TOM MANEY: I just think thats a terrible thing to say. To be clear, the Galileo Project investors do NOT hold an interest in the Ranch property; the Ranch is owned by Receivership Defendant Silver Saddle Ranch & Club, Inc. Right? They threatened investors who later complained with lawsuits and financial harm. Doubt everything that I had learned, which was a lot. 12 pc. Wawa Taxi 22 333 4444. dla pasaera. These expenses include water, electricity, labor, and insurance costs. On September 28, the Receiver agreed to a sales price of $2,100,000 for the Ranch. EMILY GUERIN: But by the end, Tom and Debbie switched tactics. The Motion details the proposed distribution process. The prospective purchaser agreed to cancel the escrows, thus eliminating the need for the Receivers motion and the hearing on the matter. I think they deliberately confused him with their sales pitch. The Receiver has also submitted to the Court a proposed order approving the sale. 4, 2022), Gordon Decl. EMILY GUERIN: When I first started reporting this story, I figured no one in California City knew about Silver Saddle. But I think Im particularly susceptible to it. This car is no good. silver saddle ranch lawsuit. JAMES KIM: Just looks like a Western film with the white clouds and the slightly rainy clouds in the sky. Now I'm starting to get nervous. The minute order granting the Receivers motion is in the documents section of this webpage. I realized I had seen Ben as just one thing: a victim. Why did I, you know, I went to buy a Volkswagen, I just bought a Mercedes, you know, why did I do that? The DBO licenses and regulates more than 360,000 individuals and entities that provide financial services in California. Relief Defendants named in the Complaint are: Marian G. Ducreux; Clifford J. Reynolds; and Wayne A. Pedersen. EMILY GUERIN: Do you feel bad that you brought people there? Separately, the Receiver sought the Courts permission to list for sale two other, smaller properties owned by Receivership Defendant High Plains Mesa Holdings. We sat down, and Tom began swiping on his phone. Last updated: Feb 16, 2022 @ 11:55 am. Ok? He told his director of operations, Debbie Nicastro, that he thought we were going to make Silver Saddle look bad. As such, the Receiver accepted the offer and intends to seek Court authority to sell the Galileo Project land. I know thats what hes wanted this whole time. The interview went on like this for 3 hours. 2023 Southern California Public Radio - All Rights Reserved. The lowest water bill was $4,339 for mid-March 2020 to mid-April 2020. EMILY GUERIN: It just seems like there are a not insignificant number of people that just don't really understand what they're buying. The business operations in Burbank have been terminated. Tom denied he sold land for up to 100 times what its worth. EMILY GUERIN: You dont, you dont think so? For the five-month period of September 2019 to March 2020, water, electricity, labor, and insurance costs for the Ranch was approximately $230,000. 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. Hes complicated. Esto es todo lo que los inquilinos deben saber sobre lo que viene a continuacin. TOM MANEY: Well, they have to follow our rules or they can't work for us. EMILY GUERIN: Like decades in the future? The multi-family homes were red tagged by authorities late Wednesday. Or was he just trying to make as much money as he could, the only way he knew how? connect4education register; don't be a felix cdcr video; westfield knox redevelopment 2020 Once the Court has approved and issued the Order of Final Determination of Claims and First Interim Distribution, the Receiver will make a first distribution. The 2,000 or so people whod bought shares of the landbanking project, for nearly $60 million dollars. They want out. Both purchases needed to be approved by the Court before they could proceed. The Courts decision means that when the sale closes, the Silver Saddle investors will no longer have an interest in the Galileo Project Land. EMILY GUERIN: Tom is pretty ripped for his age. Among them? EMILY GUERIN: We actually had some at the Best Western, but thank you. It was worse. TOM MANEY: We don't know. As we said previously, Defendant Thomas Maney and others were criminally charged based on conduct that is essentially the same as in this case. Thomas Maney and the companies running these investments (the Defendants) were sued by the California Department of Financial Protection and Innovation (DFPI) in 2019. The sale of the Galileo Project Land, however, was put on hold. Please understand that the Receivership Estate has very limited assets primarily the proceeds from the sale of the Ranch and the anticipated funds from the sale of the Galileo parcel (if approved by the Court). Temporary Restraining Order and Appointment of a Receiver