Around the same time, a young Ralph Nader asked his gang of consumer protection attorneys, the "Nader's Raiders," to investigate land sales and development throughout California. We just don't do it. Any response must be filed before the hearing. With a neighborhood design that enhances privacy by separating homes from one another to create open spaces, mature hardwood trees, ponds, and a convenient location only 3 miles south of Interstate 20, this community is going to sell out quickly! As the Receiver, it is Mr. McNamaras job to identify, pursue, collect, and preserve the assets of the Receivership Estate while the lawsuit proceeds. We then calculated each investors total claim by adding (1) the amount he or she paid toward the purchase of an undivided fractional interest in the Galileo Project; and (2) the amount contributed to the Galileo Capital Investment Fund (CIF). It wasnt. The second offer was made by Jones the night of Sunday, Sept. 13 for $1.8 million, with an $800,000 offer for the Project property. The resort was listed at $1.87 million and theGalileo Project at $919,746. After 14 days, the Receiver will respond to any investor objections filed with the Court, so that the Court can evaluate the Receivers calculations. LAist is part of Southern California Public Radio, a member-supported public media network. Of the four purchase offers presented for the Ranch, the Receiver has accepted an offer of $1,774,500. 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. The Courts decision means that when the sale closes, the Silver Saddle investors will no longer have an interest in the Galileo Project Land. 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 sales process continued and Mamann offered an initial offer of $1.8 million for the ranch and $600,000 for the Project land. August 5, 2020 Cancellation of August 19 Hearing on Receivers Motion to Approve Sale of Silver Saddle Ranch and Club. The blue jellyfish-like creatures were swept by the winds of California's recent storms. In 1977, the company settled, and was ordered to pay what was, at the time, the largest consumer refund in the history of the FTC. The request to have the sale approved will be filed separately. This will ensure the sales process is healthy and will maximize the sales price, which is in the best interest of the Receivership Estate. PDF California Department of Financial Protection and Innovation-Permanent The alleged scheme targeted Filipino, Chinese and Spanish-speaking individuals, according to an Oct. 1, 2019, DBO news release. Maney helped negotiate the settlement with the FTC, and after Great Western Cities declared bankruptcy in 1984, he acquired some of the assets, including a lot of vacant California City land and a small resort called Silver Saddle Ranch. 1. On July 24, 2020, Judge Wohlfeil denied the Motion to Intervene filed by Antonio Garcia and Carlos Novelo. According to the motion, more than 33,000 emails were sent to Kidder Matthews west coast offices regarding the property, who communicated with 48 individuals interested in the property and provided tours for 12 groups. inter alia, defendants Silver Saddle Ranch & Club, Inc. (SSRC), Silver Saddle Commercial Development, LP (SSCD), Galileo Commercial Property Owners Association, Inc. (GCPOA), and Thomas M. Maney (Maney), alleging that said defendants offered and sold to the public an As you may be aware, the Court approved the sale of the Silver Saddle Ranch and Club (Ranch) for $2,100,000. October 14, 2020 Motion to Approve Sale of the Silver Saddle Ranch and Club Filed andTelephonic Hearing Set for November 6, 2020 at 9:00 a.m. On October 13, 2020, the Receiver filed a Motion to Approve the Sale of the Silver Saddle Ranch and Club (Ranch) for $2,100,000. Once the Court has resolved any investor objections, the Receiver will file a Proposed Order of Final Determination of Claims and First Interim Distribution. 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. In September 2019, the California Department of Business Oversight filed a lawsuit against Silver Saddle, accusing the company of securities fraud. People needed a place to go, to start over. In July, the receiver eventually accepted an offer from Kevin Feterik, who had partnered with local businessman Leland Krelle, for $1.77 million. While Jones attorney eventually responded that the offer wasnt contingent on any joint venture, the deadline had passed and Jones offer since rejected, though the receiver invited him to submit another offer through Kidder Matthews. He was shocked to hear the news of the criminal charges. On 06/06/2019 MICHAEL BALAGTAS, filed a Contract - Other Contract lawsuit against SILVER SADDLE COMMERCIAL DEVELOPMENT, LP ,. We will provide an update after the August 27 hearing. Silver Saddle Ranch & Club | California City CA - Facebook We will provide an update if the trial date changes. They could build a house, or just hold onto the land and sell it in the future. Community funding keeps us independent and accountable. Investors should look for the letter in the U.S. mail. See March 7, 2022 post below for further information and details. The Court ordered that the Receiver cannot distribute any money to investors until the end of the case. Mr. Maney and a number of others are facing criminal charges in connection with Silver Saddle. 