COSTNER TAKES CASINO BATTLE TO SOUTH DAKOTA SUPREME COURT

Last updated: Wednesday, October 4, 2006

COSTNER TAKES CASINO BATTLE TO SOUTH DAKOTA SUPREME COURT

Actor/director KEVIN COSTNER is asking the South Dakota Supreme Court to help him sever ties with two business partners in a Deadwood casino he owns.

Kevin Costner at the german premiere of "The Guardian" at Kino International. Berlin, Germany - 01.10.06

The star is asking the court to send the case back to a judge for a final decision so he can become the sole owner of the Midnight Star, an eating and gambling establishment where costumes Costner wore in various movies line the walls.

Costner filmed much of DANCES WITH WOLVES, which won the Academy Award for best picture in 1990, on South Dakota's plains and in the Black Hills, where Deadwood is located.

The actor owns 93.5 per cent of the casino and hired FRANCIS and CARLA CANEVA to manage the operation and gave them each 6.5 per cent ownership.

Costner fired the couple in July 2004 and asked them to part ways as partners, as well. When they declined, he chose to dissolve the partnership.

In order to formally sever ties, the casino's fair market value had to be determined, which has been the subject of much dispute.

Costner's accountant put the value of the casino at $3.1 million (GBP1.7 million), while the Canevas got another Deadwood casino owner to testify he would play twice that amount, or $6.2 million (GBP3.4 million).

A judge agreed with that amount and ordered Costner to buy the business for $6.2 million or sell it on the open market.

Costner appealed the decision, arguing that the value of the casino wasn't derived from a hypothetical buyer and seller, as is required by the Internal Revenue Service, and that the value was set without viewing any financial documents.

Source: WENN

| Wednesday, October 4, 2006

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COSTNER TAKES CASINO BATTLE TO SOUTH DAKOTA SUPREME COURT

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