ISLE » Topics » ITEM 1. LEGAL PROCEEDINGS.

This excerpt taken from the ISLE 10-Q filed Sep 5, 2008.

ITEM 1.          LEGAL PROCEEDINGS

 

A reference is made to the information contained in Footnote 12 of our unaudited condensed consolidated financial statements included herein, which is incorporated herein by reference.

 

These excerpts taken from the ISLE 10-K filed Jul 11, 2008.
ITEM 3. LEGAL PROCEEDINGS

 

Lady Luck Gaming Corporation (now our wholly owned subsidiary) and several joint venture partners have been defendants in the Greek Civil Court and the Greek Administrative Court in similar lawsuits brought by the country of Greece through its Minister of Tourism (now Development) and Finance.  The actions allege that the defendants failed to make specified payments in connection with the gaming license bid process for Patras, Greece. Although it is difficult to determine the damages being sought from the lawsuits, the action may seek damages up to that aggregate amount plus interest from the date of the action. Through April 27, 2008, we have accrued an estimated liability including interest of $8.9 million. The Athens Civil Court of First Instance granted judgment in our favor and dismissed the civil lawsuit. Appeals to both the Athens Civil Appeals Court and the Greek Civil Supreme Court have been dismissed. The Greek Civil Supreme Court denied the appeal on the basis that the Administrative Court is the competent court to hear the matter. During October 2005, after the administrative lawsuit had been dismissed by both the Athens Administrative Court of First Instance and the Athens Administrative Court of Appeals on the basis that the Administrative Court did not have a jurisdiction, the Administrative Supreme Court remanded the matter back to the Athens Administrative Appeals Court for a hearing on the merits, which court in May 2008 rendered judgment in our favor on procedural grounds and not on the merits. We expect the Greek government to appeal this decision to the Administrative Supreme Court.  Therefore, the outcome of this matter is still in doubt and cannot be predicted with any degree of certainty. We intend to continue a vigorous and appropriate defense to the claims asserted in this matter.

 

We are subject to certain federal, state and local environmental protection, health and safety laws, regulations and ordinances that apply to businesses generally, and are subject to cleanup requirements at certain of our facilities as a result thereof. We have not made, and do not anticipate making, material expenditures, nor do we anticipate incurring delays with respect to environmental remediation or protection. However, in part because our present and future development sites have, in some cases, been used as manufacturing facilities or other facilities that generate materials that are required to be remediated under environmental laws and regulations, there can be no guarantee that additional pre-existing conditions will not be discovered and that we will not experience material liabilities or delays.

 

We are subject to various contingencies and litigation matters and have a number of unresolved claims. Although the ultimate liability of these contingencies, this litigation and these claims cannot be determined at this time, we believe that they will not have a material adverse effect on our consolidated financial position, results of operations or cash flows.

 

ITEM 3. LEGAL PROCEEDINGS



 



Lady Luck Gaming
Corporation (now our wholly owned subsidiary) and several joint venture
partners have been defendants in the Greek Civil Court and the Greek
Administrative Court in similar lawsuits brought by the country of Greece
through its Minister of Tourism (now Development) and Finance.  The actions allege that the defendants failed
to make specified payments in connection with the gaming license bid process
for Patras, Greece. Although it is difficult to determine the damages being
sought from the lawsuits, the action may seek damages up to that aggregate
amount plus interest from the date of the action. Through April 27, 2008,
we have accrued an estimated liability including interest of $8.9 million. The
Athens Civil Court of First Instance granted judgment in our favor and
dismissed the civil lawsuit. Appeals to both the Athens Civil Appeals Court and
the Greek Civil Supreme Court have been dismissed. The Greek Civil Supreme
Court denied the appeal on the basis that the Administrative Court is the
competent court to hear the matter. During October 2005, after the
administrative lawsuit had been dismissed by both the Athens Administrative
Court of First Instance and the Athens Administrative Court of Appeals on the
basis that the Administrative Court did not have a jurisdiction, the
Administrative Supreme Court remanded the matter back to the Athens
Administrative Appeals Court for a hearing on the merits, which court in May 2008
rendered judgment in our favor on procedural grounds and not on the merits. We
expect the Greek government to appeal this decision to the Administrative
Supreme Court.  Therefore, the outcome of
this matter is still in doubt and cannot be predicted with any degree of
certainty. We intend to continue a vigorous and appropriate defense to the
claims asserted in this matter.



 



We are subject to certain
federal, state and local environmental protection, health and safety laws,
regulations and ordinances that apply to businesses generally, and are subject
to cleanup requirements at certain of our facilities as a result thereof. We
have not made, and do not anticipate making, material expenditures, nor do we
anticipate incurring delays with respect to environmental remediation or protection.
However, in part because our present and future development sites have, in some
cases, been used as manufacturing facilities or other facilities that generate
materials that are required to be remediated under environmental laws and
regulations, there can be no guarantee that additional pre-existing conditions
will not be discovered and that we will not experience material liabilities or
delays.



 



We are subject to various
contingencies and litigation matters and have a number of unresolved claims. Although
the ultimate liability of these contingencies, this litigation and these claims
cannot be determined at this time, we believe that they will not have a
material adverse effect on our consolidated financial position, results of
operations or cash flows.



