Company to be liquidated

Wednesday, July 23, 2003 | 11:17 a.m.

The company that operates the 489-unit Leisure Industries Las Vegas time-share resort near the Strip plans to liquidate the company, a Securities and Exchange Commission filing says.

Mego Financial Corp., doing business as Leisure Industries Corp. of America, operating under Chapter 11 bankruptcy protection, plans to sell the company's Las Vegas assets and eight properties in six other states to companies that would continue to operate them as time shares.

The U.S. Bankruptcy Court in Reno has approved the appointment of Alan Bentley of Bloomfield Hills, Mich.-based Mackinac Partners as trustee to oversee the process.

The company also confirmed that about 120 of the company's 500 employees have been laid off.

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