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Las Vegas development firms file for bankruptcy

Tuesday, June 4, 2002 | 11:08 a.m.

Three Las Vegas companies managed by real estate developer Howard Bulloch filed for Chapter 11 bankruptcy protection Friday.

Desert Land LLC, whose assets include four pieces of land totaling 45.6 acres and the 100-room Desert Oasis Motel at 3965 Las Vegas Blvd. South, listed assets of $169 million and liabilities of $65.1 million.

Desert Oasis Apartments LLC, 7475 W. Sahara Ave., Suite 100, listed assets of $41 million and liabilities of $41.5 million, while Desert Ranch LLC, 3951 Las Vegas Blvd. South, listed assets of $152.6 million and no liabilities.

Joel Lenamon, a spokesman for the companies, said none are in default on credit obligations and that the bankruptcy filings were the result of a business decision to resolve partnership issues.

"Each of the companies are owned by a number of different partners and there's a need to reorganize the partnership because some of the partners have passed away," he said. "We want the court to assist us in deciding what each of the remaining partners' assets and obligations might be. When the companies own land and assets, that's not as easy to divide as cash."

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