[sheet: Cover Memo]

Field	Value
DOCUMENT CLASSIFICATION	CONFIDENTIAL — INTERNAL
TO	James Prentice, Partner
FROM	Sandra Tung, Billing Partner
DATE	October 20, 2022
RE	Budget & Fee Estimate — C&H-2022-ITS-04781 (Thalassa Customs Dispute)
Matter Number	C&H-2022-ITS-04781
Client	Thalassa Shipping & Logistics Société Anonyme
Client EORI	GR094827361000
Client Address	47 Akti Miaouli, 185 35 Piraeus, Greece
Billing Contact	Elena Papadimitriou, CFO
Matter Type	Customs Classification and Valuation Dispute (International Trade & Sanctions)
Adverse Party	Independent Authority for Public Revenue (AADE), Hellenic Republic
Opposing Counsel	Meridian & Drakos Dikigiriko Grafeio (Panagiotis Drakos, Senior Partner)
Local Counsel	Vournas & Theodorakis Dikigiriko Grafeio (Athens)
Classification Expert	Argonaut Trade Consulting GmbH (Dr. Lukas Brenner)
Valuation Advisor	Kestrel & Palladian LLP (Spyros Makris, Partner)
Engagement Letter Date	September 22, 2022
Fee Estimate Range (communicated to client)	$550,000 – $850,000 (C&H fees through BTI resolution)
Billing Arrangement	Hourly — standard rates
Invoice Currency	U.S. Dollars
Wire Payment	Excalibur National Bank, N.A. — Client Trust Account (Acct 4871-2209-0063, ABA 021-000-487, SWIFT EXNBUS33)
Overview Note	This memorandum provides a phased fee and expense estimate for the Thalassa customs dispute matter. Estimates are based on our current understanding of the matter and are subject to revision as the engagement develops. All estimates exclude Phase 3 (Administrative Court appeal) unless otherwise noted.

[sheet: Billing Rates]

Timekeeper	Practice Group	Role on Matter	Hourly Rate USD	Notes
James Prentice	Mergers & Acquisitions	Responsible Partner	$1,475	Overall supervision and strategic direction
Sandra Tung	Mergers & Acquisitions	Billing Partner	$1,475	Engagement economics and fee matters
Christy Bauer	Intellectual Property	Lead Associate (Senior Associate)	$895	Tariff classification research, BTI application, technical trade-law analysis
Garrett Simmons	Tax	Working Associate	$775	Customs valuation, transfer pricing, duty calculations, financial impact analysis
Paralegal / Professional Staff (Low)	—	Support	$350	Lower band for paralegal support
Paralegal / Professional Staff (High)	—	Support	$495	Upper band for professional staff

[sheet: Phase 1 Detail]

