Kabbage - RLF First Interim Fee App (Oct. 2022 - Dec. 2022)
- Date
- 2023-02-14
Summary
Exhibit E, the Budget and Staffing Plan, filed February 14, 2023 as Doc 531-6 in In re Kabbage, Inc. d/b/a KServicing, et al., Case No. 22-10951 (CTG), a jointly administered Chapter 11 case in the U.S. Bankruptcy Court for the District of Delaware. It sets out the budget of Richards, Layton & Finger, P.A., co-counsel to the debtors, for an interim period beginning October 3, 2022, with retention approved October 28, 2022. The budget estimates hours and fees by project category, including 250 hours for court hearings and 200 hours each for plan and disclosure statement work and litigation, for a total of $886,830.00 at an average hourly rate of $721.00. The staffing plan lists three directors, three associates and four paralegals with their average hourly rates.
Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used
Full text
Case 22-10951-CTG Doc 531-6 Filed 02/14/23 Page 1 of 4
EXHIBIT E
Budget and Staffing Plan
RLF1 28441241v.1
Case 22-10951-CTG Doc 531-6 Filed 02/14/23 Page 2 of 4
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)
1
Debtors. :
:
------------------------------------------------------------ x
BUDGET FOR RICHARDS, LAYTON & FINGER, P.A.,
AS CO-COUNSEL TO THE DEBTORS, FOR
THE PERIOD FROM OCTOBER 3, 2022 THROUGH DECEMBER 31, 20222
Date Retention Approved: October 28, 2022 nunc pro tunc to October 3, 2022
Date Budget Approved by Client: This budget reflects an aggregation of budgets that were
provided to, and approved by, the Debtors and certain other estate professionals on a rolling basis
throughout the interim period.
PROJECT CATEGORY ESTIMATED ESTIMATED
HOURS FEES*
Case Administration 50 $36,050.00
Creditor Inquiries 20 $14,420.00
Meetings 100 $72,100.00
Executory Contracts/Unexpired Leases 10 $7,210.00
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.
2
This budget may be amended from time to time, including before, during, and after the compensation period
described herein, as may be necessary to reflect changed circumstances or unexpected developments in these cases.
Any such amended budget will be provided to the Debtors. This budget is only an estimate of the fees to be incurred
and the hours to be billed for the compensation period, including within each project category, and is based solely
on services anticipated to be rendered in light of circumstances known to RL&F at the time the budget was prepared.
This budget shall not be deemed to limit or impose a cap on fees actually incurred or hours actually billed by RL&F.
This budget also does not limit the ability of RL&F to perform those services necessary to represent the Debtors,
and to be compensated for such services. Nor shall this budget restrict or restrain RL&F’s ability to seek approval
of fees actually incurred that may be in excess of this budget.
Case 22-10951-CTG Doc 531-6 Filed 02/14/23 Page 3 of 4
PROJECT CATEGORY ESTIMATED ESTIMATED
HOURS FEES*
Automatic Stay/Adequate Protection 30 $21,630.00
Plan of Reorganization/Disclosure Statement 200 $144,200.00
Use, Sale, Lease of Assets 10 $7,210.00
Cash Collateral/DIP Financing 50 $36,050.00
Claims Administration 50 $36,050.00
Court Hearings 250 $180,250.00
General Corporate/Real Estate 5 $3,605.00
Schedules/SOFA/U.S. Trustee Reports 80 $57,680.00
Employee Issues 10 $7,210.00
Environmental 10 $7,210.00
Tax Issues 10 $7,210.00
Litigation/Adversary Proceedings 200 $144,200.00
RL&F Retention 50 $36,050.00
Retention of Others 50 $36,050.00
RL&F Fee Applications 15 $10,815.00
Fee Applications of Others 15 $10,815.00
Vendor/Suppliers 5 $3,605.00
Non-Working Travel 0 $0.00
Utilities 5 $3,605.00
Insurance 5 $3,605.00
TOTAL 1,230.0 $886,830.00
*The estimated fees for each project category were calculated by multiplying the estimated number of hours by
$721.00, which is the average hourly rate for the RL&F attorneys expected to work on the matter during the budget
period as set forth in the accompanying Staffing Plan.
2
Case 22-10951-CTG Doc 531-6 Filed 02/14/23 Page 4 of 4
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)
1
Debtors. :
:
------------------------------------------------------------ x
STAFFING PLAN FOR RICHARDS, LAYTON & FINGER, P.A.,
AS CO-COUNSEL TO THE DEBTORS, FOR THE PERIOD
FROM OCTOBER 3, 2022 THROUGH DECEMBER 31, 20222
Date Retention Approved: October 28, 2022, nunc pro tunc to October 3, 2022
Date Staffing Plan Approved by Client: This staffing plan reflects an aggregation of staffing plans
that were provided to, and approved by, the Debtors and certain other estate professionals on a
rolling basis throughout the interim period.
NUMBER OF
TIMEKEEPERS
EXPECTED TO WORK AVERAGE
CATEGORY OF TIMEKEEPER
ON THE MATTER HOURLY RATE
DURING THE BUDGET
PERIOD
Directors 3 $941.67
Associates 3 $500.00
Paralegals 4 $315.00
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.
2
This staffing plan may be amended to reflect changed circumstances or unexpected developments. Any such
amended staffing plan will be provided to the Debtors.
RLF1 28441241v.1
File and source
- File
- gov.uscourts.deb.188293.531.6.pdf
- Size
- 203,258 bytes
- SHA-256
- 0b4f074ad1992b8576a0c6d866071810d2cad45e64768eefb9d4f6a722eeb741
- Original
- archive.org