DATE: October 21, 2010
TIME: 11:00 a.m.
PLACE: 300 Booth Street, Courtroom 3
Reno, NV 89509
The judge is the Honorable Gregg W. Zive . Zive is also handling the Station Casinos BK.
The venue change is good news. It takes the filing out of Barney's backyard and moves it to Reno, the location of the Siena. If you happen to be in Reno on the 21st, please drop on by 300 Booth Street, Courtroom 3. It should be rather interesting.
Here's the meat of the filing, which was filed in response to the objections raised by Konami Gaming:
Konami, who had not previously raised concerns with respect to the Lease Motion and therefore was not a party to the Stipulation, filed an objection to the Lease Motion. The Debtors submit that Konami’s objections and concerns have been addressed in full by the Stipulation except for Konami’s unfounded request that it be insulated from potential disgorgement of post-petition payments it receives from the Debtors in the event that Wild Game ultimately lacks the funds necessary to pay One South on account of the administrative claim granted to it under the Stipulation.
The Debtors submit that the issue of disgorgement is premature since the Stipulation merely
alleviates Wild Game from having to make full Contract Rent (as that term is defined in the
Stipulation) payments for a limited period of time , thereby allowing Wild Game to pay trade creditors and contract parties such as Konami, and the Stipulation otherwise reserves the
rights of parties-in-interest and establishes a framework for the intercompany claims between
Wild Game and One South to be resolved at a later date.
WHEREFORE, based on the foregoing, the Debtors respectfully ask that this Court grant the Lease Motion with the modifications as reflected in the Stipulation.Our conclusion? Let's see how Zive rules on this issue, as well as the $4,000/month payments to Matthew Kelly. The half a million a month payments from Wild Game Ng to One South Lake would be sliced to a "mere" $11,000, but one thing is clear - Barney still wants to be paid by Barney.
Please feel free to share your thoughts and opinions in the comments section below.