The Fontainebleau Miami Beach is claiming NATPE owes the hotel $3.414 million and is opposing NATPE’s bid procedures, as indicated in the papers filed on November 21, 2022 with the U.S. Bankruptcy Court for the central district of California.

On October 3, 2022, NATPE filed for bankruptcy protection under the Chapter 11 provision. Seven companies were originally interested in bidding for NATPE assets.

Toronto-based Brunico Communications said that it was the top bidder for the assets, reportedly offering $150,000 plus the assumption of liabilities. In its filing, the Fontainebleau called itself “the largest creditor in the case” with an unsecured claim of $3,414,618.69. NATPE had held its January market at the Miami hotel from 2011 to 2020 (the 2021 and 2022 events were canceled).

Fontainebleau said the case was “characterized by excessive compensation and insider dealing” and that any material decisions regarding NATPE’s assets should require “transparency and due deliberation.”

The Fontainebleau is asking for copies of all of the offers NATPE has received, for disclosure about any relationships between NATPE and the bidders, that the purchase price should be paid entirely in cash, and that NATPE should consult with the hotel in the determination of the best offer.

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