Tropicana's former owners seek to block proposed casino sale

"Tropicana Entertainment LLC said Wednesday it intends to 'pursue legal and other strategic alternatives' to prevent Cordish Co. from buying the troubled casino in a bankruptcy auction.

"'The purported price for the Atlantic City property understandably reflects a fire sale mentality on the part of prospective buyers who see an extraordinary opportunity in a depressed market, which creates a windfall at the expense of other innocent parties,' Scott C. Butera, Tropicana Entertainment's chief executive officer, said in a statement.

"Butera's remarks were in reaction to an announcement Tuesday that the state-appointed conservator overseeing the sale had named Cordish as the leading bidder in a planned U.S. Bankruptcy Court auction.

"...Tropicana Entertainment is trying to regain control of the property, even though the company and its affiliates were stripped of their New Jersey gaming license in December following mass layoffs, regulatory violations and customer complaints of filthy rooms and overflowing toilets..."

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