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American Wagering Inc. gets credit extension

Jan 27, 2009 5:01 PM
Industry Insider by Ray Poirier | Officials of American Wagering Inc. (BETM) and the U.S. Bank have executed an agreement extending the maturity date of the company’s $500,000 revolving line of credit for 90 days through March 31.

In connection with the extension, Victor Salerno, president and CEO of the company, granted a deed of trust in his residence to the bank to secure the company’s obligation to the bank.

Also, Salerno previous guarantee of all of the company’s obligations to the bank remains in effect, according to a filing Monday with the Securities & Exchange Commission.

The filing notes that Salerno has waived any right of subrogation against the company until the bank is paid in full.