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Grand Soleil facing foreclosure again
Published Friday, August 28, 2009
NATCHEZ — United Mississippi Bank has initiated the foreclosure process against Grand Soleil Casino Resort.
While Grand Soleil officials could not be reached for comment, casino attorney Kent Hudson said he believes the company will have sufficient financing in place to halt the scheduled Sept. 17 foreclosure sale.
“(Financing) should fall in place well before that time,” Hudson said.
Hudson said casino officials have been engaged in a “very intense process,” to locate funding to keep the hotel and Briars property out of bankruptcy.
“It’s been extremely difficult,” Hudson said. “They’re working at it constantly.”
Hudson said while Grand Soleil officials were not pleased to learn of UMB’s decision to move forward on the foreclosure sale, they understand the bank’s reasoning.
“(UMB) understands what we’re dealing with,” Hudson said. “But this is what they feel they need to do.”
UMB Senior Lender Mike Ellard said bank officials are sympathetic to Grand Soleil’s financial situation.
“We’re all hopeful they can pull together some financing,” Ellard said. “But it’s gotten to a point where we have to follow through. A bank has to be prudent with its depositors money.”
Neither Ellard nor Hudson would discuss specifically how much Grand Soleil owes UMB.
And this threat of foreclosure is not the first for Grand Soleil.
In February casino officials reached a confidential agreement with Britton & Koontz Bank that stopped Britton and Koontz’s foreclosure proceedings.





Comments
Posted by edmoondust (anonymous) on August 28, 2009 at 8:17 a.m. (Suggest removal)
How many local contractors have been hurt by this ,I can tell you a good number have been affected .one I know of has had to close his shop due to the money he was owed.I hope that these people will be repaid ,but when a contractor takes a hard hit ,it has a ripple effect to the whole area.
Posted by gottabehappy (anonymous) on August 28, 2009 at 8:34 a.m. (Suggest removal)
Is this ALL owned by the same? For some reason I thought the Briars wasn't owned by the Grand Soleil?
Posted by freedom42 (anonymous) on August 28, 2009 at 8:37 a.m. (Suggest removal)
Do they owe money to both UMB and B&K? Sounds like it to me, and Kent Hudson made the same statement before about the financing.
Posted by gemccull (Gary McCullars) on August 28, 2009 at 9:01 a.m. (Suggest removal)
How about the $103.000 it owes in property taxes?
Posted by NAMVET (anonymous) on August 28, 2009 at 9:09 a.m. (Suggest removal)
And there is yet another casino on the horizon for Natchez @ Roth Hill !!!!!! But we will always have "Tourism" to support our city.
Posted by revols (anonymous) on August 28, 2009 at 9:55 a.m. (Suggest removal)
This wasn't a case of a bad market, but bad management. the casino should have been built first. Plus, the Grand Soleil doesn't even have a sign up to show people that there is a hotel open there.
Posted by Natchezbear (anonymous) on August 28, 2009 at 10:45 a.m. (Suggest removal)
The whole thing has been a obvious scam right from the start. There needs to be an investigation by the Feds.The make shift opening before it was even safe for people to be on what was and still is a dangerous constuction zone( who is their insurance provider?), The pricey restaurant for high rollers,The redoing and constuction on the hotel in an otherwise over hoteled city.The money spent to redo the Casino parking lot not even big enough to accommodate the cars for the hotel and restaurant alone and still isn't finished. The trams and vehicles intended to move guest down to the casino that sit around the parking lot.The construction of the bulk head landing down on the river itself,including the doing and undoing of the railroad underpass and road that lead down to the landing,Then there's the casino boat (sank during Katrina, hit by a barge on New Years Eve)that is moored rusting ,windows broke out, open to the elements,that has never been refurbished at the Port of Natchez dock. The contractors who haven't been paid.The renaming of the street to "Grand Soleil" Blvd. That you still have to drive through pot holes to get up there(and don't blvds. have a median running between four lanes of traffic). Then there's the 40 Million invested by the Lac Du Flambeau tribe who have not seen a dividen check yet not to mention the $103,000 in back taxes ,the moneys owed to B&K and now UMB.The mysterious fires ....yes two of then at Kent Hudson's office (attorney for casino) There is so much wrong with this picture, so many examples of "the horse before the cart" someone needs to be held accountable ! I for one would just love to know what kind of crook master minded this whole fiasco. Are we the citizens of Natchez supposed to just sit back and watch this criminal activity on a grand scale unfold with no explanation?
