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Posted At : June 25, 2009 12:35 PM | Posted By : D McKee
Related Categories:
TV,Colony Capital,Station Casinos,Massachusetts,Boyd Gaming,Wall Street
Bondholders of Station Casinos must have an infinite capacity for suffering. Either that or CEO Frank Fertitta III is such a virtuosic Pied Piper that they'll follow him anywhere. It's difficult to rationally explain why they're letting a superior offer from Boyd Gaming collect dust, opting instead for the umpteenth forbearance in six months.
Among the drawbacks to the "prepackaged bankruptcy" that Station is languidly pursuing are that it would leave current Station leadership in place, to say nothing of its enablers at Colony Capital. Also, once Colony's share of the promised $244 million in new equity is subtracted, what the Fertitta clan kicks in is likely to be chicken feed -- at least when compared to the half-billion clams various and sundry family members took out of the company during its catastrophic LBO.
S&G never, ever advocates violence ... but if Station's debtors are getting antsy, we'd completely understand if they took a cue from the Stewie Griffin collection method:
For "fake moustaches," mentally substitute "dog tracks in Massachusetts."
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