This was also released by Lone Star today:
News Release
Contact: Dan Leary, Director of Communications
(972) 237-1140 cell - (469) 964-0663
danl@lonestarpark.com
GLOBAL GAMING LSP, LLC NAMED STALKING HORSE BIDDER IN LONE STAR PARK SALE
GRAND PRAIRE, Texas (Sept. 15, 2009) - Lone Star Park announced today that it has entered into an agreement with Global Gaming LSP, LLC of Ada, Okla., which is owned by the Chickasaw Nation, designating them as the stalking horse bidder in the sale of Lone Star Park at Grand Prairie. The terms of the agreement were not disclosed.
It is expected that the final auction for Lone Star Park will be conducted by mid-October in New York by Miller Buckfire & Co., MEC's financial advisor and investment banker.
As a stipulation of the agreement with Global Gaming LSP executed yesterday, Lone Star Park will operate under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware until the sale is completed.
Until the final closing on the sale of Lone Star Park, the track will continue to be operated by MEC.
"With this acceptance of a stalking horse bid, we can now move on to the next step in the process," said Lone Star Park President and General Manager Drew Shubeck. "We continue to operate our Post Time Pavilion for daily simulcasting and are busy making preparations for the start of our 2009 Fall Meeting of Champions on Sept. 25. Today we will attend the Texas Racing Commission meeting to obtain approval for our 2010 racing dates, and we are actively preparing our 2010 business plan."
The sale of Lone Star Park is subject to the approval of the Texas Racing Commission.
Live Amercan Quarter Horse racing returns to Lone Star Park on Friday, Sept. 25 with its 2009 Fall Meeting of Champions, which runs through Saturday, Nov. 28. For more information on Lone Star Park, visit LoneStarPark.com
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Dan Leary
Director of Communications
Lone Star Park
w - (972) 237-1140
cell- (469) 964-0663
Sent by Dan Leary, best known as Bonnie the Bugler's husband.
NT