Indy Downs CEO Objects To Racino's Confirmation Plan

Law360, Wilmington (July 31, 2012, 11:25 PM EDT) -- A group of creditors led by Indianapolis Downs LLC's own chairman and CEO objected to the confirmation of the company's proposed restructuring Tuesday, claiming the plan being solicited by the bankrupt horse track and casino contains multiple defects.

Chairman and CEO Ross Mangano filed the objection in Delaware bankruptcy court on behalf of himself and several family trusts — collectively known as the Oliver parties — that hold some $40 million of unsecured notes issued by Indianapolis Downs.

The Oliver parties claim the plan contains several...
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