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Tuesday, January 2, 2007
Hard Rock Sale Contested
Posted by Wayne Garcia on Tue, Jan 2, 2007 at 3:25 PM
I'm tempted to offer the horrible reverse analogy that the owners of the Hard Rock Cafe brand (The Rank Group Plc of London) sold out to the Florida Seminole tribe for what amounted to a handful of beads, but I won't, even in the wake of news that the developer of the two Florida Hard Rock casinos — including the one in Tampa with the ultra-annoying "These are the boys from Tampa" ads — has sued and alleged it was shut out of the bidding for the properties.
Cordish Co. and its affiliated Power Plant Entertainment sued in circuit court in Broward County on Friday, alleging that the $965 million deal between Rank and the tribe was fixed and represented only a fraction of what the Hard Rock brand and properties are worth. Cordish, which helped the tribe develop its two successful Florida casinos, said Rank's executives refused to allow them to bid in an effort to keep their jobs (with the Seminoles as owners) after the sale.
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