The big board meeting to decide the fate of Harrah’s drags on into a second day, reports the Associated Press. The special committee, which includes everyone except the boss, Dr. Loveman, will continue meeting for a second day at the company’s law offices in New York.

Our fellow scribe Jeff Simpson first tipped us off to the fact that there would be no decision Wednesday. Thanks for that. The meeting running to a second day in New York smells a bit like a protracted negotiation to push the price up a bit more before the company agrees. Of course, the recapitalization that is also on the table would help the share price and get some of the less friendly stockholders off the management’s back but it won’t guarantee the company a clear run at developing all its Strip real estate.

Still, I suppose, the recapitalization plan would be the consolation prize and nothing to be sneezed at. And, the Control Board should still dust off its thinking caps if the company swaps equity for debt. "Who owns the debt and at what cost?" is a question the regulators should ask if the board decides to go with the recapitalization plan.