Miami Beach Hotel Can't Avoid Foreclosure Sale

Law360, Miami (February 25, 2013, 5:36 PM ET) -- A Florida bankruptcy judge on Monday refused to delay a planned foreclosure sale of the Cavalier Hotel on Miami Beach, ruling that the owner's Chapter 11 plan proposing a sale to hotel operator Grand Heritage International LLC did not treat a secured lender's $11.6 million claim fairly.

In a ruling from the bench, U.S. Bankruptcy Judge Robert A. Mark said debtor Ocean Drive Investment LLC had not convinced the court that its amended exit plan could be confirmed, and denied the debtor's motion to enjoin the...
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