Deadbeat leaves his mark on Strip or is that MARKERS?

[The Prophet]

Dec. 28, 2008

Deadbeat leaves his mark on Strip

A Fry's Electronics executive who has been making headlines for embezzling more than $60 million to support his gambling habit isn't close to being the No. 1 deadbeat high roller.

Former Fry's vice president Ausaf Umar Siddiqui of Palo Alto, Calif., was fired last week after Clark County prosecutors said he has failed to pay casinos since 2001.

But the King of the Deadbeats, a source confirms, is a former Fortune 500 executive from Omaha, Neb., who blew through $116 million in two years and left a small mountain of unpaid markers up and down the Strip.

"I haven't seen anyone in his league," said a source familiar with the case.

The whale from landlocked Nebraska, who recently sold off a multimillion-dollar estate, owes Harrah's Entertainment more than $15 million and recently fired his Las Vegas attorneys when they couldn't settle the debt for half that.

Harrah's had issued a one-of-a-kind players card to the whale, who had to have permission to play from Harrah's honcho Gary Loveman, I'm told.

Meanwhile, local casinos continue to aggressively pursue a soaring number of deadbeats, including celebrities Joe Francis and Charles Barkley, who paid off big debts to Wynn Las Vegas under the threat of prosecution.


Casino profile details luxurious lifestyle of former Fry's executive

 

[The Prophet]

Re: Deadbeat leaves his mark on Strip or is that MARKERS?

Mercury News
Posted: 01/13/2009 08:18:52 PM PST

When "Mr. S" showed up in Las Vegas, bellboys, butlers and blackjack dealers made sure they were prepared for the high-rolling Fry's Electronics executive flying in from San Jose with his long list of demands.

Fiji water, grouped in bottles of three. Golden raisins and warmed mixed nuts. Aramis cologne and badger hair shaving brush. Lint-free towels. Dom Perignon Rose champagne and Kurosawa Sake in the fridge. And never, under any circumstances, approach him from behind.

If they didn't want to face Mr. S's wrath, maids knew to arrange bowls of Glitterati Mentissimo peppermints adorned with a single rose throughout his suite, and to stock his shower with Nioxin shampoo for "fine and thinning hair." White vases were a no-no ? he considered them bad luck.

None of those rules will apply when Mr. S ? aka Ausaf "Omar" Umar Siddiqui ? is arraigned Thursday in federal court in San Jose on charges that the former Fry's executive laundered about $6 million in kickbacks from vendors to pay off his enormous gambling debts in Las Vegas.

Mr. S's guest profile, obtained by the Mercury News, is outlined in seven pages of do's, don'ts and "not under any circumstances" culled by hotel and casino employees, offering a rare glimpse into the glitzy world of big-time gamblers. The profile, which never mentions Siddiqui by name, was provided by a casino employee who asked to remain anonymous for fear of losing his job. Siddiqui, a 42-year-old Palo Alto bachelor, was among a select group of high-rollers whose whims are catered to.

One lawsuit from Planet Hollywood Resort and Casino says Siddiqui lost nearly $9 million in just one sitting of baccarat. Another suit claims he lost $2 million in one day at the Palms Casino in Vegas. Court records show the IRS tracked about $120 million Siddiqui spent in three years at just two casinos, the Venetian and MGM.

"Casinos give you free hotel rooms, free food, free drinks, all that stuff," said David Schwartz, director of the Gaming Studies Research Center at the University of Nevada-Las Vegas. "It's pretty much what the players expect. If they don't get the mints they want, the players will just go somewhere else."

Siddiqui has declined several requests for interviews, by phone, in person and through his civil attorney, Eric Sidebotham.

Fry's vendors and employees have told the Mercury News Siddiqui was not a manager to be crossed. And the hotel guest profile describes Siddiqui as a gambler who insisted on getting his way.

