My point was that there is a difference between running a business that caters to certain kinds of people, and targeting them with a confusing sales pitch. DEBBIE NICASTRO: Okay, there's buy there is buyer's remorse. But we say long term. As we have previously noted, the Galileo Project investors do NOT hold an interest in the Ranch property. As we said previously, Defendant Thomas Maney and others were criminally charged based on conduct that is essentially the same as in this case. TOM MANEY: Well, they have to follow our rules or they can't work for us. Each investor would receive a part of the proceeds from the sale proportionate to the money he or she paid for the property. TOM MANEY: We don't know. EMILY GUERIN: So heres what I knew about Tom Maney at this point. Or was he just trying to make as much money as he could, the only way he knew how? What if I was wrong? We will provide an update after the August 27 hearing. The Top 5 newsletter catches you up with LAs top 5 stories in just 3 minutes. 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. EMILY GUERIN: It was pouring, and the windchimes outside his door were banging around in the gusts of wet air. On July 16, 2020, the Court held a hearing on the Receivers Ex Parte Application to Shorten Time for a Hearing on the Receivers Motion to Approve the Sale of Silver Saddle Ranch and Club. Oh, that's great stuff right there. TOM MANEY: Well, first of all, we've never misrepresented. I wish (the salespeople) realize how much they cost all the families, he said. Maney opposed the sale because he wants to propose a joint venture in which the Ranch is included in an agreement between the investors and a third party, Rick Jones. EMILY GUERIN: Debbie looked over the text message for another minute or so while I talked about Ben. I knew Tom and Ken Donney had both signed the FTC settlement. 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. 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 one that said, the value of this land is uncertain, do not count on an increase in value.. James and I had been to Silver Saddle before, just to check it out. For additional details on the sale of the Ranch, please see below. I feel like this happens a lot in America right now. Investors were required to contribute up to $2,000 to a pooled development fund that the defendants promised eventually would exceed $8 million. EMILY GUERIN: It wasnt a tragedy that occurred. So I went to meet one of the people that Ben had brought out to Silver Saddle. When emailing our office, please include your unit number to allow us to locate your records quickly. If and when the Court enters an Order allowing a distribution to investors, the Receiver will issue investor checks promptly and consistent with the claims determinations. Many of K-pop's greatest acts are actually comprised of people who grew up outside of Korea. DA Files Criminal Charges Against 7 CHP Officers In Death Of Man Detained For Suspected DUI, How 3 LA Kids Embraced R&B, Went To South Korea And Revolutionized K-Pop, Orange County Homes On Precipice Of Disaster As Record-Setting Rain Hits Southern California Hard, Auf Wiedersehen, Alpine Village. The escrows for the Ranch and Galileo Project property have been cancelled. Relief Defendants named in the Complaint are: Marian G. Ducreux; Clifford J. Reynolds; and Wayne A. Pedersen. May 3, 2022 Final Determination of Investor Claims. I said yes to the Nescaf, and we sat down at his kitchen table. Western Saddle Bridle Silver Trim Kit 2 Billet Trim & 6 Conchos Rope Edge Floral. BEN PEREZ: That money is supposed to be for my future. This went wrong. It was quiet. 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. Accounting records indicate the defendants deliberately comingled investor funds to make them difficult to trace. EMILY GUERIN: I told Ken about how Tom had been so calm and confident as he denied everything. It had been going on for years. Hes complicated. In other words, Investor A provided 20%, Investor B provided 50%, and Investor C provided 30% of the total investment. 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). Tom never raised his voice. JAMES KIM: That and because now we're turning to go into Silver Saddle. Afterwards, I went back and I read all the transcripts of all the interviews Id done with people who bought into Silver Saddle. EMILY GUERIN: I've talked to multiple people who said, I bought this because I was told I would double my money in a year. I mean that's, that's what someone DEBBIE NICASTRO: God forbid, we would never, that's DEBBIE NICASTRO: If we heard it. Tell me, Emily, did he remember me? I'm sorry. So I asked Tom about that. . '../imgs/USA.png' ?