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Top Story

Sep. 05, 2008

Chapter 7 planned by Seibt

PVT

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Hans Seibt, a prominent landowner in Nye County, announced he plans to file for Chapter 7 bankruptcy protection for various companies.

Seibt's companies include Clark and Nye County Development Corp., Seibt Enterprises, N.S. Development Corporation, Seibt Mortgage Inc., N.V.S. Insurance Services, Seibt Financial Services and H.S.L.V. Development Corporation Inc.

A letter from Seibt addressed to his clients states:

"Over the course of the past several months, and as you might imagine, the current conditions of the Nevada real estate market have caused the companies considerable distress."

It continues: "Due to industry conditions today, the companies, and myself individually, will be filing voluntary petitions for bankruptcy protection under Chapter 7 of the United States Bankruptcy Code and the companies will be closing their doors for business."

Becky Hawk, a front desk supervisor at the Seibt Desert Retreat Luxury RV Resort, owned by Seibt, said Wednesday the resort on Highway 160 and North Leslie Street was open for business.

"There has been a change of management. The original owner is no longer in control. We're still managing it, we're still renting out (RV) spots, people can rent out the convention center," Hawk said.

She wouldn't disclose the name of the new managers saying "that is still up in the air."

The Desert Retreat Luxury RV Park includes a bowling alley, gym, swimming pool with waterfall and convention center in addition to the RV slips. It is the former Calvada Sports Complex.

Seibt's letter to his clients states, "the dramatic downturn in the U.S. housing market has accelerated over the last several months due to a number of factors, including severe liquidity challenges in the credit and mortgage markets, diminished consumer confidence, increased home inventories and foreclosures and downward pressure on home prices. All of these factors have led to this decision, which was incredibly difficult to make."

But a brief statement in a second letter, dated Aug. 29, states, "amidst all these gloomy news, there appears to be a pleasant development. The first mortgage holder, a mortgage company, has expressed interest in taking over the RV Resort."

The Desert Retreat RV Park is also part of the KOA campground chain.














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