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EXHIBIT 25.1
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
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FORM T-1
STATEMENT OF ELIGIBILITY
UNDER THE TRUST INDENTURE ACT OF 1939 OF A
CORPORATION DESIGNATED TO ACT AS TRUSTEE
CHECK IF AN APPLICATION TO DETERMINE
ELIGIBILITY OF A TRUSTEE PURSUANT TO
SECTION 305(b)(2)
IBJ SCHRODER BANK & TRUST COMPANY
(EXACT NAME OF TRUSTEE AS SPECIFIED IN ITS CHARTER)
New York 13-5375195
(Jurisdiction of incorporation (I.R.S. employer
or organization if not a U.S. national bank) identification No.)
One State Street, New York, New York 10004
(Address of principal executive offices) (Zip code)
IBJ SCHRODER BANK & TRUST COMPANY
One State Street
New York, New York 10004
(212) 858-2000
(Name, address and telephone number of agent for service)
THE MAJESTIC STAR CASINO, LLC
(Exact name of obligor as specified in its charter)
Indiana 43-1664986
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification No.)
One Buffington Harbor Drive
Gary, Indiana 46406-3000
(Address of principal executive offices) (Zip code)
12 3/4% Senior Exchange Secured Notes due May 15, 2003, with Contingent Interest
(Title of indenture securities)
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Item 1. General information
Furnish the following information as to the trustee:
(a) Name and address of each examining or supervising
authority to which it is subject.
New York State Banking Department, Two
Rector Street, New York, New York
Federal Deposit Insurance Corporation,
Washington, D.C.
Federal Reserve Bank of New York Second District,
33 Liberty Street, New York, New York
(b) Whether it is authorized to exercise corporate
trust powers.
Yes
Item 2. Affiliations with the Obligor.
If the obligor is an affiliate of the trustee,
describe each such affiliation.
The obligor is not an affiliate of the trustee.
Item 13. Defaults by the Obligor.
(a) State whether there is or has been a default with
respect to the securities under this indenture. Explain
the nature of any such default.
None
(b) If the trustee is a trustee under another indenture
under which any other securities, or certificates of
interest or participation in any other securities, of the
obligor are outstanding, or is trustee for more than one
outstanding series of securities under the indenture,
state whether there has been a default under any such
indenture or series, identify the indenture or series
affected, and explain the nature of any such default.
None
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Item 16. List of exhibits.
List below all exhibits filed as part of this
statement of eligibility.
*1. A copy of the Charter of IBJ Schroder Bank & Trust Company as amended
to date. (See Exhibit 1A to Form T-1, Securities and Exchange
Commission File No. 22-18460).
*2. A copy of the Certificate of Authority of the trustee to Commence
Business (Included in Exhibit 1 above).
*3. A copy of the Authorization of the trustee to exercise corporate trust
powers, as amended to date (See Exhibit 4 to Form T-1, Securities and
Exchange Commission File No. 22-19146).
*4. A copy of the existing By-Laws of the trustee, as amended to date (See
Exhibit 4 to Form T-1, Securities and Exchange Commission File No.
22-19146).
5. Not Applicable
6. The consent of United States institutional trustee required by
Section 321(b) of the Act.
7. A copy of the latest report of condition of the trustee
published pursuant to law or the requirements of its supervising or
examining authority.
* The Exhibits thus designated are incorporated herein by reference as
exhibits hereto. Following the description of such Exhibits is a
reference to the copy of the Exhibit heretofore filed with the Securities
and Exchange Commission, to which there have been no amendments or changes.
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NOTE
In answering any item in this Statement of Eligibility which relates to matters
peculiarly within the knowledge of the obligor and its directors or officers,
the trustee has relied upon information furnished to it by the obligor.
Inasmuch as this Form T-1 is filed prior to the ascertainment by the trustee of
all facts on which to base responsive answers to Item 2, the answer to said
Item are based on incomplete information.
Item 2, may, however, be considered as correct unless amended by an amendment
to this Form T-1.
Pursuant to General Instruction B, the trustee has responded to Items 1, 2 and
16 of this form since to the best knowledge of the trustee as indicated in Item
13, the obligor is not in default under any indenture under which the applicant
is trustee.
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SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939, the
trustee, IBJ Schroder Bank & Trust Company, a corporation organized and
existing under the laws of the State of New York, has duly caused this
statement of eligibility to be signed on its behalf by the undersigned,
thereunto duly authorized, all in the City of New York, and State of New York,
on the 13th day of June, 1996.
IBJ SCHRODER BANK & TRUST COMPANY
By: Thomas J. Bogert
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Thomas J. Bogert
Assistant Vice President
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SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939, the
trustee, IBJ Schroder Bank & Trust Company, a corporation organized and
existing under the laws of the State of New York, has duly caused this
statement of eligibility to be signed on its behalf by the undersigned,
thereunto duly authorized, all in the City of New York, and State of New York,
on the 13th day of June, 1996.
