bankruptcy
Sales tax revenues increase in South Lake Tahoe and El Dorado County
Submitted by paula on Tue, 07/23/2019 - 10:45am
SOUTH LAKE TAHOE, Calif. - The winter of 2019 was a good one for both South Lake Tahoe and El Dorado County retailers, ski resorts, restaurants and others whose businesses collect sales tax, including online retailers selling goods in the area.
The first sales tax report for 2019 has been released, with $2,580,475 in gross receipts in South Lake Tahoe during Q4/Q1 and $11,976,387 in the unincorporated areas of El Dorado County. During the same two-quarter period the year before, tax revenues were $2,390,631 and $9,925,645 respectively.
South Lake Tahoe City Council to discuss possible change to Charter City
Submitted by paula on Sat, 06/01/2019 - 7:34pm
SOUTH LAKE TAHOE, Calif. - When the City formed in 1965 it was incorporated as a general law city for the purpose of having more local control over public services such as police, fire, and snow removal.
Now there is discussion about changing to a charter city. During their March 5 meeting, Councilmember Cody Bass asked that this subject come forward at a future meeting and Councilmembers Jason Collin and Devin Middlebrook said they were interested in learning more about what the differences are between the two, and what it would mean to South Lake Tahoe to switch.
Bass: Sale goes through on Bijou Shopping Center
Submitted by paula on Thu, 10/18/2018 - 11:47pm
SOUTH LAKE TAHOE, Calif. - U.S. Bank, Tahoe Wellness Cooperative (TWC) and Patricia Olson won't be in court Friday afternoon as originally scheduled.
"The bank is satisfied," said Cody Bass, executive director of TWC. "They have withdrawn receivership because they no longer own the building."
New South Lake Tahoe resort plans unveiled
Submitted by paula on Wed, 03/28/2018 - 8:52pm
SOUTH LAKE TAHOE, Calif. - In 2008 it was known as "The Hole" after financing dried up for a redevelopment project, bordered by Highway 50, Stateline Avenue, Friday Avenue and Cedar Avenue. A cement hole with rebar stayed until the project area could get under control of one owner through bankruptcy. In 2013, Owens Financial obtained a building permit to start spending $400 million to build over 27,000 square feet of commercial space along Highway 50. This was followed by the Zalanta Resort opening at Highway 50 and Friday Avenue in 2017.
The City of South Lake Tahoe accepts Nancy Kerry's resignation
Submitted by paula on Tue, 03/06/2018 - 8:36pm
The South Lake Tahoe City Council has accepted Nancy Kerry's resignation letter.
At the end of closed session Tuesday, March 6, the announcement was made.
"We have accepted the resignation of Nancy Kerry effective immediately and have accepted a settlement agreement with Ms. Kerry," said Mayor Wendy David.
"It's been an absolutely wonderful experience," Kerry told South Tahoe Now. "Such a great honor to be the city manager of this beautiful community."
Letters: Modern day witch hunt in South Lake Tahoe
Submitted by paula on Mon, 02/12/2018 - 10:28am
On February 8th, 2018 a South Lake news source, based on seven anonymous sources, destroyed City Manager Nancy Kerry’s reputation. As the former City Manager prior to Nancy Kerry, I know the challenges, rewards, and pitfalls of managing cities. Given the average tenure of a City Manager is 3-5 years, it is not uncommon for City Managers and City Councils to amicably part ways.
SLT City Manager on "indefinite leave." Fire chief steps in as acting manager
Submitted by paula on Wed, 02/07/2018 - 2:17pm
The South Lake Tahoe City Council announced today that City Manager Nancy Kerry is on indefinite leave. South Lake Tahoe Fire Rescue Chief Jeff Meston has been appointed as the acting City Manager.
Kerry has been with the City since 2008, working in various departments and moving into the City Manager position August 21, 2012
"City Council will not be making any additional comments to respect Ms. Kerry’s privacy," according to a press release issued Wednesday.
Larry Ellison may back out of deal to buy Cal Neva
Submitted by paula on Fri, 12/01/2017 - 7:58pm
Tech billionaire and real estate fanatic Larry Ellison might back away from a deal to buy Frank Sinatra’s old Lake Tahoe casino.
Ellison’s $35.8 million purchase of the faded Cal Neva Resort & Casino has been tied up in court for more than a month, and the Oracle Corp. founder isn’t willing to wait much longer, federal bankruptcy officials warned in a court filing last week.
Tech giant cleared to buy Cal Neva Lodge for $35.8M
Submitted by paula on Mon, 10/23/2017 - 9:17pm
Larry Ellison has made billions in high technology and has a knack for buying glitzy real estate properties. Can the founder of Oracle Corp. bring his Midas touch to a faded Lake Tahoe resort once owned by Frank Sinatra?
