silver saddle ranch lawsuit

The DBO alleged that Defendants committed . Because of these ongoing costs, we determined selling the Ranch is in the best interest of the Receivership Estate. According to the receiver, Feterik eventually withdrew his objection and the receiver re-opened the sales process for both Silver Saddle and the Project properties. (Chava Sanchez/KPCC). "Mendelsohn isn't trying to sell land, and the public isn't really buying the land. The criminal action by the Attorney General is separate and independent from this case. Each sale is alleged to be a separate violation. Upon receipt of an acceptable offer(s), the Receiver will then bring the issue before the Court, August 27, 2020 Ranch and Galileo Project Property Update. The request to have the sale approved will be filed separately. As we have noted repeatedly, calculating the Final Claim Determination amounts does NOT mean investors will receive those amounts. Winds SW at 20 to 30 mph. The criminal case continues and, as a result, the Court has extended the stay in the receivership case until at least the next status conference which it scheduled for September 15, 2023. The agency accused Silver Saddle, Maney, Ducreux and other defendants of securities fraud and selling unqualified securities. That case, which is a separate civil lawsuit unrelated to the new . To that end, on February 8, 2021, the Receiver filed a Motion to Approve Distribution Method and Procedures (Motion). The agency accused Silver Saddle, Maney, Ducreux and other defendants of securities fraud and selling unqualified securities. A sale will eliminate substantial ongoing expenses. The letters explained how to challenge the Preliminary Determination if an investor felt the determination was incorrect. For the latest national news from NPR and our live radio broadcast, visit LAist.com/radio. A 1969 newspaper ad for the real estate training program that Nat Mendelsohn used to sell so much land, "Land for sale" signs litter the empty desert in California City. Help us provide credible local journalism and timely NPR reporting to our entire community. The Receivership Estate will not be able to fund these costs for very long. August 26, 2022 Receivership Case Stayed. SACRAMENTO - The Department of Business Oversight announced Oct. 1 that a state judge has granted its request to shut down an alleged investment fraud that collected more than $30 million from illegal land sales and other charges associated with the Silver Saddle Ranch & Club in California City. On 12/01/2017 MELINDA CERDA filed a Labor - Other Labor lawsuit against SILVER SADDLE RANCH CLUB INC.This case was filed in Los Angeles County Superior Courts, Stanley Mosk Courthouse located in Los Angeles, California. The motion cites water costs alone ran more than $285,000 since it was placed in the receivers hands in October 2019. Many were young couples and hard-working immigrants looking to build a better future. SACRAMENTO - The Department of Business Oversight (DBO) announced today that a state judge has granted its request to shut down an alleged investment fraud that collected more than $30 million from illegal land sales and other charges associated with the Silver Saddle Ranch & Club in California City, California. The Silver Saddle Ranch in California City, California has been closed to the public and visitors. Unfortunately, the Receiver did not receive acceptable offers before the deadline. Trial is presently scheduled for May of this year. Thomas W. McNamara was appointed as the Receiver in this case. On September 9, 2019, the California Commissioner of Business Oversight (DBO) filed an action against multiple parties involved in a real estate investment scheme which allegedly sold highly overpriced fractionalized interests in vacant desert land in rural Kern County, California. The California Department of Business Oversight ("DBO") filed its civil lawsuit on September 9, 2019 against Defendants. If your mailing address has changed, please email your new address to info@regulatoryresolutions.com with the subject line SILVER SADDLE W-2 ADDRESS CHANGE. If you did not opt out of electronic delivery, you can access your W-2 through the Insperity Premier website. We will provide an update if the trial date changes. Based on an independent appraisal prepared for the Ranch, the Receiver believes the price is more than fair and reasonable. Graduates of the program were expected to buy a piece of land themselves, and refer their friends and family. A photo of Nat Mendelsohn, the founder of California City, on the cover of the 1961 annual report to property owners. The listing is available here: https://www.loopnet.com/Listing/20751-Aristotle-Dr-California-City-CA/19775266/. Escrow was opened on July 2, 2020. Based upon an independent appraisal prepared for the Galileo Project land, the Receiver believes this offer is fair, reasonable, and at or above market value for the property. Investor payments will be made by check. Notice of this filing will be provided to investors by email and via posting on the receivership website. 