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Bill Yung Successfully Resolves Trustee Request in Tropicana Entertainment Bankruptcy Cases
CRESTVIEW HILLS, Ky.-(Business Wire)-July 2, 2008 - The key parties in Tropicana Entertainment, LLC's Delaware Bankruptcy today reached a resolution of a request for the appointment of a trustee brought by a consortium of bondholders.
One day after an evidentiary hearing had commenced, the bondholder consortium as part of an amicable resolution withdrew their trustee request preventing its refiling in the future. "The statesman-like resolution (by Yung) will spare the estate and its creditors significant additional expense and distraction and we hope will facilitate a very prompt reconveyance of those assets that are so important to the estate and its creditors," said one of the lawyers for the bondholder consortium.
Tropicana Entertainment, LLC and the related debtor entities are governed by a five member independently controlled board of directors. As part of the resolution, Yung agreed to resign his position as one of these five board members. "I'm pleased that we reached this resolution, and I look forward to working with all the parties to reach consensus on the continuing restructuring efforts of the company," Yung said.
The bondholder consortium had alleged a series of missteps by Yung in his management of Tropicana Entertainment. In the end, the consortium withdrew its allegations. Yung's counsel, Nancy Peterman of Greenberg Traurig, LLP commented that "While Mr. Yung would have welcomed the opportunity to refute the allegations in the trustee motion and have his day in court, we're glad everyone could come together and reach an agreement that was a good solution for all. We look forward to working with the constituents and focusing on a restructuring of the debtors."
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