In re Kabbage (KServicing) — Richards Layton & Finger Budget and Staffing Plan (Exhibit E)
- Date
- 2023-05-15
Summary
Exhibit E, the budget and staffing plan for Richards, Layton & Finger, P.A. as co-counsel to the debtors, filed May 15, 2023 as Doc 824-5 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 covers the period from January 1, 2023 through March 31 and notes retention approved October 28, 2022 nunc pro tunc to October 3, 2022. The budget estimates fees by project category, including 500.0 hours and $421,250.00 for Plan of Reorganization/Disclosure Statement, for a total of 1,375.0 hours and $1,158,437.50 at an average rate of $842.5. The staffing plan lists three directors at $1,096.67, three associates at $588.33 and four paralegals at $375.00 average hourly rates.
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Case 22-10951-CTG Doc 824-5 Filed 05/15/23 Page 1 of 4
EXHIBIT E
Budget and Staffing Plan
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Case 22-10951-CTG Doc 824-5 Filed 05/15/23 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 JANUARY 1, 2023 THROUGH MARCH 31, 20232
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 20.0 $16,850.00
Creditor Inquiries 5.0 $4,212.50
Meetings 100.0 $84,250.00
Executory Contracts/Unexpired Leases 35.0 $29,487.50
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.
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Case 22-10951-CTG Doc 824-5 Filed 05/15/23 Page 3 of 4
PROJECT CATEGORY ESTIMATED ESTIMATED
HOURS FEES*
Automatic Stay/Adequate Protection 5.0 $4,212.50
Plan of Reorganization/Disclosure Statement 500.0 $421,250.00
Use, Sale, Lease of Assets 10.0 $8,425.00
Cash Collateral/DIP Financing 5.0 $4,212.50
Claims Administration 80.0 $67,400.00
Court Hearings 350.0 $294,875.00
General Corporate/Real Estate 5.0 $4,212.50
Schedules/SOFA/U.S. Trustee Reports 10.0 $8,425.00
Employee Issues 5.0 $4,212.50
Environmental 5.0 $4,212.50
Tax Issues 5.0 $4,212.50
Litigation/Adversary Proceedings 100.0 $84,250.00
RL&F Retention 5.0 $4,212.50
Retention of Others 10.0 $8,425.00
RL&F Fee Applications 45.0 $37,912.50
Fee Applications of Others 60.0 $50,550.00
Vendor/Suppliers 5.0 $4,212.50
Non-Working Travel 0.0 $0.00
Utilities 5.0 $4,212.50
Insurance 5.0 $4,212.50
TOTAL 1,375.0 $1,158,437.50
*The estimated fees for each project category were calculated by multiplying the estimated number of hours by $842.5,
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.
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Case 22-10951-CTG Doc 824-5 Filed 05/15/23 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 JANUARY 1, 2023 THROUGH MARCH 31, 20232
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 $1,096.67
Associates 3 $588.33
Paralegals 4 $375.00
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.
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