JAF, Ltd.

UNITED STATES BANKRUPTCY COURT
NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
In re:
JAF, Ltd.,
Debtor.
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Case No. 25bk13020
Chapter 11
Judge Timothy A. Barnes
FINDINGS OF FACT AND CONCLUSIONS OF LAW IN SUPPORT OF ORDER
AWARDING TO DANNY PAPAVASILIOU AND VELLIOS ACCOUNTING,
ACCOUNTANT FOR DEBTOR, FOR ALLOWANCE AND PAYMENT OF FINAL
COMPENSATION AND REIMBURSEMENT OF EXPENSES
TOTAL FEES REQUESTED: 	$ 9,000.00 	TOTAL COSTS REQUESTED: 	$ 0.00
TOTAL FEES REDUCED: 	$ 1,650.00 	TOTAL COSTS REDUCED: 	$ 0.00
TOTAL FEES ALLOWED: 	$ 7,350.00 	TOTAL COSTS ALLOWED: 	$ 0.00
TOTAL FEES AND COSTS ALLOWED: $7,350.00
The attached time and expense entries have been underlined to reflect disallowance in whole
or in part. The basis for each disallowance is reflected by numerical notations that appear on the left
of each underlined entry. The numerical notations correspond to the enumerated paragraphs below.
(1) 	Improper Time Increments for Billing – TOTAL of disallowed amounts: $0
The court may impose a ten percent penalty for using improper time increments for billing.
“Professional persons . . . cannot, in all honesty and reasonableness, charge their clients for
increments in excess of one-tenth of an hour.” In re Wildman, 72 B.R. 700, 726 (Bankr. N.D. Ill.
1987) (Schmetterer, J.). This penalty will be imposed where time increments larger than one-tenth
of an hour are being used. For example, applicants who bill time using quarter-hour increments risk
the ten percent penalty.
Despite the use of improper time increments for billing, the court has elected not to impose
a penalty with respect to the affected time entries and as such, the time entries affected by improper
increments are not highlighted in the attached time entries.
(2) 	Duplication of Services – TOTAL of disallowed amounts: $1,650.00
The court denies the allowance of compensation for services that duplicate those of another
professional or paraprofessional. See 11 U.S.C. § 330(a)(4)(A)(i). Reduction in fees is warranted if
multiple attorneys from the same firm appear in court on a motion or argument or for a conference,
unless counsel adequately demonstrates that each attorney present contributed in some meaningful
way. In re Pettibone, 74 B.R. 293, 307 (Bankr. N.D. Ill. 1987) (Schmetterer, J.) (“A debtor’s estate
should not bear the burden of duplication of services. If found in the record, such duplication shall
be disallowed by the court as unnecessary.”). It is also an accepted principle that generally no more
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than one attorney may bill for time spent in an intra-office conference or meeting absent an
adequate explanation. See In re Adventist Living Ctrs., Inc., 137 B.R. 701, 716 (Bankr. N.D. Ill. 1991)
(Sonderby, J.); In re Pettibone, 74 B.R. at 303; But see In re MEP Infrastructure Sols., Inc., 654 B.R. 922,
925 (Bankr. N.D. Ill. 2023) (Goldgar, J.) (incorrectly citing In re Stainless Sales Corp., Case No. 17 B
3148, 2017 WL 2829675, at *2 (Bankr. N.D. Ill. June 27, 2017) (Barnes, J.) for the proposition that
intra-office meetings between multiple lawyers are never compensable when Stainless cites to Pettibone
for the foregoing—that an application must “adequately demonstrate[] that each attorney present
contributed in some meaningful way” and thus satisfy 11 U.S.C. § 330(a)(3)(D) by demonstrating
that the meeting is “necessary” or “beneficial” and must have taken a “reasonable amount of time.”).
As the overall majority of services in the attached time entries are attributed to Matt Garcia,
the court denies the allowance of compensation for the attached time entries attributed to Danny
Papavasiliou for services also attributed to Matt Garcia without adequate demonstration that both
professionals contributed in a meaningful way.
Dated: _______
Timothy A. Barnes, Judge
United States Bankruptcy Court
March 24, 2026
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Date Time spent by
Matt Garcia
Time Spend by
Danny Papavasiliou Describtion of Services
9/4/2025 	1.0 	0.0
Download PDF statements, upload transactions into software, begin
categorizing of transactions
9/5/2025 	1.0 	0.0 Continued catagorizing transactions
9/11/2025 	1.0 	0.0 Finished catagorizing transactions
9/12/2025 	1.0 	0.0
Phone call with client about BKY situation, what additional services are
required beyond original scope of work; complete bank reconciliations
9/13/2025 	1.0 	1.0 Partner phone call with client to discuss transactins
9/18/2025 	1.0 	0.0
Initial Review of Form 425C, review questionnaire items and send email
to client about responses to questionnaire
9/19/2025 	1.0 	0.0 Complete financial statement package
10/10/2025 	1.0 	0.0
Download PDF statements, upload transactions into software, begin
categorizing of transactions
10/14/2025 	3.0 	0.0
Lengthy phone call with client and client's assistant on the Monthly
Operating Report requirements, questionnaire items, first correspondence
with law firm regarding aforementioned Monthly Operating Report
10/15/2025 	2.0 	0.0
Complete September transaction categorizations, bank reconciliations,
financial statement package prep and delivery
10/17/2025 	1.0 	0.0
Prepared Form 425C beyond questionnaire items, send to client'
assistant to review
10/20/2025 	2.0 	1.0
Receive feedback from client's assistant and law firm about changes
needed; implement discussed changes and deliver final version of Form
425C; Partner review and correspondence
11/10/2025 	1.0 	0.0
Download PDF statements, Upload transactions into software, begin
categorizing transactions
11/11/2025 	2.0 	0.0
More transaction categorizations; phone call and email correspondence
with client
11/13/2025 	3.0 	0.5
Throuough internal audit of year 2025 to identify what bill payments can
and cannot continue during BKY process (guidance from law firm +
Partner correspondence); Staff call with client regarding sales tax
11/14/2025 	2.0 	0.0
Completion of transaction categorizations, bank reconciliations, financial
statement package
11/17/2025 	1.0 	0.0 425C data calculations and entry
11/20/2025 	3.0 	0.5
Phone call with client; client request details for 3-year projections for
business; prior financial data export from software, formatting, discuss
formulas with Partner; projection completion and delivery
12/11/2025 	2.0 	0.0
Download PDF statements, Upload transactions into software, begin
categorizing transactions; prior year comparative analysis to look for year-
over-year discrepancies in prep for FY 2025 books close
12/12/2025 	2.0 	0.0
Complete comparative analysis, complete transactions categorizations,
complete bank reconciliations, complete financial statement prep
12/18/2025 	2.0 	0.0
Review previous 425C and enter and calculate data into new 425C;
review trends in projection disrecpancies
12/19/2025 	2.0 	1.0 Partner correspondence with client; 425C delivery
1/13/2026 	2.0 	0.0
Download PDF statements, Upload transactions into software, begin
categorizing transactions;
1/14/2026 	1.0 	0.0
Complete transactions categorizations, complete bank reconciliations,
complete financial statement prep
1/18/2026 	1.0 	0.0
Review previous 425C and enter and calculate data into new 425C;
review trends in projection disrecpancies
1/19/2026 	2.0 	1.0 Partner review; 425C delivery
1/25/2026 	1.0 	0.0 Begin 2025 tax prep
Total Hours 	43.0 	5.0
Total Cost 	7,525.00	$ 	1,650.00	$
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