Document:

Exhibit 10.3

 

EXHIBIT 10.3

GORDON & SILVER, LTD.

GERALD M. GORDON, ESQ.

Nevada Bar No. 229

WILLIAM M. NOALL, ESQ.

Nevada Bar No. 3549

THOMAS H. FELL, ESQ.

Nevada Bar No. 3717

3960 Howard Hughes Pkwy, 9th Fl.

Las Vegas, Nevada 89109

Telephone (702) 796-5555

Facsimile (702) 369-2666
         Attorneys
for Debtors

UNITED STATES BANKRUPTCY COURT

DISTRICT OF NEVADA

	 	 	 
	In re	 	
Case No. BK-N-00-33467-GWZ Chapter 11

Joint Administration With:
	FITZGERALDS GAMING	 	
BK-N-00-33468 (Fitzgeralds South, Inc.)
	CORPORATION, a Nevada corporation,	 	
BK-N-00-33469 (Fitzgeralds Reno, Inc.)
	 	 	
BK-N-00-33470 (Fitzgeralds, Inc.)
	Debtor	 	
BK-N-00-33471 (Fitzgeralds Las Vegas, Inc.)
	 	 	
BK-N-00-33472 (Fitzgeralds Mississippi, Inc.)
	 	 	
BK-N-00-33473 (Fitzgeralds Black Hawk, Inc.)
	 	 	
BK-N-00-33474 (Fitzgeralds Black Hawk II, Inc.)
	 oAffects this Debtor./

	 	
BK-N-00-33475 (101 Main Street LLC)

BK-N-00-33476 (Fitzgeralds Fremont Experience Corp.)
	x Affects all Debtors./

	 	 
	o Affects FITZGERALDS SOUTH, INC.,

a Nevada corporation,/

	 	
SUPPLEMENTAL DISCLOSURE STATEMENT TO ACCOMPANY
DEBTORS’ SECOND AMENDED PLAN OF REORGANIZATION
	o Affects FITZGERALDS RENO, INC.,

a Nevada corporation,/

	 	
(To Be Read In Conjunction With

Debtors’ Initial Disclosure Statement Dated

December 19, 2002)

	o Affects FITZGERALDS INCORPORATED,

a Nevada corporation,/

	 	 
	o Affects FITZGERALDS LAS VEGAS, INC.,

a Nevada corporation,/

	 	 
	o Affects FITZGERALDS MISSISSIPPI, INC.,

a Mississippi corporation,/

	 	 
	o Affects FITZGERALDS BLACK HAWK,

INC., a Nevada corporation, /

	 	 
	o Affects FITZGERALDS BLACK HAWK II, INC., a Colorado corporation, /

	 	
Date: March 24, 2003

Time: 2:30 p.m.
	o Affects 101 MAIN STREET LIMITED LIABILITY
COMPANY,
 a Colorado limited
liability company, /

	 	 
	o Affects FITZGERALDS FREMONT EXPERIENCE
CORPORATION, 
a Nevada corporation, /

	 	 

 

 

I.     INFORMATION REGARDING THE SUPPLEMENTAL DISCLOSURE STATEMENT

     The purpose of this Supplemental Disclosure Statement to Accompany
Debtors’ Second Amended Plan of Reorganization (“Supplemental Disclosure”) is
to update the information contained in the Debtors’ initial Disclosure
Statement and provide sufficient information about the modifications made to
Debtors’ First Amended Plan of Reorganization (“Plan”) to enable you to make an
informed decision in exercising your rights to accept or reject Debtors’ Second
Amended Plan of Reorganization (“Modified Plan”),1 a copy of which is attached
hereto as Exhibit “A.” As such, except as provided herein, Debtors expressly
incorporate the terms and provisions of their initial Disclosure Statement
dated December 19, 2002, distributed to you on or about January 10, 2003.

II.     EVENTS LEADING UP TO THE FILING OF THE MODIFIED PLAN

     As more fully set forth in the Disclosure Statement, Debtors filed the
Plan to effectuate the terms of the Restructuring Agreement among the Debtors,
Senior Management and the Consenting Noteholders. The primary objective was to
maximize returns to Creditors including the value of Noteholders’ recoveries
inasmuch as the obligations owed by the Debtors to the Noteholders constitutes
in excess of ninety percent (90%) of the Debtors’ liabilities. The Debtors and
the Noteholders determined to obtain this objective through an expeditious and
orderly sale of the Operating Companies as going concerns by asset and/or stock
sales and the distribution of the net proceeds therefrom. The Debtors filed
the Plan in order to conclude the Chapter 11 Cases and effectuate the remaining
terms of the Restructuring Agreement.

     Confirmation of the Plan was set for March 6, 2003. Debtors did not
receive the requisite votes from the Noteholders to confirm the Plan. On March
3, 2003, the Informal Committee

	 	 	1 Unless otherwise noted herein, capitalized terms have the same meaning
ascribed to them in Debtors’ Disclosure Statement To Accompany
Debtors’ First
Amended Plan of Reorganization. (“Disclosure Statement”) filed on December 23,
2002.

 

 

filed its objection to confirmation of the Plan. On the same date,
Debtors filed a motion to designate certain votes of Consenting Noteholders
which, if granted, potentially would have permitted the Plan to be confirmed.

     Thereafter, the Debtors and the Informal Committee agreed that the Plan
would be amended. Instead of providing for the sale of the final casino
operated by the Debtors, a new plan would give the equity of the Debtors to
Noteholders. As a result, the Debtors and Consenting Noteholders have agreed
to Amendment No. 1 To Amended and Restated Agreement Regarding Pre-Negotiated
Restructuring (a copy of which is attached hereto as Exhibit “B”) and the
Debtors have filed the Modified Plan. This Supplemental Disclosure Statement
explains the provisions of the Modified Plan. There are three Classes of
Creditors entitled to vote on the Modified Plan.

     The first two such Classes are comprised of Noteholders. Class 6
comprises the Noteholders’ Secured Claims and Class 9 comprises the
Noteholders’ Unsecured Claims. A single Ballot is being sent to each
Noteholder to allow such Noteholder to vote those Claims. What the Modified
Plan proposes is that the Notes will be cancelled and Noteholders will receive
100% of the equity of the Reorganized Debtors. The Modified Plan also proposes
to simplify the Debtors’ corporate structure upon emergence from bankruptcy:
there will be only a parent company (FGC), one wholly-owned subsidiary that
operates the casino in Reno, Nevada (FRI) and another wholly-owned subsidiary
(FLI) that will exist only to use residual Cash to pay off remaining bankruptcy
liabilities as required by the Modified Plan.

     The Modified Plan also gives Noteholders an option to receive Cash instead
of equity, in an amount equal to $30 for each $1000 original principal amount
of Notes. If a Noteholder

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desires to take Cash instead of equity, the Noteholder must make an
election on the Ballot for the Modified Plan.2

     The third Class entitled to vote on the Modified Plan is comprised of
General Unsecured Creditors whose claims exceed $25,000 in amount. The
Modified Plan proposes to pay such Creditors Cash in the amount of 20% of their
Allowed Claims.

     This brief summary of the Modified Plan’s provisions is qualified in its
entirety by the remainder of this Supplemental Disclosure Statement and the
Modified Plan.

III. GENERAL OVERVIEW OF THE MODIFIED PLAN

     The following is a general overview of the provisions of the Modified
Plan. This overview is qualified in its entirety by reference to the
provisions of the Modified Plan. Pursuant to Section 1123(a)(1) of the
Bankruptcy Code, Administrative Claims, Preserved Ordinary Course
Administrative Claims, Allowed Priority Claims and Allowed Executive Incentive
Claims are not designated as Classes. The holders of such unclassified Claims
shall be paid in full under the Modified Plan consistent with the requirements
of Section 1129(a)(9)(A) of the Bankruptcy Code and are not entitled to vote
on the Modified Plan. Distributions under the Modified Plan to each class are
summarized in the following table.

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Estimated amount of
	Class	 	Description	 	Treatment	 	Claim
	
	 	
	 	
	 	

	Class 1: 	 	
Priority Wage Claims
	 	Unimpaired. Paid in
full in Cash.
	 	$	0	 
	Class 2:	 	
Priority Benefit

Plan Contribution Claims
	 	Unimpaired. Paid in
full in Cash.
	 	$	0	 
	 	 	 	 	 	 	 	 	 
	Class 3:	 	
Priority Customer

Deposit Claims
	 	Unimpaired. Paid in
full in Cash.
	 	$	0	 
	 	 	 	 	 	 	 	 	 
	Class 4:	 	
Secured Tax Claims
	 	Unimpaired. Cured
or paid in full in Cash.
	 	$	0	 

	 	       2 The amount of the Cash option for the Noteholders was not established by the
Debtors, but rather was established by the Informal Committee and its legal and
financial advisors. As such, Debtors make no representations or warranties as
to the calculation of the buy-out amount nor what facts and circumstances upon
which it is based.

4

 

	 	 	 	 	 	 	 	 	 
	Class 5:	 	
Miscellaneous Secured Claims
	 	Unimpaired. Claimant
shall receive the
collateral securing its
Claim or receive Cash
equal to its Allowed
Secured Claim.
	 	$	0	 
	 	 	 	 	 	 	 	 	 
	Class 6:	 	
Noteholder Secured Claims
	 	Impaired. Pro rata share
of New Common Stock equal
to the Collateral Value
Percentage.
	 	 	Undetermined at this time,
but estimated at
$123,025,000.00 based upon
the Liquidation Analysis.	 
	 	 	 	 	 	 	 	 	 
