| I recently attended the public auction held to sell 20 | | | | Chapter 11 bankruptcy filings as they struggled to find |
| units in the three MGM Signature towers located just | | | | alternative financing. MGM Mirage has financial |
| off the Las Vegas strip. The auction was held on April | | | | covenants due to expire on April 29th and May 15th. |
| 21st and was attended by about 125 people. All units | | | | There has been speculation that they may need to sell |
| were sold. | | | | off some major assets, such as the Beau Rivage in |
| MGM has been forced to clamor for capital since its | | | | Mississippi or the MGM Grand Detroit. Just recently, |
| flagship project, the record setting City Center | | | | however, investor Carl Icahn and private equity fund |
| development in Las Vegas, ran into funding difficulties | | | | Oaktree Capital Management have stepped up and |
| and innumerable construction setbacks and delays. | | | | acquired hundreds of millions of MGM Mirage bonds. |
| MGM's major financial partner in the deal, Dubai World, | | | | Should this deal go through it might save MGM Mirage |
| announced that they would not honor their obligations | | | | from having to sell further assets in order to stay |
| to the project. This announcement brought the already | | | | afloat. |
| struggling MGM Mirage corporation to the edge of | | | | |