NY Court Blocks Challenge To $150M Casino Loan Buy

Law360, New York (June 19, 2012, 4:42 PM EDT) -- A New York appeals court on Tuesday upheld a lower court's ruling that prevented a group of investors from blocking a junior lender's attempt to buy a $150 million senior loan tied to a Las Vegas casino and resort.

The investors, Cedarwoods CRE CDO II Ltd., claim Galante Holdings Inc., which holds a $10 million loan on a JW Marriott hotel and resort in Summerlin, Nev., improperly tried to buy the senior loan at a more than $60 million discount.

New York state Judge Melvin Schweitzer...
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