	Class 7:	 	
Convenience Class Claims
	 	Unimpaired. Paid in full
in Cash.
	 	 	Estimated not to exceed
$300,000.00.	 
	 	 	 	 	 	 	 	 	 
	Class 8:	 	
General Unsecured Claims
	 	Impaired. To receive Cash
in the amount of 20% of
its Allowed General
Unsecured Claim.
	 	 	Estimated not to exceed
$3,800,000.00.	 
	 	 	 	 	 	 	 	 	 
	Class 9:	 	
Noteholder Deficiency Claims
	 	Impaired. Pro rata share
of the shares of the New
Common Stock that is not
distributed to holders of
Class 6 Claims.
	 	 	Undetermined at this time,
but estimated at
$138,210,000.00 based upon
the Liquidation Analysis.	 
	 	 	 	 	 	 	 	 	 
	Class 10:	 	
Intercompany Claims
	 	Impaired. No
distribution.
	 	$	242,712,320.00	 
	 	 	 	 	 	 	 	 	 
	Class 11:	 	
Subsidiary Equity Securities
	 	Impaired.
No distribution.
	 	$	0	 
	 	 	 	 	 	 	 	 	 
	Class 12:	 	
Old FGC Preferred Stock
	 	Impaired. No
distribution.
	 	$	0	 
	 	 	 	 	 	 	 	 	 
	Class 13:	 	
FSI Warrant Claims
	 	Impaired.
No distribution.
	 	$	0	 
	 	 	 	 	 	 	 	 	 
	Class 14:	 	
Old FGC Common Stock
	 	Impaired.
No distribution.
	 	$	0	 

     A.     New Capital Structure.

     Upon confirmation of the Modified Plan, all Equity Securities of the
Debtors will be cancelled and terminated. FGC, as reorganized (“Reorganized
FGC”) shall have one million (1,000,000) shares of New Common Stock
authorized of which two hundred five thousand (205,000) shares shall be issued
and outstanding, all of which shares of New Common Stock will

5

 

 represent one hundred percent (100%) of the equity ownership and voting
power of Reorganized FGC. The New Common Stock will be distributed in the
manner provided below. As more fully set forth below and in the Modified
Plan, Reorganized FGC (as well as Reorganized FSI which will become
Fitzgeralds Liquidation, Inc., (“FLI”)) shall become a Delaware corporation
through a merger of the existing entity into a new corporation to be formed on
or before the Effective Date.

     B.     Treatment of Noteholder Secured Claims and Noteholder
Deficiency Claims.

     From and after the Effective Date, each Noteholder as of the Distribution
Record Date shall receive for its Class 6 Noteholder Secured Claim its Pro Rata
share of the New Common Stock equal to the Collateral Value
Percentage.3 The
Class 9 Allowed Noteholders Deficiency Claims shall be satisfied by the receipt
of all of the New Common Stock that is not distributed to holders of Class 6
Claims as more fully provided for in Article 8 of the Modified Plan. The
Modified Plan further provides for a cash option for Noteholders. Each holder
of a Class 6 and Class 9 Claim may indicate on its Ballot its election to
receive a cash distribution in lieu of distributions of New Common Stock. Any
such electing holder shall, in lieu of all distributions that it would
otherwise be entitled to receive pursuant to Sections 5.1.1(c) and 5.3.1 of the
Modified Plan, receive $30.00 per $1,000.00 face amount of Notes owned by such
holder. The New Common Stock that would have been distributed to such electing
holders shall instead be sold pursuant to the Commitment
Agreement.4

	 	 	3 Collateral Value Percentage is defined in the Modified Plan as the ratio,
expressed as a percentage, of (x) value of all collateral remaining in the
Estates that secure the Notes and (y) the total value of all Estate assets
after deduction of all Cash to be distributed under the Plan except
distributions to Class 8.
	 
	 	 	4 The Commitment Agreement is the Plan Confirmation Commitment Agreement dated
as of March 19, 2003 between New FGC and Contrarian Capital Management, LLC
(“Contrarian”), a copy of which is included in the Plan Supplement. Pursuant
to the Commitment Agreement, Contrarian agrees to subscribe for all shares of
New Common Stock not issued to any holder of a Class 6 and Class 9 Allowed
Claim pursuant to the terms and conditions set forth therein.

6

 

     C.     Convenience Class Claims.

     Convenience Class Claims consist of all Allowed General Unsecured Claims
held and controlled by a Creditor in an aggregate amount of $25,000.00 or less,
or in an aggregate amount greater than $25,000.00, but which Creditor elects on
the Ballot to reduce to an aggregate of $25,000.00. The Modified Plan provides
that each holder of Allowed Convenience Class Claim shall be paid in full from
Plan Distribution Cash by the applicable Reorganized Debtor its Allowed
Convenience Class Claim plus interest at the Federal Judgment Rate from the
Petition Date until paid upon the latest of: (i) the Distribution Date; (ii)
the 10th business day after such claim is allowed, or as soon thereafter as
practicable; and (iii) such date as the holder of such Claim and Debtors or the
Reorganized Debtors have agreed or shall agree.

     D.     Allowed General Unsecured Claims.

     Each holder of an Allowed Class 8 General Unsecured Claim shall receive
Plan Distribution Cash equivalent to twenty percent (20%) of its Allowed
General Unsecured Claim upon the latest: (i) Distribution Date; (ii) the 10th
business day after such claim is allowed, or as soon thereafter as practicable;
and (iii) as such date as the holder of such Claim and Debtors or the
Reorganized Debtors have agreed or shall agree.

     Debtors have determined the following claimants have asserted Claims which
are classified as Class 8 General Unsecured Claims:

	 	 	 	 	 	 	 	 	 	 
	Debtor	 	Claimant	 	Amount Asserted
	
	 	
	 	

	 	FGC
	 	Jerome Turk	 	$	782,550.90	 
	 
	 	Reliance Insurance Co.	 	$	603,390.00	 
	 
	 	AIG Insurance Co.	 	$	279,763.00	 
	 	FMI
	 	WS Gaming	 	$	133,295.29	 

7

 

	 	 	 	 	 	 	 	 	 	 
	Debtor	 	Claimant	 	Amount Asserted
	
	 	
	 	

	 	FLVI
	 	Holiday Inn	 	$	1,832,071.97	 
	 
	 	WMS Gaming	 	$	30,273.53	 
	 	FRI
	 	Scout Development (and related rejection claims)	 	$	1,894,000.00	5
	 
	 		 	 	 	 

     Debtors and the Informal Committee dispute each of the above identified
Class 8 General Unsecured Claims and appropriate objections to such Claims are
or will be filed. Notwithstanding Debtors’ disputes regarding these Claims,
Debtors estimate that they will have $13,000,000.00 in Plan Distribution Cash
on the Effective Date. Thus, Debtors will have sufficient Plan Distribution
Cash for Class 8 Allowed General Unsecured Claims in the event that these
Claims are not reduced.

     E.     Intercompany Claims and Equity Securities.

     All Class 10 Intercompany Claims, Class 11 Subsidiary Equity Interests,
Class 12 Old FGC Preferred Stock, Class 13 FSI Warrant Claims, and Class 14 Old
FGC Common Stock shall be cancelled, terminated and extinguished without
further act or action under any applicable agreement, law, regulation, order or
rule.

     F.     Means of Implementation of the Plan.

          1. Plan Implementation Steps Occurring on Effective Date. On the Effective
Date, all of the assets of each Debtor’s Estate, including all causes of action
and avoidance actions, shall be preserved and shall revest in the Debtors free
and clear of all liens, claims and encumbrances, and then the following events
shall occur in the following sequence:

               a) FGC shall cause all subsidiaries of FGC, including debtors and
nondebtors, except FSI and FRI, to be merged with and into FSI pursuant to NRS
Chapter 92A,

	 	 	5 These figures are estimates only of the rejection damages and possible
deficiency claim provided to Debtors by Scout for the purposes of this
Disclosure Statement. Neither Scout, the Debtors, the Informal Committee or
any other party is bound by this estimate and Scout has reserved the right to
further provide a more definitive calculation of damages. All rights to object
to such Claim are reserved.

