2nd-Lien Lenders Propose Takeover Of CKX Unit

Law360, New York (July 12, 2010, 3:59 PM EDT) -- Several second-lien lenders of CKX Inc. affiliate FX Luxury Las Vegas I LLC have proposed a plan to take over and reorganize the developer, challenging the company's original plan to auction off its property and refinance its first-lien debt.

First-lien lenders would still get $10 million plus a refinanced secured note under the plan, for a total recovery estimated at about $268.1 million, according to a disclosure statement Five Mile Capital Pooling International LLC, Spectrum Investment Partners LP, Transamerica Life Insurance Co. and the Huff Alternative...
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