Wednesday, November 30, 2011

Great Atlantic & Pacific Tea Co. Operating Plan




It appears that the Great Atlantic & Pacific Tea Co. (A&P) is about to emerge from Bankruptcy.




The Plan constitutes a separate plan of reorganization for each Debtor, provided,
however, that the classifications and recoveries set forth below reflect the Substantive
Consolidation Settlement described above. Except for the Claims addressed in ARTICLE II
above, all Claims and Interests are classified in the Classes set forth below pursuant to section
1122 of the Bankruptcy Code. As set forth above, in accordance with section 1123(a)(1) of the
Bankruptcy Code, the Debtors have not classified Administrative Claims, Professional Claims,
DIP Facility Claims and Priority Tax Claims. A Claim or Interest is classified in a particular
Class only to the extent that the Claim or Interest qualifies within the description of that Class
and is classified in other Classes to the extent that any portion of the Claim or Interest qualifies
within the description of such other Classes. A Claim or Interest is also classified in a particular
Class for the purpose of voting and receiving distributions pursuant to the Plan only to the extent that such Claim or Interest is an Allowed Claim or Interest in that Class and has not been paid, released, or otherwise satisfied prior to the Effective Date.

Class Identification: Below is a chart assigning each Class a letter for purposes of
identifying each separate Class.

Here are the voting rights for Class Claim or Interest Status Voting Rights.

A) Second Lien Note Claims Impaired/Unimpaired Entitled to Vote/Conclusively Presumed to Accept

B) Secured Tax Claims Unimpaired Conclusively Presumed to Accept

C) Other Secured Claims Unimpaired Conclusively Presumed to Accept

D) Other Priority Claims Unimpaired Conclusively Presumed to Accept

E) Convertible Notes Claims Impaired Entitled to Vote

F) 9.125% Senior Notes Claims Impaired Entitled to Vote

G) Quarterly Interest Bond Claims Impaired Entitled to Vote

H) Trade Claims Impaired Entitled to Vote

I) Guaranteed Landlord Claims Impaired Entitled to Vote

J) Union Claims Impaired Entitled to Vote

K) General Unsecured Claims Impaired Entitled to Vote

L) Intercompany Claims Impaired Deemed to Reject

M) Interests in A&P Impaired Deemed to Reject

N) Intercompany Interests Impaired Deemed to Reject

O) Section 510(b) Claims Impaired Deemed to Reject

The case is very complicated. That is why I am giving you the court records so that you can see for yourself how the case is being structured and the agreement to be voted on. I am not an attorney and anything can happen in this case. The court hearing on this plan is set for December 15, 2011 at 10 AM. The 12,840bonds of 9.125% Senior Notes will vote as a group to divide $40 Million between them. If what I believe is the case then A&P has enough cash to pay the group in full or $1,000 plus interest for each bond held. If that is the case then I can’t see why the group will not vote to be paid. It appears that the classes above the 9.125% Senior Notes will get their money as well so I see no reason why they would not vote for this plan.

NOTICE OF DISCLOSURE STATEMENT HEARING
http://www.kccllc.net/documents/1024549/1024549111116000000000010.pdf

DEBTORS’ DISCLOSURE STATEMENT FOR THE DEBTORS’ JOINT PLAN OF REORGANIZATION PURSUANT TO CHAPTER 11 OF THE UNITED STATES BANKRUPTCY CODE
http://www.kccllc.net/documents/1024549/1024549111114000000000011.pdf

Restructuring Information Line at (877) 660-6625. Additional information about the company’s turnaround can be found here: http://aptea.com/turnaround.asp.

Also on this website located here: http://www.kccllc.net/aptea.

Tuesday, November 29, 2011

Important River Rock Entertainment Authority News


Special Report -- River Rock Entertainment Authority

River Rock Entertainment Authority is offering bondholder a great tender offer provided they respond to their brokerage firm by Friday, December 2, 2011 in some cases.

River Rock Entertainment Authority (the "Authority"), the operator of the River Rock Casino in Sonoma County, California, announced today that it has commenced an offer to exchange (the "Offer") any and all of the $200 million in aggregate principal amount outstanding of its 9 3/4% Senior Notes due 2011 (the "Existing Notes") (CUSIP No. 768369AB6 and ISIN No. US768369AB61). The bondholders will receive the new 9% Senior Notes due 2018 (the "New Series A Notes") or new 71/2% tax-exempt Series B Senior Notes due 2018 (the "New Series B Notes" and, collectively with the New Series A Notes, the "New Notes") or any combination thereof. This means that you have a choice of receiving a taxable and/or tax exempt bonds. The bonds will be exchange $1,000 per $1,000 per bond or a 100% exchange to bondholders.

