Saturday, January 10, 2009

Using borrowed money, Ilitch made overnight millionaires out of her Atwater partners


Atwater investors due MotorCity sale windfall

By R.J. King / The Detroit News

DETROIT -- Original investors in Atwater Entertainment Associates LLC, a local group with a stake in MotorCity Casino, are poised to net sizable profits this week as Marian Ilitch positions herself to become sole owner of the gaming operation.

A $25,000 investment in Atwater Entertainment in 1994 has increased 22 times and is now worth $550,000, said Herb Strather, shareholder and founding member of the investment group.

Strather and more than 100 investors who own 266 units of Atwater Entertainment had previously received $150,000 per unit in profits, and will soon collect an additional $400,000 per unit once the sale is completed, he said.

At that rate, Atwater Entertainment, which owns 11.5 percent of the casino, would be selling its interest to Ilitch for around $106 million.

Atwater Entertainment Associates, LLC: List of Investors

NOTE: Atwater "investors" including Michigan State Senator Samuel "Buzz" Thomas received large windfalls from Marian Ilitch during 2005. What votes might Sen. Thomas have taken part in during 2005 that benefited Marian Ilitch or her family's affiliates including Ilitch Holdings, Inc., Detroit Red Wings, Olympia Entertainment, Olympia Development, MotorCity Casino, Blue Line FoodService Distributing, etc.? Did Sen. Thomas abstain from voting in such matters? OR what votes might Sen. Thomas have made that negatively impacted any competitors of those Ilitch affiliates?

Where there other Atwater "investors" benefiting from Marian Ilitch's buyout in 2005 who were in a position to help her family's businesses as a result?

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certainly must reads!

Ilitch has backed loosing sports teams and pizza, but casinos in Detroit? 10.09.06 ● Marian Ilitch #1 on "25 Most Powerful People" to Watch 2006” global gaming business o1.oo.o5 ● My Kingdom for a Casino Forbes 05.08.06 ● Big Lagoon’s casino dream awakens north coast journal 07.28.05 ● Shinnecocks launch legal claim to Hamptons land 06.16.05 ● Ilitch Plans to Expand Casino Empire 07.05.05 ● Ilitch outbids partners 04.14.05 ● Ilitch enmeshed in NY casino dispute 03.20.05 ● Marian Ilitch, high roller 03.20.05 ● MGM Mirage to Decide on Offer for Casino in Detroit 04.16.05 ● Secret deal for MotorCity alleged 02.15.05 ● Los Coyotes get new developer 02.08.05 Detroit casino figure to finance Barstow project 07.07.03 ● Indian Band trying to put casino in Barstow 06.04.03 Pizza matriarch takes on casino roles 10.23.02 ● Vanderbilt gets short straw in negotiations for a casino Lansing Journal 10.06.02 ● Indians aim to drive family from tribe in vicious dispute san diego union tribune 04.09.00 ●Malik owns 2000 Michigan Quarter Horse of the Year 01.01.00 ● Detroit Team to run Michigan’s newest Indian casino 05.23.99 Tiger ties tangle Marian Ilitch 04.29.99 ● Three investors must sell their Detroit casino interests 04.25.99 ● Partners’ cash revived election; They say money was crucial to Prop-E 04.25.99 Investors have troubled histories las vegas review journal 04.27.99 ● Investor served probation for domestic assault on 12 year old boy 04.25.99 Can a pair win a jackpot?: local men hope to... 03.17.97

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