Tuesday, February 25, 2003
Copyright © Las Vegas Review-Journal
Closed shops named in filing
Turtle Stops cited as holdings in personal bankruptcy case
By CHRIS JONES
GAMING WIRE
The owners of several closed Las Vegas-area Turtle Stop convenience stores, including this one at 8490 Westcliff Drive, filed for Chapter 11 bankruptcy protection last week.
Photo by Gary Thompson.
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The owners of several local convenience stores filed for Chapter 11 bankruptcy protection after they amassed unsecured personal debts of more than $12 million.
Documents submitted last week in Nevada District U.S. Bankruptcy Court show Las Vegas residents Dr. Michael Valpiani and Oiman Leslie Valpiani owe money to an unspecified number of creditors ranging from local contracting companies and a Seven Hills homeowners association to government agencies and several financial institutions.
Though the Valpianis filed as individuals, some of their business interests were cited in court documents. They included a home development company and several Turtle Stop convenience stores located around the Las Vegas Valley.
Five Turtle Stop stores named in the filing recently shut down. They are at 300 E. Warm Springs Road; 3670 S. Paradise Road; 8816 S. Eastern Ave.; 11061 S. Eastern Ave.; and 4472 N. Donovan Way.
Clark County property records also list 8490 Westcliff Drive, the site of a sixth shuttered Turtle Stop, as a mailing address for both Michael and Leslie Valpiani. That location was not named in this week's bankruptcy filing, however.
A 1998 article published in Inc. Magazine said the Turtle Stop chain was launched in 1993 by Scott McManus, a former 7-Eleven franchisee. Current state records link the company's corporate structure to the Valpianis, who could not be reached at their places of business. The Valpianis bankruptcy attorney, M. Nelson Segel, declined comment.
Though typically used by businesses, Chapter 11 protection can be sought by consumer debtors.
In court papers, the Valpianis said they owe Las Vegas-based Consolidated Mortgage more than $5.8 million for three separate bank loans. Other large debts listed included $1 million owed to Wells Fargo; $955,067 to Community Bank of Nevada; $450,000 to Nevada State Bank; and $275,000 to U.S. Bank.
Gasoline-related debts included nearly $600,000 owed to ExxonMobil Corp., $485,000 to Crawford Oil, and $315,000 to Commercial Petroleum Equipment Corp.
