VIRGINIA BEACH, Va. (AP) -- The Cavalier Hotel property in Virginia Beach could soon have a new owner.
The Virginian-Pilot (http://bit.ly/11PRuAX ) reports that a judge is expected to rule Monday on a motion to sell the hotel and surrounding properties to Cavalier Associates Inc. for more than $35 million.
The proposed sale is part of a long-running legal dispute involving The Disthene Group Inc. The holding company controls the Dixon family's assets, including the hotel property.
Last September, Fairfax County Circuit Court Judge Marum Roush ordered the Buckingham County-based company into receivership. Roush ruled that mismanagement and oppression of minority stockholders clouded Disthene's operations for years.
The Disthene Group has agreed to buy out minority stockholders to settle the case. Roush is expected to rule on the proposed settlement Tuesday.
Information from: The Virginian-Pilot, http://pilotonline.com
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