LV receiver sued over sale of property

Friday, Oct. 13, 2000 | 10:29 a.m.

A Michigan couple sued George Swarts, a Las Vegas-based receiver for their company, alleging he failed to negotiate the best possible sale price for its property, a former radio station that Swarts said was to have been converted into a topless bar.

Ron and Lydia Sweatt, who formed Motor City III LLC with Robert Katzman, said they jointly owned the property at 3510 West Hacienda Ave.

Swarts was appointed receiver for the company as a result of a separate legal dispute between the Sweatts and Katzman over its ownership.

The Sweatts filed a lawsuit in U.S. District Court against Swarts, alleging he "demonstrated unfamiliarity and has shown a lack of understanding concerning the procurement of suitable buyers and ... (allegedly) exercised willingness to accept offers well below market value."

The suit said Swarts dismissed several allegedly valid offers, ranging from $3.2 million to $3.4 million, and opted instead to get court approval only for a $2 million offer that he procured.

But Swarts disagreed. "$2 million is a very good price for the bar. That's the largest offer I had and that offer was approved by the court."

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