> //= $_COOKIE['currency'] == 'CAD . On September 28, the Receiver agreed to a sales price of $2,100,000 for the Ranch. You know, I mean, I, its, its the way I live my life. March 9, 2022 Motion to Approve Sale of Galileo Project Land Filed. EMILY GUERIN: God that cat is always here. I knew his wife, Sharon, was an abstract painter. JAMES KIM: Um, lets meet him at the lobby. And honestly, I started to wonder if that was intentional. Its not. So, I was ready. My palms were all clammy on my microphone. Temporary Restraining Order and Appointment of a Receiver Issued by San Diego County Superior Court. Mismanagement, Sloppy Hiring Practices, Lack Of Transparency. But honestly, I knew the moment he proposed that it was a bad idea. Did he believe what his salespeople were saying? In addition to Maney, Silver Saddle Ranch & Club, Inc.; Silver Saddle Commercial Development, LP; and the Galileo Commercial Property Owners Association, Inc. are named as defendants. 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. The Galileo Project land is presently encumbered by roughly 1,700 fractional interests provided to the Galileo Project investors. EMILY GUERIN: So do you think that he's making this up? And we, we, some of the primary documents we translated into their languages. The relevant documents can be accessed at the links below or by clicking on the documents to the right. At the same time the Receiver accepted an offer to purchase the Silver Saddle Ranch, he accepted an offer to purchase the Galileo Project Land. st lawrence county police blotter; how soon after gallbladder surgery can i get a tattoo; taurus horoscope today and tomorrow; grubhub acquisition multiple The Galileo Project property is listed for $919,746. I dont think theyd assume wed go to the administrative office. The current sales brochure for the Ranch and the Galileo Project can be found in the Documents section of this webpage. March 23, 2021 Motion to Approve Distribution Method and Procedures. 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. 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. The allegations echo a previous scheme Maney was involved in more than 40 years ago. 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. The ranch is a 16-mile drive through the Mojave Desert from downtown California City. 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. In sum, the Receiver (1) completed the efforts to vacate the Burbank office and relocate the business records to the Ranch (which defendants had in process at the time of the TRO); (2) retained a former employee to be the full-time caretaker of the Ranch; (3) secured insurance for the Ranch; and (4) continued to minimize operating expenses at the Ranch. That case, which is a separate civil lawsuit unrelated to the new criminal charges, is set to go to trial in September. DEBBIE NICASTRO: No, no, these are, these are licensed real estate agents and they are independent contractors. Or whatever. For additional details on the sale of the Ranch, please see below. As we previously reported, even though operating expenses have been reduced, maintaining the Silver Saddle Ranch and Club (Ranch) continues to drain the limited resources of the Receivership Estate. The Final Determination of Investor Claims will be used to calculate the pro rata share of any distribution ordered by the Court. On May 13, 2021, the Receiver asked the Court for permission to proceed with the sale of the land to the solar energy company. The new trial date is May 6, 2022. Before moving to Marian's current city of Corona, CA, Marian lived in California City CA and Downey CA. $22.00. And they said yes. Guthrie ThomasCountry 2012 Guthrie ThomasReleased on: 2012-02-17Auto-generated by YouTube. The criminal complaint is available in the documents section of this webpage. However, the Court did ultimately approve the Receivers proposed method and procedures for a distribution. This is a text message Ben later received from Marian Ducreux, the Silver Saddle salesperson who sold him the land. The Court has rescheduled the hearing on the Receivers Motion from August 28, 2020 to August 19, 2020 at 1:30 p.m. All responses and oppositions to the Receivers Motion must be filed with the Court by August 6, 2020. Background on the Process to Reach a Final Determination of Investor Claims. September 24, 2020 Ranch and Galileo Project Property Update. It was calm. EMILY GUERIN: When I first started reporting this story, I figured no one in California City knew about Silver Saddle. The minute order granting the Receivers motion is in the documents section of this webpage. 4, 2022), Gordon Decl. Did he believe that 60-year old refrain: that California City was on the verge of booming? Separately, the Receiver sought the Courts permission to list for sale two other, smaller properties owned by Receivership Defendant High Plains Mesa Holdings. Thomas W. McNamara was appointed as the Receiver in this case. They may exaggerate their claims. 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. 4, 2022), Knight Decl. She told me so. 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. Real Estate Broker at Silver Saddle Ranch Corona . As a result, investors will NOT receive back the full amount they invested from the Receivership Estate. The criminal action by the Attorney General is separate and independent from this case. The front gate to Silver Saddle. 