BofA To Take In 60% Of 6 Tarragon Property Sales

Law360, New York (October 15, 2009, 7:22 PM EDT) -- Bank of America Corp. will receive 60 percent of the sale price for six properties owned by bankrupt real estate developer Tarragon Corp., a federal judge ruled Wednesday.

Judge Donald Steckroth of the U.S. Bankruptcy Court for the District of New Jersey signed off on the settlement between Tarragon and Bank of America NA, the financial giant's commercial banking unit. Tarragon will receive 40 percent of the sale price for each of the properties.

Tarragon still has an outstanding balance of about $125 million on loans...
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