ML030930614
| ML030930614 | |
| Person / Time | |
|---|---|
| Site: | Diablo Canyon  |
| Issue date: | 04/03/2003 |
| From: | Schotz 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: ML030930614 (4) | |
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18 19 20 21 22 23 24 25 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 Unsecured Creditors UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF CALIFORNIA SAN FRANCISCO DIVISION In re Case No. 01-30923 DM PACIFIC GAS AND ELECTRIC Chapter 11 Case COMPANY, a California corporation, I - Debtor.
Federal I.D. No. 94-0742640 SAYBROOK CAPITAL, LLC COVER SHEET APPLICATION FOR ALLOWANCE AND PAYMENT OF INTERIM COMPENSATION AND REIMBURSEMENT OF EXPENSES FOR FEBRUARY 1 THROUGH FEBRUARY 28. 2003.
Saybrook Capital, LLC (the "Firm") submits its Cover Sheet Application (the "Application") for Allowance and Payment of Interim Compensation and Reimbursement of Expenses for the Period February 1, 2003 through February 28, 2003 (the "Application Period"). In support of the Applicatiofith,Finn respectfully represents as follows:
- 1.
The Firm is a financial advisor lo the unsecured creditors of Pacific Gas and Electric Company, debtor and debtor-in-possbssion in the above-referenced bankruptcy case (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 Application Period.
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- 2.
The Firm billed a total of $200,206.30 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 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, plus reimbursement of actual out-of-pocket expenses. The total fees incurred February-1 through February 28, 2003 represent 1 month of the monthly engagement during the Appli6ation Period. These fees and expenses break down as follows:
Period Fees Expenses Total February 1 - February 31
$200,000.00
$206.30
$200,206.30
- 3.
Accordingly, the Firm seeks allowance of interim compensation in the total amount of $170,206.30 at this time. This total is comprised as follows:
$170,000.00 (85%of the fees for services rendered)'
206.30 (100% of the expenses incurred).
- 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 of each professional; and (b) attached as Exhibit 2 are the detailed expense statements for the Application Period that comply with all Northern District of California 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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-Special Notice List in this case.
- 6.
Pursuant to this Court's "SECOND AMENDED ORDER ESTABLISHING INTERIM FEE APPLICATION AND EXPENSE REIMBURSEMENT PROCEDURE" which was entered on or about March 18, 2002, the Debtor is authorized to make the payment requested herein without a further hearing or order of this Court unless an objection to this Application is filed with the Court by the Debtor, the Committee or the United States Trustee and served by the fifteenth day of the month following the service of this Application. If such an objection is filed, Debtor is authorized to pay the amounts, if any, not subject to the objection. The Firm is informed anid believes that this Cover Sheet Application was mailed by overnight mail on or about March 28, 2003.
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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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The Firm represents and warrants that its billing practices comply with all Northern District of California Bankruptcy Local Rules and Compensation Guidelines and the Guidelines of the Office of the United States Trustee. Neither the Firm nor any members of the Firm has any agreement or understanding of any kind or nature to divide, pay over or share any portion of the fees or expenses to be awarded to the Firm with any other person or attorney except as among the members and associates of the Firm.
.Ii, I1 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 3
"SECOND AMENDED ORDER ESTABLISHING INTERIM FEE APPLICATION AND 4
EXPENSE REIMBURSEMENT PROCEDURE."
5 DATED:
6 SAYBROOK CAPITAL, LLC 8
B:JON SCHO 9
Financ Advisor for the Offic 1 C ittee of Unsecured Creditors of PACIF AS AND 10 ELECTRIC COMPANY 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28