The bankruptcy auction, held this Friday, was won by a group endorsed by Frank and Lorenzo, sons of Frank Fertitta, the founder of Las Vegas Station Casino. Continue Reading →
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The case about the reorganization of Station casinos is going to be decided over by a judge in the court of Federal bankruptcy. It is being said that the judge may decide the case favor of company for letting the properties be settled in the auction. It was a five hour long hearing where the creditors opened that they were at a risk of loosing $2.5 billion. The judge said that as the casino operator is bankrupt and there is no other way to settle the accounts of the creditors, he has given a clearing to the bidding of the 11 properties. Judge Zive said the process adopted for the payment of unsecured creditors is fine and he has no problems with it. He agreed with the attorneys standing for the creditors that there was no other way out to clear the debts. Continue Reading →
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