First Interim Fee Application (Weil, Gotshal & Manges LLP) — In re KServicing

Record facts

U.S. Bankruptcy Court for the District of Delaware · No. 22-10951 · Doc. 530 · 2023-02-14 · Docket on CourtListener

Summary

The First Interim Application of Weil, Gotshal & Manges LLP for Payment of Compensation and Reimbursement of Expenses in In re Kabbage, Inc. d/b/a KServicing, et al., Case No. 22-10951 (CTG), in the U.S. Bankruptcy Court for the District of Delaware, filed February 14, 2023 as Doc 530. As counsel to the Debtors and Debtors-in-Possession, the firm seeks $4,626,527.25 in compensation and $19,412.54 in expenses for October 3, 2022 through December 31, 2022. A table summarizes three monthly fee statements (D.I. 321, D.I. 389 and D.I. 510), showing $2,432,181.10 in fees paid to date and $925,305.45 in holdback fees. The application lists no objections and states $2,200,929.43 of compensation sought is not yet paid. It sets an objection deadline of March 6, 2023 and a hearing on March 22, 2023.

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Full text

WEIL:\99000949\6\55894.0003 
UNITED STATES BANKRUPTCY COURT 
DISTRICT OF DELAWARE 
------------------------------------------------------------ x 
 
 
: 
 
In re 
: 
Chapter 11 
 
: 
 
KABBAGE, INC. d/b/a KSERVICING, et al., : 
Case No. 22-10951 (CTG) 
 
: 
 
 
: 
(Jointly Administered) 
Debtors.1 
: 
: 
 
 
 
 
: 
Obj. Deadline: March 6, 2023 at 4:00 p.m. (ET) 
------------------------------------------------------------ x 
Hearing: March 22, 2023 at 10:00 a.m. (ET) 
 
FIRST INTERIM APPLICATION 
OF WEIL, GOTSHAL & MANGES LLP FOR PAYMENT OF 
COMPENSATION AND REIMBURSEMENT OF EXPENSES  
FOR PERIOD OCTOBER 3, 2022 THROUGH DECEMBER 31, 2022 
Name of Applicant 
Weil, Gotshal & Manges LLP 
Authorized to Provide Professional Services to: 
 
Debtors and Debtors-in-Possession 
Date of Retention: 
October 21, 2022 effective as of October 3, 
2022 
Period for which compensation and 
reimbursement is sought 
 
October 3, 2022 through December 31, 2022 
Amount of compensation sought as actual, 
reasonable, and necessary 
$4,626,527.25 
Amount of expense reimbursement sought as 
actual, reasonable, and necessary: 
$19,412.54 
 
 
This is a (n) ___ monthly     X   interim   ___ final application  
                                                 
1  The Debtors in these chapter 11 cases, along with the last four digits of each Debtor’s federal tax identification 
number, as applicable are: Kabbage, Inc. d/b/a KServicing (3937); Kabbage Canada Holdings, LLC (N/A); Kabbage 
Asset Securitization LLC (N/A); Kabbage Asset Funding 2017-A LLC (4803); Kabbage Asset Funding 2019-A 
LLC (8973); and Kabbage Diameter, LLC (N/A). Kabbage is a trademark of American Express used under license; 
Kabbage, Inc. d/b/a KServicing is not affiliated with American Express. The Debtors’ mailing and service address 
is 925B Peachtree Street NE, Suite 383, Atlanta, GA 30309. 
Case 22-10951-CTG    Doc 530    Filed 02/14/23    Page 1 of 2

 
2 
 
WEIL:\99000949\6\55894.0003 
SUMMARY OF MONTHLY FEE STATEMENT: 
 
 
Total Amount Requested 
Total Amount Approved to 
Date via Certification of No 
Objection 
Total Amount Paid to Date 
Holdback 
Fees 
Requested 
Date 
Filed / 
Docket 
No. 
Period 
Covered 
Fees 
Expenses 
Fees 
(@ 80%) 
Expenses 
(@ 100%) 
Fees 
Expenses 
Fees 
(@ 20%) 
12/02/2022 
(D.I. 321) 
October 3, 
2022 
through 
October 31, 
2022 
$1,520,554.50 
$1,741.12 
$1,216,443.60 
$1,741.12 
$1,216,443.60 
$1,741.12 
$304,110.90 
12/29/2022 
(D.I. 389) 
November 
1, 2022 
through 
November 
30, 2022 
$1,519,672.25 
$11,087.84 
$1,215,737.80 
$11,087.84 
$1,215,737.50 
$11,087.84 
$303,934.45 
02/01/2023 
(D.I. 510) 
December 
1, 2022 
through 
December 
31, 20222 
$1,586,300.50 
$6,583.58 
$1,269,040.40 
$6,583.58 
$0.00 
$0.00 
$317,260.10 
Total: 
 
$4,626,527.25 
$19,412.54 
$3,701,221.80 
$19,412.54 
$2,432,181.10 
$12,828.96 
$925,305.45 
 
 
Summary of Any Objections to Monthly Fee Application:  None. 
 
Compensation Sought in this Application Not Yet Paid:  $2,200,929.43 
 
 
                                                 
2  The objection deadline with respect to Weil’s third monthly fee statement is February 21, 2023 at 4:00 p.m. 
(prevailing Eastern Time). Once the objection deadline has passed without objection, the Debtor will remit to Weil 
$1,269,040.40 in fees (80% of $1,586,300.50) and $6,583.58 in expenses. 
Case 22-10951-CTG    Doc 530    Filed 02/14/23    Page 2 of 2

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