Posted by mrmojorisin (anonymous) on August 28, 2009 at 11:22 a.m. (Suggest removal)
Natchezbear---as a citizen of Natchez, do you have any money owed you by the Grand Soleil?
As a citizen of Natchez does it upset you they renamed the street, haven't fixed the potholes, have a pricey restaurant, opened before it was safe, that no one was hurt, that their parking lot isn't big enough, that "The construction of the bulk head landing down on the river itself,including the doing and undoing of the railroad underpass and road that lead down to the landing," isn't even a sentence, that the boat is rusting and lies there unrefurbished, that the contractors haven't been paid, that the poor Wisconsin Indian tribe has not seen a dividend check, that they owe back taxes, and that Kent Hudson's office burned down?
Boy, that's a mouthful. You must stay awake at night with all that worry for the citizen's of Natchez .
But for the life of me, I can't see any criminal activity.
Do you know how many people have had their homes foreclosed, their businesses foreclosed as a result of George Bush's eight years in office? How many have lost their everything, and in some cases their lives--as in the 4000 dead in Iraq-- because of his lies and treachery? The only criminlas I see are the Bush administration, yet, none of them have been or ever will be charged with a crime.
Do you ever stay inside because you worry about the sky falling?
--mojo
Posted by gottabehappy (anonymous) on August 28, 2009 at 11:55 a.m. (Suggest removal)
GOOD LORD! Now you're blaming George Bush for the fisasco known as Grand Soleil?
I had to get a wisdom tooth pulled the other day and I blame Obama since it occurred on his watch....paleeez!
stretching a bit aren't we?
Posted by dovechase (anonymous) on August 28, 2009 at 12:02 p.m. (Suggest removal)
mojo, the last time I checked this was not a dictatorship. The Dems have had control of Congress since 2007. Bush never passed anything in the last 2 years of his administration without the blessing of the Dems. Find a new horse to beat. This is getting old and absurd.
Posted by mrmojorisin (anonymous) on August 28, 2009 at 1:15 p.m. (Suggest removal)
The point I was trying to make was that Grand Soleil's money troubles began as a direct result of the market crash, mine, too...and probably yours.
The market crash was a direct result of the bursting of the housing market bubble which was a direct result of Bush's turning the government backed(read Taxpayer backed)mortgage loan entities, Fannie and Freddie, over to the private sector where the greed and perfidy of such companies as Goldman-Sachs, Merrill-Lynch, Bear-Stearns, Citibank, Nationwide, and AIG was allowed to run unregulated, and poorly managed by the wealthiest people in this nation.
They created the sub-prime market, in some cases making loans to people with no name, and no heartbeat. They devised schemes to immediately bundled these bad loans along with good loans into instruments known as Collateralized Debt Obligations, and sell them to our pension - retirement plans as AAA paper.
Then they sold investors on the idea that, because a bunch of those mortgages would turn out to be OK, there was no reason to worry so much about the bad ones: The CDO, as a whole, was sound. Second, to hedge their own bets, companies like Goldman got companies like AIG to provide insurance — known as creditdefault swaps — on the CDOs. With AIG insuring the swaps.
There was only one problem with the deals: All of the wheeling and dealing represented exactly the kind of dangerous speculation that federal regulators were supposed to rein in before the Republicans removed them. Derivatives like CDOs and credit swaps had already caused a series of serious financial calamities in the 1990's, and had been basically shut down by the end of the Clinton administration. but as soon as the Republicans got back in...boom-boom-boom...the flood gates opened again, and we were right back to the days of Reagan-Bush 1, counting on the rich to get richer and some of it to "trickle" down on the rest of us. But instead it blew up in everyone's face. Of course the richest of the rich were bailed out by not so lame duck Bush in the last months of his presidency...again with no regulation and no obligation.
I'm not beating an old horse, just the same horse to whom we now owe Secret Service protection, a pension, ($191,300 a year until he dies), an office and a staff. We must also provide him and his family with free health care, and travel for the rest of his life. And then we also have to build him a library where he can bestow royalty upon himself, and create his own imaginary legacy.
OUR tax dollars at work...so, why don't I hear a roar from the misunderstood masses about supporting a bunch of millionaires with our tax dollars, but I hear the steady drone of how our tax dollars should not be spent to support and provide health care for those who for some reason or another, can't or won't support themselves?
