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Billionaire Financier Carl Icahn Pulls Sands Out of Bankruptcy

30 September 2000

ATLANTIC CITY, New Jersey – Sept 30, 2000 – As reported by The Associated Press: "Billionaire financier Carl Icahn has pulled the Sands Casino and Hotel out of bankruptcy officially by wiring $65 million to the casino.

Icahn assumed control of the financially struggling casino Friday, ending its 33 months under bankruptcy protection. He owns 65 percent of the casino and has installed its board of directors.

The state Casino Control Commission approved Icahn's takeover plan earlier this month to invest $65 million in cash and issue $110 million in new bonds to prop up the casino, which has remained operating while reorganizing in bankruptcy.

"…Icahn's plans are already being carried out at the casino, including looser slot machines, construction of a 282-room hotel tower, a new bus terminal, casino expansion and renovations.

"…The casino is now a stand-alone company called GB Holdings Inc.

"…It reported losses of more than $35 million annually for the three years prior to the bankruptcy filing…"

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