Indy Downs Creditors Say $500M Sale Isn't In Good Faith

Law360, New York (October 11, 2012, 8:55 PM EDT) -- A group of creditors holding $40 million in bankrupt Indianapolis Downs LLC's unsecured notes on Thursday objected to the horse track and casino's $500 million asset sale over concerns that buyer Centaur Gaming LLC did not act in good faith.

The Oliver parties, a group made up of several family trusts and led by Indianapolis Downs' own Chairman and CEO Ross Mangano, asked the Delaware bankruptcy court to deny the racino's motion to authorize the sale to Centaur, a rival horse track and casino.

The Oliver...
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