3. 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. The Receiver has therefore proposed to the Court that pro rata distributions be made to each investor based on the amount each investor paid into the Galileo Project and Common Improvement Fund. Help us provide credible local journalism and timely NPR reporting to our entire community. This case was filed in Orange County Superior Courts, Orange County Civil Complex Center located in Orange, California. New potential buyer found for Silver Saddle Ranch Although the sale closed as scheduled, High Plains Mesa Holdings filed a Notice of Appeal of the Courts Order authorizing the sale. The Receiver will file a motion for the Galileo Project land after the sale of the Ranch is complete. But much of the land they bought is nearly worthless. What it took to investigate a suspicious town in the Mojave Desert As the Receiver mentioned in his last update, the same proposed buyer who offered $2,100,000 for the Ranch also offered $900,000 for the Galileo Project vacant land. The Ranch is listed for $1,874,500. Family Says Mental Health System Failed Their Son, A Los Angeles Family Seeks Answers And Accountability After Black Mom Dies In Childbirth. This case was filed in Los Angeles County Superior Courts, Spring Street Courthouse located in Los Angeles, California. 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. (Chava Sanchez/KPCC). March 9, 2022 Motion to Approve Sale of Galileo Project Land Filed. The case status is Disposed - Dismissed. The Receiver has been marketing the Ranch through a real estate broker for sale since May. The sale closed but in August 2021, the owners of High Plains Mesa Holdings appealed the sale and filed a bankruptcy petition on the companys behalf without the Receivers permission. The DFPI alleged that Defendants . BORRAYO VS SILVER SADDLE RANCH & CLUB, INC | Court Records - UniCourt Please notify us immediately if your mailing address has changed. 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. According to the court document, the ranch includes six primary buildings: a club. Help us provide credible local journalism and timely NPR reporting to our entire community. 4, 2022), Gordon Decl. Winds SW at 20 to 30 mph. The Court granted the Receivers request on June 11, 2021. The Receiver has received several inquiries concerning W-2s from former employees. The Receiver will review each challenge and supporting documentation and may need to contact investors directly during this process to ask follow-up questions. The Case Remains Cold, Even 'Affordable Housing' In LA Isn't Affordable. 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. 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. The Galileo Project land is presently encumbered by roughly 1,700 fractional interests provided to the Galileo Project investors. For additional details on the sale of the Ranch, please see below. 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 Judge overseeing this case is Joel R. Wohlfeil. January 17, 2020 W-2s for Former Employees. 60 Years Of Deception And Land Sales In California City: 7 Takeaways From My Investigative Podcast, California City Podcast: State Adds Use Of Cell Phone Jammers to Complaint Against Silver Saddle, 'California City' Podcast Tells The Dark Side Of The American Dream. 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. Melinda Cerda Et Al Vs Silver Saddle Ranch & Club Inc Et Al On September 28, the Receiver agreed to a sales price of $2,100,000 for the Ranch. The Motion to Approve the Sale of the Ranch and related documents are in the Documents section of this webpage. For decades, real estate developers have sold a dream here: if you buy land now, youll be rich one day. You can either mail the information to: Silver Saddle Receiver c/o Regulatory Resolutions 655 W. Broadway, Suite 900 San Diego, CA 92101. 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. 