Enrique Razon's Bloomberry Resorts has gotten a temporary protection order from the Makati Regional Trial Court preventing the sale of a 9 percent stake in Bloomberry by the former manager of the company's Solaire Casino, Global Gaming Asset Management (GGAM).
The Philippine Stock Exchange (PSE) received the order Monday morning. The shares cannot change hands for a 20-day period.
In a statement issued over the weekend, GGAM said it had every right to sell the shares because it purchased and paid for the stake appropriately.
It expects Bloomberry's counter claim on the shares to be denied.
Bloomberry is contesting ownership of the stake after firing GGAM last year. GGAM has taken its sacking to arbitration.
Bloomberry said GGAM told the exchange they already signed a sale agreement with 50 institutional investors and are just waiting to cross the sale on the PSE.
Foreign media reports the deal is worth P7.4 billion. -- ANC Top Story, January 20, 2014