The city of Chester, Pennsylvania, struck a deal to end part of its battle for control of millions of dollars in gambling revenue that bond trustee US Bank allegedly seized when the city filed bankruptcy last year.
US Bank will release $5.5 million to the city initially and another $10 million by the end of the year, Chester’s bankruptcy attorney, Matthew A. Hamermesh, said in court Monday. A related fight will continue and could go to trial later this year about whether bondholders can claim ownership of fees and other revenue paid by Harrah’s casino and a garbage incinerator.
The ...
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