VEGAS INC Magazine - Latest Las Vegas business news, features and commentaries about gaming, tourism, real estate and more
Issue link: https://www.ifoldsflip.com/i/42481
IN BUSINESS BENEFIT FOR A REAL HERO FUNDRAISING DINNER FOR CNN HERO NARAYANAN KRISHNAN Friday, Sept. 23, 2011 6 pm Cocktails • 7:30 pm Dinner $75/person, all inclusive RESERVATIONS Please call Desiree DeCastro at (702) 327-5074 Proceeds will go towards Krishnan's Akshaya project. Sponsored by Origin India Restaurant and New York Life. LAW QUARTERLY Beso Restaurant Deal Is Challenged By Angry Investors By Steve Green senior staff writer Dissident investors in actress Eva Longoria's Beso restaurant in Las Vegas are challenging the Beso sales plan— and say they may make a competing bid for the business. Under plans disclosed last month, Forecasting for 2012 and Beyond Please join Pat Mulroy, Southern Nevada Water Authority/Las Vegas Valley Water District General Manager at a special breakfast event sponsored by the Water Conservation Coalition and VEGAS INC., and moderated by Bruce Spotleson, group publisher, Greenspun Media Group. Thursday, October 6, 2011 – 7:30 a.m. to 9 a.m. South Point Convention Center – Grand Ballroom 9777 Las Vegas Blvd., S. Learn what's on the forecast for 2012 and beyond for our community's water resources. The Water Conservation Coalition will also present the 2011 Water Hero Awards to local businesses and individuals that are making a difference through water conservation efforts. Admission is free and a reservation is required. Seating is limited. Email rsvp@ffwpr.com by Friday, Sept. 30. Please provide your name, email address and phone number. Attendees will receive a complimentary pass to the Water Smart Innovations Conference Expo, open immediately following the presentation. restaurant and casino operator Landry's Restaurants of Houston has agreed to buy the Beso LLC assets out of bankruptcy for $1 million. A hearing is set for next week on the plan. Longoria would hold a 30 percent stake in an entity that will use the assets, which include the open restaurant and the closed Eve nightclub. Beso is at the Crystals luxury mall at CityCenter. Existing creditors and investors under this plan face steep losses, as Beso's liabilities were listed as $5.68 million in its bankruptcy filing. Wife/husband investors and creditors Mali Nachum and Ronen Nachum, who have been litigating against Longoria in multiple courts, filed an objection based on "apparent self-dealing" to the Landry's/Longoria asset sale plan. "This creditor is interested in purchasing the assets of the debtor, but is unable to obtain/review the applicable documents regarding the full financial dealings of this debtor," the Nachums' filing said, adding the couple want to meet with landlord Crystals about a potential offer but can't make an offer until they review the books. Their Las Vegas attorney, Brian Shapiro, questioned whether the sales plan is in the best interest of the Beso bankruptcy estate since it involved negotiations that included William Braden of San Antonio, Longoria's accountant who managed Beso until Landry's stepped in on an emergency basis last month to keep the restaurant open pending its sale. "On August 30, the deposition of Eva Longoria was taken. At that deposition, Ms. Longoria testified that her personal team of professionals, including Mr. Braden, assisted in the negotiation of the sale for her," the filing said. "The creditors query as to whom was representing the bankruptcy estate? If Mr. Braden was representing Ms. Longoria, then who negotiated the sale and who marketed the business to SNWA_WCC_Forecast_print.indd 1 9/12/11 12:36 PM CENTER OF ATTENTION: Actress Eva Longoria arrives at the ALMA Awards in California September 10. Longoria's Beso restaurant lists $5.68 million in liabilities in its bankruptcy filing. applicable third parties?" it said. The Nachums have regularly agitated against Longoria and Beso investors allied with her, but Longoria has what may be insurmountable advantages in the bankruptcy sale. One is the backing of Crystals, which has allowed her high-profile restaurant to continue operating despite defaulting on its lease obligations. At last report, it was $3.575 million behind on rent. Another advantage is that Landry's, considered to have deep pockets and known as a successful restaurant operator, also has the support of Crystals. And Landry's has made it clear it wants nothing to do with Beso unless Longoria is involved. The Nachums claim to be owed $710,000 after investing in, loaning money to and managing Beso. They claim to have been wrongfully pushed out of the company in 2010. Attorneys for Beso have countered with allegations that Ronen Nachum may have mismanaged and skimmed cash from the business—charges denied by his attorneys. Beso, through July, had lost $894,000 since filing for bankruptcy January 6. The property has struggled even after generating revenue of nearly $14.6 million in 2010—but Landry's is confident of turning it around thanks to its management expertise and pricing power with vendors. TOP 10 HERO JASON REDMOND/AP