Nevada company seeks bankruptcy protection
A Nevada company with land holdings at Mountain’s Edge master-planned community in the southwestern Las Vegas Valley filed for Chapter 11 bankruptcy protection Wednesday.
MME, which includes a 30 percent minority interest in Maravilla at Mountain’s Edge among its assets, is working with its lenders on an amicable resolution, said David McEntire, president of Las Vegas-based Amstar Homes and managing member of MME.
Court documents show MME’s estimated assets at $1 million to $10 million and estimated liabilities of $10 million to $50 million.
Miravilla is a 52-acre subdivision of Mountain’s Edge planned for 266 homes starting in the $150,000s.
Trump’s plans for hotel-condo collapse
Donald Trump’s plans for the Trump Ocean Resort Baja, a luxury hotel-condo, have collapsed, leaving little more than a hole in the ground and investors out of $32.2 million in deposits.
Investors were told last month their money was spent and they won’t get a penny back.
The project’s collapse comes at a delicate time for Trump, whose casino company, Trump Entertainment Resorts Inc., filed for bankruptcy protection last month. He also is embroiled in a lawsuit to avoid paying debt on the struggling Trump International Hotel & Tower in Chicago.
General Motors shares fall to 75-year low
General Motors Corp. shares fell to their lowest point in more than 75 years Friday, as investors fretted that the ailing automaker may be forced to file for bankruptcy protection despite government help.
GM shares hit a low of $1.27 in late morning trading before rebounding to close down 41 cents, or 22 percent, at $1.45.
The low point matched a low set May 4, 1933, according to the Center for Research in Security Prices at the University of Chicago. The price is adjusted for splits and other changes.
GM said in a statement Friday that it has not changed its intention to avoid a bankruptcy filing, and that an out-of-court restructuring remains its best option to survive the worst auto sales climate in 27 years.
Treasury prices decline after employment news
Treasury prices fell Friday as stocks avoided the sell-offs seen earlier in the week and as an unemployment report wasn’t as bad as some had forecast.
The benchmark 10-year Treasury note fell 0.5 points to 98.91. Its yield rose to 2.83 percent from 2.82 percent late Thursday. Prices move inversely to yields.