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SEC Filing January 16th 2009.
Revisions to Land Contract
On December 3, 2008, the Company, Picture Window, LLC and Kenneth M. Murphree, LLC entered into a Contract for the Sale and Purchase of Real Estate revising certain provisions relative to the Monthly Payments as provided in paragraph 2of the Original Land Contract. Specifically, the Monthly Payment dates have been modified such that the Company is obligated to make such payments as follows: (i) $50,000 on each of January 5, 2009, February 2, 2009, March 2, 2009, April 1, 2009 and May 1, 2009; and (ii) $33,750,000 payable on the Closing Date.
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=6075752
My father also told me it was in the commercial appeal last week as well.
Found this interesting dont remember a closing place before:
Closing Date: This transaction shall close on or before Tuesday, June 2, 2009 at 1:00 p.m. (the “Closing Date”) at Dulaney Law Firm, L.L.P., 986 Harris Street, P.O. Box 188, Tunica, MS 38676, or other such place as is mutually agreed upon by the parties. If the Purchaser desires to close this transaction prior to the closing date, then
Purchaser shall give Seller written notice at least ten (10) days prior to the desired closing date which notice shall state the desired closing date
New on Myriad's Web Site
Shareholder Update– August 2008
8/1/2008
Myriad is committed to providing its shareholders with updated information. As such, the Company would like to share the following information relating to the status of the Myriad Resort project:
On August 18, 2008, the Company disclosed that, pursuant to its land contract with Picture Window, LLC, a Mississippi Limited Liability Company, the Company has made the second option payment of $100,000. As previously disclosed, Myriad entered into an agreement to purchase approximately 250 acres of land in Tunica, Mississippi for cash and an ongoing rent amount and made the initial option payment of $100,000 per the land contract. The closing is scheduled on or before December 2, 2008; however, the Company can give no assurance that the closing will occur on schedule or at all.
This property is anticipated to serve as the location of the Company’s planned world-class destination resort featuring gaming, hotel, spa, golf and other attractions. The parcel is located on the former site of the Treasure Bay Casino; next to the MGM Gold Strike Hotel and Casino in Casino Strip Center. Myriad has also arranged an option on additional property contiguous to this site with acreage similar to Treasure Bay. It is intended that the first phase of development will consist of building out the site infrastructure and constructing the initial 100,000 square foot casino, a 750 room hotel; a 25,000 square foot health and wellness luxury spa, a 35,000 square foot conference and meeting space; and attractions including a water park and an 18-hole championship golf facility.
The Company continues to negotiate with the principal of the collateral and loan term sheet approved by the Company’s Board of Directors earlier this year. As previously disclosed, the Company anticipates this deal, if consummated, providing up to $675 million in financing for Phase One of the Company’s planned Myriad Resort in Tunica, Mississippi. This term sheet also provides for the funding of all phases of Myriad’s planned development in Tunica, up to $2.5 billion. In the meantime, negotiations continue with several other potential funding sources.
Myriad will continue to post updates on this website and, if necessary, will make all appropriate filings with the Securities and Exchange Commission.
I feel ya ladyluck. Ive made 2-3 Tunica trips this year and came home broke all of them. And yes even knowing tons of people down there its hard to get comps.
THANKS HARRAH's aka tightarses
NO ACTIVITY. Hmm I dont know what to think about that, anyone??
I think it was good that people stood firm at .20 but expected a little momentum today.
Was friends of mine from work that bought the 21k shares at the end today. Also the 2700 or so shares.
Anyway Im always curious of who is buying/selling thought you guys/gals may be also.
Highlights of report:
Common Stock Balance - June 30, 2008 49,521,821
Mr. Nicholas Lopardo became chairman of the Company on August 9, 2006. Pursuant to Mr. Lopardo's agreement, he is to receive a base salary of $400,000 upon the Company receiving $5 million in financing. At June 30, 2008, a total of $700,000 was accrued pursuant to this agreement. On June 23, 2008 the Board of Directors of the Company approved an amendment to the 2006 Agreement. Pursuant to the Amended Agreement, Mr. Lopardo was granted three million shares of restricted common stock and will receive an additional one million shares of restricted common stock on each of the first three amendment anniversaries
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The Company now owns 99% of Myriad-Tunica. Our vision (all phases of the project) is focused on building the following resort in Tunica, Mississippi:
·Six (6) planned casinos;
·Casino Hotels planned 3,000 rooms;
·Convention Hotel with 1,200 rooms;
·Convention Center (600,000 sq. ft.);
·18-hole signature Golf Course;
·Water/Snow Park;
·Mississippi Eye (observatory);
·Health/Wellness Luxury Spa;
·Gardens;
·5,000 seat performance venue;
·Private labeled restaurants; and
·Retail Mega Mall with attractions tied to the Casinos and Convention Hotel.
On March 7, 2008, we announced that our Board of Directors has approved a collateral and loan term sheet which the Company anticipates will provide up to $675 million in financing for Phase One of the Company’s planned Myriad Resort in Tunica, Mississippi. This term sheet also provides for the funding of all phases of Myriad’s planned development in Tunica, up to $2.5 billion.
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We are focused on raising $675 million to implement Phase One of the Myriad Resort. Although no assurance can be given regarding the Company’s ability to secure Phase One funding, if secured, the Company anticipates utilizing these funds for the following:
·Building out site infrastructure;
·Construction of the first of our six planned casinos;
·Construction of the first 750 rooms casino and convention hotel of our planned 3,000 rooms;
·Construction of the first phase of our Convention Center (30,000 sq. ft.);
·Construction of the 18-hole championship Golf Course;
·Construction of the Water Park;
·Construction of our 25,000 square foot Health and Wellness Luxury Spa; and
·Construction of our private label restaurants
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Its a good read, didnt read it all yet 8)
Found this SEC Filing Q' Report today
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=5831600
So what do ya think. Payment tomorrow, push to .50ish? Maybe a buck? Also notice shares increased to 49.5 million shares
HEHE are you in the hotel looking down on the property?
Curious about this stock myself. Seems like it could be a mover soon. Been watching it for a few months now.
Anyone visit this place anymore??
Curious about activity on the site. If they are patrolling there is bound to be something there on the site.
LOL i just noticed your name BEN 8)
Someone living/working down there needs to go to the top floor of Gold Strike and get a look 8)
I may head down that way next weekend. Will know next week.
I agree , imo what happen yesterday was buyers at <7 cent selling off at double or better and is why price went down all day, sellers day. Then the news today took it to where it is. Was great though got to get a few shares at .14 yesterday before the news came out.
Nice to see that charge at the end of the day!! Finally up on this deal hehe Here for the opening though + a few years.
Thanks for the chart.
Yes, started as a dealer there went through their school. Im in oklahoma now, table games shift manager at an indian casino very interested in coming home to Myriad...
Great news, this thing is going to get off the ground yet. Been watching / investing for 6-7 months now in this thing, from area, opened sams town in 94. Enjoying the post here, finally signed up 8) thanks for the info.