 



This excerpt taken from the ISLE 10-Q filed Mar 7, 2008.
LEGAL PROCEEDINGS

 

A reference is made to the information contained in Note 14 of our unaudited condensed consolidated financial statements included herein, which is incorporated herein by reference.

 

This excerpt taken from the ISLE 10-Q filed Dec 7, 2007.
LEGAL PROCEEDINGS

 

Lady Luck Gaming Corporation (now a wholly owned subsidiary of the Company) and several joint venture partners have been defendants in the Greek Civil Court and the Greek Administrative Court in similar lawsuits brought by the country of Greece through its Minister of Tourism (now Development) and Finance. The actions allege that the defendants failed to make specified payments in connection with the gaming license bid process for Patras, Greece. The payment Lady Luck is alleged to have been required to make totals approximately 6.5 million Euros (which was approximately $8.9 million as of October 28, 2007 based on published exchange rates). Although it is difficult to determine the damages being sought from the lawsuits, the action may seek damages up to that aggregate amount plus interest from the date of the action. The Athens Civil Court of First Instance granted judgment in Lady Luck’s favor and dismissed the civil lawsuit. Appeals to both the Athens Civil Appeals Court and the Greek Civil Supreme Court have been dismissed. The Greek Civil Supreme Court denied the appeal on the basis that the Administrative Court is the competent court to hear the matter. During October 2005, after the administrative lawsuit had been dismissed by both the Athens Administrative Court of First Instance and the Athens Administrative Court of Appeals on the basis that the Administrative Court did not have jurisdiction, the Administrative Supreme Court remanded the matter back to the Athens Administrative Appeals Court for a hearing on the merits. We are awaiting a decision following that hearing. The outcome of this matter is still in doubt and cannot be predicted with any degree of certainty. We intend to continue a vigorous and appropriate defense to the claims asserted in this matter.

 

We are subject to certain federal, state and local environmental protection, health and safety laws, regulations and ordinances that apply to businesses generally, and are subject to cleanup requirements at certain of our facilities as a result thereof. We have not made, and do not anticipate making, material expenditures, nor do we anticipate incurring delays with respect to environmental remediation or protection. However, in part because our present and future development sites have, in some cases, been used as manufacturing facilities or other facilities that generate materials that are required to be remediated under environmental laws and regulations, there can be no guarantee that additional pre-existing conditions will not be discovered and that we will not experience material liabilities or delays.

 

We are subject to various contingencies and litigation matters and have a number of unresolved claims. Although the ultimate liability of these contingencies, this litigation and these claims cannot be determined at this time, we believe that they will not have a material adverse effect on our consolidated financial position, results of operations or cash flows.

 

This excerpt taken from the ISLE 10-K filed Jul 31, 2007.

ITEM 3. LEGAL PROCEEDINGS.

Lady Luck Gaming Corporation (now a wholly owned subsidiary of the Company) and several joint venture partners have been defendants in the Greek Civil Court and the Greek Administrative Court in similar lawsuits brought by the country of Greece through its Minister of Tourism (now Development) and Finance. The actions allege that the defendants failed to make specified payments in connection with the gaming license bid process for Patras, Greece. The payment the Company is alleged to have been required to make totals approximately 6.5 million Euros (which was approximately $8.9 million as of April 29, 2007 based on published exchange rates). Although it is difficult to determine the damages being sought from the lawsuits, the action may seek damages up to that aggregate amount plus interest from the date of the action. The Athens Civil Court of First Instance granted judgment in the Company’s favor and dismissed the civil lawsuit. Appeals to both the Athens Civil Appeals Court and the Greek Civil Supreme Court have been dismissed. The Greek Civil Supreme Court denied the appeal on the basis that the Administrative Court is the competent court to hear the matter. During October 2005, after the administrative lawsuit had been dismissed by both the Athens Administrative Court of First Instance and the Athens Administrative Court of Appeals on the basis that the Administrative Court did not have jurisdiction, the Administrative Supreme Court remanded the matter back to the Athens Administrative Appeals Court for the hearing on the merits. We are awaiting a decision following that hearing. The outcome of this matter is still in doubt and cannot be predicted with any degree of certainty. We intend to continue a vigorous and appropriate defense to the claims asserted in this matter.

We are subject to certain federal, state and local environmental protection, health and safety laws, regulations and ordinances that apply to businesses generally, and are subject to cleanup requirements at certain of our facilities as a result thereof. We have not made, and do not anticipate making, material expenditures, nor do we anticipate incurring delays with respect to environmental remediation or protection. However, in part because our present and future development sites have, in some cases, been used as manufacturing facilities or other facilities that generate materials that are required to be remediated under environmental laws and regulations, there can be no guarantee that additional pre-existing conditions will not be discovered and that we will not experience material liabilities or delays.

 

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We are subject to various contingencies and litigation matters and have a number of unresolved claims. Although the ultimate liability of these contingencies, this litigation and these claims cannot be determined at this time, we believe that they will not have a material adverse effect on our consolidated financial position, results of operations or cash flows.

This excerpt taken from the ISLE 10-Q filed Sep 2, 2005.

ITEM 1. LEGAL PROCEEDINGS.

 

See Legal Proceedings in Item 3 of our Form 10-K for the fiscal year ended April 24, 2005.

 

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