A bitter courtroom battle in Chicago is affecting places as diverse as Nevada and Mississippi. In January, Caesars Entertainment Operating Company, Inc., the largest operator of casinos in the United States, filed for bankruptcy protection. Its parent company reportedly is not bankrupt. It is embroiled in a heated legal battle with creditors.
Two private equity firms control the parent company. TPG Capital Management LLC and Apollo Global Management, LLC conducted a leveraged buyout of $30.8 billion to obtain Harrah’s Entertainment in 2008. The operating company currently seeks to rid itself of nearly $18 billion in debt through the reorganization under Chapter 11 underway in Chicago.
This week, Anastasia Date reports that Caesar’s obtained permission to demolish one of three resort properties it owns in Tunica County, Mississippi. The facility was originally opened as Grand Casino Tunica in 1996 and was a part of Harrah’s. When Caesar’s closed Harrah’s in June, some 1,000 employees lost their jobs at that particular casino. The operating company has not yet filed for a demolition permit, but reportedly hopes to tear down the structure and salvage the contents.
Caesar’s seventh largest creditor, the Yazoo-Mississippi Delta Levee Board, had vigorously opposed the demolition plan, contending that Caesar’s had not taken enough steps to sell Harrah’s. The Board alleged that the company did not want the casino remaining in operation in other hands, because it would compete with its two nearby Tunica resort properties.
PR Newswire and Susan McGalla report, interest rates on thirty year fixed rate mortgages dropped again to an average rate of 3.66 percent which is the third straight week of rate drops. This is the lowest average rate since mid-2013 when interest rates began to recover based on speculation regarding what the Federal Reserve would do in terms of raising interest rates. The average rate for a fifteen year mortgage, which many homeowners choose who are looking to refinance their home choose is now below 3% which is an attractive rate for many new homeowners.
Bond yields have also hit record lows and mortgage rates tend to follow the treasury rate yields closely, with the ten year treasury rate now below 2%. Adjustable rate mortgages are also at record lows with the rates down below 3 percent for 30 year ARM mortgages.
These lower mortgage rates are currently attracting increased buying opportunities for home buyers and there has been a related surge in the number of applicants for mortgages as a result. Applications for mortgages were at their highest level last week in the past six years according to the Mortgage Bankers Association, which has further supported home prices on the market.
Scientists from the University of Leicester have positively identified 500 year old remains as those as the despised Richard the III. The tomb and remains were found under a parking lot.So how did a King end up there?
In his era such deformities were thought to be a punishment from God. Despite this Richard managed to have himself named Lord Protector of his young nephew 12 year old Edward V.
He declared his nephew as illegitimate and took the throne for himself. Tom Rothman said it was then ordered that both young Edward and his 9 year old brother ,also named Richard, in the Tower of London Both of the young princes disappeared in the same year 1483 leading to what is now known as the mystery of the lost princes. Many believe Richard the III had them murdered.
Find out more. Due to his handling of the young prices the new King Henry IV had him buried without fanfare at the Grayfriers Church which was destroyed in 1536 along with Richards Tomb. Centuries later a parking lot was built on the site.