Trustees of bankrupt casino want to auction off boat, inventory

by Associated Press

Published: March 4,2013

Tags: auction, babkrupt, bankruptcy, casino, court, creditor, gamble, gambling, gaming, inventory, law, legal, trustee, vessel

VICKSBURG — The trustee in the bankruptcy liquidation case of a closed Vicksburg casino boat has requested that the vessel and some of its inventory be auctioned.

The Vicksburg Post reports creditors of the closed Grand Station Casino will go before a court-appointed trustee on April 5 as the case proceeds.

Trustee Stephen Smith continued a creditors’ meeting set Friday so attorneys for the closed casino’s parent company could provide more answers about the facility’s finances. The Grand Station closed March 28, 2012, and laid off 230 workers.

Smith has asked the court for permission to have the vessel auctioned on-site at 9 a.m. April 25 along with all moveable equipment, including furniture, office equipment, a lift, food and beverage items, bar equipment, china and two pickups owned by the casino, according to court documents.

In October, U.S. Bankruptcy Judge Neil P. Olack awarded the 36,000 square-foot casino to M Street Inc. after it bid $400,000 on the facility in a Chapter 11 proceeding. Less than two months later, the sale was converted to a Chapter 7 liquidation case when the group of Dallas-area investors and the casinos’ former owner — Delta Investments & Development LLC — failed to close the deal.

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