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Dubai World
Dubai World Subsidiary Infinity World Files Lawsuit Against MGM to Protect Its Rights and the Viability of the CityCenter Joint Venture
April 12th, 2009
Dubai World announced that its subsidiary Infinity World, which is a joint venture partner with MGM for the development of the CityCenter development project, has filed a lawsuit against MGM in Delaware Chancery Court to protect its rights and the best interests of the CityCenter project. The lawsuit alleges that MGM's admissions in its 10-K filed with the SEC on March 17 constitute a breach of the CityCenter joint venture agreement and puts the CityCenter development project at risk. Specifically, and amongst other Risk Factors, MGM stated in its 10-K filing that "There is substantial doubt about our ability to continue as a going concern". MGM also...
Source: Pharma Investments, Ventures & Law Weekly (2009-04-12)
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