Judge Rejects $4M Flat Fee For Evergreen Adviser

Law360, Wilmington (October 7, 2011, 8:08 PM EDT) -- A Delaware bankruptcy judge on Friday declined to approve a $4 million flat fee for UBS Securities LLC for its work drumming up bidders for Evergreen Solar Inc.'s assets, saying the adviser should not collect the entire tab if a prearranged credit bid prevails at auction.

The official committee of unsecured creditors had objected to the retention of UBS because the fee was locked in regardless of whether the adviser succeeded in finding a cash bidder to top the $60 million stalking horse bid for the...
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