ML020510021
| ML020510021 | |
| Person / Time | |
|---|---|
| Site: | Diablo Canyon  |
| Issue date: | 02/19/2002 |
| From: | Rosenthal J Pacific Gas & Electric Co, Saybrook Capital |
| To: | Office of Nuclear Reactor Regulation, US Federal Judiciary, Bankruptcy Court, Northern District of California |
| References | |
| 01-30923 DM, 94-0742640 | |
| Download: ML020510021 (4) | |
Text
1 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 9
NORTHERN DISTRICT OF CALIFORNIA 10 SAN FRANCISCO DIVISION 11 In re Case No. 01-30923 DM 12 PACIFIC GAS AND ELECTRIC 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 FOR ALLOWANCE AND PAYMENT OF INTERIM COMPENSATION AND REIMBURSEMENT OF EXPENSES FOR DECEMBER 1, 2001 THROUGH 18 DECEMBER 31, 2001 19 20 21 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 December 1, 2001 through December 31 9 2001 (the "Application 23 Period"). In support of the Application, the Firm respectfully represents as follows:
24
- 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 27 (the "Debtor"). The Firm hereby applies to the Court for allowance and payment of interim compensation for services rendered and reimbursement of expenses incurred during the 28
ý00'
1 2
3 4
5 6
7 8
9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Period Fees Expenses -Totil December 1 - December 31
$200,000.00
$1,961.85
$201,961.85 Prior Expense Overcharge -
($5,321.22)
($5,321.22)
Reported in 2"dSupplemental Declaration Total for Period
$200,000.00
($3,359.37)
$196,640.63
- 3.
Accordingly, the Firm seeks allowance of interim compensation in the total amount of $166,640.63 at this time. This total is comprised as follows:
$170,000.00 (85%of the fees for services rendered)' plus the net monthly expenses
($3,359.37) (100% of the expenses incurred $1,961.85 minus a prior overcharge of
$5,321.22).
- 4.
With regard to the copies of this Application served on counsel for the Committee, counsel for the Debtor and the Office of the United States Trustee, attached as Exhibit 1 hereto is the name of each professional who performed services in connection with this case during the period covered by this Application and a narrative summarizing the work
'Payment of this amount would result in a "holdback" of $30,000.00 -I Application Period.
- 2.
The Firm billed a total of $196,640.63 in fees and expenses during the Application Period. The Firm entered into an Engagement Agreement covering the Application Period (the "Agreement") with the Official Committee of Unsecured Creditors of Pacific Gas and Electric Comany (the "Committee").. The Agreement calls for a monthly fee of $250,000.00 for the first six (6) months of the Engagement Period and a monthly fee of
$200,000.00 for each month of the engagement after, plus reimbursement of actual out-of pocket expenses. The total monthly fees ini.rred t~hrough December'31,2001 represents I month of the monthly engagement during the Application Period.- These fe es and expenses break down as follows:
1 of each professional; and (b) attached as Exhibit 2 are the detailed expense statements for the 2
Application Period that comply with all Northern District of California Bankruptcy Local 3
Rules and Compensation Guidelines and the Guidelines of the Office of the United States 4
Trustee.
5
- 5. --The Firm has served a copy of this Application (without Exhibits) on the 6
Special Notice List in this case.
7
- 6.
P...tursuant to this Court's 'ORDER ESTABLISHING INTERIM FEE 8
APPLICATION AND EXPENSE REIMBURSEMENT PROCEDURE" which was entered 9
on or, about July 25, 2001, the Debtor is atithorized to make the payment requested herein 10 without a further hearing or order of this Court unless an objection to'this App*lication is filed 11 with the Court by the Debtor, the Committee or the United States Trustee and served by the 12 fifteenth day of the month following the service of this Application. If such an objection is 13 filed, Debtor is authorized to pay the amounts, if any, not subject.to the objection. The Firm 14 is informed and believes that this Cover Sheet Application was mailed by overnight mail on 15 or about January 30, 2001.
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- 7.
The interim compensation and reimbursement of expenses sought in this 17 Application is on account and is not final. Upon the conclusion of this case, the Firm will 18 seek fees and reimbursement of the expenses incurred for the totality of the services rendered 19 in the case. Any interim fees or reimbursement of expenses approved by this Court and 20 received by the Firm will be credited against such final fees and expenses as may be allowed 21 by this Court.
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- 8.
The Firm represents and warrants that its billing practices comply with all 23 Northern District of California Bankruptcy Local Rules and Compensation Guidelines and 24 the Guidelines of the Office of the United States Trustee. Neither the Firm nor any members 25 of the Firm has any agreement or understanding of any kind or nature to divide, pay over or 26 share any portion of the fees or expenses to be awarded to the Firm with any other person or 27 attorney except as among the members and associates of the Firm.
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 SAYBROOK CAITAL, LLC 8
JONATHAN ROSENTHAL 9
Financial Advisor for the Official Committee of Unse.cured Creditors 6fPACIFIC GAS AND 10 ELECTRIC COMPANY 11 12 13
- 14.
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