What is the Application to Employ Patton Boggs LLP as Bankruptcy Counsel (the “PB Application”) and what will be the result if it is approved?
Due to the appointment of Dennis L. Roossien, Jr. (the “Trustee”) as the chapter 11 trustee of the Debtors’ bankruptcy cases, the PB Application, in its present form, is not applicable. Patton Boggs will be released as Debtors’ counsel only up to the time of the Trustee’s appointment. 5. What is the Application to Employ Bridge Associates, LLC Nunc Pro Tunc to the Petition Date, to Provide Interim Management and Management Assistance to the Debtors Pursuant to 11 U.S.C. § 327 (the “Bridge Application”) and what will be the result if it is approved? The Bridge Application seeks to engage David N. Phelps of Bridge Associates, LLC, as the Debtors’ Chief Restructuring Officer (“CRO”), to manage the Debtors’ day-to-day operations and restructuring efforts. The result of the Bankruptcy Court’s approval of the Bridge Application is that Mr. Phelps will be employed as the Debtors’ CRO and will be compensated, as set forth in the Bridge Application, by the Debtors’ bankruptcy estate. The CRO wi
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