Work Stream	Description	Estimated Hours	Primary Timekeeper(s)	Blended Rate USD/hr	Estimated Fee USD
Preliminary Case Assessment	Review AADE Assessment Notices ADAN/2022/0073 (classification) and ADAN/2022/0074 (valuation); analyze exposure (~€8.8M mid-case, ~€14.7M high-end); develop recommended strategy for TSL (Andreadis, Papadimitriou)	60	Prentice / Tung / Bauer / Simmons	$1,025	$61,500
Classification Analysis Memo	Analyze CN classification of 12 STS Gantry Cranes and 8 ASC Systems under EU HS nomenclature, GIRs, Explanatory Notes, CJEU case law; evaluate CN 8426 41 00 vs. CN 8428 90 90; identify subheading correction to CN 8426 19 00	45	Bauer	$895	$40,275
Valuation Analysis Memo	Analyze three AADE valuation adjustments (€4.9M technology license fees, €2.94M Nereus procurement fee, €2.1M commissioning services) under UCC Articles 70–74, Implementing Regulation 2015/2447; probability-weighted risk assessment	50	Simmons	$775	$38,750
Nereus Related-Party Analysis	Analyze whether €2,940,000 Nereus Maritime Advisory Ltd. procurement fee qualifies as deductible buying commission (Art. 72(a) UCC) or selling commission (Art. 71(1)(a)(i)); examine ownership (40% AFH, 30% Melas — former Hailong agent, 30% Eleni Andreadis); WCO Commentary 17.1; CJEU HAVI Logistics (C-59/16)	35	Simmons	$775	$27,125
Technology License Agreement Analysis	Analyze whether €4,900,000 TLA fees (5% × €98M) must be added to customs value under Art. 71(1)(c) UCC; review TLA dated Jan 10, 2019 including cross-default provision (Art. 8.1); develop apportionment argument for post-importation services	40	Bauer / Simmons	$835	$33,400
Penalty Exposure & Mitigation Analysis	Analyze penalty regime under Greek Customs Code (Law 2960/2001) and UCC Delegated Regulation; model scenarios: 30% (€509,124), 100% (€1,697,080), 300% (€5,091,240); late payment interest at 0.73%/month (~€3,872,000 est.); mitigation strategies	25	Simmons	$775	$19,375
Insurance Coverage Analysis	Analyze Oceanos Underwriters SA Financial Lines Policy OCU-FIN-2021-GR-0487 (sublimit €3M, retention €250K); review Section 2.4 (Tax/Regulatory Authority Disputes), Section 4.3(a) (willful non-compliance exclusion), Section 4.3(b) (deliberate undervaluation exclusion); estimate net coverage ~€2,750,000	20	Prentice	$1,475	$29,500
Financial Covenant Impact Analysis	Analyze impact on Compass Maritime Bank SA €75M revolving credit facility (dated Sep 1, 2020); Net Debt/EBITDA covenant (3.5× max, current 2.9×, headroom analysis); material litigation threshold (€2M); MAC clause assessment	15	Simmons	$775	$11,625
BTI Application (Draft, Technical Annex, Legal Argument)	Prepare Binding Tariff Information application under Art. 33 UCC for filing with AADE (ref: BTI-GR-2022-003847); technical annex describing Hailong QC-65 STS Crane and Hailong ASC-40R specs; legal argument under GIRs 1, 3(a), 6; coordinate with Argonaut (Dr. Brenner) and V&T (Vournas); filing date: November 15, 2022	80	Bauer / Simmons	$895	$71,600
Administrative Objections (2)	Prepare and file objections to ADAN/2022/0073 (classification — €1,478,400 additional duty on €67.2M reclassified value) and ADAN/2022/0074 (valuation — €218,680 additional duty on €9.94M adjustment) before AADE DED; coordinate with V&T; filing date: November 30, 2022	50	Bauer / Simmons	$835	$41,750
Expert Coordination (Argonaut, K&P)	Coordinate with Argonaut Trade Consulting GmbH (Dr. Lukas Brenner — classification expert, €450/hr) and Kestrel & Palladian LLP (Spyros Makris — valuation advisory, €420/hr); review expert deliverables; manage engagement logistics	30	Bauer / Simmons	$835	$25,050
Correspondence (Client, Lender, Insurer, Peloros)	Client update letters (initial assessment Oct 2022, BTI filing Nov 2022); material litigation disclosure to Compass Maritime Bank (Oct 3, 2022); insurance claim notice to Oceanos via Aether Insurance Brokers (Oct 15, 2022); demand/preservation letter to Peloros Customs Agency S.A. (Stavros Liapis); document preservation notice to TSL	40	Prentice / Bauer / Simmons	$1,025	$41,000
Internal Administration (Conflicts, Matter Opening, Budget)	Conflict check (cleared Sep 20, 2022 — Rachel Fleischer); matter opening memo; budget preparation; billing setup	10	Prentice / Tung	$1,475	$14,750
PHASE 1 SUBTOTAL	500	$455,700

[sheet: Phase 2 Detail]

