09.08.2011 - Paulson beats Singapore SWF over control of luxury hotels
S hedge fund Paulson & Co. is the victor in a court battle with the Government of Singapore Investment Corp (GIC) over control of a group of luxury hotels. Since early this year, the Singapore sovereign wealth fund has been aiming to gain control of the group of hotels. In February, the GIC offered $1.5 billion for a group of bankrupt resorts owned by investors that included the hedge fund. The Paulson group assumed control over the properties following Morgan Stanley's inability to pay back loans it took from a range of lenders including the Paulson group and GIC. The five resorts, which include Grand Wailea Resort Hotel & Spa in Maui, Hawaii, and the Doral Golf Resort & Spa in Miami, have a combined $2.2 billion in consolidated assets and $1.5 billion of secured debt. The resorts filed for bankruptcy on February 1..............................................Full Article: Source