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More Delays For Atlantic City Trump Bankrupcy Case

Wednesday January 21,2015 : MORE DELAYS IN ATLANTIC CITY CASINO BANKRUPTCY CASE
 
Unsecured creditors committee complaint over denial of access to relevant documents.
 
Carl Icahn's offer to save two Trump Entertainment Resorts land casinos in Atlantic City from bankruptcy has suffered yet another delay whilst an unsecured creditors’ committee is given an opportunity to study documents relating to his proposal.
 
The committee complained that it had been denied documents concerning Icahn’s efforts to boost his Atlantic City casino holdings, and a new date of February 13 has now been set to give them time to consider the offer on the Trump Taj Mahal and the now shuttered Trump Plaza.
 
According to a Bloomberg report Tuesday, a hearing had been scheduled last week to consider the approval of disclosure materials explaining a plan under which Icahn would take ownership of the casinos, mostly in exchange for debt.
 
Icahn has apparently agreed to make more information available.
 
Meanwhile, a hearing on January 28 will consider the approval of a $20 million loan Icahn has offered to keep the Trump Taj Mahal operating.
 
Icahn and his related entitles are dominant holders of $285.6 million in first-lien notes to be exchanged for ownership of the two Trump casinos under the plan.
 
The creditors’ committee is opposed to the plan because it only offers unsecured creditors $1 million in cash and the right to file specified lawsuits, for a recovery of less than 0.5 percent on unsecured claims, which may be more than $232 million.

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Gambling News :

Interwetten 2016 Earnings Results - Privately-owned online sports betting operator Interwetten delivered robust full year results for the 2016 fiscal period, in which the company has almost achieved doubling its revenues over the past four years, success it attributes to its in-house developed platform

EU Online Gambling Tax Harmoney Dead - Tax expert says European Court of Justice Attorney General's opinion on UK-Gibraltar litigation signals that EU courts are happy for individual member states to impose their own laws on online gambling.

Jack Lam Facing Big Fines in the Philippines - It's going to be costly for Macau online gambling and junket tycoon Jack Lam to return to the Philippines following his rather hurried departure last year with allegations of economic sabotage, bribery and tax evasion swirling around him.

Walter Merricks Term As Gambing Commissioner Extended - The UK Government has extended Walter Merricks’ term as Commissioner of the Gambling Commission for a further year, ending December 31, 2017.

Loot’enKhamun Pays $3.8 Million Jackpot - A London-based construction worker’s year got off to a great start when he hit the Loot’enKhamun jackpot at bwin casino.

PlaySugarHouse To Carry Konami Content - Content provider Konami will provide its Gypsy Fire and Fortune Stacks slot games to Rush Street Interactive-operated PlaySugarHouse.com on an exclusive basis in the New Jersey real-money online and mobile wagering market.

ITF TERMINATES BETWAY SPONSORSHIP DEAL - The International Tennis Federation (ITF) has reportedly terminated Betway’s three-year sponsorship partnership as an extension to their anti-match fixing and sports integrity policy.

GSA To Launch European division - The expansion enables the GSA to better focus on the regional needs of its members outside of North America and underscores its recognition and commitment to growing European membership.

Paddy Power Trading Update - Company prevails despite adverse sports and US election results; Trump success cost the group GBP 5 million, whilst punter successes took another GBP 40 million in Q4-2016.

Tabcorp SunBets project - The details were revealed this week in an IT News article quoting Tabcorp's chief information officer, Kim Wenn, who described the SunBets project as Tabcorp's biggest global venture yet.

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