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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal

U.S. objects to MSR Resort bankruptcy plan

Posted on 11 January 2013

The United States government has objected to a bankruptcy reorganization plan that calls for the sale of MSR Resort hotel group to a Singapore sovereign wealth fund, saying it is an attempt to dodge taxes. The plan creates tax liabilities of $331 million with no recourse for the Internal Revenue Service (IRS) to recover them, Preet Bharara, U.S. attorney for the Southern District of New York, said in an objection filed on Wednesday.
The Government of Singapore Investment Corp bid $1.5 billion for the hotels group, including the Arizona Biltmore Resort & Spa in Phoenix and Grand Wailea Resorts Hotel & Spa in Hawaii, in August. The hotel group is owned by the hedge fund Paulson & Co. GIC is a sovereign wealth fund that manages Singapore’s foreign reserves and is a large real estate investor in the United States. The fund is a lender to MSR and made an offer shortly after the group filed for bankruptcy protection…………………………………………Full Article: Source

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