I want my government back.....from the million and billion-aires!!
--mojo
Posted by beammeupscotty (anonymous) on August 28, 2009 at 1:23 p.m. (Suggest removal)
The biggest mistake they made was coming to Natchez.
Posted by workerbee_20 (anonymous) on August 28, 2009 at 1:38 p.m. (Suggest removal)
i used to work at this hotel. i can say from a first hand set of eyes. the bosses say there are investors. chinese and indian and whoever else. now some of what you guys say is true. the horse before the cart. i am not saying anything to slander or hurt. but they should have done it this way.
build the casino and use the penthouse building and the briars to house the guests. offer a continental breakfast. the full scale buffet everyday costs. then used the funds from the smaller buildings to help pay the debts and build the main house. there is nothing wrong with starting small.
Posted by fonkeytowngirl (anonymous) on August 28, 2009 at 2:18 p.m. (Suggest removal)
First of all I agree with workerbee about how this thing should be been done. I know the company was trying to move really fast into the market and then take the business away from the other casino and everything backfired on them. I do admit that there are a lot of unanswered questions about this whole Casino/Hotel deal.
I also wanted to add this comment to this discussion....mrmojo...since you stated that Natchezbear must be up all night worrying, wouldn't it be fair to say that you must be up all night as well with worries for all the people of the US? I'm just saying!! How can the pot call the kettle black? You are just on another topic than Natchezbear and for his/her defense, I would like to say that those were a lot of thoughtful questions that I personally would like to know the answers to or see something done about. I don't live in Natchez but I think that some explanations need to be given about these funds and mysterious fires. It looks like someone is trying to cover up something whether you want to believe that or not. I'm not saying that they are and the fires could very well be a misfortune for the attorney but something is still suspicious about it all. Now you explain to these poor contractors why they haven't been paid or when they should expect their payment.
Posted by shoppinglady15 (anonymous) on August 28, 2009 at 2:18 p.m. (Suggest removal)
And this is the hotel that is to host "Natchez Schools 70's Graduating Classes Reunion" next year? I have a problem commiting to them when they are in foreclosure procedures, they might not be open next year; then what happens to the $$ already paid upfront? I can tell you what happens to the $$ already paid, it is lost and goes to pay the hotel's creditors.
Posted by Natchezbear (anonymous) on August 28, 2009 at 2:34 p.m. (Suggest removal)
Yes .....Mr Mojo I do have money owed me by Grand Soleil.........First of all, I am one of the Lac Du Flambeau ....I am their Natchez Mukwa.Native Americans have been getting the messy end of the stick since the white man first came to this land. Our people in Wisc our hurting due to this Casino, Elders going without food or heat last winter, Our children not getting their $1000 reward from the tribe for graduating highschool and Tribe is being torn inside out due to nonpayment of dividends and cutbacks just to skim the top! My local government is on the brink of shutting down because of back taxes that have not been paid, my taxes are paid, are yours? I pay more in taxes in one year than you probably will make in a lifetime! Second, yes I am one of those people who were foreclosed on and lost over a half a million dollars because of Bush's war lies! I picked myself up reorganized and went on with my life. I feel God and God alone will take care of Mr Bush's sins when the time comes. Yes, I do spend sleepless nights fretting about the Economy ,local government, Federal Government and People like you who are to blind to see that people are being ripped off and "See no criminal activities". If you can't see somethings wrong you need to pull your head out of the sand as well as the local authorities.Finally to blame the Grand Soleil's problems on the bad economy is a sham . Their bad business dealings started well before the local economic downfall !
Posted by Natchezbear (anonymous) on August 28, 2009 at 2:41 p.m. (Suggest removal)
By the way Mr MOJO I'm a Fierce Bear....Not Chicken Little..........I worry more about our civilization falling not the sky.
Posted by natashakubelikov (anonymous) on August 28, 2009 at 2:42 p.m. (Suggest removal)
Don,t know which one is worse Rentech,NRMC,or the soon to open brand spankin new casino,which makes no sense since the Isle is cutting employee hours back because the boats are feeling the bad economy crunch along with everyone else.
Posted by beammeupscotty (anonymous) on August 28, 2009 at 3:52 p.m. (Suggest removal)
I don't pitty the poor indian tribes that took their people into gambling. I think it is a disgrace to their ancestors.
