Boccardi Capital Systems Appeals Decision to Dismiss Its Case Against D. E. Shaw Laminar Portfolios, LLC Filed in U.S. District Court, Southern District Of New York in 2005

LAS VEGAS, NV--(Marketwire - June 8, 2009) - Boccardi Capital Systems has filed its appeal of the decision to dismiss its case, Boccardi Capital Systems vs. D. E. Shaw Laminar Portfolios LLC, previously pending in the United States District Court for the Southern District of New York in Manhattan, which was heard by the Honorable George B. Daniels. The complaint was filed in 2005. The motion to dismiss was heard on April 13, 2006. The Court issued its ruling on February 9, 2009, without permitting an opportunity for discovery.

Boccardi Capital Systems (Boccardi) pursued its case against D. E. Shaw Laminar Portfolios LLC (Shaw), in connection with Riviera Holdings (Issuer), owner of the Riviera Hotel & Casino in Las Vegas.

In the lawsuit, Boccardi alleges that Shaw misused information that it obtained from Boccardi, pursuant to a Confidentiality and Use Restriction Agreement concerning an investment opportunity in connection with Riviera Holdings. After obtaining from Boccardi relevant information, which included, but was not limited to, access to a substantial block of stock of the Issuer unknown to the public, and of strategic value, Boccardi alleges in its Complaint that Shaw obtained more than nineteen million dollars in profits by investing in Riviera, but it refused to include Boccardi in the transaction. In its complaint, Boccardi seeks to pursue claims against Shaw for, among other things, breach of contract, breach of fiduciary duty, and unjust enrichment.

"The dismissal of the case in the preliminary phase after almost four years without allowing any discovery is very surprising to us," says Mr. Fabrizio Boccardi, President of Boccardi Capital Systems. "We are hopeful that the decision will be reversed by the appellate court."

Boccardi intended to launch King Midas World in the casino industry, if it would have been successful with the acquisition of Riviera Holdings as reported by The Wall Street Journal in 2003. King Midas World Entertainment which was launched in 2006 as a media and gaming brand has already established a successful publishing franchise and is in the process of developing a Major Motion Picture with preeminent producers in the industry. This potential Blockbuster, announced and in the active stages of development is based on the best-selling Novel "The Seven Sins: The Tyrant Ascending," and the Tyrant, a Las Vegas based character, both proprietary owned by King Midas World Entertainment.

Boccardi saw opportunity at the time in debt-ridden Riviera Holdings, much before Riviera experienced a considerable increase in value later in 2004 and 2005. Boccardi alleges to have approached Shaw, who did not have any interest in the Issuer, in late 2003, while seeking a Financing Partner for its plans to obtain control.

Such plans included initial acquisitions of stock in Riviera, prior of a planned bid by Boccardi. Shaw made the initial purchases of stock in early 2004 with the acquisition of Donald Trump's shares in Riviera and another substantial block of stock not publicly known, then, Boccardi alleges in its Complaint, Shaw breached the agreements, kept the stock which was supposed to be shared and used with Boccardi, and subsequently bid alone for control of Riviera Holdings, refusing to include Boccardi in any transaction concerning the Issuer. In its Complaint, among other things, Boccardi alleges that contrary to Shaw's defense allegations, it was ready willing and able to participate in the planned transactions with Shaw concerning the Issuer.

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