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). The Motion is posted in full in the Documents section of this webpage. Motion to Approve Distribution Method and Procedures filed Telephonic Hearing on March 19, 2021 at 9:00 a.m. Before the Receiver can distribute funds to investors, the Court must approve a distribution process. 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. PDF Silver Saddle Receivership FAQs 1. - Regulatory Resolutions March 23, 2021 Motion to Approve Distribution Method and Procedures. Separately, the Receiver sought the Courts permission to list for sale two other, smaller properties owned by Receivership Defendant High Plains Mesa Holdings. The DFPI alleged that Defendants . The Receivership Estate will not be able to fund these costs for very long. The letters explained how to challenge the Preliminary Determination if an investor felt the determination was incorrect. Silver Saddle Resort was the mechanism by which the sales were made, facilitating sales events and provided investors with a free nights stay and tours of the ranch.. The listing is available here: https://www.loopnet.com/Listing/20751-Aristotle-Dr-California-City-CA/19775266/. On April 15, 2022, the Court held a hearing on the Receivers Motion to Approve the Sale of the Galileo Project Land. At the conclusion of the case, the Receiver will promptly move for permission to make a distribution. After hearing argument, the Court granted the Receivers Motion and approved the sale of the Ranch. Silver Saddle Resort was part of an investigation and lawsuit filed by the California Department of Business Oversight in 2019 that looked into fraudulent land sale activities in California City. The ranch and the property were initially marketed in May under real estate company Kidder Matthews, with Teresia Knight and Greg Myers as the listing agents. There would be half a million residents living along winding city streets that were curved to slow down traffic. 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 case remains pending in San Diego County Superior Court, with a current trial date of January 21, 2022. Port officials say "resuming cargo operations at Americas busiest port complex is critical to maintaining confidence of our customers and supply chain stakeholders.". LAist is part of Southern California Public Radio, a member-supported public media network. Escrow was opened on September 29, and the proposed buyer has 21 days to clear contingencies. As Mendelsohn saw it, city folks could come and buy an empty lot -- for cheap. Why A Key Program Is Falling Short, An Agonizing Battle With Schizophrenia Ends On A California Freeway. Relief Defendants named in the Complaint are: Marian G. Ducreux; Clifford J. Reynolds; and Wayne A. Pedersen. Help us provide credible local journalism and timely NPR reporting to our entire community. The sales process continued and Mamann offered an initial offer of $1.8 million for the ranch and $600,000 for the Project land. While the Ranch may be the Receivership Estate's most valuable asset, its costly upkeep, utilities, and insurance will soon deplete the limited funds of the Receivership Estate if it is not sold, the motion states. What about Silver Saddle Ranch & Club - is it still open? On 02/08/2018 BORRAYO filed a Personal Injury - Other Personal Injury lawsuit against SILVER SADDLE RANCH CLUB, INC. The escrows for the Ranch and Galileo Project property have been cancelled. The Silver Saddle Ranch in California City, California has been closed to the public and visitors. The current sales brochure for the Ranch and the Galileo Project can be found in the Documents section of this webpage. If the motion is granted, the closing should occur 60 days thereafter. Every weekday, you'll get fresh, community-driven stories that catch you up with our independent local news. re Receiver's Motion to Approve Sale of Galileo Project Land (Mar. Based on an independent appraisal prepared for the Galileo Project Land, the Receiver believes the price is more than fair and reasonable. The Final Determination of Investor Claims will be used to calculate the pro rata share of any distribution ordered by the Court. Their books were so disorganized that the DBO's fraud examiner determined it was probably deliberate -- Silver Saddle must have been transferring money between multiple accounts to make it difficult to trace. The bankruptcy petitions and appeal were ultimately dismissed, allowing the Receiver to take control over the roughly $4,100,000 in sale proceeds. The California Department of Business Oversight ("DBO") filed its civil lawsuit on September 9, 2019 against Defendants. At the hearing, the Court approved the sale of the land for $900,000, with clear title and free of all liens and encumbrances. 