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 additional investor distribution. But even if the sale goes through, it won't generate nearly enough money to make all the investors whole. In March 2022, we sent out 2,970 letters to investors notifying them of the Receivers Preliminary Claim Determinations. If approved, the closing date would occur within 60 days, according to the receiver. Will Orange County's Fledgling Clean Power Agency Survive. re Accelerated's Opposition Preliminary Injunction (July 16, 2020), Receiver's Motion to Approve Sale (July 10, 2020), Receiver's Ex Parte Appl'n to Shorten Time (July 10, 2020), Receiver's Response to Motion to Intervene (July 9, 2020), Receiver's 1st Interim Status Report (Mar. A simple example can help explain how this works. A promotional brochure from Silver Saddle, which is part of the DBO's lawsuit against the company. The motion for the court to approve the sale is scheduled for Nov. 6. We also raise pigs and goats to sell to And the total claim will be used to determine the investors pro rata share of any distribution(s) ordered by the Court. After obtaining an extensive appraisal, the Receivers team interviewed and selected a broker, Kidder Mathews, to sell the Ranch. Port officials say "resuming cargo operations at Americas busiest port complex is critical to maintaining confidence of our customers and supply chain stakeholders.". The current sales brochure for the Ranch and the Galileo Project can be found in the Documents section of this webpage. People of the State of California vs Silver Saddle - UniCourt The Receiver will proceed with hiring a realtor and proceeding with listing and marketing the properties. The Court ordered that the Receiver cannot distribute any money to investors until the conclusion of the case. THE CALIFORNIA DEPARTMENT OF BUSINESS OVERSIGHT CHARGED SILVER SADDLE WITH FRAUD AND SHUT THE COMPANY DOWN IN 2019. A lot of it was used to pay sales agents. March 23, 2021 Motion to Approve Distribution Method and Procedures. 3. re Receiver's Motion to Approve Sale of Galileo Project Land (Mar. The letters explained how to challenge the Preliminary Determination if an investor felt the determination was incorrect. Instead, each investor will receive a share of the proceeds proportionate to his or her investment in the Galileo Project (a pro rata share). Silver Saddle Ranch & Stables | Roseburg OR - Facebook Thomas W. McNamara was appointed as the Receiver in this case. There will not be a hearing on August 27, 2020 to cancel the escrows. As such, the Receiver accepted the offer and intends to seek Court authority to sell the Galileo Project land. 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. To support our non-profit public service journalism: Donate Now. 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. The Receiver hired counsel for both matters. We are preparing a proposed order for the Court and will post it on the Receivers website when the judge approves. Many were young couples and hard-working immigrants looking to build a better future. The Silver Saddle Ranch in California City, California has been closed to the public and visitors. Once final determinations are reached, every investor who made a challenge will be notified via mail and/or email and by posting notice on the receivership website of the final outcome. 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 agency accused Silver Saddle, Maney, Ducreux and other defendants of securities fraud and selling unqualified securities. Even with the reduced water rates, we expect water will continue to be a substantial expense and all other expenses will continue e.g., electricity, labor, and insurance. Both purchases needed to be approved by the Court before they could proceed. The lawsuit by the state of California accused Accelerated Assets, SS Purchco and PVRE of aiding-and-abetting securities violations allegedly committed by the developer of the Silver Saddle Ranch & Club in the Mojave Desert and certain executives and employees of Silver Saddle Ranch. 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. Those investors who sent written challenges to the Receivers claims determinations and still disagree with the Receivers Final Determination may submit a written objection to the Court within fourteen (14) days of the Receivers filing of the Final Determination of Claims. 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). Accelerated Assets wanted to postpone any sale of the Ranch so that the Ranch can be used as part of settlement negotiations it wishes to have with the Department of Financial Protection and Innovation. To make sure you get our coverage: Sign up for our daily newsletters. According to a written declaration from Knight, the listing agent, she and her partner attempted to contact Jones multiple times and spoke with him twice. The Receiver has also submitted to the Court a proposed order approving the sale. At the conclusion of the case, the Receiver will promptly move for permission to make a distribution. The minute order granting the Receivers motion is in the documents section of this webpage. Silver Saddle Ranch & Club Inc :: Superior Court of California, County of Los Angeles :: State Civil Lawsuit No. The receivers motion later stated in footnotes that a joint offer with investors would have required rescinding an offering made by Maney and approval by the state, which would further complicate the sale. And many of the amenities they'd been told were coming had yet to be built.

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