StoneTurn provides economic advisory on $300 million settlement

StoneTurn, a Boston-based management consulting firm, provided economic consulting to law firm Mintz and Global Gaming Asset Management (GGAM) to help reach a $300 million settlement.

StoneTurn’s economic expert testimony assisted GGAM in the resolution of an 11-year-long dispute with Philippine casino operators Sureste Properties and Bloomberry Resorts and Hotels.

Atanu Saha, PhD, partner at StoneTurn, served as economics expert for Mintz and GGAM, with assistance from Zi Peng, manager, and Narinder Walia, managing director. Saha and the Los Angeles-based team estimated the present value of damages suffered by GGAM arising from the obstructed sale of nearly one billion shares of Bloomberry Resort Corporation (BRC) in 2014 to be $319 million as of August 2022.

The longstanding dispute arose from a 2011 contract for the development and management of Solaire Resort & Casino in the Philippines, with the contract being terminated soon after the location opened in 2013. Arbitration proceedings in Singapore awarded GGAM nearly $100 million in contract damages and costs.

Mintz’s cross-border asset recovery work, StoneTurn’s economic consulting, and a January 2024 trial led to a settlement in April 2024, with Bloomberry agreeing to pay GGAM $300 million in cash along with access to over $6 million in accumulated dividends.

Founded in 2004, StoneTurn provides law firms, corporations, and government clients with consulting in forensics and investigations, risk and compliance, data and technology, economics and disputes, and strategy.

StoneTurn has approximately 200 employees across offices in the United States, UK, Germany, Brazil, South Africa, and Singapore.