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  1. 03-16-2008, 07:16 PM #1
    AirborneSapper7
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    Foreclosure on Las Vegas Casino to Begin

    Foreclosure on Las Vegas Casino to Begin

    By Jennifer S. Forsyth

    Companies Featured in This Article: Deutsche Bank

    The developer of the Cosmopolitan Resort Casino, a $3.9 billion condo-hotel complex on the Las Vegas Strip, has been notified by its primary lender that it will begin foreclosure proceedings.

    The move by Deutsche Bank AG, the lender on a $760 million senior loan, comes after the developer, Ian Bruce Eichner, wasn't able to finalize a deal for new financing amid the credit crunch. Mr. Eichner in late February cut a tentative deal with two of his other lenders, Global Hyatt Corp. and New York hedge fund Marathon Asset Management, for a possible rescue of the twin-tower project. A default ...

    http://online.wsj.com/article/SB1205544 ... lenews_wsj
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  2. 03-16-2008, 09:34 PM #2
    roundabout
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    Hows about something cheery Airborne?
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