Court Refuses To Name GB Holdings Shareholder Panel
By Marius Meland
Law360, New York (March 27, 2006, 12:00 AM EST) -- A bankruptcy court denied the appointment of an official shareholder committee in the Chapter 11 case of GB Holdings Inc., the company that used to own the Sands Hotel and Casino in Atlantic City. The judge ruled Friday that it is unclear whether the Sands, after it pays $43.5 million in bond debt, will have anything left over for GB Holdings shareholders.
U.S. Bankruptcy Judge Judith Wizmur said casino investor Robino Stortini Holdings Inc., which has continuously criticized billionaire Carl Icahn for the way he took...