Atlantic City Mayor Don Guardian and other city officials vowed on Monday to fight New Jersey's latest takeover bid, accusing state officials of reneging on their promise to work in partnership with local leaders, Dow Jones Daily Bankruptcy Review reported today. Guardian said that the city would be forced to seek bankruptcy protection if state leaders don't negotiate a settlement with the city's largest casino, which has begun withholding tax payments. "We cannot stand here today and accept any bill with the broad, overreaching powers as the one presented to us last week contained," said Guardian, referring to the bill authorizing the takeover. The event underscored the deep divisions between local and state leaders over how best to rescue Atlantic City, which is on track to run out of cash by April 1 or earlier.
