ML032530294

Saybrook Capital, LLC Cover Sheet Application for Allowance and Payment of Interim Compensation and Reimbursement of Expenses for July 1 Through July 31, 2003

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

I JON P. SCHOTZ JONATHAN Y. THOMAS 2 JONATHAN ROSENTHAL JEFFREY M. WILSON 13,10

.. , . 11,%2s

3 SAYBROOK CAPITAL, LLC 401 Wilshire Blvd, Suite 850 4- Santa Monica, CA 90401 Telephone: 310/899-9200 Facsimile: 310/899-9101 6 Financial Advisors for Official Committee of Unsecured Creditors 7

_8 - UNITED STATES BANKRUPTCY COURT S F - -

10 SAN FRANCISCO DIVISION 11 In re Case No. 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 JULY 1 THROUGH 18 JULY 31. 2003 19

- -_ 20 Saybrook Capital, LLC (the "Firm") submits its Cover Sheet Application (the 21 "Application") for Allowance and Payment of Interim Compensation and Reimbursement of 22 Expenses for the Period July 1, 2003 through July 31, 2003 (the "Application Period"). In 23 support of the Application, the Firm respectfully represents as follows:

24 1. The Firm is a financial advisor to the unsecured creditors of Pacific Gas and 25 Electric Company, debtor and debtor-in-possession in the above-referenced bankruptcy case 26 (the "Debtor"). The Firn hereby applies to the Court for allowance and payment of interim 27 compensation for services rendered and reimbursement of expenses incurred during the 28 Application Period.

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1 2. The Firm billed a total of $125,672.13 in fees and expenses during the 2 Application Period. The Firm was engaged by the Official Committee of Unsecured 3 Creditors of Pacific Gas and Electric Company (the "Committee") pursuant to an executed 4 Engagement Agreement dated April 20, 2001 (the "Agreement"). The Agreement calls for a 5 monthly fee of $250,000.00 for the first six (6) months of the Engagement Period and a 6 monthly fee of $200,000.00 for each month thereafter as long as the case continues, plus 7 reimbursement of actual out-of-pocket expenses. The Firm has voluntarily agreed to reduce 8 its monthly fee to $125,000.00 per month, commencing June 1, 2003, and continue in effect 9 thereafter on a month-to-month basis. The Firm and the Committee shall negotiate in good 10 faith for any appropriate future adjustments to the Monthly Fee, provided that in no event will 11 the Monthly Fee be increased above the rate approved by the Retention Order. The total fees 12 for services rendered during the Application Period represent monthly fees for one month of 13 the engagement. These fees and expenses break down as follows:

14 15 Period Fees Expenses Total 16 July 1-July31 $125,000.00 $672.13 $125,672.13 17

3. Accordingly, the Firm seeks allowance of interim compensation in the total 18 amount of $106,922.13 at this time. This total is comprised as follows:

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$106,250.00 (85%of the fees for services rendered)'

20

$ 672.13 (100% of the expenses incurred).

21

4. With regard to the copies of this Application served on counsel for the 22 Committee, counsel for the Debtor and the Office of the United States Trustee, attached as 23 Exhibit 1 hereto is the name of each professional who performed services in connection with 24 this case during the period covered by this Application and a narrative summarizing the work 25 of each professional; and (b) attached as Exhibit 2 are the detailed expense statements for the 26 27

'Payment of this amount would result in a "holdback" of $18,750.00 28 1 Application Period that comply with all Northern District of California Bankruptcy Local 2 Rules and Compensation Guidelines and the Guidelines of the Office of the United States 3 Trustee.-

4 5. The Firm has served a copy of this Application (without Exhibits) on the 5 Special Notice List in this case.

6 6. Pursuant to this Court's "SECOND AMENDED ORDER ESTABLISHING 7 INTERIM FEE APPLICATION AND EXPENSE REIMBURSEMENT PROCEDURE" 8 which was entered on or about March 18, 2002, the Debtor is authorized tQ make, the payment

.Mgqustedl;!l ,e tit a further eaigoorroftsCutunssnobcion to this 10 Application is filed with the Court by the Debtor, the Committee or the United States Trustee 11 and served by the fifteenth day of the month following the service of this Application. If such 12 an objection is filed, Debtor is.authorized to pay the amounts, if any, not subject to the 13 objection. The Firm is informed and believes that this Cover Sheet Application was mailed 14 by overnight mail on or about August 28, 2003.

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7.~ Th .nt .n ...... . . .

15 7. The interim compensation and reimbursement of expenses sought in this 16 Application is on account and is not final. Upon the conclusion of this case, the Firm will 17 seek fees and reimbursement of the expenses incurred for the totality of the services rendered 18 in the case. Any interim fees or reimbursement of expenses approved by this Court and 19 received by the Firm will be credited against such final fees and expenses as may be allowed 20 by this Court.

21 8. The Firm represents and warraants ifats billing practices comply with all 22 Northern District of California Bankruptcy Local Rules and Compensation Guidelines and 23 the Guidelines of the Office of the United States Trustee. Neither the Firm nor any members 24 of the Firm has any agreement or understanding of any kind or nature to divide, pay over or 25 share any portion of the fees or expenses to be awarded to the Firm with any other person or 26 attorney except as among the members and associates of the Firm.

27 I. * .`

28 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