Once, two years ago, according to an internal e-mail at one Vegas hotel, Siddiqui demonstrated dramatically to hotel personnel just how flimsy he thought their clothes hangers were, shaking his closet hangers so hard that his pants flung off and demanding the hotel buy better brands. The same e-mail recounts how Siddiqui fumed after it took 40 minutes to deliver a room service order for egg rolls and pot stickers.

Hotel butlers shared notes, reminding each other that when Mr. S visited, "no one is to enter the suite unescorted or unannounced except the butler assigned." And when Siddiqui was entertaining, the notes remind staff that the "butler will need to maintain a presence, if not in the room, then in the pantry with the door open so requests can be heard." The staff knew when to leave, too. Siddiqui will "dismiss you by requesting privacy. He will be very direct with this request. Leave until he contacts you."

Siddiqui never drank when he was gambling, one casino employee said. However, his guest profile shows, he liked his room stocked with Grey Goose vodka, Crown Royal, Johnnie Walker Black, Jack Daniels, Grand Marnier, Kahlua, Bailey's Irish Cream liqueur, Dom Perignon, Kurosawa Sake and expensive cognac bottles of Hardy Perfection and Remy Martin Louis XIII.

Siddiqui also was quite particular about his body. Hotel employees had a long shopping list at Saks Fifth Avenue, Nordstrom, Macy's, and, yes, Target and Wal-Mart, if need be, to purchase a Philips Norelco Bodygroom shaver with a fog-free shaving mirror, a Sonicare Elite 7500 Series toothbrush, Clinique facial scrub for men, knuckle Band-Aids, original ChapStick, Crest mint gel toothpaste with tartar protection and Trojan Magnum condoms.

He was just as fastidious about his clothing. He ordered hotel employees to buy him socks made of 70 percent silk and 30 percent cotton. Housecleaning was to inspect his meticulously organized closet for dirty clothing and send it for dry-cleaning, including his jeans. Starch and creasing were forbidden. His shoes were to be polished and returned to the closet, laces tied, wooden inserts replaced.

Siddiqui also expected his luxury suite to look a certain way. Roses in vases of any color other than white, and scented candles were scattered artfully throughout the room. The TVs should be set to ESPN; he especially liked Ultimate Fighting Championship matches. "Porn" had to be available in the bedroom, and the rotating bed was to be turned down constantly, with a light blanket, and a comforter placed nearby.

For breakfast, Siddiqui liked Earl Grey tea with four packets of sugar and 3/4 teaspoon cream, three eggs over easy, hash browns, sourdough toast, orange juice and a plate of papaya, mango and pineapple.

And while casino employees were sent scrambling to fill Mr. S's shopping list, there was one request he required from the electronics giant he helped build over the past two decades: The V3 cell phone batteries and BR50 desktop charger had to be purchased at Fry's.

Former Fry's exec is arraigned on nine felony charges, enters not guilty plea

 

[The Prophet]

Re: Deadbeat leaves his mark on Strip or is that MARKERS?

Mercury News
Posted: 01/15/2009 11:05:53 PM PST


A former Fry's executive and high-rolling gambler was arraigned Thursday in a San Jose federal courtroom on nine felony charges of wire-fraud and money laundering.

Ausaf "Omar" Umar Siddiqui, 42, entered a not guilty plea. He is scheduled to return to court Feb. 4 before U.S. District Judge Jeremy Fogel.

The hearing was brief, and uneventful. Especially since Eric Sidebotham, Siddiqui's civil attorney who is representing him for now in this criminal case, asked the judge not to read the charges out loud. The charges carry a maximum prison term of 30 years, though a first-time offender would probably not get that long a sentence.

During the hearing, Siddiqui sat in the second row with the public, behind a handful of reporters and a Fry's attorney taking notes. He appeared serious but relaxed. Those in the courtroom would have had to look hard to see that his hands were shaking, only slightly.

There was only a brief discussion among the attorneys, including Assistant U.S. Attorney Thomas Moore, that Siddiqui may liquidate his 401(k) to pay some of the $300,000 bond that allows him to remain under house arrest at his Palo Alto condominium.

