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Tropicana former owners want control back11 July 2008ATLANTIC CITY, New Jersey -- As reported by the Press of Atlantic City: "Against heavy odds, the former owners of Tropicana Casino and Resort will try to regain control of the troubled property only seven months after they were stripped of their license and forced out of Atlantic City. "Tropicana Entertainment Holdings LLC will make a play for the casino following a bankruptcy deal last week between the company and its bondholders that has led to the ouster of former chief executive officer William J. Yung III from the board of directors. "Tropicana Entertainment and its affiliates plan to enter talks with New Jersey gaming regulators 'regarding a reconveyance of ownership and control over the Tropicana Atlantic City hotel and casino' and related assets, according to the bankruptcy agreement. "The state Casino Control Commission said Tuesday that preliminary discussions have begun, but no formal request has been made by the company or its bondholders to transfer ownership back to Tropicana Entertainment. The commission sounded unreceptive..." copyrighted material written for and appeared exclusively in The Press of Atlantic City |