The following was just posted on another thread by the mysterious yet renowned bloggers behind http://www.rereno.com/:
“I was there at the auction. Here are my quick thoughts:
Siena Hotel Spa Casino was sold at an auction at US Bankruptcy court for $3.9M. This figure is “free and clear”, and the court will determine the distribution of the proceeds at a later date. The court did authorize that the outstanding liens for property tax, sewer fees, gaming fees, and RSCVA be paid from the proceeds immediately to allow the transaction to close within 48 hours. This will leave about $3.5M to be split among the creditors. It looks like RE Reno LLC who own the $50M will get nothing in the end.
There were 3 bidders: Northern Nevada Asset Holdings (new owners of Silver Club in Sparks), Stratus West LLC (a division of Stratus Gaming?), and the winning bidder Grand Siena LLC. This entity is controlled by David Colvin from Las Vegas, who is also the principal behind Gaming Arts (www.gamingarts.com). There are reported to be 5 investors total. One, Jay Meilstrup of Reno, is president of http://www.gametech-inc.com/”