NEW: Twin River Rebuts Bankruptcy Judge
Wednesday, June 29, 2011
A spokeswoman for the Twin River Casino today responded to accusations from a U.S. Bankruptcy Court judge that the company had not fully disclosed information about its financial situation.
U.S. Bankruptcy Court Judge Arthur N. Votolato issued an opinion yesterday suggesting that the debtors in the case had been selective in their disclosure of information. As a result, Votolato delayed closing the two-year-old bankruptcy case.
“Throughout the travel of the case it is apparent, especially in hindsight, that the information provided in selective and conclusory fashion, and the way in which the Court was ‘kept advised,’ effectively avoided the element of meaningful disclosure required and expected in all judicial proceedings,” Votolato wrote.
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“It is also reflected by the fact that no party has opposed Twin River's pending request to bring prompt and final closure to its Chapter 11 Case,” Doyle added.
At issue was what Votolato saw as a contradiction between the positive assessments of Twin River’s finances under its new owners and public statements voicing their concerns about the impact of a casino expansion in Massachusetts. Votolato has also requested additional information on a potential conflict of interest.
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