$20M Initial Bid For Bankrupt Developer's Beach Hotel Gets OK

Law360, Miami (February 15, 2013, 6:46 PM ET) -- A Florida bankruptcy judge on Friday approved a $20 million stalking horse bid for the sale of developer Transacta Prive Developers Ltd.'s primary asset, a shuttered Howard Johnson hotel on the beach in Fort Lauderdale that the developer had hoped to turn into condominiums.

In a hearing Friday morning, U.S. Bankruptcy Judge Raymond B. Ray approved a stalking horse bid from Chieftain Holdings LP, according to Lisa Schiller of Rice Pugatch Robinson & Schiller PA, who represents Transacta's largest secured creditor, BankUnited.

The bid by Chieftain,...
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