The Stardust did not open as scheduled. In July 1956, creditors filed a petition to reorganize the resort, alleging that it owed $2 million in debt. The Stardust was 80-percent complete at the time, and it was alleged that there was no money left to finish construction, which would take another $1.2 million. A former member of the tax commission was appointed as receiver. Louis Cornero sought to regain control of the project, arguing that reorganization was not necessary to acquire construction financing. He also said that most of the creditors who sought reorganization were not eligible to do so. Stockholders alleged that Louis Cornero was incompetent in his position as president. The creditors' petition was ultimately approved.