N.O. casino board ousts chairman

Thursday, March 21, 2002 | 11:01 a.m.

JCC Holding Co. Inc. announced this morning it has replaced Phil Satre as chairman of its board of directors.

Satre is the chairman and chief executive of Harrah's Entertainment Inc. of Las Vegas, the operator of the JCC-owned Harrah's New Orleans casino. Harrah's owns 49 percent of JCC's stock, and is the company's largest single shareholder. Paul Debban, president of JCC, will replace Satre as chairman, JCC said.

The shake-up comes in the midst of a running battle between Harrah's and JCC. The dispute began in February, when Harrah's nominated two directors to JCC's board -- Satre and Charles Teamer, a New Orleans banker. JCC claimed Harrah's could only nominate one and that the move violated the bankruptcy reorganization plan agreed to last year by Harrah's, which gave control of the JCC board to former creditors of the casino. Harrah's said the move was designed to increase the number of independent directors, and said it was entitled to make two nominations.

JCC did not include Teamer on the ballot, saying his nomination hadn't been properly made. Harrah's responded with a lawsuit.

The suit created an "inherent conflict," JCC said, prompting Satre's removal.

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