Reno Gazette-Journal from Reno, Nevada • Page 22

22 Reno Evening Gazette Thursday, December 3, 1981 Silverbird closes after bailout auction fails "1 money needed to pay NLV obligations, Gordon said. When told late Wednesday that the minimum had not been achieved and the $3.5 million bidder had not produced the needed $250,000 deposit, Federal Bankruptcy Judge Lloyd George ordered the hotel and casino closed. More than two dozen gaming control board agents entered the hotel at midnight and began sealing slot machines and covering gaming equipment. Guests in the 385-room hotel were asked to leave by noon today, Gordon said. He estimated the hotel was 90 percent occupied.

Any hope of salvaging something from Wednesday's auction fell through when the highest bidder, Eddie King, representing Star Makers Unlimited of LAS VEGAS, Nev. (AP) The Silverbird Hotel and Casino closed today on orders of a bankruptcy Judge after an auction Wednesday failed to bail out the financially-ailing Las Vegas Strip property. A spokesman said 850 employees were notified at midnight that they were without Jobs while another 100 security and maintenance workers remained at work temporarily. Gerald Gordon, attorney for NLV Corporation, said the property would be turned back to the owner, Tiger Investments of Las Vegas. There was no indication when the hotel, a 33-year-old Strip fixture, would be reopened.

NLV had sought Wednesday to auction off the remaining 15 years of a lease it held on the hotel, but the highest bid, $3.5 million, was $300,000 shy of the Los Angeles, failed to meet the $3.8 million minimum or produce the $250,000 deposit. Gordon said he went to the hotel about 8:30 Wednesday night In a last-ditch effort to work a deal with King, but was unable to do so. Auctioneer Robert Deiro said he thought King was "caught up and went for more than he wanted to" intending to bid only $3 million for the lease. Gordon said the toughest part of the hotel closing was notifying kitchen help "because those people will have trouble finding work." Gordon said the closing went "like clockwork." Asked if any trouble had been expected, he said "Whenever you have money around, you could always have problems." "I'm very disappointed." 9 Tiar -i AP pnoto Silverbird Hotel and Casino in Las Vegas. Depressed home sales market improves chain sales off Copyright law change eyed NEW YORK (AP) The na By The Associated Press surprised by the October new-house improvement and he did not think a major recovery was in sight.

Thomas Harter, chief economist for the Mortgage Bankers Association of America, attributed much of the improvement to "all kinds of gimmicks" by builders trying to get rid of houses and cut losses. High Interest rates, which have depressed the sales of homes, cars and other big-ticket items, began abating as the recession hit. But in recent days the rates have held amid concerns that the Federal Reserve Board may be less willing to loosen Its grip on credit. Economists see little chance that the building and buying of homes will bounce back any time soon, despite a slight Improvement in the latest sales figures for new houses. Sales of new single-family houses, which had fallen to record lows in September, rose 15 percent in October, the government reported Wednesday.

However, the sales were more than one-third lower than a year earlier. Also, the sales of existing homes remained terribly depressed. Last week, the National Association of Realtors said sales of existing homes fell in October to the lowest level In 10 years. Robert Genetskl, an economist at Harris Trust Savings Bank In Chicago, said Wednesday he was WASHINGTON (AP) The Reagan administration is evaluating its position on a proposed revision of federal copyright law that a Labor Department official says could eliminate more than 350,000 printing jobs in the United States. The proposed change could devastate the U.S.

printing industry, according to Howard D. Samuel, president of the AFL-CIO industrial union department. Michael Aho, head of the Labor Department's office of foreign economic research, said in a telephone interview Wednesday that he had planned to present a report which estimated the proposed change could eliminate from 170,000 to 367,000 Jobs. But administration officials can tion's big retail chains, citing the effects of a weakening economy, today reported November sales were moderately lower than a year ago. Sears, Koebuek the nation's largest retailer, said its sales for the four weeks ended Nov.

28 declined 1.2 percent to $1.73 billion from $1.75 billion a year earlier. That was a sharp reversal compared with Sears' 9.1 percent overall sales gain for the first 11 months of the year. Sales in that period were $15.77 billion, compared with $14.40 billion in the corresponding period last year. JCI'enney Co. the No.

2 retailer, reported a 0.6 percent drop in November sales. celed his appearance before a House judiciary subcommittee at the last minute because the White House wanted more time to reach agreement on the controversial issue. The subcommittee is considering whether to recommend renewal of the copyright act's manufacturing clause, which requires publishers to print the works of American authors in the United States to qualify for U.S. copyright protection. The clause is to expire July 1, 1982.

