Cheyenne Mountain Entertainment Appoints A Receiver

The Maricopa County Superior Court has ordered that Edward “Ted” Burr of Sierra Consulting Group (“Sierra”) be appointed as receiver to take over the assets, affairs, management, operation and control of Cheyenne Mountain Entertainment, Inc. (“CME”) and its subsidiary Cheyenne Mountain Games, Inc. (“CMG”). The term “Receiver” shall include assistants to Mr. Burr employed at Sierra.

Dale Belt, a Managing Director at Sierra, has begun the process of complying with the court order. Additionally, on Thursday afternoon of March 18th, Judge Sarah Curley of the United States Bankruptcy Court – District of Arizona ruled that the Receiver shall be recognized as the controlling managerial representative for CME in its Chapter 11 proceeding filed on February 12th.

The above actions have effectively ended the six week battle over control of the companies that began on February 3rd with the filing of a complaint in Superior Court by shareholder plaintiffs requesting appointment of a Receiver. As Receiver, Mr. Burr and Mr. Belt (and associates as necessary) will have full control over all aspects of CME and CMG. A copy of the order appointing receiver is attached. Communications from any parties other than the Receiver (written, email, phone or otherwise) should be ignored until further notice by the Receiver.