Texas Bankruptcy Laws

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June 4th, 2008

Developers Cancel Las Vegas Project

Developers of a $5 billion complex for the Las Vegas Strip have decided not to proceed with the project, one of the developers, Australian gambling company Crown Ltd., said. Crown, which held a 37.5% stake in the LVTI joint venture with Texas developer Christopher Milam and private-equity firm York Capital Management LLC, said it will write off its investment in the project of around 44 million Australian dollars (US$41.9 million). The site was put up for sale in March amid pressure from the global credit squeeze.

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