8

 

with FSI being the surviving entity in the mergers. On or before
the Effective Date, FGC shall cause to be executed, and shall cause to be filed
with the Nevada Secretary, the articles of merger and any related documents
required for such mergers to be effective at the earliest time reasonably
practicable on the Effective Date.

               b) On or before the Effective Date, New FGC shall be formed. On the
Effective Date, FGC shall merge with and into New FGC with New FGC being the
surviving corporation, and then New FGC shall change its name to “Fitzgeralds
Gaming Corporation.” On or before the Effective Date, FSI shall form FLI, and
on the Effective Date, following the mergers contemplated by Section 6.1.1, FSI
shall merge with and into FLI, with FLI being the surviving corporation.

               c) On the Effective Date, Reorganized FGC shall have one million
(1,000,000) shares of New Common Stock authorized of which two hundred five
thousand (205,000) shares shall be issued and outstanding, all of which shares
of New Common Stock shall, in accordance with the Modified Plan, be issued to
the Disbursing Agent in accordance with the Modified Plan.

               d) As of the Effective Date, the certificate of incorporation and by-laws
of Reorganized FGC shall be substantially in the forms of the Reorganized FGC
Articles and Reorganized FGC By-Laws, which provide for, among other things,
the authorization of any and all acts necessary to effectuate the Modified Plan
including, without limitation, the issuance of the New Common Stock. Such
certificate of incorporation and by-laws shall also provide: (i) to the extent
required by Section 1123(a) and (b) of the Bankruptcy Code, for a provision
prohibiting the issuance of non-voting equity securities; and (ii) for the
board of directors of Reorganized FGC to
be comprised of three (3) directors, to be initially nominated by the
Informal Committee no later than five (5) days prior to the commencement of the
Confirmation Hearing. The initial members of

9

 

the board of directors of
Reorganized FGC shall serve until such directors, or their successors are
elected at a properly noticed and constituted stockholders’ meeting of
Reorganized FGC. After the Effective Date, Reorganized FGC may amend and
restate the Reorganized FGC Articles and Reorganized FGC By-Laws as permitted
by applicable law.

               e) As of the Effective Date, the certificate of incorporation and bylaws
of Reorganized FRI shall be amended substantially in the forms of the
Reorganized FRI Articles and Reorganized FRI By-Laws, which provide for, among
other things, the authorization of any and all acts necessary to effectuate the
Modified Plan. Such certificate of incorporation and by-laws shall also
provide to the extent required by Section 1123(a) and (b) of the Bankruptcy
Code, for a provision prohibiting the issuance of non-voting equity securities.
After the Effective Date, Reorganized FRI may amend and restate the
Reorganized FRI Articles and Reorganized FRI By-Laws as permitted by applicable
law.

               f) As of the Effective Date, the certificate of incorporation and bylaws
of Reorganized FLI shall be substantially in the forms of the Reorganized FLI
Articles and Reorganized FLI By-Laws, which provide for, among other things,
the authorization of any and all acts necessary to effectuate the Modified
Plan. Such certificate of incorporation and by-laws shall also provide, to the
extent required by Section 1123(a) and (b) of the Bankruptcy Code, for a
provision prohibiting the issuance of non-voting equity securities. After the
Effective Date, Reorganized FLI may amend and restate the Reorganized FLI
Articles and Reorganized FLI By-Laws as permitted by applicable law.

               g) The Plan Distribution Cash shall be delivered to Reorganized FGC or
Reorganized FLI to be paid in accordance with the Modified Plan and the
Restructuring Agreement.

               h) On the Effective Date, Reorganized FGC shall pay from Plan Distribution
Cash all monies due but not yet paid in accordance with the Senior Management

10

 

Incentive Program, including the Retention Payments and Cash Incentive
Claims to the extent not previously paid and not subject to further reserve.

               i) All funds or other property received by or retained by Reorganized
Debtors shall be applied and distributed in accordance with the Modified Plan.

          2. Determination of Plan Distribution Cash. The Debtors shall determine
the necessary amount of Plan Distribution Cash with the consent of the Informal
Committee (not to be unreasonably withheld) as provided for in the
Restructuring Agreement. In the event agreement cannot be reached between the
Debtors and the Informal Committee prior to the Effective Date, the Bankruptcy
Court shall determine the amount of Plan Distribution Cash.

          3. Notice of Effectiveness. When all of the steps contemplated by Section
6.1 of the Modified Plan have been completed, the Debtors shall file with the
Bankruptcy Court and serve upon all holders of Claims and all potential holders
of Administrative Claims known to the Debtors (whether or not disputed), a
Notice of Effective Date of Plan. The notice shall include notice of the
Administrative Claim Bar Date.

          4. Surrender of Securities or Debt Instruments. On or before the
Distribution Date, or as soon as practicable thereafter, each Noteholder shall
surrender the Notes evidencing its Allowed Noteholder Deficiency Claim to the
Indenture Trustee as the Disbursing Agent for the Class 9 Claims. No
distribution of property hereunder shall be made to or on behalf of any such
Noteholder unless and until the Notes are delivered to the Indenture Trustee or
the unavailability of such Notes is reasonably established to the satisfaction
of Reorganized FGC. In the event any Noteholder seeks to establish the
unavailability of the Note evidencing such Allowed Noteholder Deficiency Claim,
Reorganized FGC shall, within thirty (30) Business Days after receipt of the
Noteholder’s evidence of
unavailability and statement of indemnity of Reorganized FGC, (i) provide
the Noteholder, in writing, with a detailed description regarding the rejection
of such

11

 

evidence and statement of indemnity; or (ii) deliver to the Indenture
Trustee a notice of compliance and distribute to such Noteholder any amounts
distributable from Reorganized FGC. Any such Noteholder who fails to surrender
or cause to be surrendered such Notes or fails to execute and deliver an
affidavit of loss and indemnity reasonably satisfactory to Reorganized FGC
prior to the second anniversary of the Effective Date, shall be deemed to have
forfeited all rights and claims in respect of such Notes and shall not
participate in any distribution hereunder, and all property in respect of such
forfeited distribution, including interest accrued thereon, shall revert to
Reorganized FGC notwithstanding any federal or state escheat laws to the
contrary.

          5. Cash Option for Bondholders. Each holder of a Class 6 and Class 9 Claim
may indicate on its Ballot its election to receive a cash distribution in lieu
of distributions of New Common Stock. Any such electing holder shall, in lieu
of all distributions that it would otherwise be entitled to receive pursuant to
Section 5.1.1(c) and 5.3.1 of the Modified Plan, receive $30.00 per $1,000.00
face amount of Notes owned by such holder. The New Common Stock that would
have been distributed to such electing holders shall instead be sold pursuant
to the Commitment Agreement.

          6. No Corporate Action Required. As of the Effective Date: (i) the
adoption or approvals of the mergers set forth in Section 6.1.1 and 6.1.2 of
the Modified Plan; (ii) the adoption of the Reorganized FGC Articles,
Reorganized FGC By-Laws, Reorganized FRI Articles, Reorganized FRI By-Laws,
Reorganized FLI Articles, Reorganized FLI By-Laws or similar constituent
documents for Reorganized Debtors; (iii) the initial selection of directors and
officers for Reorganized Debtors; (iv) the adoption, execution, delivery and
implementation of all contracts, leases, instruments, releases and other
agreements related to or contemplated by the Modified Plan; (v) the
revesting or transfer of Estate assets provided for in the Modified Plan; and
(vi) the other matters provided for under or in furtherance of the Modified
Plan involving corporate action to be

12

 

taken by or required of the Debtors or
Reorganized Debtors shall be deemed to have occurred and be effective as
provided herein, and shall be authorized and approved in all respects without
further order of the Bankruptcy Court or any requirement of further action by
the stockholders or directors of the Debtors and Reorganized Debtors. As of
the Effective Date, the term of each of the officers and directors of the
Debtors not continuing in office, if any, shall terminate pursuant to the
Confirmation Order without any further action by the stockholders or directors
of the Debtors or Reorganized Debtors.

          7. Informal Committee. Any consent, waiver or other action pursuant to
the Modified Plan to be given by, or power conferred on, the Informal
Committee shall be exercised by a vote of members of the Informal Committee who
in the aggregate own, beneficially own or have investment discretion with
respect to Notes comprising at least a majority of the outstanding principal
amount of the Notes. There shall be no requirement of a meeting or notice to
all Noteholders or Informal Committee members as a prerequisite to such a vote,
and the vote may be by written consent of sufficient members of the Informal
Committee.

          8. Duties of Indenture Trustee. Not later than the eleventh day after
entry of the Confirmation Order, the Indenture Trustee shall provide to the
Debtors and the Informal Committee a list of all bondholders, including
beneficial holders to the extent that the Indenture Trustee can reasonably
determine them. On the Effective Date the Indenture Trustee shall be cancelled
and the Indenture Trustee shall have no further duties thereunder.

