In re Kabbage (KServicing) — Exhibit F8 Budget, January 1-March 31, 2023
- Date
- 2023-05-16
Summary
Exhibit F8, a budget for January 1, 2023 through March 31, 2023, filed May 16, 2023 as Doc 828-7 in the Kabbage (KServicing) Chapter 11 cases, Case 22-10951-CTG. The table lists 35 task codes with estimated hours and fees against hours billed and fees sought, from Administrative Expense Claims to Servicing Transfer. The largest lines include Chapter 11 Plan/Plan Confirmation/Implementation, with 1,525.20 hours billed and $1,903,691.00 sought, and Non-bankruptcy Litigation (incl. CUBI Dispute), with $906,954.00 sought. Totals are 3,840.00 estimated hours and $4,455,799.80 estimated fees against 4,497.00 hours billed and $5,610,622.25 sought. A second table gives the amended client-approved budget of $5,875,000.00 by month, and a footnote states that Weil's actual fees did not exceed the amended budgeted amounts approved by the Debtors.
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Cite this document
“In re Kabbage (KServicing) — Exhibit F8 Budget, January 1-March 31, 2023.”
Original at archive.org, dated 2023-05-16. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2023-05-16-kservicing-bankruptcy-35e330c9-1/
, SHA-256 35e330c96df8e8601aea1a8cd9ba9daef5c93b66ded506d968a3f8cd0b78b783.Full text
Case 22-10951-CTG Doc 828-7 Filed 05/16/23 Page 1 of 2
Exhibit F8
BUDGET
JANUARY 1, 2023 THROUGH MARCH 31, 2023
TASK PROJECT CATEGORY ESTIMATED ESTIMATED HOURS FEES
CODE HOURS FEES BILLED SOUGHT
001 Administrative Expense Claims 15.00 $17,623.20 44.80 $53,298.00
002 Adversary Proceedings 15.00 $17,542.20 0.00 $0.00
003 AmEx Transaction Investigation 150.00 $175,422.00 68.10 $72,480.00
004 Asset Disposition/363 Asset Sales 0.00 $0.00 178.50 $208,385.00
005 Automatic Stay 15.00 $17,542.20 0.00 $0.00
006 Bar Date and Claims Matters 300.00 $350,844.00 117.90 $107,600.50
007 Borrower Matters 15.00 $17,542.20 3.10 $3,175.50
008 Case Administration (WIP List & Case Calendar) 150.00 $175,422.00 42.60 $39,959.50
009 Chapter 11 Plan/Plan
540.00 $631,519.20 1,525.20 $1,903,691.00
Confirmation/Implementation
010 Corporate Governance/Securities 90.00 $105,253.20 223.80 $264,045.50
011 Customer (incl. Partner Banks)/Vendor/Supplier
30.00 $35,084.40 23.40 $34,454.50
Matters
012 Cash Management 15.00 $17,542.20 1.70 $2,317.50
013 Disclosure Statement/Solicitation/Voting 540.00 $631,519.20 452.00 $545,851.50
014 Employee Matters 15.00 $17,542.20 21.90 $29,041.00
015 Exclusivity 30.00 $35,084.40 19.60 $19,756.50
016 Executory Contracts/Leases/Real Prop/Other 365
15.00 $17,542.20 27.50 $34,555.00
Matters
017 General Case Strategy (incl Team and Client
450.00 $526,266.00 238.30 $293,839.00
Calls)
018 Government Investigation Matters (excl.
15.00 $17,542.20 15.40 $16,782.00
Settlements)
019 Hearings and Court Matters 60.00 $70,168.80 101.90 $143,736.00
020 Insurance and Letters of Credit Matters 15.00 $17,542.20 5.10 $7,672.50
021 Non-bankruptcy Litigation (incl. CUBI Dispute) 600.00 $701,688.00 645.50 $906,954.00
022 Non-working Travel 60.00 $35,084.40 62.50 $43,554.25
023 Reclamation / 503(b)(9) claims 0.00 $0.00 0.00 $0.00
024 Regulatory Matters 15.00 $17,542.20 10.60 $17,212.00
025 Retention/Billing/Fee Applications: OCP 30.00 $35,084.40 22.00 $21,987.50
026 Retention/Fee Applications: Non-Weil
30.00 $35,084.40 20.50 $20,891.50
Professionals
027 Retention/Fee Applications: Weil 60.00 $70,168.80 86.90 $82,240.00
028 Secured Creditors Issues/Meetings/Comms (excl.
15.00 $17,542.20 13.70 $20,348.50
Settlements)
8
The budget was amended from time to time, on a weekly basis, to reflect changed circumstances and developments
in the Chapter 11 Cases. The weekly updated budget provided the Debtors with an estimate of the fees to be incurred
and the hours to be billed on an aggregate basis. The Debtors were provided with the updated budget in each instance
and Weil’s actual fees did not exceed the amended budgeted amounts submitted to the Debtors and approved by the
Debtors during the Interim Fee Period.
Case 22-10951-CTG Doc 828-7 Filed 05/16/23 Page 2 of 2
029 Settlements (including 9019 matters) 150.00 $175,422.00 122.20 $165,935.00
030 Schedules/Statement of Financial Affairs 15.00 $17,542.20 0.00 $0.00
031 Tax Matters 60.00 $70,168.80 28.40 $34,718.00
032 Unsecured Creditors
15.00 $17,542.20 0.00 $0.00
Issues/Meetings/Comms/UCC (excl. stlmnts)
033 US Trustee/MORs/2015.3 Reports 15.00 $17,542.20 10.80 $11,632.50
034 Utility Matters/Adequate Assurance 0.00 $0.00 0.00 $0.00
035 Servicing Transfer 300.00 $350,844.00 363.10 $504,508.50
TOTAL 3,840.00 $4,455,799.80 4,497.00 $5,610,622.25
Amended Client-Approved Budget 9
January 1, 2023 through March 31, 2023
Estimated Fees Fees Sought
January $2,100,000.00 $1,966,530.50
February $1,570,000.00 $1,559,369.00
March $2,205,000.00 $2,084,722.75
Total $5,875,000.00 $5,610,622.25
9
Amounts set forth in the following chart reflect the aggregate updated budgeted fee estimates provided to the
Debtors on a weekly basis during the Interim Fee Period.
2
File and source
- File
- gov.uscourts.deb.188293.828.7.pdf
- Size
- 206,028 bytes
- SHA-256
- 35e330c96df8e8601aea1a8cd9ba9daef5c93b66ded506d968a3f8cd0b78b783
- Original
- archive.org