On Jan. 6, a grand jury indicted Siddiqui, once a vice president at Fry's Electronics before he was fired Dec. 22, for nine illegal transactions worth about $6 million. He allegedly arranged kickbacks from Fry's suppliers to pay off his huge gambling debts.

The Internal Revenue Service tracked transactions from two unnamed Fry's vendors to Siddiqui's bank account, and then from Siddiqui's account to the Venetian, a casino in Las Vegas and one of many throughout the United States and England where he played blackjack and baccarat.

The indictment is much smaller in scope than the original arrest complaint served in mid-December. The original IRS complaint alleged Siddiqui masterminded a kickback scheme from 2005 to 2008 where agents say he extracted exorbitant commissions from at least five Fry's vendors totaling $65 million, and then used that money to pay two Vegas casinos, the Venetian and MGM Grand.

Siddiqui, Sidebotham, and Moore all declined to speak after the hearing, attended by a variety of media organizations including the Los Angeles Times, Consumer Electronics and KCBS radio. The 42-year-old bachelor, dressed in a brown business suit and golden tie, left via the back stairwell, avoiding cameras.

After the hearing, IRS spokeswoman Arlette Lee discussed the seeming discrepancy between the $65 million first alleged, and the $6 million formally charged.

She reiterated that the nine counts in the grand jury indictment are relatively "clean." That means, she explained, prosecutors believe they can more easily prove in court that the $1 million a New Jersey vendor wired to Siddiqui's straw company, PC International, on June 8, 2008, was the same $1 million wired two days later from Siddiqui's account to the Venetian. She also said potentially tacking on the remaining $59 million wouldn't necessarily translate into a much stiffer prison sentence.

Lee, however, stood by the original IRS allegations.

"Oh, we've traced the full $65 million,'' she said.

She reiterated that the investigation is still ongoing and asked rhetorically, who knows what else the IRS will find? The Mercury News has learned that casino employees have been interviewed by IRS agents over the last week regarding how Siddiqui wrote checks to pay off his millions of dollars in gambling debts.

Court allows former Fry's exec to sell Ferrari, forbids him to go near company

 

[The Prophet]

Re: Deadbeat leaves his mark on Strip or is that MARKERS?

Posted: 01/20/2009 03:03:16 PM PST


Court papers were filed today in San Jose federal court allowing a former Fry's executive and high-rolling gambler to sell his 2002 Ferrari 360 and liquidate his entire 401(k) employee benefit plan to post as bond.

The bond enables Siddiqui to remain on house arrest at his Palo Alto condominium.

In addition, the court papers amending the bail terms for Ausaf "Omar" Umar Siddiqui, 43, forbid him to come within 25 yards of Fry's Electronics, including the corporate headquarters at 600 Brokaw Road in San Jose. Siddiqui had been a vice president at electronics retailer Fry's from 1988 until mid-December when he was arrested ? and subsequently fired. His bail was set at $300,000.

Siddiqui was arraigned last week on nine felony charges of wire-fraud and money laundering. The Internal Revenue Service alleges Siddiqui masterminded a scheme to extract exorbitant sales commissions from Fry's vendors in exchange for guaranteed business, and then pocket the money to pay off his heavy gambling debts.

He has entered a not guilty plea.

 

[The Prophet]

Re: Deadbeat leaves his mark on Strip or is that MARKERS?

As Paul Harvey would say, "now the rest of the story..."

What the media hasn?t revealed is Siddiqui is a fancy-pants flamer, typically seen strolling the Vegas seen with an entourage of oriental young men. op:

It is rumored on the street that Mr. Siddiqui has offered wealth to male oriental casino employees in exchange for favors sexual in nature. :blink:

Mr. Siggiqui was a welcomed BIG tipper on the Vegas scene, known to literally throw big bucks casino worker?s way. :thumbsup



.

