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 mustang ranch irs problems




From: linden@positive.eng.sun.com (Peter van der Linden)
Newsgroups: alt.folklore.urban
Subject: The Mustang Ranch facts
Date: 20 Feb 1994 19:56:28 GMT

> The Mustang Ranch was in the Reno area. The owner was busted for some
> Federal tax thing, under reporting income I think.
> I'm pretty sure the ol' Ranch is no more.

I never ceased to be amazed at the high volume of speculation, wild inaccuracy, ignorance, and just plain fantasy that gets displayed here on a daily basis.

After 3 abortive attempts (approved by the Securities and Exchange Commission) to float OTC stock in the Mustang Ranch, Sparks, Nevada, the owner Joe Conforte was forced into bankruptcy owing the IRS $13M. He spent 18 months in prison too. (source AP news story, Nov 1989).

Liens were taken out and most of Joe's assets including the famous bordello were sold; as a result several strait-laced organizations (including Lloyds Bank of Britain) found themselves part owners of a flourishing prostitution business. They managed to get over it, and doubtless there were several "fact-finding" trips by executives.

The Mustang Ranch continues to prosper, and there is a Mustang 2, and 3 on the site. I stopped in for a beer at the Mustang 1 when I was travelling that way a few months ago. It's interesting to chat with the proprietor -- he has a number of incredible stories. If you do this, please don't disturb the other staff, they are just working folk trying to earn a living under circumstances that you would probably find somewhat arduous.

Prostitution is nominally illegal in most counties in NV, including those where Reno and Las Vegas are situated, but it is still legal and regulated in a handful of very rural counties. Sadly the Mustang Ranch management does not understand the merchandizing opportunities available: I made an offer on one of the informational signs, and a logo-imprinted hand-towel, but was politely told that they couldn't sell them to me "because everyone would want want one." Say, maybe we should hold AFU-World in the bar of the Mustang Ranch this summer?

--
Peter van der Linden linden@eng.sun.com Therapist for the irrational numbers.


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