Not really surprised .
Extracted from a usatoday report
" This case is somewhat different, Brewer says. This takeover concerns allegations of inadequate management, according to filings. The owner claims the hotel should be more profitable.
Along with the takeover, Lehman Brothers Holdings also began an international arbitration against GHM, amid charges that the management company violated terms of the March 2000-dated management agreement.
Lehman Brothers filed a "request for arbitration" notice at the International Court of Arbitration of the International Chamber of Commerce in Paris. The filing provides a glimpse as to the hotel's budgets over the past two years and why the owners take issue with it.
http://travel.usatoday.com/hotels/po...hotel/661111/1
"In 2010-2011 alone, the Hotel's Rooms Department incurred excessive expenses of over $2 million, its Administrative and General Department incurred excessive expenses of approximately $2.3 million, and its Marketing Department incurred excessive expense of approximately $3.3 million. Had GHM not negligently expended those amounts – and, instead, operated more efficiently – Owner would have realized an additional $7.6 million in incremental profit."