ML020310356

Saybrook Capital LLC, Cover Sheet Application for Allowance and Payment of Interim Compensation and Reimbursement of Expenses for November 1, 2001 Through November 30, 2001

ML020310356
Person / Time
Site:	Diablo Canyon
Issue date:	01/31/2002
From:	Rosenthal J Office Net.com, Saybrook Capital
To:	Office of Nuclear Reactor Regulation, US Federal Judiciary, Bankruptcy Court, Northern District of California
References
01-30923 DM
Download: ML020310356 (4)

Text

1I JON P. SCHOTZ JONATHAN Y. THOMAS 2 JONATHAN ROSENTHAL JEFFREY M. WILSON 3 SAYBROOK CAPITAL, LLC 401 Wilshire Blvd, Suite 850 4 Santa Monica, CA 90401 Telephone: 310/899-9200 5 Facsimile: 310/899-9101 6 Financial Advisors for Official Committee of Unsecured Creditors 7

8 UNITED STATES BANKRUPTCY COURT NORTHERNDISTRICT OF CALIFORNIA 10 SAN FRANCISCO DIVISION 11 In re Case No. 01-30923 DM 12 PACIFIC GAS AND ElLECTRIC Chapter 11 Case COMPANY, a California corporation, 13 Debtor.

14 15 Federal I.D. No. 94-0742640 16 SAYBROOK CAPITAL, LLC COVER SHEET APPLICATION 17 FORALLOWANCE AND PAYMENT OF INTERIM COMPENSATION AND REIMBURSEMENT OF EXPENSES FOR NOVEMBER 1,2001 THROUGH 18 -NOVEMBER 30, 2001 19 20 Saybrook Capital, LLC (the "Firm") submits its Cover Sheet Application (the 21 "Application") for Allowance and Payment of Interim Compensation and Reimbursement of 22 Expenses for the Period November 1, 200 1 through November 30, 2001 (the "Application 23 Period"). In support of the Application, the Firm respectfully represents as follows:

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1. The Firm is a financial advisor to the unsecured creditors of Pacific Gas and 25 Electric Company, debtor and debtor-in-possession in the above-referenced bankruptcy case 26 (the "Debtor"). The Firm hereby applies to the Court for allowance and payment of interim 27 compensation for services rendered and reimbursement of expenses incurred during the 28 W e I "I ,

1 Application Period.

2 2. The Firm billed a total of $203,881.01 in fees and expenses during the 3 Application Period. The Firm entered into an Engagement*Agreement covering the 4 Application Period (the "Agreement".). with the Official Committee of Unsecured Creditors of 5 Pacific Gas and Electric Company (the "'Committee"). The Agreement calls for a monthly 6 fee of $250,000.00 for the first six-.(6) months of the Engagement Period and a monthly fee of 7 $200,000.00 for each month of thei engagement after, plus reimbursement of actual out-of 8 pocket expenses. The total monthly fees incurred through November 30, 2001 represents 1 9 month of the monthly engagement during the Application Period. These fees and expenses 10 break down as follows:

11 12 Period Fees Expenses Total 13 November 1-November 30 $200,000M00 $3,881.01 $203,881.01 14 Total for Period $200,000.00 $3,881.01 $203,881.01 15

3. Accordingly, the Finn seeks allowance of interim compensation in the total 16 amount of $173,881.01 at this time. This total is comprised as follows:

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$170,000.00 (85%of the fees for services rendered)' plus $3,881.01 (100% of the expenses 18 incurred).

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4. With regard to the copies of this Application served on counsel for the

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Cormnittee, counsel for the Debtor and the Office of the United States Trustee, attached as 21 Exhibit 1 hereto is the name of each professional who performed services in connection with 22 this case during the period coveted by this Application and a narrative summarizing the work 23 of each professional; and`(b) attached as Exhibit 2 are the detailed expense statements for the 24 Application Period that comply with all-Northern District of California Baiukruptcy Local 25 Rules and Compensation Guidelines and the Guidelines of the Office of the United States 26 27

'Payment of this amount would result in a "holdback" of $30,000.00 28 1 Trustee.

2 . 5. The'Firm has served a copy of this Application (without Exhibits) on the 3 Special Notice List in this case.

-4 6. Pursuant to this Court's 'ORDER ESTABLISHING INTERIM FEE 5 'APPLICATION AND EXPENSE REIMBURSEMENT PROCEDURE" which was entered 6 on or about July 25, 2001 the Debtor is authorized to make the payment requested herein 7 without a further hearing or order of this Court unless an objection to this, Application is filed 8 with the Court by the Debtor, the Committee or the United States Trustee and served by the 9 -fifteenth day of the month following the service of this Application.. If such anobjection is 10 filed, Debtor is authorized to pay the amounts, if any, not subject to the objection. The Firm 11 is informed and believes that this Cover Sheet Application was mailed by overnight mail on 12 or about December 21, 2001.

13 7. The interim Compensation and reimbursement of expenses sought in this 14 Application is on account and is not final. Upon the conclusion of this case, the Firm will 15 seek fees and reimbursement, of the expenses incurred for the totality of the services rendered 16 in the case.. Any ,iiterimn fees or-reimbursement of expenses approved by this Court and 17 receiyedby the Firm willbe,credited against such final fees and expenses as may be allowed 18 by this Court.

19 8. The Firm represents and warrants that its billing practices comply with all 20 Northern District of California Bankruptcy Local Rules and Compensation Guidelines and 21 the Guidelines of the Office of the United States Trustee. Neither the Firm nor any members 22 of the Firm has any agreement or understanding of any kind or nature to divide, pay over or 23 share any portion of the fees or expenses to be awarded to the Firm with any other person or 24 attorney except as among the members and associates of the Firm.

25.1 26 27 28 1 WHEREFORE, the Firm respectfully requests that the Debtor pay compensation 2 to the Firm as requested herein pursuant to and in accordance with the terms of the "ORDER 3 ESTABLISHING INTERIM FEE APPLICATION AND EXPENSE REIMBURSEMENT 4 PROCEDURE."

5 DATED:

6 SA ROOK CAPrIT, LLC 7 By:

8 JONATHAN ROSENTHAL 9 Financial Advisor for the Official Committee of Unsecured Creditors of PACIFIC GAS AND 10 ELECTRIC COMPANY 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28