TAMPA-Liberty Channelside LLC, which had tried to purchase the Channelside Bay Plaza last year, has filed suit to block the sale of the shopping mall to the Tampa Port Authority.
In its court action filed on Monday, Liberty Channelside claims that its bid to acquire the retail property was improperly turned aside by the mall's current owner the Irish Bank Resolution Corp., according to the Tampa Bay Times.
The Tampa Port Authority, which owns the land, agreed to acquire the near empty mall for $5.75 million. Irish Bank Resolution Corp. requested the court on Friday to approve the sale and waive the normal 14-day period for the filing of possible challenges to the transaction.
In its court filing contesting the sale, Liberty Channelside states, "The Sale Motion should be denied and the Court should provide for an auction … that not only provide for a full and fair sale but which also re(-)mediate the abusive and overreaching tactics of the Port Authority in tainting the competitive sale process." See story in the Tampa Bay Times.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.