LOS ANGELES–(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.
Contacts
StoneTurn: Lindsay Sweeney
Director, Marketing Communications
lsweeney@stoneturn.com
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