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Stocks of casino operator Bloomberry Resorts Corp. took a big hit on Thursday after a Singapore arbiter okayed Global Gaming Philippines LLC, the local unit of Las Vegas-based operator Global Gaming Asset Management, to unload its entire 921.18 million Bloomberry shares. Bloomberry’s stock dropped 8.32% from Php12.26 at the close of the previous day’s market to Php11.24 per share.
Singapore arbiter allows GGAM to sell Bloomberry shares, operator’s stock fallsThe relationship between Bloomberry and GGAM began in April 2012 when the two firms signed a five-year deal to manage gaming operations at Bloomberry’s Solaire Resort & Casino in Manila’s Entertainment City. GGAM also received an option to purchase a tenth of Prime Metroline Holdings Inc‘s shareholdings in the listed firm. GGAM exercised its equity option on October 2012, increasing its stake in the company to 8.7%.
But the relationship turned sour in 2013 when Bloomberry terminated its contract with GGAM, prompting the Las Vegas-based operator to file an arbitration suit in Singapore. Bloomberry eventually replaced GGAM by hiring former Marina Bay Sands president and CEO Thomas Arasi as the president and COO of the resort and casino.
According to the Enrique Razon-owned Bloomberry, the arbitration tribunal in Singapore “revoked the injunction and attachment orders of the Regional Trial Court,” clearing the way for GGAM to sell its sizable shares in Bloomberry. Bloomberry had sought court intervention earlier this year to stop GGAM from selling its shares, fearful that GGAM would dispose of its shares at a discounted price.
Despite these concerns, the arbitration tribunal junked the request of GGAM to be declared as the full legal and beneficial owner of the shares and free of any claims, liens or encumbrances by its former partners, Bloomberry Resorts, Sureste Properties Inc, and Prime Metroline Holdings Inc. Likewise, the tribunal also tossed out GGAM’s other request of instructing Bloomberry, Sureste, and Prime Metroline from taking any action that would “interfere with or prevent any sale of the shares.”
“The tribunal emphasized that it makes no declaration as to ownership of the shares. One reason for the order of the tribunal is its finding that PMHI, the original owner of the shares, is not a party to the arbitration,” Bloomberry said in a statement.
Source from: http://calvinayre.com/2014/12/14/casino/singapore-arbiter-allows-ggam-to-sell-bloomberry-shares-operators-stock-falls/
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