Florida Gaming Corp. Equity Holder Can't Nix Asset Sale

Law360, New York (May 14, 2014, 7:45 PM EDT) -- A Florida bankruptcy court on Tuesday rejected an emergency bid by Prides Capital Fund I LP, the preferred shareholder of Florida Gaming Centers Inc.'s parent company, to vacate an order authorizing the $155 million sale of FGCI's assets to ABC Funding LLC.

The equity security holder of Florida Gaming Corp. argued to the court in its emergency motion earlier this month that ABC Funding's purchase agreement for the assets of FGCI wrongly omitted a purchase price allocation between the holding company's assets and that of FGCI,...
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