UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) July 12, 2007
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CATSKILL LITIGATION TRUST
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(Exact name of registrant as specified in its charter)
Delaware 333-112603 16-6547621
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(State or other (Commission (IRS Employer
jurisdiction of incorporation) File Number) Identification No.)
c/o Christiana Bank & Trust Company,
1314 King Street, Wilmington, Delaware 19801
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (302) 888-7400
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(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (SEE General Instruction A.2. below):
|_| Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 7.01. REGULATION FD DISCLOSURE.
On July 12, 2007, pursuant to a duly noticed motion, the St. Regis Mohawk
Tribal Court issued an Order in the case of Arquette, et al. against Park Place
Entertainment Corporation and Clive Cummis. On March 20, 2001, the Tribal Court
entered a $1,787,000,000 default judgment in the case. The Order clarified that
sections 5003 and 5004 of the New York Civil Practice Law and Rules apply under
Tribal law for the purpose of calculating interest on the Default Judgment Order
at the annual rate of nine percent. The annual interest on the $1,787,000,000
Default Judgment Order is $160,830,000. The per diem interest is $440,630.14,
which will continue to accrue until the Default Judgment Order is satisfied. If
the Default Judgment Order is satisfied in part, the per diem interest will
reflect the partial satisfaction of the default judgment. As measured from the
March 20, 2001 date of entry until July 9, 2007, total accrued interest on the
Default Judgment Order is $1,013,889,945.54. A copy of the order is attached as
an exhibit.
In addition to granting the motion for post-judgment interest, the Tribal
Court also granted a motion to amend the caption of the judgment to reflect the
fact that Harrah's Operating Company, Inc., a wholly owned subsidiary of
Harrah's Entertainment, Inc., is the legal successor to Park Place Entertainment
Corporation.
The defendants did not make an appearance on the motion, despite being
served with a Court order dated June 29, 2007 scheduling the hearing and
advising the defendants that they could file reply papers by 5:00PM on July 8,
2007. In issuing its Order, the Court noted that evidence had been presented
that a notice of motion was properly served on each of the defendants and that
the Court was satisfied that the defendants had received the June 29th
scheduling Order. A previous suit to enforce the default judgment in the United
States District Court for the Northern District of New York was dismissed,
without prejudice to the recommencement of the suit, after the court had not
heard further from the parties concerning efforts to settle the case. As
previously disclosed, the Catskill Litigation Trust has received an assignment
of the default judgment and has filed a new suit to enforce the judgment in the
United States District Court for the Northern District of New York.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(b) Exhibits.
99.1. Order of the St. Regis Mohawk Tribal Court, dated July 11,
2007
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CATSKILL LITIGATION TRUST
(Registrant)
Date: July 12, 2007
By: /s/ Joseph E. Bernstein
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Joseph E. Bernstein
Litigation Trustee
