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June 16, 2009

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Total Comments: 7 (view all)

They have to report it that way because those are the rules that an SEC registrant must follow. It's not like their trying to pull the wool over your eyes pacman!

(Suggest removal) 4/2/10 at 2:10 p.m.

Chazbean - It's Andersen and they were aquitted of wrong doing by the US court system. Why don't you get your facts straight before you post from the ditch your digging. And you don't believe the financial statements because your fourth grade brain doesn't understand them.

(Suggest removal) 4/1/10 at 2:33 p.m.

Zive says it in one of the motions. Why use the cash of the estate for an examiner when the secured lenders' lawyers and financial advisor have spent months and incurred millions in fees reviewing the estate. It's a waste of money. The reality of this is the secured lenders own this company. The unsecured lenders have nothing.

(Suggest removal) 1/13/10 at 1:03 p.m.

Oh - and by the way, I assume everyone who claims personal BK to be absolved of their debts is a criminal as well. Probably had a mortgage, car payment, and maybe some credit card. They probably bought a house they thought they could afford and their income was going up each year so they should be able to make the payments and then boom, they lose their job and their personal revenue declines and they can't pay the bills anymore so they file BK. The credit card lender, kinda like the bondholder, is gonna get screwed because there are no assets to go after becuase it is unsecured debt. Same principals apply. Damn those people for filing BK. Those people are such scumbags, I'm telling you. We should throw them all in jail.

(Suggest removal) 1/13/10 at 12:38 p.m.

I'm sorry but most of the commentary is pretty stupid and ignorant. Hindsight is 20/20 and it is so easy to monday morning quarter back this. It really shows a lack of understanding of the gaming market and where it was at in 2007. Gaming market valuations were sky high then. Third quarter of 2007 was the first quarter in the past 25 consecutive quarters that the Company experienced a decrease, year over year, in revenue and cash flow. Folks that is 6 years of continued improved profitability. You think you have one bad quarter and what the sky is falling. Give me a break. Nobody thought that. The deal closed that November. If any of us knew that at the time that the economy was going to take a dump, we would have all sold our homes before the market cratered, sold our shares in any gaming company before they all plunged to record lows a year later, but nobody did that so stop. The Company was growing by leaps and bounds and all future projections based on all the indian deals, Durango Station, etc pointed to the fact that they could absorb the debt. There was no crime committed. The Company has 15% revenue growth each year for 6 years so why would you expect it to stop

And why is Frank a criminal. Although employees are important, his job as CEO is to maximize shareholder value because they are the ones with the finacial investment at stake, not the frickin cocktail waitress and that is what he did. And at time 60% of the Company was owned by shareholders without the last name of Fertitta and they voted for the transaction. And the Fertittas have lost $870 million because they did not cash out in the transaction and if they do emerge from BK the secured creditors will own most of the Company and the family would retain a small stake in it. That is how it works.

And stop with the poor bondholder talk. Who were the idiots investing in $2.3 billion in unsecured debt. That's stupid and very risky. Had they sold secured debt at the time, they wouldn't be in this situation. They would own the Company.

(Suggest removal) 1/13/10 at 12:22 p.m.

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