Former Tampa Bay Lightning owner and bedhead enthusiast Len Barrie is being sued by Las Vegas casino Bellagio over a loan that, with interest, has reached more than $2 million.
Via Victoria’s Times Colonist:
According to the statement of claim, over the course of three days in May 2008 Barrie negotiated credit at the casino, and provided the casino with 11 “negotiable credit instruments” totalling $1.5 million US to guarantee the loan.
The statement of claim says Barrie agreed to pay 18 per cent interest per annum on the line of credit he was extended at the Bellagio, and further goes on to say Barrie paid back $420,000 US, reducing his debt to $1.08 million.
The Bellagio, citing breach of contract, took court action in March 2011 to collect the $1.08 million after the credit instruments Barrie provided were returned “dishonoured.”
Barrie, meanwhile, is disputing the amount he owes.
“We have a little dispute and we will have to see how this finishes,” he told the Times Colonist. “We don’t agree with the amount. We’ve already paid $400,000, [and] we think the amount should be smaller.
“And when we settle on the amount, we’ll get it paid and will move on.”
It’s not reported whether the funds were used for gambling/buffet purposes or if some of them went towards the purchase of the Lightning. The club was sold to Barrie’s investment group in June of 2008, one month after Bellagio says the loan was negotiated.