Orleans Balks At Financial Adviser's Sale 'Success' Fee

Law360, New York (October 7, 2010, 1:08 PM EDT) -- Bankrupt residential builder Orleans Homebuilders Inc. has filed an objection to a $600,000 fee request from its financial adviser as it undergoes a Chapter 11 restructuring that will see the company slash its debt by more than $200 million.

The homebuilder alleged that the success fee requested by Lieutenant Island Partners LLC only kicks in when there has been a sale of a substantial portion of its assets, which has not occurred under its reorganization plan, according to an objection filed Wednesday in the U.S. Bankruptcy...
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