SAULT STE. MARIE - Chairman Aaron Payment of the Sault Tribe of Chippewa Indians provided reaction to the news Friday that Greektown Casino has filed for Chapter 11 bankruptcy.
“We have filed for Chapter 11 to protect our assets from the unfair convenants placed upon Greektown Casino by the Michigan Gaming Board, a standard that the other two casinos in Detroit do not have to follow,” wrote Payment in a press release.
Payment indicated he attempted to shore up deficiencies in management and slowing revenues more than a year ago, but the Greektown Management Board ignored his advice and replaced him as the chairman of the board.
The problem, as Payment explained it, stems from the Greek partnership and a $268 million liability which came with the partners under terms of the agreement hammered out under the watch of former Tribal Chairman Bernard Bouschor. Payment also indicated that he opposed the original agreement at the time and advocated buying out the Greek partners, to no avail.
For more information, please see Scott Brand, Payment explains Chapter 11 sooeveningnews.com, June 3, 2008.
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