In Brief

Court clears way for sale of troubled casino

ATLANTIC CITY, N.J. : The former owners of the Tropicana Casino and Resort "lacked financial integrity and responsibility, as well as business ability," and deserved to be stripped of their casino license, the New Jersey Supreme Court ruled unanimously yesterday. The unusually quick decision, coming just eight days after the high court heard oral arguments in the case, clears the way for a state-appointed trustee to sell the troubled gambling hall in a bankruptcy court auction. The casino has remained open since the license denial, under the supervision of the trustee, retired state Supreme Court Justice Gary Stein. The decision removes the main obstacle to Stein's efforts to find a new owner for the Tropicana, as required by law. He has selected Baltimore-based Cordish Co. as a potential purchaser for the casino in a bankruptcy court auction. David Cordish, chairman of the company that bears his name, said yesterday that the company is still interested in buying the Tropicana.

AIG limits chief's salary to $1 this year and next

CHARLOTTE, N.C.: American International Group Inc. said yesterday that it is limiting how much it pays its top executives, including granting a $1 salary for this year and the same for 2009 to Chief Executive Edward Liddy. The decision is one of many broader moves made by the troubled New York-based insurer, which has been under pressure to restrict executive pay since accepting billions in government assistance to save it from collapse. AIG has received about $150 billion so far, more than any other company. It was once the world's largest insurer, and regulators feared the possible effect an AIG collapse would have had on the world's financial system. The company said there will be no 2008 annual bonuses and no salary increases through 2009 for AIG's top seven officers and no salary increases through 2009 for the 50 next-highest AIG executives. In addition to his $1 a year salary, Liddy will get an unspecified amount of stock.