The Makati regional trial court has issued an order to prevent the disposition of the 921.18 million shares of Bloomberry Resorts Corporation (PSE:BLOOM) owned by Global Gaming Philippines, Llc (GGAM) for 20 days. The regional trial court granted the petition of Bloomberry's shareholder Prime Metroline Holdings Inc. and operating units Bloomberry Resorts and Hotels Inc. (BRHI) and Sureste Properties Inc. (SPI) to oppose the sale and transfer of such shares which are subject of their counterclaim in the arbitration case. GGAM sold its 8.70% stake in Bloomberry to about 50 institutional investors for PLN 7.42 billion on January 15, 2014.

Bloomberry said that GGAM was poised to complete the sale by a cross transaction through the Philippine Stock Exchange. Apart from GGAM, the transaction involved Deutsche Regis Partners Inc., the PSE and John Does. 'These Shares are subject of a counterclaim by BRHI and SPI in the arbitration case, and if the sale of the Shares is completed, the petitioners will not be able to get back the Shares and they will not be able to satisfy any judgment for damages that they may be able to obtain against GGAM in their ongoing arbitration proceedings on the termination of their MSA because of GGAM's uncured material breach of the MSA (management services agreement),' it said.

GGAM had sought for arbitration proceedings against Bloomberry and subsidiaries after they terminated their management services contract for the Manila Solaire casino resort in September 2013.