Kasowitz Loses Summary Judgment Motion Against Banks in $3 Billion Las Vegas Resort Case

The Fontainebleau resort claimed back in April that its lenders had reneged on a $700 million revolving credit line, and sued to get the money to finish construction. The case has seen fast and furious developments since then, with the resort filing for bankruptcy. But time ran out on its revolving credit claims Wednesday, when a Miami federal court judge found the banks--not the resort--correctly interpreted the loan agreement.

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