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NY investment firm among owners of Maine casino
Headline Legal News |
2011/11/07 20:14
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The former owners of the New Hampshire International Speedway and the Oxford Plains Speedway are the largest shareholders in a casino under construction in western Maine, and a New York investment firm also holds a large stake, according to the casino's business application.
Gary Bahre and his father, Robert Bahre, own 30 percent of the casino between them, according to Black Bear Realty Co.'s application, released Friday by the Maine Gambling Control Board. The Associated Press requested the application through Maine's Freedom of Access law.
A company called Maine Funding LLC is listed as owning 25 percent of the facility. Maine Funding is owned by Och-Ziff Real Estate Advisors, a New York firm that has been in involved in many gambling investments over the years, according to the application.
"Och-Ziff Real Estate has underwritten gambling-related investment opportunities across numerous jurisdictions (both state and local) ranging from major-market destination casinos to small slot route operations, working closely with property-level operators and developers to assess markets, operations and capital budgets," the application says.
Maine voters last fall approved a referendum proposing a destination resort casino in Oxford. The facility is now under construction and expected to open late next spring. |
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Corzine steps down at collapsed firm, hires lawyer
Areas of Focus |
2011/11/07 20:14
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He set out to create a mini-Goldman Sachs. In the end, he built a mini-Lehman Brothers.
Former New Jersey Gov. Jon Corzine's resignation Friday from the securities firm he led capped a week of high drama and swift failure.
MF Global collapsed into bankruptcy Monday, and Corzine has since hired a criminal defense attorney amid an FBI investigation into the disappearance of hundreds of millions of dollars in client money.
In another twist, a top regulator has ended his role in the investigation of MF Global because of his longstanding ties to Corzine. Commodity Futures Trading Commission chairman Gary Gensler, whose agency is leading the effort to locate the missing client money, had worked for Corzine at Goldman Sachs.
MF Global's implosion, which came after Corzine made a big, risky bet on European debt, revived memories of the 2008 banking crisis and the ruin of the much bigger Lehman. |
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Court: Fla. must weigh arbitration in Madoff case
Legal Topics |
2011/11/07 20:14
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The Supreme Court says the Florida courts should reconsider whether arbitration is required for claims against an auditing firm that worked on a fund that invested with Bernie Madoff.
The high court on Monday reversed a decision by a Florida appeals court. KPMG was sued by investors in the Rye Funds, which lost millions of dollars to Madoff's Ponzi scheme. KPMG was the auditor for the Rye Funds, and the investors said the company did not use proper auditing standards.
KPMG says its contract requires arbitration but the state courts would not allow it.
The Supreme Court ruled that the Florida courts only looked at part of the claims being brought against KPMG. The high court ordered the lower courts to investigate all of the claims before making a decision.
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Court to look at life in prison for juveniles
Headline Legal News |
2011/11/07 20:13
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The Supreme Court on Monday agreed to decide whether juveniles convicted of killing someone may be locked up for life with no chance of parole, a follow-up to last year's ruling barring such sentences for teenagers whose crimes do not include killing.
The justices will examine a pair of cases from the South involving young killers who are serving life sentences for crimes they committed when they were 14.
Both cases were brought by the Equal Justice Initiative in Montgomery, Ala. The institute said that life without parole for children so young "is cruel and unusual" and violates the Constitution.
The group says roughly six dozen people in 18 states are under life sentences and ineligible for parole for crimes they committed at 13 or 14.
Kuntrell Jackson was sentenced to life in prison in Arkansas after the shooting death of a store clerk during an attempted robbery in 1999. Another boy shot the clerk, but because Jackson was present he was convicted of capital murder and aggravated robbery.
Evan Miller was convicted of capital murder during the course of arson. A neighbor, while doing drugs and drinking with Miller and a 16-year-old boy, attacked Miller. Intoxicated, Miller and his friend beat the man and set fire to his home, killing the 52-year-old man. Miller's friend testified against him, and got life in prison with the possibility of parole. |
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Texas woman on death row gets new sentencing trial
Areas of Focus |
2011/11/03 16:13
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A Texas appeals court says one of 10 women on the state's death row should get a new punishment hearing after her attorneys said prosecutors withheld evidence at her 2005 trial.
Chelsea Richardson was convicted of masterminding the slayings of her boyfriend's parents so her boyfriend could inherit their $1.56 million estate. She was 19 at the time of the December 2003 killings.
The now 27-year-old's attorneys argued she deserves a new punishment hearing because prosecutors withheld a psychologist's notes suggesting another woman, who took a plea deal in the case, masterminded the murder plot.
Richardson's trial judge and the Texas Court of Criminal Appeals agreed. The appeals court returned her case to Tarrant County on Wednesday. |
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Appeals panel sides with CBS over Super Bowl fine
Headline Legal News |
2011/11/03 16:13
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In the latest court battle over the steamy 2004 Super Bowl halftime show, a federal appeals court ruled Wednesday that CBS should not be fined $550,000 for Janet Jackson's infamous "wardrobe malfunction."
The 3rd Circuit Court of Appeals held its ground even after the U.S. Supreme Court ordered a review in light of the high court's ruling in a related Fox television case. In that case, it said the Federal Communications Commission could threaten fines over the use of even a single curse word uttered on live TV.
But Circuit Judge Marjorie Rendell said the Fox case only "fortifies our opinion" that the FCC was wrong to fine CBS over the halftime show.
The three-judge panel reviewed three decades of FCC rulings and concluded the agency was changing its policy, without warning, by fining CBS for fleeting nudity.
"An agency may not apply a policy to penalize conduct that occurred before the policy was announced," Rendell wrote.
CBS argues that the FCC had previously applied the same decency standards to words and images — and excused fleeting instances of both.
Rendell said that long-standing policy appeared to change without notice in March 2004 — a month after the act at the Super Bowl, held in Houston. |
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Scandal-plagued former Bell official sues city
Headline Legal News |
2011/11/01 17:08
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Public outrage — and changed locks — forced Robert Rizzo out of a job last year, but the former city manager says he's still owed his $1.5 million salary and benefits.
In a lawsuit against the city of Bell filed Monday, Rizzo claims he's owed his wages — with interest — because he hasn't been convicted of a felony and hasn't resigned his post.
According to prosecutors, Rizzo orchestrated a scheme to bilk the Los Angeles suburb out of more than $6 million by paying himself and other Bell city officials' exorbitant salaries. They face charges of fraud and misappropriation of public funds.
Rizzo has pleaded not guilty.
In the lawsuit he filed in Los Angeles Superior Court, Rizzo said he hasn't been paid since a public meeting in July 2010, when the small, blue-collar community of Bell learned of his outsized salary and benefits.
Protesters were outraged by compensation of $100,000 to City Council members that met once a month, but it was Rizzo's $787,637 salary, along with numerous perks that amounted to nearly $1.5 million a year, that made him the poster-child for corruption in government for furious Bell residents. |
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