ML021020044

Saybrook Capital, LLC Cover Sheet Application for Allowance and Payment of Interim Compensation and Reimbursement of Expenses for February 1, 2002 Through February 28, 2002

ML021020044
Person / Time
Site:	Diablo Canyon
Issue date:	04/11/2002
From:	Rosenthal J Saybrook Capital
To:	Office of Nuclear Reactor Regulation, Pacific Gas & Electric Co
References
94-0742640, Case 01-30923 (DM)
Download: ML021020044 (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 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 FOR ALLOWANCE AND PAYMENT OF INTERIM COMPENSATION AND REIMBURSEMENT OF EXPENSES FOR FEBRUARY 1, 2002 THROUGH 18 FEBRUARY 28, 2002 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 February 1, 2002 through February 28, 2002 (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 Finn hereby applies to the Court for allowance and payment of interim 27 compensation for services rendered and reimbursement of expenses incurred during the 28 f4ý etf .0 r

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1 Application Period.

2 2. The Firm billed a total of $209,499.53 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 the engagement after, plus reimbursement of actual out-of 8 pocket expenses. The total monthly fees incurred February 1 through February 28, 2002 9 represents I month of the monthly engagement during the Application Period. These fees 10 and expenses break down as follows:

11 12 Period Fees Expenses Total 13 February 1 - February 28 $200,000.00 $9,499.53 $209,499.53 14

3. Accordingly, the Firm seeks allowance of interim compensation in the total 15 amount of $179,499.53 at this time. This total is comprised as follows:

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$170,000.00 (85%of the fees for services rendered)'

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$ 9,499.53 (100% of the expenses incurred).

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4. With regard to the copies of this Application served on counsel for the 19 Committee, counsel -for the Debtor and the Office of the United States Trustee, attached as 20 Exhibit 1 hereto is the name of each professional who performed services in connection with 21 this case during the period covered by this Application and a narrative summarizing the work 22 of each professional; and (b) attached as Exhibit 2 are the detailed expense statements for the 23 Application Period that comply with all Northern District of California Bankruptcy Local 24 Rules and Compensation Guidelines and the Guidelines of the Office of the United States 25 Trustee.

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'Payment of this amount would result in a "holdback" of $30,000.00 28 1 5. The Firm has served a copy of this Application (without Exhibits) on the 2 Special Notice List in this case.

3 6. Pursuant to this Court's 'ORDER ESTABLISHING INTERIM FEE 4 APPLICATION AND EXPENSE REIMBURSEMENT PROCEDURE" which was entered 5 on or about July 25, 2001, the Debtor is authorized to make the payment requested herein 6 without a further hearing or order of this Court unless an objection to this Application is filed 7 with the Court by the Debtor, the Committee or the United States Trustee and served by the 8 fifteenth day of the month following the service of this Application. If such an objection is 9 filed, Debtor is authorized to pay the amounts, if any, not subject to the objection. The Firm 10 is informed and believes that this Cover Sheet Application was mailed by overnight mail on 11 or about March 28, 2002.

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

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

24 25 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 SAYBROOK CAP. AL, LLC 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