Posted by missvidla (anonymous) on August 28, 2009 at 4:02 p.m. (Suggest removal)
WOW nathcezbear--great comeback, i am sorry for your problems. I too lost my home to foreclosure this year, my homeowner's insurance and flood insurance that i had to have according to my lender-- kept going higher and higher, Who needs 100,700 fllod ins coverage for a 52,000 dollar home that is over 50 yrs old or 129,000 home owner coverage. They call it replacement cost. I CALL IT RIP OFF.
Posted by beammeupscotty (anonymous) on August 28, 2009 at 4:25 p.m. (Suggest removal)
Sounds like they were ripping you off on the flood insurance. You don't have to choose replacement cost insurance. Usually all the lender wants is to protect their loan.
Posted by mrmojorisin (anonymous) on August 28, 2009 at 4:56 p.m. (Suggest removal)
Fierce Bear--- Boozhoo, Brother, had I only known--- I, myself, am of the Cherokee Indian Nation. My grandmother was on the Final Rolls of Citizens and Freedmen of the Five Civilized Tribes, or Dawes Commission of Final Rolls.
But Dude, to say, "Elders going without food or heat last winter, Our children not getting their $1000 reward from the tribe for graduating highschool and Tribe is being torn inside out due to nonpayment of dividends and cutbacks just to skim the top! " is kind of stretching it a bit, huh?
The lac Du Flambeau tribe in Wisconsin is doing pretty well last time I checked. What they own a fitness center, the Ojibwe Market, the Tribal Gas Station, the Lake of the Torches Resort and Casino, Simpson Electric, the Smoke Shop all in their own little town on Lake Flambeau...don't they?
http://www.lacduflambeaunation.com/
I mean you gotta be careful what you say on here, the Internet is the all-knowing Great Wind, and since we're all right here anyway, the truth is only a click away.
...and funkytowngirl.....all those "questions" were nothing more than one more self-righteous citizen, and like you, probably not even from Natchez, complaining about things and making things up, trying to start a rumble ..and when the rumble comes he gets all tongue-tied and finger-locked, starts to make things up and over-exaggerate...as you can see if you read his post, most of what he said are statements, not questions.
There were no Mystery Fires...just an unlucky set of circumstances (old buildings; old wiring), and the fires, though a great hardship on all involved were not started by the Mafia, or little green spacemen, they were accidents.
Why is it somebody always wants someone to be held accountable? Accountable for what? And after I took all that time to explain how most of the people I know, including the Grand Soleil partners, lost their investment capital...it's the same reason the other casino group has yet to begin their promised start up...even old Farting Bear says he lost over $500,000 due to the Bush administrations treacherous leadership!
And if the back taxes in this town worry you...head on down to the Tax Collectors office and check out the all the people and businesses in town who are late with their taxes.
--mojo
...and PS, Chicken Bear---if you pay more in taxes than I will make in my entire lifetime---send some money home to your starving and freezing elders, dirtclod!
Posted by pbnj (anonymous) on August 28, 2009 at 5:31 p.m. (Suggest removal)
I think the employees there are wonderful people and they are who I am concerned about. Many left previous jobs for positions at this new, grand hotel/casino/restaurant. It's failure or foreclosure due to misappropriated funds would be detrimental to their families that rely on that income. So if for no other reason support the restaurant for all the locals that make their living there.
Posted by eagle11 (anonymous) on August 28, 2009 at 5:33 p.m. (Suggest removal)
I know the problem I see it everyday when I am at work at the Grand Soleil................ no one comes in to eat or spend the night except on weekends. The food is great, a little pricey but worth the view and service you get............ Why not go up there and see? Tonight is shrimp and oyster night come on up the hill and have dinner!
Posted by NatchezEnema (anonymous) on August 28, 2009 at 5:43 p.m. (Suggest removal)
Natchez Bear, Why you are on the subject. Why don't you discuss how deplorable the govt. run health care is for the indian nations. And, how well, from your experience, do you think the govt can manage heath care if this bogus bill passes. And I worked for a contractor that is owed a lot of money there also, so don't get me started.
Posted by WhiteOleander (anonymous) on August 28, 2009 at 6:07 p.m. (Suggest removal)
Hey Mojo....I've been reading your posts on various subjects for a while now. You crack me up! Witty, Biting, LMAO Funny, and RIGHT ON THE MONEY. I don't think I've yet to disagree with you.
