Cal Neva has not filed a notice of sale
CRYSTAL BAY, Nev. ” A notice of sale for the Cal Neva Resort, Spa and Casino has not been filed with the Washoe County Recorder’s Office as of Tuesday.
Monday was the first day that Canpartners Realty Holding Company, which lent Cal Neva owner Namcal $25 million in November 2007, could begin to sell the property according to Nevada law.
Phone calls to Namcal were not returned by deadline. Representatives from Canpartners on Tuesday said they could not comment.
In December Canpartners filed a noticed of default against Namcal regarding the property, which straddles the California and Nevada state lines. At the time Namcal Associate Asset Manager John Harounian said Namcal was working with Canpartners toward a resolution.
However, no default cancellation was recorded by Washoe County by mid-January, and in February, Canpartners took control of the management of the casino and resort through a court-appointed receiver.
“We felt the property was in danger of waste and loss and didn’t have sufficient financing to continue operating,” said Mark Dzarnoski, a Las Vegas lawyer representing Canpartners, in a Feb. 19 interview with the Bonanza.
In the same interview Dzarnoski said Canpartners was interested in selling the property.
Namcal bought the Cal-Neva from former owner Charles Bluth in February 2005, according to Washoe County Recorder documents.
Namwest, which owns Namcal is owed by Namco Capital Group, a Los Angeles-based investment company owned by Ezri Namvar. Namvar faces at least 17 lawsuits in Los Angeles Superior court which allege that Namco has failed to pay back investors who gave him from $200,000 to $18 million each, according to court documents. The amount owed to investors could near $400 million.
On Dec. 22 a group of investors filed involuntary bankruptcy against Namvar and Namco.
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