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NATIONAL HERITAGE INDUSTRIES INC. FILES SUIT AGAINST VALLEY BANK OF NEVADA

 NATIONAL HERITAGE INDUSTRIES INC. FILES SUIT
 AGAINST VALLEY BANK OF NEVADA
 LAS VEGAS, Oct. 30 /PRNewswire/ -- The following was issued today by National Heritage Industries Inc. (NYSE: NHR):
 On Sept. 17, 1992, National Heritage Industries Inc. the general partner of Heritage Hotel Limited Partnership I, a Nevada limited partnership, filed suit in Nevada State Court against Valley Bank of Nevada, now known as Bank America Nevada. The lawsuit arises out of a construction loan agreement by Valley Bank of Nevada to the limited partnership for construction of a hotel and casino in Las Vegas known as the Chaparral Hotel. The lawsuit alleges claims for breach of contract, fraud and interference with prospective business relationships. The Nevada State Court case was immediately removed by Valley Bank of Nevada to the federal bankruptcy court where the limited partnership's Chapter 11 proceeding is pending. The bankruptcy court subsequently denied the debtor's request for injunction and Valley Bank proceeded with a foreclosure sale of the Chaparral Hotel on Oct. 16, 1992. As a result of the action, Heritage Hotel Limited Partnership no longer owns or operates the Chaparral Hotel. On Nov. 2, 1992, the bankruptcy court will hear the debtor's motion to remand the case back to Nevada State Court. Regardless of the outcome of the Nov. 2 motion to remand the case to state court, the debtor limited partnership and its general partner National Heritage Industries Inc., intend to pursue their claims for damages against Valley Bank of Nevada. They have retained the Santa Barbara, Calif., law firm of Cappello, Foley & Bezek, nationally known experts in lender liability litigation, to represent them in the case against Valley Bank of Nevada.
 -0- 10/30/92
 /CONTACT: Fred Keiserman of National Heritage Industries, 702-382-1200/
 (NHR) CO: National Heritage Industries Inc.; Valley Bank of Nevada;
 Bank America Nevada ST: Nevada IN: CNO LEI FIN SU:


EH-KJ -- LA025 -- 7212 10/30/92 14:49 EST
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Publication:PR Newswire
Date:Oct 30, 1992
Words:318
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