Las Vegas Sun

November 30, 2009

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Settlement talks under way

Tuesday, Jan. 25, 2000 | 11:36 a.m.

Chief Clark County District Judge Lee Gates issued a continuance today concerning the appointment of a receiver for insolvent Interstate Mortgage Group of Las Vegas.

Attorneys representing investors in Interstate are seeking to block the appointment of George Swarts as receiver. Their objection is based on the belief the law requires Financial Institutions Division Commissioner Scott Walshaw serve as receiver for the company.

John Netzorg, the attorney representing IMG investors, previously expressed concern a state-appointed receiver could repeat what he described as mistakes made during the receivership of the defunct Harley L. Harmon Mortgage Co.

In December, the state assumed control of IMG after alleging financial irregularities and misrepresentations.

However, Gates granted the continuance after lawyers representing both the state and investors said they were close to completing negotiations to resolve the matter.

If the issue cannot be resolved before then, a hearing is scheduled for Feb. 7 at 1 p.m.

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