Five Mile Says MSR's Bidding Plan Wastes IP Assets

Law360, New York (July 10, 2013, 4:26 PM EDT) -- Five Mile Capital Partners LLC on Tuesday lodged a blistering objection to proposed bidding procedures for intellectual property assets of Paulson & Co.’s bankrupt real estate investment trust MSR Hotels & Resorts Inc., saying the REIT’s plan is a recipe for wasting its assets.

The alternative investment fund, which labels itself as one of MSR’s largest creditors, said MSR’s bidding procedures would limit the abilities of the debtor and potential bidder to put MSR’s intellectual property assets to their best and most valuable use.

“The proposed...
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