- Associated Press - Friday, October 3, 2014

ROSEMONT, Ill. (AP) - A federal judge has ruled that former officers representing the company that submitted a failed Rosemont casino bid owe creditors $272 million.

The (Arlington Heights) Daily Herald reports (http://bit.ly/1r4ifOC ) that U.S. District Judge Rebecca Pallmeyer ruled this week the six men each owe $45.3 million for failing to comply with the rules and regulations of the Illinois Gaming Board.

Pallmeyer’s opinion found former Emerald Casino officers liable for the loss of the gaming license in 2005, which led to company’s bankruptcy.

Emerald bankruptcy trustee Frances Gecker sued the men to recoup losses by creditors.

Pallmeyer based the financial verdict on the price of the gaming license that eventually went to the operators of Des Plaines’ Rivers Casino.

The defendants’ attorneys declined to comment on the verdict.

___

Information from: Daily Herald, http://www.dailyherald.com

LOAD COMMENTS ()

 

Click to Read More

Click to Hide