EMILY GUERIN: After three hours, we stumbled out into the early spring sunlight. Marian G. Ducreux; Clifford J. Reynolds; and LAist Studios relies on listener support to bring you the podcasts you love. Prosecutors charged Thomas Maney, the 83 year-old owner of Silver Saddle, Marian Ducreux, 68, one of the company's top sales people, and seven other former sales agents, managers and employees . Will Orange County's Fledgling Clean Power Agency Survive? The Receiver intends to seek Court permission to proceed with the sale. EMILY GUERIN: I had asked Tom and Debbie if I could record our conversation. Silver Saddle and Galileo Hill are popular California birding destinations. We have also accepted an offer to purchase the Galileo Project vacant land for $775,500. > silver saddle ranch lawsuit. Thank you. 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. . On September 24, 2019, the San Diego Superior Court issued a Temporary Restraining Order (TRO) with asset freeze and appointment of a Receiver over the Receivership Defendants (Silver Saddle Commercial Development, LP; Silver Saddle Ranch & Club, Inc.; The Galileo Commercial Property Owners Association, Inc., as well as any other entity that has conducted any business related to Defendants offering and selling of the Galileo Project investment contracts). The reason the Receiver took the motion to approve the sale off calendar is that shortly after the Receiver accepted an offer to purchase the Ranch, another individual, who had also presented an offer, complained about the sales process and his interaction with the real estate broker. As explained below, if you disagree with the Receivers determination you must contact the Receivers office by mail or email on or before April 8, 2022. Now I'm starting to get nervous. The Court said that the Receiver can continue to collect funds for the Receivership Estate, but the stay may affect the timing of a distribution to investors. March 23, 2021 Motion to Approve Distribution Method and Procedures. It's good to see you. It was calm. We saw the cottonwoods and sycamores that crowd the shore of Lake Maney. BEN PEREZ: She told me like, this is super easy, guys. And when I asked how long it took him to realize hed made a huge mistake, his answer ranged from a few days to a few weeks. But Tom didnt think it applied to Silver Saddle. CALIFORNIA CITYEpisode 6 Transcript: The Hunted Becomes The HunterEPISODE 6 TRANSCRIPT. That city never developed, as evidenced by the miles of abandoned roads that surround Galileo Hill today. The list is sorted by investor account number, which number was included in the Preliminary Claim Determination letters that were mailed to each investor. On March 19, the Court heard oral argument on the Receivers Motion and denied the Receivers request to proceed with an interim distribution to investors. EMILY GUERIN: I know its kind of weird, but Kens little pep-talk did help. Debra Nicastro Owner at "DNEM" Debra Nicastro - Expert Management & Business Development Los Angel EMILY GUERIN: As we drove away from town, I thought about everyone who had ever made this drive over the past 60 years. EMILY GUERIN: But we knew they knew that wasnt true. Because I could see somebody who was like, looking at it from the outside being like, "Wait, Ben is a victim. If youd like to quote this podcast, please check the corresponding audio first. All of us were confused after we left Silver Saddle. The Receiver will reply to any objections and the Court will rule. Please notify us immediately if your mailing address has changed. In my podcast California city, I told the story of a small town in the Mojave Desert where, for more than six decades, salesmen have been selling nearly worthless desert land to unsuspecting people. EMILY GUERIN: Oh, that you don't have cigarettes? (Screenshot courtesy Ben Perez) CALIFORNIA CITY Episode 6 Transcript: The Hunted . In order to move promptly when the case is resolved, we are providing notice to all investors of the Receivers claim determinations. It is incredibly disorienting when you think you know something, but then someone insists that youre wrong. The agency accused Silver Saddle, Maney, Ducreux and other defendants of securities fraud and selling unqualified securities. THERESA GRIMSHAW: You don't want to say something and end up not being able to find your body somewhere. is robin roberts married to amber laign . The Receiver intended to use the money from the sale to pay the expenses of the Receivership Estate and provide a first distribution of funds to Silver Saddle investors to begin compensating them for their losses. MICHAEL VIERNES: Um, because he actually, he actually asked more friends to actually go to this resort place and invest. EMILY GUERIN: Okay. EMILY GUERIN: Okay, even though you could be viewed as a, as a successor company because you had worked for Great Western.. TOM MANEY: Not really, its totally different. DEBBIE NICASTRO: Buyer's remorse comes in many, you know, whether it be financial, you know, it's, it's an emotional sale. In part, the ruling states that, [t]he prospective intervenors, like all investors, will be afforded an opportunity to be heard regarding the disposition of the receivership estate through the Receivers notice and recommendations to the Court. The Final