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VOL. 126 | NO. 34 | Friday, February 18, 2011

Memphis Owner of Vegas B.B. King Club Files Bankruptcy

By Bill Dries

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The Memphis company that owns B.B. King Blues Club in Las Vegas has filed for bankruptcy protection in Memphis federal court. Beale Street Blues Co. Las Vegas LLC Wednesday filed for Chapter 11 bankruptcy reorganization, according to The Daily News Online, www.memphisdailynews.com.

The largest unsecured creditor listed in the filing is Beale Street Blues Co. Inc., 143 Beale St., which claims it is owed $2.5 million. The other unsecured creditors are contractors from other states and vendors from California and Nevada, as well as the state of Nevada, which collects taxes on the club.

Beale Street Blues Las Vegas claims assets of $2.5 million and liabilities of $3.8 million. The club, named for the blues legend B.B. King, is one of five across the country including the original in Memphis.

The Vegas club is in The Mirage, which is among the unsecured creditors listed with an indication that the amount is disputed.

The other clubs, which like Memphis are not directly affected, are in Orlando, Fla., Nashville and West Palm Beach, Fla.

Reorganization allows the business to adjust its operations under court protection while continuing to operate.

The club’s attorney could not be reached for comment by press time.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 41 41 17,762
MORTGAGES 70 70 23,138
FORECLOSURE NOTICES 14 14 4,532
BUILDING PERMITS 163 163 42,320
BANKRUPTCIES 50 50 16,741
BUSINESS LICENSES 14 14 5,795
UTILITY CONNECTIONS 113 113 25,287
MARRIAGE LICENSES 18 18 5,399

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