President Casinos Inc: Key Developments
President Casinos, Inc. Delists From NASDAQ-Stock Exchange
July 7, 2008 |
| The Stock Exchange reported that President Casinos, Inc. has been delisted from NASDAQ. |
President Casinos, Inc. Completes Sale of President Riverboat Casino-Missouri, Inc. Stock In Connection to Bankruptcy Reorganization
December 20, 2006 |
| President Casinos, Inc. announced that it has completed the sale of the capital stock of its St. Louis casino operations, President Riverboat Casino-Missouri, Inc. to Pinnacle Entertainment, Inc. for approximately $31.5 million in cash. The proceeds of the sale will be placed in a distribution trust to be distributed in accordance with the bankruptcy reorganization plan confirmed by the court for President Riverboat Casino-Missouri, Inc. Following the sale of its St. Louis operations, President Casinos' remaining assets consist primarily of cash and certain pending litigation claims. President Casinos remains in bankruptcy reorganization proceedings under Chapter 11 of the United States Bankruptcy Code. At this time, President Casinos, Inc. has not determined whether it will liquidate or continue operations in some form, or whether any assets will be available for distribution to stockholders. |
President Casinos, Inc. Announces Confirmation of Bankruptcy Reorganization Plan for Subsidiary
December 4, 2006 |
| President Casinos, Inc. announced that the United States Bankruptcy Court for the Eastern District of Missouri has entered an order confirming the Chapter 11 plan of reorganization submitted by President Riverboat Casino-Missouri, Inc. (PRC-MO), a wholly owned subsidiary of President. The plan of reorganization approved provides that the stock of PRC-MO will be sold to Pinnacle Entertainment, Inc. for approximately $31 million pursuant to the terms of a purchase agreement entered into between President and Pinnacle. Upon closing of the transaction, the plan of reorganization calls for the creation of a distribution trust to distribute to creditors the proceeds of the sale and certain other assets of PRC-MO. The The holders of President's outstanding bonds will be paid the amount of their claims less a $10 million discount (approximately $50.6 million). An aggregate of $5 million of the $10 million discount will be permanently waived, and the remaining $5 million will be deferred and be payable from one-half of any future amounts in excess of $5 million recovered by President pursuant to certain specified pending litigation and tax refund claims. Under the plan of reorganization the first $5 million from such litigation and tax refund claims and one-half of any recoveries in excess of $5 million will be used first to pay the outstanding bankruptcy claim of John Edward Connelly & Associates and its assignees in $3.3 million with the balance to be distributed to President. |
President Casinos, Inc. Announces Settlement Agreement In Bankruptcy Proceedings
October 12, 2006 |
| President Casinos, Inc. announced that President and its subsidiary, President Riverboat Casino-Missouri, Inc. (PRC-MO), have entered into a settlement agreement with Pinnacle Entertainment, Inc. and the official committee of Equity Security Holders (the Official Equity Committee) of President which resolves the dispute between the competing alternative bankruptcy reorganization plans which have been filed in PRC-MO's Chapter 11 bankruptcy proceedings pending in the United States Bankruptcy Court for the Eastern District of Missouri. Under the Settlement Agreement, the alternative reorganization plan proposed by the Official Equity Committee will be withdrawn, and the parties will implement various amendments to the existing reorganization plan filed by PRC-MO and the purchase agreement for Pinnacle's pending purchase of PRC-MO. Under the Settlement Agreement, the proposed reorganization plan filed by the Official Equity Committee will be withdrawn, and the parties have agreed to continue with the consummation of the purchase of PRC-MO by Pinnacle and to support the amended reorganization plan filed by PRC-MO. |
President Casinos, Inc. Announces Management Changes-Form 8-K
April 7, 2006 |
| President Casinos, Inc. announced in its Form 8-K that John E. Connelly resigned as Chairman of the Board and Chief Executive Officer of the Company, effective April 4, 2006. The Company also announced that Terrence L. Wirginis has been appointed as Chairman of the Board and John S. Aylsworth as Chief Executive Officer of the Company. |
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