Work Stream	Description	Estimated Hours	Primary Timekeeper(s)	Blended Rate USD/hr	Estimated Fee USD
DG TAXUD Supplemental Submission	Prepare and file supplemental submission to DG TAXUD via AADE following referral (Feb 7, 2023 under Art. 34(10) UCC); include additional expert opinion (Dr. Brenner), survey of EU BTI rulings (NL-BTI-2021-01234 vs. DE-BTI-2020-05678), WCO HS Committee precedent; coordinate with Brussels office and V&T	35	Bauer	$895	$31,325
Standstill Negotiation and Documentation	Negotiate standstill terms with AADE via Meridian & Drakos (Panagiotis Drakos); draft and finalize standstill letter; terms: enforcement suspension, €5M bank guarantee (CMB-BG-2023-0291), 60-day termination notice, interest continues accruing, DED proceedings held in abeyance; executed March 1, 2023	20	Prentice / Bauer	$1,025	$20,500
Response to AADE Information Requests	Respond to AADE information request (Jan 5, 2023); coordinate document production with TSL (Papadimitriou, Sarantopoulos); produce Hailong purchase contracts, TLA, Nereus Procurement Services Agreement, invoices/payments, commissioning records, Nereus corporate documents; coordinate via V&T (Vournas)	25	Simmons / Bauer	$835	$20,875
Response to Oceanos Reservation of Rights	Draft formal response to Oceanos Underwriters reservation of rights letter (dated Nov 22, 2022); argue willful non-compliance exclusion (Sec. 4.3(a)) and deliberate undervaluation exclusion (Sec. 4.3(b)) do not apply; demand coverage confirmation and defense cost advancement; reserve bad-faith denial rights	15	Prentice	$1,475	$22,125
Comparative BTI Rulings Analysis	Detailed comparative analysis of Dutch BTI NL-BTI-2021-01234 (heading 8426, June 14, 2021) and German BTI DE-BTI-2020-05678 (heading 8428, September 3, 2020); identify analytical vulnerabilities in German ruling (automation as classification factor, end-use focus); support BTI and DG TAXUD strategy	20	Bauer	$895	$17,900
Peloros Indemnification Analysis and Demand Letter	Analyze TSL's contractual indemnification claim under CBA Art. 9.1 (dated Feb 1, 2019); note liability cap ~€561,000 (Art. 9.3 — 3× annual fees of ~€187K); review statutory liability under PD 67/2000; limitation period issues (2-year contractual, 5-year statutory); coordinate demand/preservation letter with V&T	15	Simmons	$775	$11,625
Document Preservation Notice (Internal TSL)	Finalize and distribute internal preservation notice to TSL covering equipment procurement, Nereus, TLA, customs entries, AADE audit, financial records, and insurance; coordinate with TSL IT and legal/compliance	5	Simmons	$775	$3,875
Client Updates and Status Monitoring	Quarterly client check-ins with Andreadis/Papadimitriou; client update letters (DG TAXUD referral Feb 2023, standstill execution Mar 2023); monitor DG TAXUD process (12–24 month estimated timeline); coordinate with V&T on AADE communications; interest accrual tracking (~€12,389/month on €1,697,080 additional duties)	30	Prentice / Bauer	$1,025	$30,750
Dormancy Status Protocols	Prepare dormancy status memorandum; establish monitoring protocols (monthly DG TAXUD check, monthly AADE comms check, quarterly client update); set tickler dates (Jul 2023, Sep 2023, Jan 2024, Mar 2024); define reactivation triggers; coordinate bank guarantee renewal (CMB-BG-2023-0291) and Oceanos policy renewal (expiry Mar 31, 2023)	5	Bauer	$895	$4,475
PHASE 2 SUBTOTAL	170	$163,450

[sheet: C&H Fee Summary]

Phase	Description	Period	Estimated Hours	Estimated Fee Low USD	Estimated Fee High USD	Notes
Phase 1	Initial Assessment and Filings	September – December 2022	500	$455,700	$455,700	Detailed breakdown in Phase 1 Detail sheet
Phase 2	BTI Process and Standstill	January 2023 – Pending	170	$163,450	$163,450	Detailed breakdown in Phase 2 Detail sheet
Phases 1 & 2 Total	Through BTI resolution (base estimate)	September 2022 – Pending	670	$619,150	$619,150	Within $550,000–$850,000 range communicated to client in engagement letter
Phase 3 (Contingent)	Administrative Court Appeal — Administrative Court of First Instance of Piraeus	Timing dependent on BTI outcome	N/A	$200,000	$400,000	Contingent on failure of BTI and administrative proceedings; includes court filings, expert testimony (Dr. Brenner, Makris), hearings; NOT included in base estimate
Total (Including Contingent Phase 3)	All C&H fees through potential court appeal	September 2022 – TBD	N/A	$819,150	$1,019,150	High end reflects additional AADE information requests, contested DG TAXUD proceedings, and potential settlement negotiations

[sheet: Third-Party Costs]

