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Naniloa sale not a done deal. . . yet



The sale of the Naniloa Volcanoes Resort may hit an 11th hour snag. A U.S. Bankruptcy Judge last month approved the sale of the 333-room hotel that sits on state land in Hilo to developer Ed Bushor and marine artist Wyland for $5.2 million. But the Department of Land and Natural Resources said it intends to appeal the approval to U.S. District Court on the grounds that assigning the land lease to the new buyer requires state consent under state law. 

Bankruptcy Trustee David Farmer said U.S. bankruptcy law trumps state law in lease assignments in Bankruptcy Court. However, he said the buyers failed to fund the purchase in time to meet a Monday closing deadline, and that could threaten the sale. The buyers have since said that the purchase money has been sent and have asked for an extra week to complete the sale.

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Topics : Business_Finance
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