If the
forced sale of Stanlow goes ahead, the operation would be unaffected and no jobs would be at risk.
Thereafter, the
forced sale proceeded and the successful bidder was the bank, which acquired the property.
On May 30, he sued the NBA and Commissioner Adam Silver for $1 billion in damages resulting from the
forced sale of the team.
He said a
forced sale of the majority of the company would destroy future earnings prospects and shareholder value.
(A prime example: the Wrigley family's
forced sale of their 80 percent stake in the Chicago Cubs and Wrigley Field in '81.)
The Press Association understands that Midtown Acquisitions is seeking a
forced sale of the Stanlow oil refinery as it looks to recoup more than 400 million US dollars (PS304 million) lent to Essar, the owner of the site.
The lender is obliged to notify the borrower in writing of their intention to proceed with a
forced sale, but can also publish the notification in two main newspapers if it is impossible to serve the notice.
The loan documents should strictly prohibit bringing a partition action while the loan is outstanding, otherwise the prospect of a
forced sale would loom perpetually through the term of the loan.