"The administration hasn't had time to work out a position," Aho said. He added that some administration officials also feel the judiciary panel "is a funny place for a trade issue to be discussed." Merger approved Shareholders of Memorex Corp. voted Thursday to approve the proposed acquisition of Memorex by Burroughs Corp. Under the terms of the proposal Burroughs will acquire Memorex as a wholly owned subsidiary for $14 per share of Memorex common stock. The acquisition will become effective upon the filing of a merger agreement and other required documents with California's secretary of state.

All stock quotations are for Thursday December 3, 1981 American Stock Exchange BUSINESS WANTED Want to buy wholesaling or distributing business in RenoCarson area. Will buy outright or active partnership basis but must net 12-15 with $300k down cash-on-cash after debt service. Replies kept confidential. Want to act now. P.O.

Box 3126, Carson City, NV 89702 If you hold a 1st or 2nd Sale Net P-E (Ms) Close CM. Sale Net P-E (Ms) Clos CM. Salt Net (hds) Clow CDS. SaH Nt (Ml) Close Chg. Closing TRUST DEED and you wish SCEdpf 1.30 3 22- SCEdpf 1.45 1 10'A- SCEdpf 1.02 16 7 Vi SCEdpf 1.06 4 7H- Vi SCEdpf 1.08 12100 7'- Vl SCEdpf 1.19 1300 8'- 'it SC Ed p(12 SO g87 -31 Sparkm Eg 24 5 814- Vi SDrkmE pfl 4 71 NEW YORK (DPI) -Following are nationwide com posile prices (or slocks listed on the American Stock Exchange.

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Materl 5 10 Coradian Cp 34 CoreLab .16 18 261 Cornels 20h IS 14 Crwtd Engy 10 4 Crest Foam 9 38 2 MichGen Cp 1 20 Gemco Natl 8 3 3' GDefens .68 9 129 13 6'.

Vi 8'A- 'It GnEmp 7 6 GnHouse .12 6 13 Genisco Tec 20 14 GMvDr 12 4 Gl Export 6 15 12H -6 3- Russl Cp .40 7 3 15- Russll Burd 1 24 Rykoff 6 3 9 RylaMG .72 11 2 16 Sage Enrgy 12 30 19V SalemCp .40 46 2 81- 'A SanCMI 1 2'4 SDiegoGpf I 13 g7 SDiegopf .90 3 6 SDie9opf 06' SnDpfE 7.80 Z50 511 'A SnDofG 7.20 Z200 48 SnDpfH 2.68 5 18 SnD pfl 2.47 4 16'A- 'A SanJsW 2.05 3 1 22 Sandgte .50 6 10 VI Saroent IM 12 16 4'i- SauMer .30 7 1 10- SchoolPc .40 11 3'- GianFd 1.20 6 81 IB'- 'A GiantYl 938 61 9- 30 TO 84 DAYS $2,500 MINIMUM. American's Investor Money Account is backed by U.S. Government Agency securities. Rates are set daily and fixed for the term of your Account. No penalty is assessed for early withdrawal, although there is a $25 processing fee.

