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Creditor alleges gaming pioneer in family dispute

Monday, Jan. 21, 2002 | 9:46 a.m.

New York-based lender Icon Funding Corp. claims there's a dispute between Nevada gambling equipment pioneer Si Redd and his family over control of Redd's assets.

Icon sued Redd in 1999, alleging he is liable for $1.24 million in rents owed for gaming equipment leased by the Infinity Group Inc. of New Mexico because Redd personally undertook liability in 1998 for any rental payments owed if Infinity defaulted on the lease.

Icon said all but $350,000 remains to be paid from a settlement reached with Redd and Infinity in February 2000.

An Icon funding official said the $350,000 hasn't been paid because of a dispute between Redd and his family over his assets.

But that was denied by a Redd spokesman.

"There's no fighting between Redd and his family. Redd is no longer in the gaming business," said Joe Caruso, Redd's real estate consultant. "A letter of credit for the $350,000 will be provided by Redd and Infinity before a (hearing) in March."

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