MICHIGAN GAMING CONTROL BOARD

PUBLIC MEETING

Albert Kahn Building

7430 Second Avenue, Suite 300

Detroit, Michigan

TUESDAY, May 8, 2001

7:00 P.M.

MINUTES

On Tuesday, May 8, 2001, the Michigan Gaming Control Board held a public meeting at the Board office in the Albert Kahn Building, 7430 Second Avenue, Suite 300, Detroit, Michigan.

Present: In attendance were the following Board members:

Thomas Denomme, Chairman

Judge Roman S. Gribbs

Judge Geraldine Bledsoe Ford

Rich Davis

Judge Michael Stacey

Also attending were:

Nelson Westrin

Patty James

John Cahill

Eric Bush

Dan Fields

Business: The meeting was called to order at 7:00 p.m., at which time Chairman Denomme stated for the record all members were present and requested a motion for approval of the April 24, 2001 minutes.

It was moved and seconded that the minutes of the April 24, 2001 meeting be approved. Motion carried.

Nelson Westrin presented the Executive Director s report. Mr. Westrin reported that Ms. Celesta Clarkson had joined the staff as a regulation officer in the Licensing and Compliance Division.

With regard to the budget, Mr. Westrin reported that the Board has incurred expenditures in the amount of $6,808,725 from October 1, 2000 through April 30, 2001, leaving the balance of $13,658,075 in available appropriated funding for the remainder of the fiscal year, which ends September 30, 2001.

Mr. Westrin updated the Board on the status of the issuance of temporary supplier licenses, full supplier licenses, vendor registrations, and supplier licensing exemptions, as well as the status of the issuance of temporary and permanent occupational licenses for the three casinos.

Upon conclusion of Mr. Westrin s report, and there being no questions or comments from Board members, the Board moved to the presentation by Eric Bush and Larry Smith on how the statutorily required List of Disassociated Persons is compiled and administered by the Board.

Upon completion of Mr. Bush s and Mr. Smith s presentation, the Board moved to the consideration of Licensing and Compliance Division s recommendations on 66 pending occupational licensing applicants. Staff recommended issuance of 65 licenses and denial of 1 license.

Upon motion and support, a roll-call vote was taken on the motion to accept and adopt the staff s occupational licensing recommendations summarized in Exhibit 1 and to direct the Executive Director to issue occupational licenses and Notices of Denial to the named applicants in accordance with the staff s recommendation:

Mr. Denomme: Aye

Mr. Davis: Aye

Judge Ford: Aye

Judge Gribbs: Aye

Judge Stacey: Aye

Motion carried.

The Board next considered the hearing officer s Proposals for Decision (PFD) in the matter of denial of the occupational license application of Christopher G. Ryder, Case No. 2000-21. The Chair noted that the Board s deliberations and decision in the case of Mr. Ryder was to be recorded and made a part of the contested case record for the case as well as the public meeting record.

The Board was informed that Mr. Ryder filed written objections to the PFD through his attorney, Noah Yanich, and that Teresa Bingham, Assistant Attorney General, filed a written response to Mr. Ryder s objections on behalf of the Board s employee licensing staff. Each Board member was provided with a copy of the PFD along with Mr. Ryder s objections and the staff s response.

The Chairman asked Mr. Yanich, Mr. Ryder and Ms. Bingham to identify themselves for the record and to proceed with their oral arguments.

Upon completion of the oral arguments, it was moved and seconded that a Final Decision and Order be issued accepting, adopting and incorporating therein the hearing officer s PFD in its entirety and denying the occupational license application of Christopher G. Ryder. A roll-call vote was taken on the motion:

Mr. Denomme: Aye

Mr. Davis: Aye

Judge Ford: Aye

Judge Gribbs: Aye

Judge Stacey: Nay

Motion carried with four aye votes and one nay vote.

The next item of business was to consider the institutional investor waiver applications of Aladdin Capital, File No. IIW-GT-2001-15; American Money Management Corporation File No. IIW-GT-2001-16; Centre Pacific, LLC, File No. IIW-GT-2001-17; CSAM Funding, File No. IIW-GT-2001-18; Foothill Capital Corp., File No. IIW-GT-2001-19; Katonah Capital, LLC, File No. IIW-GT-2001-20; Merrill Lynch Capital Corp., File No. IIW-GT-2001-21; and Regiment Capital Advisors, File No. IIW-GT-2001-22.

Chairman Denomme proceeded to give a brief overview of a recent refinancing agreement proposed by Greektown Casino, for which these institutional investor waiver applications were being considered. Chairman Denomme then introduced Attorney Mike Atkins of the firm Miller, Canfield, Paddock & Stone, who was appearing on behalf of Greektown Casino, LLC with regards to these eight investors. The Chair also introduced Ms. Carol Flores of the MGCB Licensing and Compliance Division, who was present to respond to any questions the Board may have regarding these eight applications.

After Mr. Atkins and Ms. Flores identified themselves for the record, Mr. Atkins proceeded to give a brief presentation relative to the qualifications of these eight applications as institutional investors. Both Mr. Atkins and Ms. Flores agreed that the applicants had not yet submitted all requested documentation in support of their applications and that the Licensing and Compliance Division had not had sufficient time to verify and recommend their eligibility to receive institutional investor waivers.

Upon completion of Mr. Atkins presentation and questions posed to Ms. Flores it was moved and seconded that the Board take each of the eight institutional investor waiver applications under advisement until the Board s next regular public meeting on June 12, 2001, to give the applicants additional time to submit all requested documentation, and the Board staff further time to review and propose recommendations for the Board regarding the applications. A roll-call was taken on the motion:

Mr. Denomme: Aye

Mr. Davis: Aye

Judge Ford: Aye

Judge Gribbs: Aye

Judge Stacey: Aye

Motion carried.

As the next item of business, it was moved and seconded to go into closed session immediately following the conclusion of the public meeting to consider and decide pending confidential applications for placement on the Board s List of Disassociated Persons. A roll-call was taken on the motion:

Mr. Denomme: Aye

Mr. Davis: Aye

Judge Ford: Aye

Judge Gribbs: Aye

Judge Stacey: Aye

Motion carried.

There being no questions or comments from the public, it was moved and seconded that the meeting be adjourned. Motion carried and the meeting was adjourned at 8:20 p.m.

Received and Filed:

Patricia S. James

Board Secretary