The statement, sent out to the media by a Reno attorneys office on behalf of the Palace Jewelry and Loan Company, says in part:
"...First and foremost, the Palace is not in bankruptcy nor will it be seeking any bankruptcy protection in the future. Secondly, since the summer of 2005, the Palace stores and its Internet business have been solely under the managerial control of Joan Mack, its co-owner..."
According to the law firm that released the statement 50% of the Palace Jewelry and Loan Company is owned by Joan Mack, and 50% is owned by the Bankruptcy Estate of Darren Mack.
The statement also had this to say, about the Mack family and friends:
"...In these difficult times for the Mack family, as well as the Palace and its employees, the Palace appreciates the continued support from its friends, customers, partners, vendors, and the community."
Prior to 2005, the Palace Jewelry and Loan Company had listed both Darren and Joan Mack, as co-owners of the property.