It is important that bondholders contact their brokerage form on this tender offer before Friday, Dec. 2, 2011. Bondholders that exchange their bonds by 12:00 midnight, New York City time, on December 19, 2011 will receive unpaid interest up to Nov. 1, 2011.

Bondholders can get an additional consent premium if they exchange their bonds by 12:00 midnight, New York City time, on December 5, 2011. Bondholders will received 9 3/5% interest up to but not including Nov. 1, 2011.

Below is a copy of the River Rock Entertainment Authority News Release;

http://mail.aol.com/34945-111/aol-6/en-us/Suite.aspx

Tuesday, November 22, 2011

Hilton Hotel Corporation


I own bonds in Hilton Hotel Corporation. My bonds mature in December 2012. The bond that I do not own is;

Hilton Hotel Corporation 7.5% of Dec. 15, 2017

The bond sold on Nov. 22, 2011 for $1,000 or par with a yield of 7.5% for six years. This day, I seen offers to sell the bond as low as $940, yielding 8.799%. My online brokerage screen says that the Coupon Rate Adjusts when the Quality Rating changes. This classifies the bond as a “RESTRICTED CREDIT SENSITIVE ISSUE.” This bond is not rated by both Moody’s and Standard and Poor’s.

When Conrad N. Hilton opened the first hotel to bear the Hilton name in 1925, he aimed to operate the best hotel in Texas. As a result of his commitment, leadership, and innovation, today Hilton is one of the most respected brands in the world. Hilton is a hotel brand for every budget and occasion. In fact, with over 3,750 hotels in 85 countries and ten distinct brands, they have hotels with names recognized every where in the world.


In exceptional destinations around the globe, Waldorf Astoria Hotels & Resorts reflect the culture and history of their extraordinary locations, as well as fresh, modern expressions of Waldorf Astoria's rich legacy.


Waldorf Astoria provides guests the exceptional environment and the personalized attention of true Waldorf service that creates a singular experience.




Smart luxury is at the core of everything Conrad Hotels & Resorts does. They offer guests one-of-a-kind experiences, service that's intuitive and connections to people and places near or far. They are the destination of a new generation of global travelers for whom life, business, and pleasure seamlessly intersect.



One of the most recognized names in the industry, Hilton Hotels & Resorts offers travelers a world of authentic experiences. The brand continues to be the innovative, forward-thinking global leader of hospitality. With products and services that meet the needs of tomorrow's savvy global travelers, we shape experiences in which every guest feels cared for, valued, and respected.



DoubleTree starts with a warm chocolate chip cookie, a simple touch that sets the tone to create a rewarding experience for a guest's entire stay. DoubleTree by Hilton™ understands that doing the little things well can mean everything.



Travelers find Embassy Suites both inviting and comfortable, with spacious two-room suites, open-air atriums, free cooked-to-order breakfast, and a complimentary Manager's Reception every evening.



Hilton Garden Inn™ is the award-winning, upscale, yet affordable, hotel brand. It is a business travelers hotel. They continually strive to ensure today's busy travelers have everything they need to be the most productive on the road, no matter the occasion. From the adjustable Garden Sleep System® bed to complimentary wired and Wi-Fi Internet access, Hilton Garden Inn is the brand guests can count on to support them on their journey to success.



Homewood Suites has been making guests feel at home for more than 20 years. Homewood Suites by Hilton™ sets the standard in upscale, extended stay. By offering home-like comforts and quality bundled services, they remain a leader in customer satisfaction and performance. Spacious one- and two-bedroom suites plus deluxe studio suites, all with full kitchens, allow travelers to spread out and stay productive when on the road. And since every suite includes bundled services like hot breakfast, dinner, and select drinks Monday-Thursday (Subject to state and local laws (subject to state and local laws), plus high-speed Internet, workout rooms, and business centers - all with a 100% satisfaction guarantee-it's easy to see why.



Home2 Suites provides spacious and stylish suites while their community space offers guests a friendly and casual environment in which to work or play. At each hotel, you'll find services and amenities that emphasize convenience and customization which includes our multi-functional lobby, the Oasis, saline swimming pool, integrated laundry and exercise facility, patio grills, walking path, and more. The goal is to ensure guests are comfortable and productive, whether they're staying a few days or a few months.


