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Winthrop Realty Trust

Judge Confirms Sale of Paulson-Owned Resorts to Singapore

A bankruptcy judge confirmed the $1.5 billion sale of a resort group controlled by hedge fund manager John Paulson to the government of Singapore.In an opinion filed Friday with U.S. Bankruptcy Court in Manhattan, Judge Sean H. Lane overruled the objections of the Internal Revenue Service and Five Mile Capital Partners, a lender to the resorts and longtime adversary in the case. Five Mile, which made a $50 million mezzanine loan to the resorts, is set to recover nothing when creditors are paid with the proceeds from the sale.Five Mile had argued at a hearing this month that the deal with GIC RE, the real estate investment arm of Singapore's sovereign wealth fund, created a $331 million tax liability not disclosed properly to creditors or the court.But Judge Lane overruled Five Mile's objections and said his approval of the sale doesn't stop the IRS from going after the tax money.In December, no one bid against Singapore at a scheduled auction of the resort group's properties: Maui's Gr...

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