 

[The Prophet]

Re: Deadbeat leaves his mark on Strip or is that MARKERS?

Company Heir Faces Gambling Debt Charge

Man To Fight Charges He Failed To Repay Casinos

February 5, 2009

LAS VEGAS -- A Nebraska business heir has a Feb. 18 court date in Nevada to answer felony charges that he owes $14.7 million for gambling debts at Las Vegas casinos.

Attorney David Chesnoff said Thursday that 52-year-old Terrance Watanabe will fight charges that he failed to repay Caesars Palace and the Rio All-Suites Hotel & Casino for casino loans, called markers.

A Clark County prosecutor said Watanabe will get a chance to post $1.5 million cash bail to stay out of jail pending trial for writing bad checks.

He faces probation or up to 16 years in prison if convicted.
Watanabe is the son of Harry Watanabe, founder of Oriental Trading Co. in Omaha, Neb.

Terrance Watanabe sold the company in 2000 and is known for generous donations to nonprofit organizations.




As Paul Harvey would say, "now for the rest of the story..."

What the media didn't reveal is that Watanabe is a fancy-pants flamer, typically seen strolling the Vegas seen with an entourage of oriental young men.

It is rumored on the street that Mr. Watanabe has offered wealth to male oriental casino employees in exchange for favors sexual in nature.

Mr. Watanabe was a welcomed BIG tipper on the Vegas scene, known to literally throw big bucks casino worker?s way.

.

 

[The Prophet]

Re: Deadbeat leaves his mark on Strip or is that MARKERS?

But the King of the Deadbeats, a source confirms, is a former Fortune 500 executive from Omaha, Neb., who blew through $116 million in two years and left a small mountain of unpaid markers up and down the Strip.

The whale from landlocked Nebraska, who recently sold off a multimillion-dollar estate, owes Harrah's Entertainment more than $15 million and recently fired his Las Vegas attorneys when they couldn't settle the debt for half that.

One lawsuit from Planet Hollywood Resort and Casino says Siddiqui lost nearly $9 million in just one sitting of baccarat. Another suit claims he lost $2 million in one day at the Palms Casino in Vegas. Court records show the IRS tracked about $120 million Siddiqui spent in three years at just two casinos, the Venetian and MGM.

Harrah's had issued a one-of-a-kind players card to the whale, who had to have permission to play from Harrah's honcho Gary Loveman, I'm told.

Lee, however, stood by the original IRS allegations.

"Oh, we've traced the full $65 million,'' she said.

A Nebraska business heir has a Feb. 18 court date in Nevada to answer felony charges that he owes $14.7 million for gambling debts at Las Vegas casinos.

$15-million dollar markers, spends $9-million in just one sitting of baccarat, $2-million in one day, the casino know, the IRS knows putting tracers on millions?and no one say?s there might be some problems here? :cocktail

Casinos issuing credit like congress bail-outs, Wall St. executive junkets, drug kingpins?profile didn?t fit addiction? :+clueless

No suspicion of embezzlement, money laundering, illicit activities? :doh1

How is the credit allowed to get millions deep? 2348ji23e

Oh I get it, there?s never a problem if a schmuck scores large loss, after large loss, after large loss until he doesn?t/can?t pay?then he becomes known as a deadbeat?but wasn?t that the plan all along?

Assists have to go out to all the casinos on these scores. :thumbsup


Vegas gaming credit, get yours? 12io4j2w90




.

 

[ArchieBunker]

Re: Deadbeat leaves his mark on Strip or is that MARKERS?

