Old Copper Co. Inc. (f/k/a CPPRQ/JCPNQ JC Penney)

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JCPNQ HUGE NEWS - AD HOC EQUITY COMMITTEE’S APPLICATION FOR AN ORDER PURSUANT TO SECTIONS 327(a) AND 328(a) OF THE BANKRUPTCY CODE AUTHORIZING THE EMPLOYMENT AND RETENTION OF OKIN ADAMS LLP AS COUNSEL FOR THE AD HOC EQUITY COMMITTEE

https://cases.primeclerk.com/JCPenney/Home-DocketInfo


DOCKET 1021
Application to Employ Okin Adams LLP as Counsel to Ad Hoc Committee of Equity Interests Holders. Objections/Request for Hearing Due in 21 days. Filed by Stockholder Ad Hoc Committee of Equity Interest Holders (Attachments: # 1 Exhibit A # 2 Exhibit B # 3 Proposed Order)

Attachments: 1, 2, 3
Related:

9. To accomplish these tasks established by the Court, the Firm will:

a) advise the Ad Hoc Equity Committee with respect to its rights, duties and powers in the Bankruptcy Cases;

b) assist and advise the Ad Hoc Equity Committee in its consultations relative to the administration of the Bankruptcy Cases;

c) assist the Ad Hoc Equity Committee in analyzing the claims of the creditors and in negotiating with such creditors;

d) assist the Ad Hoc Equity Committee’s investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtors and of the operation of Debtors’ businesses;

e) advise and represent the Ad Hoc Equity Committee in connection with administrative matters arising in these Bankruptcy Cases, including the obtaining of credit, the sale of assets, and the rejection or assumption of executory contracts and unexpired leases;

f) assist the Ad Hoc Equity Committee in the analysis of, and negotiations with, the Debtors or any third-party concerning matters relating to, among other things, the terms of a plan of reorganization;

g) assist and advise the Ad Hoc Equity Committee with respect to its communications with the general creditor/shareholder body regarding significant matters in these Bankruptcy Cases;

h) review, analyze and respond as necessary to all applications, notions, orders, statements of operations and schedules filed with the Court, and advise the Ad Hoc Equity Committee as to their propriety;

i) assist the Ad Hoc Equity Committee in evaluating claims and causes of action, if any, against the Debtors’ secured lender(s) or other parties;

j) assist the Ad Hoc Equity Committee in preparing pleadings and applications as may be necessary in furtherance of the Ad Hoc Equity Committee’s interests and objectives; and

k) represent the Ad Hoc Equity Committee at all hearings and other proceedings, and perform such other legal services as may be required and are deemed to be in the interests of the Ad Hoc Equity Committee in accordance with the Committee’s powers and duties as set forth in the Bankruptcy Code.

10. The Ad Hoc Equity Committee, however, reserves the right to seek Court authority to supplement or expand the scope of services provided by the Firm and/or the terms of the Firm’s engagement.

July 9, 2020 Ad Hoc Committee of Equity Interest Holders Niko Celentano, Chairman 1422 Robertson Pl. Bronx, NY 10465

Email: [e-mail]

Re: Terms of Engagement Dear Committee Members:

I am pleased to confirm Okin Adams LLP’s (the “Firm”) engagement to act as counsel to the Ad Hoc Committee of Equity Interest Holders (the “Ad Hoc Committee”, each member of the committee a “Member”) in the bankruptcy case (the “Bankruptcy Case”) of JC Penney Co., Inc., et al (the “Debtors”) which is currently pending before the United States Bankruptcy Court for the Southern District of Texas (the “Court”). We appreciate your confidence in us, and we look forward to working with you on this matter.

The scope of our engagement will be limited to advising and representing the Ad Hoc Committee with regard to proceedings before the Court (the “Matter”). The Firm’s engagement will be limited to the Matter, and the Firm shall not act as individual counsel to each Member in the Bankruptcy Case or otherwise. Unless explicitly set forth in a subsequent written engagement agreement or written amendment to this agreement, the Firm’s engagement by you and the Committee shall include only the matters described herein.

Nothing in this engagement shall prohibit the Firm from accepting other representations unrelated to this matter that involve any particular Member. Accordingly, each Member agrees, without any limitations whatsoever, not to object to the Firm being adverse to such Member on matters that are not related to the instant representation and agree to waive any future actual or perceived conflicts of interest related to the Firm representing other parties in any such unrelated matters.

At the beginning of our representation of a client, it is our policy to describe the manner in which we will bill for legal services and disbursements. A clear understanding of those matters helps to maintain a harmonious professional relationship. I encourage you to consider the matters set forth in this letter carefully and to raise with me any questions that you may have now or later about its contents.

Our Firm will bill the Ad Hoc Committee for services rendered on an hourly basis. I will be the attorney at the Firm primarily responsible for handling this matter. The firm charges for my services at a rate of $575 per hour and for other lawyers in the firm at rates between $250 and $550 per hour. Hourly rates for paralegals and other support staff range from $75 to $175 per hour. The Firm may change these rates in the future, in which case the new rates will apply to work done after your receipt of written notice from the Firm of those rate changes. In addition, expenses advanced on behalf of the Ad Hoc Committee or internal charges for administrative services are added to the statement rendered for the month in which such expenses or charges are recorded in the billing system.

The Firm’s standard practice is to bill on a monthly basis. This allows our clients to monitor both current and cumulative fees and expenses. During the Bankruptcy Case, the Firm will continue to bill you on a monthly basis for all fees and expenses incurred in this representation, provided, however, that the Firm shall provide an estimate of incurred, but unbilled time and expenses as reasonably requested by the Committee. Payment of those monthly invoices, however, will be subject to court approval and any payment procedures established by the Debtors. If a Member has an objection to an invoice or a specific charge on an invoice, we ask that you please raise your concerns prior to application for Bankruptcy Court approval. The Court has set aside limited funds for the Debtors to pay the expenses of the Ad Hoc Committee including attorneys’ fees. In the current stage of the Matter, the Firm will look to these funds to cover its fees incurred in this Matter. As discussed with the Ad Hoc Committee, we do not believe the funds set aside will be sufficient to cover all expenses incurred to achieve the Ad Hoc Committee’s ultimate goals in the Bankruptcy Case. After the initial investigation and fact gathering is complete, we will need to revisit the terms of our engagement and whether a new method of compensating the Firm in the Matter is needed. The Ad Hoc Committee understands that we are not committing to work on this Matter to a conclusion on the budget currently available.

The Ad Hoc Committee reserves the right to terminate this Engagement with or without cause upon written notice to the Firm and subject to Court approval as applicable.

Also, attached to this letter is a Statement of Firm Policies (the “Statement”) that will apply to this representation, provided that to the extent of a conflict between the terms of the Statement and the terms of this letter, the terms of this letter shall control. Please review these policies and let me know if you have any questions concerning them. If the terms described above and in the attached Statement of Firm Policies are satisfactory to you, please so indicate by signing the enclosed copy of this letter and returning the signed copy.

Sincerely, Matthew S. Okin Matthew S. Okin