ML022820184

Saybrook Capital, LLC Cover Sheet Application for Allowance & Payment of Interim Compensation & Reimbursement of Expenses for August 1 Through August 31, 2002

ML022820184
Person / Time
Site:	Diablo Canyon
Issue date:	08/31/2002
From:	Rosenthal J Official Committee of Unsecured Creditors, Saybrook Capital
To:	Office of Nuclear Reactor Regulation, US Federal Judiciary, Bankruptcy Court, Northern District of California
References
01-30923 DM, 94-0742640
Download: ML022820184 (4)

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"_UNITED STATES BANKRUPTCY COURT, NORTHERN DISTRICT OF CALIFORNIA

-SAN FRANCISCO DIVISION-In re PACIFIC GAS AND ELECTRIC COMPANY, a California corporation, Debtor.

I Federal I.D. No. 94-0742640 SCase No. 01-30923 DM Chapter 11 Case J,

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,SAYBROOK CAPITAL, LLC, r-,"

--:C-VER SHVET At"PLfC.AT-IONW-';'*-:,':.*.,,*,:'

FOR ALLOWANCE AND PAYMENT OF INTERIM COMPENSATION AND "REIMBURSEMENT OF EXPENSES-FORIAUGUST 1 THROUGH AUGUST 31, 2002' I

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ý5 26 27 28 JON P. SCHOTZ JONATHAN Y. THOMAS JONATHAN ROSENTHAL JEFFREY M. WILSON SAYBROOK CAPITAL, LLC 401 Wilshire Blvd, Suite 850 Santa Monica, CA, 90401.

Telephone:

310/899-9200 Facsimile:

310/899-9101 Financial Advisors for Official Committee of"i, Unsecured Creditors S-10

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'Saybiook Capital;,LLC (the "Firriii") giib'niits*ts,Cover Sheet Application (the "A'Applicati6in") for Allowance and Payment of Intdrim Compensation and Reimbursement of Expenses for the Period August 1, 2002 thiough August 31; 2002 (the "Ap~plication'-

Period"). In support 6Vkhie'Application,.the Firnirespectfully represents as follows:

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The Firm is a financial advisor to the unsecured creditors of Pacific Gas and Electnc:C-ompan', debtor 'nxd debt-dr-in-pos: es'iofxin the ab6ve-referenied bankruptcy case (the "Debtofr). The Firm hereb pphes,tothe Cout for all6wance and payment of interim compensation for services rendered and reimbursement of expenses incurred during the Application Period.

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The Firm billed a total of $200,912.29 in fees" and expenses during the Application Period. The Firm entered into an'Engagement ýgreement covering the Application Period' (th-e"Agreement") with the Official Committee of Unsecured Creditors of Pacific Gas and Electric' Company (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; plug reimbursement of actual out-of pocket expenses.' The total monthly fees incurred August 1 through August 31, 2002 represents I month of the monthly engagement during the Atplication Period. These fees and expenses break down as follows:

Period Fees Expenses Total August 1 - August 31.

'$200,000.00

$912.29

$200,912.29

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Accoidingly, "tie Firm seeks allowance of interim compensation in the total amount of $170,912.29' at this time. This total'is compiris~d'is follows:

$170,000.00'(85%of the fees'for services refidbire'd')-'

912.29 (100% of the expenses incurred).

"4. -With I regaid to the copies of this Appiiea ic n!srved on counsel for the Cornnittee, counsel for the bebtor and the Offiieifthe UnitedStates Trustee, attached'as Exhibit 1 heretd is"'thename of each profesgi6nallwho'perfofind services in coninection ývith this case durng th+enodcovered b'y s At plication and 4&narrative summarizii'g the work of ea*ir6ofessioria, anfd(b) att~ch'e'das-Exhibif2 are the clefailed expense statement for the Application Period that comply with all Northerm DJistrict tSf ahlifornia Bankruptcy Local Rules and Compensation Guidelines and the Guidelines of the Office of the United States Trustee.

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The Firm has served a copy of this Application (without Exhibits) on the

'Payment of this amount would result in a "holdback" of $30,000.00 I.-.

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-,721 22 23 24 25 26 27 28 Special Notice List iii this ease.-..,,

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6. " Pursuant to this Court'.f"SECOND4AMENDED ORDER ESTABLISHING

.INTERIM FEE APP-LIcATION"AND EXPENSE REIMBURSEMENT PROCEDURE",

ilwhich was 6nteied on or a'boit March J18yr2002, the:Debtor i§ autihi~izedto-inake the pa'ment requested herein wiihout a furthe-r hearing-ror order'of this Court unless an objection to this Application is filed with the Courtby the Debtor, the Committee dr. the United States Trtstee and served by the *fifteenth day of themonth following the service of this Application., If such an*6bjection is filed,'Debtori is authoried to pay'the amounts, if finy,' rot subject to the objection. The Firm is informed and believes that this Cover Sheet Application was mailed

-by overnight mail-on or about September 27,12002.

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

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lThe Firm represents and warrants that its billingpractices comply with all Northern District of California Bankruptcy, Loca1 Rules and Compensation Guidelines and the Guidelines of the Office of~the United StatesTrustee. Neither the Firm nor.any merhbers of the Firm has any agreement or understanding of any kindior nature to, divide, pay, over or eh.a anyp6i:oh of thee&s Or-xpeSes to bedawad-ed to the-Fihr-with'any-6ther person or attorney except as among the members and associates of the Firm.

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WHEREFORE, the Firm respectfully requests that the Debtor pay compensation to the Firm as requested herein pursuant to and in accordance with the terms of the "SECOND AMENDED ORDER ESTABLISHING INTERIM FEE APPLICATION AND EXPENSE REIMBURSEMENT PROCEDURE."

DATED:

SAYBROOK CAPITAL, LLC By:

JONATHAN ROSENTHAL Financial Advisor for the Official Committee of Unsecured Creditors of PACIFIC GAS AND ELECTRIC COMPANY i-.

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