South Lake Tahoe woman sentenced to 72 months in prison for fraud and theft
Submitted by paula on Tue, 04/04/2017 - 5:20pm
Karen Rae Chapon, 47, of South Lake Tahoe was sentenced Tuesday for the crimes of insurance fraud, mortgage fraud and theft according to Nevada Attorney General Adam Paul Laxalt.
Chapon is the owner of Tahoe Weddings and Events in Zephyr Cove, Nevada.
Caesars and investors could face $5 billion in damages
Submitted by paula on Tue, 03/15/2016 - 9:26pm
Caesars Entertainment Corp and its private equity backers could be on the hook for up to $5.1 billion in potential damages over a series of corporate deals that a court-ordered examiner said Tuesday led to a $18 billion bankruptcy protection filing by the casino company's operating unit.
Richard Davis and a team of lawyers have spent a year probing whether Caesars, under the control of Apollo Global Management and TPG Capital, stripped away prime properties such as the LINQ Hotel & Casino in Las Vegas and left the company unable to pay a mountain of debt.
South Lake Tahoe retirees file lawsuit against the City
Submitted by paula on Fri, 12/11/2015 - 2:20pm
When the recession hit and many cities were faced with bankruptcy and skyrocketing healthcare costs for their employees, retirees had benefits cut or renegotiated. The City of South Lake Tahoe survived those turbulent times by taking a look at the costs they could reduce or restructure, and benefits for retirees was one that took a hit.
Now, many of those employees have filed a lawsuit against the City.
Plan unveiled for old Factory Stores at the Y location
Submitted by paula on Fri, 09/25/2015 - 8:35am
"The Factory Stores at the Y" will soon be transformed into "The Crossing at Tahoe Valley" if the plan is approved by the City of South Lake Tahoe. In January, 2015, The Sutter Capital Group of Sacramento announced they had purchased the property after it fell into bankruptcy.
Caesars fined $9.5 million over lax money-laundering controls
Submitted by paula on Wed, 09/09/2015 - 7:24am
U.S. and Nevada regulators have fined Caesars Entertainment Corp.’s bankrupt unit a total of $9.5 million for deficient anti-money-laundering controls at its Caesars Palace VIP rooms, which cater mainly to Chinese high-rollers.
History Sunday: The Pony Express Rides Again
Submitted by paula on Sun, 06/21/2015 - 10:43am
Even though it lasted just 19 months, the Pony Express played an important role in the western expansion of the United States. The Pony Express was the most direct and practical means of east-west communications prior to the telegraph.
With the threat of the Civil War there was a need for faster communication with the growing number of people living in the West. Three men understood this need (William H. Russell, William B. Waddell, and Alexander Majors) and created the Pony Express.
Nevada lawmakers to feds: Pay up for Tahoe fire work
Submitted by paula on Tue, 03/17/2015 - 4:00pm
Fed up with waiting, Nevada lawmakers are ramping up efforts to have private companies, fire districts and others paid for work conducted years ago to reduce fire danger in vulnerable areas around Lake Tahoe.
The Legislature earlier this month passed a joint resolution urging Congress to pay contractors who performed extensive fuels treatment work in the wake of Tahoe's disastrous Angora Fire of 2007.
Caesars denies another request from second-level bond holder
Submitted by paula on Tue, 02/24/2015 - 10:17am
Caesars Entertainment Corp. is getting used to saying no.
For the second time in two weeks, the casino operator rejected a demand from an unsecured second level bondholder for payment of the obligations.
In a filing with the Securities and Exchange Commission Monday, Caesars said BOKF N.A. asked for payment on $750 million in debt plus interest. Caesars said it turned down the payment demand.
Caesars rolls the dice in bankruptcy court
Submitted by paula on Thu, 01/15/2015 - 10:26am
Casino company Caesars Entertainment (CZR), the owner of Harrah's and Harvey's in Lake Tahoe, announced early Thursday that it had filed for Chapter 11 bankruptcy protection in federal court in Chicago for its main operating unit in an attempt to beat back an effort by some creditors who filed their own bankruptcy plan in Delaware on Monday. They claim the company has cheated them.
Factory Stores sold; New owner plans major improvements
Submitted by paula on Fri, 01/09/2015 - 8:18pm
Renovate, improve, contemporize and rebrand. That is what Burke Fathy says Sutter Capital Group plans to do with the former Factory Stores at the Y.
"The property needs to be repositioned," said Fathy, a partner with Sutter, told South Tahoe Now. "We are going to rebrand it from a factory store and make it more mixed tenant and give it new life."
The Sacramento investment group recently purchased the center after it fell into bankruptcy after years of mismanagement, Fathy said.
Special City Council meeting unveils successful negotiations to reduce liabilities
Submitted by paula on Fri, 10/10/2014 - 11:49pm
To avoid going down the bankruptcy path as many cities had to over the past few years, the City of South Lake Tahoe today adopted resolutions to restructure the wage and benefit packages of its employees.
