Case No. 01-60386-DOT, Procedurally Consolidated.United States Bankruptcy Court, E.D. Virginia, Richmond Division.
March 28, 2005
Benjamin C. Ackerly, VSB No. 9120, Tyler P. Brown, VSB No. 28072, Michael G. Wilson, VSB No. 48927, HUNTON WILLIAMS, Richmond, Virginia, Counsel for Keith L. Phillips, Chapter 11 Trustee.
Lee Barnhill, Leander D. Barnhill, Esq., OFFICE OF THE UNITED STATES TRUSTEE, Richmond, Virginia.
ORDER APPROVING TWELFTH INTERIM AND FINAL APPLICATION FOR ALLOWANCE OF COMPENSATION AND EXPENSE REIMBURSEMENT OF PENTA ADVISORY SERVICES, LLC AS FINANCIAL ADVISORS TO THE CHAPTER 11 TRUSTEE
DOUGLAS TICE, Chief Judge, Bankruptcy
This matter came before the Court on the Twelfth Interim and Final Application for Allowance of Compensation and Expense Reimbursement for the period from November 1, 2004 through February 21, 2005 (the “Application”), which was filed by PENTA Advisory Services, LLC,[1] as financial advisors for Keith L. Phillips, the Chapter 11 Trustee (the “Trustee”); the Court having reviewed the Application and all pleadings relating thereto; and the Court having determined that the legal and factual bases set forth in the Application establish just cause for the relief granted herein; accordingly,
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THE COURT HEREBY FINDS THAT:
A. The Court has jurisdiction over this matter pursuant to 28 U.S.C. §§ 157 and 1334.
B. This is a core proceeding pursuant to 28 U.S.C. § 157(b)(2).
C. Capitalized terms not otherwise defined herein have the meanings ascribed to them in the Application.
D. The Application and the notice of the Application comply, as applicable, with the requirements of the Bankruptcy Code, the Bankruptcy Rules, and the Local Rules of this Court.
E. Pursuant to the terms of that certain Settlement Agreement by and between the Trustee and PENTA Advisory Services, LLC, PENTA Advisory Services LLC voluntarily agreed to reduce the amount of fees for which it requested final approval in the Application by $157,707.00.
F. The compensation PENTA Advisory Services, LLC has requested for services rendered in connection with its representation of the Trustee as financial advisors during the period from November 1, 2004 through February 21, 2005 is reasonable and appropriate under sections 330(a)(1)(A) and 331 of the Bankruptcy Code.
G. The expenses incurred by PENTA Advisory Services, LLC during the period from November 1, 2004 through November 21, 2005 for which it seeks reimbursement were actual and necessary expenses within the meaning of sections 330(a)(1)(B) and 331 of the Bankruptcy Code.
H. The final compensation PENTA Advisory Services, LLC has requested for services provided as the financial advisor to both the Debtors and the Chapter 11 Trustee during
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the period of March 9, 2001 through February 21, 2005 is reasonable and appropriate under sections 330(a)(1)(A) and 331 of the Bankruptcy Code.
I. The expenses incurred by PENTA Advisory Services, LLC during the period of March 9, 2001 through February 21, 2005 were actual and necessary expenses within the meaning of sections 330(a)(1)(B) and 331 of the Bankruptcy Code.
NOW, THEREFORE, IT IS HEREBY ORDERED THAT:
1. The Application is GRANTED according to the terms set forth below.
2. PENTA Advisory Services, LLC’s request for interim allowance of compensation and reimbursement of expenses for the period from November 1, 2004 through February 21, 2005 is APPROVED in the following amounts: compensation — $103,448.00; expenses — $3,831.39.
3. PENTA Advisory Services, LLC’s request for final allowance of all compensation and expenses incurred as financial advisors to both the Debtors and the Chapter 11 Trustee is APPROVED in the following amounts: compensation — $3,250,662.44; expenses — $117,917.91.
4. The Trustee hereby is authorized to pay to PENTA Advisory Services, LLC the sums in paragraph 3 above to the extent that those amounts have not previously been paid to PENTA Advisory Services, LLC.