One-time saviour Mirach hits Sahara with $400m suit

Mirach is also suing an unidentified news organisation.

The statement makes clear that apart from seeking damages, Mirach is most eager, above all, to remain in contention as a buyer, despite the collapse of its earlier efforts.

“The exorbitant damages must be paid and Mirach intends to place liens against the properties included in the deal,” the company said in the statement.

The three properties are the Plaza and Dream Downtown hotels in New York and Grosvenor House in London — the last has been put on the block by Sahara’s main creditor, the Bank of China.

By placing liens on them, Mirach intends to prevent any deal from going through until its dispute with Sahara is resolved. And, thus, keep itself in contention, arguing, as it has in the statement, “It continues to be proven that Mirach Capital Group transaction (its earlier offer) was to date the most likely to provide relief for the distressed assets.”

The US-based company, which, its CEO Saransh Sharma has said, was floated with the sole purpose of pursuing the Sahara deal for its unidentified backers, remains interested.

But Sharma has said the loan is no longer on offer. He will only consider an outright purchase now. There has been no response from Sahara, which has said it is in talks with others.