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Group drops bid for Detroit casino

20 October 2009

DETROIT, Michigan -- As reported by The Detroit News: "One of the two bids to take Greektown Casino out of bankruptcy is officially off the table. Bloomfield Hills businessman Tom Celani said Monday that the team he was leading -- a partnership of his group, Luna Greektown LLC and Connecticut-based hedge fund Plainfield Asset Management -- has withdrawn its offer to purchase Greektown.

"The city's third-largest casino by revenue fell into bankruptcy May 29, 2008.

"But Celani said he doesn't believe the door is closed for him to be involved with Greektown.

"'If the banks want to own this casino, they're going to need to be licensed, and a bank has never been licensed before in the U.S.,' he said. 'We believe there will still be an opportunity.'

"For now, though, withdrawal of the Luna/Plainfield offer removes a potential stumbling block for the other exit plan, to hand over control of the casino to a group of secured creditors represented by Merrill Lynch..."

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