Subscribe to glassBYTEs!

Diamond Financial Advisor Files for $95,000 in Compensation

Getzler Henrich & Associates LLC, management consultant and financial advisor for Diamond Glass in its bankruptcy filing, has filed an application with the court for compensation of $95,109.75 and reimbursement for expenses totaling $3,255.09. The application is for the period of April 1-30.

The application includes services by William Henrich, vice chairman of the law firm, at a rate of $525 per hour for a total of two hours, totaling $1,050. It also lists Mark Podgainy, director, whose hourly billing rate is $415. Podgainy's hours are listed at 239.8, totaling $94,059.75.

The bulk of Podgainy's hours (61.1) were spent on cash flow preparation (for a total of $25,356.50), with supplier issues coming in at a close second at 57.4 hours (for a total of $23,865.00). Cash flow preparation includes time spent preparing weekly cash flow forecasts to support management activities, preparation of an interim debtor-in-possession (DIP) budget to support Diamond's DIP motion, and related communication with Diamond's management and lenders, according to court documents. Supplier issues includes negotiation and preparation of agreements with critical vendors, analysis of documentation supporting critical vendor agreements, resolution of issues related to the provision of goods and services to the debtors, analysis of utility deposit requests and related communication with critical vendors, suppliers, landlords and Diamond's management and legal counsel.

Getzler Henrich requests direct payment by Diamond of $75,087.80, which is 80 percent of the total compensation requested, and 100 percent of the reimbursement costs, according to the application filed in the U.S. Bankruptcy Court for the District of Delaware yesterday.

Need more info and analysis about the issues?
CLICK HERE to subscribe to AGRR magazine.