The failed parties controlling the Siena Hotel Spa Casino filed this emergency order to send the property to auction on 9 September at 9 AM. The guise is that NV Energy would file a 10 day notice to terminate service on 1 November since the Siena in BK has been stiffing them since the BK filing. Without power, Reno would be forced to red tag the building, since it wouldn’t have lights, elevators or even a basic life safety system.
But the Barnster has one more slap in the face to the legitimate creditors in this filing. Above and beyond the sales price for the Siena, the bidder would have to separately satisfy (read pay) the lease obligations in Exhibit B of the filing. Is any one surprised that the Barney Ng is vying for a $7,000,000 “rent” payment on his way out the door? Shameless. Konami Gaming has already filed an objection to the proposed auction, and PACER hasn’t posted the court’s ruling on the motion yet. More to follow.
The blog tracking all the Bar-K investments, which included the Siena, has moved. It is a great place for big-picture discussion on the fall of this billion dollar hard money lender. Charges being bandied about include securities fraud, insider dealings and even molestation. The Ng family saga makes the Carrington’s and the Ewing’s look pretty lame.