UNITED STATES BANKRUPTCY COURT
- Date
- 2024-07-30
Summary
The First Interim Application of Berkeley Research Group, LLC for compensation as financial advisor to the Official Committee of Unsecured Creditors, filed October 16, 2024 as Doc 633 in In re Vyaire Medical, Inc., et al., Case No. 24-11217 (BLS), in the U.S. Bankruptcy Court for the District of Delaware. It covers the period June 28, 2024 through August 31, 2024 and seeks $935,753.00 in fees and $0.00 in expenses. Attachment A lists two prior monthly applications, Dkt No. 524 for $572,627.00 and Dkt No. 612 for $363,126.00. Attachment B lists fees by professional totaling 1,229.9 hours and $950,753.00 before a $15,000.00 courtesy discount, and Attachment C breaks fees down by task code. The application closes with a verification by a BRG managing director under 28 U.S.C. § 1746.
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Case 24-11217-BLS Doc 633 Filed 10/16/24 Page 1 of 9
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF DELAWARE
In re: Chapter 11
VYAIRE MEDICAL, INC., et al., 1 Case No. 24-11217 (BLS)
Debtors. (Jointly Administered)
Objection Deadline: Nov. 6, 2024 at 4:00 p.m. (ET)
Hearing Date: Dec. 11, 2024 at 11:00 am (ET)
FIRST INTERIM APPLICATION OF BERKELEY RESEARCH GROUP, LLC FOR
COMPENSATION FOR SERVICES RENDERED AND REIMBURSEMENT OF
EXPENSES INCURRED AS FINANCIAL ADVISOR TO THE OFFICIAL
COMMITTEE OF UNSECURED CREDITORS DURING THE PERIOD
FROM JUNE 28, 2024 THROUGH AUGUST 31, 2024
Name of Applicant: Berkeley Research Group LLC (“BRG”)
Authorized to Provide Professional Services to: The Official Committee of Unsecured Creditors (the
“Committee”)
Date of Retention: July 30, 2024 effective as of June 28, 2024
Period for which Compensation and June 28, 2024 through August 31, 2024
Reimbursement is Sought:
Actual Amount of Compensation Sought as $935,753.00
Actual, Reasonable and Necessary:
Amount of Expense Reimbursement Sought as $0.00
Actual, Reasonable and Necessary:
Total Amount of Fees and Expense
Reimbursement Sought as Actual, Reasonable
and Necessary: $935,753.00
This is a(n): Monthly Application _ X_ Interim Application ___ Final Application
1
The last four digits of Debtor Vyaire Medical, Inc.’s federal tax identification number are 6495. A complete list of
each of the Debtors in these chapter 11 cases and each such Debtor’s federal tax identification number may be obtained
on the website of the Debtors’ claims and noticing agent at https://omniagentsolutions.com/Vyaire. The location of
Debtor Vyaire Medical, Inc.’s principal place of business and the Debtors’ service address in these chapter 11 cases
is 26125 North Riverwoods Boulevard, Mettawa, Illinois, USA 60045.
Case 24-11217-BLS Doc 633 Filed 10/16/24 Page 2 of 9
Attachment A - Prior Applications Filed:
Application Requested Paid to Date Total Unpaid
Dt Filed Fees and
Dkt No Period Fees Expenses CNO/ Order Fees Expenses Expenses
9/13/2024 6/28/2024-
Dkt No. 524 7/31/2024 $ 572,627.00 $ - TBD $ - $ - $ 572,627.00
10/9/2024 8/1/2024-
Dkt No. 612 8/31/2024 363,126.00 - TBD - - 363,126.00
Total $ 935,753.00 $ - $ - $ - $ 935,753.00
Case 24-11217-BLS Doc 633 Filed 10/16/24 Page 3 of 9
In re: Vyaire Medical, Inc., et al.
