Calpine Objects To Hire Of Financial Advisor

Law360, New York (April 5, 2007, 12:00 AM EDT) -- Calpine Corp. has lashed out against a bid by its equity committee to retain Perella Weinberg Partners LP as its financial advisor, arguing that the move could cost as much as $40 million in fees.

In an objection filed Wednesday in the U.S. Bankruptcy Court for the Southern District of New York, Calpine said it does not take issue with Perella Weinberg’s qualifications as a financial advisor, but it believes that the application is unreasonable because the firm’s proposed compensation is “inappropriately structured and excessive.”...
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