Mercury Real Estate sells off shares of Archon

By Lisa Kerner

Charlotte, N.C., Sept. 6 - Archon Corp. shareholders led by Mercury Real Estate Securities Fund LP sold 445,668 shares of the company's stock between July 16 and Aug. 31 priced from $5.24 to $6.59 each.

The investor now has a 0% stake in the Las Vegas casino operator, according to a schedule 13D filing with the Securities and Exchange Commission.

It was previously reported that Archon investors led by D.E. Shaw Laminar Portfolios, LLC and including Mercury Real Estate and Black Horse Capital LP filed suit in Nevada against the company on Aug. 27 challenging the redemption of its preferred stock on Aug. 31 priced at $5.241 per share.

The shareholders are seeking damages as the result of what they believe is a breach of the certificate of designation of the preferred stock, dated Sept. 30, 1993.

Mercury Real Estate, in a previous SEC filing, alleged the accrued dividends on and liquidation preference of the preferred stock had been miscalculated and misrepresented by the company in Archon's public filings.

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