NY Court Puts Sale Of $150M Casino Debt On Hold

Law360, New York (February 16, 2012, 7:19 PM EST) -- A New York state appeals court on Tuesday delayed a junior lender’s acquisition of a $150 million senior loan tied to a Las Vegas casino and resort, handing a victory to bond investors suing over control of the loan.

In a one-page order, the New York Supreme Court’s Appellate Division affirmed a Jan. 5 stay in the case. The stay was sought by investors in commercial mortgage-backed securities containing the loan, as they appeal a ruling that they lack standing to sue the junior lender, Galante Holdings...
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