{"id":677,"date":"2009-06-25T13:35:00","date_gmt":"2009-06-25T21:35:00","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/blogs\/dmckee\/index.cfm\/2009\/6\/25\/SM-at-Station"},"modified":"2009-06-25T13:35:00","modified_gmt":"2009-06-25T21:35:00","slug":"sm-at-station","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/sm-at-station\/","title":{"rendered":"S&M at Station"},"content":{"rendered":"

Bondholders of Station Casinos<\/strong> must have an infinite capacity for suffering. Either that or CEO Frank Fertitta III<\/strong> 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<\/strong> collect dust, opting instead for the umpteenth forbearance<\/a> in six months.<\/p>\n

Among the drawbacks to the "prepackaged bankruptcy" that Station is languidly pursuing<\/a> are that it would leave current Station leadership in place, to say nothing of its enablers at Colony Capital<\/strong>. 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<\/em> of the company during its catastrophic LBO.<\/p>\n

S&G<\/em> never, ever<\/em> advocates violence … but if Station's debtors are getting antsy, we'd completely understand if they took a cue from the Stewie Griffin<\/strong> collection method:<\/p>\n

<\/embed><\/object><\/p>\n

For "fake moustaches," mentally substitute "dog tracks in Massachusetts<\/strong>."<\/p>\n","protected":false},"excerpt":{"rendered":"

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 … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[60,3,112,57,17,38],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/677"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/comments?post=677"}],"version-history":[{"count":0,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/677\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=677"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=677"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=677"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}