April 2, 2008
Sharper Image Creditor's Committee Retains Professionals
So the Creditor's Committee in the Sharper Image case has hired counsel. Makes sense, the Committee's job, according to Section 1103(c) is
(1) consult with the [debtor] concerning the administration of the case;
(2) investigate the acts, conduct, assets, liabilities, and financial condition of the debtor, the operation of the debtor’s business and the desirability of the continuance of such business, and any other matter relevant to the case or to the formulation of a plan;
(3) participate in the formulation of a plan, advise those represented by such committee of such committee’s determinations as to any plan formulated, and collect and file with the court acceptances or rejections of a plan;
I.e., Consult, investigate and help formulate a Plan.
So "lead counsel" for the Committee is Cooley Godward Kronish. The partners assigned to the case from that firm will bill $850 to $680 per hour. The Committee needs "Delaware counsel" as well, Whiteford Taylor Preston, whose fees are down right reasonable at $530 to $390 per hour for partners. The Committee, of course, also needs a "financial adviser" and has chosen Loughlin Meghji & Company whose Principal/Managing Directors will bill $750 to $625 per hour.
Sharper Image still has not filed its "schedules" in the case. This will list its assets and liabilities. It will include a "statement of financial affairs," 20 questions or so which I am looking forward to reviewing.
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