On August 29, 1968, a joint petition was filed to declare the Landmark bankrupt. The petition was filed by Vegas Valley Electric, Inc., a plumbing contractor, and Landmark architects George Tate and Thomas Dobrusky. By that time, the Teamsters Union Pension Fund agreed to delay its foreclosure until the property was sold. Simultaneously, Sylvania Electric Company had intended to foreclose on the property because of an unpaid $3.7 million bill relating to electronic equipment installed in the Landmark. The joint petition prevented Sylvania from taking over ownership of the property.