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Bloomberry Resorts Corp. of businessman Enrique Razon Jr. said Tuesday it agreed to settle its long-standing dispute with Global Gaming Asset Management via a $300-million share buyback.
“This settlement will put an end to the dispute of SPI and BRHI with GGAM, which has dragged on for 10 years,” the gaming firm said. The settlement will also cover all the pending cases filed by parties in the United States, Singapore and the Philippines.The settlement is contingent on the lifting of the writ of preliminary injunction and attachment on the GGAM shares in Bloomberry issued by the Makati Regional Trial Court and the PDTC lifting of all suspensions and restrictions on transactions in the shares and PSE approval of the special block sale, the company said.
Bloomberry cited “material breach of the management service agreement” as the main reason for the termination of the contract.
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