Hilton Grand Vacations is an innovative, flexible, global club program that sets the stage for a lifetime of unforgettable travels. From residential-style resort accommodations to exclusive travel advantages, Hilton Grand Vacations offers unparalleled Club membership privileges. For those aspiring to the good life, Hilton Grand Vacations® offers a passport to endless vacation memories. From exciting Orlando and dynamic Las Vegas, to the laid-back lifestyles of Hawaii and California or the cosmopolitan glamour of New York City and South Beach, we take pride in offering our guests a superior vacation ownership program in the world's most celebrated locations.

Friday, November 18, 2011

Why Your Auto Insurance May Fail You!



According to May Donald of Bankrate.com, “Story: 6 auto insurance potholes”, most auto insurance policies leave plenty of room to deny coverage and stick you with the bill.


That's by design, of course. Were auto insurers to offer blanket coverage for every blunder we make behind the wheel, their business would quickly swerve off the road and into the ditch.


"A policy that covers anything that is imaginable without any exclusions would be impossible to price and equally difficult to afford," says Lynne McChristian, Florida representative for the Insurance Information Institute.


Instead, auto insurers offer us a contract that assumes most of the risk in exchange for a commitment on our part to act responsibly. "For some of these exposures, there is some responsibility placed on the individual and that's where these exclusions come in," McChristian says.


The following is a rundown of the major potholes that may exist in your auto policy. Because policies vary widely, check with your agent if you have questions about your coverage.


Here is problem number 1.


You may have witnessed road rage on the highway when intentional or accidental automotive damage sets off "Run Amuck Sally "-like reactions and retaliation.


What those furious motorists may not realize is that blowing your top can void your auto insurance coverage should push come to not-so-gentle bumper nudge.


Auto policies typically exclude liability coverage for a driver who intentionally injures someone or causes damage to their vehicle or other property.


"If there is any intent, it's excluded," says Mitch Wilson of the Ohio Insurance Institute. "That's to prevent those instances where someone wants to take out a policy because they're tired of dealing with their neighbor."


McChristian agrees. "We don't want to give an incentive to insurers to give negative actions to others." she says. "You have to give the individual some responsibility."

Problem number 2


“Livery” is a creaky old Shakespearean term for the carriage trade or the voluntary transfer of people or property from one place to another, as in delivery.


I have a friend that uses her personal vehicle to transport customers around. Her company told her that she is covered by her insurance policy. I told her that she is at risk.


The problem with using your personal vehicle on a regular basis for livery is that it multiplies the risk to your auto insurer. That's why most personal auto policies exclude all coverage -- liability, medical, and collision -- if you routinely use your vehicle to transport people or property.


"It doesn't even have to be a business; if you donate your time, coverage still would not apply," Wilson says.


The livery exclusion doesn't apply to your commute, nor is it intended to punish car pools or the office worker who makes the occasional office lunch run. But if you're living the livery life on a regular basis, it's best to buy a commercial auto policy designed to carry that extra risk load.
"How your vehicle is used defines the kind of policy you require," says McChristian.


Problem number 3


People ask me if they can borrow my car all the time. They get upset when I say no. Most of us have borrowed a friend's car or loaned one without wondering what would happen in the event of a collision. Rest assured that it's all spelled out in your insurance policy -- with plenty of room to deny coverage.


"In most insurance policies, coverage goes with the car, but most of them will have an exclusion if there is a loss to any non-owned auto," says McChristian. "So you wouldn't be covered unless the car's owner had coverage and you were entitled to use their vehicle."


If you borrow a car and the owner doesn't carry collision or their coverage is insufficient to cover the damage you cause while driving their car, the other party may go after you for the difference.


Likewise, if you loan your car to a friend, your policy may: a) cover them, b) not cover them, c) cover them only if you're riding along with them or d) limit their coverage. That's something to think about before you toss your buddy your keys.


Problem number 4


If you lease or carry an auto loan and your vehicle is deemed unsalvageable or "totaled" following an accident, your auto insurance has you covered -- almost.


When a total loss is claimed, the settlement folks typically calculate your payout based on the market value of the vehicle at the time of the crash.


