Alpha Hospitality Notified of Judge's Decision.Business Editors NORTHBROOK, Ill.--(BUSINESS WIRE)--Aug. 23, 2002 Alpha Hospitality Corporation (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 and BSE See Bombay Stock Exchange. BSE See Boston Stock Exchange (BSE). - ALHY ALHY Alpha Hospitality Corporation (stock symbol; previously ALH) ) (the "Company") announced today that on August 22, 2002, U.S. District Court Judge Colleen McMahon granted Park Place Entertainment Corporation's motion for summary judgment motion for summary judgment n. a written request for a judgment in the moving party's favor before a lawsuit goes to trial and based on recorded (testimony outside court) affidavits (or declarations under penalty of perjury), depositions, admissions of fact, answers in the suit filed November 13, 2000 by Catskill Development, LLC and Mohawk Management, LLC. Unexpectedly, this ruling included a reversal of a previously issued ruling by the court. The Company has been informed that Catskill Development, LLC and its attorneys are reviewing this decision and evaluating alternatives for judicial review of the decision. However, the Company cannot predict whether Catskill Development, LLC will pursue an appeal of this decision or whether such an appeal will ultimately be successful. Independently, the Company cannot pursue an appeal on its own. Moreover, any appeal of the decision is likely to involve an extended delay prior to a trial on the merits on the merits adj. referring to a judgment, decision or ruling of a court based upon the facts presented in evidence and the law applied to that evidence. A judge decides a case "on the merits" when he/she bases the decision on the fundamental issues and considers . Accordingly, the Company expects to take significant write downs of its assets in the quarter ending September 30, 2002. As a result of yesterday's actions, the Company might not have a significant recovery from its investment in Catskill Development, LLC. 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 of the date made. |
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