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Billionaire Gives Up Emerald Casino Claim for Settlement

ILLINOIS – As reported by the Chicago Sun-Times: "A California billionaire who accused Emerald Casino executives of reneging on a handshake deal to own part of a Rosemont gambling venture with Arlington Park chairman Richard L. Duchossois has agreed to accept $650,000 to walk away from his claim.

"Top Emerald shareholders Kevin and Donald Flynn -- not their company -- will pay the money to oil tycoon Marvin Davis after U.S. Bankruptcy Judge Eugene Wedoff considers the settlement Tuesday.

"…The Davis Companies Inc. sued in October 1999 seeking $250 million from Emerald, the Flynns and the company's senior vice president, Joseph McQuaid. The $650,000 settlement comes after Wedoff and another federal judge handed down several significant losses to Davis.

"…The suit claimed that in 1998, Kevin Flynn met with Davis Companies executive Michael Colleran and the two agreed Davis would pay $30 million for a 40 percent share of a Rosemont casino. Duchossois was to own 20 percent…"

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