Because lease holders and borrowers tend to be "upside-down" for much of the term of their auto lease or loan, meaning they owe more than the vehicle is worth, that can leave them on the hook for the gap, or the difference between the market value and the remaining balance they owe. That gap can often be several thousand dollars on a totaled car.


Most dealerships and many auto insurance companies offer loan-lease gap coverage against this costly scenario.


"When you are looking to purchase or lease a vehicle, you really need to keep that in mind," says Wilson. "Normally, it is not a separate policy; it can be added onto the auto policy itself."


Problem number 5


The greedy sometimes are the needy around the holidays. The great outdoors offers plenty of perils to vehicles. Bad weather can topple trees and hurl damaging debris. Wild animals can take up residence, chew through wiring and make nests in the upholstery. You might even suffer major damage if you hit a bear or deer.


2011 was a year of storms in the Harrisburg area. I have seen trees driving cars down the street and animals taking up residence in cars.


But if your policy does not include comprehensive coverage, which protects your vehicle from damage not caused by another vehicle or done by striking a stationary object such as a telephone pole, you may be completely exposed, as in uncovered, for nature-related damages.


While comprehensive coverage is usually required if you have an auto loan or lease, it's entirely optional otherwise.


McChristian notes another advantage of comprehensive coverage: "Acts of nature are typically covered, including flood damage," she says. "While your homeowner’s policy specifically excludes flood, comprehensive typically covers it."

Problem number 6


As holiday shoppers often find out the hard way, just because you stow your booty in the back seat doesn't mean it's covered by your auto insurance if thieves make off with the packages.


In fact, most auto policies exclude from theft coverage items that aren't part of the vehicle itself.
"Normally, if a component is built in and came with the vehicle, it's covered," says Wilson. "But if you have your own portable GPS, iPad, CDs or other personal items, those are going to be excluded under your auto policy for theft."


All may not be lost if your vehicle is broken into, however.


"You may have coverage from your homeowners insurance for items stolen from your car," he says.


Conclusion


What to think about when creating your Auto insurance policy.


Thanks to the economic downturn, more Americans than ever are looking for ways to reduce their expenses. For many, car insurance is one area that can represent savings, either by changing coverage on an existing policy or switching carriers entirely. Still, in some instances you may want to spend a little more to ensure you have adequate coverage.


Here are four changes you may want to make on your car insurance policy based on recent trends that affect auto insurance.


1. Check your annual mileage estimate on your policy. The less milage you drive to and from work, the less your car insurance will be. Change jobs and you drive less to work, tell your insurance company. They will lower your payments.


2. Keep your credit score as high as possible. The higher the credit score, the lower your car insurance payment.



3. Get adequate uninsured/underinsured motorist coverage. The number of uninsured and underinsured drivers is on the rise, primarily due to the increase in unemployment. Unless you have uninsured/underinsured motorist coverage on your policy, you will be stuck with the repair bill on your car and potentially your medical expenses, depending on your health insurance coverage. Spend the extra money to get as much of this coverage as possible, since even a minor fender bender in a parking lot could result in repairs that cost thousands of dollars.


4. Tread carefully if you drop collision coverage. Americans are keeping their cars longer -- another result of hard times. While an older car is generally cheaper to insure, some people consider dropping collision coverage altogether to save even more money. However, remember that a lack of collision coverage means you'll need to foot the entire repair bill for your car if you are at fault. Spending the extra money on collision coverage may be a better choice if it will be challenging to get the funds to repair or replace your car after a collision.

The A&P Bankruptcy Plan



According to the first draft of the Bankruptcy Plan being developed by Great Atlantic & Pacific Tea Co. (A&P), if you are a Senior Bondholder, you will be paid in full. Other classes of creditors will receive a percentage of par ($1,000). GREAT ATLANTIC & PAC TEA INC 9.12500% 12/15/2011 Senior Notes is not a mortgage bond but will be able to participate in the $40 million cash pool according to the Bloomberg News Article below.


Bloomberg


Bankrupt A&P Proposes Reorganization Based on Yucaipa Financing
November 15, 2011, 5:30 PM EST
By David McLaughlin


Nov. 15 (Bloomberg) -- Great Atlantic & Pacific Tea Co., relying on financing from an investor group that includes Ron Burkle’s Yucaipa Cos, proposed a bankruptcy plan to exit court protection.


A&P, as the supermarket company is known, won court approval yesterday of the $490 million financing commitment and filed its proposal to pay creditors and complete its restructuring with the U.S. Bankruptcy Court in White Plains, New York.


