Newly Bankrupt Tropicana Casino Seeks Fast Auction

Law360, New York (April 29, 2009, 12:00 AM EDT) -- Tropicana Casino Resort's trustee and conservator sought authorization to auction off the casino in a Chapter 11 petition Wednesday, the same day Tropicana received the blessing of the New Jersey Casino Control Commission for a $200 million sale proposal from the casino's lenders.

Tropicana's conservator, retired New Jersey Supreme Court Justice Gary Stein, filed voluntary Chapter 11 petitions Wednesday in the U.S. Bankruptcy Court for the District of New Jersey on behalf of Tropicana's owner, Adamar of New Jersey Inc. and wholly owned subsidiary, Manchester Mall...
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