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Hearing Set for Merger Settlement Plan

PHOENIX-Judge Robert E. Miles in Superior Court of Arizona, Maricopa County, has set Nov. 21 to hear arguments about Aztar's merger with Pinnacle.

By Alex Finkelstein | Updated on September 12, 2006

PHOENIX-Aztar Corp.’s pending merger deal with Kentucky-based Columbia Entertainment and the sale of a riverboat casino in Caruthersville, MO to Fortunes Entertainment of St. Louis could close shortly if a pending lawsuit by two plaintiffs is resolved in Superior Court.

At the crux of the settlement is a $500,000 lawyers’ fee and legal expenses that Aztar has agreed to pay in exchange for all claims against the company to be permanently dismissed by the court. The settlement is on the table now to avoid a formal trial and costly legal fees, according to all of the parties involved. Aztar and its directors have denied all wrong-doing or deceiving its shareholders in any way at any time, according to court documents.

Aztar officials notified shareholders yesterday that Judge Robert E. Miles of Maricopa County has set a hearing date for Nov. 21 on a settlement proposal for two consolidated lawsuits that have been holding up the merger deal and the casino sale. The suits were filed in March by shareholders Robert Glasmann and Plumber Local Union No. 519 Pension Trust Fund.

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