Hard Rock reacts to lawsuit claims

The Seminole tribe's recent acquisition of Hard Rock, owned by the Rank Group, has come under scrutiny as The Cordish Company and Power Plant entertainment, who claim they were not given full access to books, have filed a lawsuit against the company claming it was shut out of the auction.

The two companies claim that Hard Rock chief executive Hamish Dodds was in cahoots with the Seminole tribe in an attempt to reduce bidding competition for the company if Dodds would remain in charge of the company after the deal.

However, Hard Rock has hit back claiming that there is absolutely no merit to the lawsuit whatsoever and has vowed to defend the company as far as needed.

At the time of the sale, Ian Burke, Chief Executive of Rank, said: “We have maximised the value of Hard Rock through this disposal following a thorough strategic review and competitive auction.”

The allegations uncomfortably precede a vote by Rank shareholders on the sale of Hard Rock for $965 million, with accusations flying around that the full value was not met for the company. Indeed, some analysts have said that Rank could have made as much as $100 more from the sale.

Editor, Jackpot.co.uk - 2007-01-05 11:47:22




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