Caesars’ Bid To Dismiss Creditor Lawsuits Shot Down By Judge

Caesars<span id="more-9398"></span>‘ Bid To Dismiss Creditor Lawsuits Shot Down By Judge

Caesars’ bankruptcy proceedings have become increasingly messy, as the legal proceedings against it threaten its long-term future.

Caesars Entertainment has failed in its bid to own litigation dismissed by a Delaware judge this week, despite arguing that the ‘material uncertainty’ engendered by the lawsuit against it ‘raises substantial question about the business’s ability to continue being a going concern.’

It is the casino giant has utilized foreboding language when describing its long-term future, as it continues to battle its second-lien bondholders over a bankruptcy case that is increasingly complex.

Caesars Entertainment would like to put its operating that is main unit Caesars Entertainment Operating Corp. (CEOC), through Chapter 11 proceedings in order to restructure its industry-high debt.

However, the second-lien bondholders are suing, claiming that a number of CEOC’s assets were fraudulently transferred to Caesars Entertainment along with other subsidiaries for the advantageous asset of its controlling private equity backers.

We Come to Bury Caesars

This left CEOC with distressed assets plus an inability to pay it $18 billion debt load, they argue, while placing the many valuable assets out of this reach associated with bondholders. Additionally they accuse the organization of creating a ‘good’ Caesars and a ‘bad’ Caesars; one to hold the properties that are valuable the other to keep the financial obligation.

Caesars argues that it paid good value for the assets extracted from the operating device, which include Caesars’s World variety of Poker rights, the Octavius Tower, Planet Hollywood Resort & Casino in Las Vegas, Harrah’s New Orleans, Bally’s Las Vegas and the Total Rewards customer commitment program, among others.

Lawyers for the casino giant have expected that the parent business, Caesars Entertainment, be protected from legal action during the course of the bankruptcy filing of CEOC. But on the judge rejected a bid to dismiss or stay the action wednesday.

Beware the Ides of March

It’s been a bad couple of days for Caesars. Last week Judge Benjamin Goldgar, that is hearing the case in Chicago, appointed an examiner that is court-ordered unlimited https://freeslotsnodownload-ca.com/free-3d-slots/ time and budget to investigate the asset transfers and any resulting conflicts of interest.

The request that is initial an examiner had originate from Caesars itself, but only in relation to seven transfers challenged by the lawsuit. A spokesman for Caesars declined to comment on the decision.

Then, at a hearing of the Gaming Control Board, the ongoing company was quizzed by board members in the cessation of retirement re payments to ex-employees. It’s grasped that 63 previous workers, from executive level down, are owed nearly $33 million in your retirement payments as an ingredient of the supplemental plan the company inherited through previous acquisitions.

Caesars’ attorney Steven Pesner told the board that the organization was ‘looking into’ the matter, but also warned that it was facing ‘the largest and most complex bankruptcy in a generation.’

Carl Icahn Compares Taj Mahal Union Leaders To Mobsters

Carl Icahn said that union leaders are utilizing tactics comparable to those of orderly crime. (Image: Huffington Post)

Carl Icahn has put a lot of money into the Trump Taj Mahal in an attempt to save the Atlantic City casino, but there is been one group it lightly: Unite-HERE Local 54, the union that represents workers at the casino that he hasn’t been on the best of terms with, to put.

Icahn and the union have had plenty of harsh words for each other on the past months that are few but Icahn may have just ratcheted up the rhetoric even further.

Letter Calls Casino Contributions Exorbitant

In a letter provided for members of the union, the Trump Taj Mahal’s future owner called down the union’s leadership, saying that they were essentially extorting money from the casino by picketing the building and trying to hold on to their past health plan.

‘ on the last five years, as the Taj Mahal moved bankrupt not just once, but twice, your Unite-HERE wellness plan has made $140 million in net income,’ Icahn published into the page. ‘Yet even against the backdrop of your boss entering bankruptcy for the 2nd time in 5 years, your union leadership continues to demand that the Taj make excessive contributions to your profitable Unite-HERE heath plan, or else suffer work unrest.’

Icahn earlier won a ruling from a bankruptcy court that determined he could break current contracts with the union, which would enable him to end the health that is current and pension plans that union workers consented to.

Icahn would instead have workers just take subsidies and submit an application for health care plans under the exchanges arranged by the low-cost Care Act. The union is appealing this ruling, but Icahn says that if they should win that appeal, he would likely close the casino.

Icahn Says Tactics Remind Him of ‘Bygone Era’

In the letter, Icahn proceeded to compare the techniques of union leaders to those of unscrupulous characters of yesteryear.

‘It all reminds me personally of the bygone era when organized crime would demand grocers purchase security, or suffer bricks being thrown through their shop windows,’ he penned. ‘ The actual only real real distinction here is that instead of throwing bricks through the Taj Mahal’s windows, your union instead organizes strikes, picketing, boycotts and other assaults to deter clients from patronizing the Taj Mahal.’

That picketing has continued in current weeks. Last Friday, union members demonstrated once more, the fifth time they have done so since the bankruptcy judge’s choice last October.

