HTML Document View

Full title: Notice of Distribution of Retainer Under Bankruptcy Local Rule 2016-1(c). Filed by ASAIG, LLC, Aztec/Shaffer, LLC (Attachments: # 1 Exhibit A - Invoice) (O'Connor, Ryan) (Entered: 07/21/2021)

Document posted on Jul 20, 2021 in the bankruptcy, 4 pages and 0 tables.

Bankrupt11 Summary (Automatically Generated)

Rule 2016-1(c) (the “Notice”) seeking authority to distribute $36,478.80 of the retainer of the bankruptcy estates of the Debtors for partial payment of professional services rendered and expenses incurred during the period running from May 1, 2021 through June 30, 2021, and in support hereof, respectfully states as follows: 1 The debtors and debtors in possession these chapter 11 cases, along with the last four digits of their respective Employer Identification Numbers, are as follows: ASAIG SubCo, LLC f/k/a Aztec / Shaffer, LLC (2038); and ASAIG, LLC (2323).On January 11, 2021, the Court entered its Order Authorizing the Employment and Retention of Okin Adams LLP As Bankruptcy Counsel for the Debtors [ECF # 139], and on January 15, 2021, the Court entered its Order Approving Procedures for the Interim Compensation and Reimbursement of Expenses of Professionals [ECF # 152] (the “Interim Compensation Order”).First Interim Fee Application of Okin Adams LLP, Counsel for the Debtors, for the Period November 17, 2020 Through April 30, 2021 [ECF # 331] (the “Interim Fee Order”), which provides, among other things: “Applicant is authorized to apply any Retainer it holds to apply fees and expenses incurred during the Application Period to the extent such fees and expenses remain unpaid in accordance with the Interim Compensation Order. Okin Adams intends to draw funds from the remaining Retainer for payment against professional fees and expenses accrued in the Chapter 11 Cases during the period of May 1, 2021 through June 30, 2021.Thus, pursuant to Bankruptcy Local Rule 2016-1(c), if no objection to this Notice is filed, Okin Adams will draw $36,478.80 from the remaining Retainer for partial payment of professional fees and expenses accrued in the Chapter 11 Cases.

List of Tables

Document Contents

IN THE UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION In re: § § Case No. 20-35600 ASAIG, LLC, et al., § § Chapter 11 Debtors.1 § § (Jointly Administered) NOTICE OF DISTRIBUTION OF RETAINER UNDER BANKRUPTCY LOCAL RULE 2016-1(c) IF YOU WANT A HEARING, YOU MUST REQUEST ONE IN WRITING, AND YOU MUST RESPOND SPECIFICALLY TO EACH PARAGRAPH OF THIS PLEADING. YOU MUST FILE YOUR RESPONSE WITH THE CLERK OF THE BANKRUPTCY COURT WITHIN TWENTY-ONE (21) DAYS FROM THE DATE YOU WERE SERVED AND GIVE A COPY TO THE PERSON WHO SENT YOU THE NOTICE. IF NO OBJECTION IS TIMELY FILED, DISBURSEMENT WILL BE MADE FROM RETAINER IN ACCORDANCE WITH BANKRUPTCY LOCAL RULE 2016-1(c). NOTWITHSTANDING ANY SUCH DISBURSEMENTS, A FINAL APPLICATION SHALL BE FILED AT THE CONCLUSION OF THIS CASE IN ACCORDANCE WITH RULE 2016 OF THE FEDERAL RULES OF BANKRUPTCY PROCEDURE. Okin Adams LLP (“Okin Adams” or the “Applicant”), counsel for ASAIG, LLC, et al., the above-captioned debtors and debtors in possession (the “Debtors”), hereby files this Notice of Distribution of Retainer Under Bankruptcy Local Rule 2016-1(c) (the “Notice”) seeking authority to distribute $36,478.80 of the retainer of the bankruptcy estates of the Debtors for partial payment of professional services rendered and expenses incurred during the period running from May 1, 2021 through June 30, 2021, and in support hereof, respectfully states as follows: 1 The debtors and debtors in possession these chapter 11 cases, along with the last four digits of their respective Employer Identification Numbers, are as follows: ASAIG SubCo, LLC f/k/a Aztec / Shaffer, LLC (2038); and ASAIG, LLC (2323). The Debtors’ service address is: 601 W. 6th Street, Houston, Texas 77007.

