The Wilson Law Firm, P.C., must naturally charge fees for its work, which we propose to do on the following basis:
All of our clients agree to support us in seeking official recognition by the U.S. Bankruptcy Court and payment of our hourly fees as an administrative expense of the Estate.
In this regard, we will accurately record all of the time we spend on this matter, creating electronic "timeslips" each day for each lawyer. The "timeslips" will track:
We will charge fees at the rate of $350 per hour for partners and $250 per hour for associate attorneys. We do not expect any individual client to be responsible for the payment of our hourly fees. Rather, we anticipate applying to the Bankruptcy Court for approval of and payment of these fees as an expense of the Estate.
We will also charge a contingency fee, based on our success, in two distinct regards. First, we will charge one percent (1%) contingency fee based upon the difference between the stock price on the day you sign up to the day you sell your stock, times the number of shares you sell. Therefore, if we are successful in causing, or helping to cause, in any fashion, a rise in the stock price, you will agree to pay us one percent (1%) of the profit you actually realize. We will also seek to have the Court approve this fee, as an expense of the Estate, measured by the rise in price of the stock of all shareholders, as our actions will benefit all shareholders either in terms of a cash payment or stock options. If the Court does approve this fee, then we will not expect any of our individual clients to pay us and we will accept payment from the Estate instead.
Second, we will charge a one percent (1%) contingency fee on any sales, leases, or IPO's we originate as a result, in whole or in part, of our efforts described herein. We will also seek to have the Court approve this fee, as an expense of the Estate, measured by the actual sales price, IPO proceeds, or financing proceeds. We also reserve the right to assert claims against the Debtor, or its reorganized successor, should Mirant reorganize and later seek to take advantage of asset sales prospects which we identified first.
We intend to enhance the value of the Debtor's Estate sufficiently to persuade the Court to approve all of our fees and expenses as charges to the Estate.
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