Pinnacle to Purchase Sands Hotel & Casino for $250 Million Sep 7, 2006
Four years later, the Sands' parent company - GB Holdings Inc. - transferred ownership of the casino to Atlantic Coast Entertainment Holdings Inc. - which triggered another round of bankruptcy in September 2005. That piece of the Sands' troubled financial past is being played out in a Camden, N.J., courtroom, as bondholders want Icahn to make good on notes that matured before GB Holdings filed for bankruptcy. (RisMedia.com)
Icahn: Still An Improbable Robin Hood Feb 24, 2006
"I see this guy on television all the time talking about shareholder rights, and then we get this kind of stuff," says Michael Stortini, a homebuilder who runs an investment fund that owned 16% of GB Holdings Inc., which owns the Sands. Stortini is among a group of investors who have also asked a Delaware bankruptcy court to overturn the deal. (BusinessWeek)
American Real Estate Partners, L.P. Approves $0.10 Per Unit Quarterly Distribution, Extends Filing Date for Third Quarter Results and Announces Earnings Call Nov 10, 2005
The extension will allow AREP adequate time to properly reflect in its third quarter financial results the effect of the acquisition of the assets of WestPoint Stevens Inc. by AREP's subsidiary, WestPoint Home, Inc., and the chapter 11 bankruptcy filing of GB Holdings, Inc., a subsidiary of AREP which owns a minority interest in The Sands Hotel and Casino in Atlantic City, New Jersey. Each of these transactions was complex, including from an accounting perspective, and AREP's management needs... (PR Newswire)
Minority Stockholder of Atlantic Coast Entertainment Holdings, Inc. Files for Chapter 11 Reorganization Sep 30, 2005
ATLANTIC CITY, N.J., Sept. 29 /PRNewswire/ -- GB Holdings, Inc., a minority stockholder of Atlantic Coast Entertainment Holdings, Inc., today filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code. GB Holdings has stated that it does not currently have the capital necessary to pay its 11% Notes that come due today ... GB Holdings holds a 28% common stock interest (fully diluted) in Atlantic Coast Entertainment Holdings. (Yahoo! Wire -- Entertainment News)
American Real Estate Partners Closes the Previously Announced Acquisitions of Two Oil and Gas Companies and the Purchase of Securities of GB Holdings and Atlantic Coast Entertainment Holdings Jul 2, 2005
MOUNT KISCO, N.Y., June 30 /PRNewswire-FirstCall/ -- American Real Estate Partners, L.P. (NYSE: - ; "AREP") announced today that it has obtained the approval of its depositary unit holders to issue depositary units to affiliates of Carl C. Icahn in connection with its previously announced acquisitions of two oil and gas companies, NEG Holding LLC and Panaco, Inc., and the purchase of securities of GB Holdings, Inc. and Atlantic Coast Entertainment Holdings, Inc. Atlantic Coast, through its... (Yahoo Finance -- Casinos & Gaming)
Atlantic Coast Entertainment Holdings, Inc. Notes Converted to Common Stock and Warrants Become Exercisable May 17, 2005
3% of the outstanding Atlantic Common Stock (without giving effect to such affiliates' interest in Atlantic Common Stock owned by GB Holdings, Inc.) ... 4% of the outstanding Atlantic Common Stock on a fully diluted basis (without giving effect to such affiliates' interest in Atlantic Common Stock owned by GB Holdings, Inc.). (PR Newswire)
American Real Estate Partners, L.P. Reports First Quarter Results May 10, 2005
2 (1) Pro forma for the acquisitions of NEG Holding LLC, TransTexas Gas Corporation, Panaco, Inc. and GB Holdings, Inc. (The Sands Hotel and Casino in Atlantic City, New Jersey) ... 7 Equity in loss of GB Holdings (1 ... 5% of GB Holdings, Inc., which indirectly owns The Sands Hotel and Casino in Atlantic City, New Jersey. (Yahoo Finance -- Casinos & Gaming)