Cost Category	Provider	Key Contact	Rate / Basis	Estimated Low EUR	Estimated High EUR	Billing Arrangement
Local Greek Counsel	Vournas & Theodorakis Dikigiriko Grafeio, 22 Academias Street, 106 71 Athens, Greece	Alexandros Vournas (Athens Bar No. 18744); Maria-Christina Georgiou (Athens Bar No. 42917)	Partner: €380/hr; Associate: €220/hr; Paralegal: €120/hr	€80,000	€140,000	Direct invoice to TSL with copy to C&H (per client election)
Classification Expert	Argonaut Trade Consulting GmbH, Friedrichstraße 191, 10117 Berlin, Germany	Dr. Lukas Brenner, Managing Director (former WCO HS Committee member 2008–2016)	Dr. Brenner: €450/hr; Senior Consultant: €320/hr; Research/admin: €180/hr; Testimony: €5,000/half-day, €9,000/full day	€45,000	€65,000	Direct invoice to TSL; covers classification analysis, expert report, BTI support (excludes testimony)
Customs Valuation Advisory	Kestrel & Palladian LLP, 8 Voukourestiou Street, 106 71 Athens, Greece	Spyros Makris, Partner — Indirect Tax & Customs Valuation Practice	Partner: €420/hr; Senior Manager: €290/hr; Manager: €220/hr; Analyst: €160/hr	€60,000	€90,000	Direct invoice to TSL; covers customs valuation report, buying commission FAR analysis, royalty analysis, transfer pricing cross-reference; note: K&P also serves as TSL's statutory auditor (separate engagement teams)
Translation and Interpretation	Various (certified legal translators — Greek/English)	TBD	Per document / per hour	€10,000	€20,000	Pass-through at cost
Travel (C&H team: Brussels/Athens/Piraeus)	C&H engagement team travel	Bauer, Simmons (primary); Prentice (as needed)	Airfare, hotels, ground transport, meals	€15,000	€25,000	Pass-through at cost; primarily Brussels–Athens for BTI/AADE proceedings
Filing Fees and Miscellaneous	AADE, Administrative Court, courier, postage, document production	—	At cost	€5,000	€10,000	Pass-through at cost
THIRD-PARTY SUBTOTAL	€215,000	€350,000