Because the account is not a savings account or a deposit, it is not insured by the Federal Savings and Loan Insurance Corporation. Based on the rate in effect this date for a 30 day term and reinvestment of principal and interest. Rates are subject to change at renewal. Glassrck .10 14 42 17'A 2H Vi I Glatfltr 1.60 7 2 281- MchSugar 1 2 43 13VI- Vi Micklbry .12 5 1 4'- Vk Midln Co .40 5 1 16'- 'A MidlGIs .209 14 7' MinnP Lpf 5 zlOO 33'-l MinPpf 7.36 -Z2000 511 Vi Mssnln 10 11 414- Mitchell .24 9 218 20- Mite Cp .70 9 3 30- MonPpf 4.50 790 30 Monmnt En 12 139 12 -1 Moog A .24 13 78 16- Vi MtgeGr 1.26 6 1 11 Morton SM 15 1- Mount Med 12 20 7 Movielab 29 57 2 MPOVi JOd 2 5' MS I Data .40 9 55 16 Vi Narda .20 15 42 21 '4-1 NtGsOl 7 6 12- NatHlth .48 15 30 30 12 Glen Dist lg 11 14 19' -6' -9 Vi 1 1- 17'- I7V4 VI 81 -1514- 'A GNC Enrgy 21 17 Gold WH .48 22 1 Goldfield Cp 154 Goodrich wt 11 GormnR .96 8 3 Gould In 1.36 13 5 GrhmMf .32 8 6 GraMAv .50 6 7 Grd Cent .25 21 56 7Vi- Schrdr 4 72 SchwabS .36 7 1 SciMngt .10 7 10 Seaport Cp 29 4 8 4- 9 Vi Granger As 24 3 27Vi- A Sec Capital 8 148 4' VI Natl Kinney 24 2'4 Seiscom Del 10 15 19' Grantln 10k I 185 10H1 GrantIM wt 133 2 6 Seis Pros 10 16 15 NatPat Dev 120 NtScRs 80a 7 4 Natl Silver 15 Nevada's Oldest Charter Institution Since 1931 Gt Am Ind 4 19 1514- GtBsPt 7.701 II 495 4' GrtLkCh .48 15 19 40- 11'- 4 -31 4 6- 82 1 Nlsn LB 10k 9 NestleL 10 Nwbrry 16 Newcor .52 7 NwHBalt .80 10 8 m'-AMERICAN ilill a t- rri Tnr nrii 1 15'A- 'A 6' 'A 5'A Vi 5'- 3 -3Vi VI 24H- 05' -14 1V1 I4H- Vi I8H -llH- 14 171 -19'- 'A 5' Vi 12 Vi 7Vi -WVi Vi Vi gVi -471t- Vi 31 -1714 Vi 4 Vi 7' Vi Vi S1- Vi 3 15 4i 3' -134 10'A- Vi 13H -1H- Vi 17 -7 4V- V4 25'- Vi 14VJ- Vi 8 -34 1 Greenm Bro 7 16 I Corp 16 Grubb 8, Ell 20 SB GTICorp .12 8 48 GuarBc 14 GuardC .600 9 1 4 28 New Idria 27 105 2' NMexAr .30 27 30 19 Vi 12'A- Vi 12 NwPlan 1.20 10 34 GulfCda .44 11 579 1 7 SelasCp 9 Semtech 3k 14 Servisco .44 5 12 Servo Corp 5 SGLIM 7 8 SharnSt 11 2 Shelter Res 8 Shopwll 6 1 Shoboat BO 6 5 Sierrcn 3B 17 SifcolM .36 7 1 Sikes Cp .30 5 11 Silvercrest 49 SMD IMust 3 Solid Sta Sci 19 54 Solitron Dev 13 52 SorgPap .48 12 4 SouMsin .20 10 30 So Tex Drill 11 28 7'A- New Pr 7 19 5 -3- VI 6 4 12- 'It 4 -2 -4 -13'A- 8 Vi 9 9 Vi 4V4 IV -6 -7 Vi 14 161- VI 10- 16 Vi Gultstrm Ld 9 4 1414- Vi -H NYTme 1.10 9 21 35- Vi Nexus IM 11 1 6- VI Hamptn 10k 3 5 5 19 2 1' NiagFS 1.04 5 9 Nichols 5 Noel IM Inc 5 20 Nolex Corp 25 12 NARovat .20 6 86 12 AND LOAN ASSOCIATION RENO: Main Office and Administrative Headquarters, 67 West Liberty Street 323-313S Moana West Shopping Center, 3470 Lakeside Drive 323-3135 SPARKS: 390 North McCarren Boulevard 323-3135 1640 Prater Way 323-3135 CARSON CITY: Carson City Mai, 1205 S. Carson Street 882-2147 INCLINE VILLAGE: Incline Shopping Center, 930 Tahoe Blvd.

631 -0765 SOUTH LAKE TAHOE: Kingsbury Square Shopping Center, 267 Kingsbury Grade. StateNne 588-6641 WINNEMUCCA: Raley's Shopping Plaza, 1100V. WinnemuccaBoevard 623-3626 No Can Oils 11 713 25-l' HannJd 1.20 5 1 2214 Harvey Grp 5 2 3Vi VI Hasbrol 5 6 14- Hstings 40a 5 10 12 Hawaii Airl 1 2 4A Health Chm 26 472 10'AlVl Hlth Mor .40 6 8 9 Heinwr 20 9 3 Heinke .10 10 23 10 Heitm Mfjft 7 20 1 Heizer Cfrp 281 10 SCEdof 230 61 SCEdpf 896 Z300 61Vi NestBk 1.16 5 1 15 -Nuclear Dat 15 26 13'- NumacO .20 93 102 27- Vi Okwood 10 12 21Vi SCEdpf 221 3 15- Vi SCdpf 8 70 -Z6700 960.