Nathan sues Asian Coast and shareholders

 

Lloyd Nathan, chief executive of Asian Coast Development Ltd., which is developing the Ho Tram Strip casino resort complex near Vung Tau, has sued the company for breach of contract, along with its chairman and the chiefs of two of its top shareholders, Philip Falcone of Harbinger Capital Partners LLC and Anthony Sanfilippo of Pinnacle Entertainment Inc. Nathan alleged that the company got him to stay on as chief executive after he tried to resign in October just to get his help to win Vietnamese approval of changes to the company’s investment certificate. He alleged that a day after the approval was received, he was placed on leave and told his conduct was grounds for termination. Pinnacle earlier this month wrote off the remaining $92.2 million investment in Asian Coast on its books, citing uncertainties with the project.