Issued by San Diego County Superior Court. The Defendants named in the Complaint are: Silver Saddle Commercial Development, LP; Silver Saddle Ranch & Club, Inc.; The Galileo Commercial Property Owners Association, Inc.; Thomas M. Maney; and. The Court approved the sale on November 6, 2020, and the sale closed on January 14, 2021. However, because the Silver Saddle Ranch & Club and the Galileo Project land are worth far less than the investors paid into the Galileo Project, no investor will be returned all of the money he or she invested. In this new podcast from LAist Studios, host Emily Guerin tells a story of money, power and deception. And we, we, some of the primary documents we translated into their languages. MICHAEL VIERNES: Well, Benjamin is a good friend of mine. The letters explained how to challenge the Preliminary Determination if an investor felt the determination was incorrect. TOM MANEY: Well, first of all, we've never misrepresented. I mean, I'll speak for myself, its like, oh, what, what did I just do? 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. The Receiver determined that it is necessary to reopen the sales process and allow all interested parties to present their best and final offers. On September 29, 2020, California City approved the Ranch for a lower water rate, which should result in lower water bills. Bids for the Ranch are due on September 14, 2020 by 10:00 a.m. In my podcast California City, I told the story of a small town in the Mojave Desert where, for more than six decades, salespeople have been peddling nearly worthless desert land to unsuspecting people. If you opted out of electronic delivery, Insperity will mail the W-2 to your home address that was on file as of December 31, 2019. August 5, 2020 Cancellation of August 19 Hearing on Receivers Motion to Approve Sale of Silver Saddle Ranch and Club. TOM MANEY: We never give anybody a bad time if they don't buy. JAMES KIM: James, nice to meet you. But they werent to blame. I was still sweaty. EMILY GUERIN: They can eliminate as much of these problems as Im mentioning. 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. If the Court grants the motion to cancel the escrows, the Receiver intends to reopen the sales process and all interested parties will have an opportunity to submit their best and final offer for the Ranch real property directly to the Receiver. DEBBIE NICASTRO: Tom had been really been taken advantage of by a lot of employees here his vision is very, very real. Oh, that's great stuff right there. 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. August 17, 2020 Postponement of Receivers Motion to Cancel Escrows. Based on an independent appraisal prepared for the Ranch, the Receiver believes the price is more than fair and reasonable. October 16, 2019 Preliminary Injunction, Asset Freeze, and Confirmation of Receiver Order Issued by San Diego Superior Court. EMILY GUERIN: I know its kind of weird, but Kens little pep-talk did help. If no objections are filed with the Court, the Receiver will promptly file a proposed Order approving the Receivers claim determinations. KEN DONNEY: laughs. The bankruptcy petitions and appeal were ultimately dismissed, allowing the Receiver to take control over the roughly $4,100,000 in sale proceeds. We will seek the Courts approval of the sale at a hearing on April 15, 2022, at 9:00 a.m., at the San Diego Superior Court, Hall of Justice, Department C-73. Importantly, the Receiver intends to request the Court authorize that the Galileo Project vacant land be conveyed with a clear title and free of the Galileo Project investors fractional interests. TOM MANEY: Well, if you're talking to people who want to get out of the deal, they may say all kinds of things. It's the majority, actually. We drove to the edge of town and we kept going into the desert. MICHAEL VIERNES: Sorry its kind of flooded all over the place. We will provide an update if the trial date changes. I do not think Marian wrote this. Deep in the Mojave Desert, there is a little town with a big name and a bizarre history: California City. Last year, the Receiver sought the Courts permission to approve the sale of land owned by Receivership Defendant High Plains Mesa Holdings, LP, for $4,100,000. Even though operating expenses have been reduced, maintaining the Ranch continues to drain the limited resources of the Receivership Estate. The Galileo Project land is presently encumbered by roughly 1,700 fractional interests provided to the Galileo Project investors. The Case Remains Cold, Even 'Affordable Housing' In LA Isn't Affordable. EMILY GUERIN: After three hours, we stumbled out into the early spring sunlight. And the only person I thought might be able to provide some semblance of clarity was Ken Donney. After 14 days, the Receiver will respond to any investor objections filed with the Court, so that the Court can evaluate the Receivers calculations. 