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twitterLA developer files bankruptcy to block foreclosure
Friday, June 9, 2000 | 10:49 a.m.
A company that owns 4.9 acres in the Las Vegas area has filed for Chapter 11 bankruptcy protection.
The Las Vegas Resort Club and Doran Auslander, Los Angeles, made the filing last month.
Companies that file for Chapter 11 bankruptcy seek protection from creditors while they reorganize their finances and usually stay in operation during the proceeding. The company listed assets of $3.5 million and liabilities of $945,600. The company's property at Las Vegas Boulevard South and Ford Road has a listed value of $3.5 million.
James Greene, a Las Vegas attorney representing Auslander, a Los Angeles businessman, said the land is undeveloped and the owner at one time had envisioned building a time-share development there. He is now considering a small commercial development. Greene said Auslander filed for bankruptcy to stay a foreclosure action and develop a refinancing plan. Auslander is the only company employee.
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