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November 25, 2009

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Lakes Gaming wins dismissal

Tuesday, March 16, 1999 | 11:51 a.m.

Lakes is the casino management company spun off from Grand Casinos when the latter merged with Park Place Entertainment earlier this year. As part of the spinoff, Lakes had assumed all litigation liabilities associated with Grand Casino's former investment in Stratosphere Corp.

Stratosphere emerged from Chapter 11 bankruptcy reorganization under the control of billionaire Carl Icahn after Grand wrote off its investment in the company that built the Stratosphere Tower.

Stratosphere shareholders sued Grand, alleging breach of fiduciary duties by some of its former officers and directors. A Minnesota trial court dismissed the lawsuit in May 1998 and the appeals court affirmed that decision Monday.

The plaintiffs have until April 8 to appeal to the Minnesota Supreme Court.

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