Court blocks sale of hotel, Island Equipment
By Steve Limtiaco
This week’s pending sale of the Pacific Star Hotel and Island Equipment Company, to settle a $32 million bank loan, has been blocked by Superior Court of Guam Judge Arthur Barcinas, who on Tuesday granted property owner Guam Industrial Services’ request for a temporary restraining order.
The Bank of Guam loaned the money to Guam Industrial Services in 2016 in order to pay off the company’s existing loans and to rebuild the company’s “Big Blue” floating drydock at a shipyard in China.
According to Barcinas order, Guam Industrial Services could suffer irreparable harm if it loses those two businesses, and the company has demonstrated a likelihood of success on the merits for at least one of its claims, based on the evidence.