UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF OHIO

Transcription

1 UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF OHIO In re: ) Case No ) SEPCO CORPORATION, ) Chapter 11 ) Debtor. ) Judge Alan M. Koschik TENTH APPLICATION FOR INTERIM COMPENSATION OF FEES INCURRED BY PMCM, LLC, FINANCIAL ADVISORS TO THE DEBTOR (June 1, 2018 August 31, 2018) Sepco Corporation, the debtor and debtor-in-possession in the above-captioned case (the Debtor ), by and through undersigned counsel, hereby submits this Tenth Application for Interim Compensation of Fees and Reimbursement of Expenses Incurred by PMCM, LLC, Financial Advisors to the Debtor (June 1, 2018 August 31, 2018) (the Tenth Application ) for approval of compensation of PMCM, LLC ( PMCM ) for professional services rendered to the Debtor from June 1, 2018 through August 31, 2018 (the Tenth Compensation Period ), in the amount of $2,835.00, and in support of said application states as follows: INTRODUCTION 1. On January 14, 2016 (the Petition Date ), the Debtor filed a voluntary petition for relief under Chapter 11 of Title 11 of the United States Code (the Bankruptcy Code ). The Debtor is a debtor in possession as defined in 1101(1), with all the rights, powers and duties afforded a trustee pursuant to 1107 and 1108 of the Bankruptcy Code. 2. This Court has original jurisdiction over the subject matter of this Tenth Application pursuant to 28 U.S.C This is a core proceeding under 28 U.S.C. 157(b)(2)(A) amk Doc 451 FILED 09/26/18 ENTERED 09/26/18 14:27:18 Page 1 of 6

2 3. A debtor in possession may employ professionals, with the court s approval, pursuant to 327 of the Bankruptcy Code, Rule 2014(a) of the Federal Rules of Bankruptcy Procedure (the Bankruptcy Rules ). 4. Approval of compensation to professionals is authorized and appropriate under 330 and 331 of the Bankruptcy Code and Bankruptcy Rule EMPLOYMENT OF PMCM 5. On January 14, 2016 (the Petition Date ), the Debtor filed a voluntary petition for relief under Chapter 11 of Title 11 of the United States Code (the Bankruptcy Code ). 6. On May 23, 2016, this Court entered an Order authorizing the employment of PMCM as financial advisors for the Debtor, nunc pro tunc to the Petition Date [Docket No. 89]. 7. Nine previous Fee Applications have been made, for which PMCM was awarded compensation of $31, and reimbursement of expenses in the amount of $74.43, for a total of $ 31, The Debtor submits this Tenth Application to the Bankruptcy Court for approval of reasonable compensation to PMCM for actual and necessary professional services incurred in its capacity as financial advisors to the Debtor during the Tenth Compensation Period. All included services and costs were performed for, or on behalf of, the Debtor, were for the benefit of the Debtor s estate and were necessary to the administration of the case during the Tenth Compensation Period. 9. By this Application, the Debtor seeks the allowance of compensation of PMCM in the amount of $2, for professional services incurred in connection with amk Doc 451 FILED 09/26/18 ENTERED 09/26/18 14:27:18 Page 2 of 6

3 the services rendered by PMCM as financial advisors to the Debtor during the Tenth Compensation Period. BILLING SUMMARY 10. Exhibit A attached hereto is a detailed, chronological itemization outlining the services performed by PMCM with respect to this matter during the Tenth Compensation Period. This detailed, chronological itemization complies with Bankruptcy Rule 2016 in that each time entry, billed in increments of one-tenth of an hour, contains a detailed statement of the category of the service, a description of the service, the name of the professional providing the service, the amount of time expended, and the amount of compensation requested for each service. Paragraph 11 of this Application presents a description of each category of the services performed by PMCM with respect to this matter during the Tenth Compensation Period. 11. While it would not be practical to list all of the services performed by PMCM on the behalf of the Debtor for the time period covered by this Tenth Application, PMCM has divided its time into the following categories: BK-ADMIN:AD BK-ADMIN:FE BK-ADMIN:CH BK-ADMIN:EL BK-ADMIN:RE Time spent coordinating matters including case management tasks, schedules, contact with the Office of the United States Trustee, general recordkeeping and documentation requirements. Time spent preparing employment and fee applications for PMCM. Time spent preparing and attending hearings. Times spent advising client regarding various strategies to emerge from bankruptcy. Time spent advising client regarding operational and financial restrictions amk Doc 451 FILED 09/26/18 ENTERED 09/26/18 14:27:18 Page 3 of 6