The new wage and benefit plans include a mixture of more clearly defined benefits and contributions. It was the undefined plans of the past that caused $25M in unfunded liabilities.
In front of a packed council chambers full of firemen and other staff, City Manager Nancy Kerry unveiled the results of negotiations between five of the six employee groups and the City.
Op/Ed: Growing the Economy is Not an Option, it’s a Necessity
Submitted by paula on Mon, 07/14/2014 - 10:40pm
On June 17, 2014, the City Council held a workshop regarding the City’s five-year financial forecast and the overall economic forecast for the local community. While the forecast has improved, we need to attract substantial capital investment over the next ten years to grow the economy, meet the community’s needs and fund projects protecting the natural environment.
South Shore transit case goes to mediation
Submitted by admin on Sat, 01/19/2013 - 2:35am
It took the judge in the MV Transportation-STATA court case the entire day to finally tell all the parties they are going to mediation.
U.S. Bankruptcy Court Judge Gregg Zive on Jan. 17 also ruled on a slew of motions. All parties have until Feb. 19 to let Zive know who the mediator will be and when the sessions will begin.
Bankruptcy judge removes El Dorado County from transit case; give credence to conspiracy allegation
Submitted by admin on Tue, 12/18/2012 - 2:00amMammoth settles suit with developer; bankruptcy a done deal
Submitted by admin on Mon, 11/26/2012 - 8:05pmNonprofit fire safe council files for bankruptcy
Submitted by Editor on Wed, 11/21/2012 - 12:13pmThe financially troubled Nevada Fire Safe Council filed a voluntary petition this week with the U.S. Bankruptcy Court seeking to essentially go out of business and liquidate its debts.
Go here for the full story.
Fire Safe Council files for bankruptcy
Submitted by Anonymous on Wed, 11/21/2012 - 11:05amThe financially troubled Nevada Fire Safe Council filed a voluntary petition this week with the U.S. Bankruptcy Court seeking to essentially go out of business and liquidate its debts.Reno bankrupt...
Bankruptcy trustee questions STATA’s financial dealings
Submitted by admin on Wed, 08/29/2012 - 1:59amMammoth Lakes town council votes to file for bankruptcy
Submitted by admin on Tue, 07/03/2012 - 8:16pmTown of Mammoth Lakes declares bankruptcy
Submitted by Editor on Mon, 07/02/2012 - 11:57amThe worst possible outcome for Mammoth Lakes has come true. The town filed decided to declare municipal bankruptcy Monday morning, July 2. The Town Council took the action unanimously.
"It's wish this hadn't happened," said Mayor Matthew Lehman, "but it's not the way the cards fell for us."
The town immediately issued a press release regarding the Town council decision.
Stockton set to become largest U.S. city to declare bankruptcy
Submitted by Anonymous on Tue, 06/26/2012 - 8:37pmSTOCKTON, Calif. (AP) - Officials in Stockton said Tuesday that mediation with creditors has failed, meaning the Central California city is set to become the largest American city ever to declare b...
Villalobos sues casinos for return of debt payments to add to bankruptcy estate
Submitted by admin on Wed, 06/13/2012 - 11:45amOpinion: June Skibum
Submitted by Anonymous on Sat, 06/09/2012 - 8:33pm
Loop road poop road, you do realize that the state is going to do what they want, how they want and when they want with concerns to the Loop road. This is probably the best chance we have to get out of our financial obligation with regards to pensions, healthcare, unsound financial decisions, raising taxes, giving away the keys to the city to every con artist around and quite possibly the clap.
Indian gaming plays a role in Silver Legacy’s bankruptcy
Submitted by admin on Thu, 05/24/2012 - 12:40pmPresidential Race Gets Local Focus As Obama, Romney Supporters Weigh In On Jobs, Deficit
Submitted by Editor on Tue, 05/15/2012 - 10:35pm
CARSON CITY — While Mitt Romney and Barack Obama were campaigning elsewhere Tuesday, Nevada Democrats and Republicans took up the battle for the presidency on their behalf.
Rep. Joe Heck, R-Nev., held a telephone conference call to talk up Romney’s credentials as a “turnaround specialist” who will get the country back on track. He also criticized Obama for failing to get spending or the national deficit under control as he promised early on in his presidency.
Development company out of bankruptcy
Submitted by Anonymous on Fri, 03/02/2012 - 12:08pmLake Tahoe Development Company, part owner of the "The Hole," the stalled convention center project at Stateline, is out of bankruptcy court as of Wednesday, according to LTDC attorney Dan Egan. Th...
