Gaming / Hospitality

AMI Operating Partners (hotels)

  • Managed the workout of this mid-Atlantic operator of 16 Holiday Inn flagged properties, including the Inner Harbor property in Baltimore that overlooks Camden Yards 


Bally's Grand (LV casino)

  • Managed JNL’s $6.5 million of Bally’s Grand Subordinated Notes


  • Later purchased an additional $1 million face amount @ < .05/$


  • Organized an informal committee of bondholders, filed an involuntary bankruptcy petition against the issuer and became Chairman of the official creditors committee


  • Successfully negotiated with the other creditor classes and the debtor to improve the recovery for the Subordinated Noteholders’ to 37.6% of the face value of the notes based on the sale of the reorganized securities on September 21, 1993

Holly's (hotels)

  • Managed the workout of this Michigan based operator of 8 Holiday Inn flagged properties through the 1991 bankruptcy proceeding 

  • Organized a group of 15 institutional investors to bring a securities fraud action against Marriott following the issuance of investment grade debt in April of 1992 and the subsequent announcement of a spinoff for the benefit of the shareholders in June of 1992


  • Co-author of “Marriott Risk: A New Model Covenant to Restrict Transfers of Wealth From Bondholders to Stockholders” Volume 1994, Number 3 of the Columbia Business Law Review



United Inns (hotels)

  • Managed the workout of the position in the operator of these Holiday Inn flagged hotels

VMS (hotels)

  • Managed the workout of the nationwide operator of Holiday Inn flagged hotels 

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Water Tower Capital, LLC     N30 W29393 Hillcrest Drive,  Pewaukee, WI  53072        300 South Wacker Drive  Suite 2300    Chicago, IL  60606

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