Court appointee to manage Lake Tahoe hotel, casino | SierraSun.com
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Court appointee to manage Lake Tahoe hotel, casino

Annie FlanzraichSierra Sun

CRYSTAL BAY, Nev. A court-appointed receiver will take over the responsibility of managing the Cal Neva Resort, Spa andamp; Casino, until the property is sold in a foreclosure sale or its owners pay back a $25 million loan.We felt the property was in danger of waste and loss and didnt have sufficient financing to continue operating, said Mark Dzarnoski, a Las Vegas lawyer representing Canpartners, the lender.In November 2007, Canpartners lent Namcal, the owners of the Cal Neva, $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 March 9, in this case.In the interim, Dzarnoski said Canpartners wants to keep the casino and hotel operational.A receiver basically has very broad authority to manage the property, Dzarnoski said. We view his role as going in and evaluating the current management set up. Hes not there day to day, but hes overseeing all the operations.The court-appointed receiver is Michael McPherson, Dzarnoski said.Since November 2006 Namcal 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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