Hafnium

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Wednesday, August 4, 2010

Atlantic City Casino and ASARCO A.G. Swiss Bank-President Mikhail Katamanin

"Foreign investor Mikhail Katamanin, who in May was hit with a $12-million foreclosure lawsuit on his Highland Park mansion, filed a personal bankruptcy petition June 6 [2009] in U.S. Bankruptcy Court in Chicago.... His debts are described as “primarily consumer,” and the list of creditors includes Atlantis at Paradise Island Resort & Casino in the Bahamas, Caesars Palace Las Vegas Hotel & Casino and Trump Taj Mahal Casino Hotel in Atlantic City. Chicago lawyer Kori Bazanos, who represents Mr. Katamanin, declined to comment. Related story: Lender asserts claim on lakefront mansion"

http://www.chicagorealestatedaily.com/cgi-bin/news.pl?id=34626

"A Caribbean investment company has sued to collect on a $12-million loan ...the property is held in trust by Swiss company Asarco A.G., which Mr. Mikhail [Katamanin] controls, according to the complaint and public records....lawyer Irving Drobny, who represents Asarco, is out of the country until next week, according to employees at his office....The claim also is to be arbitrated in Switzerland, according to the complaint."
http://www.chicagorealestatedaily.com/cgi-bin/news.pl?id=34626

March 2010 Philadelphia Inquirer .. discussing the “furor” over the involvement of the Chinese government in Morgan Stanley’s casino project Atlantic City

"Morgan Stanley is the financial adviser to Grupo Mexico, and Skadden Arps Slate Meagher & Flom LLP is the company's legal counsel."

http://www.bloomberg.com/news/2010-07-23/grupo-mexico-proposes-combining-asarco-southern-copper-mining-operations.html

"Reveling in Your Money

Posted: Tue, 30 Mar 2010 17:27:13 +0000

As we wait to see if Governor Christie will sign the bill that takes away the voter's right of referendum on a proposed $300 million tax break for Morgan Stanley's casino, two excellent new articles came out about the issue.

Paul Mulshine, an editorial writer with the Star Ledger, penned a piece entitled "Atlantic City's Revel casino: Wall Street's Reveling in your money."  In the piece, Mulshine wrote:

The prime backer of the half-finished Revel casino, Morgan Stanley, has put together a financing deal that relies on funding from the Chinese government. Yes, you read that right. The geniuses in Trenton are preparing to give a giant grant to a consortium of commies and Wall Streeters.

But as Doherty points out, both the Chinese and Morgan Stanley have plenty of money at the moment. Morgan Stanley got $10 billion in bailout funds, he said, so there's no reason they can't finish the project on their own.

Meanwhile, the Philadelphia Inquirer has a new article discussing the "furor" over the involvement of the Chinese government in Morgan Stanley's casino project."