$250M Aruba Hotel Sale Due To Default Stalled For Now

Law360, New York (November 15, 2012, 3:36 PM EST) -- In a setback to investment fund Midtown Acquisitions LLP, a New York state judge on Thursday put the brakes on its impending collateral sale of an Aruban resort worth about $250 million, triggered by the default of a junior loan Midtown owns.

Justice Jeffrey K. Oing issued a preliminary injunction from the bench that pushed the sale back to at least Dec. 21, pending the posting of a $5 million bond or other collateral by plaintiff AMR Ventures II LLC, which contends the sale is being...
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