          9. Executory Contracts and Unexpired Leases.

               a) Executory Contracts. All executory contracts and unexpired leases that
both exist on the Confirmation Date and are set forth on the schedule of
assumed executory contracts and unexpired leases attached to the Modified Plan
as Schedule “7.1,” shall be deemed assumed by the applicable Reorganized Debtor
on the Effective Date. Schedule 7.1 may be

13

 

modified by the Debtors up to the
Effective Date, with notice to the non-debtor party to the contract affected by
such modification and the Informal Committee.

               b) Approval of Assumption or Rejection. Entry of the Confirmation Order
shall constitute as of the Effective Date: (i) approval, pursuant to Bankruptcy
Code Section 365(a), of the assumption by the applicable Reorganized Debtor of
each executory contract and unexpired lease listed on Schedule 7.1, and (ii)
authorization for the Reorganized Debtors to reject each executory contract
and unexpired lease to which any of the Debtors are parties and which is not
listed on Schedule 7.1 and neither assumed, assumed and assigned nor rejected
by separate order prior to the Effective Date. Notwithstanding anything
contained herein to the contrary, up to the Confirmation Date the Debtors, with
the consent of the Informal Committee, shall have the right to add to or delete
from Schedule 7.1 of the Modified Plan any executory contract or unexpired
lease.

               c) Cure of Defaults. The applicable Reorganized Debtor shall Cure any
defaults respecting each executory contract or unexpired lease assumed pursuant
to Section 7.1 of the Modified Plan upon the latest of (i) the Effective Date
or as soon thereafter as practicable; (ii) such dates as may be fixed by the
Bankruptcy Court or agreed upon by the Debtors, with the consent of the
Informal Committee and after the Effective Date, the applicable Debtor; or
(iii) the tenth (10th) Business Day after the entry of a Final Order resolving
any dispute regarding (a) a Cure amount; (b) the ability of the applicable
Reorganized Debtor to provide “adequate assurance of future performance” under
the executory contract or unexpired lease assumed pursuant to the Modified Plan
in accordance with Section 365(b)(1) of the Bankruptcy Code; or (c) any matter
pertaining to assumption, assignment or the Cure of a particular executory
contract or an unexpired lease.

               d) Post-Petition Date Contracts and Leases. Subject to the Administrative
Claim Bar Date, Executory contracts and unexpired leases entered into and other
obligations

14

 

incurred after the Petition Date by the Debtors shall be performed
by the applicable Reorganized Debtor in the ordinary course of its business.

               e) Restructuring Agreement. Entry of the Confirmation Order shall
constitute authorization for the assumption on the Effective Date by
Reorganized Debtors of the (a) Restructuring Agreement to the extent
obligations and rights contained therein remain unperformed, (b) the Risk
Management Contracts existing as of the Effective Date.

               f) Bar Date. All proofs of Claims with respect to Claims arising from the
rejection of any executory contract or unexpired lease shall be filed with
Fitzgeralds Gaming Corporation, c/o Ropes & Gray, One International Place,
Boston, Massachusetts 02110, Attention: Don S. DeAmicis and D. Ross Martin, not
later than the earlier of the 30th day after the entry of the order approving
rejection of an executory contract or unexpired lease or the 30th day after the
Effective Date. Any Claim not filed within such time shall be forever barred.
Notwithstanding the above, the bar date for Scout Development shall be the 30th
day after the Effective Date pursuant to Court order.

          10. Indemnification Obligations. Any obligations of the Debtors to
indemnify any officer, director or employee serving as a fiduciary of any
employee benefit plan or program of the Debtors, pursuant to charter, by-laws,
contract or applicable state law shall be deemed to be, and shall be treated
as, an executory contract and rejected by Debtors on the Effective Date.

          11. Conditions to Confirmation of Plan. The following are conditions precedent to confirmation of the Modified
Plan:

               a) The Confirmation Order shall have been entered and be in form and
substance reasonably acceptable to the Debtors and the Informal Committee; and

               b) Since March 6, 2003, there shall have been no Consenting Noteholder
Default, Debtor Default or Senior Management Default under the Restructuring

15

 

Agreement, which default has not been waived pursuant to such agreement, and
there shall have been no termination upon condition subsequent of the
Restructuring Agreement.

          12. Conditions To Effectiveness. The following are conditions precedent
to the occurrence of the Effective Date:

               a) The Confirmation Order shall be a Final Order, except that the Debtors
reserve the right, with the consent of the Informal Committee, to cause the
Effective Date to occur notwithstanding the pendency of an appeal of the
Confirmation Order, under circumstances that would moot such appeal;

               b) No request for revocation of the Confirmation Order under Section 1144
of the Bankruptcy Code shall have been made, or, if made, shall remain pending,
including any appeal;

               c) All documents necessary to implement the transactions contemplated by
the Plan shall be in form and substance reasonably acceptable to the Debtors
and the Informal Committee; and

               d) Sufficient Plan Distribution Cash is set aside, reserved and withheld
to make distributions required by the Bankruptcy Code and the Plan.

          13. Waiver of Conditions. The Conditions to Confirmation and Conditions
to Effectiveness may be waived in whole or in part by
the Debtors and the Informal Committee at any time, without notice, an
order of the Bankruptcy Court or any further action other than proceeding to
Confirmation and consummation of the Modified Plan.

	 	 	 
	V.	 	
SUMMARY OF VOTING REQUIREMENTS AND CONFIRMATION OVER DISSENTING
CLASS.

     The Modified Plan must be accepted by Noteholders in Classes 6, 8 and 9 in
order to be confirmed. A class of claims is deemed to have accepted a plan
when allowed votes representing

16

 

at least two-thirds (2/3) in amount and a
majority in number of the claims of the class actually voting cast votes in
favor of a plan.

     If there is less than unanimous acceptance of the Modified Plan by
Impaired Classes of Claims, the Bankruptcy Court nevertheless may confirm the
Modified Plan at the Debtors’ request. Bankruptcy Code § 1129(b) provides that
if all other requirements of Bankruptcy Code § 1129(a) are satisfied and if the
Bankruptcy Court finds that: (i) the Modified Plan does not discriminate
unfairly, and (ii) the Modified Plan is fair and equitable with respect to the
rejecting Class(es) of claims impaired under the Modified Plan, the Bankruptcy
Court may confirm the Modified Plan despite the rejection of the Modified Plan
by a dissenting impaired class of Claims. The Debtors will request
confirmation of the Modified Plan pursuant to Bankruptcy Code §1129(b) with
respect to any impaired Class of Claims which does not vote to accept the
Modified Plan.

     Additionally, and as more fully explained in the Disclosure Statement in
Article XVI, Confirmation of the Plan, the Modified Plan must provide that
Creditors and holders of Equity Securities will receive at least as much under
the Modified Plan as they would receive in a liquidation of the Debtors under
chapter 7 of the Bankruptcy Code (“Best Interest Test”). The Liquidation
Analysis attached to the Disclosure Statement as Exhibit B summarized the
Debtors’ best estimate of recoveries by Creditors in the event of liquidation
of the Debtors as of December
31, 2002. Under the Modified Plan, the Impaired Classes of Claims are
Classes 6, 8, 9, 10,11,12, 13 and 14. The value provided under the Modified
Plan to these Classes is not less than they would receive in liquidation. The
Debtors have determined that confirmation of the Modified Plan will provide
each Creditor and holder of an Equity Security with no less of a recovery than
it would receive if the Debtors were liquidated under chapter 7.

17

 

     The Debtors believe that the Modified Plan satisfies all of the statutory
requirements for confirmation, that the Debtors have complied with or will have
complied with all the statutory requirements for confirmation of the Modified
Plan and that the Modified Plan is proposed in good faith. At the confirmation
hearing, the Bankruptcy Court will determined whether the Modified Plan
satisfies the statutory requirements for confirmation.

     All Creditors entitled to vote will be sent a Ballot, together with
instructions for voting, a copy of this Supplemental Disclosure Statement, to
which is attached a copy of the Modified Plan. You should read the Ballot
carefully and follow the instructions contained therein.

     A VOTE FOR ACCEPTANCE OF THE MODIFIED PLAN BY THOSE HOLDERS OF CLAIMS WHO
ARE ENTITLED TO VOTE IS MOST IMPORTANT.

You should complete your Ballot and return it as follows:

	 	GORDON & SILVER, LTD.

3960 HOWARD HUGHES PARKWAY

NINTH FLOOR

LAS VEGAS, NEVADA 89109

TELEPHONE: (702)796-5555

FACSIMILE: (702)369-2666

ATTENTION: Thomas H. Fell, Esq.

     TO BE COUNTED, YOUR BALLOT MUST BE RECEIVED AT THE ADDRESS LISTED ABOVE BY
5:00 P.M. PACIFIC TIME, APRIL 14, 2003.

VI. ADDITIONAL RISK FACTORS

     Portions of Articles XIII, XIV and XV, entitled Certain Federal Income Tax
Consequences, Securities Law Considerations, and Gaming Regulation and
Licensing, respectively, of the initial Disclosure Statement may no longer be
applicable to the Modified Plan. Debtors make no representations regarding the
tax, securities and gaming issues resulting from the Modified Plan, and
strongly recommend Noteholders consult their legal and tax advisors concerning
such issues.

18

 

     Debtors are informed that the Noteholders intend to continue the ongoing
business of Fitzgeralds Reno after the Effective Date. However, the Effective
Date is not contingent on approval by the Gaming Authorities of the transfer of
ownership. Debtors are further informed that the in the event the Noteholders,
as the owners of the New Common Stock, are not licensed by the Gaming
Authorities to own and operate Fitzgeralds Reno, the Noteholders intend to
lease the operations of Fitzgeralds Reno to a licensed operator. Debtors make
no representations and express no opinions as to the Noteholders’ ability to
maintain the operations of Fitzgeralds Reno.

VII. RECOMMENDATION AND CONCLUSION

     The Modified Plan provides the best possible recovery for Creditors.
Accordingly, Debtors recommend that Creditors which are entitled to vote on the
Modified Plan should vote to accept the Modified Plan.

     DATED this 26 day of March, 2003.