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. The California Department of Business Oversight ("DBO") filed its civil lawsuit on September 9, 2019 against Defendants. Notice to Investors re Claim Determinations (Mar. The buyers were nearly all Filipino, Chinese or Latino, and many spoke English. Today on Public Media Giving Day, keep LAist strong with your support. Mamann also fielded a separate offer to purchase the approximate 1,020 acres of the adjacentGalileo Project parcels, which are also under state receivership for an additional $900,000. October 16, 2019 Preliminary Injunction, Asset Freeze, and Confirmation of Receiver Order Issued by San Diego Superior Court. 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. They watched a presentation about the area's potential. When emailing our office, please include your unit number to allow us to locate your records quickly. 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. This would mean that after the sale, the investors would no longer have an interest in the Galileo Project Land. On March 4, 2022, the Receiver filed a Motion to Approve the Sale of the Galileo Project Land. Who knows when we'll see such vibrance again in this recently drought-choked land? Higher wind gusts possible. Six Former Sunset Strip Restaurant Workers Allege Sexual Harassment Silver Saddle sold shares of the landbanking project for around 100 times more than what they were really worth. You have permission to edit this article. A sale will eliminate substantial ongoing expenses. We will provide an update if the trial date changes. And lets assume the receivership has $100 to distribute to the investors. In July, the receiver eventually accepted an offer from Kevin Feterik, who had partnered with local businessman Leland Krelle, for $1.77 million. At all relevant times, efendant d the Galileo Association was a California non-profit corporation with a business address of 7635 North San Fernando Road, Suite A, Burbank, California Prior to the Sept. 14 deadline of 10 a.m., the receiver contacted Jones attorney for clarification of whether the offer was contingent on acceptance of the joint venture proposal, but no response came and the deadline elapsed. In other words, Investor A provided 20%, Investor B provided 50%, and Investor C provided 30% of the total investment. The lowest water bill was $4,339 for mid-March 2020 to mid-April 2020. March 9, 2022 Motion to Approve Sale of Galileo Project Land Filed. In July, Mr. Maney asked the Court to stay this case, which would put the case on hold, until the criminal case is finished. All the defendants have entered not guilty pleas. "Mendelsohn isn't trying to sell land, and the public isn't really buying 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. An onslaught of velella velella washed up on shore this weekend on Southern California beaches. Case Details Parties Documents Dockets. The Judge overseeing this case is Joel R. Wohlfeil. 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. and given another opportunity to tour the property. 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. As we have noted repeatedly, calculating the Final Claim Determination amounts does NOT mean investors will receive those amounts. In order to move promptly when the case is resolved, we are providing notice to all investors of the Receivers claim determinations. They sued Mendelsohn's company, which was then known as Great Western Cities. However, because the Silver Saddle Ranch & Club and the Galileo Project land are worth far less than the investors . The Galileo Project land is presently encumbered by roughly 1,700 fractional interests provided to the Galileo Project investors. For decades, real estate developers have sold a dream here: if you buy land now, youll be rich one day. The relevant documents can be accessed at the links below or by clicking on the documents to the right. 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. According to the receiver, Feterik eventually withdrew his objection and the receiver re-opened the sales process for both Silver Saddle and the Project properties. 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. If you have a tip or story to share about California City or Silver Saddle (or anything else), email me: eguerin@scpr.org. Upon receipt of an acceptable offer(s), the Receiver will then bring the issue before the Court, August 27, 2020 Ranch and Galileo Project Property Update. 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. editor@desertnews.com, 8016 California City Blvd.St#7,California City,CA, Rosamond celebrates Diamond Street Project Completion, Rosamond Man arrested for Stolen Vehicles, Tehachapi Man arrested for 2007 Sexual Assault Pleads No Contest, S.K.U.S.D. July 17, 2020 Results of Hearing on Receivers Ex Parte Application. Each investor will get a pro rata share of the distribution: Investor A will receive $20 (20% of the distribution), Investor B will receive $50 (50% of the distribution) and Investor C will receive $30 (30% of the distribution).
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