Silver Saddle sold shares of the landbanking project for around 100 times more than what they were really worth. That case, which is a separate civil lawsuit unrelated to the new criminal charges, is set to go to trial in September. If the DFPI is successful at trial or the parties reach a settlement, then the Receiver will seek permission . One offer fell too low beneath the listing price. Jones expressed a concern that he did not have a full and fair opportunity to pursue an offer which he provided to the broker. If you're enjoying this article, you'll love my daily morning newsletter, How To LA. In order to move promptly when the case is resolved, we are providing notice to all investors of the Receivers claim determinations. The Receiver will review each challenge and supporting documentation and may need to contact investors directly during this process to ask follow-up questions. This will ensure the sales process is healthy and will maximize the sales price, which is in the best interest of the Receivership Estate. Moving forward with a sale is essential because, as we have previously reported the costs to maintain Ranch are draining the limited resources of the Receivership Estate. Melinda Cerda Et Al Vs Silver Saddle Ranch & Club Inc Et Al Because of these ongoing costs, we have determined selling the Ranch is in the best interest of the Receivership Estate. He spent a free weekend there in 2017, and ended up forking over $30,000 for a confusing, desert-land investment product. In addition to these structures, the ranch includes a stable and adjacent corral for animals, as well as a variety of amenities which were offered to guests: two swimming pools, a hot tub, man-made lakes, an RV park, and space for various sporting activities (miniature golf, basketball, tennis, volleyball, and badminton courts, etc.). The receiver noted in the motion that many of these amenities were modestly constructed, outdated, and poorly maintained.. The request to have the sale approved will be filed separately. No. As we have noted repeatedly, calculating the Final Claim Determination amounts does NOT mean investors will receive those amounts. Unfortunately, the Receiver did not receive acceptable offers before the deadline. 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.
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