Ask the Trib: Public library stays true to its roots Mar 28, 2005
In July 1936, the CBht out the GB holdings and the coal traffic to the university continued for "several decades afterwards.". The CBontinued some of their trains in May 1958, and according to Doug Connell's "True Tales of La Crosse" these tracks were removed in 1959. (La Crosse Tribune, WI)
GB Holdings, Inc. Reports Full Year Unaudited Consolidated Financial Results Mar 16, 2005
ATLANTIC CITY, N.J., March 15 /PRNewswire-FirstCall/ -- GB Holdings, Inc. ("GB Holdings") today reported the following full year unaudited consolidated financial results: GB Holdings' net revenues increased to $171 ... The following table reconciles GB Holdings' net loss to EBITDA for 2004: GB Holdings, Inc. Reconciliation of Net Loss to EBITDA (in thousands) For the Year Ended December 31, 2004 2003 Net loss $(12,822) $(17,713) Other (income) expense 13,777 13,797 Income tax expense 986 958... (PR Newswire)
American Real Estate Partners, L.P. Reports Full Year Financial Results Mar 16, 2005
6 million on equity interest in GB Holdings; and * Non-cash unrealized losses on securities sold short, $23 ... 2% of the common stock of GB Holdings, Inc. and warrants to purchase, upon the occurrence of certain events, 11 ... The following table presents AREP's consolidated balance sheet as of December 31, 2004, actual and pro forma for the acquisitions of NEG Holding, TransTexas, Panaco and GB Holdings, the offering of $480 million of 7. (PR Newswire)
[external] American Real Estate agrees to oil, casino deals Jan 22, 2005
American Real Estate agrees to oil, casino deals - Entertainment and Leisure - Media - Company Announcements. 1/21/2005 9:12:50 PM. (Yahoo Finance -- Casinos & Gaming)
Around The Nation Jan 22, 2005
American Real Estate said it will acquire oil and gas firms NEG Holding, TransTexas Gas Corp. and Panaco as well as GB Holdings and Atlantic Coast Entertainment Holdings. UAL Corp., the parent of United Airlines, received court approval for a 90-day extension of the exclusivity period covering its bankruptcy reorganization plan. (Houston Chronicle -- Business)
GB Holdings, Inc. Announces Closing of $10 Million Working Capital Loan Nov 19, 2004
ATLANTIC CITY, N.J., Nov. 18 /PRNewswire/ -- GB Holdings, Inc. today announced that its subsidiaries Atlantic Coast Entertainment Holdings, Inc. ("Atlantic"), a wholly owned subsidiary of GB Holdings, and ACE Gaming, LLC ("ACE"), a wholly owned subsidiary of Atlantic, entered into a Loan and Security Agreement (the "Agreement"), dated as of November 12, 2004, by and among Atlantic, as borrower, ACE, as guarantor, and Fortress Credit Corp. ("Fortress"), as lender, pursuant to which, Fortress made... (PR Newswire)
THU Jul 22, 04, 4:58 PM Jul 22, 2004
Atlantic Coast Entertainment Holdings, Inc. Extends Exchange Offer and GB Holdings Inc. Sets New Record Date for Stockholder Distribution ... Atlantic Coast Entertainment Holdings, Inc. Extends Exchange Offer and GB Holdings Inc. Sets New Record Date for Stockholder Distribution ... ATLANTIC CITY, N.J., July 22 /PRNewswire-FirstCall/ -- Atlantic Coast Entertainment Holdings, Inc. ("Atlantic Holdings"), a subsidiary of Greate Bay Hotel o, Inc. which is a subsidiary of GB Holdings, Inc. (Amex: )... (PR Newswire)
Sands Narrows Loss May 13, 2004
4 million in the same period last year, [Sands Casino Hotel] parent company GB Holdings Inc. reported Tuesday. "Perhaps the most dramatic improvement came in the area of cash flow, a key measure of productivity in the gaming industry. For the quarter, cash flow surged to $4.9 million compared to $2.3 million last year - about a 110 percent increase. "Net revenue climbed a modest 4. (Casino City Times, MA)