IBJ SCHRODER BANK & TRUST COMPANY
By: Thomas J. Bogert
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Thomas J. Bogert
Assistant Vice President
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EXHIBIT 6
CONSENT OF TRUSTEE
Pursuant to the requirements of Section 321(b) of the Trust Indenture Act
of 1939, as amended, in connection with the issue by The Majestic Star Casino,
LLC of its 12 3/4% Senior Exchange Secured Notes due 2003 with Contingent
Interest, we hereby consent that reports of examinations by Federal, State,
Territorial, or District authorities may be furnished by such authorities to
the Securities and Exchange Commission upon request therefor.
IBJ SCHRODER BANK & TRUST COMPANY
By: Thomas J. Bogert
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Thomas J. Bogert
Assistant Vice President
Dated: June 13, 1996
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EXHIBIT 6
CONSENT OF TRUSTEE
Pursuant to the requirements of Section 321(b) of the Trust Indenture Act
of 1939, as amended, in connection with the issue by The Majestic Star Casino,
LLC of its 12 3/4% Senior Exchange Secured Notes due 2003 with Contingent
Interest, we hereby consent that reports of examinations by Federal, State,
Territorial, or District authorities may be furnished by such authorities to
the Securities and Exchange Commission upon request therefor.
IBJ SCHRODER BANK & TRUST COMPANY
By: Thomas J. Bogert
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Thomas J. Bogert
Assistant Vice President
Dated: June 13, 1996
T-1CT-1011
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EXHIBIT 25.1
EXHIBIT 7
CONSOLIDATED REPORT OF CONDITION OF
IBJ SCHRODER BANK & TRUST COMPANY
OF NEW YORK, NEW YORK
AND FOREIGN AND DOMESTIC SUBSIDIARIES
REPORT AS OF MARCH 31, 1996
DOLLAR AMOUNTS
IN THOUSANDS
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ASSETS
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Cash and balance due from depository institutions:
Noninterest-bearing balances and currency and coin . . . . . . . . . . . . . . . . . . . . . $ 27,805
Interest-bearing balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 142,919
Securities: Held to Maturity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 169,682
Available-for-sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 23,665
Federal funds sold and securities purchased under
agreements to resell in domestic offices of the bank
and of its Edge and Agreement subsidiaries and in IBFs:
Federal Funds sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 63,801
Securities purchased under agreements to resell . . . . . . . . . . . . . . . . . . . . . . . . $ -0-
Loans and lease financing receivables:
Loans and leases, net of unearned income . . . . . . . . . . . . . . . . . . . $ 1,575,250
LESS: Allowance for loan and lease losses . . . . . . . . . . . . . . . . . . . $ 55,396
LESS: Allocated transfer risk reserve . . . . . . . . . . . . . . . . . . . . . $ -0-
Loans and leases, net of unearned income, allowance, and reserve . . . . . . . . . . . . . . . $ 1,519,854
Assets held in trading accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 489
Premises and fixed assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,228
Other real estate owned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 397
Investments in unconsolidated subsidiaries and associated companies . . . . . . . . . . . . . . . . $ -0-
Customers' liability to this bank on acceptances outstanding . . . . . . . . . . . . . . . . . . . $ 155
Intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ -0-
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 60,135
TOTAL ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,016,130
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LIABILITIES
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Deposits:
In domestic offices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 612,376
Noninterest-bearing . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 174,044
Interest-bearing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 438,332
In foreign offices, Edge and Agreement subsidiaries, and IBFs . . . . . . . . . . . . . . . . . $ 793,288
Noninterest-bearing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 16,090
Interest-bearing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 777,198
Federal funds purchased and securities sold under
agreements to repurchase in domestic offices of the bank and
of its Edge and Agreement subsidiaries, and in IBFs:
Federal Funds purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 57,588
Securities sold under agreements to repurchase . . . . . . . . . . . . . . . . . . . . . . . . $ -0-
Demand notes issued to the U.S. Treasury . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 24,522
Trading Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 390
Other borrowed money:
a) With original maturity of one year or less . . . . . . . . . . . . . . . . . . . . . . . . . $ 250,333
b) With original maturity of more than one year . . . . . . . . . . . . . . . . . . . . . . . . $ -0-
Mortgage indebtedness and obligations under capitalized leases . . . . . . . . . . . . . . . . . . $ -0-
Bank's liability on acceptances executed and outstanding . . . . . . . . . . . . . . . . . . . . . $ 155
Subordinated notes and debentures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ -0-
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 68,215
TOTAL LIABILITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,806,867
Limited life preferred stock and related surplus . . . . . . . . . . . . . . . . . . . . . . . . . $ -0-
EQUITY CAPITAL
Perpetual preferred stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ -0-
Common Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 29,649
Surplus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 217,008
Undivided profits and capital reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (37,419)
Plus: Net unrealized gains (losses) on marketable equity securities . . . . . . . . . . . . . . $ 25
Cumulative foreign currency translation adjustments . . . . . . . . . . . . . . . . . . . . . . . . $ -0-
TOTAL EQUITY CAPITAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 209,263
TOTAL LIABILITIES AND EQUITY CAPITAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,016,130