united states bankruptcy court district of new jersey€¦ · daniel ireland managing director 650$...

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UNITED STATES BANKRUPTCY COURT DISTRICT OF NEW JERSEY

In re:

CTE 1 LLC,

Debtor.

Chapter 11

Case No. 19-30256-VFP

(Honorable Vincent F. Papalia)

AMENDED MONTHLY STAFFING AND COMPENSATION REPORT OF CARL MARKS ADVISORY GROUP LLC

FOR THE PERIOD OF MAY 1, 2020 THROUGH MAY 17, 2020

In accordance with the Final Order Authorizing the Debtor’s Application to (I) Retain Carl

Marks Advisory Group LLC and (II) Designate Steven F. Agran as Chief Restructuring Officer,

Nunc Pro Tunc to the Petition Date entered on December 2, 2019 [Docket No. 82], Carl Marks

Advisory Group LLC (“CMAG”) hereby submits its combined Amended Monthly Staffing and

Compensation Report (the “Staffing Report”) for the period of May 1, 2020 through May 17, 2020

(the “Compensation Period”).

During the Compensation Period, CMAG incurred $6,650.00 in fees and $61.00 in

expenses for a total of $6,711.00, as reflected in the attached exhibits.

Pursuant to the Retention Order, the Debtor is authorized to pay CMAG a fixed weekly fee

of $35,000.00. Accordingly, CMAG seeks payment of $70,000.00 in fees and $61.00 in expenses

incurred during the Compensation Period.1

1 The fees reflected herein are the sum of the standard hourly rates of CMAG professionals multiplied by time expended, as detailed at Exhibit “B”. The Fixed Weekly Fee to which CMAG is entitled, is set forth in the Final Order Authorizing the Debtor’s Application to (I) Retain Carl Marks Advisory Group LLC and (II) Designate Steven F. Agran as Chief Restructuring Officer, Nunc Pro Tunc to the Petition Date [Docket No. 82] (the “Retention Order”).

Case 19-30256-VFP Doc 418 Filed 06/01/20 Entered 06/01/20 11:42:46 Desc MainDocument of 9

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Dated: May 27, 2020 Carl Marks Advisory Group LLC 900 Third Avenue, 33rd Floor New York, New York 10022

/s/ Steven Agran By: Steven F. Agran

Chief Restructuring Officer


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EXHIBITS

Annexed hereto are the following exhibits for the Monthly Staffing and Compensation

Report of Carl Marks Advisory Group LLC for the period of May 1, 2020 through May 17,

2020.

Exhibit A - Summary of Compensation and Expenses

Exhibit B - Summary of Fees and Hours by Professional and Description of Responsibilities of Professional

Exhibit C - Summary of Expenses


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EXHIBIT “A”

CTE 1 LLC SUMMARY OF COMPENSATION AND EXPENSES

MAY 1, 2020 THROUGH MAY 17, 2020 Professional Fees: $6,650.00 Expenses: $61.00 Total Invoice: $6,711.00


CTE 1 LLC (dba Lexus of Englewood)Carl Marks Advisors ‐ Fee Application Support (May 2020)

BY PROFESSIONAL Level Rate May‐20

Steven Agran Senior Managing Director 825$ 6.80

Daniel Ireland Managing Director 650$ 1.60

Total Hours 8.40

Steven Agran Senior Managing Director 825$ 5,610.00$

Daniel Ireland Managing Director 650$ 1,040.00$

Total Cost 6,650.00$

BY TASK May‐20

Bankruptcy Administration 7.00

Business Operations ‐

Business Plan ‐

Cash Management 1.40

Committee ‐

Conference Calls ‐

Court ‐

Diligence ‐

DIP Financing ‐

Litigation ‐

Managing Dealership Sale Process ‐

Meetings ‐

Other ‐

Phone Call ‐

Presentations/Analysis ‐

Running Dealerships ‐

Travel ‐

Total Hours 8.40

Bankruptcy Administration 5,495.00$

Business Operations ‐$

Business Plan ‐$

Cash Management 1,155.00$

Committee ‐$

Conference Calls ‐$

Court ‐$

Diligence ‐$

DIP Financing ‐$

Litigation ‐$

Managing Dealership Sale Process ‐$

Meetings ‐$

Other ‐$

Phone Call ‐$

Presentations/Analysis ‐$

Running Dealerships ‐$

Travel ‐$

Total Cost 6,650.00$

EXPENSES May‐20

Meals & Entertainment ‐$

Long Distance Travel ‐$

Local Transportation ‐$

Lodging ‐$

Research ‐$

Telephone ‐$

Office Supplies ‐$

Miscellaneous 61.00$

‐$

Total Expenses 61.00$


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EXHIBIT “B”

