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$1Billion Lawsuit Against Starnet Bogus?

The online gambling industry was shaken Tuesday by reports of a $1 billion lawsuit against Starnet, initiated by its now former biggest licensee - Las Vegas Casino, Inc. (LVC). However, the lawsuit has yet to be formally filed, and it appears as though the charges made by LVC were made only to spite Starnet since it terminated the license agreement with LVC because of payment default. Starnet's stock dropped quickly, but PR Newswire has now withdrawn LVC's original press release with news of the impending suit. Is it over? Gambling Magazine, a source closely connected with LVC, reports: "Las Vegas Casino, Inc. has now stated that all supporting legal documents will be filed with the court ‘in the next 48 hours’ or ‘just as soon as the lawyers have them ready.’" CasinoWire will keep you updated.

Tue, 16 Nov 1999 13:35:03 -0800