Friday, October 19, 2007
Consenting owners at Horizon Towers also have another legal matter to deal with - a lawsuit from the intended buyers, headed by Hotel Properties.
HEARING dates, which should still allow enough time for the collective sale to go through before the Dec 11 deadline, have been set for the Horizon Towers case.
The Strata Titles Board (STB) will adjudicate in the contentious sale application starting on Oct 30 and running on selected days until Nov 15, if needed, said sources.
If the $500 million sale of the Leonie Hill estate is not completed before Dec 11, the deal could be off. The sale remains in limbo after the STB dismissed the initial application on a technical error in August. That ruling was overturned by the High Court last Thursday, sending the application back to the STB.
At the hearing starting this month, STB will hear from minority owners objecting to the sale and rule on whether it can go ahead.
Lawyers from Allen & Gledhill, which are representing the intended buyers, have applied to the STB to be a party at the hearing. A decision on this is expected next Monday. While the hearing dates have been set, the process could still be derailed if minority owners appeal against the High Court’s decision. They are believed to be considering the option.
Consenting owners at Horizon Towers also have another legal matter to deal with - a lawsuit from the intended buyers, headed by Hotel Properties. They claim that the owners breached their sale contract and are claiming up to $1 billion in lost profits. The suit has been put on hold but remains a threat to the owners.
Source : Straits Times - 19 Oct 2007