ML023430331

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

ML023430331
Person / Time
Site:	Diablo Canyon
Issue date:	12/09/2002
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: ML023430331 (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 Commi e of Unsecured Creditors ,...

7 8 UNITED SfA'Tl jjANN.Ut"r.,x t.uu

-9 NORTHERN-DISTRICT- OF-CALIFORNIA:

SAN FRANCISCO DIVISION 10 11 Inre CaseNo. 01-30923 DM 12 PACIFIC GAS AND ELECTRIC Chapter 1_ 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 OCTOBER 1 THROUGH 18 - - ... OCTOBER 31,2002

19, "20 Sdybrook Capital, LLC (the ý'Firm"') submits its Cover Sheet Application (the' Reimbursement of 21 "Application") for Allowance and Payment of Interim Compensation and "Application.

22 Expenses for the Period October -, 2002 through October 31, 2002 (the as follows:

23 Period"')' Insupport-of thie Applicati6n, the'Firm respectfully represents 24 1. The Firm is a financial advisor to the unsecured creditors of Pacific Gasand bankruptcy case 25 Electric Company, debtor ahd deblt&r-in-ppssession in the above-referenced prý&nent 6f interim 26 (the "Debtor"). The Firm hereby applies to the Courit kor.'allowance and incuirfeddiirinf the 27 compensation for services rendered and reimnbursement of expenses 28 Application Period.

d ot

/

1 2. The Firm billed a total of $201,062.89 in fees and expenses during the 2 Application Period. The Firm entered into an Engagement'Agre*ment covering the,'

3 Application Period (the "Agreement") with the Official Committee of Unsecured Creditors of 4 Pacific Gas and Electric Company (the "Committee"). Tle'Agreement calls for a monthly 5 fee of $250,000.00 for the first six (6) months of the Engagement Period and a monthly fee of 6 $200,000.00 for each month of the engagement after, plus reimbursement of actual out-of 7 pocket expenses. The total fees incurred October 1 through October 31, 2002 represent 1 8 month of the monthly engagement during the Application Period. These fees and expenses

.9 ,break down as follows: ,

10 11 Period Fees Expenses Total 12 October 1 - October 31, $200,000.00 $1,062.89 $201,062.89 13

3. Accordingly, the Firm seeks allowance of interim compensation iri the total 14 amount of $171,062.89 at this time. This total is comprised as follows:

15

$170,000.00 (85%of the fees for services rendered) 1 16

$ 1,062.89 (100% of the expenses incurred).

17

4. -. With regaid to the copies of this Application served on counsel for the 18 Committee,' counsel for the Debt6r and the Office of the United States Trustee, attached as 19 Exhibit I hereto is the name of each professional who performed services in connection with 20 this case during the period covered by this Application and a narrative summarizing the work S 217 of each professional; and (b) 'attached as Exhibit 2 are the detailed expense statements fo6rthe 22

-Application Period'that comply with all Northern District-of California Bankruptcy Local 23 Rules and Compensationr Guidelines and the Guidelines of the Office of the United States 24 Trustee.

25

5. The Firm has served a copy of this Application (without Exhibits) on the 26 S

27 1Payment of this amount woiuld result in a "holdback" of $30,000.00 28 1 Special Notice List in this case.

2 6. Pursuant to this Court's-"SECOND AMENDED ORDER ESTABLISHING 3 INTERIM FEE APPLICATION AND EXPENSE REIMBURSEMENT PROCEDURE" 4 which was entered on or about March 18, 2002, the Debtor is authorized to make the payment 5 requested herein without a further hearing or order of this Court unless'an objection to this 6 Application is filed with the Court by the-Debtor, the Committee or the United States Trustee 7 and served by the fifteenth day of the month following the service of this Application. If such 8 an objection is filed, Debtor is authorized to pay the amounts, if any, not subject to the

-- * -°*objectionllThe -Firmn is informed and believes that this Cover-Sheet-Application -was-mailed 10 by overnight mail on or about November 26, 2002.

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

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

23 24 25 .. "

26 27 28 Q

I WHEREFORE, the Firm respectfully requests that the Debtor pay compensation 2 to the Finn as requested herein pursuant to and in accordance with the terms of the 3 "SECOND AMENDED ORDER ESTABLISHING INTERIM FEE APPLICATION AND 4 EXPENSE REIMBURSEMENT PROCEDURE."

5 DATED:

6 SAYBROOK CAPITAL, LLC 7

By:

8 JONATHAN ksO THAL 9 Financial Advisor for the Official Committee of

""nseciiiud Credifo-TofPACIFIC GAS AND 10 ELECTRIC COMPANY, 11 12 13 14 15 16 17 18 19 20 21-

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