Paulson Real Estate Unit Flees Resort Suit For Bankruptcy
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Billionaire John Paulson sought bankruptcy court protection for a real estate unit of his hedge fund after executives there were sued for alleged conflicts of interest in the asset sales of five bankrupt resorts.
The Paulson & Co. Inc. unit, MSR Hotels & Resorts Inc., owned Miami’s Doral golf course where Tiger Woods won his 76th PGA Tour event in March. MSR filed a Chapter 11 petition yesterday in U.S. Bankruptcy Court in New York seeking to sell its remaining assets, mostly trademarks related to three of the resorts, unencumbered by the lawsuits, according to the filing.