INCLINE VILLAGE " The Cal Neva Resort, Spa and Casino is set to be sold at a public sale April 8 unless owners Namcal can settle the $26.8 million debt it owes to lender Canpartners by that date.
Because the property straddles the California and Nevada statelines and is in two counties, there are two public sales listed on the trustees notice. The first will take place at 10 a.m. April 8 at the main entrance of the City Hall Annex at 316 Vermont Street in Roseville, Calif. The Second listed sale is at 11 a.m. April 8 in Washoe County at the Washoe County Courthouse on 75 Court St. in Reno.
In December, Canpartners filed a noticed of default against Namcal regarding the property. At the time Namcal Associate Asset Manager John Harounian said Namcal was working with Canpartners toward a resolution.
Harounian repeated the same message Thursday to the Bonanza, but specified that he was not "with Namcal."
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 Tahoe 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.