Riv Acquisition, the consortium of Brett Torino, Robert Sillerman, Paul Kanavos and Barry Sternlicht, has picked up additional support for its bid to push out the current Riviera Holdings board of directors in favor of an insurgent slate of candidates. Today, Arrow Capital Management, which controls 3% of RIV stock, released the following statement:

Arrow Capital Management, LLC, which currently controls 373,100 shares of Riviera Holdings Corporation (AMEX: RIV), said today that it supports the efforts of the Riv Acquisition investor group in nominating an independent slate for the company’s Board election scheduled for May 15, 2007.

Mal Serure, Managing Member of Arrow said, “We agree with the position that Riviera’s current Board has shown insufficient objectivity in the way it has responded to Riv Acquisition’s merger offer. We believe that, in the best interests of all stockholders, a new, more objective and independent Board is needed to oversee the merger consideration. Whether Riv Acquisition succeeds with its offer, or another bidder for the company prevails, we would like to see a fair process moving forward sooner rather than later. We are pleased with the nominees that have been named and we will support their election.”

RIV has traded erratically today, veering between a high of $30.07 and a low of $29.35. By the way, what’s become of former Riv Acquisiton big wheel (and Chicago real estate magnate) Neil Bluhm? It looks as though he had bigger fish to fry elsewhere.