Attachment B: Fees By Professional
Berkeley Research Group, LLC
For the Period 6/28/2024 through 8/31/2024
Professional Title Billing Rate Hours Fees
D. Galfus Managing Director $1,325.00 96.9 $128,392.50
E. Buthusiem Managing Director $1,200.00 51.4 $61,680.00
E. Hengel Managing Director $1,210.00 13.1 $15,851.00
G. Koutouras Managing Director $1,195.00 2.1 $2,509.50
R. Zaidman Managing Director $1,095.00 256.8 $281,196.00
K. McColgan Director $1,050.00 18.7 $19,635.00
G. Brucia Associate Director $685.00 6.3 $4,315.50
Q. Liu Senior Managing Consultant $775.00 2.7 $2,092.50
R. Cohen Senior Managing Consultant $850.00 216.1 $183,685.00
R. Muruganandam Senior Associate $650.00 4.0 $2,600.00
A. Kashanirokh Associate $420.00 205.6 $86,352.00
J. Rogala Associate $480.00 317.3 $152,304.00
M. Haverkamp Case Manager $375.00 12.8 $4,800.00
H. Henritzy Case Coordinator $260.00 5.3 $1,378.00
A. Kabir Case Assistant $175.00 4.7 $822.50
E. Degnan Case Assistant $195.00 16.1 $3,139.50
Total 1,229.9 $950,753.00
Courtesy Discount ($15,000.00)
Total Requested Fees $935,753.00
Blended Rate $760.84
Berkeley Research Group, LLC Invoice for the 6/28/2024 - 8/31/2024 Period
Case 24-11217-BLS Doc 633 Filed 10/16/24 Page 4 of 9
In re: Vyaire Medical, Inc., et al.
Attachment C: Fees By Task Code
Berkeley Research Group, LLC
For the Period 6/28/2024 through 8/31/2024
Task Code Hours Fees
01. Asset Acquisition/ Disposition 275.9 $251,220.00
04. DIP Financing 44.3 $35,259.50
05. Professional Retention/ Fee Application Preparation 36.5 $12,204.00
06. Attend Hearings/ Related Activities 9.7 $10,030.00
07. Interaction/ Meetings with Debtors/ Counsel 18.9 $20,936.00
08. Interaction/ Meetings with Creditors/ Counsel 54.9 $65,839.50
11. Claim Analysis/ Accounting 16.5 $8,745.00
12. Statements and Schedules 121.0 $78,365.00
13. Intercompany Transactions/ Balances 31.5 $23,292.00
14. Executory Contracts/ Leases 8.7 $8,669.00
17. Analysis of Historical Results 176.0 $103,369.00
18. Operating and Other Reports 35.4 $23,253.00
19. Cash Flow/Cash Management/ Liquidity 267.6 $206,739.00
25. Litigation 84.0 $63,941.50
26. Tax Issues 3.9 $3,486.50
31. Planning 2.7 $2,133.50
32. Document Review 31.1 $22,138.50
37. Vendor Management 11.3 $11,132.00
Berkeley Research Group, LLC Invoice for the 6/28/2024 - 8/31/2024 Period
Case 24-11217-BLS Doc 633 Filed 10/16/24 Page 5 of 9
Task Code Hours Fees
Total 1,229.9 $950,753.00
Courtesy Discount ($15,000.00)
Total Requested Fees $935,753.00
Blended Rate $760.84
Berkeley Research Group, LLC Invoice for the 6/28/2024 - 8/31/2024 Period
Page 2 of 2
Case 24-11217-BLS Doc 633 Filed 10/16/24 Page 6 of 9
Relief Requested
This is Berkeley Research Group’s (“BRG”) first interim fee application for compensation
(the “Fee Application”) for the period June 28, 2024 through August 31, 2024 (the “Fee Period”)
filed pursuant to the Order (I) Establishing Procedures for Interim Compensation and
Reimbursement of Expenses for Retained Professionals and (II) Grating Related Relief [Docket
No. 218] (the “Interim Compensation Order”). BRG requests: (a) allowance of compensation in
the amount of $935,753.00 for actual, reasonable and necessary professional services rendered to
the Committee by BRG and (b) reimbursement of actual, reasonable and necessary costs and
expenses in the amount of $0.00 incurred by BRG.
