Judge OKs $500M Indy Downs Sale To Rival Centaur

Law360, Wilmington (October 31, 2012, 4:54 PM EDT) -- A Delaware bankruptcy judge on Wednesday approved the $500 million sale of Indianapolis Downs LLC to cross-state rival Centaur Holdings LLC but said he was not close to ruling on the confirmation of the horse track and casino's contested Chapter 11 plan.

Track chairman and CEO Ross Mangano — the head of several family trusts collectively known as the “Oliver parties" — had questioned the integrity of the sale process, especially Centaur's negotiations to resolve tax issues with the state of Indiana.

U.S. Bankruptcy Judge Brendan...
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