CTE 1 LLC SUMMARY OF FEES AND HOURS BY PROFESSIONAL AND DESCRIPTION OF RESPONSIBILITIES OF PROFESSIONAL

MAY 1, 2020 THROUGH MAY 17, 2020


Date Professional Task Project Billable Hours Rate Cost

5/1/2020 Steven Agran Cash Management Payment of expenses and reconciliation of accounts. Discussion with Ron Weiss re: past due accounts 0.40 825.00$ 330.00$

5/4/2020 Steven Agran Cash Management F/U with LoE re: Chambers funding, bonus payments, customer issues. 0.30 825.00$ 247.50$

5/4/2020 Steven Agran Cash Management Review and F/U with Lexus re: Quarterly bonuses. 0.20 825.00$ 165.00$

5/5/2020 Daniel Ireland Bankruptcy Administration Follow up with TMCC re: additional customer enquiries concerning claims 1.60 650.00$ 1,040.00$

5/6/2020 Steven Agran Bankruptcy Administrationbleness. TC w/Sean Racquet on Admin Claim. F/U with Lynnette Warman re: information on missing vehicles 0.70 825.00$ 577.50$

5/6/2020 Steven Agran Cash Management ing and open items. Review of chargebacks from Lexus on Bonuses. Clarification of expenses included in sale 0.50 825.00$ 412.50$

5/11/2020 Steven Agran Bankruptcy Administration Update of Budget to Actual including write‐up and send to TMCC. 1.00 825.00$ 825.00$

5/11/2020 Steven Agran Bankruptcy Administration Review of MORs. Sign, scan and return. 1.00 825.00$ 825.00$

5/12/2020 Steven Agran Bankruptcy Administration Review of Disclosure Statement and filing. Review of Claims register. Review of objection by Zeccardis. 1.20 825.00$ 990.00$

5/14/2020 Steven Agran Bankruptcy Administration F/U emails with counsel and TMCC re: transition. Update of budget to actual cash flow 1.00 825.00$ 825.00$

5/14/2020 Steven Agran Bankruptcy Administration Hearing on Joint Motion and follow‐up with counsel on transition 0.50 825.00$ 412.50$

8.40 6,650.00$


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EXHIBIT “C”

CTE 1 LLC SUMMARY OF EXPENSES

MAY 1, 2020 THROUGH MAY 17, 2020


Client: 005468 CTE I/LEXUS OF ENGLEWOODMatter: (All Matters)

Date ExpCd Bill Amount Narrative Professional05/05/2020 10 Steven Agran ‐ Bloomberg Finance LP

61.00

05/14/2020 10 11.00 Misc. (Stamps)50.00 Misc. (Court Solutions)


June 2, 2020

Amended Monthly Staffing and Compensation Report of Carl Marks Advisory Group LLC for the Period of May 1, 2020 through May 17, 2020.

June 1, 2020

Case 19-30256-VFP Doc 418-1 Filed 06/01/20 Entered 06/01/20 11:42:46 DescCertificate of Service Page 1 of 15

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Eckert Seamans Cherin & Mellott, LLCPO Box 5404Princeton, NJ 08543Attn: Nicholas M. Gaunce, Esq.

Attorney for NextGear Capital, Inc.

Fishkin Lucks, LLPThe Legal CenterOne Riverfront Plaza, Suite 410Newark, NJ 07102

Attorney for CDK Global, LLC

Geraldine E. PontoBaker & Hostetler LLP45 Rockefeller PlazaNew York, NJ 10111

Attorney for DARCARS of Englewood, Inc.

Barry S. Miller, Esq,.1211 Liberty AvenueHillside, NJ 07205

Attorney for Get Go Inc.

Norgaard O'Boyle & Hannon184 Grand AvenueEnglewood, NJ 07631

Attorneys for Venture Motor Cars


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