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Posted At : March 25, 2008 12:15 PM | Posted By : D McKee
Related Categories:
Atlantic City,Regulation,Columbia Sussex
According to The Press of Atlantic City, Columbia Sussex is countersuing its bondholders, which it contends are trying to force the company into bankruptcy or seize an ownership in the Atlantic City Tropicana Casino & Resort. 'ColSux,' you will remember, is the company that is suing the New Jersey Casino Control Commission to regain control of theTropicana (which, under interim management, is finally starting to turn around the revenue landslide that occurred under Columbia Sussex's reign of error).
Even so, Columbia Sussex now complains that voluminous legal filings by Wilmington Trust are impeding the transfer of the Trop back to ColSux subsidiary Adamar ['Ramada' spelt backwards] of New Jersey, thereby "interfering with the company's right to cure a technical default." And impeding Justice Gary Stein's attempts to sell the Trop to one of a trio of potential buyers.
So let's get this straight: When it's not suing to repossess the Trop (or, more likely, collect monetary damages), Columbia Sussex is suing to facilitate the sale of the casino it claims to want back. As usual, if you can figure out what Tropicana Casino Resorts CEO/President/Secretary/Treasurer/Sole Director William J. Yung III is up to, you're a smarter person than I.
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