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Subsequent Events
6 Months Ended
Jun. 30, 2011
Subsequent Events  
Subsequent Events

6. Subsequent Events

On August 1, 2011, the acquisition by NGA Holdco, LLC, a Nevada limited liability company (the "Company"), through its wholly owned subsidiary, NGA AcquisitionCo, a Nevada limited liability company, LLC ("AcquisitionCo"), of a 40% equity interest (the "40% Interest") in Mesquite Gaming, LLC, a Nevada limited liability company ("Mesquite Gaming"), was completed upon the transfer to Mesquite Gaming of all of the assets of Black Gaming, LLC ("Black Gaming"), including its direct and indirect ownership interests in its subsidiaries, for $8,222,222 in cash. The assets acquired by Mesquite Gaming include the CasaBlanca Hotel & Casino and the Virgin River Hotel & Casino, each in Mesquite, Nevada, two golf courses, a bowling center, a gun club, restaurants, and banquet and conference facilities. The transfer of the Black Gaming assets to Mesquite Gaming and the acquisition by AcquisitionCo of the 40% Interest were pursuant to a joint plan of reorganization (the "Plan") filed by Black Gaming and its subsidiaries with the United States Bankruptcy Court for the District of Nevada (the "Court") on March 1, 2010, and approved by the Court on June 28, 2010. The Purchase price paid for the 40% Interest was provided by Newport Global Opportunities Fund LP, a Delaware limited partnership ("Newport"), and Newport Global Credit Fund (Master) LP, a Delaware limited partnership ("Master"), in the respective amounts of $7,222,222 and $1,000,000. Prior to the acquisition by AcquisitionCo of the 40% Interest, Newport owned all of the equity interests in NGA No VoteCo, LLC, a Nevada limited liability company ("InvestCo"). In consideration for Master's contribution of its portion of the funds used to purchase the 40% Interest, Master became a second member of InvestCo, which owns all of the Company's outstanding Class B Units, representing all of its non-voting equity. As a result of the acquisition of the 40% Interest, the Company's financial statements will, from August 1, 2011 (the date of consummation of the acquisition), reflect the Company's allocable share of the net income (loss) of Mesquite Gaming, which was formed for the purpose of acquiring the assets of Black Gaming pursuant to the Plan.