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Station Casinos who entered bankruptcy in July 2009 in an attempt to restructure $5.7 billion of debt spanned between 18 casinos in Nevada, has recently added the jointly owned Green Valley Ranch to the case.
Green Valley is co-owned by Stations’ owners the Feritta brothers and the Greenspuns who teamed to build the 490 room luxury resort and casino over a decade ago.
Recent court filings submitted by the Greenspuns’ GCR Gaming LLC claim that the move of Green Valley into Stations bankruptcy protection was made in “bad faith” as an attempt to shield it from lawsuits, and is asking the Judge to dismiss the case so that they can revoke station’s operating agreement and remain in control of the property.
The affidavit charges Station with engaging in a “long-running scheme” to divert high rollers from Green Valley to casinos wholly owned by Station and claims that the move into bankruptcy protection came on the same day the Greenspuns confronted the Feritta’s with the claim made by Green Valley’s former general manager and brother in law Timothy Wright.
Station has responded to the claim by saying that they intend to contest the “baseless” claim.
“We are extremely disappointed that the Greenspuns have joined the fray of out-of-the-money constituents seeking to bring meritless lawsuits in connection with our bankruptcy proceedings,” a spokeswoman for Station Casinos said. “This threatened lawsuit is nothing more than a desperate and improper attempt by the Greenspuns to gain leverage against Station in our ongoing restructuring discussions with Green Valley Ranch’s creditors.”
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