David M. Flaum signed an agreement to acquire Rotate Black Gaming, Inc. from RotateBlack, Inc. (OTCBB: ROBK) and Rotate Black, L.L.C for $27.3 million in cash and assumption of debt on July 1, 2010. The consideration will be paid in the following manner, $2 million by the first anniversary of the opening date for business to the public of a gaming facility under a management agreement between Catskills as manager and the Seneca Nation of Indians in or near the Counties of Ulster and Sullivan in the State of New York; $2 million on the second anniversary of the opening date; and $3.4 million each on the third, fourth, fifth, sixth, and seventh anniversaries of the opening date. Flaum also agreed to assume indebtedness of Rotate Black Gaming and Rotate Black, L.L.C, in the aggregate amount of $6.3 million. The deal is expected to close by July, 16, 2010. As on November 8, 2010, RotateBlack, Inc. (OTCBB: ROBK) and Rotate Black, L.L.C expect to close the transaction by December 31, 2010. David M. Flaum cancelled the acquisition of Rotate Black Gaming, Inc. from RotateBlack, Inc. (OTCBB: ROBK) and Rotate Black, L.L.C on February 11, 2012.