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. And when Debbie asked her about it later, she admitted it. And then she pushed it away and looked me straight in the eye. The Galileo Project land is presently encumbered by roughly 1,700 fractional interests provided to the Galileo Project investors. TOM MANEY: I'm saying they may not. EMILY GUERIN: How was Ben acting before the tour? He felt like something wasnt right, but he invited people there anyway. 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. EMILY GIUERIN: And they blamed their salespeople, too. list of new york state high school baseball champions. The Receiver will continue to update this website with any developments as they occur. Thank you. BEN PEREZ: She told me like, this is super easy, guys. Also, inclusion of the prospective intervenors as parties would enlarge the issues in the case because many of the approximately 3,000 investors have disparate opinions regarding disposition of the receivership estate. A full copy of the Courts Minute Order is available in the Documents section of this webpage. re Receiver's Motion to Approve Sale of Galileo Project Land (Mar. There are essentially three \"Silver\" patterns existing in the APA and ABA Standards - Silver Duckwing (clear silver hackles and saddles in males), Silver as in the APA Silver Leghorn (striped lower hackles and clear silver saddles) and then the Silver as generally listed by . 4, 2022), Frequently Asked Questions (FAQs) (Feb. 8, 2021), Receiver's 7th Interim Status Report (Sept. 30, 2022), Receiver's 6th Interim Status Report (Jan. 13, 2022), Receiver's 5th Interim Status Report (Sept. 16, 2021), Receiver's 4th Interim Status Report (May 7, 2021), Amended Order re Proposed Distribution Method and Procedures (Apr. 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. $22.00. On July 24, 2020, Judge Wohlfeil denied the Motion to Intervene filed by Antonio Garcia and Carlos Novelo. Then we turned left on California City Boulevard, and we headed back to L.A., too tired to talk. But you know, at the other side, I actually, just, didnt want to make him feel so bad because he did invest a lot of his money and he really believed in this endeavor. TOM MANEY: I, I don't know if that's true or not. So I said sure. They may exaggerate their claims. The Receiver intends to seek Court permission to proceed with the sale. But I would learn later that they too had recorded our conversation, secretly. Tell me, Emily, did he remember me? $10.20 shipping. EMILY GUERIN: God that cat is always here. Any investor who challenged the claim determination and disagrees with the Receivers final determination may submit an objection to the Court within 14 days of the filing of the Receivers Notice of Final Claim Determination and Proposed Distribution. I'm Emily. Now the California Attorney General has accused nine of these sellers with crimes.accused nine of these sellers with crimes. EMILY GUERIN: Oh wait, you know what, can I actually buy a mug? Nice to meet you. EMILY GUERIN: When I got inside, Michael offered me cold water, Jameson, coke or Nescaf. (Screenshot courtesy Ben Perez) CALIFORNIA CITY Episode 6 Transcript: The Hunted . 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. Oh, gee, I would love to get him on the witness stand in federal court. In February of this year, the Court, after briefing and argument, confirmed that two other companies, High Plains Mesa Holdings, LP and High Plains Mesa Management, LLC, were part of the receivership estate. EMILY GUERIN: Silver Saddle Ranch and Club was closed for the winter, so there wasnt really anyone around when James and in drove past the unmanned guardhouse. MICHAEL VIERNES: Why the hell did you do this? You know, its like somebody with this car, if something goes wrong with it, and he says, Oh, this went wrong. To that end, on February 8, 2021, the Receiver filed a Motion to Approve Distribution Method and Procedures (Motion). Heres How To Start Your Search, Emmery Muoz, 14, Was Killed In LA 17 Years Ago. March 9, 2022 Motion to Approve Sale of Galileo Project Land Filed. Every investor should carefully review the Receivers claim determination. The Top 5 newsletter catches you up with LAs top 5 stories in just 3 minutes. The hearing originally set for August 19, 2020 on the Receivers motion to approve the sale of real property owned by Silver Saddle Ranch & Club, Inc. has been taken off calendar. Resources of the Courts minute Order granting the Receivers claim determinations Saddle Ranch Club... Emily GIUERIN: and they blamed their salespeople, too on his phone we out! Buy a mug bad time if they do n't know if that 's true or.... 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