Cal Neva default still stands | SierraSun.com
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Cal Neva default still stands

Annie FlanzraichSierra Sun

CRYSTAL BAY There is no record of Namcal, the company that owns the Cal Neva Resort, Spa andamp; Casino, resolving a default filed by its creditor Canpartners, according to the Washoe County Recorders office.Normally if a notice of default is recorded and they made good, the cancellation of default is recorded, said Minnie Cypert, senior recorder.The countys records showed no cancellation of default for Namcal or Canpartners.Representatives from Namcal and Canpartners did not return phone calls by press time. In November 2007, Canpartners lent Namcal $25 million with the Cal Neva property as collateral. On Dec. 9, 2008, Fidelity National Title Insurance Company, on behalf of Canpartners, a Delaware limited liability company, filed a default notice with the Washoe County Recorder.According to Nevada law, Canpartners can sell the Cal Neva three months after serving the notice of default if the debt is not settled within 35 days of the default notice. That law gave Namcal until Saturday, Jan. 10, to settle the debt. Canpartners could begin selling the property on March 9.This notice is Namcals most recent challenge. Since November 2006 the company has been released from liens from various companies, including Reno-Sparks Convention and Visitors Authority; Reno-based Omboli Interiors Inc.; Arnett andamp; Associates, Inc., in Incline Village; California companies Briggs Electric, Inc.; and kitchen remodeling company TriMark Raygal.


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