ML041320376

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

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: .

24 1. The Firm is andaldior tq $heunsected 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. , ' 'YI-; ' '

. ' -- ' ' 4 ' 'SAy)

1 2. The Firm billed a total of $127,1306.76in 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 . -. ees Expenses Total 16 March 1- March 31 $125,000.00 $2,136.76 .$127,136:76.

17

3. Accordingly, the Firm seeks allowance of interim compensation in the total 18 amount of $108,386.76 at this time. Thgis'1otal is comprised as follows:

19

$106,250.00 (85%of the fees for services rendered) 20

$ 2,136.76(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 an'd'anarrative 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 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 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 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 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 April 29, 2004.

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 approvedby1 this; Court and 19 received by the Firmwill be credited against such final fees and expenses as may be allowed 20 by this Court.

21 8. The Fi represents and warrants that its billing practices comply with all 22 Northern District of California Bankruptcy Local Rules -and Compens atio Guidelines -and 23 the Guidelines of the Office of the United States Trustee. Neither the.Firm ior 'any Embers 24 of the Firm has any agreement or understanding of any kind or nature toIdivide, pay over or 25 share any portion of the, fees or expenses to be awarded to ljte Firm with any other person 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: 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