ORDER APPROVING FINAL APPLICATIONS OF SAUL EWING LLP FOR ALLOWANCE OF COMPENSATION AND REIMBURSEMENT OF EXPENSES FOR THE PERIOD FROM DECEMBER 17, 2002 THROUGH OCTOBER 9, 2003
CAROL DOYLE, Bankruptcy Judge
Saul Ewing LLP, as counsel to the Official Committee of Conseco Trust Originated Preferred Debt Holders (the "TOPrS Committee") and the Ad Hoc Committee of Trust Originated Preferred Debt Holders (the " Ad Hoc TOPrS Committee"), filed the following final applications for allowance of compensation and reimbursement of expenses: (i) Application of Saul Ewing LLP, Counsel to the Official Committee of Conseco Trust Originated Preferred Debt Holders, for Final Allowance of Compensation and Reimbursement of Expenses for the Period January 3, 2003 Through September 10, 2003 (the "Final Fee Application") (Docket No. 6218); and (ii) Motion of Saul Ewing LLP for Allowance of Compensation as Counsel to the TOPrS Committee from the Petition Date Through the TOPrS Committee Formation Date (the "Substantial Contribution Motion") (Docket No. 6217).
In its Final Fee Application, Saul Ewing requests, pursuant to section 330 of the United States Bankruptcy Code, 11 U.S.C. § 101- 1330 (the "Bankruptcy Code"), final allowance of compensation in the amount of $4,209,851.75 for services rendered, and $460,201.99 for reimbursement of expenses incurred, in representing the TOPrS Committee from the period January 3, 2003 through September 10, 2003. In its Substantial Contribution Motion, Saul Ewing requests, pursuant to sections 330 and 503(b)(4) of the Bankruptcy Code, final allowance of compensation in the amount of $30,293.00, and reimbursement of expenses incurred in the amount of $2,546.34 in representing the Ad Hoc TOPrS Committee, from the period December 17, 2002 (the "Petition Date") through January 3, 2003 (the "Formation Date").
The Court has reviewed the Final Application and Substantial Contribution Motion, giving careful consideration to the recommendations of the Fee Review Committee, as well as Saul Ewing's agreement to reduce the amount of the fees and expenses requested in the Final Fee Application by $125,000 and $35,000, respectively. Based on this review, the Court finds that: (i) the Court has jurisdiction over this matter pursuant to 28 U.S.C. §§ 157 and 1334; (ii) notice of the Final Application and Substantial Contribution Motion was adequate and proper under the circumstances; and all parties with standing have been afforded the opportunity to be heard on the Final Application and Substantial Contribution Motion, and that good cause has been shown to grant the relief requested by Saul Ewing. Accordingly, it is hereby
ORDERED, that the Final Fee Application is hereby granted, and Saul Ewing LLP is hereby allowed as compensation for services rendered during the period covered by the Final Fee Application the amount of $4,084,851.75, which reflects a reduction of $125,000.00 in fees as requested by the Conseco Fee Review Committee, and as reimbursement of expenses incurred during the period covered by the Final Fee Application the amount of $425,201.99, which reflects a reduction of $35,000.00 in expenses as requested by the Conseco Fee Review Committee; and it is further
ORDERED, that the Substantial Contribution Motion is hereby granted, and Saul Ewing LLP is hereby allowed final compensation for services rendered as counsel to the Ad Hoc TOPrS Committee in the amount of $29,543.00 for services rendered, which reflects a reduction of $750.00 as requested by the Conseco Fee Review Committee, and $2,296.34 for reimbursement of expenses, which reflects a reduction of $250.00 as requested by the Conseco Fee Review Committee; and it is further
ORDERED that the Conseco Plan Administrator is hereby authorized and directed to pay to Saul Ewing LLP the sum of $362,362.14 immediately as final payment for the unpaid amounts owed to Saul Ewing LLP as bankruptcy counsel to the TOPrS Committee and Ad Hoc TOPrS Committee for services rendered and disbursements incurred for the Committees.