Five Mile Wants MSR Hotels' Bankruptcy Converted To Ch. 7
By Maria Chutchian
Law360, New York (July 3, 2013, 2:14 PM ET) -- Five Mile Capital Partners LLC on Tuesday urged a New York judge to convert the bankruptcy case of Paulson & Co.’s real estate investment trust MSR Hotels & Resorts Inc., to a Chapter 7 liquidation, saying MSR’s directors can’t be trusted to produce the best results for creditors.
The alternative investment fund, which labels itself as one of MSR’s largest creditors, said in court papers that the MSR bankruptcy requires a trustee to oversee the proceedings because its own management is conflicted and will not operate...