ML031570306
| ML031570306 | |
| Person / Time | |
|---|---|
| Site: | Diablo Canyon  |
| Issue date: | 05/30/2003 |
| From: | Rosenthal 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: ML031570306 (4) | |
Text
I JON P. SCHOTZ JONATHAN Y.-THOMAS 2 JONATHAN ROSENTHAL . t 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, 13 Debtor.
14 15 Federal I.D. No. 94-0742640 l 16 - SAYBROOK CAPITAL, LLC :
COVER SHEET APPLICATION 17 FOR ALLOWANCE AND PAYMENT OF INTERIM COMPENSATION,AND REIMBURSEMENT OF EXPENSES FOR APRIL 1 THROUGH 18 APRIL 30, 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 April 1, 2003 through April 30, 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 aboereferenced 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. -
- I~
II 1 2. The Firm billed a total of $202,112.71 in fees and expenses-during'the 2 Application Period. 'The Firm' iiit6rd int6 an Engagemeit Agreement cdvering the 3 Application Period (the' "Agreement") with the Official Comniittee of Unsecured Creditors of 4 Pacific Gas and Electric Comptany(the "Committee"). The Agreement calls for a monthly 5 fee of $250,000.00 for the first six (6) months of the Engagement Period and a monthly fee of 6 $200,000.00 for each month of the engagement'after, plus reimbursement of actual out-of-7 pocket expenses. The total fees incurred April 1 through April 30, 2003 represent 1 month of 8 the monthlyengagement during the Application Period. These fees and expenses break down 9 as follows:
10 11 Period Fees Expenses Total :
12 April 1 -April 30 $200,000.00i $2,112.71 $202,112.71 13
- 3. Accordingly, the Firm seeks allowance of interim compensation in the total 14 amount of $172,112.71 at this' time. This total is comprised as follows:
15
$170,000.00 (85%of the fees for services rendered)'
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$ 2,112.71 (100% of the expenses incurred).
17
- 4. ' With regard to the copies of this Application served on counsel for the 18 I.I, Committee, counsel for the Debtor and the Office of the United States Trustee, attached as 19 Exhibit I hereto is the name of each professional who performed services in connection with 20 this case during the period covered by this Application and a narrative summarizing the-work-II of each professional; and (b) attached as Exhibit 2 are the detailed expense statements for the 22 Application Period that comply with all Northern District of California Bankruptcy Local.
23 Rules and Compensation Guidelines and the Guidelines of the Office of the United States 24 Trustee.
25 ; Th:-
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'Payment of this amount would result in a "holdback" of $30,000.00 28 Special Notice.List in,this.case.
2 6., Pursuant.to this Court.'s ."SECOND AMENDED ORDER ESTABLISHING 3 INTERIM FEE APPLICATION AND EXPENSE REIMBURSEMENT PROCEDURE".
4 which was entered on or about March 18, 2002, the Debtor is authorized to make the payment 5 requested herein without a further hearing or order of this Court unless an objection to this 6 Application is filed with.the Court by the Debtor, the Committee or.the United States Trustee 7 and served by the fifteenth day,of the month following the service.of this Application. If such 8 -an objection is filed, Debtor is authorized to pay the amounts,.if any, not subject to the 9 objection. The Firm is informed and believes that this Cover Sheet Application was mailed 10 by overnight mail on or about May 29, 2003.
11 7. The interim compensation and reimbursement of expenses sought in this 12 Application is on account and is not final. Upon the conclusion of this case, the Firm will 13 seek fees and reimbursement of the expenses 'incurred for' the totality' of the services rendered 14 in the case. Any interim fees or reimbursement of expenses approved by this Court and 15 received by the Firm will be credited against such final fees and expenses as may be allowed 16 by this Court.
17 8. The Firm represents and warrants that its billing practices comply with all 18 Northern District of California Bankruptcy Local Rules and Compensation Guidelines and 19 the Guidelines of the Office of the United States Trustee. Neither the Firm nor any members' 20 of the Firm has any agreement or understanding of any kind or nature to divide, pay over or 21 share any portion of the fees or expenses t be awarded to the Firmi with any other person or -
22 attorney except as among the members and associates of the Firm.
23.
24, 25; : -;~~~~~~~~~~~~~~~-
26 27 28 I V 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: May 30, 2003' 6 SAYBROOK CAPITAL, LLC 7:
BBy::___
8 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
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