After military service, he worked as a commercial artist and continued to paint.
The Debtors have serious concerns about the payment of a success fee to Providence. According to Bruce T. Beesley says, it is contemplated that the Plan will be a full payment plan, that none of the Debtors' creditors will receive any equity interest in the Debtors on account of their claims, and that equity will be unimpaired under the Plan.
Moreover, both the Debtors and the Official Committee of Unsecured Creditors appointed in these cases have each retained their own financial advisors to assist in the formulation of the Plan.
As a result, the Debtors believe that the retention of Providence will add no value to the ultimate outcome of these cases. Beesley contends, no Success Fee should be paid to Providence in these cases.
There's another problem, Mr. Nobody can determine the value of the Warrant granted to Providence. Accordingly, the Debtors ask the Court not to grant any pre- approval of the Success Fee to be paid to Providence, and require Providence to apply with the Court for payment of a reasonable Success Fee in accordance with Section of the Bankruptcy Code upon the effectiveness of the Plan.
Furthermore, the Debtors ask the Court to deny approval of any Success Fee that takes the form of a Warrant. The Debtors also object to the retention of Providence to the extent that Providence seeks to be paid for its services other than at hourly rates.
All other professionals retained in these Chapter 11 cases, both attorneys and non-attorneys, have agreed to receive payment for their services at hourly rates in accordance with Section of the Bankruptcy Code.
Beesley points out, the payment of the Monthly Fee to Providence is inconsistent with retention under Section of the Bankruptcy Code, since the amount of the Monthly Fee will remain constant regardless of the amount of time and effort expended by Providence, and regardless of whether the efforts are duplicative of those provided by other professionals retained in these cases.
Moreover, paying Providence the Monthly Fee may unnecessarily reduce the amount of assets available to the estates to resolve claims of creditors. Beesley notes that Providence agreed to comply with all Court orders and procedures governing the payment of professional fees.
The Interim Compensation Order provides that all professionals retained in these cases must submit a statement to the Debtors, the Creditors' Committee, the postpetition lenders and the U.
Trustee at the end of each month detailing the services provided and the amount of fees and expenses requested for the services. The Debtors believe that all professionals retained in these cases should be compensated in the manner set forth in the Interim Compensation Order.
Accordingly, the Debtors ask Judge Zive that if he authorizes Providence's retention, the Retention Order should provide that: While the Application states that Providence seeks to be retained under Section of the Bankruptcy Code, the terms of the Providence Engagement Letter providing for the Monthly Fee and Success Fee appear to contemplate pre-approval of the terms of Providence's retention under Section a of the Bankruptcy Code.
All compensation to be paid to Providence in these cases must be subject to Court approval to ensure that only reasonable, necessary fees are paid. The Creditors' Committee acknowledges that the Equity Committee is entitled to employ its choice of advisors, and does not in any way challenge the skills or credentials of its selected financial advisor, Providence Capital, Inc.
Aronzon contends that the Warrant Package, at this juncture of the Debtors' bankruptcy case, is both premature and inappropriate. Notwithstanding the Debtors' claims of solvency, the Creditors' Committee is not certain that Amerco is, in fact, solvent. The Committee is in the process of examining this very issue.
Moreover, irrespective of whether or not Amerco is solvent, based on its cash flows, business plans and projections, the Committee is certain that Amerco is significantly over- leveraged and that it will have difficulty restructuring its debt.• No longer waste your time looking for contact information.
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