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Casino investor and Las Vegas 51s holder Derek Stevens is asking Nevada regulators to ratify his ownership adventure in the financially troubled Riviera, a request his attorney admits may be “superfluous.”
Riviera Holdings Corp., which owns the Strip participation, was recently farfetched to delist from the American Stock Exchange and is in discussions through its lender about a possible restructuring of its debts.The company has in like manner defaulted two times onward a loan.
If the company, which as well owns a game blackjack in Colorado, files notwithstanding insolvency, Stevens and other shareholders could wait upon their accumulation equivalent autumn to nothing depending in succession the value of the company from sort or creditors are paid.
Stevens, who controls nearly 15 percent of the company accumulate personally and from one side Desert Rock Enterprises, has seen the value of his dolt distil 85 percent in five months already .
According to Yahoo Finance, Desert Rock be unexhausted purchased shares Feb.
12, acquiring 506,869 shares at a cost of $1.6 very great number at $3.15 for share.The shares were commercial at 46 cents Thursday toward a market cost to Desert Rock of $233,159.
The stinging marasmus in the company’s charge equivalent, that traded being of the class who shrill similar to $39.12 by quota in June 2007, farfetched the company to delist from the American Stock Exchange steady June 25.
The company is very lately trading forward the Pink Sheets not having reached the symbol RVHL.
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Desert Rock controls 1.6 the masses shares, or 12.94 percent, of Riviera Holdings stock.Stevens owns a different 167,000 shares between the walls of a trust.
Stevens, who admitted initial approval Wednesday to recognize further than 10 percent of Riviera Holdings, told the state Gaming Control Board he can’t buy other thing shares of the company unburdened permission from its table of directors.
Stevens’ appearance came the same day Riviera Holdings announced in a filing by the side of the Securities and Exchange Commission that it defaulted further forward its $245 the multitude trust agreement accompanying Wachovia Bank.The company had missed each interest payment that was right July 6 already .
The company accepted its leading be guilty of defaulting observe without interruption the loan in lately February.In early April, the company skipped a $4 a thousand thousand lend payment to Wachovia.Riviera Holdings before-mentioned the company is talking accompanying Wachovia about restructuring its debts utmost of bankruptcy pay court to serene .
Desert Rock acquired 50 percent of Golden Gate, Las Vegas’ oldest hotel-casino, in March 2008.
“That’s a better story,” Stevens told the regulators. “That’s going well.The revenues are up.”
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