Court Decision Clears Way for Disputed Sale of Las Vegas Hotel Loan
19 Giugno 2012 - 10:16PM
Dow Jones News
By Al Yoon
A New York state appellate court cleared the way Tuesday for a
deeply discounted sale of a boom-era mortgage on the JW Marriott
Las Vegas Resort & Spa, turning down a request from investors
who allege they are victims of a "brazen scheme" to steal from
them.
The court upheld an earlier denial of a preliminary injunction
that stalled the sale of the $150 million mortgage to Galante
Holdings, a junior investor in the project, for less than $85
million.
In its decision, the appeals court said New York Supreme Court
Judge Melvin Schweitzer in January properly denied a motion to stop
the sale because the investors didn't hold enough of the
commercial-mortgage-backed security containing the loan to override
a "no action" clause.
The lawsuit against Galante will continue even if the loan sale
is consummated. Plaintiffs include Winthrop Realty Trust (FUR) and
alternative asset manager Angelo, Gordon & Co.
Write to Al Yoon at albert.yoon@dowjones.com
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