MPTV says it didn't want to file the bankruptcy petition because it thought it had reached an agreement with its lender on a means to satisfy its outstanding mortgage debt. According to the MPTV announcement, however, its lender's delay in funding the project, along with other actions, prompted the bankruptcy filing.
MPTV has been granted building permits for Phase I of the Lake Tropicana resort, which includes the conversion and remodeling of the property. Lake Tropicana is the principal asset of MPTV. The development is in Las Vegas, between the MGM Grand Hotel/Casino and the Aladdin Hotel/Casino on the Las Vegas Strip as well as near the Hard Rock Cafe at Paradise and Harmon avenues.
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