LVEN:NASDAQ--Las Vegas Entertainment Inc. Message Board

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Non-Tech : LVEN:NASDAQ--Las Vegas Entertainment Inc.

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To: ANDY-ATL who wrote (160)	5/18/2000 6:01:00 PM
From: EL KABONG!!!	Read Replies (2) of 228

Andy, As you probably already know, common shareholders stand last in the queue if or when it becomes necessary to liquidate the assets of a company. If memory serves, LVEN has considerable debts. So even if they did acquire some revenues from the transfer of the El Rancho, it is highly likely that secured and unsecured debtholders would have first dibs on those monies. Debt instruments take precedence over equity instruments. And again if memory serves correctly, LVEN didn't actually own the El Rancho. ITB was the owner. LVEN merely had some arguable rights obtained by contract to a share of the proceeds if and when the El Rancho property was sold. Think of it as being something like a real estate commission or a finder's fee. Since LVEN is not currently traded, I don't know whether or not that event would have any effect on whatever rights LVEN may have had with regards to the El Rancho. To me, if the thing ever came to a court of law, it sounds like the type of case that would make some lawyers rich. I know that's not the answer you wanted, but I suspect you "knew" the reality of the situation when you posed the question. KJC

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