Cudahy : Third Party Must Take Over Troubled Casino, Judge Says

The financial and legal dispute between the owners of the half-built Silver Saddle Casino took another twist when a U.S. bankruptcy judge ordered that a trustee be found to reorganize the business.

Federal Judge Geraldine Mund on Tuesday said a third party must be hired to manage the financial morass created by the dispute between Silver Saddle partners Charles King and Shyr-Jin Tsay. However, she set no deadline for finding a trustee.

Cudahy officials have long been counting on the Silver Saddle to provide much-needed municipal tax revenue, and have watched in frustration as the pair’s fight for control of the partnership left construction at a standstill. The city was to receive 8% to 13% of the card casino’s monthly gross revenue, an estimated $650,000 a year.

City Manager Jack Joseph said he was pleased by the judge’s order, which he said could prompt King and Tsay to put their differences aside, come up with a reorganization plan of their own and finish building the casino. Both have been reluctant to give up control of the partnership to a third person.