ORDER GRANTING IN PART AND DENYING IN PART FIRST APPLICATION FOR COMPENSATION AND EXPENSES FOR JASON R. SEARCY, P.C. AS COUNSEL FOR THE OFFICIAL COMMITTEE OF UNSECURED CREDITORS
BILL PARKER, Bankruptcy Judge
ON THIS DATE the Court considered the "First Application of Counsel for Official Committee of Unsecured Creditors for Allowance of Compensation of Attorneys' Fees and Reimbursement of Expenses" (the "Application") filed by Jason R. Searcy, P.C. ("Applicant"), as the counsel for the Official Committee of Unsecured Creditors (the "Committee") in the above-referenced Chapter 11 case. The Court, having reviewed the Application and determined whether the services and expenses as outlined in the application were actual, reasonable and necessary in representing the interests of the Committee, finds that a reduction of 7.60 senior attorney hours is justified for excessive time having been billed for the work described and that a reduction of .40 junior attorney hour is warranted for services which were not Committee-related. The Court further finds that a reduction of 2.00 hours of paraprofessional time is justified for charges made for clerical-type services which are properly characterized as an overhead item (1.60 hrs. @ $45.00/hr. and .40 hrs. @ $55.00/hr.).
The Court further finds that, due to high administrative costs which are being incurred in this case in comparison to the asset structure of the Estate, it is proper to impose a 30% holdback on all sums actually awarded in interim fee applications approved in this case, with the Applicant reserving the right to seek payment of all holdback amounts upon the submission of final fee applications in this case. Accordingly, the Court finds that just cause exists for the entry of the following order.
IT IS THEREFORE ORDERED that the law firm of Jason R. Searcy, P.C. is hereby awarded the sum of $42,310.50 as reasonable compensation for actual and necessary services rendered to the Committee and reimbursement for actual and necessary expenses in the amount of $3,790.17, for a total interim award of $46,100.67 for the period from February 1, 2004 through June 15, 2004.
IT IS FURTHER ORDERED that, pursuant to the imposed holdback of 30% of all awarded fees, the Debtor shall immediately tender to Jason R. Searcy, P.C. the sum of $29,617.35 for fees and $3,790.17 for expense reimbursement, for a total payment at this time of $33,407.52; provided, however, that such Applicant is authorized to withdraw from any retainer which it might hold such funds as may be necessary to pay the amounts awarded to it pursuant to this Order. IT IS FURTHER ORDERED that this interim award is without prejudice to the right of the Applicant, Jason R. Searcy, P.C., to seek approval of the payment of additional compensation for amounts not awarded or paid pursuant to the Application, including the fees subjected to the 30% holdback upon the submission of its final fee application in this case.