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IEB Report for Penn National 9.18.13

IEB Report for Penn National 9.18.13

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Published by masslive
Penn National — unsuccessful in two previous bids to enter the Massachusetts gambling market — recently announced it had signed an option to purchase Plainridge and would honor the terms of the previous agreement.
Penn National — unsuccessful in two previous bids to enter the Massachusetts gambling market — recently announced it had signed an option to purchase Plainridge and would honor the terms of the previous agreement.

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Published by: masslive on Sep 18, 2013
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11/24/2013

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1. Qualifier’s Name and Verified Information

Research of available onlinepublic records and documents provided by Novogratz has
verified the following information:
Name:

Michael Edward Novogratz

Address:
Date of Birth:
Social Security Number:

2. Employment History

Research confirmed that Novogratz is President and a member of the Board of Directors
of Fortress Investment Group. Novogratz disclosed that he has been employed at the following
companies during the time frames noted. This was confirmed through research of online
employment records and a review of the applicant’s financial records and tax returns. No
derogatory information has been developed pertaining to Novogratz’s employment history.

• Fortress Investment Group

(March 2002 to March Present)

• Self Employed, Personal Investments

(September 2000 to March 2002)

• Goldman Sachs & Co.

(April1989 to August 2000)

3. Criminal Record

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297

4. Education

Novogratz disclosed that he attended Princeton University and New York University.
Consultation with these educational institutions confirmed that Novogratz graduated with a
Bachelor of Arts degree in Finance and Economics from Princeton University in 1987. Research
conducted with New York University confirmed that Novogratz attended this institution from
1991 to 1992 in an effort to complete a Masters Degree in Economics. He did not finish this
program or obtain a degree.

5. Professional and Gaming Licenses

Novogratz disclosed that he was issued the following professional licenses listed as
Series 7, Series 63, Series 3 and Series 24, but that none are active. Inquiries with the Financial
Industry Regulatory Authority, provided that they only maintain records of brokers who are
either currently registered, or who were registered within the past 10 years.

Novogratz also disclosed that he was issued a helicopter pilot’s license in October 1988.
Research with the Federal Aviation Administration provided that Novogratz is currently licensed
for Rotorcraft and Instrument/Helicopter. His official license is issued as a commercial pilot and
was last issued on July 25, 2007.

Novogratz disclosed that he has applied for qualification in various gaming jurisdictions,
which could include US, tribal and/or international jurisdictions. Investigators requested
verification of certain US non-tribal licenses from the appropriate regulatory agencies, as noted
in the Scope and Methodology section of this report. The results of those inquiries, which
verified the applicant’s disclosure, have been received and no negative or derogatory information
is noted.

298

6. Directorships and Stockholdings

Research of available Dun and Bradstreet business filings, Secretary of State Records,
Experian Business Reports, Hoovers Company Reports and assorted company records revealed
numerous business affiliations for Novogratz. Research confirmed Novogratz’s association with
the Fortress Investment Group. In addition, Novogratz is associated with numerous business
entities through his association and ownership interest in Fortress Investment Group and its
subsidiary companies, and he disclosed his position as an officer with numerous business entities
all associated with Fortress Investment Group. Novogratz disclosed that Fortress controls or has
a financial interest in thousands of business entities as a result of its business activities, and as
such he indirectly also owns an interest in these affiliated business entities. Novogratz’s financial
interests will be discussed in greater detail in the Financial Suitability Evaluation section of this
report.

7. Civil Litigation Records

Research of available online civil records, judgments, liens, and UCC Filings in the
United States did reveal records naming Novogratz. Two civil litigation cases were located as
follows:

299

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A second suit was disclosed by Novogratz, which research confirmed, and is summarized

as follows:

f

8. Bankruptcy

9. Property Ownership

300

10. Financial Suitability Evaluation

Investigators conducted an evaluation of Novogratz’s financial integrity, responsibility
and stability by focusing on two areas: Novogratz’s net worth statement as disclosed in his
PHDF filed with the Massachusetts Gaming Commission as of December 21, 2012, and a review
of his sources of income as reported on the PHDF and his income tax returns filed for 2009 –
2011.

Income Analysis

f

Net Worth Analysis

301

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Assets

Cash in Banks

Loans Receivable

Securities

302

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Real Estate Interests

303

Cash Value - Life Insurance

Pension/Retirement Funds

Other Assets

f

304

Liabilities

Loans and Other Payables

Mortgages

305

Credit

Conclusion as to Financial Suitability

Upon review of all relevant information, the applicant has demonstrated the requisite
integrity and responsibility as it relates to financial stability for licensure in the Commonwealth
of Massachusetts.

11. Political Contributions

Research of available records revealed no local or state Massachusetts political

contributions for this applicant.

12. Significant Investigative Issues

None.

13. References

The above-listed references were contacted and queried regarding the character and
integrity of Novogratz. All of the references indicated that Novogratz is of the highest character
and integrity, with no negative or derogatory issues noted.

No derogatory information was developed which would
preclude Novogratz from being licensed by the Massachusetts Gaming Commission.

306

14. Media Coverage

Research of available online and print media sources did not reveal any derogatory or
adverse items relative to Novogratz. He is mentioned numerous times on the Internet, however
no adverse information was found regarding this individual.

307

Exhibits

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