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

4.12.05

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?