According to the analysis of CtW Investment Group, the Fertitta Colony Partners (which is comprised of several members of the Fertitta family and Los Angeles based Colony Capital), have given an undervalued buyout of Las Vegas based Station Casinos, which would turn the U.S. casino empire into a privatized gaming company. A major roadblock for the Fertitta buyout, to say the least, CtW Investment Group works closely with employee and union-sponsored pension funds,  having a combined control of 2.6 million plus shares in Station Casinos.

The Fertitta Partners offered $82 per share, which CtW says should be at least $97 per share. They believe the offer was made so as to unfairly capture Station Casinos at the expense of long-term shareholders. CtW Director of Growth Strategies, Richard Clayton, said the initial offer seemed low to begin with. After closer examination of Station's assets, CtW reported, without hesitation, that the offer was deemed to be "significantly undervalued."

The offer was essentially a safe assessment of reasonable expectations for 2008 revenues, including an analysis of cash flow, land holdings (several in Las Vegas), tribal casino gaming assets and Station's partial ownership of the Green Valley Ranch Resort and Aliante Station Casino.

CtW has reported their analysis in an official letter that has been delivered to non-management members within Station Casinos Board of Directors. The report also calls for the resignation of Station Caisnos board member, Dr. James Nave, who served as Chairman of a special committee charged with fairly evaluating the buyout offer. According to CtW, Dr. Nave used his position as an outside bank director to help Station Casinos Chairman, Frank Fertitta, and company President, Lorenzo Fertitta, to enable financial acquisitions, which CtW says is not in serving the interests of the stock holders.