Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comFirm Insights
Trustee Wants to Auction Grand Casino Boat and Contents
Author: Joel R. Glucksman
Date: March 22, 2013
Key Contacts
Back
The bankruptcy trustee overseeing the Chapter 7 liquidation of the Mississippi-based Grand Station Casino has submitted a request to auction off the famous casino boat and most of its inventory.
Trustee Stephen Smith asked the court for permission to have the vessel auctioned off with all moveable equipment, including furniture, office equipment, a lift, food and beverage items, bar equipment, china, and two pickup trucks owned by the casino, according to The Associated Press.
Grand Station was originally Harrah’s when it opened in 1993, but was acquired by Delta Investments in 2010. Since the acquisition, the casino has fallen on tough times, which were exacerbated by Delta’s own financial struggles. WAPT News reported that Delta owes millions of dollars on several properties, including the city of Vicksburg, where the failed casino is located. The bankruptcy of the casino is also expected to have a resounding impact on the city’s economy. Although Vicksburg Mayor Paul Winfield pleaded with investors to purchase the casino and keep it afloat, no deal was ever completed.
The once-popular casino had accepted a $400,000 purchase offer from M Street Inc. in October, and the agreement was approved by the bankruptcy judge. However, Grand Station – which originally filed for bankruptcy law protection under Chapter 11 of the Bankruptcy Code – was forced to convert its proceedings to Chapter 7 liquidation after the M Street deal fell through. Reported disputes over property taxes, insurance, and the declining state of the vessel’s condition were cited as primary reasons for the ruptured deal.
The casino closed its doors on March 28, 2012, and was forced to lay off 230 workers.
- Practices: Bankruptcy & Creditors' Rights, Corporate Transactions & Business, Bankruptcy Litigation
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
SECURE 2.0 RMD Planning Strategies
How the Updated Law Shapes Retirement and Estate Planning The SECURE 2.0 Act of 2022 materially reshapes the required minimum distribution (RMD) landscape, extending tax deferral opportunities while accelerating distribution requirements for many beneficiaries. For high-net-worth individuals and families, these changes are not merely technical. They require a reassessment of retirement income strategies, beneficiary planning, […]
Author: Marc J. Comer
Buying Commercial Property in New Jersey: Legal Guide for Small Businesses
Small businesses considering buying commercial property in New Jersey must evaluate a range of legal, financial, and operational factors. While ownership can offer long-term value and control, it also introduces significant risks if not properly structured. This guide outlines key considerations to help New Jersey business owners make informed decisions, minimize legal exposure, and successfully […]
Author: Robert L. Baker, Jr.
The SEC’s Latest Guidance on Applying Federal Securities Laws to Tokenized Securities
On January 28, 2026, staff of the U.S. Securities and Exchange Commission’s Divisions of Corporation Finance, Investment Management, and Trading and Markets issued a joint statement clarifying how existing federal securities laws apply to tokenized securities. The SEC’s “Statement on Tokenized Securities” does not establish new law, but it does provide greater clarity on the […]
Author: Dan Brecher
Common Legal Mistakes NYC and New Jersey Business Owners Make
Operating a business in the New Jersey and New York City metropolitan region offers incredible opportunities, but it also requires navigating a dense and highly regulated legal environment. From entity formation to regulatory compliance, seemingly minor legal oversights can expose business owners to significant risk. In our work with businesses throughout the region, our attorneys […]
Author: Dan Brecher
What Founders Can Learn From Start-up Suits
High-profile founder litigation is more than just a media spectacle. For startup founders, these cases underscore the legal and structural risks that can arise when rapid growth outpaces formal oversight. While launching a new company can be both an exciting and deeply rewarding endeavor, founders must be mindful that it also comes with significant risks. […]
Author: Dan Brecher
Corporate Governance Reviews: A Practical Guide for New Jersey Companies
Every New Jersey company should periodically evaluate its governance framework. Strong corporate governance protects directors and officers, builds investor confidence, reduces litigation exposure, and positions a company for sustainable growth. The first quarter of the year is a great time to evaluate your corporate governance practices and perform any routine maintenance needed to keep that […]
Author: Ken Hollenbeck
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.