	 	 	 
	 	 	 
	 	 	
FITZGERALDS GAMING CORPORATION,

a Nevada corporation
	 	 	 
	 	 	
FITZGERALDS SOUTH, INC.,

a Nevada corporation
	 	 	 
	 	 	
FITZGERALDS RENO, INC.,

a Nevada corporation
	 	 	 
	 	 	
FITZGERALDS INCORPORATED,

a Nevada corporation
	 	 	 
	 	 	
FITZGERALDS LAS VEGAS, INC.,

a Nevada corporation
	 	 	 
	 	 	
FITZGERALDS MISSISSIPPI, INC.,

a Nevada corporation
	 	 	 
	 	 	
FITZGERALDS BLACK HAWK, INC.,

a Nevada corporation
	 	 	 
	 	 	
FITZGERALDS BLACK HAWK II, INC.,

a Colorado corporation
	 	 	 
	 	 	
101 MAIN STREET LIMITED LIABILITY COMPANY, a

Colorado Limited Liability Company

19

 

	 	 	 
	 	 	
FITZGERALDS FREMONT EXPERIENCE

CORPORATION, a Nevada Corporation

	 	 	 	 
	By	 	
/s/ Michael E. McPherson
	 	 	

	 	 	
MICHAEL E. MCPHERSON

Respectfully submitted:

GORDON & SILVER, LTD.

	 	 	 	 
	By:	 	
/s/ Gerald M. Gordon
	 	 	

	 	 	
GERALD M. GORDON, ESQ.

Nevada Bar No. 0229

THOMAS H. FELL ESQ.

Nevada Bar No. 3717

3960 Howard Hughes Parkway, 9th Fl.

Las Vegas, Nevada 89109

(702) 796-5555

Attorneys for Debtors

20Exhibit 10.4

 

EXHIBIT 10.4

AMENDMENT NO.1 TO

AMENDED AND RESTATED AGREEMENT

REGARDING PRE-NEGOTIATED RESTRUCTURING

     This Amendment No.1 (this “Amendment”), dated as of March 20, 2003, is
among the undersigned parties.

     WHEREAS, Fitzgeralds Gaming Corporation and certain of its subsidiaries
are debtors-in-possession (the “Debtors”) in the administratively consolidated
bankruptcy cases styled In re Fitzgeralds Gaming Corp., Bankr. D. Nev. No.
00-33467-GWZ;

     WHEREAS, on or about November 27, 2002, the Debtors, certain of their
executives and certain of the Debtors’ bondholder creditors entered into an
Amended and Restated Agreement Regarding Pre-Negotiated Restructuring (the
“Amended Restructuring Agreement”) which Amended Restructuring Agreement was
approved by the Bankruptcy Court on November 27, 2002;

     WHEREAS, certain disputes regarding the Amended Restructuring Agreement
have arisen among the Debtors, the Executives and certain of the Consenting
Noteholders;

     WHEREAS, on or about March 6, 2003, the Debtors, the Informal Committee,
the Executives and Consenting Noteholders holding (or beneficially owning) in
aggregate more than 50% of the outstanding principal amounts of Notes held by
Consenting Noteholders at the time of this Agreement entered into a Settlement
Agreement (the “Term Sheet Agreement”) that resolved their disputes by, inter
alia, proposing terms for an amendment to the Amended Restructuring Agreement;

     WHEREAS, the parties accordingly desire to amend the Amended Restructuring
Agreement to contemplate a revised plan of reorganization (the “Amended Plan”),
including a debt-for-equity swap in favor of the Noteholders;

     NOW THEREFORE, the undersigned agree as follows:

     1.     Definitions and General.

		
	 	     1.1. Definitions; Reference to Restructuring Agreement. The Amended
Restructuring Agreement as amended hereby is referred to herein as the
Amended Restructuring Agreement. Capitalized terms defined in the
Amended Restructuring Agreement and not otherwise defined herein are used
herein with the meanings so defined.
	 
	 	     1.2. Effect of Amendment. The amendments effected hereby are
prospective only, effective as of the date hereof, and have no
retroactive effect. As for the Debtors, the amendments shall be approved
by the Bankruptcy Court in conjunction with the confirmation of the
Amended Plan. No rights of any person under the Amended Restructuring
Agreement are abrogated, abridged or waived hereby except as expressly
stated herein. If there is a breach of the Amended Restructuring
Agreement or this Amendment, or the Plan is not confirmed on or before
April 21, 2003, then all parties

 

 

		
	 	shall revert to their positions ex ante
the signing of the Term Sheet Agreement, and the amendments to the
Restructuring Agreement effected hereby shall be null and void and of no
force or effect thereafter, except that parties shall retain their rights
to remedy any actionable breaches that occurred during the intervening
period.

     2.     Amendments to Amended Restructuring Agreement.

		
	 	     2.1. Amendments to Definitions.

		
	 	     2.1.1. Liquidation Date. The definition of the term
“Liquidation Date” is amended to read in its entirety as follows:

	 	 	 
	 	 	
“Liquidation Date” means the earlier to occur of (i)
120 days after the Confirmation Date and (ii) the
Effective Date.”

		
	 	     2.1.2. Plan. The definition of the term “Plan” is amended to
read in its entirety as follows:

	 	 	 
	 	 	
“Plan” means the Amended Plan in the form attached
hereto as Exhibit “10”, with amendments in form and
substance reasonably acceptable to the Required
Consenting Noteholders and Debtors and the Executives.”

		
	 	     2.1.3. Required Consenting Noteholders. A new definition is
added to read in its entirety as follows:

	 	 	 
	 	 	
“Required Consenting Noteholders” means Consenting
Noteholders who in the aggregate own Notes that in the
aggregate constitute more than 50% of the outstanding
principal amount of the Notes.”

		
	 	     2.1.4. ReTRAC Project. A new definition is added to read in
its entirety as follows:

	 	 	 
	 	 	
“ReTRAC Project” means a special assessment district,
approved in October 1998 by the Reno City Council, to
finance a portion of the costs to lower the elevation
of the railroad tracks that run through downtown Reno,
Nevada, to sub-grade. Preliminary plans for the ReTRAC
Project provide for the construction of a temporary
rail bypass that will be used to divert rail traffic
around the main railway during construction. The
southern boundary of the bypass will extend out into
the middle of Commercial Row, the street adjacent to
the Casino/Hotel entrance, valet parking area and
hotel-loading zone.”

		
	 	     2.1.5. Settlement Term Sheet Agreement. A new definition is
added to read in its entirety as follows:

-2-

 

	 	 	 
	 	 	
“Settlement Term Sheet Agreement” means the Settlement
Agreement Terms dated as of March 6, 2003, among the
Debtors, the Informal Committee, the Contrarian Funds
and the Executives.”

		
	 	     2.2. Amendment to Section 2.1. Section 2.1 of the Amended
Restructuring Agreement is hereby amended to add the following:

	 	 	 
	 	 	
“Following the 363 Sale of Fitzgeralds Las Vegas, Fitzgeralds
Tunica and Fitzgeralds Blackhawk, holders of more than 66.67%
in face amount of the Notes have expressed their belief that
in order to maximize value for Noteholders, a debt-for-equity
swap is preferred over continued attempts to sell Fitzgeralds
Reno. The Debtors in coordination and cooperation with the
Informal Committee and the Executives will seek to effect
such a reorganization through confirmation of the Amended
Plan.”

		
	 	     2.3. Amendment to Section 3.1(a). Section 3.1(a) of the Amended
Restructuring Agreement is hereby amended to add the following:

	 
	The Debtors shall make no further marketing efforts regarding
the Operating Companies unless an auction requested in
accordance with Section 3.1(c) proceeds.”

		
	 	     2.4. Deletion of Section 3.1(b). Section 3.1(b) of the Amended
Restructuring Agreement will be of no further force and effect.
	 
	 	     2.5. Deletion of Sections 3.6, 3.7 and 3.8. Sections 3.6, 3.7 and
3.8 of the Amended Restructuring Agreement will be of no further force
and effect.
	 
	 	     2.6. Deletion of Sections 4.2, 4.3 and 4.4. Sections 4.2, 4.3 and
4.4 of the Amended Restructuring Agreement will be of no further force
and effect.
	 
	 	     2.7. Amendment to Section 5.2(a). Section 5.2(a) of the Amended
Restructuring Agreement is hereby amended to add the following:

	 	 	 
	 	 	
“It is agreed amongst the parties hereto that the Deemed
Sales Price of Fitzgeralds Reno (inclusive of working capital
of $100,000 which shall include cash of $1.5 million) is $10
million. In addition, the parties hereto agree that the
Deemed Sales Price of Fitzgeralds Reno (i.e. $10 million)
shall be effective and considered a component of
Distributable Cash as of the Liquidation Date. In respect of
the foregoing, it is agreed amongst the parties hereto that
on the Effective Date the Debtors shall pay the Senior
Management the discounted present value as of June 30, 2001,
calculated at 12.25%, of $850,000.”
	 	 	 
	 	 	
“Within 10 Business Days prior to the Liquidation Date, the
Debtors and the Informal Committee shall agree on an estimate
of the remaining Distributable Cash (which shall exclude
$1,500,000 of cash on hand) held

-3-

 

	 	 	 
	 	 	
in, or to be derived from,
the Debtors’ estates with such amount being estimated net of
the Disputed Claim Amounts (as defined below) and the
Holdback Amount (as defined below). On the Liquidation Date,
Senior Management will receive cash payments in respect of
all outstanding amounts owing to them in respect of the Cash
Distribution Incentive as calculated using the estimated
amount of remaining Distributable Cash.”
	 	 	 
	 	 	
“On the Liquidation Date, Senior Management will receive a
cash payment of $25,000.00. The Debtors shall not settle any
condemnation proceeding or any related dispute regarding the
ReTRAC Project without consent of the Informal Committee.
	 	 	 