[sheet: Cover Memo]
Field | Value
DOCUMENT CLASSIFICATION | CONFIDENTIAL — INTERNAL
TO | James Prentice, Partner
FROM | Sandra Tung, Billing Partner
DATE | October 20, 2022
RE | Budget & Fee Estimate — C&H-2022-ITS-04781 (Thalassa Customs Dispute)
Matter Number | C&H-2022-ITS-04781
Client | Thalassa Shipping & Logistics Société Anonyme
Client EORI | GR094827361000
Client Address | 47 Akti Miaouli, 185 35 Piraeus, Greece
Billing Contact | Elena Papadimitriou, CFO
Matter Type | Customs Classification and Valuation Dispute (International Trade & Sanctions)
Adverse Party | Independent Authority for Public Revenue (AADE), Hellenic Republic
Opposing Counsel | Meridian & Drakos Dikigiriko Grafeio (Panagiotis Drakos, Senior Partner)
Local Counsel | Vournas & Theodorakis Dikigiriko Grafeio (Athens)
Classification Expert | Argonaut Trade Consulting GmbH (Dr. Lukas Brenner)
Valuation Advisor | Kestrel & Palladian LLP (Spyros Makris, Partner)
Engagement Letter Date | September 22, 2022
Fee Estimate Range (communicated to client) | $550,000 – $850,000 (C&H fees through BTI resolution)
Billing Arrangement | Hourly — standard rates
Invoice Currency | U.S. Dollars
Wire Payment | Excalibur National Bank, N.A. — Client Trust Account (Acct 4871-2209-0063, ABA 021-000-487, SWIFT EXNBUS33)
Overview Note | This memorandum provides a phased fee and expense estimate for the Thalassa customs dispute matter. Estimates are based on our current understanding of the matter and are subject to revision as the engagement develops. All estimates exclude Phase 3 (Administrative Court appeal) unless otherwise noted.
[sheet: Billing Rates]
Timekeeper | Practice Group | Role on Matter | Hourly Rate USD | Notes
James Prentice | Mergers & Acquisitions | Responsible Partner | $1,475 | Overall supervision and strategic direction
Sandra Tung | Mergers & Acquisitions | Billing Partner | $1,475 | Engagement economics and fee matters
Christy Bauer | Intellectual Property | Lead Associate (Senior Associate) | $895 | Tariff classification research, BTI application, technical trade-law analysis
Garrett Simmons | Tax | Working Associate | $775 | Customs valuation, transfer pricing, duty calculations, financial impact analysis
Paralegal / Professional Staff (Low) | — | Support | $350 | Lower band for paralegal support
Paralegal / Professional Staff (High) | — | Support | $495 | Upper band for professional staff
[sheet: Phase 1 Detail]
Work Stream | Description | Estimated Hours | Primary Timekeeper(s) | Blended Rate USD/hr | Estimated Fee USD
Preliminary Case Assessment | Review AADE Assessment Notices ADAN/2022/0073 (classification) and ADAN/2022/0074 (valuation); analyze exposure (~€8.8M mid-case, ~€14.7M high-end); develop recommended strategy for TSL (Andreadis, Papadimitriou) | 60 | Prentice / Tung / Bauer / Simmons | $1,025 | $61,500
Classification Analysis Memo | Analyze CN classification of 12 STS Gantry Cranes and 8 ASC Systems under EU HS nomenclature, GIRs, Explanatory Notes, CJEU case law; evaluate CN 8426 41 00 vs. CN 8428 90 90; identify subheading correction to CN 8426 19 00 | 45 | Bauer | $895 | $40,275
Valuation Analysis Memo | Analyze three AADE valuation adjustments (€4.9M technology license fees, €2.94M Nereus procurement fee, €2.1M commissioning services) under UCC Articles 70–74, Implementing Regulation 2015/2447; probability-weighted risk assessment | 50 | Simmons | $775 | $38,750
Nereus Related-Party Analysis | Analyze whether €2,940,000 Nereus Maritime Advisory Ltd. procurement fee qualifies as deductible buying commission (Art. 72(a) UCC) or selling commission (Art. 71(1)(a)(i)); examine ownership (40% AFH, 30% Melas — former Hailong agent, 30% Eleni Andreadis); WCO Commentary 17.1; CJEU HAVI Logistics (C-59/16) | 35 | Simmons | $775 | $27,125
Technology License Agreement Analysis | Analyze whether €4,900,000 TLA fees (5% × €98M) must be added to customs value under Art. 71(1)(c) UCC; review TLA dated Jan 10, 2019 including cross-default provision (Art. 8.1); develop apportionment argument for post-importation services | 40 | Bauer / Simmons | $835 | $33,400
Penalty Exposure & Mitigation Analysis | Analyze penalty regime under Greek Customs Code (Law 2960/2001) and UCC Delegated Regulation; model scenarios: 30% (€509,124), 100% (€1,697,080), 300% (€5,091,240); late payment interest at 0.73%/month (~€3,872,000 est.); mitigation strategies | 25 | Simmons | $775 | $19,375
