ML030080042
| ML030080042 | |
| Person / Time | |
|---|---|
| Site: | Diablo Canyon  |
| Issue date: | 12/27/2002 |
| From: | Sullivan J Innisfree M&A |
| To: | Office of Nuclear Reactor Regulation, US Federal Judiciary, Bankruptcy Court, Northern District of California |
| References | |
| 01-30923, 94-0742640 | |
| Download: ML030080042 (5) | |
Text
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9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 In re:
PACIFIC GAS AND ELECTRIC CO, Debtor.
Federal I.D. No. 94-0742640 Case No. 01-30923 Chapter 11 Case
[No Hearing Scheduled]
INNISFREE M&A INCORPORATED'S COVER SHEET APPLICATION FOR ALLOWANCE AND PAYMENT OF INTERIM COMPENSATION AND REIMBURSEMENT OF EXPENSES FOR THE PERIOD OCTOBER 1. 2001 -NOVEMBER 30, 2002 Innisfree M&A Incorporated ("Applicant" or "Innisfree"), submits its Cover Sheet Application (the "Application"), for Allowance and Payment of Interim Compensation and Reimbursement of Expenses for the Period October 1. 2001 - November 30, 2002 (the "Application Period"). In support of the Application, Innisfree respectfully represents as follows:
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Innisfree is the Voting Agent to Pacific Gas and Electric Company. debtor and debtor-in-possession (the "Debtor"), and also Voting Agent to the California Public 1
INNISFREE M&A INCORPORATED 501 Madison Avenue, 20e Floor New York, NY 10022 Telephone: (212) 750-5833 Facsimile: (212) 750-5799 Voting Agent to the Debtor UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF CALIFORNIA SANFRANCISCO DIVISION
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9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Utilities Commission (the "CPUC"), in the above-referenced bankruptcy case. Innisfree hereby applies to the Court for allowance and payment of interim compensation for services rendered and reimbursement of expenses incurred during the Application Period.
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Innisfree billed a total of $714,476.40 in fees and expenses during the Application Period, of which $555,877.00 was for fees and $158,599.40 was for expenses.
Innisfree's project fee was $25,000 plus $2,000 for each of the 120 voting securities and
$1,500 for each of the seven non-voting securities (for a total of $275,500.00) although the project fees were capped at $150,000 pursuant to the letter of agreement between Innisfree and PG&E. These project fees covered the distribution of voting materials to the banks and brokerage firms holding the Debtor's public securities and the subsequent coordination with the banks and brokerage firms and the distribution of master ballots. In addition, Innisfree charged $54,000 for the subsequent mailing to holders of 27 insurance enhanced cusips $19,988.45 for the mailings to registered record holders of securities and other creditors and parties in interest $119,970 for the tabulation of ballots and master ballots $51,923.55 for the distribution and mailing of the notice of Disclosure Statement hearing $250.00 for the subsequent mailing of certain notices to holders of executory contracts $22,847.50 to take 3,515 calls at $6.50 each and $136,897.50 for a total of 584.5 hours5.787037e-5 days <br />0.00139 hours <br />8.267196e-6 weeks <br />1.9025e-6 months <br /> of consulting work completed by Innisfree professionals. These fees and expenses break down as follows:
Period Fees Expenses Total 10/01/2001-11/30/2002
$555,877.00
$158,599.40
$714,476.40 2
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Innisfree seeks allowance of interim compensation in the total amount of 2
$631,094.85. This total is comprised as follows:
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$472,495.45 (85% of the total fees for services rendered), plus 4
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$158,599.40 (100% of the total expenses incurred).
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Innisfree has been advanced $150,000 against fees and $87,833.95 against 7
expenses pursuant to the letter of agreement. Therefore, Innisfree seeks payment of interim 8
9 compensation in the total amount of:
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$393,210.90. This total is comprised as follows:
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$322,495.45 (85% of the total fees for services rendered less $150,000), plus 12
$70,715.45 (100% of the total expenses incurred less $87,883.95).
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This is the first Application of Innisfree, and therefore no amounts are owing 14 15 pursuant to previous application periods.
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With regard to the copies of this Application served on Counsel for the 17 Committee, Counsel for the Debtor and the Office of the United States Trustee, (a) attached 18 as Exhibit I hereto, is the name of each professional who performed services in connection 19 20 with this case during the period covered by this Application and the hourly rate for each such 21 professional; and (b) attached as Exhibit 2, are the detailed time statements and the invoice 22 with hours statement for the Application Period that comply with all Northern District of 23 California Bankruptcy Local Rules and Compensation Guidelines and the Guidelines of the 24 25 Office of the United States Trustee.
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Innisfree is informed and believes that a copy of this Application (without 2
Exhibits) will be served on or about December 30, 2002 to the Special Notice List in this 3
case.
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Pursuant to this Court's "SECOND AMENDED ORDER ESTABLISING 6
INTERIM FEE APPLICATION AND EXPENSE REIMBURSEMENT PROCEDURE" which was entered on or about March 18, 2002, the Debtor is authorized to make the 8
payment requested herein without a further hearing or order of this Court unless an objection 9
10 to this Application is filed with the Court by the Debtor, or the United States Trustee and 11 served by the fifteenth day of the month following the service of this Application. If such an 12 objection is filed, the Debtor is authorized to pay the amounts, if any, not subject to the 13 14 objection. Innisfree first hand sent this Cover Sheet Application via Federal Express on or 15 about December 27, 2002.
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The interim compensation and reimbursement of expenses sought in this case is 17 on account and is not final. Upon the conclusion of this case, Innisfree will seek fees and 18 reimbursement incurred for the totality of the services rendered in the case. Any interim fees 19 20 or reimbursement of expenses approved by this Court and received by Innisfree will be 21 credited against such final fees and expenses as may be allowed by this court.
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- 10. Innisfree believes and accordingly, it represents and warrants that its billing 23 practices comply with all Northern District of California Bankruptcy Local Rules and 24 25 Compensation Guidelines and the Guidelines of the office of the United States Trustee.
26 Neither Innisfree nor any members of Innisfree has any agreement or understanding of any 27 28 4
1 kind or nature to divide, pay over or share any portion of the fees or expenses to be awarded 2
- to Innisfree with any other person except as among the members and associates of Innisfree.
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WHEREFORE, Innisfree respectfully requests that the Debtor pay compensation to 5
Innisfree as requested herein pursuant to and in accordance with the terms of the "SECOND 6
AMENDED ORDER ESTABLISING INTERIM FEE APPLICATION AND EXPENSE REIMBURSEMENT PROCEDURE."
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10 Dated:
A7/700oo2-11 1NNISFREE M&A INCORPORATED 12 13 By:
14 Jane Sullivan Voting Agent to the Debtor 15 16 17 18 19 20 21 22 23 24 25 26 27 28 5