pop culture, pittsburgh, and potpouri
Wednesday, July 16, 2008
It's All Yours...
A new day, a new owner of the Pittsburgh North Shore Casino. I see a trend beginning. This whole Casino thing is starting to bring back bad memories of laws school questions and bar exam scenarios. Who's mortgage is superior? What are the rights and obligations of all parties involved? You know there is going to litigation over this mess. The post construction lawsuits will be far worse than the pre-construction lawsuit. Anymess, In a statement released this morning, Pittsburgh Gaming Holdings L.P (Neil Bluhm, Carlin, and Barden or something) said that it had signed an agreement "with PITG Gaming, LLC to purchase preferred equity and 75 percent of the common equity in the Pittsburgh casino. Pittsburgh Gaming Holdings is a joint venture between, High Pitt Gaming LLC and Don Barden (that was last weeks big casino development story/ reorganization of ownership- I bet you are lost...I am so follow the links to get the facts). In the same statement, Greg Carlin, the new CEO of Pittsburgh Gaming Holdings, said "We have been working around the clock to reach an agreement that will allow us to quickly resume construction of the project and start generating tax revenue for the city of Pittsburgh and the commonwealth of Pennsylvania." For now... The news owners/ financiers have said that they will follow through on all prior promises that Barden made and has subsequently reneged (help to Hill District, amphitheatre, marina for boats). Of course, this all has to be approved by the state gaming board. There has been talk of revoking the license, so it will be interesting to see how the state views this new sale, and weather revocation will still be an option for the board. Please, no revocation!!!!!!! That would be too many facts for me to keep straight in this fact pattern, and without a doubt be an F on the bar exam.