Oaktree Says Developer Hid Assets With Bahamian Island Buy

Law360, New York (February 22, 2013, 6:49 PM EST) -- An Oaktree Capital Management LLC unit trying to recoup a $52 million judgment from a defaulted hotel loan sued the debtors in New York state court Wednesday, alleging they schemed to hide assets including the purchase of a small Bahamian island.

Hotel 71 Mezz Lender LLC and its receiver Steven Weiss allege hotel developer Guy Mitchell and various relatives violated New York's Debtor and Creditor Law by purchasing a one-acre island, Caribe Cay, with a shell company on the heels of being found liable for a...
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