ML041320376
| ML041320376 | |
| Person / Time | |
|---|---|
| Site: | Diablo Canyon  |
| Issue date: | 04/30/2004 |
| From: | Rosenthal 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: ML041320376 (4) | |
Text
1 JON P. SCHOTZ JONATHAN Y. THOMAS 2
JONATHAN ROSENTHAL JEFFREY M. WILSON 3
SAYBROOK CAPITAL, LLC 401 Wilshire Blvd, Suite 850 4
Santa Monica, CA 90401 Telephone:
310/899-9200 5
Facsimile:
310/899-9101 6
Financial Advisors for Official Committee of Unsecured Creditors 7
8 UNITED STATES BANKRUPTCY COURT 9
NORTHERN DISTRICT OF CALIFORNIA 10 SAN FRANCISCO DIVISION 11 In re Case No. 01-30923 DM 12 PACIFIC GAS AND ELECTRIC Chapter 11 Case COMPANY, a California corporation, 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 MARCH 1 THROUGH 18 MARCH 31, 2004, 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 March 1, 20Q4through March 31, 2004 (the "Application Period").
23 In support of the ApplitatiohA thd&Ei rm etfly represents as follows:
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- 1.
The Firm is andaldior tq $he unsected creditors of Pacific Gas and 25 Electric Compay, debtor and debtor-in-possession in the above-referenced bankruptcy case 26 (the "Debtor"). The Firm 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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- 2.
The Firm billed a total of $127,1306.76in 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 ees Expenses Total March 1 - March 31
$125,000.00
$2,136.76
.$127,136:76.
- 3.
Accordingly, the Firm seeks allowance of interim compensation in the total amount of $108,386.76 at this time.
Thgis '1otal is comprised as follows:
$106,250.00 (85%of the fees for services rendered) 2,136.76(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 an'd'anarrative 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 2
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9 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.-
- 5.
The Firm has served a copy of this Application (without Exhibits) on the 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 and believes that this Cover Sheet Application was mailed by overnight mail on or about April 29, 2004.
- 7.
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 approvedby1 this; Court and received by the Firmwill be credited against such final fees and expenses as may be allowed by this Court.
- 8.
The Fi represents and warrants that its billing practices comply with all Northern District of California Bankruptcy Local Rules -and Compens atio Guidelines -and the Guidelines of the Office of the United States Trustee. Neither the.Firm ior 'any Embers of the Firm has any agreement or understanding of any kind or nature toIdivide, pay over or share any portion of the, fees or expenses to be awarded to ljte Firm with any other person or attorney except as among the members and associates of the Firm.
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: April 30, 2004 6
SAYBROOK CAPITAL, LLC 8
By:
JONATHAN ROSENTHAL 9
Financial Advisor for the Official Committee of Unsecured Creditors of PACIFIC GAS AND 10 ELECTRIC COMPANY 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28