Tropicana and Bondholders Squabble Causing Trouble For Casino Sale
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Tropicana Entertainment LLC has lost the license for its Atlantic City casino and is in the middle of selling the casino. A battle with bondholders, however, is causing problems in the casinos potential sale.
Tropicana is claiming that bondholders are hurting the potential sale of their Atlantic City casino. The casino was stripped of its license last year for not keeping the casino up to a first class level.
The Atlantic City casino has been placed into the hands of a trustee. On Friday, Tropicana made their case in court filings that they did not default on a $960 million note since losing their license.
William Yung III is the owner of Tropicana and lost control of the casino back in December. Bondholders believe that they are within their rights to be paid now, before the sale of the casino.
Tropicana has an agreement with banks that they will sell not only the Atlantic City casino, but also two others before June. This will take care of some of the debt the company has accumulated.
The company claims that even though management has changed, bondholders do not have a right to declare a default because ownership has never changed hands.
Another Convicted Felon Wins Lottery in Massachusetts
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The world can be a cruel place sometimes. While many hard working Americans live the grind of daily life, there are others who cannot follow the laws. For the second time in a few months, a convicted felon has won the lottery in Massachusetts.
This time, the man that won is a former sex offender who bought the ticket back in January for $20. When he received the first of his twenty annual checks of $500,000, his picture was posted on the states lottery website.
The Massachusetts Lottery Commission received calls tipping them that the man, Daniel Snay, of Uxbridge, was a former sex offender. The state could not do anything about the situation.
Snay did nothing illegal when he bought the ticket. No restrictions have been placed on him regarding gambling. While the money remains safe, he may not.
Authorities in Connecticut are looking into possibly filing charges against Snay. He lived in Connecticut for several years and was required to report if he was to move out of state. He could face up to five years in prison if he is convicted of the crime.
His lawyer, however, claims it was a mistake. He says that Snay thought he only had to report to the state he was moving to, not from. “If that’s incorrect, we’ll have to fix it. He wasn’t running. He’s been living here for four years,” said Joseph Fabbricotti, Snay’s lawyer.
Snay said that he plans to pay for his children’s education with the winning money. He was convicted a few different times from 1974 to 1987. He has had no incidents with the law in the past twenty years.