	 	 	
“In connection with the estimation of the remaining
Distributable Cash as referenced above, the Debtors and the
Informal Committee shall also agree on: (i) a list of
remaining disputed claims; and (ii) the maximum amount of
estate liability for each such disputed claim (the “Disputed
Claim Amount”). On the Liquidation Date, the Debtors shall
place into an escrow account (the “Residual Cash Escrow”) an
amount equal to 8.5% of the Disputed Claim Amount (the
“Holdback Amount”). Payments shall be made from the Residual
Cash Escrow to Senior Management within 25 days after the end
of each calendar month in an amount equal to that portion of
the Holdback Amount which is owing to Senior Management
equaling to 8.5% of the difference (if any) between: (x) the
Disputed Claim Amount with respect each such claim; and (y)
the amount at which each such disputed claim was resolved.”
	 	 	 
	 	 	
“The Consenting Noteholders executing this Agreement agree to
support and vote in favor of the Amended Plan even if the
Bankruptcy Court does not agree to the classification and
treatment of Allowed General Unsecured Claims as proposed in
the Amended Plan. As such, the amounts payable to Senior
Management pursuant to this Section 5.2(b) shall be reduced
by the lesser of (i) $75,000 and (ii) 10% of the aggregate
amounts in excess of $1,200,000 distributed from the Estates
to Jerry Turk and Holiday Inn, in the event the Amended Plan
is not confirmed with a payment cap of 20% for the holders of
Allowed Unsecured Claims exceeding $25,000.00.”

		
	 	     2.8. Amendment to Section 5.2(b). Section 5.2(b) of the Amended
Restructuring Agreement is hereby amended so as to include the following
additional language as the final paragraph thereof.

	 	 	 
	 	 	
“Notwithstanding any provision contained in this Section to
the contrary, with respect to any present value calculation
made for purposes of calculating the Cash Distribution
Incentive, Distributable Cash available
after the Liquidation Date shall be deemed to have been
available for distribution on the Liquidation Date.”

-4-

 

		
	 	     2.9. Deletion of Section 5.3. Section 5.3 of the Amended
Restructuring Agreement will be of no further force and effect.
	 
	 	     2.10. Amendment to Section 5.4. Section 5.4 of the Amended
Restructuring Agreement is hereby amended to replace the 4th sentence up
to the semi-colon so it reads as follows:

	 	 	 
	 	 	
“The Retention Payment shall be paid on the Liquidation Date”

		
	 	     2.11. Amendment to Section 5.5(b). Section 5.5(b) of the Amended
Restructuring Agreement is hereby amended to add at the end of such
section a new paragraph to read in its entirety as follows:

	 	 	 
	 	 	
“Each Executive also agrees to execute, on the Liquidation
Date, a non-compete agreement, in the form of Exhibit “12”
attached hereto limited to the geographic area described in
Section 5.5(b)(2)(b), in favor of reorganized FRI and
reorganized FGC under the Plan.”

		
	 	     2.12. Amendment to Section 5.6. Section 5.6 of the Amended
Restructuring Agreement is hereby amended to read in its entirety as
follows:

	 	 	 
	 	 	
“Senior Management Employment Agreements and Compensation.
	 	 	 
	 	 	
(a) The Debtors shall not assume the existing employment
agreements with Senior Management pursuant to Bankruptcy Code
Section 365. However, each Executive will, until the
Liquidation Date, continue to receive all compensation and
benefits at the levels and under the terms provided in their
respective employment agreements; provided, however, for the
period from November 1, 2002 through October 31, 2003, Phil
Griffith’s annual base salary shall be reduced by the amount
of $170,000 (the “Annual Reduction”). The Annual Reduction
shall be allocated as follows: (i) $30,000 for the period
from November 1, 2002 through January 31, 2003; (ii) $40,000
for the period from February 1, 2003 through April 30, 2003;
(iii) $50,000 for the period from May 1, 2003 through July
31, 2003; and (iv) $50,000 for the period from August 1, 2003
through October 31, 2003. In the event Mr. Griffith’s
employment is terminated, the applicable reduction amount in
effect for the three month period during which employment is
terminated shall be pro rated based upon the actual number of
days lapsed during such three month period prior to the
termination date divided by the total number of days which
constitute such three month period. No Executive shall
receive any compensation other than COBRA benefits as
provided by law for the Executive Health Insurance Program
(paid for by such Executive at the premium rate per month of
the established COBRA rates in place from time to time at the
Company depending upon the applicable dependent
coverage. No Executive shall be required to perform any
services for the

-5-

 

	 	 	 
	 	 	
Debtors after the Liquidation Date. There
shall not be any bonus payments to the Executives except as
contemplated by Section 5.2.
	 	 	 
	 	 	
"(b) Not later than March 31, 2003, the Debtors shall file a
motion for approval to pay Philip Griffith a “gross-up” for
taxes payable in respect of amounts being paid to him in lieu
of the Debtors providing him with a split-dollar life
insurance policy with a death benefit of $10,000,000. Such
motion shall not seek authority to pay gross ups for a period
longer than September 2002 through the Effective Date. The
Informal Committee and the Consenting Noteholders may oppose
such motion. The Debtors shall seek to have such motion
heard on April 21, 2003 or as soon thereafter as they may be
heard; the Consenting Noteholders and Mr. Griffith agree that
such notice is sufficient.
	 	 	 
	 	 	
"(c) On the Confirmation Date, the Debtors shall pay 50% of
the legal fees of the Executives incurred after January 31,
2003 in connection with the Amended Restructuring Agreement,
the amendment thereof and confirmation of the Amended Plan;
provided, however, that in no event shall such payments by
the Debtors exceed $12,500 in the aggregate.”

		
	 	     2.13. Deletion of Section 5.7. Section 5.7 of the Amended
Restructuring Agreement will be of no further force and effect.
	 
	 	     2.14. Deletion of Section 5.9. Section 5.9 of the Amended
Restructuring Agreement will be of no further force and effect.
	 
	 	     2.15. Deletion of Article VI. Article VI of the Amended
Restructuring Agreement will be of no further force and effect.
	 
	 	     2.16. Amendment to Section 9.1. Section 9.1 of the Amended
Restructuring Agreement is hereby amended to add at the end of such
section a new paragraph to read in its entirety as follows:

	 	 	 
	 	 	
“Plan Process. The Debtors shall file the Amended Plan and
Disclosure Statement not later than March 19, 2003. The
Debtors and the Executives shall use their best efforts, and
the Consenting Noteholders shall use their commercially
reasonable efforts (without requiring any out-of-pocket
expenditures or the giving of any indemnity) to cause the
Confirmation Date to occur not later than April 21, 2003, and
the Effective Date as expeditiously as possible thereafter.”

		
	 	     2.17. Amendment to Section 9.2(e). Section 9.2(e) of the Amended
Restructuring Agreement is hereby amended to add at the end of such
section a new paragraph to read in its entirety as follows:

	 	 	 
	 	 	
“Senior Management shall make any and all commercially
reasonable efforts while they are employed by the Debtors to
remain licensed under
applicable gaming laws and regulations and to operate and
manage the

-6-

 

	 	 	 
	 	 	
business of the Debtors. Any and all costs
incurred in this respect shall be borne by the Debtors.”

		
	 	     2.18. Amendment to Section 9.4. Section 9.4 of the Amended
Restructuring Agreement is hereby amended by adding a new sentence at the
end of such section to read in its entirety as follows:

	 	 	 
	 	 	
“After confirmation of the Amended Plan, the Informal
Committee shall discharge its financial advisor.”

		
	 	     2.19. Amendment to Section 9.5. Section 9.5 of the Amended
Restructuring Agreement is hereby amended by adding a new sentence at the
end of such section to read in its entirety as follows:

	 	 	 
	 	 	
“After confirmation of the Amended Plan, the Debtors shall
discharge their financial advisor.”

		
	 	     2.20. New Exhibit 10; Agreed Amended Plan. A new Exhibit 10 is
added to the Amended Restructuring Agreement, in the form attached to
Amendment No. 1 as Exhibit “A”.
	 
	 	     2.21. New Exhibit 11; Agreed Disclosure Statement. A new Exhibit 11
is added to the Amended Restructuring Agreement, in the form attached to
Amendment No. 1 as Exhibit “B”.
	 
	 	     2.22. New Exhibit 12; Non-Compete Agreement. A new Exhibit 12 is
added to the Amended Restructuring Agreement, in the form as attached to
Amendment No. 1 as Exhibit “C”.

     3.     Miscellaneous Operative Provisions.

		
	 	     3.1. Auction. The auction previously requested by Consenting
Noteholders pursuant to Section 3.1(c) of the Amended Restructuring
Agreement is hereby held in abeyance by agreement of the parties until
the Confirmation Date. Provided the Amended Plan is confirmed by April
21, 2003, the auction shall be cancelled and the notice of auction deemed
withdrawn. It is agreed that the time elapsed between the giving of
notice of such auction through March 6, 2003 shall count toward the time
limit for the Debtors to conduct an auction should the parties be placed
in their ex ante positions as a result of a failure to confirm the
Amended Plan. Subject to confirmation of the Amended Plan and the
Effective Date, Section 3.1(c) of the Amended Restructuring Agreement
will be of no further force and effect.

