Alpha Hospitality Announces Court Upholds Contact Previously Opposed by Park Place.Business Editors NEW YORK--(BUSINESS WIRE)--July 27, 2001 Alpha Hospitality Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ALHY; BSE:ALH, ALHW; OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ALHYW)(the "Company") announced today that the United States District Court United States District Court In the U.S., any of the 94 trial courts of general jurisdiction in the federal judicial system. Each state, as well as the District of Columbia and the Commonwealth of Puerto Rico, has at least one federal district court. of the Southern District of New York, White Plains, reversed its prior decision of May 14, 2001 in pending litigation against Park Place Entertainment Corporation (NYSE: PPE) by Catskill Development LLC and its affiliates, including a subsidiary of Alpha Hospitality Corp. (NASDAQ:ALHY). Plaintiffs include the landowner, the developer and the manager of a proposed $505 million St. Regis Mohawk Monticello Raceway Casino Project adjoining the Monticello Raceway in Monticello, New York. The $6.3 billion action was initiated last November against PPE and alleges tortious interference and conspiracy to restrain the development of the project. PPE is accused in the complaint of having unlawfully induced the Tribe to terminate certain agreements and its relationships with the plaintiffs only one week after the United States Secretary of the Interior The United States Secretary of the Interior is the head of the United States Department of the Interior. The Department of the Interior oversees such agencies as the Bureau of Land Management, the United States Geological Survey, and the National Park Service. approved the acquisition of a 29-acre parcel of land adjoining the Monticello Raceway by the United States Government in trust on behalf of the Tribe for a tribal gaming enterprise to be operated under the Indian Gaming Regulatory Act The Indian Gaming Regulatory Act (Pub.L. 100-497, 25 U.S.C. 2701 et seq.) is a 1988 United States federal law which establishes the jurisdictional framework that presently governs Indian gaming. of 1988. An Alpha spokesman stated that the federal court's decision validates the Land Purchase Agreement under which the Tribe was contractually obligated to use its reasonable best efforts in good faith to seek all approvals required from the United States Department of the Interior The United States Department of the Interior (DOI) is a Cabinet department of the United States government that manages and conserves most federally owned land. These responsibilities are different from other countries' Interior Departments or ministries, which tend to focus , Bureau of Indian Affairs The Bureau of Indian Affairs (BIA) is an agency of the federal government of the United States within the Department of the Interior charged with the administration and management of 55.7 million acres (87,000 sq. , and the National Indian Gaming Commission for land acquisition and development, management and other agreements relating to the project. The Court reversed its earlier ruling and concluded that Land Purchase Agreement constituted a legally enforceable contact. It is expected that the trial will commence in 2002. As they aggressively prosecute their federal court claims against PPE, Plaintiffs intend to continue to negotiate with other federally recognized tribes to develop a Native American Casino at the Monticello Raceway. To the extent the content of this press release includes forward-looking statements, they involve risks and uncertainties that are described from time to time in the Company's reports filed with the Securities and Exchange Commission. The Company wishes to caution readers not to place undue reliance on such forward-looking statements, which statements are made pursuant to the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1994, and as such, speak only as of the date made. |
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