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Icahn Fights Rival Bid on Casino5 October 2000ATLANTIC CITY, NEW JERSEY–Oct. 5, 2000 -- As reported by The Associated Press: "Billionaire financier Carl Icahn, who took control last week of the Sands Hotel & Casino, is wasting no time throwing his weight around. "Icahn won permission from New Jersey casino regulators Wednesday to intervene in Park Place Entertainment Corp.'s bid to take over the bankrupt Claridge Casino Hotel. "In a 4-0 vote, the state Casino Control Commission said the Sands will be allowed to present evidence and witnesses when Park Place Entertainment comes before the panel later this month seeking approval of its proposed $77.1 million purchase of the Claridge. "Icahn…contends that a Park Place takeover of the Claridge would effectively strangle the Sands, which is located next door. "… Chairman James Hurley said Icahn's intervention would help regulators better understand the issues at play as they try to decide whether another Park Place casino would result in `undue economic concentration,' which is barred under the New Jersey Casino Control Act…" |