		
	 	     3.2. Standstill. No party to the Amended Restructuring Agreement
shall exercise any remedy under the Amended Restructuring Agreement after
the date hereof; provided, however, that any party may exercise remedies
for breach of the Amended Restructuring Agreement, or exercise its rights
to terminate that agreement, after April 21, 2003 unless the Amended Plan
has been confirmed. All cure periods under the
Amended Restructuring Agreement are hereby tolled from March 6, 2003
through April

-7-

 

		
	 	21, 2003, and from April 21, 2003 through the Effective
Date if the Confirmation Date occurs on or prior to April 21, 2003. Upon
the Effective Date of the Plan, all existing claims of breach and
defaults or Events of Default under the Amended Restructuring Agreement
shall be deemed cured.

     4.     Miscellaneous.

		
	 	     4.1. Governing Law. This Amendment shall be governed by the
substantive law of The State of Nevada.
	 
	 	     4.2. Entire Agreement. This Amendment, together with the Amended
Restructuring Agreement, constitutes the entire agreement among the
parties regarding the subject matter hereof, and supercedes all prior and
contemporaneous agreements and negotiations including the Settlement Term
Sheet Agreement, which is of no further force or effect; provided,
however, that the covenants of the parties under this Amendment and the
Amended Restructuring Agreement shall not in any way be interpreted to
limit the rights of any Consenting Noteholder under the Commitment
Agreement of even date herewith.
	 
	 	     4.3. Settlement. This Amendment is a settlement of disputes
concerning the Amended Restructuring Agreement, and is intended to be
subject to Federal Rule of Evidence 408 and similar state-law provisions.
	 
	 	     4.4. No Third Party Beneficiaries. This Amendment shall not confer
any rights or remedies upon any person other than the Debtors, Executives
and Consenting Noteholders and their respective successors and permitted
assigns, and any predecessor holders of Notes that, as of the date
hereof, are held by any of the parties identified as the “Contrarian
Funds” on the signature pages hereto, and nothing herein express or
implied shall give or be construed to give to any Person, other than the
parties hereto and such successors, assigns and predecessors, any legal
or equitable rights, remedies or claims hereunder.
	 
	 	     4.5. Jurisdiction. The parties consent to the exclusive
jurisdiction of the Bankruptcy Court to resolve all disputes regarding
this Amendment, and waive any right to trial by jury with respect to such
disputes.
	 
	 	     4.6. Execution of Document. This Amendment may be executed in
counterpart, and by facsimile signatures.
	 
	 	     4.7. Successors and Assigns. This Amendment is binding on the
parties’ successors and assigns.

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

-8-

 

     IN WITNESS WHEREOF, this Amendment has been duly executed and delivered by
the duly authorized officer of each party and is effective on the date stated
in the Preamble hereto.

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	FITZGERALDS GAMING CORPORATION
	 	 	 	 	 	 	 
	 	 	
By:
	 	/s/ Philip D. Griffith	 	 
	 	 	 	 	
	 	 
	 	 	
Its	 	 	 	 
	 	 	 	 	
	 	 
	 	 	 	 	 	 	 
	 	 	FITZGERALDS, INC. 
	 	 	 	 	 	 	 
	 	 	
By:
	 	/s/ Philip D. Griffith	 	 
	 	 	 	 	
	 	 
	 	 	
Its	 	 	 	 
	 	 	 	 	
	 	 
	 	 	 	 	 	 	 
	 	 	FITZGERALDS BLACK HAWK, INC.
	 	 	 	 	 	 	 
	 	 	
By:
	 	/s/ Philip D. Griffith	 	 
	 	 	 	 	
	 	 
	 	 	
Its	 	 	 	 
	 	 	 	 	
	 	 
	 	 	 	 	 	 	 
	 	 	FITZGERALDS BLACK HAWK II, INC.
	 	 	 	 	 	 	 
	 	 	
By:
	 	/s/ Philip D. Griffith	 	 
	 	 	 	 	
	 	 
	 	 	
Its	 	 	 	 
	 	 	 	 	
	 	 
	 	 	 	 	 	 	 
	 	 	FITZGERALDS LAS VEGAS, INC.
	 	 	 	 	 	 	 
	 	 	
By:
	 	/s/ Philip D. Griffith	 	 
	 	 	 	 	
	 	 
	 	 	
Its	 	 	 	 
	 	 	 	 	
	 	 
	 	 	 	 	 	 	 
	 	 	FITZGERALDS MISSISSIPPI, INC. 
	 	 	 	 	 	 	 
	 	 	
By:
	 	/s/ Philip D. Griffith	 	 
	 	 	 	 	
	 	 
	 	 	
Its	 	 	 	 
	 	 	 	 	
	 	 

-9-

 

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	FITZGERALDS RENO, INC.
	 	 	 	 	 	 	 
	 	 	
By:
	 	/s/ Philip D. Griffith	 	 
	 	 	 	 	
	 	 
	 	 	
Its	 	 	 	 
	 	 	 	 	
	 	 
	 	 	 	 	 	 	 
	 	 	FITZGERALDS SOUTH, INC.
	 	 	 	 	 	 	 
	 	 	
By:
	 	/s/ Philip D. Griffith	 	 
	 	 	 	 	
	 	 
	 	 	
Its	 	 	 	 
	 	 	 	 	
	 	 
	 	 	 	 	 	 	 
	 	 	101 MAIN STREET, Limited Liability Company
	 	 	 	 	 	 	 
	 	 	
By:
	 	/s/ Philip D. Griffith	 	 
	 	 	 	 	
	 	 
	 	 	
Its	 	 	 	 
	 	 	 	 	
	 	 
	 	 	 	 	 	 	 
	 	 	FITZGERALDS FREMONT EXPERIENCE CORPORATION
	 	 	 	 	 	 	 
	 	 	
By:
	 	/s/ Philip D. Griffith	 	 
	 	 	 	 	
	 	 
	 	 	
Its	 	 	 	 
	 	 	 	 	
	 	 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Principal Amt.
	 	 	 	 	 	 	 	 	of Notes
	 	 	 	 	 	 	 	 	 	
	 
	Dated:	 	 	 	CONTRARIAN CAPITAL MANAGEMENT, L.L.C.	 	 	$	 
	 	 	

	 	 	 	 	 	 	
	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:
	 	/s/ authorized signatory	 	 	 	 
	 	 	 	 	 	 	
	 	 	 	 
	 	 	 	 	Its	 	 	 	 	 	 
	 	 	 	 	 	 	
	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	Dated:	 	 	 	CONTRARIAN CAPITAL ADVISORS, L.L.C.	 	 	$	 
	 	 	

	 	 	 	 	 	 	
	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:
	 	/s/ authorized signatory	 	 	 	 
	 	 	 	 	 	 	
	 	 	 	 
	 	 	 	 	Its	 	 	 	 	 	 
	 	 	 	 	 	 	
	 	 	 	 

-10-

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Principal Amt.
	 	 	 	 	 	 	 	 	of Notes
	 	 	 	 	 	 	 	 	 	
	 
	Dated:	 	 	 	CONTRARIAN CAPITAL FUND I, L.P.	 	 	$	 
	 	 	

	 	 	 	 	 	 	
	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:
	 	/s/ authorized signatory	 	 	 	 
	 	 	 	 	 	 	
	 	 	 	 
	 	 	 	 	Its	 	 	 	 	 	 
	 	 	 	 	 	 	
	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	Dated:	 	 	 	CONTRARIAN CAPITAL FUND II, L.P.	 	 	$	 
	 	 	

	 	 	 	 	 	 	
	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:
	 	/s/ authorized signatory	 	 	 	 
	 	 	 	 	 	 	
	 	 	 	 
	 	 	 	 	Its	 	 	 	 	 	 
	 	 	 	 	 	 	
	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	Dated:	 	 	 	CONTRARIAN CAPITAL TRADE CLAIMS, L.P.	 	 	$	 
	 	 	

	 	 	 	 	 	 	
	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:
	 	/s/ authorized signatory	 	 	 	 
	 	 	 	 	 	 	
	 	 	 	 
	 	 	 	 	Its	 	 	 	 	 	 
	 	 	 	 	 	 	
	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	Dated:	 	 	 	CREDIT SUISSE FIRST BOSTON INTERNATIONAL	 	 	$       25,000,000	 
	 	 	

	 	 	 	 	 	 	
	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By	 	 	 	 	 	 
	 	 	 	 	 	 	
	 	 	 	 
	 	 	 	 	Its	 	 	 	 	 	 
	 	 	 	 	 	 	
	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	SENIOR MANAGEMENT	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	Stock:	 	

	 	/s/ Philip D. Griffith

Philip D. Griffith	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	Stock:	 	

	 	/s/ Michael E. McPherson

Michael E. McPherson	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	Stock:	 	

	 	/s/ Max L. Page

Max L. Page	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	Stock:	 	

	 	/s/ Paul H. Manske

Paul H. Manske	 	 	 	 

-11-

 

NON-COMPETITION AND NON-SOLICITATION AGREEMENT

     This NON-COMPETITION AGREEMENT (the “Agreement”) is made as of
     , 2003 between Fitzgeralds Gaming Corporation, a Delaware
corporation (the “Company”), and [Name of Executive] (the “Executive”).

     WHEREAS, the Executive has been a member of senior management of
Fitzgeralds Gaming Corporation, a Nevada Corporation (“FGC”), and certain of
its Subsidiaries.

