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Offshore Company Dealt Another Failure

WASHINGTON, DC – As reported by the Washington Times: "The failed effort to put a $500 million gambling hall in Northeast was the latest setback for an offshore firm whose associates have been unsuccessfully pushing gambling ventures nationwide in the past year.

"The D.C. Board of Elections and Ethics ruled Thursday that backers of an initiative supporting the proposed casino had legally collected only 14,587 of the 17,599 signatures needed to put the issue on the Nov. 2 ballot.

"John Ray, a former D.C. Council member who is serving as the attorney for the Citizens Committee for the Video Lottery Terminal Initiative, yesterday filed a petition for review in the D.C. Court of Appeals, but it is considered unlikely that the court would overturn the board's decision.

"If the board's decision stands, it would be the fifth gambling-related rejection in a year for associates of the St. Croix-based venture capital firm, Bridge Capital LLC…"

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