1

I. BACKGROUND 1. These cases (the “Chapter 11 Cases”) commenced on November 17, 2020 (the “ASAIG Petition Date”), when ASAIG, LLC filed a voluntary petition for relief under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas, Houston Division (the “Court”). At the same time, ASAIG directed its subsidiary, ASAIG SubCo, LLC f/k/a Aztec / Shaffer, LLC, to also seek chapter 11 relief. 2. On the ASAIG Petition Date, Okin Adams was engaged as general bankruptcy counsel. Okin Adams did not receive a retainer from the Debtors prior to the ASAIG Petition date. Okin Adams incurred some professional fees on the ASAIG Petition Date immediately prior to filing the Chapter 11 Cases, but wrote off all professional fees and expenses incurred prior to filing the Chapter 11 Cases. Thus, Okin Adams was not paid any fees or expenses incurred in connection with filing the Chapter 11 Cases. See 11 U.S.C. § 329. 3. In accordance with the Court’s Interim DIP Order and Final DIP Order, a post-petition retainer of $150,000.00 (the “Retainer”) was approved by the Court and paid to Okin Adams in accordance with Bankruptcy Local Rule 2016-1(b). 4. On January 11, 2021, the Court entered its Order Authorizing the Employment and Retention of Okin Adams LLP As Bankruptcy Counsel for the Debtors [ECF # 139], and on January 15, 2021, the Court entered its Order Approving Procedures for the Interim Compensation and Reimbursement of Expenses of Professionals [ECF # 152] (the “Interim Compensation Order”). 5. On July 6, 2021, the Court entered its Order Granting First Interim Fee Application of Okin Adams LLP, Counsel for the Debtors, for the Period November 17, 2020 Through April 30, 2021 [ECF # 331] (the “Interim Fee Order”), which provides, among other things:

2

“Applicant is authorized to apply any Retainer it holds to apply fees and expenses incurred during the Application Period to the extent such fees and expenses remain unpaid in accordance with the Interim Compensation Order. Further, the Debtors are authorized to pay Applicant, to the extent not paid pursuant to the Interim Compensation Order or by application of the Retainer, all fees and expenses incurred during the Application Period.” See Interim Fee Order, ¶ 2. 6. Pursuant to the Interim Fee Order, Okin Adams drew down $113,521.20 from the Retainer to pay outstanding fees and expenses incurred during the Application Period of November 17, 2020 through April 30, 2021, and $36,478.80 of the Retainer remains in the client trust account as required by Bankruptcy Local Rule 2016-1(c). II. NOTICE OF DISTRIBUTION 7. Okin Adams intends to draw funds from the remaining Retainer for payment against professional fees and expenses accrued in the Chapter 11 Cases during the period of May 1, 2021 through June 30, 2021. From May 1, 2021 through June 30, 2021, Okin Adams billed the Debtors the total amount of $43,656.33, which includes $43,544.50 in fees and $111.83 in expenses. Attached hereto as Exhibit A is a true and correct copy of the invoice for the months of May 2021 and June 2021 which describes in detail the services rendered, time spent, hourly rates charged, and the name of the professional or para-professional performing the work. 8. Bankruptcy Local Rule 2016-1(c) states in pertinent part: “[i]n chapter 11 cases, attorneys and accountants must deposit retainer funds in trust accounts, whether the retainer is received from the debtor or from anyone else. A retainer may be applied to fees and expenses only if no objection has been filed and 21 days have elapsed from the filing and service of a notice for the distribution of a retainer.” See Local Bankruptcy Rule 2016-1(c). Thus, pursuant to Bankruptcy Local Rule 2016-1(c), if no objection to this Notice is filed, Okin Adams will draw $36,478.80 from the remaining Retainer for partial payment of professional fees and expenses accrued in the Chapter 11 Cases.

3

The compensation withdrawn under the rule is interim until a final fee application is approved by the Court. Id. Respectfully submitted this 21st day of July, 2021. OKIN ADAMS LLP By: /s/ Matthew S. Okin Matthew S. Okin Texas Bar No. 00784695 Email: mokin@okinadams.com David L. Curry, Jr. Texas Bar No. 24065107 Email: dcurry@okinadams.com Ryan A. O’Connor Texas Bar No. 24098190 Email: roconnor@okinadams.com 1113 Vine St., Suite 240 Houston, Texas 77002 Tel: 713.228.4100 Fax: 888.865.2118 ATTORNEYS FOR THE DEBTORS CERTIFICATE OF SERVICE I hereby certify that on July 21, 2021, a true and correct copy of the foregoing Notice was served via the Court’s CM/ECF system to all parties consenting to service through the same. By: /s/ Matthew S. Okin Matthew S. Okin

4