12 May 2013

BRASIL : 15 May UPDATE: Batista Recovers On Maracana Stadium Lease; New Judge Upholds Bid.


     Some bad news just got better for billionaire Eike Batista.
     A second judge has overruled a Rio judge who suspended proposed 35-year control of Rio's famous giant and newly outfitted Maracana stadium by a consortium led by Batista's company...IMX.
     She had declared bidding irregularities.
     The 2nd judge ruled that a suspension would cause Brasil harm.
     Brasilia has spent $500 million to retrofit Maracana for the 2014 World Cup and 2016 Olympics.
     Batista has lost over $24 billion of paper wealth in the past year...because of poor performance in his company's crucial energy area.
       For Previous Batista link: