Majestic Star Settles Ch. 11 Fight With Ind. City

Law360, New York (April 27, 2011, 5:31 PM EDT) -- In a bid to bring years of litigation to an end, bankrupt Majestic Star Casino LLC asked a Delaware bankruptcy judge Tuesday to approve a hard-fought settlement with the city of Gary, Ind., for a new land development agreement.

Under the terms of the deal, the company agreed to resume making monthly payments of 3 percent of its adjusted gross gaming receipts to the city with a minimum aggregate payment of $6 million per year, according to a motion for approval to enter the agreement....
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