ML040650496

Saybrook Capital, LLC Cover Sheet Application for Allowance and Payment of Interim Compensation and Reimbursement of Expenses for January 1 Through January 31, 2004

ML040650496
Person / Time
Site:	Diablo Canyon
Issue date:	02/27/2004
From:	John Thomas 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: ML040650496 (4)

Text

1 JON P. SCHOTZ,' :>  ; hi ..-

JONATHAN Y. THOMAS 2 JONATHAN-ROSENTHAL';I2 JEFFREY M. WILSON 3 'SAYBROOK CAPITAL,:LLC -- '-

401 Wilshire Blvd, Suite 850 4 Santa Monica, CA 90401': .

Telephone: 310/899-9200 .. . 4' 5 Facsimile: 310/899-9101  : {') ia 6 Financial Advisors for Official Cornmittee of Unsecured Creditors .. , ,

7 8 -UNITED STATES BANKRUPTCY COURT -_-

9 NORTHERN DISTRICT OF CALIFORNIA 10 -,SAN FRANCISCO DIVISION

11 Inre - - CaseNo.01-30923 DM 12 PACIFIC GASANDbELECTRIC*

• E' -Chapter'l 1 Case 1 COMPANY, a California corporation, . .  ;

Debtor.

15 Federal I.D..No. 94-0742640 r - ( ,U 16 - SAYBROOK CAPITAL, LLC

~~~~~- ----

-COVER-SHEET APPLICATION ---- i 17 FOR ALLOWANCE AND PAYMENT OF INTERIM COMPENSATION AND REIMBURSEMENT OF EXPENSES FOR JANUARY 1 THROUGH 18  ;. JANUARY 31. 2004 19 20 Saybrook Capital, LLC (the "'Firm") submits its Cover Sheet Application (the.'

.21 "Application") for Allowance and Pa ent of Interim Compensation and Reimbursement of

.22 Expenses for the Period January 1, 2004 through January 31, 2004 (the "Application 23 Period"). In support of the Application,' the Firm respectfully represents as follows:

24  ;- - 1 -.The Firm is a financial advisoijto the unsecured creditors of Pacific Gas and 25- Electric Company, debtor and debtor-in-possession in the above-referenced bankruptcy case

. _ . . ~~~~T-r 26 (the "Debtor"). The Firm hereby applies to the Court for allowance and payment of interim

.- eiisf-..' n,'

27 compensation for services rendered and reimbursement of expenses incurred during the 28 Application Period. b

. . ,e 11; 1 2. The Firm billed a total of $125,234.65 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 bf 13 the engagement., These fees and expenses break down as follows: - - -,

. e I9, - ' r8 !'va' /- SO

.14 I

'15 . Period ,r . Fees, Expenses,,.: ., Total .

16 January - January 31 E $125,000.00 , , $234.65 $125,234.65  :

17 3. Accordingly, the Firfm seeks allowance of interini compensation in the total 18 amount of $106,484.65 at this time. This total is comprised as follows:

19

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

20

$ 234.65 (100%of the expenses incurred).

21 4.i With'iegard to the'copies of this Application' served on counsel for the 22 Committee, counsel for the Debtor an th e United States Trustee', attached as

23. Exhibit l hereto is' the'name of each professional 'who performed services ini connection with 24 th1`s c'ase d'uning'the'p eribd'6`6oered by this Applicati6o and a narrative; summarizing the work

,25.,

o'f'eachprofe'ssi'onal; and (b)"attachefdas Eihibit 2 ariethe detailed expense s'tatem'ents'for the:

'26 . )!-. i:  : . . -,:::i '  :..X- . . w.}

.-. '  : '3, .

'27 - ' .  ;-. i ' ,,. .- ' ' l'

'Payment of this amount would result in a "holdback" of $18,750.00 28 1

'! - .:; W. . . - - -,

1 Application Period that coimply with allNo6hAiri Distriict'fof California Bankruptcy Local 2 Rules and Compensationi Guidelinesadnd the Guidelines'-of tVfOffice of'the' Urite'd States 3 :Trustee.,i; iI o - ' .; i -

4.

• 5; :The Firm has served -acopy' 6 f-'this-Ap'plication'(vith6ut'Exhibits)oii ihe 5 Special Notice List in this case.

6 6. Pursuant to this'Couit's "SECOND AMENDED ORDER ESTABLISHING 7 INTERIM FEE APPLICATION AND EXPENSE REIMBURSEMENT PROCEDURE" 8 which was ente'red on or about March 18,'2002, the Debtor is authorized to make the payment 9 requested herein without a further hearing or order of this Court unless an objection to this 10 Application is filed with the Court by the Debtor, the Committee or the United States Trustee' 1;1 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 arid believes that this Cover Sheet Application was mailed 14 by overnight mail on or about.February 26,,2004.  ; _ . ,

15 7. The interim'compensation and reimbursement of expenses soughtfin 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 warrants that its 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 orunderstanding of any kind or-nature to divide, pay over or -

25 share anyportion of.the fees or expensesto be awarded to the Firm with any otherperson or--

26 attorney except as among the members and associates of the Firm.

27 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: February 27, 2004 6 SAYBROOK CAPITAL, LLC 7

By:

8 / JONATHAN THOMAS

. g . , . -i # Financial Advisor for the Official Committee of Unsecured Creditors of PACIFIC GAS AND 10 ELECTRIC COMPANY 12 13  :. . .:-;

15 .-..-

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