Historic sporting venue and casino Miami Jai-Alai received bankruptcy court approval to take its assets to auction on March 25 with a $115 million cash offer plus some liabilities from Silvermark LLC to lead bidding, the Wall Street Journal reported today. Bankruptcy Judge Robert A. Mark on Sunday approved Miami Jai-Alai's plan to sell, Silvermark's offer and a $4 million breakup fee for Silvermark if it is bested at auction. Judge Mark will review the results of the auction on March 26. Silvermark LLC, which has ties to New York investment firm the Andalex Group, made a similar offer prior to the August 2013 chapter 11 filing of Miami Jai-Alai operator Florida Gaming Centers Inc., but the deal fell apart when disputes arose with lenders, led by ABC Funding LLC.