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 the Motion is granted, the Receiver will be able to start the distribution process. MICHAEL VIERNES: Um, because he actually, he actually asked more friends to actually go to this resort place and invest. The case remains pending in San Diego County Superior Court, with a current trial date of January 21, 2022. 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. If youd like to quote this podcast, please check the corresponding audio first. You know, we've all gone through that. We drove to the edge of town and we kept going into the desert. EMILY GUERIN: Ive thought a lot about how this all makes me feel about Ben. EMILY GUERIN: Um, do you see how I have my left arm up? EMILY GUERIN: There was an entire, untouched buffet station set up in the empty dining room, apparently for us. I opened my manila folder, and I slid Debbie and Tom a copy of the text messages that Marian had sent Ben after hed begun trying to get his money back. EMILY GUERIN: When I got inside, Michael offered me cold water, Jameson, coke or Nescaf. EMILY GUERIN: We turned right out of the parking lot of the Best Western, which is the only hotel in California City. It's been many, many years since we saw this much snow in our mountains. You never know. marian ducreux silver saddle. It wasnt. MICHAEL VIERNES: Tell you the truth, Ben was acting kind of fidgety. Doubt everything that I had learned, which was a lot. The DBOs regulatory jurisdiction extends over state-chartered banks and credit unions, money transmitters, securities broker-dealers, investment advisers, non-bank installment lenders, payday lenders, mortgage lenders and servicers, escrow companies, franchisors and more. The Motion details the proposed distribution process. Just I don't want to get like sweat stains before we even get there. The Receiver determined that it is necessary to reopen the sales process and allow all interested parties to present their best and final offers. Notice of this filing will be provided to investors by email and via posting on the receivership website. Trial is presently scheduled for May of this year. 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). Here's Where To Maximize The View (And Snap A Great Picture), You Need Child Care For Your Baby. He didnt give up. All of us were confused after we left Silver Saddle. I know thats what hes wanted this whole time. 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. A simple example can help explain how this works. In other words, no investor will receive the full amount of his or her claim. We shake their hand just like everybody else and give them the gifts, and away they go. But it wasnt like that. But the more time I spent there, the more naive I realized Id been. A copy is available the documents section of this webpage. The Galileo Project land is presently encumbered by roughly 1,700 fractional interests provided to the Galileo investors. I knew Tom had once lived in Carmel, California, in a 4-bedroom house with six fireplaces, a sauna and a view of the sea. But I knew in the 70s, hed worked for Great Western Cities. 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. I dont know where to go. Huskisson Recycling and Waste Depot. EMILY GUERIN: By the time James and I confronted the president of Silver Saddle Ranch and Club, Tom Maney, Id been reporting on California City on and off for almost three years. Clubhouse Manager/Activities Director at Silver Saddle Ranch & Club Lancaster, California, United States. My senior producer and I even role-played. For the latest national news from NPR and our live radio broadcast, visit LAist.com/radio. 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. Going up there right now isn't safe, but here are some places where you can enjoy the view and snap a pic. 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. I think he was self-interested. In our last update, we explained the Receiver had filed a motion with the Court to approve the sale of the Ranch to a third party for $2,100,000. And I think they convinced him and his friends to lure even more people into their web. In that scenario, Investor As pro rata share is 3% and Investor Bs pro rata share is 5%. 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. EMILY GUERIN: Silver Saddle is a long term investment, they said. It had rained the night before, and the air tasted clean and cold. russell silver syndrome uk; trio community meals locations. It was playing pool home in her to your browser does not talking about him to help me from silver saddle bound by bahman, without providing our detailed listings. I knew that today, he was the president of Silver Saddle. I was still sweaty. The Court also determined that the Receiver had shown the current offer was fair and reasonable. MICHAEL VIERNES: Why the hell did you do this? 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