Tuesday, January 06, 2009

Waterford Group affiliate placed a lien against AtMashpee LLC

A Secured Party, KSW MASS, LLC c/o Waterford Group Investments LLC, P.O. Box 715 Waterford, CT 06385-0715 filed a Michigan UCC Lien (Filing No. 2008101916-9) against a Debtor, AtMashpee, LLC, on 6.26.08.

The UCC Lien is described as “Security Interest and Proceeds.”

* * *

A limited liability company known as KSW MASS, L.L.C. was organized in Delaware on 11.29.06.

Is it possible that "KSW" stands for Kerzner, Slavik, and Wolman? Those parties are reportedly now in control of any future Mashpee Wampanoag casino resort on Cape Cod, MASS. (EnterpriseNews.com: Meet the Money Men).

Those parties were also part of the Trading Cove Partners that financed and developed the Mohegan Sun in Connecticut.

Sol Kerzner is Chairman and CEO of Kerzner International

Slavik Suites, Inc. was formed by Michigan-based brothers Richard Slavik (deceased 3.11.08) and Stephan Slavik (Slavik Builders, Inc.).

LMW Investments, Inc. is a Connecticut-based enterprise formed by brothers Len Wolman and Mark Wolman. The Wolmans are officers and directors of Slavik Suites.

Slavik and LMW are the members of Waterford Group LLC. Len Wolman is Chairman of Waterford. Waterford partnered with Kerzner to form Trading Cove Partners.

Waterford Gaming LLC is a wholly-owned subsidiary of Waterford Group LLC. A 10-K filed with the SEC by Waterford Gaming LLC provides more details into the relationship complexities of the businesses owned by the Wolmans and the Slavik family.

AtMashpee LLC, the "debtor" subject to the KSW MASS UCC Lien was organized by Detroit casino syndicator and real estate developer Herbert Strather.

Kerzner and Wolman (and by some accounts Slavik) took control of the Mashpee Wampanoag casino project from Strather once the tribe received Federal Recognition. Strather is reported to have bankrolled that tribe's efforts up to that point to the tune of $15 million. If what's been represented were true, wouldn't Kerzner, Slavik, Wolman by buying-out AtMashpee rather than placing a lien against the enterprise? Or did those parties also finance AtMashpee? Was Strather fronting for KSW all along?

And further do AtMashpee's investors know about the KSW MASS/Waterford Group UCC lien? In the wake of the wide-reaching Bernard Madoff ponzi scheme should AtMashpee "investors" be looking more closely at their circumstances?

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