Trust controlled by wife of Galaxy Gaming CEO files for bankruptcy protection
The Saucier Business Trust, owned by the wife of Galaxy Gaming Inc. CEO Robert Saucier, has filed bankruptcy to protect itself from a foreclosure brought on by Bank of America.
Signed by Therese Saucier, the May 2 filing claims the trust had less than $50,000 in assets against nearly $2 million in debts.
The trust owes the majority of those debts — about $1.8 million — to Bank of America, which doled out a set of mortgages and a mortgage loan for property at 6980 O’Bannon Drive, the headquarters of Galaxy Gaming Inc., the filing says.
While the Saucier Business Trust collects rent from Galaxy Gaming Inc., Robert Saucier said neither he nor his company has had any occasion to associate with the trust.
A detailed list of 15 creditors with the largest unsecured claims also includes debts to Nevada Energy, Ten Oaks Home Owners Association and the city of Las Vegas.
The filing lists two co-debtors: the Alix Saucier Regulatory Trust and Galaxy Gaming LLC.
Bank of America filed a lawsuit against Galaxy Gaming and the Alix Saucier Regulatory Trust in October 2012 asserting that the companies hid assets to avoid paying debts.
The ongoing suit hit the courthouse as the bank tries to collect on what it called a defaulted $1.183 million loan.
Though the loan went to Galaxy Gaming LLC, it was guaranteed by the Alix Saucier Regulatory Trust, named after Alixandra Saucier, Robert Saucier’s daughter, who was 13 years old when the bank processed the loan.