S. Tahoe convention center project out of bankruptcy
Submitted by admin on Wed, 02/29/2012 - 4:29pm
The hole – as the 11-plus acre site on the state line in South Lake Tahoe is known – is out of bankruptcy. After a 4½-hour hearing Wednesday in Sacramento, the judge dismissed the case.
Dodgers bankruptcy case on track
Submitted by Anonymous on Thu, 02/23/2012 - 9:23amWILMINGTON, Del. (AP) - A bankruptcy judge on Wednesday approved the disclosure statement outlining the Los Angeles Dodgers' proposed bankruptcy reorganization plan, keeping the team's plan for an ...
Nevada To see Up To 33 cents on the dollar from $50 million Lehman Brothers 2008 loss
Submitted by Editor on Tue, 02/21/2012 - 4:19pmCARSON CITY – The state Board of Finance was told today that Nevada now expects to receive between 30 and 33 cents on the dollar in recovery from a $50 million investment loss when Lehman Brothers unexpectedly filed for bankruptcy in September 2008.
Nevada state Treasurer Kate Marshall said the state initially expected only 10 to 11 cents on the dollar when the firm filed for bankruptcy protection during the height of the nation’s financial crisis.
Full Text of President Obama's State of the Union address; GOP response
Submitted by Editor on Tue, 01/24/2012 - 7:47pm
The following is the complete text of President Obama's State of the Union address as written.
Remarks of President Barack Obama - As Prepared for Delivery
State of the Union Address
"An America Built to Last"
Tuesday, January 24th, 2012
Washington, DC
Mr. Speaker, Mr. Vice President, members of Congress, distinguished guests, and fellow Americans:
Convention center site may move out of bankruptcy court
Submitted by Anonymous on Thu, 11/03/2011 - 3:44pmMore time. That’s what Randy Lane has been given by a bankruptcy court judge in Sacramento. January is the next scheduled court date for the convention center debtor and creditors.
STATA's bumblings seeping out in court documents
Submitted by Anonymous on Wed, 10/26/2011 - 8:37pmSouth Tahoe Area Transit Authority's board voted to file for bankruptcy in August 2010. MV filed a lawsuit a couple months before that after the STATA board severed the transit operator's agre...
STATA's bumblings seeping out in court documents
Submitted by Anonymous on Wed, 10/26/2011 - 7:43amSouth Tahoe Area Transit Authority's board voted to file for bankruptcy in August 2010. MV filed a lawsuit a couple months before that after the STATA board ...www.laketahoenews.net/.../statas-bum...
Lane files another plan with bankruptcy court
Submitted by Anonymous on Fri, 10/07/2011 - 3:15pmBy Kathryn Reed. On the second anniversary of filing for bankruptcy on the scrapped convention center project in South Lake Tahoe, Randy Lane filed a fourth amended reorganization plan. What he filed ...
Mexican restaurant chain files for bankruptcy
Submitted by Anonymous on Wed, 10/05/2011 - 8:09pmPublisher's note: A corporate official with Real Mex on Oct. 5 told Lake Tahoe News all restaurants are slated to remain open, including the Chevys in South Lake Tahoe. By Jacqueline Palank, Wall ...
Friends recall Florence Donovan-Gunderson; witness describes shooting as tragedy hits South Lake Tahoe
Submitted by Anonymous on Sat, 09/10/2011 - 7:57am
A gunman who opened fire inside a Carson City restaurant has torn a hole through the South Lake Tahoe community, taking the life of a long-time local woman, maiming her disabled husband, and sending shock waves in the community after learning the gunman has family business ties in town.
The brutal murder that happened inside the International House of Pancakes this week claimed the lives of three U.S. Army National Guard personnel and Lake Tahoe Keys resident Florence Donovan-Gunderson, 67. Shooter Eduardo Sencion, 32, of Carson City turned the automatic weapon he was packing on himself and left both communities stunned and asking questions about why such a senseless act of violence happened.
Judge gives developer more time to deal with bankrupt S. Tahoe ...
Submitted by Anonymous on Fri, 09/09/2011 - 11:15amThe bankruptcy judge in the failed South Lake Tahoe convention center debacle has given would-be developer Randy Lane another month to come up with a plan. Lane, who with partner John Serpa, was to de...
South Shore bus bankruptcy case pushed back 2 months
Submitted by Anonymous on Fri, 08/26/2011 - 10:55pmAt issue is MV Transportation has sued the now bankrupt South Tahoe Area Transit Authority in hopes of getting back the nearly $2 million the Fairfield company ...www.laketahoenews.net/.../south-shore...
GUEST COLUMN: Lessons learned from Ritz bankruptcy action
Submitted by Anonymous on Fri, 08/19/2011 - 11:00amThe recent bankruptcy filing by East West Partners, the group that owned The Ritz-Carlton, Lake Tahoe, hotel property at Northstar-at-Tahoe, is not an indicator of the state of the tourist economy ...
