HTML Document View

Full title: Supplemental Declaration of Lawrence R. Perkins in support of Order Authorizing Employment of Lawrence R. Perkins as Chief Restructuring Officer and Sierraconstellation Partners, LLC (RE: related document(s)197 Order on Application to Employ). Filed by Debtor Wave Computing, Inc. (Hoffman, Juliana) (Entered: 01/05/2021)

Document posted on Jan 4, 2021 in the bankruptcy, 4 pages and 1 tables.

Bankrupt11 Summary (Automatically Generated)

The Debtors in these chapter 11 cases are Wave Computing, Inc., MIPS Tech, Inc., Hellosoft, In 1 I, Lawrence R. Perkins, being duly sworn, state the following under penalty of perjury: 2 1. On May 11, 2020, of the Debtors filed the Application of Debtors Pursuant To 5 U.S.C. § 363 for an Order Authorizing Employment of Lawrence R. Perkins as Chief Restructur 6 Officer and SierraConstellation Partners, LLC (the “SCP Application”)On June 8, 2020, this Court entered an Order Authorizing Employment of Lawrenc 8 Perkins as Chief Restructuring Officer and SierraConstellation Partners, LLC [Docket No. 197] (9 “SCP Retention Order”).Schedule A reflects increases attributable to each professional’s increa18 level of experience or, in the case of Ms. Montani, a promotion to Director, and to increases in SC19 base rates for professionals with similar levels of experience. 2 3 Dated: January 5, 2021 Los Angeles, California 4 /s/

List of Tables

Page 1

1 SIDLEY AUSTIN LLP Samuel A. Newman (SBN 217042) 2 (sam.newman@sidley.com) Genevieve G. Weiner (SBN 254272) 3 (gweiner@sidley.com) Julia Philips Roth (SBN 324987) 4 (julia.roth@sidley.com) 555 West Fifth Street 5 Los Angeles, CA 90013 Telephone: 213.896.6000 6 Facsimile: 213.896.6600 7 SIDLEY AUSTIN LLP Charles M. Persons (admitted pro hac vice) 8 (cpersons@sidley.com) Juliana Hoffman (admitted pro hac vice) 9 (jhoffman@sidley.com) Jeri Leigh Miller (admitted pro hac vice) 10 (jeri.miller@sidley.com) 2021 McKinney Avenue 11 Suite 2000 Dallas, TX 75201 12 Telephone: 214.981.3300 Facsimile: 214.981.3400 13 Attorneys for Debtors and Debtors in 14 Possession 15 UNITED STATES BANKRUPTCY COURT 16 NORTHERN DISTRICT OF CALIFORNIA 17 SAN JOSE DIVISION 18 In re: ) Case No. 20-50682 (MEH) ) 19 WAVE COMPUTING, INC., et al., ) Chapter 11 (Jointly Administered) ) 20 Debtors.1 ) DECLARATION OF LAWRENCE R. 21 ) PERKIN PURSUANT TO 11 U.S.C. § 36 ) CONCERNING HOURLY RATES OF 22 ) PROFESSIONALS SET FORTH IN ) MONTHLY STAFFING REPORTS 23 ) ) Related to Docket Nos.: 92, 197 24 ) ) 25 ) 26 27 1 The Debtors in these chapter 11 cases are Wave Computing, Inc., MIPS Tech, Inc., Hellosoft, In

Page 2

1 I, Lawrence R. Perkins, being duly sworn, state the following under penalty of perjury: 2 1. I am the Founder and Chief Executive Officer of SierraConstellation Partners, L3 (“SCP”) and the court-appointed Chief Restructuring Officer of the Debtors. 4 2. On May 11, 2020, of the Debtors filed the Application of Debtors Pursuant To 5 U.S.C. § 363 for an Order Authorizing Employment of Lawrence R. Perkins as Chief Restructur 6 Officer and SierraConstellation Partners, LLC (the “SCP Application”) [Docket No. 92].2 7 3. On June 8, 2020, this Court entered an Order Authorizing Employment of Lawrenc 8 Perkins as Chief Restructuring Officer and SierraConstellation Partners, LLC [Docket No. 197] (9 “SCP Retention Order”). 10 4. As set forth in the SCP Application and in accordance with the terms of SC11 Engagement Letter (annexed as Exhibit “1” to the SCP Retention Order), SCP’s hourly rates 12 increased as part of our normal billing practices. 13 5. Accordingly, I submit this declaration to provide notice of the increases in SCP’s r14 that went into effect on January 1, 2021. 15 6. Attached hereto as Schedule A is a list of the timekeepers who have billed time to 16 Debtors during the last six months along with their current rates and the increased rates that went i17 effect on January 1, 2021. Schedule A reflects increases attributable to each professional’s increa18 level of experience or, in the case of Ms. Montani, a promotion to Director, and to increases in SC19 base rates for professionals with similar levels of experience. 20 7. Each of these rates was and will continue to be consistent with (i) the rates that S21 charges to other clients; (ii) the rates charged by comparably skilled practitioners in the relev22 market; and (iii) the rates that SCP charges other chapter 11 clients, regardless of the geograp23 location of the chapter 11 case. 24 8. Pursuant to section 1746 of title 28 of the United States Code, I declare under pen25 of perjury under the laws of the United States of America that the foregoing is true and correct to 26 best of my knowledge, information, and belief. 27 2

Page 3

1 Executed this 5th day of January 2021 at Los Angeles, California. 2 3 Dated: January 5, 2021 Los Angeles, California 4 /s/ Lawrence R. Perkins 5 Lawrence R. Perkins 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27

Page 4

1 Schedule A
Table 1 on page 4. Back to List of Tables
Name of Professional 2020 Rates ($) 2021 Rates ($)
Perkins (CRO) 750 790
Bitterman 600 685
Partridge 575 605
Staglik 525 580
Montani 300 420
Santos 225 235
Meeds 175 185
7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27