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Posted At : February 13, 2009 04:36 PM | Posted By : D McKee
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Station Casinos
"Mark my words, one day your uppance will come!" -- Stewie Griffin
It was begining to look like Station Casinos CEO Frank Fertitta III and his Colony Capital associates were going to skate through their current troubles by threatening bankruptcy, as a means of getting unsecured creditors to basically write off their Station debt. The ploy had an undertone of a game of "chicken": "C'mon and force us into bankruptcy court, I dare ya. Nah, I double-dare ya!"
Perhaps Fertitta had spent a little too much time in the gym making the heavy bag his bitch. Either way, gadfly investor S. Blake Murchison isn't cowed. He's filed a lawsuit which even quotes from Leo Tolstoy.
One dissident investor does not an 'uppance' make and the odds still are that the bondholders will get rolled, allowing Fertitta and Colony Capital to keep making the sort of astute decisions that have characterized their LBO and so much else at Station the last few years. But Murchison stands alone, one has to admire his pluck.
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