Wednesday, December 16, 2009

"TOUSA bidding process, breakup fee approved" - Starwood's $61 Million Dollar Stalking Horse Bid Moves Forward

Paul Brinkman published an article today titled "TOUSA bidding process, breakup fee approved" which can be found at both and The South Florida Business Journal.  Discussed is a hearing today during which Southern District of Florida Bankruptcy Judge John Olson allowed Starwood Land Ventures's $61 million dollar stalking horse bid to go forward with a $1.8 million dollar breakup fee to Starwood if the bid is not successful.  The article states:
Starwood’s attorney, Ivan Reich of Gray Robinson, said the company has already spent $900,000 evaluating the purchase since June.  “This is a substantial purchase in a market that is basically not moving, as your honor knows,” Reich said.
*Disclaimer: GrayRobinson is involved in this action.


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