Another bill from Ocean Park Advisors, its 12th monthly bill. This one is for September. So... when does its advice pay off for SCO, one wonders? How many years does it take for this company to get on its feet and exit Chapter 11 or alternatively to see the wisdom of throwing in the towel?
Here is the bill:
11/11/2010 - 1197 - Monthly Application for Compensation of /Twelfth Monthly Application of Ocean Park Advisors, LLC, Financial Advisor to the Chapter 11 Trustee of the SCO Group, Inc. et la., for Compensation and Reimbursement of Expenses for the period of September 1, 2010 to September 30, 2010 Filed by Ocean Park Advisors, LLC. Objections due by 12/1/2010. (Attachments: # 1 Exhibit A - Summary of Hours by Professional and Project Codes and Detailed Reports # 2 Exhibit B - Expense Summary and Detailed Report # 3 Notice # 4 Certificate of Service) (Fatell, Bonnie) (Entered: 11/11/2010)
If you look at Exhibit A, here's the breakdown:
| Project Code | Description | Hours | Value |
| 1 | Planning, Supervision and Review | 0.0 | $0.00 |
|
2 | Preparation and Review of Info. Requests and Related Matters | 0.0 | 0.00 | |
3 | Analysis & Preparation of Court filings | 2.5 | 715.00 | |
4 | Analysis, Preparation and Execution of Restructuring Plan | 8.7 | 2,782.50 | |
5 | Analysis & Preparation of Budget & Reports | 8.8 | 2,471.00 | |
6 | Analysis & Preparation of loan model and terms | 0.0 | 0.00 | |
7 | Analysis & Preparation of Financial models | 0.0 | 0.00 | |
8 | Preparation for and Attendance at Court Hearings | 0.0 | 0.00 | |
9 | Prep/Participate in Company management calls and meetings | 8.1 | 3,120.50 | |
10 | Prep/Participate in Board calls and meetings | 0.0 | 0.00 | |
11 | Prep/Participate in Meetings/Conf. Calls with Counsel and Ch. 11 Trustee | 6.4 | 1,803.50 | |
12 | Communication with lenders | 0.0 | 0.00 |
| 13 | Firm Retention | 0.0 | 0.00 |
| 14 | Preparation of Fee/Expense Applications | 2.0 | 488.00 |
| 15 | Non-working Travel Time | 0.0 | 0.00 |
So the two biggest items, after attending meetings, are 'Analysis, Preparation and Execution of Restructuring Plan' and
'Analysis & Preparation of Budget & Reports'. What restructuring plan? The sale of the assets? What are they thinking, calling this a restructuring? To what? And exactly what is the "joint venture in
China" mentioned on page 5? I thought that was over with. For that matter, what is this: "Canadian trademark application consideration
after management request"? Canada? Trademark on what? India seems to be winding down, according to this entry:
Call with counsel to Trustee, management and
Indian counsel regarding Indian corporate matters
and wind-down
Winding down, period? Or winding down of corporate matters? It's all so vague. Lots of entries like this one:
Prepared for and participated in call with
management on ongoing business matters Business matters. Like what?
There was a call with the trustee on "sales process". In short, they'd rather not be too specific. They know we read these things I guess. But I don't see any discussions with prospective buyers in the filing.
|