You are a trip, and I love your comments.
BTW...I've read the NatchezBear's comments in the past -- and seriously doubt that he is the Head Hoo Haa that he purports to be. Just sayin'.
Posted by fester (anonymous) on August 28, 2009 at 9:32 p.m. (Suggest removal)
I am a very conservative Christian and was talked into voting for gambling in Natchez by Dr. David Steckler, may he rest in peace. Sometime before Dr. Steckler died I told him I regretted voting for gambling and he said "You sound just like my wife". Mrs. Steckler must have had some regrets also. I greatly respected Dr. Steckler but, I still regret voting for gambling. No good can come of it. The few times I have been to the boat it has made me sad to see people there gambling that I know could ill afford it. I fear too many gamble the rent and grocery money.
Posted by Morticia (anonymous) on August 28, 2009 at 9:57 p.m. (Suggest removal)
Fester, what exactly makes you think you're conservative? Which are you a gambler or a conservative Christian? You seem confused.
Posted by mrbobo (anonymous) on August 29, 2009 at 1:05 a.m.
(This comment was removed by the site staff.)
Posted by happy69 (anonymous) on August 29, 2009 at 2:34 a.m. (Suggest removal)
simple minded redneck, non-educated and stupid if it wasn't for the arrow throwing blackmen fighting for this country why u sitting your ignorant self up there typing some racist bullcrap like that if anyone who has gotten their eduction would know that blackmen invented the majority of technology that u are using today so take your backwood but and get a life learn to think about more positive to say about people of color just think about how many blacks and whites read your comment and thought about how stupid you are so GOD BLESS YOU!!!! and have a peaceful day.
Posted by mrbobo (anonymous) on August 29, 2009 at 3:06 a.m.
(This comment was removed by the site staff.)
Posted by LOVESNATCHEZ (anonymous) on August 29, 2009 at 2:06 p.m. (Suggest removal)
Come on "natchezbear", why are you blowing all that smoke? LMAO
Posted by juju (anonymous) on August 29, 2009 at 3:25 p.m. (Suggest removal)
The so called 'fires' were an accident that I heard were started in an apartment over the law offices. You guys are a little over the top with that one. And this situation is just another example of bad financial management that caused our recession, AND NOT the opposite. And yo MOJO, Cherokee now? You're from Georgia???? Whatever chief!!
Posted by beammeupscotty (anonymous) on August 29, 2009 at 3:29 p.m. (Suggest removal)
Anyone placeing bets as to if or when this casino will happen. Odds gotta be a hundred to one against the place opening up.
Posted by natashakubelikov (anonymous) on August 29, 2009 at 11:58 p.m. (Suggest removal)
Did they invent the baggy pants?
and scratchin?
Posted by natashakubelikov (anonymous) on August 29, 2009 at 11:59 p.m. (Suggest removal)
Or cars sitting on blocks cause i see a lot of them down Hwy 84 headed to Brookhaven.
Posted by mrmojorisin (anonymous) on August 30, 2009 at 12:45 p.m. (Suggest removal)
actually juju, it Muscogee...which includes all the native americans from the 5 civilized tribes, the Cherokees, Choctaws, Chickasaws. Creeks, and Seminoles . They called them civilized because Dawes brought the chiefs to Washington, dressed them up in tuxedos and told them lies about the great territory of Oklahoma where they subsequently moved them all.........so, yeah, if you trace my ancestors on my Grandmother's side all the way back, it would be the lower portion of Georgia, Alabama and the north central part of Florida.
"bad financial management that caused our recession", juju....c'mon, man---- you don't really believe that, do you? I believe is was some wonderfully imaginative financial management, aided by Bush and the Republican party who turned over the reins to the "private sector", dereulated them and turned them loose to enrich not only themselves, but the politicians too, and crush the middle class guy...like us, juju. I don't know about your retirement, but I'll be working for a long while yet.
Can you imagine if they'd been able to persuade congress to "privatize" social security? Most of our parents would would have lost everything to the wealthiest people in this country........when are you "middle classed" conservatives going to pull your heads out of the sand and realize the rich boys don't care anymore about your party affiliation than they do mine, they just use you to spread their agenda by talking up God and Country when they could care less about either................and even less about you
--mojo
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