StoneTurn Assists Mintz, Global Gaming Asset Management in Securing Settlement of $300M
22 Mayo 2024 - 8:30AM
Business Wire
StoneTurn, a global professional services firm, recently
assisted clients Mintz and Global Gaming Asset Management (GGAM)
with resolving a decade-plus long dispute with Philippine casino
operators Sureste Properties, Inc. (SPI) and Bloomberry Resorts and
Hotels Inc. (BRHI).
StoneTurn Partner Atanu Saha served as the economics expert for
Mintz and GGAM. Dr. Saha, supported by Manager Zi Peng and Managing
Director Narinder Walia from StoneTurn’s Los Angeles Office,
estimated the present value of damages suffered by GGAM arising
from the obstructed sale of nearly one billion shares of Bloomberry
Resort Corporation (BRC) in 2014. Dr. Saha and the team determined
the damages to be $319 million as of August 2022.
The 11-year dispute stemmed from a 2011 contract for the
development and management of Solaire Resort & Casino in the
Philippines. The contract was terminated by the defendants soon
after Solaire opened in 2013. As a result of arbitration
proceedings in Singapore, GGAM was awarded nearly $100 million in
contract damages and costs, as well as orders releasing a freeze on
BRC shares GGAM acquired in 2012, which SPI and BRHI refused to
comply with (SPI and BRHI are indirectly owned by Enrique Razon,
Jr. through BRC).
Following Mintz’s cross-border asset recovery work, coupled with
Dr. Saha’s assessed damages and a January 2024 trial, the
settlement was ultimately reached in April 2024, with Bloomberry
agreeing to pay $300 million in cash to GGAM, along with full
access to over $6 million in accumulated dividends.
Read more about the case on Mintz’s website, and learn more
about StoneTurn’s Litigation Advisory, International Arbitration,
and Expert Testimony offerings.
About StoneTurn
StoneTurn, a global professional services firm, works with law
firms, corporations, and government agencies in solving the most
complex and consequential business issues. StoneTurn has earned the
trust of clients and regulators worldwide by deploying
multidisciplinary teams of industry leaders to provide unique
expertise with forensics and investigations, risk and compliance,
data and technology, economic and dispute advisory, and strategic
business consulting. Founded in 2004, StoneTurn operates from
offices across five continents and is widely lauded for its
commitment to collaboration, integrity, and independence. Learn
more at StoneTurn.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240522969584/en/
StoneTurn: Lindsay Sweeney Director, Marketing Communications
lsweeney@stoneturn.com