SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Non-Tech : LVEN:NASDAQ--Las Vegas Entertainment Inc.
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Q. who wrote (54)10/13/1999 5:10:00 AM
From: RockyBalboa   of 228
 
LVEN's press releases haven't exactly been models of
the full disclosure SEC regulators like to see. On July 6
and 15, for example, Goldberg announced that the
company had issued 3 million shares of stock "at
$101.60 a share for total equity of $305 million."


Even if that is true, it is possible to issue these 3MM as preferred shares with variable / unspecified conversion rights. ...

__________________________________________________________

A checkered past:


LVEN's history includes the purchase and subsequent
sale of the El Rancho hotel-casino on the Strip. LVEN
bought the closed and run-down property in 1993 for
$36.5 million and sold it to International Thoroughbred
Breeders in 1996 for $43.5 million.

The sale price included $12.5 million cash and $17
million of promissory notes, plus ITB's assumption of
$10.5 million of El Rancho debt. In May 1997, LVEN
converted $11.6 million of interest and principal on the
promissory notes into 2.1 million ITB shares.

But four months later, some ITB directors sued to
rescind the conversion. LVEN returned the ITB stock
and got the right to try to find a new buyer for the El
Rancho. If it sold the property for ITB by last April,
LVEN would have received any net proceeds in
excess of a $44.6 million purchase price. It hasn't
made a sale yet.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News