Hospitality

April 13, 2011
Trustee Blasts Ambassadors' Ch. 11 Sale Procedure Plan

The U.S. trustee in Ambassadors International Inc.'s Chapter 11 bankruptcy case objected Wednesday to the company's proposed sale procedures, claiming stalking horse bidder Whippoorwill Associates Inc. is not entitled to bid protections because it is an insider.
April 13, 2011
Station Casinos Units Seek Ch. 11 Under Parent's Plan

Fiesta Station Inc. and other Station Casinos Inc. affiliates filed a prepackaged Chapter 11 on Tuesday in order to fulfill the parent company's reorganization plan as its owners prepare to buy Nevada's Green Valley Ranch Resort for $500 million.
April 13, 2011
High Court Asked To Review 9th Circ. IPO Ruling

A shareholder who sued a slew of investment banks and company insiders over alleged short-swing trades related to initial public offerings is asking the U.S. Supreme Court to review a Ninth Circuit decision dismissing her claims.
April 13, 2011
UK's Permira To Acquire BakerCorp For $960M

The European private equity firm Permira said Wednesday it planned to acquire California-based pump and containment systems company BakerCorp for $960 million.
April 13, 2011
American Hits Orbitz, Travelport With Antitrust Suit

American Airlines Inc. filed an antitrust suit Tuesday in Texas alleging Travelport Ltd. and Orbitz Worldwide LLC retaliated against the carrier’s bid to compete in the airline booking business.
April 13, 2011
Q&A With McDermott's Joel Chefitz

Unless and until the Delaware Chancery Court calls a halt to the nuisance-value settlements that provide a quick payout to the plaintiffs’ bar, these shareholder suits will continue to be a growth industry, says Joel Chefitz, head of McDermott Will & Emery LLP's securities litigation group.
April 12, 2011
Judge Won't Move Super Bowl Suit To Texas Court

Ticket holders to Super Bowl XLV who were denied seats at the game lost a bid Tuesday to have their class action sent back to the Texas state court where it was first filed.
April 12, 2011
Google, Apple, 100 Others Hit In IP Suit Barrage

A company led by Priceline.com Inc.’s founder launched a flood of patent suits in a Delaware court on Monday, accusing over 100 major companies, including Microsoft Corp., Apple Inc. and Google Inc., of infringing patents for e-commerce, gaming and other technology.
April 11, 2011
Judge Consolidates Super Bowl Class Actions

A federal judge in Texas consolidated two putative class actions Friday against the National Football League brought by Super Bowl XLV ticket holders who were denied seats and alleged breach of contract and fraud claims.
April 11, 2011
US Sports Tycoon To Buy Arsenal Soccer Club For $645M

U.S. billionaire Stan Kroenke announced Monday that he is poised to take ownership of the famed Arsenal soccer franchise in London for £394 million ($645 million).
April 8, 2011
Bingham McCutchen Aids Gores In Detroits Pistons Buy

California billionaire and Platinum Equity CEO Tom Gores said Friday he had struck a deal to buy the NBA's Detroit Pistons, the team's home arena, a music venue and the operating rights to the Meadow Brook Music Festival.
April 8, 2011
Bankrupt Racino Operator Wins $5M DIP Loan

Indianapolis Downs LLC received bankruptcy court approval in Delaware on Friday for a $5 million debtor-in-possession loan to keep its racino running, along with a slew of other first-day motions.
April 8, 2011
Cessna Off Hook In NASCAR's $86M Plane Crash Suit

A Florida federal judge ruled Friday that NASCAR Inc. and its insurers could not pursue an $86 million suit against Cessna Aircraft Co. over a deadly plane crash, saying there was no express warranty the plane would last over 30 years.
April 7, 2011
River Road Asks 7th Circ. To Let It Block Credit Bids

An attorney for River Road Hotel Partners LLC tried Thursday to convince the Seventh Circuit that the bankrupt chain should be allowed to block lenders from credit bidding on two luxury hotel properties.
April 7, 2011
Fidelity Settles Coverage Suit Over Real Estate Row

Fidelity National Title Insurance Co. on Wednesday settled its coverage suit in Texas against a company facing a pension fund's accusations of breach of fiduciary duty and negligent misrepresentation over a real estate deal.
April 7, 2011
Calif. Appeals Court Rejects 49ers Stadium Challenge

A California appeals court ruled Wednesday that Santa Clara was not required to complete an environmental impact report when it approved a term sheet for a new San Francisco 49ers stadium near a Cedar Fair LP amusement park.
April 7, 2011
Indianapolis Downs Heads To Ch. 11 Stables

Operationally profitable casino and racetrack operator Indianapolis Downs LLC filed for Chapter 11 bankruptcy protection Thursday, saying it was using the process as a stepping stone to get out from under some of its major startup costs.
April 6, 2011
Brand-New NYC Hotel Files Ch. 11 Over Contract Liens

Waterscape Resort LLC, owner of midtown Manhattan's new Cassa NY Hotel, checked into Chapter 11 on Monday, facing some $20 million in contractor claims — about half of which stem from a soured relationship with ex-construction manager Pavarini McGovern LLC.
April 6, 2011
Ex-Sonsini Atty Charged In $32M Insider Trading Case

A former senior associate at Wilson Sonsini Goodrich & Rosati PC was arrested Wednesday and charged in New Jersey in connection with allegations that he stole inside information from three firms that netted $32 million in a decadeslong insider trading scheme.
April 5, 2011
Creditors Balk At Lehman Discovery Framework

Lehman Brothers Holdings Inc. creditors, including State Street Bank & Trust Co., objected Tuesday in New York to a Lehman discovery framework that allegedly favors the bankrupt investment giant.

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