Brief: Bond registration canceled, Icahn formally takes over

Becker's equity was never publicly traded, but the company did sell Arizona Charlie's bonds on public markets. Icahn bought a majority of the bonds for cents on the dollar. After Arizona Charlie's declared bankruptcy, Icahn was able to force Becker to accept a plan transferring all equity ownership of the resort to bondholders.

Becker Gaming loses all of its equity interest in Arizona Charlie's, but does continue to own and operate several bars around Las Vegas.

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