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A federal judge ruled that six former officers of the failed Emerald Casino bid in Rosemont owe creditors $272 million for losing the company's gaming license.
The six men each owe $45.3 million for failing to comply with the Illinois Gaming Board's rules and regulations, which resulted in the state agency yanking the company's gaming license in 2005 in an unprecedented move, wrote U.S. District Judge Rebecca Pallmeyer in an opinion released Tuesday.
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Pallmeyer's opinion found former Emerald officers Walter P. Hanley, John P. McMahon, Joseph McQuaid and Kevin D. Larson liable for the loss of the gaming license, which inevitably led to the bankruptcy of the company. The judge also ruled against the estates of father and son Donald F. Flynn and Kevin F. Poker night 2 tf2 items not showing up. Flynn, who died in 2011 and 2013 respectively.
Frances Gecker, Emerald's bankruptcy trustee, sued the six men as well as a seventh former officer -- who Pallmeyer determined was not responsible for the loss of the gaming license -- to recoup losses by nearly 100 different creditors, said Gecker's attorney Catherine Steege of Jenner & Block. Steege said the estate of former Chicago Bears Hall of Famer Walter Payton was one of the creditors owed money by Emerald.
'I'm very pleased with the ruling and everybody worked very hard to get there and we'll see where it goes from here,' Gecker said.
Gecker had initially sought more than $500 million from the defendants, which was the value of one of the bids for the state's 10th gaming license. But Pallmeyer based the financial verdict on the purchase price of the gaming license that eventually went to the operators of Rivers Casino, which is located just down the road from Rosemont in Des Plaines.
The Emerald Casino saga had auspicious beginnings and always lingered under a pall of controversy that finally came to a head in 2001 when state regulators began looking into allegations of mob ties with potential investors.
The state finally revoked the corporation's gaming license after determining that the board had lied to regulators and withheld information from the state that casino operators are required to disclose.
The casino was under construction at the time of the investigation, but was soon halted and eventually demolished. Much of Rosemont's expansive entertainment district now rests on the former casino site.
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Attorneys for the defendants refused comment regarding Pallmeyer's verdict.
Steege said the parties are due back in court later this month. She said Pallmeyer's opinion didn't address at least three other claims in the suit and her opinion needs to be officially entered as a judgment before moving forward.
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The casino was under construction at the time of the investigation, but was soon halted and eventually demolished. Much of Rosemont's expansive entertainment district now rests on the former. Located at 3000 South River Road, adjacent to the Tri-State Tollway at the northwest corner of Devon Avenue and River Road, the 140,000-square-foot casino opened in 2011 in Chicago's northwest suburb, minutes from O'Hare Airport and nestled among several luxury hotels, including the Hyatt Rosemont, Courtyard by Marriott Chicago O'Hare, Hampton. MB Financial Park at Rosemont: Dining, Live Music and Family Fun A 200,000 square-foot dining and entertainment complex, MB Financial Park at Rosemont is a one-stop destination for nightlife, big city dining, live entertainment and family fun. Savor upscale international cuisine at 12 different restaurants. A sophisticated cocktail lounge in the center of the casino floor, Lotus features hand crafted cocktails developed by acclaimed mixologists. Enjoy craft brews by Chicago-based Half Acre Beer Co., a selection of Goose Island Brewery products and more. Bottle Service and reservations available after 9PM by emailing email protected.