Insurance Coverage Analysis | Analyze Oceanos Underwriters SA Financial Lines Policy OCU-FIN-2021-GR-0487 (sublimit €3M, retention €250K); review Section 2.4 (Tax/Regulatory Authority Disputes), Section 4.3(a) (willful non-compliance exclusion), Section 4.3(b) (deliberate undervaluation exclusion); estimate net coverage ~€2,750,000 | 20 | Prentice | $1,475 | $29,500
Financial Covenant Impact Analysis | Analyze impact on Compass Maritime Bank SA €75M revolving credit facility (dated Sep 1, 2020); Net Debt/EBITDA covenant (3.5× max, current 2.9×, headroom analysis); material litigation threshold (€2M); MAC clause assessment | 15 | Simmons | $775 | $11,625
BTI Application (Draft, Technical Annex, Legal Argument) | Prepare Binding Tariff Information application under Art. 33 UCC for filing with AADE (ref: BTI-GR-2022-003847); technical annex describing Hailong QC-65 STS Crane and Hailong ASC-40R specs; legal argument under GIRs 1, 3(a), 6; coordinate with Argonaut (Dr. Brenner) and V&T (Vournas); filing date: November 15, 2022 | 80 | Bauer / Simmons | $895 | $71,600
Administrative Objections (2) | Prepare and file objections to ADAN/2022/0073 (classification — €1,478,400 additional duty on €67.2M reclassified value) and ADAN/2022/0074 (valuation — €218,680 additional duty on €9.94M adjustment) before AADE DED; coordinate with V&T; filing date: November 30, 2022 | 50 | Bauer / Simmons | $835 | $41,750
Expert Coordination (Argonaut, K&P) | Coordinate with Argonaut Trade Consulting GmbH (Dr. Lukas Brenner — classification expert, €450/hr) and Kestrel & Palladian LLP (Spyros Makris — valuation advisory, €420/hr); review expert deliverables; manage engagement logistics | 30 | Bauer / Simmons | $835 | $25,050
Correspondence (Client, Lender, Insurer, Peloros) | Client update letters (initial assessment Oct 2022, BTI filing Nov 2022); material litigation disclosure to Compass Maritime Bank (Oct 3, 2022); insurance claim notice to Oceanos via Aether Insurance Brokers (Oct 15, 2022); demand/preservation letter to Peloros Customs Agency S.A. (Stavros Liapis); document preservation notice to TSL | 40 | Prentice / Bauer / Simmons | $1,025 | $41,000
Internal Administration (Conflicts, Matter Opening, Budget) | Conflict check (cleared Sep 20, 2022 — Rachel Fleischer); matter opening memo; budget preparation; billing setup | 10 | Prentice / Tung | $1,475 | $14,750
PHASE 1 SUBTOTAL | 500 | $455,700
[sheet: Phase 2 Detail]
Work Stream | Description | Estimated Hours | Primary Timekeeper(s) | Blended Rate USD/hr | Estimated Fee USD
DG TAXUD Supplemental Submission | Prepare and file supplemental submission to DG TAXUD via AADE following referral (Feb 7, 2023 under Art. 34(10) UCC); include additional expert opinion (Dr. Brenner), survey of EU BTI rulings (NL-BTI-2021-01234 vs. DE-BTI-2020-05678), WCO HS Committee precedent; coordinate with Brussels office and V&T | 35 | Bauer | $895 | $31,325
Standstill Negotiation and Documentation | Negotiate standstill terms with AADE via Meridian & Drakos (Panagiotis Drakos); draft and finalize standstill letter; terms: enforcement suspension, €5M bank guarantee (CMB-BG-2023-0291), 60-day termination notice, interest continues accruing, DED proceedings held in abeyance; executed March 1, 2023 | 20 | Prentice / Bauer | $1,025 | $20,500
Response to AADE Information Requests | Respond to AADE information request (Jan 5, 2023); coordinate document production with TSL (Papadimitriou, Sarantopoulos); produce Hailong purchase contracts, TLA, Nereus Procurement Services Agreement, invoices/payments, commissioning records, Nereus corporate documents; coordinate via V&T (Vournas) | 25 | Simmons / Bauer | $835 | $20,875
Response to Oceanos Reservation of Rights | Draft formal response to Oceanos Underwriters reservation of rights letter (dated Nov 22, 2022); argue willful non-compliance exclusion (Sec. 4.3(a)) and deliberate undervaluation exclusion (Sec. 4.3(b)) do not apply; demand coverage confirmation and defense cost advancement; reserve bad-faith denial rights | 15 | Prentice | $1,475 | $22,125
Comparative BTI Rulings Analysis | Detailed comparative analysis of Dutch BTI NL-BTI-2021-01234 (heading 8426, June 14, 2021) and German BTI DE-BTI-2020-05678 (heading 8428, September 3, 2020); identify analytical vulnerabilities in German ruling (automation as classification factor, end-use focus); support BTI and DG TAXUD strategy | 20 | Bauer | $895 | $17,900
Peloros Indemnification Analysis and Demand Letter | Analyze TSL's contractual indemnification claim under CBA Art. 9.1 (dated Feb 1, 2019); note liability cap ~€561,000 (Art. 9.3 — 3× annual fees of ~€187K); review statutory liability under PD 67/2000; limitation period issues (2-year contractual, 5-year statutory); coordinate demand/preservation letter with V&T | 15 | Simmons | $775 | $11,625
