**BREAKING NEWS** SIENA HOTEL SHUTTERED

IMPORTANT SITE UPDATE - BLOG SITE MOVED

PLEASE NOTE:

BAR-K Investors HAS MOVED. We found a website that offers better functions and features as well as a more aesthetically pleasing layout. Please click the link below and bookmark this new site:

http://barkinvestors.wordpress.com/
Inside sources report that the Siena will close at noon today. 

This page will be updated as the story unfolds.

Per a document filed by Hi-Five's attorneys yesterday:

Siena BK Venue Change Confirmed

The latest filing from Barney's attorneys lists the following:


Hearing
DATE: October 21, 2010
TIME: 11:00 a.m.
PLACE: 300 Booth Street, Courtroom 3
Reno, NV 89509

The judge is the Honorable Gregg W. Zive .  Zive is also handling the Station Casinos BK.

Siena GM Clyde Callicott: "The staff and management of the Siena have made a major commitment to you."

The August 2, 2010 Siena Newsletter from Mr. Callicott speaks of such good things to come.  Do you remember all the way back in August when the Siena was on top of the world?  Yeah, neither do we.  Clyde teases us with this statement:  "We a few (sic) new surprises this time just to shake things up a bit."  Who knew that meant they would stop allowing gambling at the casino?

Perhaps the Nevada AG should investigate this sentence:  "Everyone is a guaranteed winner."  We're not winners on this deal.  Are you?

Callicott ends by saying, "See you on the floor," but fails to alert us to the fact that the table games will be gone, the slots will be unplugged and the gambling floor will be walled off two short months later.  Details, details....

 Message from the Siena General Manager – Clyde Callicott

Another Reno Summer is whizzing by at the Siena and the action is getting even hotter. We a few new surprises this time just to shake things up a bit. Let’s start with tournaments. Not only do we have $2K Open Slot Tournaments, now on it’s new day Tuesdays from 12vnoon to 8PM where you could win your share of $2000.00 in cash and prizes, we’ve added a new tournament, The Siena $1000 Free Video Poker Tournament, Saturdays from 12noon to 3PM . For River Club card member we are rolling out the Red Carpet as we host special “Guest Appreciation Days”.

Siena - This Is A Must Read

Our favorite Reno-centric blog, REreno -- Hardcore Real Estate News -- does a great job of providing local (and insider) analysis and information, especially concerning the Siena.  This witty repartee can be found RIGHT HERE (yes, please click HERE). 

They ask some great questions.  Does anyone have any of the answers?

Hoping these questions will, at the very least, spur ongoing dialogue.

Comments on the Siena's Supplemental Statement re: BK

On September 22, 2010, Andy S. Kong of the law firm Arent Fox submitted a "Supplemental Statement in support of: (1) Motion for authority to obtain post-petition financing; (2) Motion for order authorizing debtors and debtors-in-possession to employ certain professionals in the ordinary course of business and to set procedures; and (3) Joint motion of One South Lake Street, LLC and Wild Game Ng, LLC for order authorizing the interim modification of the debtors' hotel casino lease and land lease."

We have already discussed the lease and the suggested modification (3), so let's focus on items (1) and (2).