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Catskill Development Files Motion to Vacate

The motion requests the District Court to vacate the judgment issued in the case on August 26th, 2002 on the ground that new evidence has been found that has a material bearing on important issues affecting the judgment. The motion indicates that audio tapes of certain conversations concerning the transaction at issue in the case were made available to the plaintiffs by Presidents, R.C., the plaintiff in another case against the same defendant, Park Place Entertainment and that the tapes provide evidence which raise material issues regarding important issues in the case and the positions taken by the defendant. The motion requests that the judgment be vacated and that the Plaintiffs be permitted to continue discovery and file amended pleadings to reflect the evidence contained in the case.

Although the Company has been advised by the attorneys handling the case that the new evidence relates to substantial important issues, it does not relate to all of the issues or charges in the Plaintiff's original complaint or all of the issues covered by the pending appeal in the case by the Plaintiffs. Accordingly, no assurance can be given that the motion will be granted or that, if granted, it will provide relief sufficient to permit the Plaintiffs to proceed with a trial or provide evidence that will be available for purposes of the record in the appeal. The Plaintiffs in the appeal are affiliated with the Company principally through its relation with Catskill. Management has continued to work with representatives of Catskill with respect to the proposed consolidation of the two entities and does not expect these circumstances to result in a substantial change in the terms of the proposed consolidation, although they may affect the terms of the proposed litigation trust to be established under the previously announced letter of intent.

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