Fertitta group takeover of Green Valley Casino challenged
Wednesday, May 11, 2011 at 4:09:07 PM
Low-ranking creditors of Green Valley Ranch Gaming LLC are fighting the sale of the company's casino in suburban Las Vegas saying the buyer, a group led by the Fertitta family, was on both sides of the negotiating table in the $500 million deal.
The committee of unsecured creditors of Green Valley Gaming asked U.S. Bankruptcy Judge Gregg Zive to put off a May 25 hearing to approve the sale as part of the company's pre-packaged bankruptcy plan.
"As an initial matter, the auction appears to have been rigged to depress the perceived value of GVR," the committee's law firm, Brown Rudnick LLP, said in court papers dated May 9.
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