Columbia
Sussex Could Face Litigation
As reported by the Belleville
News Democrat: "Columbia Sussex Corp.'s
withdrawal from a $57 million takeover deal
of the bankrupt President Casino on the Admiral
could result in breach of contract litigation.
"Columbia
Sussex withdrew its application Tuesday afternoon
for a gaming license in Missouri after becoming
the winning bidder of the St. Louis casino's
assets last October. Now, officials with the
casino are reviewing legal options.
"…President
Casino spokesman and attorney Jon Sloane, of
Cushman Amberg Communications Inc. in Clayton,
Mo., said he did not want to speculate on the
outcome or about potential future bidders. But
he said Columbia Sussex's pullout ultimately
could send the process back to square one.
"…Despite
the setback, Sloane said the riverboat casino
remains profitable, continues to pay its employees
and generates tax revenues for the city of St.
Louis…"
|
