Unit Owners' $13M Bid Wins Fla. Resort's Bankruptcy Auction

Law360, Miami (December 5, 2013, 4:27 PM EST) -- The residential association of Miami hotel and condominium development One Bal Harbour emerged victorious Wednesday evening at a bankruptcy auction for the property's common areas with a $13.4 million bid.

The residential association beat out an entity owned by Thomas Sullivan, the largest shareholder of the property's bankrupt operator Elcom Hotel & Spa LLC, and stalking horse bidder Stoneleigh Capital LLC, according to the residential association's attorney Charles Tatelbaum of Hinshaw & Culbertson LLP.

The residential association's bid was slightly lower than the $13.5 million offered...
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