‘Carl Icahn has decided to operate the Taj Mahal into the ground while he’s waiting to go over,’ said union president Bob McDevitt. ‘we are saying we’re maybe not going to just take this any longer. today’

Icahn Approved to Take Over Taj Mahal

Final Thursday, a bankruptcy judge approved a plan that may see Icahn dominate Trump Entertainment Resorts, the moms and dad company of the Taj Mahal. Icahn will swap $286 million worth of debt he owns into the ongoing company in trade for that ownership once the business emerges from bankruptcy.

‘The Taj will remain available,’ said US Bankruptcy Judge Kevin Gross at a hearing week that is last. ‘And it’ll be an effective endeavor.’

That approval came just days after the casino reached an agreement with Donald Trump that allows the Taj Mahal to keep the Trump name attached with it for the near future. Trump and his daughter, Ivanka Trump, had been fighting to have their family name removed through the venue.

Assemblyman Pushes For Nevada Lottery

Assemblyman Harvey Munford, that has a better chance of winning the lottery than he does of establishing one in Nevada. (Image: yogonet.com)

Assemblyman Harvey Munford really wants to bring the lottery to Nevada. Yes, that is correct: the gambling capital of the world won’t have a lottery, and that is in big part to the gambling industry associated with the gambling capital of the world, which doesn’t want the competition. It’s even written into the state’s constitution: no lotteries! Very nearly 30 attempts that are legislative establish a lottery in Nevada since 1975 have failed.

However, Munford was undeterred as he addressed the Assembly Legislative Operations and Elections Committee this arguing that voters, rather than the casino industry, should be given the chance to decide the issue week.

‘ This is a loss in revenue for our state that could be assisting the education of our younger constituents,’ he said. ‘It would do so without increasing taxes.’

Very Long Chances

Members of the nevada press have noted, wryly, that Munford has about as chance that is much of this happen as he has of… well… winning the lottery.

Since, as we’ve already established, Nevada does not have a lottery, that could put his projected chances at zilch, which, in fairness, is just slightly even worse compared to those living across the border in California or Arizona.

Nevada’s prohibition of lotteries was founded at statehood in 1864 and has remained sacrosanct since, although it absolutely was amended by voters in 1990 to allow charity lotteries. Munford’s Assembly Joint Resolution No. 6 wants to scrap the ban and embrace a state lottery as a means of supporting general public education and promoting the ‘health and welfare of senior residents.’

‘I know it is been introduced a few sessions since I’ve been up here, and each time it’s always passed away. It is never been able to go forward,’ said Munford, who’s due to step down from office at the end associated with the current session that is legislative. ‘I just said, ‘I’m gonna give it another shot.’

Conservatives Aghast

However, any legislation that proposes amending the constitution is certainly going to need an amount that is huge of. The bill would need to pass not only this session of the Legislature but the 2017 session also, before going to public vote in 2018.

And there is opposition not just from the casino industry but also from conservative associations. Conservative activist Janine Hansen is aghast at the effect that the lottery might have in declare that has one video slot for every ten residents. ‘It’s devastating for a grouped family to deal having a one who features a gambling addiction,’ she said. ‘It destroys the family entirely.’

Should the issue ever get to public vote, however, it would probably pass. A 2009 survey showed about 70 % of voters were in benefit. A lottery would bring $48 million an in profit for the state, research suggests year.

Judge Denies Ivey’s Movement To Dismiss Borgata Lawsuit

The Borgata’s lawsuit against Phil Ivey are allowed to continue. (Image: pokerground.com)

Phil Ivey may still ultimately emerge on top against the Borgata within the lawsuit over the $9.6 million he won at baccarat using an side sorting technique.

But at least for now, a judge has said that the situation has enough merit so it shouldn’t be tossed out of court completely, meaning the battle over those millions could continue for many time nevertheless.

District Court Judge Noel Lawrence Hillman denied a motion from Ivey’s lawyers to dismiss the charges against Ivey and other defendant Cheng Yin Sun, allowing the case to continue but providing few clues as to which side could have the upper submit the legal battle.

The Borgata Hotel Casino & Spa alleges that Ivey cheated in a few sessions by which he played baccarat at their casino, which include charges of fraud, breach of contract and violations of RICO racketeering statutes.

Ivey Used Edge Sorting to Beat Casino at Baccarat

A dispute is concerned by the case over four sessions of baccarat that Ivey played in 2012, during which he won the $9.6 million that the Borgata is now wanting to recover from him. Ivey utilized a method known as advantage sorting, by which he obtained conditions for the overall game where he surely could tell whether a card was low or high even whenever it was face down.

That offered him a huge advantage over the casino in a game where the home typically has a small edge.

This was possible because one of the conditions involved having an shoe that is eight-deck up of a specific type of Borgata playing cards: purple-backed cards manufactured by Gemaco. Unknown to the casino, this particular brand had backs which were maybe not perfectly cut; when Ivey then asked the dealer to turn high cards 180 degrees, ostensibly for superstitious reasons, he was then in a position to distinguish those cards even face down.

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