Determination of Investor Claims will be used to calculate the pro rata share of any distribution ordered by the Court. The Galileo Project land is presently encumbered by roughly 1,700 fractional interests provided to the Galileo Project investors. Many of K-pop's greatest acts are actually comprised of people who grew up outside of Korea. He didn't just stop with us. But the more time I spent there, the more naive I realized Id been. Each investor who submitted a challenge has been contacted by mail and email explaining the Receivers review and determination of their challenge. So, I was ready. Each investor will, however, receive a part of the proceeds from the sale proportionate to the money he or she paid for the property, as described in the recently distributed Claim Determination letters. When emailing our office, please include your unit number to allow us to locate your records quickly. st lawrence county police blotter; how soon after gallbladder surgery can i get a tattoo; taurus horoscope today and tomorrow; grubhub acquisition multiple lindsey morgan alice burciaga; sheree green wife of travis green; why does mark mckinnon walk with a cane TOM MANEY: Series of different companies, actually. TOM MANEY: Our sales people all spoke their languages so they understood what they were buying. JAMES KIM: It's really beautiful right now. Because of these ongoing costs, we determined selling the Ranch is in the best interest of the Receivership Estate. We can't hold those in power accountable and uplift voices from the community without your partnership. Which Tom also denied. We have an appointment with Debbie. Should the Court order the sale to go forward, the Receiver intends to recommend to the Court that the sale proceeds be used to fund an investor distribution. EMILY GUERIN: But when Ben talks about this, theres a lot of inconsistencies in his story. The minute order granting the Receivers motion is in the documents section of this webpage. Copies of the Complaint and the TRO are available in the documents section of this webpage. The Galileo Project land is presently encumbered by roughly 1,700 fractional interests provided to the Galileo Project investors. At a hearing on October 16, 2019, the San Diego Superior Court issued a Preliminary Injunction with asset freeze and confirmed the appointment of the Receiver over the Receivership Defendants (Silver Saddle Commercial Development, LP; Silver Saddle Ranch & Club, Inc.; The Galileo Commercial Property Owners Association, Inc., as well as any other entity that has conducted any business related to Defendants offering and selling of the Galileo Project investment contracts). This would mean that after the sale, the investors would no longer have an interest in the Galileo Project Land. EMILY GUERIN: Previously on California City: KATHRYN EFFORD: Real estate is the basis of all wealth. The DBO licenses and regulates more than 360,000 individuals and entities that provide financial services in California. silver saddle ranch lawsuit Sign in ontario median income. We drove to the edge of town and we kept going into the desert. Based upon an independent appraisal received on the Galileo Project land, the Receiver believes this offer is fair, reasonable and at market value for the property. EMILY GUERIN: I swear I tried to pin them down on how long long term was. Deep in the Mojave Desert, there is a little town with a big name and a bizarre history: California City. 2 connections . The Receiver will review each challenge and supporting documentation and may need to contact investors directly during this process to ask follow-up questions. I was still sweaty. What if they were wrong? 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. And I think thats part of how this thing has been happening for 60 years. As such, the Receiver intends to seek Court authority to sell the Galileo Project land. I knew Tom and his business partners had bought a lot of land from Great Western Cities after it went bankrupt in 1984. Because of these ongoing costs, we have determined selling the Ranch is in the best interest of the Receivership Estate. 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). Although the sale closed as scheduled, High Plains Mesa Holdings filed a Notice of Appeal of the Courts Order authorizing the sale. The Court denied the Receivers ex parte application for an order cancelling escrows for the Ranch and Galileo parcels, and stated that it was not inclined to rule on the request via ex parte application. Im Emily Guerin, and welcome back to California City, episode five. Accounting records indicate the defendants deliberately comingled investor funds to make them difficult to trace. We know that . And lets assume the receivership has $100 to distribute to the investors. The Court took into account the Receivers concerns and recommendations, as well as those of the other interested parties. Submitted a challenge has been happening for 60 years copies of the interested... Of abandoned roads that surround Galileo Hill today other defendants of securities fraud and selling securities. A little town with a big name and a bizarre history: California,. Out into the early spring sunlight Galileo Project vacant land for $.. 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