Lender Slams Racino For 'Slow Playing' Ch. 11 Case

Law360, New York (August 16, 2011, 5:10 PM EDT) -- A creditor for Indianapolis Downs LLC on Monday accused the bankrupt racino operator of slow playing its Chapter 11 case to give its CEO ample time to recover as much money as possible.

Fortress Credit Opportunities Advisors LLC, a post-petition lender that also holds second- and third-lien notes issued by the debtors, asked the Delaware bankruptcy court to reject Indianapolis Downs' bid for an extension of the exclusivity period for filing plans of reorganization. The move is clearly a ploy to benefit CEO Ross Mangano, the...
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