9, 2021), Receiver's Motion for Proposed Distribution to Investors (Feb. 8, 2021), Receiver's 3rd Interim Status Report (Jan. 14, 2021), Minute Order Granting Receivers Motion to Approve Sale of Ranch (Nov. 6, 2020), Receiver's 2nd Motion to Approve Sale of Ranch (Oct. 13, 2020), Receiver's 2nd Interim Status Report (Sept. 15, 2020), Silver Saddle Resort Sales Brochure (August 24, 2020), Galileo Parcels Sales Brochure (August 24, 2020), Receiver's Ex Parte Appl'n for Order Cancelling Escrows (Aug. 5, 2020), Preliminary Injunction re Accelerated Assets; SS Purchco; and Pahrump Valley Real Estate Co. (July 24, 2020), Minute Order re Motion to Intervene and for Preliminary Injunction (July 24, 2020), Moody Decl. Please notify us immediately if your mailing address has changed. Regulatory Resolutions, operated by Thomas McNamara, agreed to the sale of the 130-acre property for $2.1 million to the proposed buyer Aaron Mamann after a previous arrangement was canceled. Each investor would receive a part of the proceeds from the sale proportionate to the money he or she paid for the property. Instead, each investor will receive a share of the proceeds proportionate to his or her investment in the Galileo Project (a pro rata share). In March 2022, we sent out 2,970 letters to investors notifying them of the Receivers Preliminary Claim Determinations. The receiver is currently trying to sell the ranch and all the land around it to help pay back people who bought into the landbanking operation. Many of those consumers ended up spending tens of thousands of dollars on land they were made to believe would be worth much more in the near future. Now, survivors and their descendants seek reparations. Importantly, the Receiver intends to request the Court authorize that the Galileo lands be conveyed with a clear title and free of the Galileo investors fractional interests. In July, the receiver eventually accepted an offer from Kevin Feterik, who had partnered with local businessman Leland Krelle, for $1.77 million. Instead, on August 5, 2020, the Receiver filed an ex parte application for an order cancelling escrows for Silver Saddle Ranch and the Galileo parcels, which will be heard telephonically via CourtCall on August 11, 2020 at 8:30 a.m. All responses and oppositions to the Receivers ex parte application must be filed with the Court prior to the hearing. If you believe the email or mail address the Receiver has for you is incorrect, you should immediately provide the correct address(es) to the Receiver by sending an email to: info@regulatoryresolutions.com, with Silver Saddle in the subject line of the email. Four years ago, while reporting a story about the drought, I received a tantalizing tip: In a small town in the Mojave Desert, salespeople were making tens of millions of dollars hawking empty desert land to unsuspecting buyers by convincing them the area would boom one day -- and if they got in now, they could get rich. This will involve (1) calculating each investors claim and then (2) dividing this by the aggregate amount of all investor claims to get a pro rata figure which (3) will be multiplied by the amount available for distribution. With the trial date approaching, the Receiver intends to proceed with the sale of the Galileo Project Land for $900,000 to the same individual who purchased the Ranch. September 24, 2020 Ranch and Galileo Project Property Update. Bids for the Ranch are due on September 14, 2020 by 10:00 a.m. According to the court document, the ranch includes six primary buildings: a club. It is currently listed for $1,895,000. The ranch and the property were initially marketed in May under real estate company Kidder Matthews, with Teresia Knight and Greg Myers as the listing agents. While we have carefully considered the concerns raised by these investors, they do not have legal standing to object to the sale of the Ranch. You have permission to edit this article. The same proposed buyer who offered $2,100,000 also offered $900,000 for the Galileo Project vacant land, which has been marketed through a real estate broker for sale since August. February 8, 2021 A Global Email was Sent to Investors Today Explaining the Receiver has Filed a Motion to Approve the Method and Procedures for a Distribution to Investors, Sale of the Silver Saddle Ranch and Club (Ranch). Trial is presently scheduled for May of this year. While many individuals have requested refunds, whether refunds will be issued depends on the outcome of the case and will be an issue for the DBO and the Court to resolve. The allegations against the defendants include that they: Ben Perez is one of the more than 2,000 people who invested money with Silver Saddle. The Receiver took this claim seriously, his team exchanged correspondence with Mr. Jones, and he convened conference calls with the brokers.. Every two years, Desert X presents site-specific outdoor installations throughout the Coachella Valley. The receiver noted in the motion that many of these amenities were modestly constructed, outdated, and poorly maintained.. The idea was that the land would appreciate in value, and when it did, all the co-owners could sell it to a developer and make a lot of money. The state filed an injunction and lawsuit against several people accused of $30 million in fraud and illegal land sales, including Maney and Silver Saddle Ranch & Club, Inc., among several others. The Receiver also filed a Response to the Motion to Intervene filed by Antonio Garcia and Carlos Novelo. The Galileo Project land is presently encumbered by roughly 1,700 fractional interests provided to the Galileo investors. Most of the land Mendelsohn sold was bought by participants of a program he created that taught people how to be a real estate agent-- by selling land in California City.
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