ML032530294
| ML032530294 | |
| Person / Time | |
|---|---|
| Site: | Diablo Canyon  |
| Issue date: | 08/29/2003 |
| From: | Schotz J Official Committee of Unsecured Creditors, Pacific Gas & Electric Co, Saybrook Capital |
| To: | Office of Nuclear Reactor Regulation, US Federal Judiciary, Bankruptcy Court, Northern District of California |
| References | |
| 01-30923 DM, 94-0742640 | |
| Download: ML032530294 (4) | |
Text
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- 3 4-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 13,10
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7 Financial Advisors for Official Committee of Unsecured Creditors
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10 UNITED STATES BANKRUPTCY COURT S
F SAN FRANCISCO DIVISION 11 12 13 14 15 In re PACIFIC GAS AND ELECTRIC....
COMPANY, a California corporation, Debtor.
Federal I.D. No. 94-0742640 Case No. 01-30923 DM Chapter 1 Case 16 17 18 SAYBROOK CAPITAL, LLC COVER SHEET APPLICATION FOR ALLOWANCE AND PAYMENT OF INTERIM COMPENSATION AND REIMBURSEMENT OF EXPENSES FOR JULY 1 THROUGH JULY 31. 2003 19 20 21 22 23 24 25 26 27 28 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 July 1, 2003 through July 31, 2003 (the "Application Period"). In support of the Application, the Firm respectfully represents as follows:
- 1.
The Firm is a financial advisor to the unsecured creditors of Pacific Gas and Electric Company, debtor and debtor-in-possession in the above-referenced bankruptcy case (the "Debtor"). The Firn 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 $125,672.13 in fees and expenses during the Application Period. The Firm was engaged by the Official Committee of Unsecured Creditors of Pacific Gas and Electric Company (the "Committee") pursuant to an executed Engagement Agreement dated April 20, 2001 (the "Agreement"). 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 thereafter as long as the case continues, plus reimbursement of actual out-of-pocket expenses. The Firm has voluntarily agreed to reduce its monthly fee to $125,000.00 per month, commencing June 1, 2003, and continue in effect thereafter on a month-to-month basis. The Firm and the Committee shall negotiate in good faith for any appropriate future adjustments to the Monthly Fee, provided that in no event will the Monthly Fee be increased above the rate approved by the Retention Order. The total fees for services rendered during the Application Period represent monthly fees for one month of the engagement. These fees and expenses break down as follows:
Period Fees Expenses Total July 1-July31
$125,000.00
$672.13
$125,672.13
- 3.
Accordingly, the Firm seeks allowance of interim compensation in the total amount of $106,922.13 at this time. This total is comprised as follows:
$106,250.00 (85%of the fees for services rendered)'
672.13 (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
'Payment of this amount would result in a "holdback" of $18,750.00 1
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8 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 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 Special Notice List in this case.
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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 tQ make, the payment
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,e ti t a further eaigoorroftsCutunssnobcion 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 and believes that this Cover Sheet Application was mailed by overnight mail on or about August 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 warraants ifats 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.
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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 3
"SECOND AMENDED ORDER ESTABLISHING INTERIM FEE APPLICATION AND 4
EXPENSE REIMBURSEMENT PROCEDURE."
5 DATED: August 29, 2003 6
SAYBROOK CA TAL, LL 7
8 By:
9 Financial dv or for the Offi 1 Committee of Unsecured editors of PACIF GAS AND 10 ELECTRIC COMPANY 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28