Document Preservation Notice (Internal TSL) | Finalize and distribute internal preservation notice to TSL covering equipment procurement, Nereus, TLA, customs entries, AADE audit, financial records, and insurance; coordinate with TSL IT and legal/compliance | 5 | Simmons | $775 | $3,875
Client Updates and Status Monitoring | Quarterly client check-ins with Andreadis/Papadimitriou; client update letters (DG TAXUD referral Feb 2023, standstill execution Mar 2023); monitor DG TAXUD process (12–24 month estimated timeline); coordinate with V&T on AADE communications; interest accrual tracking (~€12,389/month on €1,697,080 additional duties) | 30 | Prentice / Bauer | $1,025 | $30,750
Dormancy Status Protocols | Prepare dormancy status memorandum; establish monitoring protocols (monthly DG TAXUD check, monthly AADE comms check, quarterly client update); set tickler dates (Jul 2023, Sep 2023, Jan 2024, Mar 2024); define reactivation triggers; coordinate bank guarantee renewal (CMB-BG-2023-0291) and Oceanos policy renewal (expiry Mar 31, 2023) | 5 | Bauer | $895 | $4,475
PHASE 2 SUBTOTAL | 170 | $163,450
[sheet: C&H Fee Summary]
Phase | Description | Period | Estimated Hours | Estimated Fee Low USD | Estimated Fee High USD | Notes
Phase 1 | Initial Assessment and Filings | September – December 2022 | 500 | $455,700 | $455,700 | Detailed breakdown in Phase 1 Detail sheet
Phase 2 | BTI Process and Standstill | January 2023 – Pending | 170 | $163,450 | $163,450 | Detailed breakdown in Phase 2 Detail sheet
Phases 1 & 2 Total | Through BTI resolution (base estimate) | September 2022 – Pending | 670 | $619,150 | $619,150 | Within $550,000–$850,000 range communicated to client in engagement letter
Phase 3 (Contingent) | Administrative Court Appeal — Administrative Court of First Instance of Piraeus | Timing dependent on BTI outcome | N/A | $200,000 | $400,000 | Contingent on failure of BTI and administrative proceedings; includes court filings, expert testimony (Dr. Brenner, Makris), hearings; NOT included in base estimate
Total (Including Contingent Phase 3) | All C&H fees through potential court appeal | September 2022 – TBD | N/A | $819,150 | $1,019,150 | High end reflects additional AADE information requests, contested DG TAXUD proceedings, and potential settlement negotiations
[sheet: Third-Party Costs]
Cost Category | Provider | Key Contact | Rate / Basis | Estimated Low EUR | Estimated High EUR | Billing Arrangement
Local Greek Counsel | Vournas & Theodorakis Dikigiriko Grafeio, 22 Academias Street, 106 71 Athens, Greece | Alexandros Vournas (Athens Bar No. 18744); Maria-Christina Georgiou (Athens Bar No. 42917) | Partner: €380/hr; Associate: €220/hr; Paralegal: €120/hr | €80,000 | €140,000 | Direct invoice to TSL with copy to C&H (per client election)
Classification Expert | Argonaut Trade Consulting GmbH, Friedrichstraße 191, 10117 Berlin, Germany | Dr. Lukas Brenner, Managing Director (former WCO HS Committee member 2008–2016) | Dr. Brenner: €450/hr; Senior Consultant: €320/hr; Research/admin: €180/hr; Testimony: €5,000/half-day, €9,000/full day | €45,000 | €65,000 | Direct invoice to TSL; covers classification analysis, expert report, BTI support (excludes testimony)
Customs Valuation Advisory | Kestrel & Palladian LLP, 8 Voukourestiou Street, 106 71 Athens, Greece | Spyros Makris, Partner — Indirect Tax & Customs Valuation Practice | Partner: €420/hr; Senior Manager: €290/hr; Manager: €220/hr; Analyst: €160/hr | €60,000 | €90,000 | Direct invoice to TSL; covers customs valuation report, buying commission FAR analysis, royalty analysis, transfer pricing cross-reference; note: K&P also serves as TSL's statutory auditor (separate engagement teams)
Translation and Interpretation | Various (certified legal translators — Greek/English) | TBD | Per document / per hour | €10,000 | €20,000 | Pass-through at cost
Travel (C&H team: Brussels/Athens/Piraeus) | C&H engagement team travel | Bauer, Simmons (primary); Prentice (as needed) | Airfare, hotels, ground transport, meals | €15,000 | €25,000 | Pass-through at cost; primarily Brussels–Athens for BTI/AADE proceedings
Filing Fees and Miscellaneous | AADE, Administrative Court, courier, postage, document production | — | At cost | €5,000 | €10,000 | Pass-through at cost
THIRD-PARTY SUBTOTAL | €215,000 | €350,000

[sheet: Cover Memo]

Record

Parties

Dates

Amounts