<TABLE class=tborder id=post1940195 cellSpacing=0 cellPadding=3 width="100%" align=center border=0><TBODY><TR><TD class=thead style="BORDER-RIGHT: #2b295e 0px solid; BORDER-TOP: #2b295e 1px solid; FONT-WEIGHT: normal; BORDER-LEFT: #2b295e 1px solid; BORDER-BOTTOM: #2b295e 1px solid"> 02-06-09, 01:41 AM </TD><TD class=thead style="BORDER-RIGHT: #2b295e 1px solid; BORDER-TOP: #2b295e 1px solid; FONT-WEIGHT: normal; BORDER-LEFT: #2b295e 0px solid; BORDER-BOTTOM: #2b295e 1px solid" align=right> #7 </TD></TR><TR vAlign=top><TD class=alt2 style="BORDER-RIGHT: #2b295e 1px solid; BORDER-TOP: #2b295e 0px solid; BORDER-LEFT: #2b295e 1px solid; BORDER-BOTTOM: #2b295e 0px solid" width=175>The Prophet<SCRIPT type=text/javascript> vbmenu_register("postmenu_1940195", true); </SCRIPT>
EOG Dedicated



Join Date: Sep 12, 2007
Posts: 2,436


</TD><TD class=alt1 id=td_post_1940195 style="BORDER-RIGHT: #2b295e 1px solid"> Re: Deadbeat leaves his mark on Strip or is that MARKERS?
<HR style="COLOR: #2b295e" SIZE=1>Quote:
<TABLE cellSpacing=0 cellPadding=3 width="100%" border=0><TBODY><TR><TD class=alt2 style="BORDER-RIGHT: 1px inset; BORDER-TOP: 1px inset; BORDER-LEFT: 1px inset; BORDER-BOTTOM: 1px inset">But the King of the Deadbeats, a source confirms, is a former Fortune 500 executive from Omaha, Neb., who blew through $116 million in two years and left a small mountain of unpaid markers up and down the Strip.

The whale from landlocked Nebraska, who recently sold off a multimillion-dollar estate, owes Harrah's Entertainment more than $15 million and recently fired his Las Vegas attorneys when they couldn't settle the debt for half that.

One lawsuit from Planet Hollywood Resort and Casino says Siddiqui lost nearly $9 million in just one sitting of baccarat. Another suit claims he lost $2 million in one day at the Palms Casino in Vegas. Court records show the IRS tracked about $120 million Siddiqui spent in three years at just two casinos, the Venetian and MGM.

Harrah's had issued a one-of-a-kind players card to the whale, who had to have permission to play from Harrah's honcho Gary Loveman, I'm told.

Lee, however, stood by the original IRS allegations.

"Oh, we've traced the full $65 million,'' she said.

A Nebraska business heir has a Feb. 18 court date in Nevada to answer felony charges that he owes $14.7 million for gambling debts at Las Vegas casinos. </TD></TR></TBODY></TABLE>

$15-million dollar markers, spends $9-million in just one sitting of baccarat, $2-million in one day, the casino know, the IRS knows putting tracers on millions?and no one say?s there might be some problems here? :cocktail

Casinos issuing credit like congress bail-outs, Wall St. executive junkets, drug kingpins?profile didn?t fit addiction? :+clueless

No suspicion of embezzlement, money laundering, illicit activities? :doh1

How is the credit allowed to get millions deep? 2348ji23e

Oh I get it, there?s never a problem if a schmuck scores large loss, after large loss, after large loss until he doesn?t/can?t pay?then he becomes known as a deadbeat?but wasn?t that the plan all along?

Assists have to go out to all the casinos on these scores. :thumbsup


Vegas gaming credit, get yours?
</TD></TR></TBODY></TABLE>


Hey Prophet,

How about holding the player accountable for his actions? He fires his attorney because he couldn't 'settle' his debt? He took the markers out, he lost and now you're acting like it's casino's fault. What's the matter, did you blow your ass in Vegas and they wanted you to pay? That's one of the problems in this country, no one wants to accept the blame when it's their fault.

 

[The Prophet]

Re: Deadbeat leaves his mark on Strip or is that MARKERS?

