Bloomberry gets court order stopping GGAM from disposing of shares

Screengrab from https://www.bloomberry.ph/

MANILA, Philippines – Bloomberry Resorts Corp. has obtained a court order halting a P7.42-billion share sale by Global Gaming Philippines LLC (GGAM) – the Las Vegas-based management firm earlier booted out of the former’s Solaire Resort & Casino — in the gaming firm.

In a memorandum, the Philippine Stock Exchange, one of the respondents to the case, said it received on Monday at 10:48 a.m. an order from the Makati Regional Trial Court granting a 20-day “temporary order of protection” for the Bloomberry group.

The order prevents GGAM or any of its directors, officers, placement agents, broker agent Deutsche Regis Partners Inc. and PSE as market operator to cross the 921.184 million shares in Bloomberry that are beneficially owned by GGAM.

Bloomberry, the first to open an integrated gaming hub at Pagcor City, had told the court that the shares that GGAM was trying to dispose of were the subject of a counter-claim in relation to ongoing arbitration proceedings.

“..If the sale of the shares is completed, the petitioners will not be able to get back the shares and they will not be able to satisfy any judgment for damages that they may be able to obtain against GGAM in their ongoing arbitration proceedings on the termination of their MSA (management services agreement) because of GGAM’s uncured material breach of the MSA,” Bloomberry said.

GGAM, a unit of a Las Vegas-based casino investor, developer and manager of casino properties which also operates in Macau and Singapore, moved last week to unload the 8.7 percent stake in Bloomberry at an average price of P8.05 per share, a discount to market closing price on Wednesday after which the shares were offered to the open market.