Indianapolis Downs objects to PPE, LiveHoldings! $33 million claim

By Lisa Kerner

Charlotte, N.C., March 12 - Indianapolis Downs, LLC and Indianapolis Downs Capital Corp. filed an objection to Proof Claim No. 6 filed by Power Plant Entertainment Resorts Indiana, LLC and LiveHoldings!, LLC (the Cordish Entities) in the amount of $33 million, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

Of the amount claimed, $17 million is asserted for the general unsecured claim and the remainder is for fees and damages, the filing said.

The claim is related to a September 2007 management agreement between PPE and Indianapolis Downs that ended in July 2010 and resulting trademark litigation PPE brought against the debtor.

Indianapolis Downs, a Shelbyville, Ind., racetrack, off-track betting and gaming company, filed for bankruptcy on April 7, 2011. Its Chapter 11 case number is 11-11046.

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