Miami Condo's $13M Bankruptcy Sale Wins Judge's Nod

Law360, Miami (December 09, 2013, 4:45 PM ET) -- Miami hotel and condominium development One Bal Harbour inched closer to exiting Chapter 11 protection Monday when a Florida bankruptcy judge signed off on a $13.4 million sale of the building's common areas to the homeowners' association.

U.S. Bankruptcy Judge Robert A. Mark approved the result of last week's auction in which the One Bal Harbour residential association beat out an entity owned by Thomas Sullivan, the largest shareholder of the property's bankrupt operator Elcom Hotel & Spa LLC, and stalking horse bidder Stoneleigh Capital LLC....
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