MSR Slams Five Mile's Objection To $2M DIP

Law360, New York (July 16, 2013, 3:32 PM EDT) -- Paulson & Co.’s bankrupt real estate investment trust MSR Hotels & Resorts Inc. on Monday urged a New York federal judge to approve $2 million in post-petition financing against objections raised by Five Mile Capital Partners LLC, arguing that the financing is its only avenue for covering its bankruptcy bills.

The REIT fired back against Five Mile’s arguments that debtor-in-position financing was unnecessary and shifted control of MSR’s Chapter 11 proceedings to its lender, claiming that the facility is the best and only way MSR can...
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