3rd Circ. OKs Indy Downs' Settlement Of $50M Contract Row

Law360, New York (February 19, 2014, 5:01 PM ET) -- The Third Circuit affirmed on Wednesday a bankruptcy court's approval of a settlement that dispenses with some $50 million in construction-contract and trademark-licensing claims brought by a horse track and casino operator’s former management company.

Indianapolis Downs LLC and Indiana Downs Capital Corp. had hired contractors Power Plant Entertainment Casino Resorts Indiana LLC and Live Holdings LLC in 2010 to build and manage a casino and racing track. Disputes arose when the debt-saddled racing companies accused their contractors of bad accounting practices and terminated their agreement....
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