<TABLE class=tborder id=post1940195 cellSpacing=0 cellPadding=3 width="100%" align=center border=0><TBODY><TR><TD class=thead style="BORDER-RIGHT: #2b295e 0px solid; BORDER-TOP: #2b295e 1px solid; FONT-WEIGHT: normal; BORDER-LEFT: #2b295e 1px solid; BORDER-BOTTOM: #2b295e 1px solid"> 02-06-09, 01:41 AM </TD><TD class=thead style="BORDER-RIGHT: #2b295e 1px solid; BORDER-TOP: #2b295e 1px solid; FONT-WEIGHT: normal; BORDER-LEFT: #2b295e 0px solid; BORDER-BOTTOM: #2b295e 1px solid" align=right> #7 </TD></TR><TR vAlign=top><TD class=alt2 style="BORDER-RIGHT: #2b295e 1px solid; BORDER-TOP: #2b295e 0px solid; BORDER-LEFT: #2b295e 1px solid; BORDER-BOTTOM: #2b295e 0px solid" width=175>The Prophet<SCRIPT type=text/javascript> vbmenu_register("postmenu_1940195", true); </SCRIPT>
EOG Dedicated



Join Date: Sep 12, 2007
Posts: 2,436


</TD><TD class=alt1 id=td_post_1940195 style="BORDER-RIGHT: #2b295e 1px solid"> Re: Deadbeat leaves his mark on Strip or is that MARKERS?
<HR style="COLOR: #2b295e" SIZE=1>Quote:
<TABLE cellSpacing=0 cellPadding=3 width="100%" border=0><TBODY><TR><TD class=alt2 style="BORDER-RIGHT: 1px inset; BORDER-TOP: 1px inset; BORDER-LEFT: 1px inset; BORDER-BOTTOM: 1px inset">But the King of the Deadbeats, a source confirms, is a former Fortune 500 executive from Omaha, Neb., who blew through $116 million in two years and left a small mountain of unpaid markers up and down the Strip.

The whale from landlocked Nebraska, who recently sold off a multimillion-dollar estate, owes Harrah's Entertainment more than $15 million and recently fired his Las Vegas attorneys when they couldn't settle the debt for half that.

One lawsuit from Planet Hollywood Resort and Casino says Siddiqui lost nearly $9 million in just one sitting of baccarat. Another suit claims he lost $2 million in one day at the Palms Casino in Vegas. Court records show the IRS tracked about $120 million Siddiqui spent in three years at just two casinos, the Venetian and MGM.

Harrah's had issued a one-of-a-kind players card to the whale, who had to have permission to play from Harrah's honcho Gary Loveman, I'm told.

Lee, however, stood by the original IRS allegations.

"Oh, we've traced the full $65 million,'' she said.

A Nebraska business heir has a Feb. 18 court date in Nevada to answer felony charges that he owes $14.7 million for gambling debts at Las Vegas casinos. </TD></TR></TBODY></TABLE>

$15-million dollar markers, spends $9-million in just one sitting of baccarat, $2-million in one day, the casino know, the IRS knows putting tracers on millions?and no one say?s there might be some problems here? :cocktail

Casinos issuing credit like congress bail-outs, Wall St. executive junkets, drug kingpins?profile didn?t fit addiction? :+clueless

No suspicion of embezzlement, money laundering, illicit activities? :doh1

How is the credit allowed to get millions deep? 2348ji23e

Oh I get it, there?s never a problem if a schmuck scores large loss, after large loss, after large loss until he doesn?t/can?t pay?then he becomes known as a deadbeat?but wasn?t that the plan all along?

Assists have to go out to all the casinos on these scores. :thumbsup


Vegas gaming credit, get yours?
</TD></TR></TBODY></TABLE>


Hey Prophet,

How about holding the player accountable for his actions? He fires his attorney because he couldn't 'settle' his debt? He took the markers out, he lost and now you're acting like it's casino's fault. What's the matter, did you blow your ass in Vegas and they wanted you to pay? That's one of the problems in this country, no one wants to accept the blame when it's their fault.

