Trustee Takes Issue With Tarragon's Lazard Hiring

Law360, New York (February 26, 2009, 12:00 AM EST) -- The U.S. trustee overseeing the bankruptcy of real estate developer Tarragon Corp. has objected to the hiring of investment bank Lazard Freres & Co. LLC, saying its fees are too high and it might have a conflict of interest.

If the hiring is approved, Tarragon will pay Lazard monthly fees of at least $225,000 for the first six months of the engagement and $175,000 per month thereafter, along with a restructuring fee of $3.25 million, a sale fee of $3.25 million, a minority sale fee of...
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