American Gaming Discloses Lawsuit.PARAMUS, N.J.--(BUSINESS WIRE)--June 12, 1998--American Gaming & Entertainment, Ltd. (the "Company") has a 24.5% beneficial equity interest (the "RSR RSR Regular sinus rhythm, see there Interest") in RSR, LLC, representing the equivalent of a 4.9% equity interest in a riverboat gaming and entertainment complex in the City of Rising Sun, Indiana Rising Sun is a city in Ohio County, Indiana, along the Ohio River. The population was 2,470 at the 2000 census. The city is the county seat of Ohio CountyGR6. Geography Rising Sun is located at (38. on the Ohio River. Legal title to the RSR Interest has been transferred by the Company to NBD Bank, N.A., as trustee ("NBD"). NBD must sell or otherwise dispose of the RSR Interest on or before August 23, 1998 in accordance with the provisions of a trust agreement entered into between the Company and NBD. On June 5, 1998, International Game Technology, Inc. filed a motion for pre-judgment garnishment garnishment, in law, means of requiring a third party who holds a debt (including wages) due a defendant to retain the property temporarily. The garnishment consists of a warning, in the form of a judgment, to the third party, called the garnishee, not to deliver the in the Marion Superior Court, State of Indiana, against the Company and NBD Bank, N.A. as Trustee (Cause No. 49D07-9806-CP-0800). International Game Technology, Inc. is seeking a order by such court to the sheriff of Marion County, Indiana Marion County is a county located in the U.S. state of Indiana. As of 2000, the population was 860,454. The estimated population in 2006 was 865,504. The county seat is Indianapolis6. Geography According to the U.S. to seize and hold any proceeds from the sale of the RSR Interest, pending the trial and judgment on a complaint (the "IGT Complaint") by IGT - North America ("IGT") against the Company in the Circuit Court of Harrison County, Mississippi Harrison County is a county located in the U.S. state of Mississippi. It is part of the Gulfport-Biloxi, Mississippi Metropolitan Statistical Area. As of 2000, the population was 189,601. Its county seats are Biloxi and Gulfport. Harrison County is named for U.S. , Second Judicial District. The IGT Complaint seeks a judgment against the Company under a guaranty agreement by the Company to IGT of (i) the principal amount of approximately $3,306,000 plus accrued interest and (ii) reasonable attorneys fees. The Company's Common Stock is traded on the OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. under the symbol "AGEL". CONTACT: AMERICAN GAMING & ENTERTAINMENT, LTD. J. Douglas Wellington Phone: 609-822-8505 Fax: 609-822-8850 |
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