Brookfield Scuttles Atlantis Deal After Court Ruling

Law360, Wilmington (January 17, 2012, 9:45 PM EST) -- Brookfield Asset Management Inc. has terminated a deal to take control of the Atlantis resort in the Bahamas and other properties from Kerzner International Holdings Ltd. after a Delaware judge halted the transaction, according to court documents filed Saturday.

Lenders that helped finance the $2.5 billion mortgage on the resort, led by Trilogy Portfolio Co. LLC, sued Brookfield on Jan. 5 to prevent the asset manager from consummating the deal, which would forgive Brookfield’s $175 million slice of the mortgage in return for equity in the...
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