Yung, whose Columbia Sussex Corp. bought Aztar Corp. and its Tropicana casinos about a year and a half ago, is at the center of the controversy between Tropicana, its bondholders and the New Jersey Casino Control Commission. And the events of the Chapter 11 case that Tropicana filed on May 5 may simply hinge on what happens to him.
The bondholders, who were stonewalled by the company in restructuring talks until they brought legal action in the Delaware Court of Chancery, want him out. Now they have called for a Chapter 11 trustee to help their cause. Yung, of course, wants to stay. As an olive branch, Tropicana has proposed a board of independent directors led by gaming industry veteran Scott Butera.
That board, however, would still include Yung, albeit in a reduced role. The U.S. Bankruptcy Court for the District of Delaware in Wilmington has set up a drawn-out process to decide what, exactly, will happen. The timeline has set in place discovery and depositions, all leading to a trial taking place between July 1 and July 3.
One source with knowledge of the situation has said that the restructuring of Tropicana could be "quick and painless" if Yung is simply ousted. If he isn't, it would seem that the controversy will languish.
Either way, what happens in early July will likely be the fulcrum on which one of the largest bankruptcies of 2008 will turn. - Ben Fidler
With all due respect to The Clash, the crux of Tropicana Entertainment LLC's bankruptcy looks like it will come down to one thing: Should William Yung stay or should he go? 
