Thursday, January 21, 2010 at 12:42:46 PM
Carl Icahn has scooped up the distressed Fontainebleau Las Vegas for just $157 million, after making the only qualified bid at the auction.
That's over 90% below what it cost to build the casino so far, but of course it could end up as a huge liability for Mr. Icahn as well. The Fontainebleau also needs another $1.5 billion of potential work before it can be completed.
Bankrupt Fontainebleau seeking $1 million for bonuses
Las Vegas Sun,
Monday, December 21, 2009 at 6:44:08 PM
With a Fontainebleau Las Vegas secretary earning $48,000 annually, its chief restructuring officer making $720,000 and unemployment running at 13 percent, the bankrupt company encountered skepticism Thursday when it proposed spending some $1 million on management bonuses.
Howard Karawan, chief restructuring officer, testified during a hearing in Miami's U.S. Bankruptcy Court that the company needs the extra money so the handful of remaining Fontainebleau executives and managers will focus not on finding new jobs but on stabilizing the casino-resort building and assisting with the auction process in which Fontainebleau is due to be sold next month.
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