
Accountant | Ellerby & Associates CPAs LLP (Grace Ellerby, CPA) — 757 Third Avenue, Suite 1800, New York, NY 10017
Appraiser | Tidewater Appraisal Group LLC (Kevin Romero, MAI) — 26 Court Street, Suite 901, Brooklyn, NY 11242
Environmental Consultant (Pre-Acquisition) | Ridgepoint Environmental Consultants LLC
Side-Deal Recipient | Glenmore Realty Advisors Inc. (Neil Osterberg, Principal) — $370,000 advisory fee
Registered Agent (SPV) | National Filing Services Inc. — 28 Liberty Street, New York, NY 10005

[sheet: Cover]

Record

Parties

Dates

Amounts