The capital provided by the investment agreement, which allows A&P to consider better offers as it works to complete its bankruptcy case, are necessary for A&P to be viable, Ray Schrock, a lawyer for the company said.


“Without this capital infusion there is no viable reorganization,” Schrock told U.S. Bankruptcy Judge Robert Drain at a court hearing. “It’s absolutely critical.”


A&P, based in Montvale, New Jersey, operates more than 300 stores under several banners, including A&P, Pathmark and Food Emporium. As of Sept. 10, it reported total assets of $2.34 billion and liabilities of $3.58 billion, according to court documents. A&P filed for bankruptcy last year.


A&P announced Nov. 3 that Yucaipa, Mount Kellett Capital Management, and investment funds managed by Goldman Sachs Asset Management had agreed to provide $490 million in debt and equity funding.


Other Offers


Drain approved the financing commitment yesterday, saying A&P was locking in financing now while keeping the ability to consider other offers that may come along. A&P will return to court for approval of the bankruptcy plan. It has said it expects to emerge from bankruptcy early next year.


“Both noteholder investors and Yucaipa are well established and well-regarded investors,” Drain said.


Under the financing plan, the investors will purchase new notes and shares and will receive all the equity in the reorganized company, according to court papers. Secured creditors will be paid in full and a $40 million cash pool will be available for general unsecured creditors, according to the court filing. The company provided percentage recoveries only for some classes of creditors. Recoveries for others were left blank.


The case is In re The Great Atlantic & Pacific Tea Co. Inc., 10-24549, U.S. Bankruptcy Court, Southern District of New York (White Plains).


--Editors: Peter Blumberg, Stephen Farr


To contact the reporter on this story: David McLaughlin in New York at dmclaughlin9@bloomberg.net


To contact the editors responsible for this story: John Pickering at jpickering@bloomberg.net

Thursday, November 17, 2011

RIVER ROCK ENTERTAINMENT AUTHORITY Special Report





I have two reports from River Rock that may be of interest to the bondholders. As you know the bonds of River Rock are in default. The Indian Tribe is making every effort to pay bondholders. Below are two PRESS RELEASE that are self explanitory.




RIVER ROCK ENTERTAINMENT AUTHORITY TO OFFER $205 MILLION OF SENIOR NOTES DUE 2018

Geyserville, CA. October 19, 2011 – The River Rock Entertainment Authority (the “Authority”), the operator of the River Rock Casino in Sonoma County, California, today announced its intention to offer, pursuant to exemptions from registration under the Securities Act, $205.0 million aggregate principal amount of Senior Notes due 2018 (the "New Notes").




The Authority intends to use the proceeds from the offering of the New Notes, together with cash on hand and the proceeds from a concurrent private placement of $27.6 million of 6.50% Senior Subordinated Notes due 2019, to retire all of its outstanding 9¾% Senior Notes due 2011 and the outstanding notes of the Tribe (as defined below) and to fund the construction of an emergency access road over the Tribe’s reservation and a portion of newly acquired property.




This press release is not an offer to sell or the solicitation of an offer to buy any securities. The New Notes have not been registered under the Securities Act or the securities laws of any other jurisdiction. Unless they are registered, the New Notes may be offered only in transactions that are exempt from registration under the Securities Act or the applicable securities laws of any other jurisdiction. The New Notes are being offered in the United States only to "qualified institutional buyers" (as defined in Rule 144A under the Securities Act) and outside the United States to non-U.S. persons in reliance on Regulation S under the Securities Act.




River Rock Entertainment Authority



We are a Tribal governmental instrumentality of the Dry Creek Rancheria Band of Pomo Indians (the “Tribe”), a federally recognized self-governing Indian tribe. The Tribe has approximately 1,000 enrolled members and 93-acres of trust land in Sonoma County, California.
Forward-Looking Statements This release contains certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995. Whenever you read a statement that is not simply a statement of historical fact (such as when we describe what we “believe,” “expect” or “anticipate” will occur and other similar statements), you must remember that our expectations may not be correct, even though we believe they are reasonable.





We do not guarantee that the transactions and events described in this press release will happen as described (or that they will happen at all). You should read this press release completely and with the understanding that actual future results may be materially different from what we expect. We will not update these forward-looking statements, even though our situation will change in the future.



