Thursday, July 10, 2008

As God is my witness I thought turkeys could fly

Oh the pain. Per the PG and the Trib.

Now what? How goes the Rumsfeld quote? there are known knowns, known unknowns and unknown unknowns. Closer to the 3rd option right now if you ask me.


Blogger Bram Reichbaum said...

Barden's petition also says he's going to build the boat docks, ampitheater etc on time after all. Considering how bad Barden's outlook HAD looked, maybe word of a sale can only be good news.

Thursday, July 10, 2008 5:57:00 PM  
Blogger C. Briem said...

I dunno. I doubt there is much good that came come out of this. Does Barden sue if he gets his license yanked? If they allow him to transfer ownership/control like this do past applicants for the license sue? How long can the site be maintained without workers to maintain it? The questions are a bit endless at this point which is why there has to be a little bit of a path cleared by the gaming board to make much sense of what happens next.

Thursday, July 10, 2008 7:49:00 PM  
Anonymous Jerry said...

Barden sue? He fails to uphold so many parts of his end of the bargain, and he sues? Then again, there have been more audacious lawsuits filed.

Seems like the other bidders like Isle of Capri would have a much stronger suit if he did try to transfer ownership. He'd basically be usurping the gaming commission's authority to award casinos.

Thursday, July 10, 2008 10:15:00 PM  
Blogger C. Briem said...

It's unclear to me who it would be suing on behalf of Barden. Really we are talking about the PITG entity. Just assuming that whatever collateral it has up for the bridge loan is insufficient to cover the value of what is owed, then in the end it will be the creditors who may see litigation as a means to recoup some of those losses. As with all litigation, the merits of the case may not be as much the issue, if they have any case at all they may be able to extract something from pursing a lawsuit. They may have little to lose and a relatively low cost to file something. I have great faith in legal beagles at finding needs for their services.

Thursday, July 10, 2008 10:24:00 PM  

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