Bidders Crowd Around El Rancho

Stock in Las Vegas Entertainment Network (LVEN) has been like a bad bet on a Nevada gaming table: Trading at 6 in late 1993, the shares later nose-dived to 1, closing on Mar. 21 at 11/4. But just as many investors were about to give up, a deep-pocketed New York investor--widely feared in the 1980s as a belligerent raider--expressed an interest in acquiring a controlling stake in Las Vegas Entertainment.

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