LOL, quite the opposite of your implications Bunker, you didn?t know some of these regulated joints didn?t deal credit to these cock-smokers requiring them to post-up did you? Perhaps you further don?t realize that the casinos that did offer millions in credit ?assisted? in creating these million dollar deadbeats, degenerate gaming addicts?that happened because the casinos just happened to profile these addicts as winners or were just being responsible to their shareholders? :thumbsup

.

 

[ArchieBunker]

Re: Deadbeat leaves his mark on Strip or is that MARKERS?

LOL, quite the opposite of your implications Bunker, you didn?t know some of these regulated joints didn?t deal credit to these cock-smokers requiring them to post-up did you? Perhaps you further don?t realize that the casinos that did offer millions in credit ?assisted? in creating these million dollar deadbeats, degenerate gaming addicts?that happened because the casinos just happened to profile these addicts as winners or were just being responsible to their shareholders?


In English, please.

 

[The Prophet]

Re: Deadbeat leaves his mark on Strip or is that MARKERS?

Nebraska philanthropist posts bail in Las Vegas debt case


A prominent Nebraska philanthropist facing felony theft and bad check charges for $14.75 million in debts with two Las Vegas casinos surrendered himself to authorities and posted $1.5 million bail today.

Terrance "Terry" Watanabe did not enter a plea or speak during a brief court appearance except to clarify the pronunciation of his last name.

After Watanabe's attorney David Chesnoff handed over a bail check to the court, Las Vegas Justice of the Peace Bill Jansen ordered his secretary to expedite Watanabe's arrest warrant so the 52-year-old former Omaha businessman could quickly enter and exit jail without spending the night.

A status check on the case was set for April 21, but Watanabe is not required to appear.

Authorities say Watanabe accepted 38 casino markers between October and December 2007 from Caesars Palace and the Rio All-Suites Hotel & Casino. The criminal complaint against him did not specify which games Watanabe gambled on.

"Mr. Watanabe has consistently shown himself to be an honorable customer of large Nevada gaming institutions and that will certainly be a part of the defense," Chesnoff said Wednesday.

Chesnoff has said Watanabe will "absolutely" plead not guilty when the time comes. He could face probation or up to 16 years in prison if convicted of all charges.

Watanabe is well-known in Omaha, Neb., as a donor for political campaigns and nonprofits. His father founded Oriental Trading Co. in 1932, which grew from a gift shop to a large import wholesaler and direct marketer of toys, novelties and party supplies. Watanabe ran the company for 23 years before selling in 2000.

Nevada law treats casino markers — written promise notes to pay a debt, similar to an IOU — as checks.

Jurisdictions can recover 10 percent collection costs is criminal charges are filed, meaning Watanabe will be billed $1,475,050 by Clark County for fees and surcharges if he is convicted. :yikess



What a racket.

.

 

[The Prophet]

Re: Deadbeat leaves his mark on Strip or is that MARKERS?

Speaking of unpaid markers...op:


Station Casinos skips second debt payment

Station Casinos skipped a $15.5 million debt payment Tuesday, the second payment the company has missed this month, it said in a filing with the Securities and Exchange Commission.

Station Casinos skipped a $14.6 million debt payment due Feb. 1 on a separate loan. Instead, it presented a prepackaged bankruptcy filing on Feb. 3 that, if approved by bondholders, could have the company file for Chapter 11 bankruptcy in March and emerge by the summer.

In the same filing, Station Casinos said a lawsuit filed last week by an individual bondholder challenging the bankruptcy plan was "without merit."

S. Blake Murchison's lawsuit, filed Feb. 12 in Nevada federal court, claims Station Casinos is favoring institutional investors over individual bondholders by "trying to avoid honoring the debt obligations they owe a large portion of their bondholders."

Station Casinos disputes the charge in the filing, claiming "all holders of the company's outstanding senior notes and senior subordinated notes, respectively, would receive the same consideration" under the bankruptcy plan "regardless of whether such holders were eligible to participate in the solicitation of votes for the plan."


.