Services Rendered and Disbursements Incurred
Attached as Attachment B is the schedule of professionals who rendered services to the
Committee during the Fee Period, including each person’s billing rate and the blended rate and
Attachment C shows the schedule of fees expended during the Fee Period by task code. At this
time, BRG is not requesting compensation for any expenses incurred in connection with its
services rendered during the Fee Period. The First and Second Monthly Fee Applications shown
in Attachment A above are incorporated herein by reference.
Notice and Objection Procedures
BRG provided notice of this Fee Application to: (a) the Debtors; (b) counsel to the Debtors;
(c) the Office of the U.S. Trustee; (d) counsel to the Committee; (e) counsel to the First Lien Agent;
and (f) counsel to the Second Lien Agent (collectively, the “Notice Parties”). In light of the nature
of the relief requested herein, BRG submits that no further or other notice is required.
Case 24-11217-BLS Doc 633 Filed 10/16/24 Page 7 of 9
WHEREFORE, BRG respectfully requests: (a) that it be allowed on an interim basis (i)
fees in the amount of $935,753.00 for reasonable, actual and necessary services rendered by it on
behalf of the Committee during the Fee Period and (ii) reimbursement of $0.00 for reasonable,
actual and necessary expenses incurred during the Fee Period; (b) that the Debtors be authorized
and directed to immediately pay to BRG the amount of $935,753.00 which is equal to the sum of
100% of BRG’s fees and 100% of BRG’s expenses incurred during the Fee Period that are unpaid,
and (c) and granting such other and further relief as the Court may deem just and proper.
Date: October 16, 2024 Berkeley Research Group, LLC
By __/s/ David Galfus
David Galfus
Managing Director
250 Pehle Avenue, Suite 301
Saddle Brook, NJ 07663
(201) 587-7117
Case 24-11217-BLS Doc 633 Filed 10/16/24 Page 8 of 9
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF DELAWARE
In re: Chapter 11
VYAIRE MEDICAL, INC., et al., 1 Case No. 24-11217 (BLS)
Debtors. (Jointly Administered)
Objection Deadline: Nov. 6, 2024 at 4:00 p.m. (ET)
Hearing Date: Dec. 11, 2024 at 11:00 am (ET)
VERIFICATION
DAVID GALFUS, pursuant to 28 U.S.C. § 1746, declares as follows:
a) I am a Managing Director at the applicant firm, Berkeley Research Group,
LLC, and am authorized to submit this verification on behalf of BRG.
b) I have personally performed or supervised many of the professional
services rendered by BRG as financial advisor to the Official Committee of Unsecured Creditors
(the “Committee”) and am familiar with the work performed on behalf of the Committee by the
professionals and other persons in the firm.
c) I have reviewed the foregoing Application and the facts set forth therein
are true and correct to the best of my knowledge, information, and belief.
d) All services for which compensation is requested by BRG were
professional services performed for and on behalf of the Committee and not on behalf of any
other person.
1
The last four digits of Debtor Vyaire Medical, Inc.’s federal tax identification number are 6495. A complete list of
each of the Debtors in these chapter 11 cases and each such Debtor’s federal tax identification number may be obtained
on the website of the Debtors’ claims and noticing agent at https://omniagentsolutions.com/Vyaire. The location of
Debtor Vyaire Medical, Inc.’s principal place of business and the Debtors’ service address in these chapter 11 cases
is 26125 North Riverwoods Boulevard, Mettawa, Illinois, USA 60045.
Case 24-11217-BLS Doc 633 Filed 10/16/24 Page 9 of 9
e) I have reviewed the requirements of Local Rule 2016-2 and certify to the
best of my information, knowledge and belief that this application complies with Local Rule
2016-2.
f) I certify under penalty of perjury that the foregoing is true and correct.
Executed on October 16, 2024
/s/ David Galfus
David Galfus
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