Bankruptcy Judge Tells MSR To Rework Secured Lender Deal

Law360, New York (October 22, 2013, 7:05 PM EDT) -- A New York bankruptcy judge on Tuesday instructed MSR Hotel & Resorts Inc. to rethink a deal that would allocate most of the proceeds of an intellectual property asset sale to its secured lender, voicing concern over recent developments surrounding the likely buyer.

The proposed stipulation would provide secured lender Midland Loan Services Inc. 80 percent of the proceeds of the highest bid up to $10 million and 90 percent for any amount beyond that. The remainder of the proceeds would go directly to MSR’s estate,...
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