2021-03-09_GENERAL DOCUMENTS - C1980004 (2)

Home Browse Search

Case 1:20-bk-12043 Doc 632 Filed 03/03/21 Entered 03/03/21 10:58:24 Desc Main Document Page 7 of 20 the Debtors' secured lenders (together, the "Lenders"), and other parties. As set forth in more detail herein, Foley'S2 work on behalf of the Committee included, without limitation: Negotiating Consensual DIP Financing that Protected Unencumbered Assets — The Debtors' original DIP Financing facility [Docket No. 61] subjected insider claims, chapter 5 avoidance actions and other unencumbered assets to the Lenders' liens. It also contained numerous other onerous terms. On behalf of the Committee, Foley negotiated a substantially improved DIP financing facility that protected the Debtors' unencumbered assets. Without those negotiations, there would have been little to no hope of any recovery for unsecured creditors in these cases. • Negotiating Consensual Sales Process — Foley negotiated the terms of the bid procedures and asset sale process that (a) allowed the Debtors' assets to be sold on an expedited basis, while (b) maximizing value for unsecured creditors. • Ensuring the Administrative Solvency of the Estates — Foley advocated, successfully, for funding sufficient to satisfy all administrative expenses of the estates by the Lenders as well as the sale of all of the Debtors' mining permits, ensuring that the estates remained administratively solvent. • Lender Settlements — Foley negotiated two settlements with the Lenders that paved the way for the consensual sale discussed above, as well as the Plan. • Consensual Chapter 11 Plan — Foley worked with the Debtors to negotiate, and confirm, a consensual chapter 11 Plan that contemplates distributions to unsecured creditors. RELIEF REQUESTED 17. Foley seeks allowance on a final basis of compensation for professional services provided in the amount of $319,626.70 and reimbursement of actual and necessary expenses in the amount of $716.62 that Foley incurred during the Fee Period; and (b) authorizing and directing payment of $60,790.32 to Foley on account of fees and expenses that have not yet been paid. The fees and expenses for which compensation and reimbursement are sought are actual, reasonable, and necessary within the meaning of § 330(a) of the Bankruptcy Code. 2 Throughout these cases, Foley worked in tandem with Barber Law, PLLC ("Barber'), co -counsel to the Committee. When we say "Foley" herein we do not mean to the exclusion of Barber, who was a very valuable partner advocating for the Committee throughout this matter, including the specific issues identified herein. 4812-4378-2110.1