4 BK-ADMIN:SA BK-ADMIN-SC BK-ADMIN-ST BK-OPS-FI BK-OPS-IN BK-OPS-OM BK-OPS-PR Time spent advising client on the sale of assets Time spent assisting client on the preparation of schedules including first day motions, SOFA, MOR s. Time spent advising client on strategies with creditors, customers, vendors and other. Time spent on financial & cash management matters. Time spent interfacing with Creditors and Vendors. Time spent advising client on operational matters. Time spent in preparation of budgets, forecasts and scorecards. 12. A summary of the information contained in this Application is attached hereto and made a part hereof. 13. The Certification of Richard Szekelyi is attached to this Application as Exhibit B. 14. WHEREFORE, the Debtor respectfully requests that this Court enter an Order (i) approving this interim Application and approving compensation to PMCM in the amount of (a) $2, for professional services rendered incurred during the Tenth Compensation Period, and (ii) granting such other and further relief as this Court deems necessary and just. Respectfully submitted, /s/ Harry W. Greenfield HARRY W. GREENFIELD ( ) greenfield@buckleyking.com JEFFREY C. TOOLE ( ) toole@buckleyking.com amk Doc 451 FILED 09/26/18 ENTERED 09/26/18 14:27:18 Page 4 of 6

5 HEATHER E. HEBERLEIN ( ) BUCKLEY KING, LPA 1400 Sixth Third Center 600 Superior Avenue, East Cleveland, Ohio (216) Facsimile: (216) _1 Attorneys for Sepco Corporation, Debtor and Debtor in Possession amk Doc 451 FILED 09/26/18 ENTERED 09/26/18 14:27:18 Page 5 of 6

6 SUMMARY By this application, the Debtor is seeking approval of compensation of PMCM for professional fees in the amount of $2, incurred during the Tenth Compensation Period. Nine other applications for an award of compensation to PMCM have been made in this case. The following summarizes the names of the professionals who rendered services to the Debtor, their respective billing rates, total hours spent, and total amount billed: HOURLY AMOUNT PROFESSIONAL HOURS RATE BILLED Richard Szekelyi $2, $2, The blended hourly rate for the fees billed time during the Tenth Compensation Period is $ amk Doc 451 FILED 09/26/18 ENTERED 09/26/18 14:27:18 Page 6 of 6

7 Phoenix Management 110 Commons Court Chadds Ford, PA Tel: Fax: Filters Used: - Time Entry Date: 6/1/2018 to 8/31/ Project ID: Sepco : BK: to Sepco : BK: Exhibit A Project Time Records by Task Code w memo.rpt Printed on: 9/12/2018 Page 1 of 1 * = Invoiced (mouse over for #), = Marked as Billed, = Non-Billable, = Xtra Project ID - Name (Manager): Sepco : BK: - Sepco : BK (Michael Jacoby) Day Date Employee Description Hrs B-Hrs Amount * BK-ADVIS-RS:SC - Bankruptcy - Assist in preparation/review schedules, SOFAs, 1st day Motions, MORs Fri 6/22/2018 R Szekelyi Bankruptcy - Assist in preparation/review $ schedules, SOFAs, 1st day Motions, MORs Prep MOR for May Mon 7/16/2018 R Szekelyi Bankruptcy - Assist in preparation/review $ schedules, SOFAs, 1st day Motions, MORs Prep June MOR Fri 8/17/2018 R Szekelyi Bankruptcy - Assist in preparation/review $ schedules, SOFAs, 1st day Motions, MORs Prepare MOR for July 2018 BK-ADVIS-RS:SC Total: $1, BK-OPS-RS:OM - Bankruptcy - Operational Management Mon 6/4/2018 R Szekelyi Bankruptcy - Operational Management $ Discussions with brokers re: storage facilities Fri 7/27/2018 R Szekelyi Bankruptcy - Operational Management $ Process payments for fee applications approved by the Court BK-OPS-RS:OM Total: $1, Project Sepco : BK: Total: $2, Grand Total: $2, BillQuick Standard Report Copyright 2016 BQE Software, Inc amk Doc FILED 09/26/18 ENTERED 09/26/18 14:27:18 Page 1 of 1

8 Exhibit B UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF OHIO In re: ) Case No ) SEPCO CORPORATION, ) Chapter 11 ) Debtor. ) Judge Alan M. Koschik certify as follows: CERTIFICATION RICHARD SZEKELYI, a Managing Director of PMCM, LLC, does hereby 1. I am a professional who has performed services in this case and have responsibility for compliance with Local Rule and the Guidelines to which it refers (the Guidelines ). 2. I have read the Tenth Application for Interim Compensation of Fees Incurred by PMCM, LLC, Financial Advisors for Debtor June 1, 2018 through August 31, 2018) (the Application ), seeking interim compensation in the sum of $2, in fees incurred during the period from June 1, 2018 through August 31, To the best of my knowledge, information and belief, the compensation and expense reimbursement sought in the Application conforms to the Guidelines. 4. To the best of my knowledge, information and belief, the compensation requested in the Application has been billed at the standard billing rates and in accordance with the practices customarily employed by PMCM, LLC. Dated: September 12, amk Doc FILED 09/26/18 ENTERED 09/26/18 14:27:18 Page 1 of 2

9 Respectfully submitted, Richard Szekelyi PMCM, LLC 1382 West Ninth Street, Suite 310-A Cleveland, Ohio Financial Advisors to the Debtor _ amk Doc FILED 09/26/18 ENTERED 09/26/18 14:27:18 Page 2 of 2