     WHEREAS, FGC is a debtor-in-possession in a bankruptcy case filed in the
United States Bankruptcy Court for the District of Nevada in a matter entitled
In re Fitzgeralds Gaming Corporation, Case No. BK-N-00-33467-GWZ (Joint
Administration with BK-N-00-33468 (Fitzgeralds South, Inc.), BK-N-00-33469
(Fitzgeralds Reno, Inc.), BK-N-00-33470 (Fitzgeralds, Inc.), BK-N-00-33471
(Fitzgeralds Las Vegas, Inc.), BK-N-00-33472 (Fitzgeralds Mississippi, Inc.),
BK-N-00-33473 (Fitzgeralds Black Hawk, Inc.), BK-N-00-33474 (Fitzgeralds Black
Hawk II, Inc.), BK-N-00-33475 (101 Main Street LLC), BK-N-00-33476 (Fitzgeralds
Fremont Experience Corp.)) (the “Chapter 11 Case”).

     WHEREAS, on March 19, 2003, FGC filed its Second Amended Plan of
Reorganization as Modified (the “Plan”).

     WHEREAS, the Debtors, Senior Management and the Consenting Noteholders
entered into a Restructuring Agreement (the “Restructuring Agreement”), dated
as of December 1, 2000, as amended, which provides for, inter alia, certain
payments to be made to the Executive in consideration of such Executive’s
agreement to enter into one or more non-competition agreements with any buyer
of the assets or stock of an Operating Company (as defined in the Restructuring
Agreement).

     WHEREAS, pursuant to the Plan, FGC will be reorganized and, upon the
effectiveness of the Plan, FGC will be merged with and into the Company, with
the Company surviving such merger.

     WHEREAS, the Company, as the successor-in-interest to FGC constitutes a
buyer of the stock of FGC.

     WHEREAS, the Executive possesses an intimate knowledge of the business and
affairs of FGC and FRI and their policies, methods, personnel and operations.

     WHEREAS, the Executive acknowledges and agrees that the consideration for
the obligations of the Executive set forth in this Agreement consists of the
payments or other consideration paid or payable to him pursuant to the
Restructuring Agreement and the transactions contemplated thereby. The
Executive further acknowledges and agrees that the restrictions on his
activities set forth herein are reasonable.

     NOW, THEREFORE, the parties agree as follows:

 

 

     1.     DEFINITIONS. Unless otherwise defined herein, initially capitalized
terms used in this Agreement shall have the meanings ascribed to them in the
Restructuring Agreement.

     2.     NON-COMPETITION

               2.1. Restriction on Competitive Activities. The Executive agrees
that for a period of eighteen months following the Liquidation Date, the
Executive shall not, either for himself or for any other Person
controlled by him, engage in any commercial activities in the gaming
industry and shall not, directly or indirectly, own, manage, operate,
control or participate in any manner in the ownership, management,
operation or control of, or be connected as an officer, employee,
partner, director, principal, consultant, agent or otherwise with, or
have any financial interest in, or aid or assist anyone else in the
conduct of, any business, venture or activity which is the same as or
similar to, or otherwise competes with, any business, venture or activity
which is being conducted or is proposed to be conducted by the Company or
by any group, division or Subsidiary of the Company on or prior to the
Liquidation Date in any area that is within a 75 mile radius of the
hotel-casino in Reno, Nevada owned by FGC or its successors in interest,
but excluding the geographic area within one-half mile of the shoreline
of Lake Tahoe. Ownership of less than five percent of the publicly held
voting stock of any corporation shall not, in and of itself, constitute a
violation of this Section 2.1.

               2.2. Restriction on Taking Employees or Customers. Provided the
balance of $500,000.00 of the Executive Payment is paid to Senior
Management on the Liquidation Date, the Executive agrees that for a
period of twelve months following the Liquidation Date, the Executive
shall not, directly or indirectly, (i) recruit or otherwise seek to
induce any employees of the Company or FRI to terminate their employment
or violate any agreement with, or duty to, the Company or FRI, and (ii)
solicit or encourage any customer or supplier of the Company or FRI to
terminate or materially diminish its relationship with the Company or FRI
to conduct with himself or any other Person any business, venture or
activity which such customer or supplier has conducted at any time with
the Company or FRI or any of their respective predecessors.

     3.     NOTICES. Any notice required to be given pursuant to this Agreement
shall be given in writing. Any notice, consent, approval, demand, delivery or
other communication in connection with this Agreement shall be deemed to be
given if given in writing (including by facsimile) addressed as provided below
(or to the addressee at such other address as the addressee shall have
specified by notice actually received by the addressor), and if either (a)
actually delivered in fully legible form to such address or (b) in the case of
a letter, five days shall have elapsed after the same shall have been deposited
in the United States mails, with first class postage prepaid and registered or
certified:

     If to the Executive:

		
	 	     [Address]
	 
	 	     Telephone:
	 	     Facsimile:

     with copies to:

-2-

 

		
	 	     [Address]
	 
	 	     Attention:
	 	     Facsimile:

     If to the Company:

		
	 	     [Address]
	 
	 	     Attention:
	 	     Facsimile:

     with a copy to:

		
	 	     Ropes & Gray
	 	     One International Place
	 	     Boston, MA 02110
	 	     Attention: Don DeAmicis, Esq.
	 	     Telephone: (617) 951-7000
	 	     Facsimile: (617) 951 7050

     4.     MISCELLANEOUS. No provision of this Agreement may be modified, waived
or discharged unless such waiver, modification or discharge is approved by the
Board of Directors of the Company and agreed to in writing signed by the
Executive and such officer as may be specifically authorized by the Board of
Directors of the Company in connection with such approval. No waiver by the
Company at any time of compliance with or of any breach by the Executive of any
condition or provision of this Agreement shall be deemed a waiver of similar or
dissimilar provisions or conditions at the same or at any prior or subsequent
time. The validity, interpretation, construction and performance of this
Agreement and the legal relations created thereby shall be governed by the laws
(other than the conflict of law rules) of the State of Nevada and all actions
or proceedings regarding this Agreement shall be brought in the State of
Nevada. The Executive acknowledges and agrees that, if he were to breach any
of the provisions of this Agreement, the harm to the Company and its Affiliates
would be irreparable, and that because the Company’s legal remedies may be
inadequate in the event of such a breach or threatened breach of, or other
failure to perform, any of the covenants and agreements set forth herein by the
Executive, the Company shall, in addition to obtaining any other remedy or
relief available to it (including without limitation damages at law), have the
right to obtain preliminary and permanent injunctive or other equitable relief
against any such breach or threatened breach without having to post bond.

     5.     VALIDITY. In the event that any provision hereof would, under
applicable law, be invalid or unenforceable, such provision shall, to the
extent permitted under applicable law, be construed by modifying or limiting it
so as to be valid and enforceable to the maximum extent possible under
applicable law. The provisions of this Agreement are severable, and in the
event that any provision hereof should be held invalid or unenforceable in any
respect, it shall not invalidate, render unenforceable or otherwise affect any
other provision hereof. The executive

-3-

 

further agrees that, in the event that
any provision of this Agreement shall be determined by any court of competent
jurisdiction to be unenforceable by reason of its being extended over too great
a time, too large a geographic area or too great a range of activities, such
provision shall be deemed to be modified to permit its enforcement to the
maximum extent permitted by law.

     6.     COUNTERPARTS. This Agreement may be executed in any one or more
counterparts, each of which shall be deemed to be an original but all of which
together shall constitute one and the same instrument.

     7.     ENTIRE AGREEMENT. This Agreement constitutes the entire agreement
between the parties hereto, and supersedes any and all prior and
contemporaneous communications, agreements and understandings, written or oral,
with respect to the subject matter hereof; provided, however, that if a
conflict exists between any provision of this Agreement and the Restructuring
Agreement, the terms of the Restructuring Agreement shall prevail; provided
further, however that this Agreement shall not terminate or supersede any
additional obligations the Executive may have pursuant to any other agreement
or under applicable law with respect to confidentiality, non-solicitation of
employee, assignment of rights to intellectual property or the like, all of
which shall remain in full force and effect in accordance with their terms
except as otherwise provided in the Restructuring Agreement or Plan.

     8.     ASSIGNMENT. This Agreement shall inure to the benefit of and be
binding upon (i) the Executive, his personal or legal representatives,
executors, administrators, successors, heirs, distributees, devisees and
legatees and (ii) the Company and its successors (including, without
limitation, by means of reorganization, merger, consolidation or liquidation)
and permitted assigns. The Company may assign this Agreement to any Subsidiary
or to any successor of the Company by reorganization, merger, consolidation or
liquidation and any transferee of all or substantially all of the business or
assets of the Company. The obligations of the Executive herein are personal,
and the Executive may not assign this Agreement.

     9.     EFFECTIVENESS. This Agreement shall only become effective upon the
Liquidation Date.

     IN WITNESS WHEREOF, the parties hereto have hereunto set their hands under
seal, as of the date first above written.

	 	 	 	 	 	 	 	 	 	 	 
	 	 	Fitzgeralds Gaming Corporation, A Delaware Corporation

	 	 	 	 	 	 	 
	 	 	
By	 	 	 	 
	 	 	 	 	
	 	 
	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
	 	 
	 	 	 	 	[Name of Executive]	 	 

-4-

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