Whether actual results will conform to our expectations and predictions is subject to a number of risks and uncertainties, including:



· Our financial performance
· Our dependence on a single gaming site
· Our levels of leverage and ability to meet our debt service and other obligations
· General local, domestic and global economic conditions
· Changes in federal or state tax laws or regulations, including the Compact
· Maintenance of licenses required under gaming laws and regulations and construction permits and approvals required under applicable laws and regulations; and
· Development of new competitive gaming properties.




Contact:
Don Duffy
ICR, LLC
203-682-8215

FOR IMMEDIATE RELEASE
PRESS RELEASE
November 2, 2011




River Rock Entertainment Authority Announces a Strongly Supported Forbearance and Support Agreement with Majority of Senior Noteholders



Geyserville, CA. November 2, 2011—River Rock Entertainment Authority (the “Authority”), the operator of the River Rock Casino in Sonoma County, California, today announced that it has, together with the Dry Creek Rancheria Band of Pomo Indians (the “Tribe”), entered into a Forbearance and Support Agreement (the “Forbearance and Support Agreement”) with holders in aggregate representing in excess of 60% of the outstanding principal amount of the Authority’s 9 ¾% senior notes due 2011 (the “9 ¾% Senior Notes”).



The Forbearance and Support Agreement provides for the operations of the River Rock Casino to continue as usual. While we restructure there will be no changes to the operations of the River
Rock Casino or impact on its customers, employees, vendors and suppliers.



Under the terms of the Forbearance and Support Agreement, holders representing in excess
of 60% of the outstanding principal amount of the 9 ¾% Senior Notes will forbear from
exercising their respective rights and remedies in connection with defaults relating to the
Authority’s failure to pay amounts due under the indenture governing the 9 ¾% Senior Notes
while the Authority pursues the restructuring strategy agreed upon in the Forbearance and
Support Agreement. We plan to make the terms of the Forbearance and Support Agreement
public as soon as practicable.



As contemplated by the Forbearance and Support Agreement, the Authority expects to
launch an exchange offer (the “Exchange Offer”) for the 9 ¾% Senior Notes for new senior
secured notes (the “New Senior Notes”), and to issue $27.6 million in aggregate principal
amount of new subordinated notes (the “New Subordinated Notes”). The proceeds of the New
Subordinated Notes will be used by the Tribe to retire certain of its existing debt. The Exchange
Offer will be open to all qualifying holders of the 9 ¾% Senior Notes. The Authority expects to
launch the Exchange Offer by November 18, 2011, and consummation of the restructuring is
expected to occur in December 2011.



The Forbearance and Support Agreement provides a framework under which the Authority
will seek to restructure the 9 ¾% Senior Notes consistent with its long-term growth and
development strategy. The Authority and the Tribe are pleased to be working with the
Authority's noteholders to reach an amicable restructuring of the Authority's debt.



Important Information about the Exchange Offer



This press release is for informational purposes only, and is not an offer to sell or the
solicitation of an offer to buy any New Senior Notes or New Subordinated Notes. An exchange
offer will only be made pursuant to exchange offer documents that are expected to be made
available to the holders of the 9 ¾% Senior Notes. Holders of the 9 ¾% Senior Notes are
advised to read the exchange offer documents when they become available, as these documents
will contain important information about the Authority and the exchange offer.




River Rock Entertainment Authority



We are a Tribal governmental instrumentality of the Dry Creek Rancheria Band of Pomo
Indians, a federally recognized self-governing Indian tribe. The Tribe has approximately 1,000
enrolled members and 93-acres of trust land in Sonoma County, California.




Forward-Looking Statements



This release contains certain “forward-looking statements” within the meaning of the
United States Private Securities Litigation Reform Act of 1995. Whenever you read a statement
that is not simply a statement of historical fact (such as when we describe what we “believe,”
“expect” or “anticipate” will occur and other similar statements), you must remember that our
expectations may not be correct, even though we believe they are reasonable. We do not
guarantee that the transactions and events described in this press release will happen as described (or that they will happen at all). You should read this press release completely and with the understanding that actual future results may be materially different from what we expect.




