Case No. 02-49672 (Jointly Administered)United States Bankruptcy Court, N.D. Illinois.
April 8, 2004
ORDER GRANTING APPLICATION OF BRIDGE ASSOCIATES LLC FOR ALLOWANCE OF ADMINISTRATIVE CLAIM FOR COMPENSATION AND ALLOWANCE OF ADMINISTRATIVE CLAIM FOR COMPENSATION AS A SUCCESS FEE AND REIMBURSEMENT OF EXPENSES FOR THE PERIOD FROM DECEMBER 18, 2002 THROUGH SEPTEMBER 15, 2003
CAROL DOYLE, Bankruptcy Judge
Bridge Associates LLC (“Bridge”), as crisis managers and operational consultants for Conseco. Financial Servicing Corp. and Conseco. Finance Corp. (the “CFC Debtors”) in the above-captioned Chapter 11 cases, filed a Final application for allowance of compensation and reimbursement of expenses for December 18, 2002 through September 15, 2003 (the “Final Application”), The Court has reviewed the Final Application and the recommendations of the Fee Review Committee and finds that: (a) the Court has jurisdiction over this matter pursuant to 28 U.S.C §§ 157 and 1334; (b) notice of the Final Application, and any hearing on the Final Application, was adequate under the circumstances; and (c) all persons with standing have been afforded the opportunity to be heard on the Final Application. Accordingly, it is hereby
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ORDERED that Bridge is granted final compensation for services in the amount of $652,886.12, which reflects a voluntary reduction of five percent of $687,227.50 fees incurred, $1 million for a success fee and $90,256,38 for reimbursement of expenses incurred. Payment of $250,000 of the success fee, by agreement among the parties, has been deferred to the post-consummation period; and it is further
ORDERED that the Final Application is GRANTED, on a Final basis. The Plan Administrator is authorized and directed to pay to Bridge the sum of $109,361.37 immediately as payment for of the amount of $143,722.75 ($68,722.75 in respect of fees earned and $75,000 in respect of Success Fees earned) held back pursuant to that certain Administrative Order Under Sections 105(a) and 331 of the Bankruptcy Code Establishing Procedures for Interim Compensation and Reimbursement of Expenses for Professionals and Committee Members, less $34,361,38 (the 5% voluntarily deducted by Bridge in connection with the review by the Conseco. fee Committee) and a further $250,000 as and when agreed between Bridge and Debtor, in that certain engagement letter between Bridge, as Plan Administrator for the Conseco. Finance Post-Consummation Estate, and the Debtor and the Unsecured Creditors’ Committee, as the remainder of the success fee, for a total of $359,361,37 for services rendered and disbursements incurred by Bridge for the period December 18, 2002 through September 15, 2003.