StoneTurn 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.
Meet Atanu
Atanu Saha
Atanu Saha, a Partner with StoneTurn, has over 25 years of experience in the application of economics and finance to complex business issues. He has served as an expert witness […]
Meet Zi
Zi Peng
Zi Peng, a Manager at StoneTurn, has more than eight years of research and teaching experience regarding the financial and energy market. His current focus is on litigation advisory in […]
Meet Narinder
Narinder Walia
Narinder Walia, a Managing Director at StoneTurn, has over 15 years of experience in financial advisory services and complex litigation matters. Narinder has worked with corporate, government, legal and regulatory clients […]
