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IN RE AMERICAN WAGERING, INC.

BAP No. NV-04-1029-BuBS, Bankruptcy No. 03-52529, Bankruptcy No. 03-52530, Adversary No. 03-05804.

326 B.R. 449 (2005)

In re AMERICAN WAGERING, INC., Debtor. In re Leroy's Horse and Sports Place, Debtor. American Wagering, Inc.; Leroy's Horse and Sports Place, Appellants, v. Michael Racusin, dba M. Racusin & Co., Appellee.

United States Bankruptcy Appellate Panel of the Ninth Circuit.

Filed — April 14, 2005.

Attorney(s) appearing for the Case

Thomas H. Fell, Gordon & Silver, Ltd., Las Vegas, NV, for American Wagering, Inc.

Jennifer A. Smith, Lionel, Sawyer & Collins, Reno, NV, for Michael Racusin.

Before: BUFFORD, BRANDT, and SMITH, Bankruptcy Judges.

Argued and Submitted on October 21, 2004 at Las Vegas, Nevada.

OPINION

BUFFORD, Bankruptcy Judge.

The issue in this appeal is whether the claim of a consultant to the debtors, who contracted to receive most of his compensation in equity instead of cash, is properly subject to § 510(b)2 subordination where the equity portion of the claim was reduced to a money judgment on the eve of bankruptcy. The bankruptcy court...

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