These forward-looking statements are based on our current expectations and observations. For example, factors that could cause actual results to vary from our expectations include, but are not limited to:



• our ability to complete the Exchange Offer and the restructuring;
• the possibility that creditors who have a security interest in the slot machines and other property used in our casino could foreclose on that collateral, rendering us unable to operate our casino;
• our levels of debt and leverage and our ability to meet our debt service and other
obligations;
• restrictive covenants in our debt instruments and their impact on our ability to operate
our casino and pursue our gaming and other business strategies;
• our ability to generate cash flow from our casino;
• the ability of our casino to compete with established or future gaming operators,
particularly in the Northern California gaming market;
• our casino is in a single location and is not diversified;
• changes or developments in, or adverse interpretations of, laws, rules or regulations,
including gaming laws and taxes, applicable to us or the Tribe;
• any proposal to renegotiate our gaming compact with the State of California (the
“Compact”) or any renegotiation of gaming compacts by the Tribe’s gaming
competitors that may have a negative impact on the competitive position of our
casino;
• the loss of any license or permit or limitations placed on any such licenses or permits
required for the operation of our casino or our expansion plans; and
• general domestic or local economic, financial and other conditions, particularly an
economic downturn or disruptions in the capital markets.



Except as required by law, we do not intend, and undertake no obligation, to update any
forward-looking statements, whether as a result of new information, future events or otherwise,
even if experience or future events make it clear that any expected results expressed or implied
by these forward-looking statements will not be realized. See the section entitled “Risk Factors”
in Exhibit 99.2 to our Form 8-K filed with the SEC on October 20, 2011, for a more complete
discussion of these risks and uncertainties and for other risks and uncertainties. Those factors and the other risk factors described therein are not necessarily all of the important factors that could cause actual results or developments to differ materially from those expressed in any of our forward-looking statements. Other unknown or unpredictable factors also could harm our results.



Consequently, there can be no assurance that actual results or developments anticipated by us
will be realized or, even if substantially realized, that they will have the expected consequences.



FOR ADDITIONAL INFORMATION
Contact:
Don Duffy
ICR, LLC
203-682-8215

Wednesday, November 9, 2011

Staying with a Bankrupt Company


My IRA account has increased by 14.19% so far this year. This has been a bad year for me in the Junk Bond Market. If you have been following me for the past 4 years then you know that I have made far more money in the Junk bond market per year then I am making today. But everyone else is doing far worse than I am. At the same time, the Dow is up 3.53% for the year.


This year, I have had some disasters in my portfolio. However, I believe in riding out bankrupt companies until they get back on their feet. One such bond that I have is;


GREAT ATLANTIC & PAC TEA INC 9.12500% 12/15/2011 SR NT


The article below is from Reuters News Service. They report that A&P is about to come out of bankruptcy. I will probably get stock in the new company or a combination of stock and bonds in the company. I had the same situation with AINSWORTH LUMBER CO LTD a decade ago. Out of the new company, I received stock and bonds. Today, that investment is far ahead than if I just had the original bond until maturity.


***


Nov 3 (Reuters) - The Great Atlantic & Pacific Tea Co Inc , once the largest U.S. supermarket operator, said on Thursday it lined up $490 million of financing to enable it to emerge from bankruptcy protection as a private company early next year.


The debt and equity financing will come from Yucaipa Cos, an investment vehicle of billionaire Ron Burkle; Goldman Sachs Asset Management LP; and Mount Kellett Capital Management LP, an investor in distressed companies with offices in New York, Hong Kong, London and Mumbai.


A&P, as the Montvale, New Jersey-based grocer is known, said it plans to file a Chapter 11 reorganization plan before Nov. 14 to reflect the new financing and keep its 336 stores in seven U.S. states open while in bankruptcy.


The investment provides "solid financial backing from sophisticated investors who know our company and industry well, and who also share our vision for A&P's future," Chief Executive Sam Martin said in a statement.


"Upon receiving court approval and exiting bankruptcy, the company will be owned by The Yucaipa Companies LLC, Mount Kellett Capital Management LP and investment funds managed by Goldman Sachs Asset Management, L.P.," A&P spokesman Marcy Connor told Reuters.


A&P, founded in 1859, filed for bankruptcy protection last Dec. 12 after struggling with too much debt and competition from retailers such as Costco Wholesale Corp and Wal-Mart Stores Inc .


A&P's stores also include Food Emporium, Pathmark, Superfresh and Waldbaum's, as well as its namesake stores. It said it employs about 39,000 people. The company once operated more than 15,000 stores.


The investment and the reorganization plan require approval by U.S. Bankruptcy Judge Robert Drain in White Plains, New York.


The case is In re: The Great Atlantic & Pacific Tea Co, U.S. Bankruptcy Court, Southern District of New York, No. 10-24549.